Latest / Simply Bitcoin / WORLDS LARGEST Bank Has A Secret Plan To ATTACK Bitcoin | EP 1311

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WORLDS LARGEST Bank Has A Secret Plan To ATTACK Bitcoin | EP 1311 · Simply Bitcoin

• 0:00
  The $34 trillion Bank of International Settlements, the
• 0:03
  central Bank of central banks, just dropped a new report and
• 0:08
  hidden inside it is their secret plan to attack Bitcoin, and
• 0:12
  specifically Bitcoiners. And this comes hours after the
• 0:16
  Google attack on Bitcoin wallets was exposed yesterday.
• 0:19
  Is this all a coincidence? I don't really think so.
• 0:23
  And maybe this sounds a little controversial, but don't forget
• 0:25
  that the Bank of International Settlements partner, the IMF has
• 0:29
  been attacking Bitcoin for years.
• 0:31
  And of course, make sure to stick around to the end because
• 0:34
  we got an interesting theory on Scott Besson's insane Bitcoin
• 0:38
  backflip that happened yesterday.
• 0:40
  Crazy stuff happening in the news this week.
• 0:43
  So here we go. Let's get into the today's news
• 0:45
  story. And of course, I am not alone.
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  I got my boy Crystal Amo the the smarter version of Opti here on
• 0:51
  the show. So here we go.
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  All right, so this came across my Twitter timeline and this is
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  bow tied Mara sovereign, individual and resident at
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  sovspot.com, and he tweeted this.
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  The Bank of International Settlements wants to start
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  making bitcoins. Strange.
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  The central Bank of central banks is essentially proposing
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  to create a grading system from zero to 100 for each satoshi
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  based on transaction history. If the score is low, companies
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  and even users could could refuse to accept that Bitcoin,
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  claiming it would be quote tainted by links to illicit
• 1:24
  activities. If this were implemented
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  globally, it could create a parallel market where quote
• 1:30
  clean bitcoins would have different values than quote mark
• 1:33
  bitcoins. And then, yeah, you, you can
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  read the last part there. All right.
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  So I, I did read this report this morning.
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  It's 8 pages. Again, this is a Bank of
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  International Settlements bulletin.
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  And they did specifically say in the original post, like, this is
• 1:49
  as they always do. This is just the, you know, this
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  is not the official opinion of the Bank of International
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  Settlements. This is the opinion of the
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  authors, but as we know when they drop reports like this it
• 2:01
  it's usually sanctioned. So here we go.
• 2:03
  This is the title an approach to anti money laundering compliance
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  for crypto assets. And I'm not going to read the
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  whole thing again. If you guys want to read the
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  whole thing you can. I will read 1 portion in the
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  beginning before I kind of dive into the meat and potatoes here.
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  But the key takeaways is existing anti money laundering
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  approaches relying on trusted intermediaries have limited
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  effectiveness with the centralized record keeping and
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  permissionless public block chains.
• 2:27
  And there's an interesting quote to this article that I'm going
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  to cover right after this and it goes next.
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  The public transaction history on block chains can enable AML
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  and other compliance efforts such as forex regulations by
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  leveraging the provenance and history of any particular unit
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  or balance of a crypto asset, including stablecoins.
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  An AML compliance score based on the likelihood that a particular
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  crypto asset, unit or balance is linked with illicit activity may
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  be referenced at points of contact with the banking system,
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  AKA off ramps, preventing slows of the proceeds of illicit
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  activity and supporting a culture of quote duty of care
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  among crypto market participants.
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  They're they're they're out here creating new, new words that
• 3:08
  make no sense. Anyways, there is this quote
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  here that, as we always say on simply Bitcoin, the real
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  revolution is self custody. And I think they kind of expose
• 3:20
  this in this report and it's a very interesting read.
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  So again, not going to read the whole thing, but I'll read this
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  sentence. While customer verification can
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  be performed at points of contact with the conventional
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  monetary system, example by crypto exchanges at the time of
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  fund transfers into and out of the exchange once claims move or
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  once your money moves from the exchanges to quote an unhosted
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  wallet on the permissionless blockchain itself, the
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  transactions are out of the reach of conventional forms of
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  intervention. That's why we say all the time,
• 3:53
  guys, you need to take your Bitcoin into self custody.
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  You got to hold the keys or else you're subject to all of the
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  crazy stuff that we see from the trad FI system.
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  So moving forward here, and this is where you know, it'll, it'll
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  basically inform us of exactly what they're trying to do.
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  So in the segment called AML Compliance scores for crypto
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  asset, it goes on to say the attributes of permissionless
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  public blockchain described above suggest that a system of
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  summary scores could be the basis of diagnostic tools and
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  AML compliance scoring mechanisms at points of contact
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  with the conventional monetary system.
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  In particular, an AML compliance score that references the UTX OS
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  for bitcoins or wallets for stable coins could use the
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  information on the blockchain, including the full history of
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  transactions and the wallets a pass through.
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  A higher value example, maximum 100, would denote relatively
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  clean funds coming mostly from quote allowed listed wallets,
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  while a lower value, minimum zero, would denote funds that
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  are tainted by being associated with one or more wallets, known
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  to be a quote deny list. The AML compliance score for
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  such wallets can then be assessed against a threshold
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  value chosen by authorities following jurisdictional
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  considerations to determine whether off ramp transactions
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  with that wallet are allowed or denied.
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  Crypto exchanges, stable coin issuers and banks could apply
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  safeguards by considering minimum AML compliance score
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  requirements for cashing out crypto coins, helping to prevent
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  funds from illicit activities from entering the conventional
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  monetary system. Importantly, the AML scoring can
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  be designed to reflect compliance with various existing
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  rules. And here like they just it keeps
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  going on. You know, it keeps going on
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  here. They they got some some pretty
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  charts here that I guess maybe explain here an AML compliance
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  score using transaction screen token provenance.
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  Here you have the crypto sector, you know, basically on the
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  blockchain. And then it'll give you a e-mail
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  compliance score on the off ramps.
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  Of course, if you have a hundreds of clean wallet, if you
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  are at zero, you're you're done, you're cooked.
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  And if you got this mixed wallet below threshold, which of course
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  we don't even have a metric here, you're also cooked.
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  And then as long as you're above the certain threshold that I'm
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  sure they will find you should be good.
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  And then they have one more pretty chart to kind of I'll
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  talk about what they're trying to do here.
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  If you have a strong score, then you have a KYC check you, you
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  know, block off ramps unless all tokens are clean.
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  So, you know, unless you you don't have some Bitcoin that you
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  got from a source that they don't denote as a a criminal
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  activity, then they will allow you to sell the coin.
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  And we've seen this kind of already play out on some
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  exchanges. There's already been a lot of
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  pushback in the Bitcoin space or crypto space at large on this
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  idea. And then again another one KYC
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  check were the tokens held over six months?
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  You know, and then this is really the in this report, it
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  basically says like if you are holding a certain UTXO for, you
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  know, six months clear of any contact with any criminal
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  activity, then they will allow you to go to an off ramp and and
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  receive some dollars for it. Or you know, is there no
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  interaction with suspicious addresses for a certain amount
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  of time or rather it ever here and then here the deny list, is
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  it KYC checks? Is there no links to the deny
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  list? So even if you are, I don't
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  know, maybe getting some Bitcoin and you don't know where it's
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  coming from, you can still be flagged if this is connected to
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  your other coins that you have here.
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  And then to wrap this up, it goes compliance scores of the
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  type described here could also generate incentives to support
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  better outcomes in terms of overall compliance.
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  They could not only be used at the off ramp from the crypto
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  ecosystem to the conventional monetary system, but also
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  accompany the token as it moves within the permissionless
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  blockchain, embedding the score into the UTXO or wallet itself,
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  literally not possible. Like you, you can't embed these
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  scores into the Bitcoin blockchain unless they're
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  talking about some kind of hard fork here.
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  It could be on the wallet level, which is a totally different
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  different idea, but I'm sure we wouldn't be using those wallets
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  anyways. A duty of care among users would
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  thus be established, potentially influencing behavior even among
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  those transacting solely through unhosted wallets.
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  If such duty of care took hold, there would be an incentive to
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  transact with clean allow listed wallets that could generate a
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  positive feedback loop in terms of compliance.
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  And then of course, international cooperation across
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  jurisdictions would significantly improve regulatory
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  outcomes. Crypto assets straddle borders
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  and hence pose unique policy challenges that require
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  effective cooperation. Jurisdiction level rules could
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  allow greater scope for international cooperation at
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  subject subsequent stages of rural development.
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  So it sounds pretty crazy. It's it sounds very hopeful on
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  their end. Like, yeah, we we can do this
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  stuff to track what's going on on the blockchain.
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  Of course, they do mention Bitcoin is a public blockchain.
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  You can see everything going on this and they're essentially
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  adding or saying we can add a new layer of compliance on top
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  of UTX OS and we'll be able to protect everyone.
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  In reality, though, this sound way more nefarious than it's
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  probably being read here because if they will, you know, maybe
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  start with good intentions and say, oh, this is just for
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  criminal activities. It will eventually lead to them
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  basically blacklisting everyone that they don't want using
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  Bitcoin. And of course, the real fix here
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  though, guys, for my for my, you know, 42 IQ take, it's just
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  don't take them to the off ramps.
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  Like we just need to transact peer-to-peer here.
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  And I don't know if you guys saw Jack Dorsey, He just tweeted
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  this out that he wants Bitcoin to be everyday money on a
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  peer-to-peer level. So there is an active grassroots
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  movement within the Bitcoin community to really combat this
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  stuff. And of course, what I said
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  earlier about the, the real interesting connection here,
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  again, putting on my tinfoil hat for the day is what we saw come
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  out of Google Now they came out and said, hey, you know, this is
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  by accident. We we really didn't mean to ban
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  non custodial Bitcoin wallets on the Google Play store.
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  But I think it's kind of coincidental that these two
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  things happen the very same week where Google Play is basically
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  saying, hey, if developers don't get the licenses to be money
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  transmitter businesses, you can't even put your app on the
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  store. And then we have the Bank of
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  International Settlements drop a report essentially saying
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  something similar that, hey, we're going to track and bag
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  everything you guys do so we can ensure that you guys are not
• 10:31
  criminals and that you guys are safe and that the network is
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  doing everything all by the book.
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  And also, you know, we're going to really coordinate with every
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  jurisdiction here so that we have a, a universal compliance
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  guidelines going on here. And we all know here as, as
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  bitcoiners. One of the main things, and I, I
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  always reference this article by beauty on it's, I'm blanking on
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  the title. It's like Goodwin's report on,
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  on KYC. And essentially, it's got a good
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  graphic and I'll, I'll try to find it right now once I pass it
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  over to Chris. But here's the Bitcoiners takes.
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  Shout it out to one of my favorite Bitcoiners, Mr. Hoddle.
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  And he goes, UTXUTXOS get destroyed when spent.
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  We're not early anymore. The world is just technically
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  incompetent to grok this stuff. Super bullish.
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  And Alex Waltz goes, even though that is true, that would not
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  stop them from implementing such a rule.
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  The reason they cannot implement this relatively to Bitcoin is
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  because Satoshi's don't exist. So no data structure to attack.
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  Attach this to and Hato goes UTX OS get destroyed.
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  Satoshi's don't exist. Let's go hand in hand.
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  And then we do have another one from Alex Waltz, which I think
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  is the real signal here. This is impossible to implement
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  at the protocol level because there's no data structure for
• 11:48
  Satoshi's. Of course they can do this
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  external to Bitcoin. This is how ordinals operate.
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  But you have to convince people to agree with this made-up
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  convention. That being said, they could
• 12:00
  force people by law to to accept this convention.
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  And the good part is since it's not protocol native, there will
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  hopefully be users who ignore this and thus economic
• 12:09
  incentives quote, save us. And then you see somewhere at
• 12:13
  the bottom we have a Doug Anderson goes with the upcoming
• 12:15
  upturn up return data storage change on core .30.
