Latest / Simply Bitcoin / Michael Saylor: Bitcoin Hits Major Milestone to $5M | EP 600

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Michael Saylor: Bitcoin Hits Major Milestone to $5M | EP 600 · Simply Bitcoin

0:16
Yo, today is October. 13 2022. Welcome to Simply Bitcoin.
0:20
We are your number one source for the peaceful Bitcoin
0:22
Revolution recover, breaking news culture, be Matic Warfare.
0:25
We will show you my only Bitcoin only Bitcoin can give you true
0:28
Financial sovereignty. T guys the title is not
0:31
clickbait. This is absolutely crazy.
0:35
One of the things happened that Michael sealer said needed to
0:39
happen in order to Bitcoin in order for Bitcoin to continue
0:43
moving up and eventually hit that five million dollar Mark.
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We're going to talk about that today.
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Really excited. Just bullish news in general.
0:53
We're also going to talk about one of the oldest banks in
0:56
America. That was started by Thomas.
0:58
Jefferson is now Holding Bitcoin.
1:00
We know that Thomas Jefferson was not a fan of fiat currency.
1:04
So, is this Revenge from the grave?
1:06
Could it be? I don't know.
1:07
We, we shall talk about it, but first, I want to give a very
1:11
special shout-out to our awesome guest.
1:13
Chad Blackburn, how you doing? Chad, Hugo, thanks for having me
1:17
on having a great day. Happy to have you on and, of
1:20
course, my legendary co-host. The always optimistic.
1:23
Optimus Fields. How you doing, buddy?
1:25
It's your humble co-host. I'm doing well, Nico.
1:28
I We said bullish within the first minute of the show so I'm
1:32
already getting riled up. You already know I got my I'm on
1:34
my third cup of coffee this morning so there's going to be a
1:37
good show. I'm excited and we got we got a
1:39
literal Chad meme in real life on the show today.
1:42
So this is gonna be a good job. It's true that that that's
1:46
definitely a good sign. But I mean dude, like I wasn't
1:50
kidding. Like I wasn't kidding.
1:51
When I said what I said, the guys we try to stick to the
1:56
signal but I think this is really freaking bullish.
1:59
This is really Creaking bullish. I'll let Michael say to himself.
2:03
You know what? We're just we're just going to
2:04
cover the news like we always do.
2:06
Anyways Opti. What do we what do you have for
2:08
us today? My friend.
2:09
Yeah, okay culture. So guys, an article got dropped
2:13
a few days ago on coin desk called, what is it?
2:15
The rise and fall of Bitcoin culture and obviously they are
2:20
trying to dunk on bitcoiners or AKA Bitcoin Maxis so we got to
2:26
get into it and dig through the nitty-gritty and of course,
2:29
Counter and shit on it. We're doing we're doing Bitcoin
2:35
stuff on the culture today. Boom, boom, boom.
2:38
All right, all right everybody, let's start the show.
2:40
Let's do it. Number time brought to you by
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All right, everybody at the time of recording, the Bitcoin price
3:10
is 18. 1910 stop the show right now.
3:14
Stop what you're doing and stack that corn under 20K?
3:17
Wow, well I might just have to walk away right now and stack
3:21
some corn. Anyways that's per dollar.
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Five thousand two hundred and eighty-eight also known as
3:26
Moscow, time for now block height, seven hundred fifty
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eight thousand four hundred eighty seven reachable, Bitcoin
3:32
nodes, fifteen thousand, five hundred and fifty six blocks of
3:35
The Happening. 80 1513 having estimates April, 20 at 20 24
3:41
Total lightning network capacity for 1979 capacity, value were at
3:47
94 million USD realized monetary inflation 1.78 percent.
3:51
I want you to keep that number that I just said in your head
3:55
because that's we're going to talk about today.
3:57
The CPI numbers were released and of course, Bitcoin, like it
4:02
always does taking the Fiat currencies.
