Latest / Simply Bitcoin / Elizabeth Warren Wants to Stop Iran Mining Bitcoin | EP 984

Transcript

Elizabeth Warren Wants to Stop Iran Mining Bitcoin | EP 984 · Simply Bitcoin

• 0:02
  It's all going to zero against Bitcoin.
• 0:06
  It's. Going up forever, you're.
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  Against Bitcoin, you're against freedom.
• 0:22
  Yo, good morning everybody. Welcome to Simply Bitcoin, the
• 0:26
  number one daily live Bitcoin show on YouTube, Twitter and
• 0:30
  Rumble. Shouts out to everyone on Rumble
• 0:32
  we just got verified. We love you guys, but of course
• 0:35
  shouts out to everyone in the YouTube chat.
• 0:36
  You guys are the real MVPS. And of course here at Simply
• 0:39
  Bitcoin we cover breaking news, culture and nomadic warfare.
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  I bring on bit corners from all around the world, from the
• 0:44
  biggest names to the everyday bit corner.
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  That's just building cool stuff. And we will be your guide
• 0:50
  through the separation of money and state.
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  And as you guys can tell if you've been watching the show
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  the last couple of weeks, we're definitely in that time of the
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  separation of money and state. It's been a crazy week or two
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  rather think it's been a pretty crazy two weeks.
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  And this weekend, man, I had one of those weekends where where I
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  kind of unplugged and it really dawned on me the importance of
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  what we're doing here at not only simply Bitcoin, but every
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  single one of you guys that's watching this show that's
• 1:18
  spreading this show. It really kind of sunk in the
• 1:22
  importance of all of us talking about Bitcoin, the importance of
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  us just being a bitcoiner and spreading the good Bitcoin
• 1:30
  tactics and behaviors and all the stuff that we're doing.
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  I think. I think I want to just spread
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  that message before I get into all the news of today.
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  Take what we're doing very seriously guys, because if we
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  weren't seeing what we're seeing in the last couple of weeks, it
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  wouldn't be more and more signal that we are over the target.
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  And everything that we're doing is bit corners, everything we
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  talk about here on the show, everything you guys talk about
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  in the chat. They wouldn't be attacking us if
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  it wasn't effective. And I just wanted to spread that
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  message. Today on Monday, as you can
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  tell, it's your boy Opti. I'm hosting Nico.
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  Nico couldn't get back to the studio today, so I'm handling
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  the hosting duties. So before I get into everything
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  that we're talking about the show, I I just want to continue
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  to to spread that signal to you guys.
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  And just remember that what we're doing here as bitcoiners
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  is super important. Having these conversations with
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  your friends and family, making sure you're up to date on the
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  news, making sure you're up to date on the best way to take
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  your Bitcoin into custody, making sure you're aware of
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  everything going on because it's becoming very, very, very
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  important to talk about this stuff right now.
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  Especially we're being attacked left and right.
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  And again, I just want to reiterate, you know, I, I had a
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  few conversations with Bitcoin friends the last couple of weeks
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  and there was a there wasn't an aura of black pilled NIST within
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  us. We're like man, what can we do?
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  We're getting attacked left and right.
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  But the silver lining is, is they wouldn't be attacking us if
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  what we were doing wasn't effective.
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  So just continue to do what we do every single day, continue to
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  show up, spread the signal, have these conversations with your
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  friends and family because they wouldn't be so worried about
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  Bitcoin and bitcoiners if it wasn't working.
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  And you know, I usually say at this point that like, we're
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  winning so hard, but I think that might be a little
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  premature. I think we are just we're on the
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  right track and it's going to take a lot of work.
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  We're in this for the long run. I know we all love number go up
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  and right now the price is going down.
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  And so maybe people are feeling that effect on their their
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  psyche, but what we're doing is super important and the further
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  we go on in this journey the more they're going to attack us
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  guys. So I just want you guys to be
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  prepared and remember that what we're doing has a huge impact on
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  the future of humanity. They wouldn't be coming after us
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  if what we were doing didn't have an effect on on their whole
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  scheme, their whole Ponzi scheme, their whole fraud.
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  So I just wanted to reiterate that message of hope, guys, that
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  optimism that what you do has an effect on what is going on in
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  the world. So continue to beat that drum,
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  spread that signal. It is working.
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  We are over the target and when you're over the target, you get
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  more and more Flack. And so enough of that, enough of
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  the PSA on this Monday morning you guys are here to listen to
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  the news title. And again, this show is all
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  about the separation of money and state and we are in that
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  moment and over the weekend and I think this came out a Friday
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  if I'm not mistaken. But Elizabeth Warren came out
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  again and she dropped some press release.
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  I'm calling on the Biden administration to look into
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  Irans Bitcoin mining and she used the same debunked flood
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  lines and we're going to go completely over it.
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  But man, imagine hating Bitcoin this much.
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  She has a real bone to pick with Bitcoin.
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  She's out here, you know everyone's favorite Karen.
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  And she she's just she's going to continue to do this.
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  And it's just it's at this point it's almost embarrassing to be
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  honest. But imagine hating Bitcoin this
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  much where no matter what happens you're gonna do whatever
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  you can to fund Bitcoin. We knew this was gonna happen.
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  At this point is when you start to kind of just laugh at them
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  and be like she's my favorite politician.
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  Like at least she knows what game's being played and she's
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  wholly aware of the consequences of her losing her position of
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  those in power in the with the Fiat money printer losing their
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  power. And man, it just, I just love
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  it. I just love it when they come
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  out here and talk all this nonsense.
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  It makes me feel really good about it.
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  But again just the TLDR, she came out and basically saying
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  that we got to stop Iran from mining Bitcoin and we need the
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  the government to look into Iran's Bitcoin mining operations
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  and using a lot of old bad data and I'm going to get all into it
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  and she's absolutely terrified about Bitcoin and you just you
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  just love to see it. Guys just love to see him.
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  Anyways, I'm not alone. I did call on the bench.
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  I I got a solid pinch hitter today with our poor boy Dom Bay.
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  You know Co founder of proof of workforce out here doing God's
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  work over here and he's I'm not going to dox everything he told
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  me behind the scenes but he's putting in some moves out there
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  trying to orange peel the world. And man Dom glad to have you
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  every time you come home. We have a good time.
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  So how you doing this morning bro?
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  I'm good. I don't have an apron on, but I
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  am cooking in the space we are cooking right now #2 The intro
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  beat had me, you know, like we might need to get a freestyle on
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  that intro beat later. We'll put that aside because we
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  have Bitcoin business to to discuss.
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  And then #3. As always, good to be back the
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  the hardest fan base in the game.
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  The simply bitcoiners love kicking it with y'all.
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  So, so let's roll. Dude, let's go.
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  Let's go. You know it's going to be a good
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  show when Dom shows up, so this is going to be an epic show.
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  And then on that note I have a long time friend, an old an old
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  Co host partner and Co founder CEO of ambos and I brought on
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  Jessifer or actually he's a he's a he's a professional.
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  Now Jesse. I brought on Jesse today because
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  someone in the chat and actually a few people in the chat for the
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  last couple of weeks have been wanting to get an update on
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  lightning on everything going on in lightning.
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  Everything you guys are building.
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  You know the privacy aspects of lightning?
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  Well, lightning scale, Bitcoin, you know, we're going to get all
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  that. All that in on the culture,
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  sure. So Jesse, it's good to have you
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  bro with them. Looking sexy as always with them
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  luscious locks. How you been, bro?
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  Doing been been great, been grinding, been building out this
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  network, excited to dive into it with you all and so glad to be
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  back. Love it bro.
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  Love it. Actually, let's do a little TLDR
• 7:52
  for people that don't that don't know what you're working on.
• 7:53
  What is in Boss and and what are you guys doing over there?
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  We do a ton of stuff. So we started with data
• 8:00
  analytics to like create Lightning Network Explorer so
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  you can look up any node on the network.
• 8:06
  Then we launched A liquidity marketplace for like for
• 8:10
  receiving payments and receiving payments reliably.
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  And then recently we've been working more on payment
• 8:15
  operations and ensuring that you can receive payments reliably,
• 8:20
  send payments reliably. And we've been working on
• 8:23
  research to even further that as well as helping businesses
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  manage all the regulatory obligations that they might have
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  to just stay in business and stay in the US tap in these
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  markets. Love it.
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  And I I did reference to you last week when we saw Phoenix
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  leave the US and Ambos being like we're not leaving, we're
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  not going anywhere. So shouts out to you as a
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  lightning or American lightning Bitcoin company and being like
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  we're we're not leaving, we're planting that flag and and you
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  were telling me some things of of helping in that in that arena
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  as well. So maybe we'll talk about that
• 9:00
  during the show. We're not just going to cover
• 9:02
  lightning, we're going to cover what you guys are building at
• 9:04
  ambos, 'cause you know, you're the homie and and I think you're
• 9:08
  building some good stuff. So on that note, guys, let's get
• 9:11
  into the show. We got a lot to talk about, but
• 9:13
  before we do, of course go check out Bitcoin.
• 9:16
  Well, scan the QR code. They're the best place to buy
• 9:20
  Bitcoin in the US and Canada. They just recently expanded to
• 9:25
  America. They are a publicly traded
• 9:27
  Bitcoin company, but they've been bootstrapped guys, no VC
• 9:31
  money. They're doing it all grassroots.
• 9:34
  It's self custody by default. The only Bitcoin only company
• 9:38
  that is self custody by default. No withdrawal fees guys.
• 9:40
  And I know the fees are getting kind of crazy, hence maybe why
• 9:43
  you want to open some lightning channels as well.
• 9:45
  But they want to build the best self custody by default
• 9:49
  platform. So get in touch with them.
• 9:50
  They want your feedback, send Adam, DMS, tag them on the
• 9:55
  timeline. If you use the platform and you
• 9:58
  see something that you want, let them know they're shipping new
• 10:02
  new products, new features every two weeks.
• 10:05
  And of course man, go to bitcoinwell.com/simply Bitcoin
• 10:09
  and sign up. And if you are in Canada they
• 10:12
  just release their Bitcoin well Lite accounts where you can buy
• 10:17
  cash vouchers for Bitcoin so you can get kind of some no KYC
• 10:21
  Bitcoin out there. So they're doing some great
• 10:23
  work. Absolutely love the CEO Adam and
• 10:26
  we're going to help them build the best Bitcoin self custody
• 10:29
  platform by default. Make sure you are taking your
• 10:33
  Bitcoin into custody. You literally need a wallet to
• 10:36
  sign up for the platform. They are not taking shortcuts.
• 10:40
  We want everyone in the world holding their Bitcoin, at least
• 10:43
  if you want to. I know some people don't want to
• 10:45
  do that, but you need to hold your Bitcoin in custody.
• 10:48
  This is the way self custody is a revolution.
• 10:50
  All right, guys, on that note, let's get into the numbers
• 10:52
  because we got a lot to talk about today.
• 10:59
  Bitcoin numbers. Is your Bitcoin and cold storage
• 11:02
  really secure? Is your seed phrase really
• 11:05
  secure? Stamp seeds?
• 11:07
  Do it yourself. Kit has everything you need to
• 11:10
  hammer your seed words into commercial grade titanium plates
• 11:14
  instead of just writing them on paper.
• 11:16
  Don't store your generational wealth on paper.
• 11:20
  Papers prone to water damage, fire damage.