• 12:20
  It'll be possible, but many are switching to not for this
• 12:22
  reason. And he goes, no, it's not you.
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  You don't know what you're talking about here.
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  But as you can see, there's no way they can implement this on a
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  protocol level. Like again, Satoshi's don't
• 12:34
  exist, UTX OS get destroyed. I personally with my gut feeling
• 12:39
  like this is wishful thinking coming from the big Bank of
• 12:41
  International Settlements. But it is something to talk
• 12:44
  about because and really not just talk about but make a fuss
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  about. We know that they want to KYC
• 12:51
  Bitcoin because that is a viable attack vector here.
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  If they can track and bag everything going on in the
• 12:57
  network, then, you know, if everyone is compliant, then
• 13:01
  yeah, they can it. We basically have walked into
• 13:04
  our own digital surveillance panopticon here.
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  This is one of the biggest concerns around Bitcoin is yes,
• 13:10
  it is free to money, but if we don't stay vigilant, if we don't
• 13:13
  actively fight back against things like this, we might be
• 13:17
  basically, you know, exposing ourselves to some kind of 1984
• 13:23
  Orwell surveillance system here. And this is something that we
• 13:27
  all want to fight against here as Bitcoiners, we really believe
• 13:29
  Bitcoin has freedom. And of course, the synonymous
• 13:32
  nature of Bitcoin, basically meaning like you don't know who
• 13:35
  uses the network, but you can selectively show if this is your
• 13:39
  money, etcetera, is one of the most important aspects of
• 13:42
  Bitcoin. But it's also a double edged
• 13:43
  sword. If they are able to, I guess,
• 13:46
  for lack a better term, social engineer the network to accept
• 13:50
  these kinds of changes, This is going to be a, a catastrophe for
• 13:55
  every one of us Bitcoiners. Now, of course, this is just a
• 13:58
  report. They're just proposing ideas
• 14:00
  here. You know, we're, we're not doing
• 14:01
  anything. We're, we're, we're just
• 14:03
  proposing ideas of how we can track everyone.
• 14:07
  It really does, I think, expose their hand.
• 14:10
  And this is something we've been talking about the last couple of
• 14:12
  weeks. Like you got to understand,
• 14:15
  Bitcoin really is a tool that terrifies the central banks.
• 14:19
  This is why they are kind of embracing stablecoins so much is
• 14:23
  because they think they could probably control stablecoins a
• 14:25
  lot better than they could control Bitcoin.
• 14:29
  And now we're seeing that they're doing whatever they can
• 14:33
  to try to track and bag Bitcoin, which is something we've seen
• 14:35
  coming down the pipeline for a long time.
• 14:38
  It's not a a surprise here. It is kind of surprising that
• 14:41
  we're seeing the central Bank of central banks proposed.
• 14:44
  It just, I think exposes their hand.
• 14:46
  It just exposes that they are actually terrified of what goes
• 14:49
  on the Bitcoin network. And the best way to fight
• 14:52
  against this is, of course, using as a I'm not even gonna
• 14:56
  use their their their phrasing here.
• 14:58
  Use non custodial wallets. Use wallets that no one can get
• 15:02
  into that you own the private keys to.
• 15:04
  This is how we protect ourselves.
• 15:05
  The more people that don't necessarily get their Bitcoin
• 15:09
  from KYC exchanges and then further start the peer-to-peer
• 15:13
  parallel economy that we the fabled peer-to-peer parallel
• 15:16
  economy. This is how we combat this
• 15:19
  because they won't be able to track and bag everyone.
• 15:21
  They're just gonna be able to kind of track people on the
• 15:24
  periphery. And on that note I'm gonna pass
• 15:26
  it over to Chris here. He is a little more technical
• 15:29
  than I am, so maybe he grasp a little more here and then I'm
• 15:32
  gonna try to find his beauty on article that that I always bring
• 15:35
  up every other couple of months. When we get this kind of news
• 15:38
  come out from institutions about AML and KYC, that really just
• 15:42
  shows how futile their attempts to control and and really
• 15:47
  maintain capital in their system.
• 15:50
  Like this is a futile effort. But again, if you guys have read
• 15:53
  The Sovereign Individual, you knew this was going to happen.
• 15:57
  As the system loses control of their very own system and we all
• 16:03
  start to go into a system that they can't control, they are
• 16:06
  going to attack. They're going to push harder,
• 16:07
  and they're going to try to find ways to basically control
• 16:11
  everyone, manage the capital from flowing from Tradfi into
• 16:15
  Bitcoin because they know Bitcoin is the Trojan horse
• 16:18
  here. It is not only the Trojan horse
• 16:20
  for freedom, but if enough people jump from the Tradfi
• 16:23
  system, enough people understand what Bitcoin is, they can't
• 16:27
  control this and this is what they are completely terrified.
• 16:31
  This is why they've been fighting Bitcoin for so long.
• 16:34
  This is why you start to see some of this regulations come
• 16:37
  out. That is a little interesting and
• 16:39
  it's verbiage. It's like what are they actually
• 16:41
  doing here? What are, you know, they might
• 16:43
  frame it and code it in this idea that this is for your own
• 16:47
  protection citizen. In reality, we know it's always
• 16:50
  about control. It will always be about control.
• 16:52
  So I don't know, very interesting stuff coming out
• 16:56
  from the Bank of International Settlements.
• 16:58
  It really is kind of exposing their hand here, exposing their
• 17:02
  fears. And so on that side, I am super
• 17:04
  bullish on this. On the other side, it's like,
• 17:07
  okay guys, we might have not gone out of the then they fight
• 17:11
  you stage. We are still in it as we speak.
• 17:13
  We've seen the privacy wars happening right now.
• 17:16
  Things are heating up. As Bitcoin does enter the
• 17:19
  mainstream consciousness, we're going to see more attacks of
• 17:22
  this nature. So Chris, I've been ranting a
• 17:24
  little too long. Let me pass it over to you and
• 17:27
  I'll find this this article here and then, and then we'll add one
• 17:31
  more little spin to this. So what's your thought to
• 17:33
  reading this man? I mean, I I'm happily take dirty
• 17:36
  Bitcoin. The dirtier the better.
• 17:38
  You know me and and opti here will gladly freely take your
• 17:41
  dirty Bitcoin for goods and services.
• 17:43
  I'm sure simply Bitcoin would take it for merch as well.
• 17:45
  I don't think we're not doing anything to track as the sats
• 17:48
  come in, you send us their sats, we'll send you the the goods and
• 17:51
  services such as this awesome hats that we got here.
• 17:54
  And maybe sats are the standard, you know, Hey, you're not on
• 17:57
  transacting Bitcoin. It's like, I got sats, dude.
• 17:59
  They're like, oh, well, sats are part of Bitcoin.
• 18:01
  It's like, oh, we're using bits. Bits would really throw people
• 18:03
  off. I'm going to say something
• 18:04
  controversial. Maybe the bits guys were right
• 18:06
  because bits, bits of information, bits of data.
• 18:09
  What are you talking about? Oh, we're transacting bits.
• 18:10
  Yeah, I sent Optia a picture. Like what do you mean?
• 18:12
  Like, I don't know, maybe the bits guys are right.
• 18:14
  So that that's my controversial statement for the day.
• 18:17
  I think there's a great quote for Martin Luther King and Saint
• 18:20
  Augustine as well. One has not only a legal but a
• 18:23
  moral responsibility to obey just laws.
• 18:26
  Conversely, one has a moral responsibility to disobey unjust
• 18:30
  laws. And Saint Augustine's quote was
• 18:31
  an unjust law is no law at all. So obviously we're seeing the
• 18:34
  creeping surveillance state. We're seeing, you know, the
• 18:36
  remnants of the Patriot Act. You know, we've now had 4
• 18:39
  presidents, you know, between Bush, Obama, Trump, Biden, back
• 18:43
  to Trump of, of not repealing the Patriot Act.
• 18:46
  Basically what's been going on from 2001, 2002, when it was
• 18:49
  really past 2003, I forget around that time frame, but
• 18:52
  we've basically seen the Patriot Act still in effect to this day,
• 18:55
  24 years later after the, the events of 9/11, unfortunately.
• 19:00
  And you know, obviously I kind of want to tie this back into
• 19:02
  something that we saw probably 18 months ago, about almost two
• 19:06
  years ago when Finsend and the DOJ were in communication.
• 19:09
  So obviously Finsend is not a regulatory body, but they're
• 19:12
  basically they're under the US Treasury Department Department
• 19:15
  as the financial crimes enforcement Network fin send as
• 19:18
  they're for short. They were giving guidance that
• 19:20
  non custodial wallets and also non custodial coin joints such
• 19:26
  as the Samurai wallet are not her view to money laundering,
• 19:30
  you know, to basically money laundering or money services
• 19:33
  businesses licenses. And basically the DOJ is like,
• 19:36
  hey, we want to go after Samurai.
• 19:37
  And Fin said it's like, well, under what grounds?
• 19:39
  And they're like, oh, we want to go after them for being a non
• 19:42
  like a non legal money services business.
• 19:44
  And Fin said sending communications now revealed in
• 19:46
  court that, yeah, you can't really go after them.
• 19:48
  They're not taking control of the funds.
• 19:50
  You can't do that. And basically the DOJ said,
• 19:52
  screw it, we're going to do it anyway.
• 19:53
  And unfortunately, we have the two Samurai developers pleaded
• 19:57
  guilty like 4 days before the court case came out for the
• 20:01
  Tornado Cash. So obviously there was a lot of
• 20:03
  great lawyers working for the two Samurai case devs.
• 20:07
  And obviously it looks like it was going to be, I hate to say
• 20:10
  this, but it looked like there was going to be a guilty verdict
• 20:12
  on the Tornado Cash of Roman Storms.
• 20:14
  So they took a plea deal basically for they're going to
• 20:16
  get anywhere, a maximum of five years, but that's five years of
• 20:19
  your life. And that's horrible.
• 20:21
  Obviously they're going to hope that they can appeal it or, you
• 20:23
  know, depending on what happens to the Tornado Cash, maybe they
• 20:25
  can have appeal to get them out early.
• 20:27
  But they're waiting their sentencing in November, I
• 20:29
  believe. And obviously Roman storms they
• 20:31
  found guilty on one of the three counts that he was found guilty
• 20:34
  for. So he wasn't money laundering or
• 20:36
  the conspiracy to commit money laundering.
• 20:38
  And it also wasn't, I forgot the other charge, but basically they
• 20:41
  got him under operating a non licensed money money operating
• 20:47
  business. So basically it looks really
• 20:49
  bad. I mean, this is horrible that
• 20:50
  this is coming about, but you know, this is what the BIS is
• 20:53
  doing. They're like slow and the fin
• 20:55
  send and all these different government organizations, non
• 20:58
  elected officials, they're slowly creeping on our on our
• 21:01
  rights and freedoms. And once we hit the breaking
• 21:03
  point, you know, we push back and then they they stop or they
• 21:05
  recede a little bit and they keep pushing forward.
• 21:07
  And it's like the slowly creep, as Opti said, the slow creep or
• 21:11
  the Trojan horse into our own imprisonment.
• 21:13
  I hope that's not the case, obviously, but I guess that
• 21:16
  highlights the importance of 1 running your own node.
• 21:19
  Because if you do not run your own Bitcoin node, it is not your
• 21:21
  node, It is not your privacy. So while someone who runs their
• 21:24
  own node and that you connect to, they can't transact or send
• 21:27
  your Bitcoin anywhere. They can see your transaction
• 21:30
  history, they can see what you can receive and what you send,
• 21:33
  but they obviously can't send it or or steal it from you.
• 21:36
  With that being said, your own node in conjunction with your
• 21:39
  own wallet, whether that's Sparrow, Spectre, Bitcoin core,
• 21:41
  some of these things that are non custodial that you have the
• 21:44
  funds that are not on your phone that can't get removed from the
• 21:46
  Apple store or the Google Play store or anything like that.