4:06
The dollar the euro to Absolute school that one point seven,
4:10
eight percent is the realized monetary inflation, a Bitcoin
4:13
market capitalization is three hundred and sixty two billion
4:16
dollars. And if you remember yesterday's
4:17
episode, that means Bitcoin is very very small only for
4:21
Bitcoins Bitcoin. Only reaches the market cap at
4:24
Gold of twelve trillion dollars that would that would make Villi
4:28
that would make Bitcoin 500,000 dollars a coin.
4:33
Absolutely bullish. Holy crap.
4:35
Can't contain myself. Today she's going to be a
4:37
bullish overall. Anyways guys, let's get to some
4:40
of the inflation data that came out.
4:43
Let's check some of it out here. Is this article by CBS News
4:47
inflation, stayed uncomfortably high in September inflation,
4:51
continued to Wallop Americans, in September, with a key measure
4:54
of prices, increase, a 40-year high last month, the labor
4:57
department reported on Thursday core inflation, which tracks
5:00
average prices increases except for volatile food and energy
5:04
costs, Rose 6.6%. Over the past 12 months, its
5:08
highest since 1982 roof. Remember, when they told us
5:13
Janet Yellen said it, Biden said it, that there's going to be no
5:17
inflation. They lied to you and you know
5:19
who got it right. Bitcoiners.
5:21
Got it right? Why?
5:22
Because it wasn't rocket science for us.
5:25
They even give you the data. They printed a record amount of
5:29
money. This goes back to all the way to
5:31
1959 and you see in 2020, dude. They absolutely Lost control,
5:37
the money printing, went parabolic and now they haven't
5:41
even, haven't even contracted M2.
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They just had have an increased it and look what it's done to
5:45
the economy so far. They can't help themselves and
5:49
they can't stop the Fiat Ponzi. And I'm going to give a Greg
5:53
Faust, a hat tip for that. Anyways, going back to going
5:57
back to this overall prices including food and fuel Rose.
6:00
8.2 percent last month from a year ago, showing prices
6:04
continued to decelerate, albeit. Slowly the CPI Rose 8.5% and 8.3
6:10
percent in July and August respectively from the year ago,
6:15
period. The Federal Reserve has sharply
6:17
increased interest rates as it tries to curb the hottest
6:20
inflation and decades, a process that has driven mortgage
6:23
mortgage rates to a 16-year high and helps bring the stock market
6:26
to its lowest since 2020. And keep this in mind going back
6:30
to em too. They really haven't tapered off
6:33
the money printing. They just, they have an
6:34
accelerated, like they used to. And now, let's talk about the
6:38
effect. Like, okay, we can we interject
6:40
there for a second? Go for it.
6:43
So when I look at this chart and every bit, every good Bitcoin,
6:45
or they've studied any history, knows that all Fiat currencies.
6:49
Go this route effectively, what you've got there and what you're
6:51
looking, I at there in that chart is an irresistible
6:55
Temptation that few politicians and few bureaucrats can resist.
7:01
And as you know, that authoritarian Endeavors always
7:05
end in Calamity and that is a beautiful infographic of that
7:10
happening in real time. Absolutely, I tried, I think you
7:13
hit the absolute nail in the head and they're so kind to
7:17
provide us the data themselves, you know.
7:19
Like it's like look, look how the generous we are and tried.
7:22
I'm glad that you said that because this is extremely
7:25
damaging to anybody who's in office.
7:28
Right guys, we are a political on this shows.
7:31
Just humanly possible, Right? Both parties do the same thing,
7:35
when they get in power. They print a lot of money.
7:39
So, it's funny though, because they say they care.
7:42
But at the same time, Biden signs.
7:45
This is a headline from The New York Times, Biden, signs stopgap
7:48
spending bill with twelve point three billion dollars in Aid to
7:53
Ukraine. So, how do you care if you
7:58
continue to print money specifically, in this case,
8:01
Print money to pay for War and what are the consequences of all
8:04
that printing money? Specifically, if you're under
8:06
the age of 35, this is the medium sales, prices of houses
8:10
sold for the United States and check this out.