• 11:23
  You want to put your generational wealth on one of
• 11:25
  the strongest metals on planet earth, Titanium.
• 11:28
  Your words are actually stamped into this metal plate with this
• 11:31
  hammer and these letter stamps. And once your words are in, they
• 11:35
  aren't going anywhere. No risk of the plate breaking
• 11:38
  apart and pieces falling everywhere.
• 11:40
  Titanium stamp seeds will survive nearly triple the heat
• 11:43
  produced by a house fire. They're also crush proof,
• 11:46
  waterproof, non corrosive, and time proof.
• 11:49
  All things that paper is not allowing you to huddle your
• 11:51
  Bitcoin with Peace of Mind for the long haul.
• 11:54
  Stamp your seed on stamp seed. All right guys, wait.
• 11:59
  Scan the QR code. Make sure you're not leaving
• 12:02
  your seed phrase on a piece of paper in your sock drawer.
• 12:04
  Put it on titanium as Nico. He says he did not want to
• 12:07
  explain to your grandchildren why you got yourself wrecked and
• 12:11
  you don't have any Bitcoin because you know your dog ate
• 12:14
  your seeds phrase or whatever. All right.
• 12:16
  Anyways, let's go over to Clark Moody's dashboard.
• 12:18
  Go over some of the time, change stats here.
• 12:21
  Of course, my favorite number is always the block height.
• 12:24
  And actually, let's refresh this, maybe we got a new block.
• 12:26
  No, we didn't. We're currently at block height
• 12:29
  of 842,349. The Bitcoin price is currently
• 12:34
  at 63,440 which means that the stats per dollar AKA how much
• 12:39
  the dollar is worth and SAT AKA how much Bitcoin you can buy for
• 12:42
  a single dollar is currently at 1576.
• 12:46
  The total percentage of Bitcoin that will ever be issued.
• 12:48
  I repeat the total percentage of Bitcoin that will ever be issued
• 12:52
  is currently at 93.78%. The market cap in Fiat terms is
• 12:56
  1.25 trillion I believe that's right under the silver market
• 13:01
  cap. So we we got to pump that number
• 13:03
  up a little bit We need we need the price to to go up a little
• 13:05
  bit but it it might be a might be a May Gray kind of price
• 13:09
  movement month guys. So maybe you want some dry
• 13:12
  powder on the side anyways to realize monetary inflation.
• 13:15
  You can tell it's going down guys at 1.69% literally the
• 13:20
  lowest inflation rate of anything in the world currently
• 13:23
  and people are still sleeping on Bitcoin.
• 13:25
  It's absolutely incredible. The Bitcoin versus gold market
• 13:27
  cap, it's it's not at 10% yet. We haven't solidified that 10%
• 13:32
  spot, but it's 7.91%. The total public lightning
• 13:36
  capacity is currently at 4592.9 Bitcoin.
• 13:40
  The hash rate the last 90 days guys, I give you guys the 90 day
• 13:44
  hash rate 'cause it's a little better average of what's been
• 13:47
  going on on the Bitcoin network. But if you if you look at the
• 13:50
  the last 2016 block hash rate it's going absolutely insane.
• 13:54
  But the last 90 days we're at 600 extra hashes and the pending
• 13:59
  fees 9.16 BTC. So the the mempools are getting
• 14:03
  a little cleared out. All the shit coinery on Bitcoin
• 14:06
  starting to get cleared out. So keep in mind maybe you want
• 14:11
  to open some lightning channels, maybe you want to consolidate
• 14:14
  your UTXO. Now is becoming the time because
• 14:18
  you can see the fees are going to get crazy at some point.
• 14:20
  You don't want to be sitting there being like man, I should
• 14:23
  have done it I I they were telling me on simply Bitcoin but
• 14:26
  I was just sleeping on it. It's not that hard guys, but do
• 14:29
  it now. You need to be prepared.
• 14:31
  Anyways, on that note, over the weekend actually last week,
• 14:36
  Michael Saylor did a Bitcoin for Corporations conference and we
• 14:40
  got a great clip coming out and I and I wanted to give some
• 14:44
  context for everything that we're going to be saying in the
• 14:47
  news. Here's Michael Saylor talking
• 14:49
  about the Bitcoin network, and as we tweeted out, Michael
• 14:52
  Saylor giving the best explanation of the Bitcoin
• 14:54
  network and how electricity is creating a thermodynamic
• 14:58
  connection between the virtual network and the physical world.
• 15:01
  Man, his metaphors and similes are absolutely insane.
• 15:04
  But I always say it all the time.
• 15:07
  The thing that we're doing here is Bitcoin is we are connecting
• 15:11
  our money back to reality because Fiat currency has
• 15:13
  completely unhinged our money from reality.
• 15:18
  And This is why we are in all of the pain and troubles that we
• 15:21
  find ourselves in. So on that note, let's just play
• 15:24
  this clip and hear Michael Saylor talk about the Bitcoin
• 15:26
  network. Bitcoin is the best crypto
• 15:28
  network. It's not just the best crypto
• 15:30
  asset, this is secured. This asset is secured by the
• 15:33
  most powerful computer network in the world.
• 15:35
  It's rapidly growing stronger, hash rates growing by 70% a
• 15:40
  year. It's growing that fast and good
• 15:42
  in bull markets and bear markets.
• 15:44
  It's an unstoppable thing. How much is 624 XA hash?
• 15:48
  It's enough that all of the computer power of Microsoft or
• 15:51
  Amazon is not going to outdo this, right?
• 15:54
  This this is a silicon machine because the the genius of of an
• 15:58
  open crypto proof of work network is that very intelligent
• 16:02
  engineers can harness the power of ASIC chips that create orders
• 16:07
  of magnitude more efficiency and Shaw 256 hashing.
• 16:10
  So the silicon ratchet is 2000 to one, 3000 to one more
• 16:13
  powerful than a general purpose CPUAGPU is not appropriate and
• 16:18
  is not capable of doing this. It's not the right technique.
• 16:21
  So you're not threatened by all the GPU capacity and what you
• 16:25
  have here is enough hash power to create a wall of encrypted
• 16:28
  energy. That's nation state resistant.
• 16:31
  That's corporate resistant. That's doctor evil resistant.
• 16:35
  That's hacker resistant. There is no trick, there is no
• 16:38
  gimmick. There is no social attack.
• 16:41
  This is just raw digital power standing in the way of anybody
• 16:45
  that would try to undermine the integrity of the network.
• 16:49
  And it's also it's also driven by electricity. 20 gigawatts of
• 16:53
  electricity, 20 full on nuclear reactors worth of electricity.
• 16:57
  But it's a lot better than 24 on nuclear reactors because this
• 16:59
  electricity is is spread everywhere to the ends of the
• 17:02
  earth. The network is feeding on
• 17:05
  electricity and that creates A decentralizing dynamic that
• 17:09
  drives all of all of the network to the end of the grid in the
• 17:12
  quest of stranded energy. So this is this network and the
• 17:16
  dynamic is going to continually decentralize, continually
• 17:19
  dissipate. It's going to continually move
• 17:21
  away from population centers where the electricity is
• 17:23
  expensive. It's going to move to places
• 17:25
  where the electricity is is stranded, where it's where it
• 17:29
  needs to be recycled. And that 30 gigawatts is going
• 17:34
  to create a thermodynamic connection between the virtual
• 17:37
  network and the physical world. This is what makes the network
• 17:41
  stable. This is what makes the network
• 17:44
  ethical. This is what makes the network
• 17:46
  politically sound. The fact that that electricity
• 17:48
  is going to be coming off of a dam in Bhutan or or a volcano in
• 17:53
  South America or Africa means that this is going to be a
• 17:56
  global, neutral asset. There's no way anybody's going
• 17:59
  to centralized the Bitcoin network on top of a single data
• 18:03
  center. That's what makes Bitcoin the
• 18:06
  best crypto network. Love it.
• 18:09
  Love it. OK guys, So the reason I wanted
• 18:10
  to bring that clip on, again, putting some context here of
• 18:14
  what we're going to be talking about in the news.
• 18:16
  But I think so few people understand how powerful the
• 18:20
  Bitcoin network is. And I really love the framing.
• 18:22
  I mean, he used the crypto network, but we're gonna be
• 18:24
  saying the Bitcoin network because so many people
• 18:28
  misinterpreted Bitcoin just as like the price.
• 18:31
  Everyone always conflates Bitcoin as just the price.
• 18:34
  But in reality, the real powerful thing here is the
• 18:36
  Bitcoin network, and it is the biggest, strongest supercomputer
• 18:41
  in the world. And no corporation, no nation
• 18:43
  state can make a dent on that. As we saw in 2021, China tried
• 18:48
  to try to ban Bitcoin mining. Absolutely failed.
• 18:51
  We're going to continue to see countries try to stop Bitcoin
• 18:55
  mining. They're going to also fail.
• 18:57
  And it's very important, especially at times like today
• 19:00
  when we're going to be talking about this stuff about Elizabeth
• 19:02
  Warren, that people realize that Bitcoin is an unstoppable
• 19:07
  network, that it is decentralized and it's on every
• 19:10
  corner of planet Earth and no one entity is going to stop
• 19:14
  Bitcoin. And when you really get into the
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  data and and Jesse in the chat said 21 win 21 gigawatts win 20,
• 19:20
  one nuclear powered power plants that is the equal of the Bitcoin
• 19:25
  network. I I I really think people
• 19:28
  underestimate how powerful the Bitcoin network is.
• 19:31
  And part of the hubris that you see coming out of the
• 19:33
  traditional financial systems and bureaucrats and politicians
• 19:36
  and central bankers is that they either they have a totally
• 19:40
  misunderstanding of what's going on or they overestimate their
• 19:43
  own power and they think that they can stop Bitcoin.
• 19:46
  That Oh yeah, all we have to do is throw the full weight of the
• 19:49
  US Bitcoin, Bitcoin and we can stop it.
• 19:52
  And in reality when you get to the numbers of this, you you
• 19:55
  start to understand how powerful the Bitcoin network actually is.
• 19:59
  624 XA hashes, we just gave you the 600 XA hash number.
• 20:03
  It's the strongest, biggest supercomputer in the world and
• 20:07
  no one corporation, no one nation state can stop Bitcoin.
• 20:11
  And that's the beauty of this network is that it is an
• 20:14
  unstoppable monetary network, that we know the monetary policy
• 20:17
  moving forward and the more that we see corporations.
• 20:21
  And politicians and central bankers try to attack Bitcoin.
• 20:25
  The more you start to realize the futility of what they're
• 20:28
  doing, This Bitcoin network is unstoppable.
• 20:31
  Yes, they can try to stop the on and off ramps.
• 20:34
  Yes, they can attack certain bitcoiners.
• 20:37
  But the Bitcoin network will live on.
• 20:40
  And I think it's very important to just keep reiterating these
• 20:43
  messages that this network is so huge, it is so powerful.
• 20:47
  You know, Sailor uses these very, very interesting metaphors
• 20:53
  for Bitcoin. He calls it what, a wall of
• 20:55
  cyber security or whatever. He said Or you know, the Bitcoin
• 20:59
  network connects the natural world to the digital world.
• 21:04
  Thermodynamics and all that stuff.
• 21:06
  And really I just love the idea of having a purely energy backed
• 21:14
  money in a world where all of the currencies and all of the
• 21:18
  money of the world is all paper and it's all fugazi.