• 21:50
  It's very important that you have access to your funds and
• 21:52
  that you're privately doing it in the sense that you're running
• 21:54
  your own node. Obviously there's layers of
• 21:56
  privacy, you know, talk about Tor browsers or VPNs that's
• 21:59
  added security, but the two things you should do is run your
• 22:02
  own node. One and two, have your own non
• 22:04
  custodial wallet, your own wallet that you control, buy
• 22:06
  your own phones, not someone else.
• 22:09
  And I guess the last point is that, you know, we're seeing
• 22:12
  this slow creep into authoritarianism.
• 22:14
  And I saw him in the comments. People are like, what can we do?
• 22:16
  Vote with your with what is the most important thing, and that's
• 22:20
  run your own node and hold your own Bitcoin and non custodial
• 22:23
  law. That's what you can do.
• 22:24
  You can fight back in that way. And you know, obviously I'm not
• 22:27
  a lawyer here. We're not lawyers here, but you
• 22:29
  know, you know, plead ignorance, be like, Hey, I don't know what
• 22:31
  you're talking about Bitcoin. I don't know Bitcoin.
• 22:32
  I have sats. Oh, where we sats and Bitcoin
• 22:35
  are the thing. I have bits I'm sorry I don't
• 22:36
  know what's this how much Bitcoin do you have?
• 22:38
  I'm sorry I don't remember you know that's not per viewing to
• 22:40
  your information like plain ignorance and hopefully we push
• 22:44
  the culture far enough that we win over the long term.
• 22:47
  But I do think there's turbulent waters ahead as we've seen with
• 22:50
  the tornado cash case, as we've seen with the samurai cat
• 22:53
  samurai wallet case like there is still battles to be fought.
• 22:56
  There's still technology to be developed.
• 22:58
  So even though we are winning, we have not won the war yet and
• 23:01
  I don't know when we can declare full victory, if ever.
• 23:04
  But you know, you're rights and freedoms are not earned or given
• 23:09
  or granted, they are fought, defended and protected.
• 23:12
  So keep that in mind. Chris spitting bars.
• 23:18
  Chris spitting bars here. Also, before I kind of jump on
• 23:22
  some of the comments in the chat, I, I, I, I absolutely love
• 23:25
  that you brought up the bits for SAT debate.
• 23:27
  I, I do that all the time and that's one of my favorite trolls
• 23:32
  to do is the bits for SAT's debate.
• 23:33
  I'm a, I'm a SAT's guy. But you know, maybe, maybe
• 23:36
  there's some SAT's guys have some points.
• 23:39
  Here. Maybe there's some sense to the
• 23:42
  bits now, guys, I think Chris made a good point, you know,
• 23:46
  making a good case for maybe we should call them bits.
• 23:49
  Interesting. All right, but intra Belden says
• 23:54
  can't they do it on a wallet basis, though, That's what the
• 23:56
  actual article says they will do Yeah, that's that's there was
• 23:59
  two things they proposed one, they do it on the wallet, like
• 24:02
  on the wallet level, and that's really where it kind of connects
• 24:05
  to the Google Play store kind of, you know, maybe trialing
• 24:09
  that they are banning self custody apps on their on their
• 24:13
  App Store. So like I think that's where the
• 24:16
  connection is, is that, yeah, that's exactly what they're
• 24:19
  proposing. And really it's going to come
• 24:21
  down to enough social pressure that we all comply to it.
• 24:24
  Now, their second proposal is the one that is just protocol
• 24:27
  level incompatible. They can't do this on the
• 24:29
  protocol level without fundamentally changing Bitcoin.
• 24:32
  Now, if they are able to, I don't know, say get 51% of the
• 24:37
  nodes out there and you know, 51% of the hash power out there,
• 24:41
  then maybe they could try to implement this on a node level,
• 24:45
  on a protocol level. But it really, it really is,
• 24:49
  from my perspective, sounding like wishful thinking.
• 24:51
  It really feels like they are projecting that they have power
• 24:55
  here. And it's the, you know, the
• 24:56
  Palpatine Star Wars mean like you have no power here.
• 24:59
  And that's because, as we say, the most important thing and
• 25:03
  like Chris was saying, echoing what Chris said, the most
• 25:05
  important thing to be doing is literally running a node and
• 25:09
  making sure that you have custody of your Bitcoin.
• 25:13
  This is why we constantly tell you guys that's like, that's the
• 25:17
  revolution here. And I did find this article and
• 25:20
  I'll drop it in the chat for you guys.
• 25:21
  If you guys haven't read this, if you've been a simply Bitcoin,
• 25:24
  you know, OG in here, you guys have seen me bring this article
• 25:28
  up a lot of times. And this is one of my favorite
• 25:31
  thinkers in the space beauty on and he's got this article called
• 25:34
  Bitcoin adoption and Conway's Game of life.
• 25:37
  Now I'm not going to read the whole thing, but there is one
• 25:41
  one graphic here that I that I think is just really explains
• 25:44
  how this works and I look. It still has some of my my
• 25:47
  highlights from the from the like years ago.
• 25:49
  It goes whether or not your aim is to dominate in Bitcoin
• 25:52
  services as a nation that there is no other rationale way to
• 25:55
  approach this other than abandoning KYC AM L and Conway's
• 25:59
  game of life provides a neat illustration of why this is so.
• 26:03
  So I, I highly suggest you read this, but this picture right
• 26:07
  here, it, it always flashes in my brain when, when we talk
• 26:11
  about stuff like this, and it's very easy to explain what's
• 26:14
  going on. So if you're on the audio, I,
• 26:17
  I'm going to try to explain this for you guys, But everything
• 26:21
  outside of the Bitcoin space is, is, you know, in white and
• 26:24
  that's people using Fiat. That's the majority of people.
• 26:27
  And then you can see it's kind of like a lighter dot segment
• 26:30
  that maybe could look like a membrane to a cell.
• 26:33
  And it's the KYC AM L zone of absorption, which is basically,
• 26:36
  you know, us new people, sorry, us pioneers, us first users,
• 26:42
  first adopters of Bitcoin, getting into Bitcoin.
• 26:45
  And as of now, you know, the, I would say the majority of the
• 26:50
  Bitcoin space, for better or worse, like we are probably all
• 26:53
  KYC AM L, but that can only work and last for so long because
• 26:57
  there will be a tipping point, which is this black BLOB in the
• 27:01
  middle, whereas people are using Bitcoin directly where people
• 27:04
  are using it peer-to-peer. And once enough people use
• 27:07
  Bitcoin, there isn't and, and they're not getting KYC and
• 27:11
  buying Bitcoin from exchanges as is kind of commonplace right
• 27:14
  now, then these KYC AM L laws that they will literally not
• 27:18
  have any effect here because the majority of users of the network
• 27:22
  won't be tracked and bagged. It'll just be kind of a small
• 27:25
  periphery of people that are, you know, part of this AM LKYC
• 27:30
  law. But we're, I don't think we're
• 27:31
  there yet, but this is, I think the, the, the end goal here.
• 27:35
  Like this is what I always think like they're, they really think
• 27:39
  that they can put a Band-Aid on this problem and stop it.
• 27:42
  Like they really are have that much hubris where they believe
• 27:46
  that, oh, you know, everyone's going to be KYC AM LD and we're
• 27:50
  we're going to be able to really control and have, you know, the
• 27:53
  what's it the from the Lord of the rings?
• 27:56
  Is it the Palantir eye? Is that the, you know, they're
• 27:58
  going to have the the eye there that can track and bag and see
• 28:02
  what everyone's doing. But at a certain point,
• 28:05
  especially, you know, beauty on does as TECO and it's one of the
• 28:08
  coolest Bitcoin products in the space where you don't have to
• 28:11
  KYC, you don't, you know, you can basically buy Bitcoin like
• 28:14
  you're topping up your cell phone.
• 28:16
  But there will be a tipping point where there is just too
• 28:19
  many people using Bitcoin that are just using Bitcoin
• 28:23
  peer-to-peer that all of this stuff breaks.
• 28:25
  And so again, I highly recommend you read this article.
• 28:28
  It is kind of old. So Beauty on has been on top of
• 28:31
  this, this from 2015, literally a decade ago, guys.
• 28:35
  So like none of this is new. All of this has been kind of
• 28:38
  projected. We've we've kind of been seeing
• 28:41
  this happen in slow motion. And yes, it still is a very real
• 28:45
  concern. It still really is a threat
• 28:47
  here. And this is kind of why we're
• 28:49
  seeing right now, as Chris was explaining to us, the privacy
• 28:53
  wars that are happening because we are seeing an administration
• 28:56
  that seems favorable to Bitcoin, but we are also on the courts
• 29:00
  level seeing them, you know, we're basically in a crypto War
• 29:04
  2 point O like we're, we're in a privacy war again.
• 29:07
  And this is the new battleground is, is the privacy over
• 29:11
  transacting and not having everything you do basically
• 29:14
  exposed. This is where the battleground
• 29:16
  is happening right now. And I I just find it very
• 29:19
  interesting that central Bank of central bank basically admitted,
• 29:23
  yeah, well, one thing if you guys are taking your Bitcoin
• 29:27
  into non custodial wallets, we have no power here.
• 29:30
  But two, there's things we can do to really control the network
• 29:33
  and track everything you're doing.
• 29:35
  So you know which one is it? On the one hand, can they
• 29:38
  actually control this network? On the other hand, are they
• 29:41
  being a little presumptuous to believe that yeah, we we got
• 29:44
  this under control and it could just be projection here, you
• 29:47
  know, they could just be projecting.
• 29:49
  Yeah. You know, the illusion of power.
• 29:51
  We still forgot it guys, but I, I really don't believe that
• 29:55
  that's what's going on. I think they're scared, they're
• 29:58
  in a corner and they're trying to do whatever they can to kind
• 30:00
  of scare people away from using Bitcoin because they know what
• 30:03
  we know they can't control this network.
• 30:05
  They can try, but at the very end of the day, you know,
• 30:09
  Bitcoin and freedom will win, sovereignty will win.
• 30:12
  We are seeing a trend towards personal sovereignty right now,
• 30:15
  individual sovereignty. And of course that's got
• 30:18
  freaking rocket fuel because of Bitcoin.
• 30:20
  So as much as this is a concern that they are talking about,
• 30:24
  this, I think the best and the brightest minds, which are
• 30:28
  Bitcoiners and the cryptographers and the creators
• 30:31
  of Bitcoin, this is everything that that they're working on.
• 30:34
  Yes, there's a lot of skirmishes.
• 30:35
  Yes, there's a lot of debates right now, but the debate is
• 30:38
  always around this idea of how do we maintain Bitcoins
• 30:42
  decentralized ethos even though Wall Street is coming to our
• 30:46
  doorstep, even though nation states are coming to our
• 30:48
  doorstep, even though we're seeing banks kind of embrace
• 30:50
  Bitcoin right right now, How do we ensure that Bitcoin truly is
• 30:55
  the freedom money we believe it to be?
• 30:56
  So this is the war. This is the final battle.
• 31:00
  And of course, as everyone has been saying, the Bank of
• 31:05
  International Settlement is the final boss, though I did, I did
• 31:08
  I, you know, someone says, what is this ClickBank title?
• 31:10
  Actually, that's my buddy. I did just learn that Augustus
• 31:15
  Carson's just stepped down the end of or the beginning of July,
• 31:20
  so he's no longer the head, but he's the most notable guy, so
• 31:23
  he's the most. That's why I put him on the
• 31:25
  thumb. Yeah, that's why I put him on
• 31:27
  the thumb guys. But he's actually not at the
• 31:30
  Bank of International Settlements anymore, which I
• 31:31
  found. At JP Morgan Now Now.
• 31:35
  He's in. He's in the private sector.