8:13
Also, Continues to go parabolic. So they're printing all that
8:18
money and what we always say guys the printing of money is a
8:20
wealth redistribution from the lower and middle classes that
8:23
don't have. The means to save an assets into
8:26
wealth, redistribution back to the government and back to the
8:29
very wealthy that do have the means to save and assets.
8:32
Therefore benefit from asset inflation, this is total clown
8:35
world but I'm I really believe in that that theory from Ron
8:41
Paul. I think we might be in the
8:43
beginnings of the crack. Boom.
8:45
I think this is it and I think Chad you were you were referring
8:48
to it earlier. What are your thoughts, man?
8:51
Are you seeing what I'm seeing? I'm just happy that I'm in
8:54
Bitcoin. That's, that's my perspective,
8:57
right? We've all made the conscious
8:59
decision to move our value storage mechanism, to something
9:02
that is sound and and of course, we all know that Fiat currencies
9:07
will run their course eventually and ended up the way they they
9:11
all do. But is this the the Cracking,
9:15
zuv the end days. I don't know.
9:17
That it is, it's completely fair to call for that, especially
9:21
when you recognize that the mere existence of Bitcoin creates a
9:26
blow-off valve. And as you look at, the way, the
9:29
United States is structured and really any governance structure
9:32
that's built with wiser. Strengths, you've got
9:35
accountability mechanisms and you've got blow-off.
9:37
Valves that allow that allow, you know, any of this negative
9:43
energy to flow into something that can be Positively and thank
9:47
God for Bitcoin, and thank God for the second moment to because
9:50
that's also a fantastic blog valve.
9:53
I love all the Amendments. The First Amendment, the Second
9:55
Amendment, gorgeous, beautiful. And it's what makes America so
9:59
unique, right? As people don't understand this
10:01
as an immigrant coming here, the fact that freedom of speech was
10:05
clearly under attack by the powers of B is protected.
10:09
It's the first men makes it incredibly difficult, right for
10:12
them. Yeah, man.
10:13
It's what makes America unique and what gives me hope, you
10:16
know, because the end of the day Bitcoin is code, right?
10:19
Is America going to going to go back to its first principles?
10:23
Or they going to kind of Branch out into this totalitarian shit
10:28
coin version of America. We shall see.
10:31
I'm bullish though. Let's see.
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I'm maybe I'm maybe I'm hanging out with Opti too much and some
10:35
of that optimism is infecting me.
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Anyways Opti. What are your thoughts on the?
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The CPI numbers bro? Dude we all know they're lying.
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Okay they're not, it's not 8.3. Sent, it's more like 15% but
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holy crap. These people can't help
10:49
themselves but lie because they want to and I'm going to borrow
10:52
this from Lawrence. They want to keep the privilege
10:55
of being able to issue a money or print the money for free that
10:59
everybody else has to work for. What are your thoughts Opti?
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Well I was just going to Echo exactly what you just ended this
11:05
your little rant with. It's like let's remember that
11:07
CPI numbers are manipulated and these numbers are the best that
11:10
they could come up with. So at 8.2%, I did the math,
11:14
right? Now, all, you know, prices of
11:17
things will double in about eight years.
11:19
So if this is the best I can come up with, like it's not
11:22
looking good for the future for anyone in the world.
11:25
And furthermore, we've been we've been echoing on this
11:27
podcast on this show for a while that, you know, looking at the
11:31
first world and we have the best economies and we're almost at
11:35
double-digit inflation like this is absolutely insane as we've
11:38
been talking about, you know it does seem that the financial
11:43
Legacy system is on Last leg. But how much longer can they
11:46
kick? The can down the road.
11:48
We won't know until we continue to beat this dead horse, but I
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really liked what you said, Nico where you're like, how can they
11:54
say that they care when they continue to print more money?
11:57
Like they are stealing from your future, they're stealing from
12:00
your children's future and they're basically pissing on
12:03
your head and telling you that it's raining.
12:04
Like, this is the inevitable and a fiat currency and as a
12:08
Bitcoin, ER, this is what we know to be true.