• 21:20
  It's all completely detached from reality and what Bitcoin is
• 21:25
  doing, it is snapping that fake world back to reality and that's
• 21:29
  why you're seeing so many people re freak out.
• 21:31
  That's why you're seeing the Bitcoin price start to go
• 21:34
  nuclear at times. And we're going to see moving I
• 21:37
  think within the year and I've already been seeing some rumors
• 21:41
  of this. But once we get the Bitcoin
• 21:44
  network completely correlated with energy markets, that's when
• 21:48
  we start to see that this is a completely unstoppable network.
• 21:52
  And as we always say, and you know Jeff Booth is great at
• 21:55
  saying this as well, is that Bitcoin is repricing the world.
• 21:58
  We're repricing all the capital in the world.
• 22:01
  We're going to be repricing energy and it's a truly
• 22:04
  unstoppable network. And I I just love when you're
• 22:06
  able to show the numbers, show the receipts, and be like guys.
• 22:11
  I don't think you realize how powerful this Bitcoin network
• 22:13
  is. Come and test the king.
• 22:16
  And if you come at the king, you best not miss.
• 22:19
  Anyways, let's go with Jesse first and foremost, 'cause
• 22:22
  you're trolling in the in the private chat.
• 22:24
  So what's your thoughts when you see this clip?
• 22:27
  Oh man, it was great to see that in person in Las Vegas.
• 22:31
  And Michael Saylor delivers an incredible keynote just to just
• 22:38
  to really hit you over the head with like Bitcoin.
• 22:42
  Bitcoin is the answer. There is no second best.
• 22:44
  There is no second best. So this was, this was phenomenal
• 22:49
  to watch. And I think he's just like
• 22:52
  scratching the surface really of what Bitcoin is capable of
• 22:55
  because it's not just a store of value.
• 22:57
  It's also, you know, becoming a medium of exchange, which is
• 23:02
  kind of where we're going next, which is kind of the the
• 23:05
  Lightning Network. So really he was, he was tapping
• 23:09
  into just how powerful of a in a revolutionary concept Bitcoin
• 23:15
  really is. And yeah, we've got a lot more
• 23:19
  coming on on that front. Yeah, I love it.
• 23:23
  I, I, it's it really blows your mind.
• 23:25
  When you see the numbers, you're like, Oh my God, you this
• 23:28
  Bitcoin network is it might actually be unstoppable right.
• 23:31
  And once you get to that point, you're like, oh man.
• 23:34
  And also he even mentioned and and again, especially when we're
• 23:38
  going to be talking about Elizabeth Warren in the news and
• 23:40
  so many people coming after Bitcoin mining and oh, we're
• 23:43
  wasting all this energy and you know, we're going to boil the
• 23:45
  oceans. And I even saw a Greenpeace do
• 23:48
  another attack last week that just completely flopped.
• 23:52
  When you really show the numbers and you're like guys, Bitcoin
• 23:56
  miners are incentivized to find the cheapest energy possible,
• 24:00
  whether that means stranded energy, whether that means
• 24:03
  buying from normal suppliers. It's like we're not taking away
• 24:06
  energy or electricity from people's houses.
• 24:10
  It's like we're using, we're incentivized to use the cheapest
• 24:14
  energy possible in areas that most people aren't going to use
• 24:17
  anyways. And then we have people like
• 24:20
  Elizabeth Warren come out and be like they're they're going to
• 24:22
  boil the oceans. And you're like, it just goes to
• 24:25
  show that most of the time when they're attacking Bitcoin, they
• 24:28
  are doing so for an agenda. And if they really use the
• 24:33
  correct data, then their their flood lines would fail and
• 24:38
  completely fall flat on their faces.
• 24:40
  But that's not the point. The point is not to actually use
• 24:43
  the truth here. The point is just to scare
• 24:45
  people away from using Bitcoin and also use the might of any
• 24:49
  government out there to try to stamp Stampede and attack
• 24:53
  Bitcoin. But hey, you guys are running
• 24:55
  the Nuds. We're out here.
• 24:57
  Bitcoin miners are going everywhere, incentivized to find
• 24:59
  the cheapest energy, and this network is unstoppable.
• 25:03
  So hopefully soon the politicians will figure that
• 25:05
  out, but until then, they're going to continue to attack us.
• 25:08
  And now for ending from me. Dom, what's your thoughts on
• 25:10
  this? Yeah, No.
• 25:11
  Surprise here Opti. You know the thing that does not
• 25:15
  lend itself to 3rd party degeneracy is being attacked by
• 25:19
  the guardians of third party degeneracy.
• 25:22
  So no surprise there, you know, I'm just kind of wondering why
• 25:27
  aren't they attacking it more? Because we still got time to get
• 25:29
  our our chips in order and get ready and and spread the good
• 25:33
  word into self custody #2. When are we going to see a
• 25:38
  Bitcoin back to the Future remake?
• 25:40
  I think now Sailor for sure can be dock because he's talking
• 25:43
  about gigawatts and you remember Marty 1.21 gigawatts like so we
• 25:48
  got that locked. I think Jack Mahler's for sure
• 25:51
  is Marty Sailor's dock. Maybe Breedlove plays Biff.
• 25:57
  I don't know it's it's open. But we got to get Lionsgate on
• 26:01
  the phone because we need to see this.
• 26:03
  I need to see Sailor running around Back to the Future style
• 26:07
  with maulers so love. It love it and and like to your
• 26:11
  point what what was the number they used 1.21 gigawatts to time
• 26:15
  travel. The Bitcoin network is that 20
• 26:17
  gigawatts like this. The the, the power behind the
• 26:22
  Bitcoin network I think really blows people's minds.
• 26:25
  Once you really look at the data, you're like, Oh my God,
• 26:27
  this Bitcoin network is is a supercomputer.
• 26:31
  It's this is insane And yet like kind of Dom Dom's trolling,
• 26:35
  obviously a little bit. But to your point there, I think
• 26:39
  what we're seeing right now is the powers that be try to
• 26:42
  scramble and and they're realizing that, oh man, the
• 26:46
  genie is out of the bag. I think it's a little too
• 26:49
  little, too late. But hey, they're gonna try to
• 26:52
  clamp down on Bitcoin as much as possible.
• 26:54
  And This is why we tell you guys always take Bitcoin into
• 26:57
  custody. Most of the Bitcoin is in self
• 26:58
  custody and until they actually outlaw Bitcoin you still got a
• 27:04
  chance and they can't stop this thing.
• 27:06
  So man, it feels good being a bitcoiner.
• 27:09
  It feels so good being a bitcoiner.
• 27:10
  I love it. All right.
• 27:11
  Anyways, on that note, before we get to the news, we do want to
• 27:14
  give a shout out to our boy Anders.
• 27:16
  We are going to be in Nashville at the Pleb party.
• 27:20
  Pleb Party in Nashville July 25th.
• 27:24
  By Anders, it's going to be 12 hours of complete Degeneracy
• 27:29
  Open bar from noon to midnight in Nashville the day before
• 27:34
  Bitcoin Conference 2024 and confirmed attendees will be
• 27:38
  Larry Leopard, Preston Pitch, the entire Simply Bitcoin crew.
• 27:41
  We're going to have James Lavish Breedlove, Mark Moss, Publord,
• 27:45
  and the one and only Tatum turn up, guys.
• 27:47
  It's an amazing venue, A rustic automobile factory.
• 27:50
  From the 19 tenth brick wall. There's going to be vibes,
• 27:53
  There's going to be music. Only 1000 people will be able to
• 27:56
  attend. So get your tickets now guys,
• 27:58
  before you're in Nashville and you're like, man, what am I
• 28:01
  going to do tonight? And all your friends are at the
• 28:04
  party, so make sure you get your tickets, guys.
• 28:07
  We will see you there. Anders knows how to throw a
• 28:10
  party. Guys.
• 28:11
  It's always a good time. All right, let's get to the
• 28:13
  news, 'cause This is why you're here, the Daily News.
• 28:21
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  If you want a hardware wallet definitely get yourself one.
• 29:46
  All right. On that note of course let's get
• 29:49
  into the meat of today. So this tweet came across my
• 29:52
  timeline from Bitcoin magazine. It is of course, US Senator
• 29:57
  Elizabeth Warren calls on President Joe Biden to stop Iran
• 30:00
  from mining Bitcoin and they go, imagine hating Bitcoin this
• 30:04
  much. First and foremost.
• 30:06
  Like, she really thinks that that they can stop people from
• 30:10
  mining Bitcoin. It's just like send them a
• 30:11
  letter. Did she send her?
• 30:12
  Did she send Iran an angry e-mail?
• 30:14
  Like, guys, can you please stop mining Bitcoin?
• 30:17
  Like we really appreciate it. Anyways, let's look at her
• 30:20
  official press release here and you can say this is dated May
• 30:24
  1st, but I believe it came out May 3rd.
• 30:26
  So she goes. Dear Secretary Austin, Secretary
• 30:31
  Yellen and Mr. Sullivan, We write to inquire about the Biden
• 30:34
  administration's effort to combat Iran, rampant evasion of
• 30:39
  US and international sanctions through cryptocurrency crypto
• 30:42
  mining. Iran legalized the crypto mining
• 30:44
  industry in 2019. In the five years since, Iran
• 30:47
  has raised millions of dollars through mining Crypto, a steady
• 30:50
  revenue source that allows it to purchase imports, move funds
• 30:53
  domestically and internationally, and fund Hamas
• 30:56
  and other terrorist organizations.
• 30:58
  This ongoing activity by the Iranian government threatens our
• 31:02
  national security. Well, I did look into some of
• 31:06
  this stuff. I'm not gonna read the whole
• 31:08
  article here or the whole press release here.
• 31:10
  But first and foremost, she is still using the Hamas FUD.
• 31:16
  That has been completely debunked.
• 31:18
  I do have Sam Callahan's thread up here, and even Tom Emmer
• 31:22
  debunking this whole thing. And they're still using that
• 31:25
  floodline to try to get the Biden administration to stop
• 31:30
  Iran from mining Bitcoin. But going down further, you can
• 31:35
  see that a lot of the data in here is is quoted from 2021.
• 31:39
  Again guys, need I remind you that we're in 2024, so she's
• 31:42
  using outdated data to try to stop mining in Iran, which is
• 31:48
  absolutely incredible. I I can't believe they're
• 31:50
  letting her get away with this stuff.
• 31:51
  But anyways, we're gonna Fact Check a few of this and you'll
• 31:54
  see just how ridiculous it is. So Iran is one of the world's
• 31:57
  largest Bitcoin producers. In 2021, again, we're in 2024,
• 32:01
  Iran was estimated to mine as much as 7% of the global Bitcoin
• 32:05
  market, which is not true, at least not now, making it one of
• 32:08
  the top eight Bitcoin producing countries in the world,
• 32:11
  Cryptoma. And if you looked here, these,
• 32:13
  these, these citations are all for 2021, which you think they
• 32:17
  would update this, But you know, facts don't matter here anyways.
• 32:21
  Crypto mining had become such a big industry in Iran that is a
• 32:24
  strain the country's energy grid, leaving the Iranian
• 32:27
  government to temporarily suspend crypto mining several
• 32:30
  times after it was blamed for massive blackouts.