• 31:36
  No, I don't know. I actually don't know where he's
• 31:39
  at right now. But anyways, you guys get the
• 31:41
  deal. You know, everyone used to say
• 31:43
  in trolling like Augustin Carson's was the final boss, but
• 31:48
  it's really the Bank of International, It's just the one
• 31:51
  of us. Anyways, anyways, let's keep it
• 31:53
  moving. So I do have an interesting
• 31:55
  metric coming out of Bloomberg that TFTC posted and it really
• 32:01
  paints a, a pretty interesting picture in regards to the, this
• 32:04
  is in the US. But I think you, we can kind of
• 32:07
  say this is happening globally, that inflation right now in the
• 32:11
  US is really dividing the country into two totally
• 32:15
  distinct nations right now, because some parts are getting
• 32:18
  ravaged by inflation more than others.
• 32:20
  And I will might argue that this is by design.
• 32:23
  And then going further, we do have, you know, a, a special
• 32:27
  update from our friends over at Hive and then some more news
• 32:31
  coming out of really big purchases of the I bit ETF,
• 32:36
  which is it just goes to show we are at that tipping point.
• 32:39
  It's no longer this rogue thing that you can ignore.
• 32:43
  It's becoming a pivotal part of people's portfolios, which is
• 32:47
  actually crazy to kind of see happen.
• 32:49
  And like I said in the beginning, we're gonna cover the
• 32:52
  Scott Besant drama that I don't know if you guys saw happen
• 32:55
  after the show ended. A lot of conspiracy theories
• 32:59
  are, are happening after this. And you know, you know me, I, I
• 33:03
  love a good conspiracy theory. So that's what we're going to
• 33:05
  cover on today's show. And of course, I want to remind
• 33:07
  you guys, of course, smash the like button, whether you're on
• 33:10
  rumble, Twitter, YouTube, smash the like button.
• 33:13
  And if you're on YouTube or even rumble, you guys can tell us on
• 33:15
  rumble, comment on this video, Tell us what you like about the
• 33:19
  show. Tell us what you don't like
• 33:20
  about the show. But also, if you tell me to
• 33:22
  start earlier, I'm, I'm going to ignore you.
• 33:24
  So like you know, you do what you want, but hit the subscribe
• 33:27
  fiber button guys. We are dropping the best content
• 33:30
  out of any Bitcoin YouTube channel period.
• 33:33
  We got the most, we got the best, we got the most talented
• 33:35
  content creators period. And we're today you guys, you
• 33:39
  guys are going to get your wish Internet selfies dropping
• 33:42
  another video tonight, guys. So you guys are getting a lot.
• 33:44
  We're we're really, we're really putting her through the grinder
• 33:46
  this week. And of course, I do want to
• 33:49
  mention our boys over at Bitcoin.
• 33:52
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• 33:56
  the QR code here, here, right here, and you got three chances
• 34:01
  to win a million sets. I believe that's what, $1100 at
• 34:06
  the current price points. And anytime you buy Bitcoin, you
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  Anytime you refer your friends to Bitcoin, well, you get more
• 34:16
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• 34:20
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• 34:21
  them is because they can never rug pull your Bitcoin.
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• 34:27
  And it's not even possible when you use Bitcoin.
• 34:29
  Well, because you need to give them a Bitcoin wallet upfront.
• 34:33
  Once your your Fiat clears, it goes directly to your cold
• 34:36
  storage. Again, there is no possibility
• 34:39
  of a rug pull here. And This is why we love them
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• 34:44
  They have delivered 100% of the Bitcoin that has ever been
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  bought from Bitcoin. Well, and of course, if you for
• 34:50
  some reason have $50,000 or more in cash just chilling and you're
• 34:55
  seeing all this stuff from the biz and you're like, yo, I
• 34:58
  really need to get my money out of the banks.
• 35:00
  I think we've covered a lot of stories recently where yes,
• 35:02
  we're getting embraced by banks, but also there is some nefarious
• 35:06
  undercurrents that are basically telling you we're going to
• 35:08
  freeze your money. We don't want you to go into
• 35:11
  Bitcoin. So you might want to get your
• 35:13
  cash out of the Fiat system now versus tomorrow.
• 35:17
  I mean, you should have done it yesterday.
• 35:19
  But if you do have the cash, sit and go to the Infinite Well
• 35:22
  product. It's an OTC desk.
• 35:23
  You can buy $50,000 of Bitcoin right now in tranches, I mean in
• 35:29
  huge stacks right now, $50,000. So anyways, let's get into the
• 35:33
  show 'cause I got I got to keep it moving.
• 35:43
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• 36:57
  Sorry, sorry guys, Rumble, rumble chat, you guys are, you
• 37:00
  guys are savage. Alright, Anyways, I'm over here
• 37:04
  on Clark Moody's dashboard and the current Bitcoin price is
• 37:07
  $117,260 per Bitcoin. Guys, we're so poor right now
• 37:12
  with a decline from all time high of -5.7%.
• 37:16
  It's over. It was a good run.
• 37:18
  I'm still getting text messages that if we don't get what to 125
• 37:24
  soon, we're going to 90K. I don't know.
• 37:26
  I'm, I don't know if I believe all that.
• 37:28
  I, I have the, I, I can hear the Stampede coming.
• 37:31
  Anyways, the block height is 910,180.
• 37:35
  I repeat 910180. And the current market cap is
• 37:38
  $2.33 trillion and we have sunk under 10% of the gold market
• 37:44
  cap. Man, we had a good run.
• 37:46
  We had a good run. Chris, it's over.
• 37:48
  Actually, Chris, we, we were chatting here.
• 37:50
  Let me, let me pull this off for a little bit and we'll, we'll
• 37:52
  just do a little chat. We were chatting before.
• 37:54
  I'm like man, you know, I felt so rich at a 120K above 120 K
• 37:58
  and Chris was like, bro the price is 117.
• 38:00
  I'm like, I know it. Just like you feel a lot
• 38:02
  wealthier when the price is over 120.
• 38:05
  Yeah, he's like, what? What'd you say?
• 38:07
  What'd you say? We've been about 120 K for like
• 38:09
  all of 10 days in Bitcoin's entire history and he's like I
• 38:12
  just felt way wealthier then he's.
• 38:15
  Like it's true, it's true man. What what can I say?
• 38:17
  I I really have no explanation for this.
• 38:19
  This is a logical 42 IQ statement Anyways, I saw this
• 38:24
  chart, you know, I usually play a video here, but I found this
• 38:28
  very interesting and it does kind of fall under numbers.
• 38:31
  So I'm, I'm going to cover this, which I I found super, super
• 38:34
  interesting. So TFTC tweeted this yesterday.
• 38:37
  It goes inflation is splitting the US Pacific Coast and
• 38:40
  Northeast states saw rates above 3.1% in July, while parts of the
• 38:44
  South hit similar highs. And you can see here US
• 38:47
  inflation map inflation geographic divergent widens by
• 38:51
  most since April as Pacific Coast states the highest
• 38:54
  inflation rate since May 2024. And here's like the the gradient
• 39:00
  scaling stick here. So I don't know what color this,
• 39:03
  Chris. Is this like a, is this blue or
• 39:05
  is this like a? Blue to purple.
• 39:07
  Blue. I I didn't realize that Opti was
• 39:09
  color blind, but yeah, that's like a sky blue.
• 39:11
  Yeah, maybe. You explained the colors here.
• 39:13
  Maybe you got to explain the colors here.
• 39:14
  So sky blue all the way on the left is showing, you know, all
• 39:18
  the way to the left and it's showing 1.8% CPI inflation all
• 39:23
  the way up to on The dark red goes all the way up to 3.1.
• 39:26
  So it's, you know, changing every .2 to .3 depending on this
• 39:30
  scale. And then it shows a map of the
• 39:32
  United States. Yeah, and so looks like the
• 39:35
  South here is what under 1.8? I don't, I can't tell which
• 39:40
  color is this. Is this 1.8 to 2.12?
• 39:42
  .1 to 2.3 OK, so the Midwest. Midwest.
• 39:47
  Yeah, all, all the Midwest is white, which is somewhere
• 39:49
  between point 2.3 to 2.6. And then you've kind of got like
• 39:53
  the Northeast and the West Coast are basically 3.1 or above.
• 39:57
  Like CPI. I do have a bone to pick.
• 40:00
  I I mean, I get it. Bitcoiners do it.
• 40:01
  Love Marty, love everything they're doing at TFTC.
• 40:03
  But we always pick CPI when we all know the CPI is a lie.
• 40:08
  Like I like these numbers are even worse than they are.
• 40:10
  Like, I just want to emphasize that.
• 40:12
  Like it's like 100. Percent 3. .1% or like, you
• 40:15
  know, Jerome Powell comes out there with his tie.
• 40:17
  Oh, we've seen inflation sink below 3%, you know, our new
• 40:20
  target blah, blah, blah, blah. It's like dog like have you
• 40:22
  tried to buy a house? Have you tried to buy the S&P
• 40:25
  500? Don't do that guys, buy sats.
• 40:26
  I'm just saying not financial advice, but like we always like
• 40:30
  just kind of like everyone does it.
• 40:31
  Even the, the geniuses on Wall Street, all they're like, Oh
• 40:34
  yeah, no, the CPI numbers are pretty good.
• 40:35
  It's like, guys, it's way worse than it is unless you're in like
• 40:38
  that elite class of like millionaires, deca millionaires
• 40:41
  or billionaires like, and that inflation doesn't really affect
• 40:44
  you the same, but for the middle class or middle class and below
• 40:48
  it like inflation is crushing you like groceries up, you know,
• 40:51
  10%, you know, the price of used cars up 15% price of housing.
• 40:57
  I mean, I just looked at it recently, price of housing is up
• 40:59
  like 75% in five years. That's not 3.1% if you average
• 41:03
  it over the last five years. And they're like, well, it's not
• 41:05
  changing as fast. I'm like, I know, but like over
• 41:07
  the last five years you've gotten crushed with what it is.
• 41:10
  So I'm sorry, that's my bone to pick.
• 41:11
  I love Marty. I love everything they're doing
• 41:13
  at TFTC. Even myself and other Bitcoiners
• 41:15
  do it. But like, these numbers are
• 41:16
  worse than they show. Like yeah, they're lying to the
• 41:19
  downside to make it not look as bad.
• 41:21
  Yeah, no. And I think that's an important
• 41:23
  point to make. Obviously these numbers are
• 41:25
  worse. And I think a lot of times when
• 41:27
  we do this is, you know, you kind of meet the the average
• 41:31
  person where they are. Like not everyone is, you know,
• 41:33
  economic dorks like we are, you know, not everyone is well
• 41:36
  versed in all the crazy intricacies of, of economic
• 41:40
  jargon here. So you kind of to meet them
• 41:43
  where they are. It's like, look, even by their
• 41:45
  own numbers, it's bad. But in reality it's much, much
• 41:49
  worse. And anyways, I, I just, I do
• 41:52
  find it interesting that we are seeing this kind of like divide
• 41:57
  here where, you know, it's not just like a universal everyone
• 42:01
  is getting hit by inflation by the same numbers.
• 42:04
  It's like we are starting to see maybe this is like the beginning
• 42:07
  of the, what's it the Balkanization of the US because
• 42:11
  of various different high inflations in certain areas.
• 42:14
  And that's obviously going to, one, move richer people out of
• 42:18
  those areas into different areas.
• 42:20
  And of course, just continue to do this feedback loop where
• 42:24
  those country or those states with very high inflation or
• 42:27
  rather even countries, we're seeing this play out basically
• 42:29
  globally. And it just, I, I found this
• 42:32
  chart very interesting. Like even by their own metrics,
• 42:35
  things are bad And like you said, it's probably worse, but
• 42:40
  it is interesting that it's hitting certain pockets
• 42:42
  differently and certain pockets seem to maybe be able to seclude
• 42:46
  themselves from these problems are really as bad as these other
• 42:49
  problems. Though it does seem like, you
• 42:52
  know, the places with no state income taxes are probably doing
• 42:56
  a little better. Maybe that's that's a little
• 42:58
  hint hint here. It really goes into the idea of
• 43:02
  capital flows where it is treated best, which is one of
• 43:06
  the main Bitcoin thesis here. It's like if your state or your
• 43:10
  country taxes the shit out of you, money's going to flow out
• 43:15
  of that. And that's going to only
• 43:16
  increase the inflation prices there.