12:11
And furthermore, what we need to try to explain to other people
12:14
to be True that fiat currency fundamentally steals from you.
12:17
The inflation rate is theft and right now we're at what almost
12:21
10% in the first world, like this is absolutely insane that
12:26
we are losing this much value year-on-year.
12:29
Like this is nuts, they have messed up the financial world
12:32
and we're all paying for it, you know, the Boomers have stolen
12:35
our future and they're telling us that, hey, it's okay guys.
12:39
Like we're going to do better next time and it's like, man, I
12:42
am just so happy to be a bit corner.
12:44
I Go see it on every single show when we cover all these Fiat
12:48
news, all these Fiat narratives, it just it's so, it's so nice to
12:53
be a big corner. Like Bitcoins.
12:54
Then is a real as the world is burning around you.
12:56
It's like that one. Doggy mean like drinking coffee.
12:58
You know, like drinking coffee while the world Burns around
13:01
you. It's fine.
13:01
I'm a bit corner. I think it's just crazy.
13:07
We live in clown world and the more that Legacy Media, and the
13:11
financial world colludes together too.
13:14
Tell us that the world is okay, you know, like, don't trust your
13:18
eyes, don't trust your ears, trust the party line, it's just
13:22
getting more crazy. And I think that all this crazy
13:24
stuff is waking more people up and I say it all the time.
13:27
You know, Legacy Media Financial Legacy, the Legacy Financial
13:31
world. They're the best marketers for
13:32
Bitcoin because they have fucked the world up and we are paying
13:35
the price for it. Yeah absolutely.
13:38
This is why guys this is why we dedicate the show and this is
13:41
what makes bitcoiners different than shit Corners.
13:43
This is about separation. Creation of money and state is
13:46
about freeing Mankind from the tyranny of government money from
13:50
the tyranny of Central Banking, and only Bitcoin.
13:53
Because of it's because of its decentralized properties is able
13:57
to do that. If it's not decentralized, it
13:59
will inevitably be co-opted by government.
14:03
Anyways, guys, let's move on to news.
14:06
A lot of bullish news today. I can't contain myself, let's
14:08
check it out. The Daily News brought to you by
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All right, up to every single time I want to buy a bit box
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every single time, never fails. Anyways, guys, This is the
14:42
bullish news, okay, and when I said what I said in the title I
14:45
was not exaggerating. This is the Chad sailor himself.
14:49
We got a chat in the in. Simply today is interesting to
14:52
Chad's. You get, a Chad that's been
14:54
calling for this for a long time.
14:56
Yes, he has. Okay.
14:57
So, Michael sailor retweeted or tweeted this Wall Street Journal
15:02
article, which we're going to get to.
15:04
But he said this is his personal thoughts on this.
15:07
It says, this is a major Milestone on the road to
15:10
bitcoin. A DOT institutional Bitcoin
15:13
adoption. We're going to get to why that
15:15
is. But first, I want to play you a
15:17
clip from sailor in a spaces and he talks about why that is, or
15:21
he talks about how this is one of the steps to get there.
15:24
Anyway, so check it out. And shout out to Neil Jacobs,
15:26
also for retweeting this, but there are three things that are
15:29
massive Catalyst that cause an acceleration, and I don't think
15:34
that those three things don't take us to 500,000.
15:37
They take us 25 million a coin, right?
15:40
Those three things. Is are so and one of the things
15:44
that he's going to mention, right?
15:45
Is this the Faz settles on Fair Value?
15:49
Accounting for measuring crypto Assets.
15:51
Now, mentioned three things. This was one of the things now
15:55
why is he saying that? I think this article explains it
15:58
perfectly so it goes on to say the Financial Accounting
16:00
Standards Board on Wednesday. Said companies should use fair
16:03
value accounting for measuring Bitcoin and other
16:05
cryptocurrencies assets. Moving a step closer to a
16:07
standard that can clear up uncertainty over reporting.
16:10
How much? So, Soul how much such Holdings
16:13
are worth? There are currently no specific
16:15
accounting or disclosure rules for crypto currency assets.