• 32:32
  According to A Elliptic, A blockchain analytics firm, the
• 32:36
  electricity being used by miners in Iran would require the
• 32:39
  equivalent of approximately 10 million barrels of crude oil
• 32:42
  each year to generate around 4% of total Iranian oil experts in
• 32:46
  2020. More than 3% of all inflows to
• 32:48
  Iranian crypto exchanges and more than 29% of all Bitcoin
• 32:53
  inflows are estimated to come from mining pools.
• 32:56
  And of course it's become very lucrative.
• 32:59
  And of course they go on to say that their money laundering and
• 33:02
  Hamas is using Bitcoin and we should stop this.
• 33:06
  And of course, as we say here all the time, sanctions laws do
• 33:10
  not abide with Bitcoin, or rather, Bitcoin is unstoppable
• 33:14
  in regards to these sanctions laws.
• 33:16
  And she uses this trope here Irans use of crypto to evade
• 33:20
  sanctions pose a direct threat to our national security.
• 33:23
  Of course she's using the war as a as an excuse for them to stop
• 33:29
  Bitcoin mining and uses terrorist groups as reasons.
• 33:33
  And you know, Bitcoin bad and bad people are using Bitcoin, so
• 33:36
  we must stop them from using Bitcoin.
• 33:39
  It's it's all at this point, just used and debunked flood
• 33:44
  lines. But anyways, this is what she
• 33:46
  called for here to better understand the scope of Iran's
• 33:49
  reliance on crypto mining and crypto to evade sanctions and
• 33:52
  finance terrorisms and the steps the administration has taken to
• 33:55
  address these stretch. We ask that you provide
• 33:57
  responses to the following questions By May 16th, 2024.
• 34:01
  How much revenue have crypto miners based in Iran earned from
• 34:04
  crypto mining since 2021? How much of this revenue is
• 34:07
  believed to be collected by the Iranian government or actors
• 34:10
  affiliated with the Iranian government?
• 34:12
  How much money does the administration believe the
• 34:14
  Iranian government launders in cryptocurrency each year?
• 34:18
  To what extent does Iran fund terrorist organizations,
• 34:20
  military actions, or weapons development through
• 34:23
  cryptocurrency and five? Excuse me guys.
• 34:26
  Please describe the steps the administration is taking to
• 34:29
  address threats to US National Security posed by Iran's
• 34:33
  reliance on crypto mining and cryptocurrency more generally to
• 34:36
  earn revenue and bypass sanctions.
• 34:39
  And of course I got to bring up the Wall Street Journal attack
• 34:43
  and the the flood article. Well straight up fake news.
• 34:46
  Hamas militants behind Israel attack raised millions in
• 34:49
  crypto. This came out October.
• 34:51
  Sam Sam Callahan thoroughly did debunk this whole article.
• 34:55
  They said the article claimed about 90 million worth of crypto
• 34:58
  was used to fund Hamas, when in reality the actual number was
• 35:02
  what, $450,000 worth of of funds for, you know, Hamas coming from
• 35:07
  crypto. And really they use a lot of bad
• 35:10
  math in it. And they they were using bad
• 35:12
  data and they were correlating people that were just holding
• 35:15
  Bitcoin to them funding terrorist groups.
• 35:18
  And again, the the facts don't matter here in regards to what
• 35:21
  Elizabeth Warren is doing. She just absolutely hates
• 35:24
  Bitcoin and she's going to use whatever, quote, UN quote data
• 35:26
  she can to basically get people to attack Bitcoin, to attack
• 35:30
  bitcoiners, to attack Bitcoin mining.
• 35:32
  And I really like the the trope of, oh, Bitcoin mining is a
• 35:36
  threat to national security, which is just hilarious at this
• 35:39
  point. It's like we have so many things
• 35:41
  going on back home that like, why should we care about who's
• 35:44
  using anything in their own country?
• 35:47
  But that's besides the point, because the facts don't matter
• 35:50
  here. It's about a feel good
• 35:52
  narrative, and we even have other politicians basically
• 35:56
  calling out Elizabeth Warren and calling out the bad data and
• 35:59
  calling out the fact that the Wall Street Journal is pouring
• 36:02
  out fake news and that the facts don't matter.
• 36:05
  Though I will use Congressman Tom Emmer here in his own words.
• 36:10
  In his own deposition, talking about the fact that this is all
• 36:15
  fake news. So let's listen to Tom Emmer.
• 36:17
  I'm not going to play the whole clip because it's 4 minutes.
• 36:19
  I'll just play the beginning of it on October 10th. 2023 The
• 36:23
  Wall Street Journal reported that between August 2021 and
• 36:26
  June 2023, Hamas received 41 million in digital assets and
• 36:31
  the Palestinian Islamic Jihad received 93 million in digital
• 36:36
  assets Under Secretary Nelson. Is this Treasury's assessment
• 36:41
  too? Because the world's leading
• 36:43
  blockchain analytics firms have called this a misinterpretation
• 36:47
  of the data and that the amount these that any terrorist might
• 36:51
  have received is significantly smaller.
• 36:55
  Thank you for that question, Congressman.
• 36:57
  And and yes, I think that assessment largely tracks with
• 37:01
  our own the the numbers noted in the Wall Street Journal piece
• 37:06
  talked about wallets, but not necessarily the, you know, sort
• 37:09
  of disaggregated among the wallets customers, it's assets.
• 37:12
  That people had in their wallets, as opposed to what was
• 37:16
  specifically going to the Palestinian Islamic Jihad, is
• 37:22
  most likely. And we also assess that
• 37:24
  terrorists still prefer frankly to use traditional old products
• 37:28
  and services. But this is something that we
• 37:30
  are obviously monitoring very closely and I I appreciate.
• 37:32
  That How much do you think actually got into the hands of
• 37:35
  Hamas or the Palestinian Islamic Jihad?
• 37:41
  I think we we can have a classified conversation about
• 37:44
  precise numbers or expectations. I think we have done and Hamas
• 37:50
  and the the pitch a good job at identifying the virtual asset
• 37:54
  service providers that they've relied on and the financial
• 37:57
  facilitators that they have historically relied on that
• 38:00
  would tend to use virtual assets.
• 38:02
  So we don't expect the number is very high particularly I'd love
• 38:05
  to take. You up on that?
• 38:06
  Because I sent a letter with several other members right
• 38:09
  after this erroneous Wall Street Journal report asking for
• 38:14
  specific information. So we'll take you up on that
• 38:17
  offer Under Secretary Nelson. OK, you.
• 38:20
  Guys heard it there. Enough of that.
• 38:22
  But gosh, it's so incredible. I'm always at loss of words when
• 38:29
  people take politicians seriously.
• 38:31
  At least Tom Emmer is like trying to actually clarify some
• 38:34
  of these data points. And so we got over the actual
• 38:38
  numbers of how much was directly coming from crypto assets, when
• 38:43
  in reality we all know real criminals like the dollar.
• 38:46
  But hey, we we can't get calls to ban the dollar.
• 38:49
  But if Elizabeth Warren really cared about criminals and a
• 38:53
  threat to national security, then she would probably ask
• 38:55
  about an investigation into the dollars.
• 38:57
  But hey, let's not talk about the big elephant in the room.
• 39:00
  So I'm over here on World Population Review and does it
• 39:03
  have it up here? Oops.
• 39:04
  So this is Bitcoin mining worldwide.
• 39:08
  And in that press release, she said that Iran had about 7% of
• 39:14
  the Bitcoin network. And maybe that was true in 2021,
• 39:18
  but it's very surprising that she didn't update her numbers to
• 39:21
  2024. And you can see here this.
• 39:24
  And I'm going to show two different data points here, but
• 39:28
  they say the same thing, that the monthly hash rate share of
• 39:32
  Iran on the Bitcoin network is .12%.
• 39:36
  I repeat .12%. But hey, you know it doesn't
• 39:40
  sound as good as saying that Iran holds 7% of the Bitcoin
• 39:44
  network. And again, I'm over here on
• 39:46
  Cambridge Bitcoin Electricity Consumption Index and they
• 39:50
  confirm and even this says December 21.12%.
• 39:55
  So even if you go back, back to the 2021 numbers, they're
• 39:59
  completely false in that report. But again, the facts don't
• 40:02
  matter here. This isn't about facts and
• 40:04
  what's the truth. The the this is about trying to
• 40:08
  stop the adoption of Bitcoin. And at this point, I don't know
• 40:14
  why we keep talking about Elizabeth Warren.
• 40:15
  It's just it's becoming my favorite thing to dunk on
• 40:18
  politicians, and our job here is to continue to debunk the
• 40:21
  politicians, the fake news, and counter their narratives.
• 40:26
  But it just goes to show that the facts don't matter here.
• 40:28
  What they really want to do is use any excuse to stop people
• 40:33
  from holding Bitcoin. We are in the then they fight
• 40:36
  you stage. As we saw last week, they are
• 40:39
  throwing whatever at the wall to try to stop Bitcoin, to try to
• 40:43
  stop Bitcoin privacy, to try to stop people from taking Bitcoin
• 40:46
  into custody. We've seen them attack the on
• 40:48
  and off ramps and now they're going to continue to roll out
• 40:51
  the big bad boogeymans of the world and say, oh, we got to
• 40:54
  stop them from using Bitcoin and bitcoins.
• 40:57
  A threat to the national security, when in reality the
• 41:00
  real threat to national security is the fact that people don't
• 41:03
  want to use a dollar anymore. The dollar is getting absolutely
• 41:06
  devastated and we're getting blamed for that.
• 41:09
  They have abuse their power, and now they're using any, any
• 41:14
  scapegoat possible. And right now the scapegoat, the
• 41:20
  flavor of the month is Bitcoin. And we're going to continue to
• 41:23
  see this play out. And as everyone in the chat
• 41:25
  saying, you know, we all know Elizabeth Warren's a show for
• 41:28
  the big bangs. But hey, let's not talk about
• 41:29
  that. Let's not talk about where her
• 41:31
  true incentive lies here, because it's not about
• 41:35
  protecting the citizen out there.
• 41:36
  It's about protecting their Moat and their power.
• 41:40
  And as we all know, you know, I'm not here to justify anyone's
• 41:44
  use of Bitcoin. But that's the whole point of
• 41:46
  Bitcoin. It's permissionless.
• 41:48
  Literally anyone can opt into the Bitcoin network.
• 41:51
  Bitcoin is for anyone. Bitcoin is for enemies.
• 41:54
  And the thing that we need most in the world right now is a
• 41:56
  neutral money. And I'm not here to be a world
• 41:59
  police and tell people who can or cannot use money.
• 42:02
  That's the point of this whole experiment.
• 42:05
  It's anyone that wants to opt in into the network can use it.
• 42:08
  And it's censorship resistance. It's permissionless, it's
• 42:12
  debasement proof money. And people that find A use for
• 42:16
  that will use it. Full stop.
• 42:19
  And so, hey, Elizabeth Warren, I love that you're here to try to
• 42:22
  protect us. Quote, UN quote.
• 42:24
  But you have no power here. The sorry complain more.
• 42:28
  You write up all the angry emails you want, but it's gonna
• 42:31
  have no effect on people adopting the Bitcoin network at
• 42:34
  large. Anyways, let's jump in with Dom.
• 42:36
  Dom, What's up, bro? What's your thoughts on all
• 42:38
  this? I was just.