• 43:18
  Because then you know that the rich people get a lot of hate
• 43:21
  here, but they're the ones that that pay the bulk of this stuff.
• 43:24
  And now we just see across the board, everyone is getting
• 43:28
  wrecked here. And This is why I wanted to
• 43:30
  bring it up because the only hope we have here is Bitcoin.
• 43:34
  So it doesn't matter where you are, you need to have some
• 43:37
  Bitcoin because inflation is probably hurting you in certain
• 43:40
  areas worse than your neighbor or your state.
• 43:42
  That's your neighbor. But we are all obviously getting
• 43:45
  hit by inflation. Look, even their best numbers,
• 43:48
  what, under 2 percent, 1.8% inflation, that literally means
• 43:52
  you're losing, you know, 1.8 percent, 2% of your wealth every
• 43:55
  year. Like, that doesn't sound good to
• 43:57
  me that, that that's not what I signed up for.
• 44:00
  The the hidden tax of inflation is hurting everyone and it's
• 44:03
  hurting some people more than others.
• 44:05
  And it really just makes me think of, you know, the our, our
• 44:08
  friend over Katie the Russian at, at Plan B Actually, they,
• 44:12
  they have that new name. I forget what the new company
• 44:14
  merger name is, but. Citizen XI Think yeah.
• 44:17
  Citizen X exactly. Really just goes to show like
• 44:20
  the sovereign individual thesis. It's super, it's super on point.
• 44:25
  Actually, his son did a really good video today I saw well,
• 44:30
  it's probably yesterday, but I saw it posted on Twitter and
• 44:33
  he's not really a Bitcoiner, but he was acknowledging this very
• 44:36
  thing. It's like, look, as government
• 44:39
  start to lose control of the capital, they are going to
• 44:43
  implement crazy stuff to try to maintain control.
• 44:46
  And if you have a capital or a crypto asset, as he called it,
• 44:50
  or Bitcoin specifically, you can start to bypass this.
• 44:54
  And the sovereign individual thesis is like it's playing out
• 44:57
  in real time, guys. It's a slow motion train.
• 45:00
  It's absolutely nuts that Bitcoiners have been on top of
• 45:03
  this for years. Anyways, Chris, I saw you raise
• 45:05
  your finger. Yeah, no, I was like at a point,
• 45:09
  Oh my gosh, I'm drawing a blank on the book right now, but it
• 45:11
  talks about Weimar Germany and hyperinflation.
• 45:13
  I forget the the book it's. I'm drawing a when?
• 45:17
  When governments kill money, no. Yes, it's it's similar constant.
• 45:23
  Anyway, they talk about Weimar Germany and basically you're
• 45:25
  saying when they start losing control the capital where things
• 45:27
  are happening, like they started doing a luxury tax and you
• 45:30
  think, oh, luxury tax on items that are worth a million German
• 45:33
  franc or German marks or higher. No, they were saying if you had
• 45:38
  bread out on your table, that was insulting your neighbors.
• 45:40
  So if they were like basically having like the German police go
• 45:44
  around and be like, oh, do you have bread on your table?
• 45:46
  Do you have this? Are you insulting your
• 45:47
  neighbors? And they'd start fining you.
• 45:49
  But then like, but if you give me bread, then like it got so
• 45:52
  bad like that hyperinflation was seeing.
• 45:54
  So then bread was becoming super expensive, like all these weird
• 45:57
  different things. And then basically all these
• 45:58
  government officials are taking bribes.
• 46:00
  And then like, you're being taxed up to like 50% of your
• 46:03
  money, but then you're also having to pay like 40% of your
• 46:06
  money in fines. Like things just got crazy in
• 46:08
  Weimar Germany, obviously in that time frame.
• 46:10
  And that led to other catastrophic events of World War
• 46:13
  2 and everything that came after that.
• 46:15
  So like, you really see like rising up, like rising revolts,
• 46:20
  you know, death of politicians, like civil unrest gets very
• 46:23
  quick, very quickly. Yeah, 100%.
• 46:26
  I mean, look, we are already kind of seeing that play out in
• 46:30
  the European Union right now. Like in Europe, you're seeing a
• 46:32
  lot of this stuff play out again.
• 46:34
  You know, history doesn't repeat, but it rhymes and things
• 46:36
  are, things are in a very, very, you know, I, I, for lack of
• 46:42
  better terms, interesting place right now.
• 46:44
  Like it is, I don't want to say, you know, it's the end of this
• 46:47
  Fiat cycle, but we are kind of entering the end.
• 46:51
  It's the beginning of the end and we're seeing it happen in
• 46:53
  real time. And Chris, you actually said it
• 46:55
  earlier, like we don't know when this how long this is going to
• 46:57
  play out. I've been kind of saying we're
• 46:59
  probably going to do this for like the rest of our lives.
• 47:01
  This is, this is not a, you know, a 351 Bitcoin cycle
• 47:06
  movement like this is intergenerational.
• 47:09
  Like this is going to take some time to fix.
• 47:12
  And we had we had a guest on the other day and I'm blanking on.
• 47:16
  Oh, it was the guys from Bitcoin, Ben.
• 47:19
  Oh, when money dies. Yeah, when money dies.
• 47:21
  Yes. When?
• 47:22
  When When Money Dies is the book?
• 47:23
  Sorry, what? Did I say when governments kill
• 47:25
  money? Yeah, that's the book When Money
• 47:27
  dies. You are starting to see that, as
• 47:32
  you know, for for better or worse, what we're seeing right
• 47:36
  now, you know, the crumbling of the Western civilization, it's
• 47:40
  all because of this corrupt money layer that is underneath
• 47:44
  it. And things are starting to kind
• 47:47
  of crescendo here. Like things are starting to get
• 47:51
  bad and people are looking for solutions.
• 47:53
  And I think This is why it's so important for Bitcoiners to at
• 47:56
  times be a little more patient and be like, look, I know you're
• 47:59
  mad. I get it.
• 48:01
  I see why you're mad and here's the solution.
• 48:03
  Instead of just going like the central banks and the money
• 48:06
  printer, it's like see where their pain points are and then
• 48:09
  you can slowly and very gently guide them into Bitcoin.
• 48:12
  And this is how we win. Like the the picture I was
• 48:15
  showing you earlier, Conways game of life.
• 48:17
  It's like more people using Bitcoin is the solution, more
• 48:20
  people using Bitcoin peer-to-peer is the solution.
• 48:23
  More people running nodes and downloading non custodial
• 48:26
  wallets is the solution. People are hurting because of
• 48:29
  inflation, they just don't know what the root cause of it is.
• 48:31
  And of course it's all because they're expanding the money
• 48:34
  supply. M2.
• 48:35
  Global liquidity right now is at all time highs.
• 48:39
  People are getting devastated out there.
• 48:40
  And as Bitcoiners are kind of looking out, it's like, man,
• 48:43
  life's pretty good. Like we're complaining about,
• 48:44
  you know, 120K versus 117 Bitcoin where people are working
• 48:49
  2-3 jobs and can't buy groceries.
• 48:51
  Like we are totally living in different worlds.
• 48:53
  And I think that graphic kind of shows that that even if you are
• 48:56
  in the Fiat system, you are living in a different world than
• 48:59
  your neighbor or you know, your your neighbor, that's a state
• 49:02
  close to you. But if you're in Bitcoin
• 49:05
  compared to the Fiat world, like you're living in a totally
• 49:08
  different world. And then, well, that's not even
• 49:10
  to like bring in the difference between like classes here.
• 49:13
  Like if you're an elite, really wealthy, you know, billionaire,
• 49:16
  you're living in a totally different world.
• 49:18
  Then I mean, I don't even know if we can call like lower
• 49:22
  millionaires in the upper middle class.
• 49:24
  I think like you need to be a multi millionaire now to be
• 49:26
  considered upper middle class. It's like the extremely wealthy
• 49:30
  and then everyone else and we're all just kind of scrambling to
• 49:34
  survive here. And the survival blood is
• 49:36
  Bitcoin. It's it's kind of beautiful how
• 49:41
  it all it all wraps up. Yeah.
• 49:44
  Well, Mikado, I don't think we have any of these hats.
• 49:46
  See this, this was the first thing to sell out.
• 49:48
  But I was showing Chris and Chris will verify here that we
• 49:52
  are working on some new merch. So I know you guys been yelling
• 49:55
  me yelling at me about it. And This is why we keep it
• 49:58
  limited. So if you want the merch when it
• 50:00
  drops, you got to get it quickly because we are not reprinting
• 50:04
  the same stuff. But guys, trust me and maybe
• 50:07
  Chris can verify we got some pretty cool designs, yeah.
• 50:09
  I'm pretty stoked for some of the things that we got coming
• 50:12
  out and you. Know I might, I might say it's
• 50:14
  better than what we had before. The new stuff looks pretty
• 50:17
  tight. All right.
• 50:18
  Anyways guys, I do want to keep it moving, so we'll be right
• 50:22
  back. I want to give a shout out to
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• 52:14
  All right guys, I have a special announcement from our friends
• 52:19
  over at Hive. They literally just announced
• 52:22
  that they have a record-breaking quarter with 400 or $45.6
• 52:26
  million in revenue, the biggest in their company's history.
• 52:29
  And 44.6 of that million is Adjusted EBITDA.
• 52:33
  I always messed that up. That's basically almost pure
• 52:36
  profit. It's absolutely nuts.
• 52:38
  They have 8.9 XA hashes, average hash hash rate, a 45% jump from
• 52:42
  the previous quarter, and they're already hitting 15 EXA
• 52:45
  hashes in July with 25 EXA hashes by Thanksgiving.
• 52:49
  It's absolutely nuts. They're mining 406 Bitcoin a
• 52:51
  day, up 34% despite a 10% difficulty increase.
• 52:56
  Guys they're they're they're damn near killing killing it
• 52:59
  over here. And of course they do have their
• 53:01
  HPC, which has a 60% revenue jump to 4.8 million.
• 53:05
  They're they're they're on fire right now and they're pumping
• 53:08
  out 7.5 Bitcoin a day. It's it's absolutely nuts guys
• 53:12
  like what they're doing for us. Of course they're our partner
• 53:14
  here. But man, it is super, super
• 53:17
  awesome to partner with people that are killing it in the
• 53:19
  space. I do have a good quote from our
• 53:24
  boy Frank Holmes, Bulldog Homes over here.
• 53:26
  And he goes, Hive is securing the Bitcoin network growing
• 53:28
  across nine time zones in three countries and doing it without
• 53:32
  heavy shareholder dilution, all while running on renewable
• 53:36
  hydropower. Bottom line, Hive is stacking
• 53:39
  SAT scaling hash and setting the pace for Bitcoin mining and AI
• 53:43
  infrastructure. They're dude, they're on fire.
• 53:46
  Just just huge shout out to the boys over at Hive.
• 53:49
  Really, really excited that we continue that partnership with
• 53:53
  HIVE and, and our boy Nathan over there.
• 53:55
  Shouts out to Nathan. Anyways, let's keep it moving.
• 53:57
  All right, Nice. Chris, did you want to pop in
• 53:59
  here? I I had one thing I wanted to
• 54:01
  mention. You know what today was 54 years
• 54:03
  ago? It was in the chat.
• 54:05
  No, I don't what was. It the Nixon shock 54 years ago
• 54:08
  today. Really.
• 54:10
  August 15th 1971? We should change the thumbnail.
• 54:13
  Get rid of the cost this car dude.
• 54:14
  I'm right there a tricky Dick on the thumbnail.
• 54:17
  That's crazy. 1971, Yep. 54 years ago today, Go ahead.
• 54:23
  Didn't want to take away from it.
• 54:24
  And yeah, it sounds like Hive is kicking ass and stacking SASS.
• 54:28
  Man, I might I might have to pull pull up a chart here.
• 54:32
  I'll I'll I'll try to get a chart here.
• 54:34
  We can see how how much the money has been drained since
• 54:38
  1971. But all right, keeping it moving
• 54:40
  on the other kind of interesting news.