16:17
So businesses, classify them as indefinite lived intangible
16:21
assets, similar to intellectual property, such as trademarks
16:24
companies must review. The value of such assets at
16:27
least once a year and write it down, if it drops below the
16:30
purchase price, if the value Rises companies can only record
16:34
a gain when they sell the asset, not, if they continue holding it
16:39
when I read that again, that's a lot of sea.
16:41
All right, companies must review.
16:43
The value of such assets at least once a year and write it
16:46
down. If it drops below the purchase
16:48
price, if the value Rises companies, companies can only
16:52
record a gain when they sell the asset, not have to continue
16:55
holding it. That means that Michael sailor.
16:58
Sorry, that microstrategy Tesla according to these the old
17:03
accounting requirements. The valid they cannot report the
17:07
increase in the value of their companies because they can all
17:10
if the price of Bitcoin Rises. Rises when it rises, they can
17:13
only report it. If they sell that Bitcoin, will
17:15
that changed, right? And that I believe is going to
17:18
create a further incentive, right?
17:20
Because what it companies do companies have to increase
17:23
shareholder value, right? So and what do they do?
17:26
That Bitcoin is the best savings technology.
17:28
The world has ever seen. That provides a crazy incentive.
17:32
Anyways companies and accountants want the fa fa s be
17:36
to adopt fair value accounting instead which would allow them
17:40
to recognize losses. Gains immediately and treat
17:43
digital assets as Financial assets.
17:46
The fasb on Wednesday, said fair value accounting, best captures
17:50
the economics of crypto assets and determine the method would
17:54
be determined the method would be a requirement rather than an
17:57
option for companies. Quote, we've heard from
18:00
investors that they want transparency through disclosure
18:02
and the only way to get to that is fair value.
18:05
Board member Gary, Becerra said the price of Bitcoin, the
18:08
world's largest cryptocurrency by market capitalization.
18:11
Has fallen from a high of nearly eight 68,000 in November in
18:15
November around 19,000 this month.
18:17
According to data provider, fact sheet, the only way to get any
18:21
kind of real information on the holding of Bitcoin or etherium
18:23
is through. Fair value companies and
18:25
investors have asked the FAS FAS be four years for rules on how
18:30
to account for and disclose crypto assets.
18:32
The accounting standard Setter in December started researching,
18:36
whether to establish new regulations.
18:38
And in May, it added a crypto project to its technical agenda.
18:41
That's its rulemaking priorities.
18:43
The current approach to accounting for digital assets
18:46
requires businesses to prepare financial statements in a
18:48
manner, that doesn't accurately reflect the results of their
18:51
operations or financial conditions.
18:53
According to microstrategy, Chief Executive Officer falling
18:56
late that the Tysons Corner Virginia based software company,
19:00
they're talking about microstrategy had around one
19:02
point nine, nine billion in Bitcoin, as of June 30th down
19:06
from two point eight, nine billion at the end of March,
19:08
according to regulatory filings microstrategy Wired, another
19:12
roughly 301 Bitcoins between August number.
19:15
We expect the disconnect between the reporting carrying value in
19:18
our balance sheet and the fair market value of our Bitcoin
19:21
Holdings to grow significantly over time.
19:24
And this is why this rule change is so significant and is so
19:29
incredibly bullish. Now this is different guys.
19:32
Remember we always tell you Bitcoin, there's the investment
19:36
and then there's the revolution. This is from an investment
19:39
perspective. This is massive.
19:41
Is absolutely huge. Now companies could accurately
19:45
reflect and remember, we all believe in number go up
19:47
technology, but if microstrategy isn't allowed to reflect that in
19:52
their accounting, right, then what what incentive do other
19:56
companies have to adopt out as well right now.
20:00
Microstrategy's valuation by the time of the next, having holy
20:04
shit, Michael sailor is going to look like an absolute genius,
20:07
but that was only possible if the if they change those rules.
20:11
Rules, which is why Michael sailor in the beginning when we
20:13
played you that clip was making the case that hey, this is one
20:17
of the necessary, three things that needed to happen.