• 42:39
  Doing some calculations and obviously Liz Warren is digging
• 42:42
  her own hole, but I think the White House this may not be
• 42:45
  reliable, so please don't quote me on this.
• 42:48
  But they did a some calculations that if Liz Warren only makes
• 42:53
  her letter material softer, it can save the White House 784,000
• 43:00
  a year in toilet paper supplies. And so if they can reuse those
• 43:04
  letters because they're so frequent now, that's a lot of
• 43:06
  money and we know the deficit's adding up.
• 43:08
  So it'd be good to see some work done on the deficit with all
• 43:12
  these letters that Liz is sending.
• 43:15
  Love it. Love it conservatively.
• 43:19
  All right, Jessopher, what's your thoughts on this?
• 43:24
  For for Elizabeth Warren to like crack down on this is really
• 43:28
  trying to attack what we see as neutral money.
• 43:31
  I I think you you you alluded to this, I mean it's the same
• 43:36
  concept as like net neutrality. I mean when people are, you
• 43:40
  know, connecting to the Internet, like, yeah, there's
• 43:42
  there's bad stuff that happens on the Internet, but that
• 43:45
  doesn't mean that everyone is involved in that.
• 43:48
  You know, how do they, how do they ring fence what they do
• 43:51
  versus, you know, the actual criminal activity.
• 43:54
  So, So that's like an ongoing piece.
• 43:57
  And what we're seeing as a consequence is, you know,
• 44:00
  businesses in, in the Bitcoin space like that rhetoric is
• 44:05
  damaging. And the reality is they're going
• 44:08
  to leave the US and they're going to leave the the places
• 44:12
  where she has jurisdiction. Additionally, the protocol
• 44:16
  itself is antifragile. So like the more the more that
• 44:21
  she like turns the wrench on on the protocol, the protocol
• 44:25
  actually improves. And so we will see more, more
• 44:28
  efforts being put into privacy research, especially ones
• 44:33
  without any centralization. We'll see more decentralized,
• 44:37
  more antifragile technologies that's able to circumnavigate or
• 44:43
  just kind of avoid any of these restrictions that she may put in
• 44:47
  place. So this is an evolving
• 44:51
  technology and she'll, she'll be trying to keep pace.
• 44:57
  But really, this is something that cannot be controlled
• 44:59
  because we've introduced money through a sly, roundabout way
• 45:05
  that that is resistant to inflation, that's resistant to
• 45:09
  control. But additionally, it brings in
• 45:12
  transparency. And I think that is incredibly
• 45:15
  threatening to politicians and power wielders around the world
• 45:19
  that it will enable instead of surveillance.
• 45:22
  It will enable surveillance. So we'll be able to see just how
• 45:26
  politicians are using money instead of having the the money
• 45:32
  that is perfect for money laundering, which is the US
• 45:34
  dollar. But the more that the US dollar
• 45:37
  tries to get control or control of the money to try and prevent
• 45:41
  criminal activity, it does put at risk the money itself.
• 45:46
  So as we saw with the US treasuries at the beginning of
• 45:51
  the Russia and Ukrainian war, So that was a weakening of the
• 45:56
  dollar by kind of confiscating the US Treasuries.
• 46:02
  Love it, Jesse. It's always, always a little
• 46:05
  more sober when it comes from Jesse.
• 46:07
  Much more rational than I am, which I love, but someone in the
• 46:11
  chat said. Let me see if I can find this
• 46:14
  comment here. I just had it.
• 46:16
  Multi sacker goes, Warren is running against Deaton put
• 46:19
  Deaton's response to Liz's lies. So I couldn't find exactly which
• 46:24
  tweet you were mentioning but I did just find this which I find
• 46:28
  very interesting. So let me pull this up.
• 46:31
  The first one he's quote tweeting this tweet here by some
• 46:34
  guy Dave Weisberg gonna go Senator Warren is saying or
• 46:37
  actually let's go for the first one Andrew Bailey goes.
• 46:40
  When powerful lawmakers Rage Against non custodial wallets
• 46:43
  they're not striking a blow against quote UN quote big
• 46:45
  crypto. Rather they oppose little crypto
• 46:47
  normal people keeping money themselves instead of in the
• 46:50
  pockets of a corporation. And there's a quote tweet to go.
• 46:53
  Senator Warren is saying you must use banks or if unbanked
• 46:56
  payday lenders, no matter what they charge she will take away
• 46:59
  cash and exclude whoever she wants from the financial system.
• 47:02
  It's all about control. And then Deaton's response goes
• 47:05
  question if only a few words tell us why you're running for
• 47:09
  U.S. Senate against Elizabeth Warren.
• 47:11
  Answer because freedom is on the line.
• 47:13
  Anyone who believes I'm engaging in high verbally isn't paying
• 47:16
  attention, and he does dunk on her a little more down here,
• 47:19
  calling her the crypto candidate.
• 47:21
  She's at it again, and she's worried about all this other
• 47:24
  stuff that has no effect on the average person, but she's just
• 47:28
  continuing to double down on crypto.
• 47:31
  And it's just, man, I am not in Massachusetts, so I don't think
• 47:36
  I have a say on who I can vote here.
• 47:39
  But it sounds like this Deaton guy gets it and he's a lot more
• 47:43
  base than Elizabeth Warren. So if but you are in
• 47:46
  Massachusetts, I'd highly suggest you do not vote for
• 47:49
  Elizabeth Warren and but vote for this Deaton guy.
• 47:52
  Do you want to jump in? Dump.
• 47:55
  One second. One second.
• 47:57
  Oh, go, go, go. Who?
• 47:58
  Whoever. That comment about attacking the
• 48:00
  little the little guy, right? This is, it's 100% accurate and
• 48:04
  in line with the ping pong exchange that we saw between
• 48:09
  Jamie Dimon and Liz Warren when Jamie Dimon was like, it's only
• 48:13
  for criminals. This isn't that.
• 48:14
  Surely people that are in big money know that they're full of
• 48:19
  shit and because they're like, wait a minute, like there's I'm
• 48:22
  getting letters from an ETF coming into my mailbox like in
• 48:25
  Harry Potter, when they're trying to get them to go to
• 48:27
  Hogwarts, they're flying in. So surely this isn't just for
• 48:30
  criminals? Who's the one that loses out on
• 48:32
  a public discourse like that? Your everyday worker that goes,
• 48:37
  oh, I see the most powerful banker and a senator talking
• 48:41
  about how this is bad. Let me, let me hold off.
• 48:43
  I kind of want to. Let's not jump into that.
• 48:45
  So that's who they're they're harming.
• 48:47
  When they have a conversation, they're not harming.
• 48:50
  You know, no one in Iran is changing anything.
• 48:52
  No big money's changing anything.
• 48:53
  It's just the everyday stacker that hasn't found Bitcoin yet.
• 48:57
  That's who they're They're hurting for sure.
• 48:59
  Without a doubt. Yeah, one. 100% and really, we
• 49:03
  say it all the time on the show. You know, Bitcoin exposes
• 49:05
  people's incentives and when they come after Bitcoin, they
• 49:09
  can dress it up in whatever they want.
• 49:13
  But the truth always comes out. It's like, you know, especially
• 49:16
  with Elizabeth Warren, she came out, made her platform on the
• 49:20
  Occupy Wall Street and, you know, years later now she's
• 49:23
  basically a big bank shill. And she's out here just, like
• 49:28
  pretending like she cares for the average citizen.
• 49:30
  And in reality, everything she's talking about is going to hurt
• 49:33
  the average citizen. But there's still people out
• 49:35
  there that like, think like, yeah, Elizabeth Warren has our
• 49:38
  best, our best intentions in mind, and I'm going to vote for
• 49:42
  her. She's got that nice, you know,
• 49:45
  friendly grandma mother vibe to her.
• 49:46
  She she knows what's right for the country.
• 49:48
  She knows what's right for me as a citizen.
• 49:50
  And we're like, no, literally, do the exact opposite of what
• 49:53
  she's saying and you'll probably be in a better position because
• 49:56
  everything she is doing will actually hurt you.
• 49:59
  But hey, we're the crazy, you know, we're the crazy ones on
• 50:04
  the Internet. We're the crazy bitcoiners.
• 50:06
  But hey, the world will learn soon enough that we are right
• 50:09
  and they need to be stacking some Bitcoin anyways before we
• 50:13
  get into the culture. I'm super excited for today's
• 50:15
  conversation with Jesse. Get on the Orange Pill app
• 50:18
  shouts out to everyone on the Orange pal.
• 50:20
  You need to stack friends who stack Sats.
• 50:23
  This is the way guys. Join the Simply Bitcoin group in
• 50:26
  there. Super super Poppin.
• 50:28
  Hit the description. It's in the chat.
• 50:30
  If you are traveling and you want to hang out with
• 50:33
  bitcoiners, get on the Orange Pedal app.
• 50:35
  If you are the lone crazy bitcoiner in your community, get
• 50:39
  on the Bitcoin app. Maybe there's other bitcoiners
• 50:41
  around you, like we say all the time.
• 50:45
  Yes, hanging out on Bitcoin Twitter.
• 50:47
  Yes, hanging out on the Internet with bitcoiners is awesome and I
• 50:50
  respect your opsec 100%. But the real magic is when you
• 50:54
  hang out with bitcoiners in real life and you build local
• 50:56
  communities, you build these relationships in meet space.
• 51:00
  And that's how we get stronger. You are not the strong lone wolf
• 51:04
  out there. There's power in numbers.
• 51:07
  Get on the Orange Pill app and make sure you are building a
• 51:10
  local community. This is how we win.
• 51:12
  Scan the QR code below guys. Let's get into the culture.
• 51:18
  The daily culture. All right guys, you already know
• 51:27
  Kaboom Racks. Kaboom Racks is the best place
• 51:32
  to buy, sell, and host your Bitcoin miners.
• 51:36
  And I absolutely love the Kaboom Racks team at one of my good
• 51:40
  friends, Alex. He's the goat over there.
• 51:43
  He will literally hold your hand and and tell you everything you
• 51:47
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• 51:48
  if you're wondering what if you should get into Bitcoin mining,
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• 52:36
  Let's go, let's go. All right.
• 52:39
  So of course, actually, before I pull up your website, Jesse,
• 52:44
  let's just talk about the Bitcoin Lightning network in
• 52:48
  general. So I got a question.
• 52:51
  I actually got a few questions the last couple of weeks from
• 52:54
  people. You know, we've seen all the
• 52:55
  crazy stuff going on in the privacy front.
• 52:58
  We're seeing Rodger Ver made a new appearance saying, you know,
• 53:02
  Bitcoin was hijacked and that bitcoin's not going to scale.
• 53:07
  And so I figured I'd reach out to someone that is working
• 53:11
  directly with Lightning, that has a pretty good overview of
• 53:14
  what's going on in the Lightning ecosystem.
• 53:17
  And that is you, Jesse, AKA Jessifer.
• 53:20
  I know him as Jessifer working at ambos.
• 53:22
  So let's just start with the general overview of Lightning.
• 53:26
  You've been working with the Lightning Network for what, now
• 53:30
  like 4 years now. So I think you have a pretty
• 53:33
  good view, overview of what's going on in the Lightning
• 53:35
  Network. Will Lightning scale?
• 53:37
  Bitcoin is lightning. The silver bullet.
• 53:41
  Let's start there. And then we'll go into more of
• 53:43
  like a Lightning privacy conversation and then we'll talk
• 53:45
  about ambos. So what's your general thoughts
• 53:48
  of lightning? Where is it?