• 54:43
  Look, guys, we have seen a very interesting trend the last week
• 54:47
  or so and it is that some of the biggest players in the world in
• 54:52
  financial, you know, like the financial Mount Rushmore are
• 54:56
  starting to jump into Bitcoin. Now of course they're not buying
• 55:00
  spot Bitcoin, but we have turned a corner here where it's no
• 55:04
  longer career suicide to embrace Bitcoin.
• 55:07
  It is literally career suicide not to embrace Bitcoin.
• 55:11
  And as I've been saying, when we first got the original kind of
• 55:14
  trickle of news about this, this is happening very fast and I
• 55:19
  think it's only going to increase.
• 55:21
  Of course, we got the SEC 13 F filings that were announced and
• 55:24
  some big names were dropped that are acquiring Bitcoin.
• 55:28
  Well, of course, it is the Bitcoin ETF, but I would say
• 55:31
  that's tacit approval of what's going on with Bitcoin in
• 55:35
  general. So first one is Wells Fargo
• 55:37
  Boost BlackRock Bitcoin ETF stake from 26,000,000 to $160
• 55:43
  million in Q2. They also increased increase its
• 55:47
  holdings and other Bitcoin funds such as Grayscale.
• 55:50
  But just going into this a little bit guys that they're
• 55:53
  dude, that's what 140 give or take $1,000,000 more invested
• 56:00
  into the I bit Bitcoin ETF. Like the banks want your
• 56:06
  Bitcoin, the banks want Bitcoin exposure now.
• 56:08
  And I think it really kind of always Harkins back to what
• 56:12
  Michael Saylor's done with strategy.
• 56:14
  I know strategy stocks getting kind of nuked right now.
• 56:16
  I, I saw a lot of people complaining about the M NAV and
• 56:19
  all this. I really don't even know what M
• 56:20
  NAV fully means. So maybe Chris does, but Sailor
• 56:24
  started the first domino, and now we're seeing everyone else
• 56:27
  follow. It was Sailor and then Larry
• 56:29
  Fink, and now we're starting to see the floodgates of capital
• 56:32
  open up. But Wells Fargo is not the only
• 56:34
  one. We have the $20 billion hedge
• 56:37
  fund Brevin Howard reports holding $2.3 billion worth of
• 56:42
  Bitcoin. Of course, it's the I Bit
• 56:44
  Bitcoin ETF, but look at the difference there.
• 56:47
  They're a $20 billion hedge fund.
• 56:50
  They're holding $2.3 billion in the Bitcoin ETF.
• 56:55
  That's what you know, napkin math 10% of their assets in
• 56:59
  Bitcoin. We have seen it go from
• 57:01
  literally we cannot touch this to maybe 1 to 2% to actually
• 57:06
  we're going to buy 10% of this. So here's a tweet shout out to
• 57:10
  Macroscope. He's done incredible work
• 57:12
  because Brevan Howard searching F filing yesterday should not go
• 57:15
  without mention. It disclosed ownership of 37.5
• 57:19
  million shares of I bit as of June 30th with a total value
• 57:22
  around 2.3 billion. That's an increase from 2121
• 57:26
  point 5 million shares previously reported as of March.
• 57:29
  This makes Brevin by far the largest institutional holder of
• 57:33
  I bit according to the SEC filings.
• 57:35
  If you're not familiar with Brevin and a big push into
• 57:38
  digital assets, that's there's a lot of info out there.
• 57:41
  So this isn't just you know, a no name or a small country
• 57:45
  getting into Bitcoin. We have Wells Fargo and now the
• 57:49
  largest institutional holder of Bitcoin ETF.
• 57:51
  Now, of course, this isn't perfect.
• 57:53
  You'd you'd preferably like to see them buying Bitcoin
• 57:57
  directly. But hey, as we've kind of been
• 57:59
  following along, the Bitcoin ETFs are actually buying
• 58:03
  Bitcoin. So if they feel more comfortable
• 58:05
  going through BlackRock, maybe we won't be the most, you know,
• 58:08
  maybe we won't be cheerful about it.
• 58:10
  But that capital does end up in Bitcoin.
• 58:13
  And now again, another one Emory University endowment, another
• 58:17
  endowment just bought this one's a lot smaller, but $25 million
• 58:21
  more of Bitcoin. And going into this, I'm over
• 58:24
  here on pensions and investments.
• 58:27
  It's PO online.com Emory University Endowment adds Black
• 58:31
  Rock Spot Bitcoin ETF Emory University has added more
• 58:35
  exposure to Bitcoin for its $11 billion endowment, according to
• 58:38
  their SEC 13 F filing. So guys, this stuff's happening
• 58:42
  quick. And of course, as we've kind of
• 58:45
  been covering on the show, they're coming in bulk.
• 58:48
  Like, yeah, maybe 25,000,000 isn't the same as 2.3 billion,
• 58:54
  or, you know, maybe 25,000,000 isn't $160 million here.
• 58:59
  But as you can see from the Wells Fargo news, it starts
• 59:02
  around, they're all kind of starting around the same kind of
• 59:05
  dipping their toes in around twenty, $25 million, and then
• 59:09
  they start ramping this up to hundreds of millions of dollars
• 59:13
  or billions of dollars of this. And it's like the real question
• 59:18
  as everyone's asking is this paper Bitcoin summer?
• 59:22
  What is going on here? Like the Bitcoin price dumped
• 59:25
  yesterday. And I have a, you know, a
• 59:27
  tinfoil hat theory following this segment.
• 59:30
  But with all of the billions of dollars that are supposedly
• 59:33
  coming into the space, it really makes you wonder how are we
• 59:38
  still only at 117 K today? Like what is going on?
• 59:41
  It's it really blows your mind. Anyways, Chris, what's your
• 59:45
  what's your thoughts on all this stuff?
• 59:46
  I. I feel like the camera should
• 59:48
  have cut and it should have been like cameras go black and then
• 59:50
  we come back on we're wearing like paper hats and like paper,
• 59:53
  you know, like throwing fake paper money paper Bitcoin summer
• 59:57
  to Opti's point, I mean a lot of people are getting into Bitcoin,
• 1:00:00
  but a lot of people don't hold Bitcoin.
• 1:00:02
  That's bars. You could drop that because
• 1:00:04
  they're buying ibit. Like they don't actually hold
• 1:00:06
  their own Bitcoin and ibit's just a proxy for Coinbase, I
• 1:00:10
  think is a custodian for them. So and and I.
• 1:00:13
  That I bet was trying or BlackRock was trying to diverse
• 1:00:15
  away, away from having other custodians.
• 1:00:17
  So that way they don't have single party failure or you
• 1:00:19
  know, single third party failure.
• 1:00:21
  But yeah, I think that there is risk to owning IBET compared to
• 1:00:25
  having your own Bitcoin, like if you don't have your key, not
• 1:00:27
  your keys, not your coins. So if you don't have control of
• 1:00:29
  Bitcoin and if you're not running your own node, like not
• 1:00:32
  your node, not your privacy. So I think those are two things.
• 1:00:34
  Buy Bitcoin, you know, buy stack stats yourself.
• 1:00:37
  Stay humble about it. I know you're asking that M NAV
• 1:00:39
  before. So M NAV stands for market net
• 1:00:41
  asset value. That's what a lot of people are
• 1:00:43
  using now to evaluate companies with large Bitcoin or other
• 1:00:47
  assets on their balance sheet. So the way that it works is you
• 1:00:49
  take the balance sheet versus like the operating company.
• 1:00:52
  So you know the balance sheet versus income statement.
• 1:00:55
  So you take the balance sheet and basically you're saying
• 1:00:56
  let's just say I have a billion dollars worth of Bitcoin on my
• 1:00:59
  balance sheet, but we're trading at A2M NAV.
• 1:01:01
  That means that our stocks are trading at a 2 billion market
• 1:01:05
  cap when I only have 1 billion of Bitcoin on my balance sheet.
• 1:01:07
  Conversely, if let's just say we were trading at .5 like M NAV,
• 1:01:12
  meaning that our, our stock is trading at $500 million where we
• 1:01:16
  have a billion dollars of Bitcoin on our balance sheet.
• 1:01:18
  So right now, I think MicroStrategy last time I looked
• 1:01:20
  or within the last couple weeks was at 1.8 means that I think
• 1:01:23
  Sailor has a about 30 billion a Bitcoin is balance sheet and
• 1:01:27
  they're trading at like 50 something 5354 billion as
• 1:01:32
  relative to what he has. Obviously, you know, that's
• 1:01:34
  conducive. A lot of people say that's
• 1:01:36
  overpriced. You should one is fair value.
• 1:01:38
  You know, obviously there's can be a little bit of a premium on
• 1:01:41
  that because you're generating cash flow throughout the year.
• 1:01:43
  But that's just the the long and the short of M NAV and how
• 1:01:46
  people evaluate companies. Obviously if they're trading
• 1:01:48
  below the M NAV, you know, you hope they're not saddled with
• 1:01:51
  debt or they can service their debt, you know, and they're cash
• 1:01:53
  flow positive. But that's just the M NAV it
• 1:01:55
  all. I guess what was the other
• 1:01:57
  question that you had on the? I forget I'm blinking.
• 1:02:00
  Oh. Oh, Emory and all these colleges
• 1:02:02
  and endowments, they're different than pose, but I think
• 1:02:05
  I do think it's kind of paper Bitcoin summer.
• 1:02:07
  I do think people are like, I have Bitcoin.
• 1:02:11
  I think it's like they're a lot of them are like we have it in a
• 1:02:13
  Fidelity or, you know, Charles Schwab account.
• 1:02:16
  We have ibit. It's like, yeah, but you're not
• 1:02:18
  really holding Bitcoin. I know a lot of people say that
• 1:02:19
  there's, you know, higher less risk by doing that, but I think
• 1:02:23
  it's riskier not to hold your own Bitcoin, not to have your
• 1:02:26
  own non custodial wallet that you hold it yourself running
• 1:02:29
  your own note. But that's just my my $0.02.
• 1:02:33
  Yeah, I mean, I couldn't agree more at this point.
• 1:02:37
  I I wasn't really the biggest paper Bitcoin guy because I was
• 1:02:42
  just kind of simplifying it all and I was like it.
• 1:02:45
  There's just a lot of sellers right now.
• 1:02:47
  There's a lot of coins that are moving to the market and at like
• 1:02:52
  how it depends on how long this lasts.
• 1:02:55
  But if this does, if this is just kind of like the the meme
• 1:02:59
  paper Bitcoin summer, like it's just just the summer months and
• 1:03:02
  we start ripping end of August, beginning of September, October,
• 1:03:06
  going into kind of Q4 of this year, then, you know, I'll,
• 1:03:11
  I'll, I'll laugh with the memes here.
• 1:03:13
  But if it's still stagnant after that, then it does start to kind
• 1:03:17
  of lead credence to the idea that there's probably a lot more
• 1:03:20
  paper Bitcoin in the space than we even imagine.
• 1:03:24
  And all of these billions of dollars that are coming into the
• 1:03:27
  space. They're not really buying
• 1:03:29
  Bitcoin. So someone is selling them
• 1:03:32
  something and they think they own Bitcoin.
• 1:03:34
  And like you said, if everything is being custody at Coinbase, I
• 1:03:37
  don't think Coinbase would do this personally, because it
• 1:03:40
  would just be dumb to commit that big of a fraud.
• 1:03:42
  But we've seen this happen before, but it makes you wonder,
• 1:03:46
  you know, where are they buying all this Bitcoin from?
• 1:03:49
  Where is the Bitcoin going? Is this just kind of like a
• 1:03:52
  database entry? It's like, OK, yeah, we have all
• 1:03:55
  these Bitcoin, you're buying all this Bitcoin, but they're not
• 1:03:57
  actually acquiring more Bitcoin. It's just hard to see how we
• 1:04:01
  could stay at this price for so long with this much capital
• 1:04:03
  coming in. I.