20:20
So it's a major Milestone from an investment perspective.
20:23
Holy shit. This is very, very bullish news.
20:27
Chad, what are your thoughts on this?
20:28
My friend. All right, so a couple of
20:31
thoughts the first one. Why did it take this long?
20:34
Right? People have been calling for
20:35
this for a long time, especially from the accounting community.
20:37
And as we took a really long time to react on this and I
20:40
think the good answer Is that our democracy has become so big
20:45
and impossible to get anything through that.
20:49
That it just, it just takes way longer to do these things.
20:52
That shouldn't take that long, second thing this is a huge
20:57
signal for Liberty, right? So the United States is
21:01
constantly at an innumerable number of Crossroads between
21:07
authoritarianism and Liberty and And this is a massive signal and
21:13
a huge win that libertarian energy that exists within the
21:17
United States. Public sector.
21:19
Just planted a massive flag. It's going to be great for
21:23
adoption. And once again, when it comes to
21:27
us tax treatment of other things like that, we want Bitcoin to
21:30
get out as far as possible. So that if that authoritarian
21:34
Dragon does raise its head in a material way, we are just so far
21:38
gone that you can't do anything about it.
21:40
It's kind of like, Gun laws against the Second Amendment
21:44
cats out of the bag. Decentralization is already
21:46
happened, adoptions already happened, and the administrative
21:49
burden of turning the dial back on, that would be so great that
21:53
it becomes not feasible and impossible.
21:56
Yeah, dude, and I agree, I think, I think what we're
21:59
witnessing is, we're witnessing. The victory of freedom.
22:02
And I would even push back a little bit.
22:04
Chad, I would say this isn't just a bloated bureaucracy.
22:07
This is malicious. I mean, look at the report by
22:10
The Binding. Straighten the digital assets
22:12
framework. Look at how the look at how the
22:15
SEC suspiciously approved Futures Bitcoin, Futures, but
22:20
hasn't approved spot. We know that Futures can and has
22:25
been used in the past to manipulate the prices of assets
22:29
and specifically put the prices down right spot, can't really do
22:34
that, right? So it's funny how they approve,
22:36
one thing, they don't prove another and also not to mention
22:39
Catlin Long's Bank. In in Wyoming custodian that
22:44
still hasn't received the FED Charter, right?
22:47
Which would integrate Bitcoin more into the financial system,
22:51
the United States and of course that hasn't been approved as
22:54
well. So I liked like from my
22:56
perspective and again, we have to cover the news everyday on
23:00
simply. This looks 100% malicious from
23:05
the bureaucracy, but I mean, are you surprised right that their,
23:09
their power comes? From their unique privilege to
23:14
create money out of thin air, which they used to fund
23:17
themselves that everybody else has to work for.
23:20
But I agree, man. I think that free markets are
23:23
doing what free markets always do.
23:25
And then a lot of Victory Opti these last because they always
23:30
win free markets, always win. Oh, I just noticed the shirt.
23:34
Oh man, Booyakasha okay Opti, what are your thoughts on this?
23:38
My friend drop some, this is already.
23:41
But drop some more optimism. Well, I don't know how much more
23:44
optimistic we can get except for, you know, we've been saying
23:47
for a while. I'd the mean like institutions
23:49
are coming, but watching Bitcoin become financialized in real
23:53
time, it's just amazing to see this happen and furthermore
23:56
Regulators at least in my opinion, bending the need a
23:59
Bitcoin and Bitcoin starting to change the rules.
24:02
I, you know, I think this is the hope that we might actually get
24:05
favorable laws for Bitcoin in the future.