• 53:49
  Where is it at right now? How's it evolved?
• 53:51
  What are you seeing overall lighting?
• 53:55
  Is the bleeding edge of of payments and and Bitcoin.
• 54:00
  So we're we're really on on the front lines of things.
• 54:04
  What we're seeing is on chain transaction fees are going up
• 54:08
  you know due to ruins ordinals, inscriptions and just overall
• 54:12
  inscriptions. So we're seeing other uses of
• 54:15
  blockchain, but we still need to protect the commerce that
• 54:19
  actually happens on Bitcoin. So if you want to actually use
• 54:24
  Bitcoin, you're going to have to pay transaction fees.
• 54:27
  And the most efficient way to do that is still to create a
• 54:30
  lightning channel which is reusable payments
• 54:33
  infrastructure, so you can actually use it repetitively.
• 54:36
  And every single time that you use that Channel it becomes
• 54:40
  cheaper and it's more efficient to actually use that that
• 54:45
  system. So we're we're seeing lightning
• 54:49
  overall transition from the hobbyist network that you know I
• 54:53
  started with in 2019, late 2018 and and now it's becoming this
• 55:00
  critical business infrastructure.
• 55:02
  So like for exchanges to operate, as transaction fees
• 55:07
  rise they really want to maintain that really positive
• 55:11
  user experience of using Bitcoin.
• 55:13
  Like the the backbone of their entire exchange operation like
• 55:18
  this is this is the money it needs to be the most, the most
• 55:23
  frequently traded commodity within the market.
• 55:25
  That's what makes it a money. And so exchanges are really on,
• 55:29
  on the front lines of this, trying to improve their user
• 55:33
  experience with fast, cheap transactions and they're also
• 55:38
  seeing, you know, regulatory crackdowns.
• 55:40
  So we do need to like protect these businesses that are
• 55:44
  continuing to operate in the space even in in an adversarial
• 55:48
  environment. And so overall, like over the
• 55:53
  past year, there's been some major changes within the
• 55:57
  lighting network. You know, the nodes have overall
• 56:00
  decreased, the channels have decreased, but what we have seen
• 56:06
  is that the size of the channels have increased.
• 56:09
  So that means that's more of like a pruning behavior.
• 56:13
  So we're getting rid of some of these smaller nodes that were
• 56:18
  essentially useless and we're kind of like pruning to actually
• 56:22
  make the the channels and the connections within the lightning
• 56:25
  network align more closely with how actual payments flow within
• 56:31
  this new lightning economy. But lighting is changing all the
• 56:34
  time and so we're we're kind of it's it's dynamic.
• 56:40
  So anytime that there is a drop in transaction fees on the
• 56:44
  Bitcoin network, people, the really strategic folks are using
• 56:50
  that opportunity to deploy additional capital towards
• 56:55
  different aspects or different parts of the economy that need
• 57:00
  liquidity or need additional connections, love.
• 57:03
  It love it. So I do have a question and
• 57:06
  maybe this is a hot button topic here.
• 57:08
  I don't want to put you on the spot here just for but you did
• 57:11
  kind of mention it. So I remember for a while there
• 57:14
  there was a narrative of like a hobbyist lightning node and
• 57:18
  maybe you can get money doing routing.
• 57:20
  And now from what you're kind of telling me is the lightning
• 57:23
  network is maturing a lot and some might say it's
• 57:25
  centralizing. But I think this is a good
• 57:29
  improvement of the network where if you if you connect to one of
• 57:33
  these lightning service providers you get quick payments
• 57:37
  the the the payments will fail less.
• 57:39
  So to me it sounds like the lightning network is improving,
• 57:43
  but the question is should hobbyists, lightning enthusiasts
• 57:47
  try to create a lightning node or should they just open up the
• 57:51
  channels? I did look over here at Mempool
• 57:54
  dot space and you know the the fees right now are roughly
• 57:57
  around the the 40 SAT per V by era right now.
• 58:02
  So is it a good time to be opening on lightning channels?
• 58:06
  What's your thoughts on that? Let's see the the mem pool is
• 58:11
  always uncertain, so you never know how much transaction fees
• 58:14
  could be. But we're seeing consistent
• 58:16
  demand for being part of the Bitcoin blockchain.
• 58:19
  That happens with images, that happens with new token minting,
• 58:24
  but it it also happens for payments and that's the piece
• 58:28
  that really needs to be preserved to to maintain you
• 58:32
  know Bitcoin as as a medium of of exchange.
• 58:35
  So creating those lightning channels is extremely important.
• 58:39
  And so the folks that are deploying capital there will be
• 58:44
  able to enjoy lower transaction fees as the the usage of the
• 58:49
  Bitcoin blockchain and the demand for it increases.
• 58:53
  And I believe it was Peter Willa that said, just kind of model
• 58:57
  the demand for the Bitcoin blockchain and that block space
• 59:01
  as limitless. And so we've got this infinite
• 59:04
  demand for stamping data into the Bitcoin blockchain.
• 59:10
  And that data may be images or transactions, but really there's
• 59:14
  an ongoing competition and there is a marketplace going on here
• 59:18
  in order to preserve the decentralization of the network,
• 59:22
  we created the Magma marketplace which allows basically anyone to
• 59:27
  be an LSP. And you don't have to worry
• 59:29
  about the centralisation of those of those lightning service
• 59:32
  providers, those LSPS. Because basically you can buy a
• 59:35
  channel from anywhere and you can actually control your
• 59:39
  network connections and not have to rely on a single provider and
• 59:44
  avoid the problems of vendor lock in.
• 59:47
  Where then they may cut you off from actually being able to
• 59:51
  transact. So you have a multitude of
• 59:54
  options to actually connect with anyone around the world to set
• 1:00:00
  up your payment system that is anti fragile and censorship
• 1:00:04
  resistant. Love it, love it.
• 1:00:06
  OK, we do have a comment in here and I do want to pivot this into
• 1:00:10
  the a slight conversation about Lightning privacy, but no G
• 1:00:14
  goes. Lightning can block your
• 1:00:15
  transaction. So Jessica, you want to touch on
• 1:00:19
  that? And then kind of touch on the
• 1:00:21
  general idea of Lightning as maybe I wouldn't say a privacy
• 1:00:25
  solution, but using Lightning as a more private, private, focused
• 1:00:30
  way to transact on Bitcoin. Yeah, the the technology itself
• 1:00:35
  for for lightning allows you to have transaction level privacy,
• 1:00:40
  which is something that is extremely valuable to have.
• 1:00:44
  So I don't need to the Bitcoin blockchain doesn't need to know
• 1:00:48
  about and the entire world doesn't need to know about every
• 1:00:51
  single transaction that you do. But the only part that they that
• 1:00:56
  Bitcoin is interested in is actually the net flows.
• 1:01:01
  And so you can actually have kind of these payments that flow
• 1:01:04
  back and forth and you can make really efficient use of that
• 1:01:09
  instead of, you know, stamping each individual transaction that
• 1:01:12
  you might make in an entire economy.
• 1:01:15
  It's also faster because you don't need to update a
• 1:01:18
  blockchain and propagate this transaction to the entire world.
• 1:01:23
  Lightning transactions are truly peer-to-peer.
• 1:01:26
  So you're selecting one other person to be your channel
• 1:01:30
  partner, and the only people that know about the transactions
• 1:01:33
  is YouTube. And so that is an extremely
• 1:01:37
  important piece. The payments are also routed
• 1:01:40
  using using onion routing similar to Tor.
• 1:01:44
  So an intermediate hop might not actually know where the payment
• 1:01:48
  originated or where the destination may be, but it
• 1:01:52
  actually in a capital efficient way, moves value you know around
• 1:01:57
  the world at near near instantly with very high privacy
• 1:02:03
  assurances. Love it.
• 1:02:05
  Love it. And I I do have a question and
• 1:02:07
  this might be like an army question, but I'm sure someone
• 1:02:10
  out there is thinking this considering everything we're
• 1:02:12
  seeing in the last couple of weeks.
• 1:02:14
  But is there a possibility for say like a chain analytics
• 1:02:18
  company to completely map the lightning network?
• 1:02:21
  And I don't know it it break that privacy aspects of of the
• 1:02:25
  lightning network. The Lighting Network is simply
• 1:02:29
  too complex. I mean even if you were you
• 1:02:33
  know, starting up a node and you set your fees to zero and you're
• 1:02:36
  trying to capture as much data as possible, you still won't be
• 1:02:39
  able to because the the control of the payment routes actually
• 1:02:44
  happens at the source. So you would be able to route
• 1:02:47
  around entities like that even if they have low fees.
• 1:02:50
  So you will make a trade off between you know, providing data
• 1:02:53
  to them versus saving on cost of transactions.
• 1:02:57
  But starting up a node doesn't give you knowledge about the
• 1:03:01
  entire network. It only gives you knowledge
• 1:03:04
  about what goes through your own node.
• 1:03:07
  So it's it's really quite private overall and you can have
• 1:03:12
  payments routing all over the place and it's essentially
• 1:03:16
  impossible to actually know about the entire economy within
• 1:03:20
  Lightning. But we've seen things like the
• 1:03:22
  River Report that actually show transactions increasing, but
• 1:03:28
  it's using pretty wild projections of what's happening
• 1:03:31
  on the river node to say what's happening for the rest of the
• 1:03:35
  library network. We simply don't know.
• 1:03:38
  Got it. Love it.
• 1:03:39
  OK, great. Great.
• 1:03:40
  I'm sure that cleared up some things for people in the chat.
• 1:03:43
  All right, Dom, you said you have a question.
• 1:03:44
  Shoot it quick. Question for our guy.
• 1:03:49
  OK, so I do a lot of stuff with workers and with everything
• 1:03:51
  that's happening, there's a lot of complexity the the goal posts
• 1:03:55
  and things are always shifting. But for your everyday worker
• 1:03:57
  who's stacking Bitcoin and self custody but wants to have
• 1:04:01
  flexibility to accept and transact with lightning, with
• 1:04:06
  cheap fees, what's like to go to kind of, you know, simple, like
• 1:04:10
  must have steps to put themselves in a good good spot
• 1:04:14
  as you see it right now? That's part one.
• 1:04:16
  Part 2 is how do you recommend people open?
• 1:04:20
  What's the best way to establish privacy for people to transact
• 1:04:25
  with each other but also be in a good spot with compliance and
• 1:04:29
  not get rugged on your future set up.
• 1:04:32
  So you know if you were, if you did set up a a Phoenix channel
• 1:04:35
  and you're using that, right, that's over.
• 1:04:37
  So now you got to reset that up. You know what's that?
• 1:04:40
  I know it's a lot there, but those kind of two questions I
• 1:04:42
  was really curious about for your your everyday working folk.
• 1:04:46
  Yeah, I mean the regulatory crackdown has been pretty
• 1:04:49
  damaging to like the network effects that that we've been
• 1:04:54
  enjoying in Lightning and kind of the innovations.
• 1:04:56
  I mean Phoenix was by far my favorite wallet and one that I
• 1:04:59
  recommended as a non custodial option and I hope to see
• 1:05:04
  additional innovations on that front.