• 1:04:04
  Mean Opti, you'll always love a good conspiracy theory.
• 1:04:06
  So BlackRock, you know, you guys report we reported on this a
• 1:04:09
  couple months ago that BlackRock was filing to get in kind
• 1:04:13
  redemption, so meaning that if you have ibit stock, you can
• 1:04:16
  take full custody of it. I mean, my tinfoil hat is they
• 1:04:19
  get this set up, they withdraw their Bitcoin.
• 1:04:21
  They put out a scathing report about Coinbase.
• 1:04:24
  They new Coinbase, but they have their own Bitcoin and then they
• 1:04:27
  the Orwellian approach to bringing in oh, the BIS was
• 1:04:30
  right. We need to KYC and AML to make
• 1:04:32
  sure that we're tracking so no one's committing fraud.
• 1:04:34
  So they sacrifice the sacred cow that is Coinbase while having
• 1:04:38
  their own coins and then like Ibit watches like oh, out of
• 1:04:40
  bankruptcy it's now black, black base or whatever, you know,
• 1:04:44
  whatever you want to call it, like the Coinbase reincarnate
• 1:04:47
  of. Black coin.
• 1:04:49
  Black coin or whatever, instead of instead of their base
• 1:04:51
  cryptocurrency, they have black base or you know, whatever it
• 1:04:55
  may be. And then they they, they creep
• 1:04:56
  in this Orwellian thing while keeping their own coins.
• 1:04:58
  I don't know, just saying, I'm just saying don't let a good
• 1:05:00
  tragedy go to waste. Is the famous saying.
• 1:05:02
  Who said that? It was that FDR or Yeah.
• 1:05:06
  Something like that. Yeah, one of them.
• 1:05:08
  You know, you're making a lot of sense on the show today, Chris,
• 1:05:11
  you're making a lot of sense on the show today.
• 1:05:14
  And actually you, Chris, found the chart here.
• 1:05:16
  So let's chat about this real quick before I put on my, my, my
• 1:05:20
  tinfoil hat for a little bit. But we you guys were saying, I
• 1:05:24
  don't know where the comment was, but today is what?
• 1:05:26
  50th anniversary, No 50, Fifty 54th, 54th, 54th anniversary
• 1:05:32
  since 1971. Yeah, this chart obviously goes
• 1:05:35
  back to 1913, which was the induction of the Federal Reserve
• 1:05:39
  in 1913. But yeah, if you want to hover
• 1:05:41
  over, if you want to go 8801 a little bit further to the right,
• 1:05:45
  7171 19718 O1, sorry. Sorry.
• 1:05:51
  Sorry, I don't. Know if I can?
• 1:05:52
  Yeah, There we go. There, there it is.
• 1:05:55
  So it was at 23.91% of the Max value of the dollar.
• 1:06:00
  And then if so, we're at 23.91 go down to Opti, go down to the
• 1:06:04
  very end right now for like today 23.91.
• 1:06:07
  What's that saying minus? 3.02% of Max CPI 31 so.
• 1:06:14
  We've fallen another 21% in the last 51 years of its valuation,
• 1:06:18
  but if you're using that over time, it means that's dropped,
• 1:06:21
  you know, 1/8 of the value that it was in 1971 to give you a
• 1:06:25
  comparison. Jeez. 1/8 of the value from 71
• 1:06:29
  to then obviously we've dropped 97% of the value from 1913 to
• 1:06:33
  today. So yeah, you've lost an eighth
• 1:06:35
  of your purchasing power over the last 54 years.
• 1:06:37
  If you're not invested in other assets, you're just holding
• 1:06:40
  cash. That's crazy.
• 1:06:43
  Well, shouts out. Tricky Dick here.
• 1:06:46
  Really appreciate it. Incredible.
• 1:06:50
  This is why we're bitcoiners. This is literally why few days
• 1:06:55
  191319711 the creation of the the Federal Reserve.
• 1:07:01
  Second is when we abandoned the gold standard and all of the
• 1:07:05
  crazy stuff that we have lived on or lived through is
• 1:07:11
  happening. Anyways, this one's going to be
• 1:07:15
  fun. I'm going to have some fun on
• 1:07:17
  this one. So let's get into the culture
• 1:07:19
  because Scott Bessent, Speaking of Tricky Dicky, Scott Bessent
• 1:07:24
  did some interesting stuff yesterday and we covered it on
• 1:07:27
  the show and actually shouts out to Sophie.
• 1:07:30
  Sophie was, you know, hit this 100% right on the head.
• 1:07:34
  Of course, Sophie's always right here.
• 1:07:36
  She's the she's the biggest extremist at simply Bitcoin.
• 1:07:39
  So she was right. But let's get into this.
• 1:07:41
  Let's chat. Let's chat about this after the
• 1:07:43
  break. I want to give a shout out to
• 1:07:46
  our partner Hive Digital Technology.
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  OK, we are back. All right, guys, So I'm sure you
• 1:09:51
  guys saw yesterday's show. We did a whole show on this clip
• 1:09:55
  right here. Scott Besson was on Fox News and
• 1:09:59
  there was three things he said in this clip.
• 1:10:01
  The first one was we are not going to revalue our gold
• 1:10:05
  holdings. The second one was, hey, we're
• 1:10:09
  not going to be buying any more Bitcoin, but we're not going to
• 1:10:13
  sell what we have, and we're also going to look at ways to
• 1:10:17
  confiscate your Bitcoin. Wow.
• 1:10:22
  I'm blanking on what the third one was.
• 1:10:25
  We. Can listen to the clip if you
• 1:10:26
  want, yeah. Maybe let's just listen to the
• 1:10:28
  clip here. Let me let me Fast forward.
• 1:10:30
  Or actually this one might be a little different.
• 1:10:34
  OK, it's not working actually. Do I still have it here?
• 1:10:37
  Anyways, whatever. Just watch yesterday's show.
• 1:10:40
  That's not what this is about. Just watch yesterday's show.
• 1:10:42
  It's in the beginning. We broke this down.
• 1:10:44
  We did like 45 minutes on this particular one minute clip.
• 1:10:49
  But what's what's interesting here is that after the show
• 1:10:55
  happened, this happened, as you can see, 9:38 AM in the morning
• 1:11:00
  on Fox News, basically before the markets open.
• 1:11:04
  We saw this clip of Scott Beston essentially saying, look, we're
• 1:11:09
  not going to buy any more Bitcoin.
• 1:11:11
  Yes, we're going to do the strategic Bitcoin reserve, but
• 1:11:14
  we're really only going to do this with confiscated Bitcoin.
• 1:11:17
  We're not going to revalue the gold, which is a lot of the
• 1:11:19
  speculation that us Bitcoiners, maybe for, you know, lack of
• 1:11:23
  better words have been fed since Trump got elected.
• 1:11:27
  And then the very interesting part about this is that later in
• 1:11:30
  the day at 3:46 PM, Scott Besson comes out and completely one 80s
• 1:11:37
  on what he said in that earlier and he goes Bitcoin that has
• 1:11:42
  been finally forfeited to the federal government will be the
• 1:11:44
  foundation of the strategic Bitcoin reserve that President
• 1:11:47
  Trump established in his mark March executive order.
• 1:11:50
  In addition, Treasury is committed to exploring budget
• 1:11:53
  neutral pathways to acquire more Bitcoin, to expand the reserve
• 1:11:57
  and to execute on the president's promise to make the
• 1:12:00
  United States the Bitcoin superpower of the world.
• 1:12:02
  Again, remember the timing here before the markets open.
• 1:12:07
  He said, we're not buying anymore yet.
• 1:12:09
  You know, we won't sell it. We'll probably confiscate your
• 1:12:13
  Bitcoin, but we're really not looking to acquire more.
• 1:12:16
  And then if, you know, basically when the market's about to
• 1:12:19
  close, he comes out and say, you know what, actually, we we are
• 1:12:23
  looking at ways to acquire more Bitcoin.
• 1:12:26
  Maybe it's just maybe this is a clarification that, yeah, we're
• 1:12:29
  just going to confiscate your Bitcoin.
• 1:12:30
  And then Senator Lummis goes later on in the evening.
• 1:12:33
  Secretary Besson is spot on about the importance of Bitcoin
• 1:12:36
  as a store value in the digital age.
• 1:12:39
  Forward to continue working with Scott Besson and Howard Leutnick
• 1:12:42
  to identify budget neutral ways to continue growing our Bitcoin
• 1:12:46
  reserve and outpacing adversaries in the race.
• 1:12:49
  Oh, yeah, I remember the second, the third part, the third part
• 1:12:52
  of the clip was he said there the bitcoins holdings that we
• 1:12:57
  currently have are around 15 to $20 billion, which led to the
• 1:13:01
  speculation that it sounds like we sold somewhere between 40 and
• 1:13:05
  50,000 coins. And so we might be losing the
• 1:13:08
  strategic Bitcoin rates to China already.
• 1:13:12
  That was like the three big things, but the main one, and a
• 1:13:15
  lot of people were speculating that it looked like the market
• 1:13:20
  dumped because Scott Besson said, yeah, the US is not going
• 1:13:22
  to buy any Bitcoin and Bitcoiners.
• 1:13:24
  We were all like, I was super pessimistic yesterday.
• 1:13:27
  I'm not going to lie. I was like, bro, we got rug
• 1:13:29
  pulled. Not only are they not going to
• 1:13:31
  buy more Bitcoin or acquire more Bitcoin, but they basically
• 1:13:34
  bluntly said, yeah, we're going to steal your Bitcoin.
• 1:13:37
  And 3rd, we probably sold about 50,000 coins.
• 1:13:42
  So not, not only did we get rug pulled on our promises, at least
• 1:13:46
  so it seemed yesterday, but they're dumping on us and
• 1:13:49
  they're the only budget neutral way they found to get Bitcoin is
• 1:13:52
  to take our shit. It was like, bro, this, this
• 1:13:55
  clip is all bad. What are we talking about here?
• 1:13:57
  Like this is horrible. And you know, I was, I was a
• 1:14:02
  little more pessimistic. You know, me, I don't really
• 1:14:04
  trust politicians. I I I can I only trust them as
• 1:14:08
  far as I can throw them and we know politicians lie, but Sophie
• 1:14:13
  didn't make a good point. She's like, look, don't listen
• 1:14:15
  to what they say watch what they do and literally later what a
• 1:14:20
  delay of four hours just fully vindicated here.
• 1:14:22
  So I'm going to give Sophie her her props here.
• 1:14:26
  She was right. Maybe I got caught up in the
• 1:14:28
  fear mongering here. My my Spidey senses got
• 1:14:31
  triggered and I'm like, yo, this does not sound good at all like
• 1:14:34
  this is horrible. This is completely horrible.
• 1:14:37
  This is a train wreck. But some people, and it's not me
• 1:14:43
  saying that, you know, some people are claiming that this
• 1:14:46
  was market manipulation and this is way above my pay grade here.
• 1:14:51
  But there is some interesting connections here.
• 1:14:54
  So you guys let me know what you think.
• 1:14:55
  Magoo tweets. What are the chances all of
• 1:14:58
  these things happen on the same day and in this order?
• 1:15:01
  Treasury Secretary goes on national TV before market opens
• 1:15:05
  and says we're not buying Bitcoin to the biggest red
• 1:15:08
  candle of all of 2025. And then Nakamoto merger closes,
• 1:15:13
  acquiring that $760 million and then later in the day before the
• 1:15:18
  market closes best and clarifies via tweet they are still looking
• 1:15:22
  to buy Bitcoin. Not me saying this just, you
• 1:15:27
  know, interesting things, interesting coincidences, but
• 1:15:30
  Nico did get a good take away from this.
• 1:15:33
  He tweeted later on in the day and he goes the big take away
• 1:15:35
  from the last couple of days is how much influence our industry
• 1:15:38
  actually has. If you're not in the room,
• 1:15:40
  you're not in the deal. Google tries to ban self custody
• 1:15:43
  wallets. There's backlash immediately.