• 1:05:07
  One one thing that people can use is actually Aqua Wallet,
• 1:05:10
  which is using swaps between Lightning and Liquid, which is a
• 1:05:16
  pretty decent solution to actually still have a good user
• 1:05:20
  experience. So that's one that I would
• 1:05:23
  recommend. Also, if you want to completely
• 1:05:26
  take control of your payments infrastructure, you can run a
• 1:05:30
  node and you can go to voltage.cloud and and run a node
• 1:05:35
  that way and then establish your own payment channels.
• 1:05:38
  That's especially useful if you're going to launch a
• 1:05:41
  business, you want to launch an exchange.
• 1:05:44
  So that's that's one piece. And then for overall like risk
• 1:05:49
  management for for the folks that say, you know I want to
• 1:05:53
  connect to the Internet of money and I'm not involved in any of
• 1:05:58
  the money laundering terrorism things.
• 1:06:00
  We do have Reflex which is a payment operations suite
• 1:06:04
  specifically designed to answer those questions and continue to
• 1:06:09
  maintain operations and grow the network effect of of Lightning.
• 1:06:14
  And I got one more Opti, bro. Don't kill me, dude.
• 1:06:17
  I'm just a pleb. I'm just a pleb trying to.
• 1:06:19
  I'm just trying to get mine. I'm just trying to get mine,
• 1:06:21
  bro. That's why we got.
• 1:06:22
  Jesse on this show so you can ask questions to someone that's
• 1:06:25
  working in lightning. All right, so.
• 1:06:27
  I'm still not on speaking terms with ChatGPT for trying to set
• 1:06:31
  up my own lightning node internally through Mac OS.
• 1:06:36
  What are the developments on Mac OS on running your own lightning
• 1:06:39
  node with no third party set up, no virtual machine natively on
• 1:06:45
  Mac OS running a lightning node? Has there been any advancements
• 1:06:49
  in that? You know, it's kind of familiar
• 1:06:50
  with some of the options, but where is that at right now?
• 1:06:54
  That's a great question and fortunately I probably won't be
• 1:06:57
  able to comment on on that too much, but I have seen Umbrell
• 1:07:02
  Distro used. There's also some innovations
• 1:07:05
  happening with start nine for the people that are comfortable
• 1:07:09
  running their own hardware, like usually in their own homes Now,
• 1:07:14
  that introduces additional complexity, so you be prepared
• 1:07:19
  to learn quite a bit to actually manage that hardware
• 1:07:23
  infrastructure. But laptops are popular options
• 1:07:28
  and you can essentially get a used laptop that has a battery
• 1:07:32
  backup because when people are managing their own hardware, the
• 1:07:37
  biggest thing that they have to manage is Internet outages and
• 1:07:40
  power outages Especially. So having a battery backup
• 1:07:44
  system is essential for maintaining the record of all of
• 1:07:49
  your transactions because no one else has those records of
• 1:07:52
  transactions. So you have to maintain that and
• 1:07:56
  that is your your truth. Maintain the database at all
• 1:07:59
  costs, and that's where you invest in battery backup
• 1:08:03
  infrastructure, which laptops generally already have in place.
• 1:08:08
  Love it. Love it.
• 1:08:09
  OK, I do want to pivot to ambos so we can talk about what you're
• 1:08:13
  working on, but I do have a simple question.
• 1:08:16
  And you didn't mention Aqua Wallet, but is that the
• 1:08:18
  lightning wallet that you're recommending, right?
• 1:08:20
  I know it's like lightning liquid, but like now that we
• 1:08:23
  lost, you know, we lost Wallace Satoshi, we lost Phoenix.
• 1:08:26
  What What lightning wallet are you recommending for people
• 1:08:30
  maybe that don't have a node, you know, that they connect to
• 1:08:33
  like I love Zeus as well and I'm a huge fan of mutiny, but like
• 1:08:38
  what is your go to wallet that you recommend right now?
• 1:08:41
  Yeah, I I. Use Zeus myself to connect to my
• 1:08:44
  own node. And so that's the way to make it
• 1:08:47
  be your own transactions. And for the like, while there's
• 1:08:52
  this crackdown, it's like the regulated ones are the ones that
• 1:08:55
  are still remaining, so there's still ZBD and Cash app which are
• 1:08:59
  both like KYC. There's also Strike.
• 1:09:03
  So I use strike all the time and I really enjoy that user
• 1:09:07
  experience. But if you want to like avoid
• 1:09:10
  KYC, you can still use use Aqua. I've seen some success with
• 1:09:16
  Mutiny Wallet and yeah, those are those are basically the the
• 1:09:21
  options right now. Oh.
• 1:09:24
  Man, we're losing. We're losing all the wallets.
• 1:09:26
  All right, all right, let's talk about ambos.
• 1:09:27
  All right. So for those showing up late,
• 1:09:30
  just for what is ambos dot space and then we can go into some of
• 1:09:35
  the different product features that you have here, sure.
• 1:09:38
  So the the first what you see on Ms. dot space is Lightning
• 1:09:43
  Network Explorer, so you can look up any node on the network.
• 1:09:47
  So if you want to like look up Kraken for example, you can
• 1:09:50
  basically just type it in the box and be able to find that
• 1:09:53
  node. And so you'll be able to look up
• 1:09:56
  individual stats on it. And you can if you scroll up to
• 1:10:00
  the top, you can actually go to the channel map and see all of
• 1:10:03
  the channel connections that Kraken has all over the
• 1:10:06
  Lightning network. And so you can actually kind of
• 1:10:09
  construct your own payment system around this.
• 1:10:12
  It's like you're tapping into the payment network.
• 1:10:16
  Overall. Ambos provides additional
• 1:10:18
  statistics about the note about the Lightning network and
• 1:10:23
  cracking. Is is an exchange that that is
• 1:10:28
  enabled with with Lightning. But you can also.
• 1:10:31
  See like the capacity over time, you can see the the node growth,
• 1:10:35
  you can look at the capacity in terms of dollars and you can see
• 1:10:38
  that we're near all time highs for lightning capacity.
• 1:10:42
  You can also see the the channels and that number of
• 1:10:46
  channels on the lightning network has been decreasing
• 1:10:49
  overall. We've also, we've launched a
• 1:10:54
  marketplace for liquidity and then we've launched an
• 1:10:58
  automation service on there. So if you don't want to think
• 1:11:00
  about lightning channels use hydro.
• 1:11:03
  And so Hydro will automatically buy all the liquidity that's
• 1:11:06
  needed for for your node for you to be able to receive payments
• 1:11:11
  without having to manage channels.
• 1:11:14
  Interesting. How's that work?
• 1:11:15
  How does hydro work? Oh, here.
• 1:11:16
  It kind of tells you, yeah. So you connect your node, you
• 1:11:20
  enable notifications, you pre purchase credits which we'll be
• 1:11:25
  able to use to buy lightning channels to your node on your
• 1:11:29
  behalf. So basically we're telling other
• 1:11:32
  people that are on the Lightning Network, hey, if you open a new
• 1:11:37
  channel to Opti, you can get paid and we'll take the the
• 1:11:41
  lowest, the lowest cost liquidity that still meets our
• 1:11:45
  quality criteria and be able to ensure that Opti will be able to
• 1:11:51
  receive all the Zaps that you're going to send because you love
• 1:11:54
  the content on simply Bitcoin Sense.
• 1:11:56
  Apps. All right, awesome.
• 1:12:00
  Wait, is this using like an AI to automate it, or are you guys
• 1:12:04
  manually automating it on the back end?
• 1:12:07
  We're. We're manually automating it.
• 1:12:10
  It's it's simply like an order book.
• 1:12:13
  So there's a whole bunch of offers that people have posted
• 1:12:16
  on Magma for the folks that want to earn yield on their Bitcoin
• 1:12:20
  without ever giving up custody. So avoiding the problems of
• 1:12:24
  Block Fi in Celsius, it's for the folks that want to earn
• 1:12:27
  yields and already have an established presence on
• 1:12:31
  Lightning and Bitcoin that they're willing to allocate.
• 1:12:34
  So you can buy a channel from Nodaloo and be able to receive
• 1:12:40
  payments, and you can have Nodaloo be part of your payment
• 1:12:45
  network. Amazing.
• 1:12:47
  OK Jessopher, I do want to do one last thing with you and it's
• 1:12:54
  a ATLDR like step one to getting fully onboarded sovereignly on
• 1:13:02
  their own lightning node. So using Emboss what would be
• 1:13:06
  like the the Zero to 1 step by step guide on setting up a node?
• 1:13:13
  So like you get like BTC pay server or lick or a voltage and
• 1:13:18
  then you buy some channels for magma like how how's that
• 1:13:21
  process go? So if someone's out there
• 1:13:22
  interested on setting up their own lightning node, yeah.
• 1:13:26
  So I would start with Voltage, go to voltage.cloud, spin up
• 1:13:31
  Thunder hub and use that to connect to any other node on on
• 1:13:37
  the network. And so you can use ambos to look
• 1:13:40
  up a node that you like and find their connection information.
• 1:13:44
  You paste that into Thunder hub and you open your first channel.
• 1:13:48
  Now with one channel open, you'll be able to be
• 1:13:52
  discoverable on ambos and so you will have your own node page
• 1:13:57
  that will be automatically created.
• 1:13:59
  And then next step, if you want to receive payments, sign up for
• 1:14:02
  hydro and so that will start opening additional channels to
• 1:14:06
  your node. Love it.
• 1:14:09
  OK, one last question for me personally, what is your like
• 1:14:14
  recommended lightning channel size?
• 1:14:17
  Like I said, so if I just want to create one channel and I'm I
• 1:14:21
  just want to push push payments through and I know how lightning
• 1:14:25
  works, you know once I send I'm able to receive.
• 1:14:27
  So like what is like? I don't know Barry, I know you
• 1:14:31
  and I know it's not for everyone and it's, you know, one size
• 1:14:35
  doesn't fit all. But like what is the recommended
• 1:14:37
  channel size for someone out there like like me?
• 1:14:40
  Like I just want to send some sats through, not really
• 1:14:43
  receiving too much. Like how big of a channel do you
• 1:14:46
  think I should set up? I think what's common for the
• 1:14:50
  first channel is that like about a million Sats.
• 1:14:53
  And so if you open a 1,000,000 SAT channel, that's capable at
• 1:14:57
  today's Bitcoin price of sending a payment up to $633.
• 1:15:04
  And so you could send much smaller payments but no larger
• 1:15:07
  than that 633. So that's really the kind of the
• 1:15:12
  trade off that that you're making.
• 1:15:13
  But we're seeing the median channel size across the
• 1:15:17
  Lightning Network is about 2 million SAT.
• 1:15:19
  And on the marketplace we see like 2.5 million SATS.
• 1:15:23
  So that's .025. Bitcoin is actually being used
• 1:15:28
  in these lightning channels. And as the Bitcoin price goes
• 1:15:31
  up, that lightning channel infrastructure becomes more and
• 1:15:34
  more valuable and capable of handing handling larger and
• 1:15:38
  larger payments using the exact same infrastructure that you set
• 1:15:41
  up years ago when the price when the Bitcoin price was super low.
• 1:15:46
  So just to clarify for people, your channels don't go stale and
• 1:15:52
  if you open one up today, you can use the same channel for a
• 1:15:55
  long, long time. Exactly.
• 1:16:00
  And you can. You can run Thunder Hub on your
• 1:16:04
  own machine if you'd like. You can.
• 1:16:06
  I think most people will run their node on a cloud service,
• 1:16:11
  so you can spin up Digital Ocean if you're pretty technical or
• 1:16:16
  you can get an umbrel for the the plebs that want to run their
• 1:16:19
  own hardware. OK.
• 1:16:21
  Did you answer your question, Dom?
• 1:16:23
  I see in the chat and he just hit on it, yeah.
• 1:16:26
  Well because the umbrel, I'm still looking for that that like
• 1:16:30
  if you know a Mac mini, being able to run it natively on that
• 1:16:34
  hardware without umbrel, without a virtual machine.
• 1:16:38
  So that if you need to take take your setup elsewhere you're
• 1:16:42
  you're locked and loaded ready to go I don't think other than
• 1:16:46
  building a node like natively from scratch.
• 1:16:51
  I don't know if that's there yet, but but obviously Umbral
• 1:16:54
  and using a virtual machine is is pretty easy so.
• 1:17:00
  Awesome. Yeah.
• 1:17:00
  I mean it's it's essential you're thinking of a self
• 1:17:04
  sovereign set up and that's like the the goal that we should all
• 1:17:08
  be striving for to make sure that our money is unstoppable
• 1:17:12
  and we still get to tap into the great user experience of
• 1:17:15
  Lightning or you have cheap fast payments, you know, so instead
• 1:17:19
  of paying you know 3% to Visa and MasterCard that the median
• 1:17:23
  fee across the Lightning Network is .005%.
• 1:17:28
  And so that's the cost of settlement on this new payment
• 1:17:32
  system with better technology enabled by the Lightning
• 1:17:35
  Network. Love it, man.
• 1:17:38
  All right, Jesse AKA Jessopher. I know him as Jessopher.
• 1:17:41
  I don't like calling you by Jesse.
• 1:17:43
  Anyways, what is the last two sets that you want to leave with
• 1:17:47
  the audience today? It could be about Lightning,
• 1:17:49
  Bitcoin, Life, and Boss. What's the last message you want
• 1:17:53
  to leave with the audience? The on.
• 1:17:55
  Chain fees are going up, so in order to preserve the user
• 1:17:59
  experience of great payments on Bitcoin, you got to start using
• 1:18:05
  Lightning and reach out to us. We're always here to help.
• 1:18:09
  We just launched a new Lightning guide for those exchanges that
• 1:18:13
  are coming up with their Lightning strategy and help them
• 1:18:16
  think through all the different components that we've just
• 1:18:19
  scratched the surface of today. Love it.
• 1:18:22
  Actually I do. Yeah, I I actually want.
• 1:18:24
  I have some more questions. Sorry.
• 1:18:26
  Do you think 2024 or 2025 is going to be the year where every
• 1:18:32
  Bitcoin exchange has some kind of lightning operability?
• 1:18:36
  Like is, is this the year or do we still have to wait a little
• 1:18:40
  bit? We just watched.
• 1:18:42
  Coinbase launch and typically they're one of the slowest
• 1:18:46
  moving in this space. So what?
• 1:18:49
  What are the rest of the exchanges doing?
• 1:18:52
  And there's tons of opportunity there because what we just saw
• 1:18:56
  just the other day was the mainnet use of Taproot assets.
• 1:19:00
  So if you want to have your like crypto casino and still be
• 1:19:06
  making money and have a great user experience, you have to
• 1:19:09
  start integrating Lightning because that will get you access
• 1:19:12
  to all the Taproot assets. And for exchanges you need all
• 1:19:16
  those exchange activities. When we're thinking you know
• 1:19:20
  well we can be monetary maximalist.
• 1:19:23
  When it comes to payments, you have to be open to everything
• 1:19:26
  because, like the the payment system must work for
• 1:19:29
  speculation. It must work for all of these
• 1:19:31
  different use cases that money is used for an economy.
• 1:19:36
  OK, great. Dom, I did see you had your
• 1:19:39
  finger up. You want one more question and
• 1:19:41
  then I have one last question as well.
• 1:19:43
  Yeah, Jesse. We talked a little bit offline.
• 1:19:45
  Y'all also do merchant stuff. But if someone you know, what's
• 1:19:49
  the best way to connect with y'all?
• 1:19:51
  If if you know if I know a bar or a hotel that wants to start
• 1:19:55
  receiving Bitcoin as a payment and how can y'all or how do
• 1:19:59
  y'all help navigate that or point people in the right
• 1:20:01
  direction? For sure.
• 1:20:02
  For the business customers, they they should go to Reflex payment
• 1:20:07
  Operations, so that's RPO dot dev and we'll get them set up
• 1:20:11
  with the hydro which they'll need.
• 1:20:14
  We'll connect them to get a node and we'll also help them with
• 1:20:17
  the risk management and payments operations.
• 1:20:21
  So one of the pieces is we actually run simulations to
• 1:20:25
  ensure that a business will be able to receive payments and
• 1:20:28
  receive payments reliably using those service level agreements
• 1:20:31
  that businesses expect. Love it.
• 1:20:35
  Love it. Yeah, love.
• 1:20:36
  That OK. Last question just for before we
• 1:20:40
  wrap this up and I will be putting you on the spot, I am
• 1:20:43
  kind of trolling you but will lightning scale Bitcoin?
• 1:20:49
  Absolutely. I think we just passed 1 billion
• 1:20:53
  transactions on Bitcoin itself, but still nobody knows how many
• 1:20:58
  transactions have gone through Lightning because it does have
• 1:21:01
  that privacy and it is reusable payments infrastructure, so you
• 1:21:06
  can have payments flying back and forth in real time to settle
• 1:21:11
  payments around the world at basically no cost.
• 1:21:15
  So Lightning is the scaling method for Bitcoin.
• 1:21:20
  It's one of the one of the biggest multipliers for the for
• 1:21:25
  the effect of Bitcoin as a transaction medium.
• 1:21:28
  And we're going to see more innovation that's built on top
• 1:21:30
  of it from Cashew, Fetty Mints, etcetera, that will further
• 1:21:36
  extend the reach of Bitcoin and the valuable properties that it
• 1:21:40
  brings with it. Love it, love it.
• 1:21:42
  OK, well actually one more trolley question.
• 1:21:44
  Why we wrap this up. Sorry.
• 1:21:48
  From what you just last said, what would be your response to
• 1:21:53
  the shit corners out there saying that Lightning is
• 1:21:56
  vaporware and not real Bitcoin? Yeah, lightning has failed
• 1:22:00
  completely. Yeah, I I can it it it's just so
• 1:22:06
  ridiculous. I I don't have anything else to
• 1:22:09
  really say about it. But basically, you know, we've
• 1:22:12
  had a payment system, you know, since Diners Club, you know, the
• 1:22:17
  Diners Club card. And all of that innovation has
• 1:22:21
  happened since like the 1960s, nineteen 70s.
• 1:22:24
  So there's been like 50 years of development of a payment system
• 1:22:28
  and it really hasn't changed all that much since.
• 1:22:32
  But we're seeing the actual innovation have been on
• 1:22:35
  Lightning, which is now what, five years old, six years old
• 1:22:40
  since. And it's continuing to innovate
• 1:22:44
  with open source tech. So the payments are getting
• 1:22:48
  better and we're going to fade out Visa and MasterCard and
• 1:22:54
  these antiquated ideas of actual payment settlement.
• 1:23:01
  Let's go. Let's go.
• 1:23:02
  All right. Well, the one and only Jesse
• 1:23:06
  Schrader, AKA at Jessifer BTC right now on the show.
• 1:23:10
  Where do you want people to go check out?
• 1:23:12
  I just named your your Twitter and all that, But what do you
• 1:23:14
  want people to check out? I know you're working on a lot
• 1:23:17
  of cool stuff. Let's get the audience to get in
• 1:23:19
  touch with you. Yeah.
• 1:23:21
  Follow us on Twitter or X at at ambos dot tech or sorry at ambos
• 1:23:27
  Tech and yeah, follow along. Stay engaged, start spitting up
• 1:23:34
  your node and get connected on an emboss.
• 1:23:36
  Join the communities. We've got plebnet still going
• 1:23:39
  strong, We've got the node stretches which are connected on
• 1:23:43
  Noster and yeah, follow us there.
• 1:23:47
  Let's go, man. Well, Jess defer, it was good to
• 1:23:51
  have you on the show. Good, good, good to make content
• 1:23:53
  with you once again bro. So pleasures all mine, thanks
• 1:23:57
  for coming on. We'll bring you back on in a
• 1:23:59
  couple of months and and we'll do some more updates and guys in
• 1:24:02
  in the chat or or comment on the YouTube.
• 1:24:06
  If you guys want more Lightning content talk about the Lightning
• 1:24:09
  Network, I'll bring Jesse back on or I'll bring other people on
• 1:24:12
  and we can get some more some more insights from the from
• 1:24:15
  layer two guys. But Jesse, thanks for coming on.
• 1:24:19
  Hang on behind the scenes while I wrap this one up.
• 1:24:22
  All right. You already know the deal.
• 1:24:25
  Thanks. Dom Bay, the one and only.
• 1:24:27
  Dom Bay, plug your Twitter for for the audience out there and
• 1:24:31
  everything you're working on, and we'll wrap today's show up.
• 1:24:33
  Yeah. So.
• 1:24:34
  Dom Bay here. I am officially criminally over
• 1:24:38
  followed so I need drop off less followers because I shouldn't
• 1:24:42
  have the followers. I have no Baywatch one, that's
• 1:24:47
  BEI watch one and then any support.
• 1:24:52
  Y'all know, simply Bitcoin fans always put on for proof of
• 1:24:56
  workforce, but I started a nonprofit that helps workers
• 1:25:00
  with no cost, Bitcoin education and adoption and initiatives and
• 1:25:04
  all that stuff and that's Workforce BTC.
• 1:25:08
  Any love there on spreading the word, letting us help more
• 1:25:13
  people? Truly always appreciative of any
• 1:25:16
  support for for proof of workforce and they're at
• 1:25:19
  workforce BTC. Let's go.
• 1:25:22
  All right, Dom. Well, thanks for filling in
• 1:25:24
  today. We'll bring you back on soon,
• 1:25:26
  and we'll get them some updates on everything you're working on
• 1:25:28
  as well. All right, guys.
• 1:25:31
  We made it through the Monday episode.
• 1:25:33
  I hope you guys get outside, touch some grass, eat some good
• 1:25:37
  food, get your mind right, get your body right.
• 1:25:40
  We are in this for the long run. And if you just happen to come
• 1:25:44
  to the show today because you don't like Elizabeth Warren,
• 1:25:47
  well, you know, like, subscribe, share the content.
• 1:25:50
  That really helps us. But come back tomorrow.
• 1:25:52
  We'll be back for our normally scheduled programming.
• 1:25:55
  Nico, we'll be back home. We'll get him back on the show.
• 1:26:00
  And then, of course, guys, keep your heads up.
• 1:26:02
  Stay in the game. We are.
• 1:26:04
  We're directly over the target. The more they push back against
• 1:26:07
  us, the more you should know we are correct and we are doing
• 1:26:12
  Satoshi's work. All right, on that note, guys,
• 1:26:14
  Peace out. It's your boy, Opti.
• 1:26:15
  I will see you on the flip side tomorrow, Peace.
• 1:26:22
  It was brought to you by bitcoinwell.com on a mission to
• 1:26:25
  enable independence.