• 1:15:46
  We see a reversal. the US government says they're not
• 1:15:48
  buying Bitcoin. There's more backlash and
• 1:15:51
  immediate reversal. You, we are the media now guys.
• 1:15:54
  We got to continue to freak out about this stuff like we are
• 1:16:00
  very powerful not only voting bloc but lobbying group here.
• 1:16:04
  And so I know a lot of people don't believe in politics.
• 1:16:07
  I really didn't believe in politics until politics kind of
• 1:16:10
  landed on our door as Bitcoiners.
• 1:16:12
  But it is becoming more more evident to me that as
• 1:16:16
  Bitcoiners, as much as you might hate politics, it's not going to
• 1:16:20
  help us to just dig our heads in the sand.
• 1:16:23
  And do you know the libertarian ethos of live and let live?
• 1:16:26
  It doesn't work when there's a whole political voting group
• 1:16:30
  that their whole incentive is to focus on what you're doing.
• 1:16:34
  And so it is very important for us to get political.
• 1:16:37
  A lot of us should get involved. Now, maybe you're personally not
• 1:16:41
  in a position like I would say this about myself.
• 1:16:43
  Maybe I'm not personally in a position to to be political
• 1:16:47
  lobbyists here, but there are things that we can do here to
• 1:16:51
  further our political motives. Obviously be vocal and loud.
• 1:16:55
  I'm not saying, you know that voting works perfectly, but the
• 1:16:59
  elections did have some consequences and we got to hold
• 1:17:02
  them their feet to the fire. But on a personal level, the
• 1:17:05
  best things we can do is one, of course, get as wealthy as
• 1:17:09
  possible, which basically means acquire as much Bitcoin as
• 1:17:12
  humanly possible. Make sure you have a lot of cash
• 1:17:15
  flow. You're buying as much Bitcoin as
• 1:17:17
  as you can. And when you are acquiring that
• 1:17:20
  Bitcoin, of course, get fit as you can, but increase your
• 1:17:23
  influence, guys like whatever we can do, whether it's a local
• 1:17:27
  level, whether you have connection, the federal level,
• 1:17:30
  whether it's just kind of getting everyone around you to
• 1:17:34
  start to see what we're seeing. This is how we win.
• 1:17:38
  Of course, get influential, get rich, get fit like.
• 1:17:41
  And then as we become the older generations and you know, again,
• 1:17:46
  some of those generations get older, everyone, everyone is
• 1:17:51
  dead on arrival. You know what I'm saying?
• 1:17:53
  We become the people in power. And so I think this is where we
• 1:17:57
  are. I think we're in the beginning.
• 1:17:58
  Like if you're not, I think always says you're not in the
• 1:18:00
  room, you're not in the deal. And we're here, man.
• 1:18:03
  As as he quoted at the very bottom, seems surreal because
• 1:18:06
  bit corners. We were always attacked.
• 1:18:09
  But it's real. We were always, I don't know.
• 1:18:11
  I don't even know what he's saying there.
• 1:18:12
  We were on attack. I don't know.
• 1:18:15
  I just want to throw this out there.
• 1:18:16
  I mean, Opti's saying he's not into politics and all that, but
• 1:18:18
  look, dude, look pretty presidential in the suit at the
• 1:18:21
  Hive. I'm just saying, hey.
• 1:18:24
  That's coming from you. I was going to vote you
• 1:18:27
  president 2028. You know, you look better in a
• 1:18:30
  suit. You, you're my president.
• 1:18:32
  You're my presidential candidate.
• 1:18:34
  Opti and I are going to just like vote cross each other.
• 1:18:36
  They're like, I'm yeah, we're going.
• 1:18:37
  To cancel out each other's votes.
• 1:18:40
  Oh man. But anyways, what a quinky dink
• 1:18:44
  here. I don't know.
• 1:18:45
  I you know, I don't know. It's above my pay grade.
• 1:18:47
  I'm not in the room. I'm over here just on YouTube
• 1:18:50
  watching the stuff. But the the Scott Besson pivot
• 1:18:53
  is crazy. Like, you know, I freaked out.
• 1:18:57
  I was like, yo, this is like we're cooked.
• 1:18:59
  I was literally joking with Nico on the phone yesterday.
• 1:19:02
  I was like, man, we might actually have to move to El
• 1:19:05
  Salvador now. Like, this is not looking good,
• 1:19:08
  man. I was hopeful for the USI.
• 1:19:10
  Still am hopeful for the USI. I'm not moving.
• 1:19:12
  I'm not leaving. I'm not leaving.
• 1:19:16
  Yeah. But man, what a crazy saga, you
• 1:19:19
  know, that's. That's some shit.
• 1:19:21
  Did you see the actual clip here?
• 1:19:22
  Actually, maybe I can. I I just listened to it, yeah.
• 1:19:27
  So let maybe we could go there and then just talk about the
• 1:19:30
  Scott Besson clip and then his later tweet, like what is going
• 1:19:34
  on here? I think I think Sophie's right.
• 1:19:37
  Watch what they do, not what they say.
• 1:19:40
  I mean, it's almost as crazy as Trump launching his own shit
• 1:19:42
  coin like 3 days before taking office was like, what the fuck?
• 1:19:45
  Like, yeah, but yeah, I don't know.
• 1:19:49
  I think the wise words of American Huddle scammers love
• 1:19:53
  your love Bitcoin too. They just love your Bitcoin.
• 1:19:55
  So I'm just saying, you know, stay humble Stacks at well, I
• 1:19:59
  think. Now, I think we could expand
• 1:20:01
  this skimmer moniker to another word that starts with APII
• 1:20:06
  didn't say it, you know. All right, we're good guys.
• 1:20:11
  Have a great show. Have a.
• 1:20:13
  Great weekend. OK, so that is the end of Simply
• 1:20:15
  Bitcoin Forever. We're probably not going to have
• 1:20:19
  a channel after that. Yeah.
• 1:20:22
  Anyways, it's all jokes, guys. We're just joking.
• 1:20:26
  We're entertainment here. This is entertainment OK, not
• 1:20:29
  financial advice. Not lawyers, just.
• 1:20:32
  Entertainment, not lawyers, just entertainment.
• 1:20:35
  I'm literally here to just entertain you guys.
• 1:20:37
  I'm, I'm basically a clown here. I'm I'm a freaking clown.
• 1:20:40
  How do I, how do I turn my life into being a clown for you guys?
• 1:20:43
  And you're and you guys are mean to me.
• 1:20:45
  You're supposed to be nice to the clown shit.
• 1:20:48
  You know what? I'm a court jester.
• 1:20:49
  I'm Bitcoin's court jester. I, I, I I'm accepting my fate,
• 1:20:54
  guys. It is what it is.
• 1:20:56
  Anyways, that's the show for today, guys.
• 1:20:59
  Honestly, hold on. Do I have do I have an applause
• 1:21:02
  here? Yes, I do.
• 1:21:04
  Shout out to me for holding down the week.
• 1:21:08
  We did some numbers. You guys had fun.
• 1:21:12
  I got trolled. It's Friday, man.
• 1:21:15
  I am. I'm so excited for it to be
• 1:21:17
  Friday. I didn't drink enough coffee
• 1:21:19
  this morning, guys, I'm I'm I got some good sleep finally, but
• 1:21:23
  man, it's been a week. I'm pretty excited for Nico to
• 1:21:26
  come back next week. Watch Nico rug pull me next
• 1:21:29
  week, watch like guys over under.
• 1:21:32
  If I get rug pulled next week and and I have to continue to do
• 1:21:35
  the show, Dude, this might we might have to just call this a
• 1:21:38
  simply Opti show because I'm just putting the team on my
• 1:21:44
  back, though. Hold on.
• 1:21:46
  I, I got a couple questions in here.
• 1:21:48
  What time is Sophie on? So she recorded her video this
• 1:21:54
  morning. It'll, it's getting edited as we
• 1:21:58
  speak. So I would say probably
• 1:22:03
  somewhere around 5:00 to 6:00 PM, say. 5:00 to 6:00 is
• 1:22:06
  probably yeah. That's usually, yeah, that's
• 1:22:08
  usually when we try to get it out for you guys.
• 1:22:11
  And of course, it's Friday night, so we want we want to get
• 1:22:13
  this out before you guys go enjoy your weekend.
• 1:22:17
  But it should be around 6:00 PM, give or take a little bit.
• 1:22:20
  So expect that to drop tonight on our channel.
• 1:22:24
  Of course, on that note, guys, if you like, it's here.
• 1:22:27
  Actually, if you like Sophie. Subscribe.
• 1:22:30
  To simply Bitcoin, we put her to a lot of work this week.
• 1:22:33
  We're actually throwing her to the fire.
• 1:22:34
  She's she's going to do, she's done three shows.
• 1:22:38
  Well, she's done. She's going to do 2, but she's
• 1:22:40
  going to get dropped on Sunday. So you're going to see her
• 1:22:45
  tonight. She's filling in for Dante again
• 1:22:47
  tonight and I believe Dante on Sunday.
• 1:22:49
  So a lot of Sophie content really appreciate her.
• 1:22:53
  We're we're, we're really throwing her to the flames here
• 1:22:55
  and we're getting her reps in. And also last thing, we're on
• 1:22:59
  the race to get to 100K subscribers, right?
• 1:23:02
  90, right, 99.5 K subscribers. The goal was to get to it before
• 1:23:09
  September 1st. So it would be a huge favor I
• 1:23:12
  think we're on. It I think we're on it.
• 1:23:13
  I I think it'd be a huge favor if you guys get us there before
• 1:23:16
  September 1st, but yeah. Actually, actually, let me see,
• 1:23:20
  let me, let me let me do some some digging real quick.
• 1:23:22
  Since this is the Friday show and you guys are hanging out,
• 1:23:25
  I'm going to look at my metrics. I'm not going to show them to
• 1:23:28
  you guys. So you're going to have to trust
• 1:23:30
  me here. You're going to have to trust me
• 1:23:32
  on this, but you know me. I don't I don't lie to you guys.
• 1:23:36
  I'm just I just make some jokes every once in a while, but
• 1:23:42
  looking am I at the right one looking at our content?
• 1:23:46
  Let me see sorry, wrong one, sorry, wrong one audience size
• 1:23:52
  and again, this is Friday. You guys can pop off if you if
• 1:23:54
  you don't want to know, you guys can hang out with me or not.
• 1:23:57
  But we see right now 40% of you guys, 39.1% of you guys that
• 1:24:04
  watch our videos aren't sub. So if we get a small percentage
• 1:24:08
  of you guys, yeah, our numbers, you know, the 40% of you guys
• 1:24:12
  that don't want to subscribe to this channel, we're pleading
• 1:24:15
  with you, subscribe to us so that we can get over that 100K
• 1:24:19
  mark. That would be a huge, huge
• 1:24:21
  achievement for us guys. Of course, you know, and then
• 1:24:24
  also if you're, if you watch on Rumble, hey, yo, same thing on
• 1:24:27
  Rumble. We are 1K away from 10K on
• 1:24:30
  Rumble. Subscribe to Rumble as well.
• 1:24:34
  I don't, I, I actually don't know how to find the metrics on
• 1:24:36
  Rumble about this. I don't, I don't know if they
• 1:24:38
  have it, but I, I'm pleading with you guys.
• 1:24:42
  You guys like us, whether you whether you like us or not, you
• 1:24:45
  watch us subscribe to our channel because you're going to
• 1:24:48
  watch anyways. All right.
• 1:24:49
  Anyways, I love you guys. Chris, thank you so much, man.
• 1:24:55
  You and I, you know, we got a good rapport here.
• 1:24:57
  It's good when you and I come on.
• 1:24:59
  Good shows, good shows have a good one.
• 1:25:01
  Everyone have a happy and safe weekend.
• 1:25:03
  Everyone stay humble stacks at Much love Chris out.
• 1:25:06
  This is hold on fucking butt. Today's episode was brought to
• 1:25:14
  you by bitcoinwell.com, a Bitcoin only platform on a
• 1:25:18
  mission to enable financial independence.