24:07
Instead of just simply being the enemies of the financial world
24:10
and it's You know, it's the meme like you don't change Bitcoin,
24:13
Bitcoin changes, you and this is what we're doing here as
24:16
bitcoiners. And furthermore just Bitcoin as
24:18
a network itself, like the world will have to bend the need to
24:22
bitcoin because Bitcoin is such a like, like the meme, you know,
24:26
it routed around the system and it's just so different to what
24:29
we have right now that the those you know Financial Bros they
24:34
will have they will have to rework the financial world to
24:39
not just fit Bitcoin but Komal just like stamp in a whole new
24:43
system and and, you know, that that to me is absolutely
24:47
optimistic in the future. It's like we want no longer just
24:50
be stuck with the status quo of getting robbed consistently and
24:53
basically be the enemies of freedom because we are
24:56
bitcoiners. And we just want to transact
24:59
freely without someone in the middle.
25:00
So, amazing news. I mean, I this I that this
25:03
completely miss my radar Nikka. So, I'm glad that you covered
25:06
this one, bro. Yeah, dude, crazy stuff.
25:09
We got five minutes. I'm the Eating, whether we
25:12
should cover this as well. All right, what is it?
25:16
Yep, let's do it. Alright, guys, so another piece
25:19
of incredibly bullish news, I'm so we should just call this
25:21
episode. The bullish episode.
25:24
That's right. This is the Wall Street Journal
25:26
and for audio listeners, they have a picture of Thomas
25:29
Jefferson with laser eyes, a giant picture of Thomas
25:33
Jefferson with laser eyes on the Wall Street Journal.
25:35
Memetics are winning. This is why memes is, what guys,
25:39
we don't, we don't joke around. Memes are a tool their weapon in
25:44
this information war and here you go proof of that proof is in
25:47
the pudding. Wall Street Journal, giant
25:50
article called America's, oldest bank bny Mellon will hold that
25:56
crypto now, obviously mean cryptos shit coin Bitcoins, were
26:01
it's at, but, hey, they can't help themselves.
26:03
They need good as SEO, I guess, and of course, is giant picture
26:07
of Thomas Jefferson with laser eyes.
26:09
Anyways, let's get to it. The nation's.
26:11
This bank said, it would begin receiving clients
26:13
cryptocurrencies on Tuesday, becoming the first large US Bank
26:16
to safeguard digital assets. Alongside traditional
26:19
Investments on the same platform bny Mellon won the approval of
26:24
New York's Financial Regulators fall to begin, receiving select
26:28
customers Bitcoin. And ether, starting this week,
26:31
the bank will store the keys required to access and transfer
26:34
those assets and provide the same bookkeeping services on
26:37
those digital assets, that it offers to fund managers for
26:40
their portfolios of stock. Bonds, Commodities, and other
26:42
assets, the move marks, an important milestone for
26:45
traditional Banks and their growing acceptance of digital
26:48
assets as a legitimate market and source of new business.
26:52
While many Wall Street. Executives still question
26:54
cryptos, potential, and aim to tread cautiously until
26:57
Washington clarifies. How the market will be
26:59
regulated, firms have responded to calls from a growing number
27:02
of large investment from clients to step into their traditional
27:05
role as intermediaries. So a lot to unpack there,
27:10
incredibly Add this to the micro sailor.
27:13
Next bull market is going to freaking blow our minds.
27:17
This is the infrastructure for institutions is being laid out
27:22
as being billed out. Remember the news from Black
27:24
Rock, it's being built out in the depths of this bear market,
27:28
so net. So it's ready for the next Bull
27:30
markets. Very interesting.
27:32
So a couple things to unpack. There is this good for the
27:34
revolution. No.
27:35
Why Keyword on the bottom here, the last word that they said
27:39
intermediaries the whole point of Bitcoin.
27:42
It's peer-to-peer the whole point of Bitcoins that now you
27:45
can hold your wealth whether that's a million dollars, a
27:48
billion dollars trillion dollars.
27:50
You could store 12 words, you can memorize trouble words in
27:53
your head and you could store that.
27:54
It's very easy to store a large amount of wealth by yourself.
27:59
You don't you no longer require these intermediaries, right?
28:03
But a lot of people specifically businesses do feel With these
28:07
intermediaries. I think that this is more
28:09
bullish on a business perspective rather than an
28:12
individual perspective. Now, it's interesting because of
28:15
Thomas, Jefferson, Thomas, Jefferson hated paper currency.
28:19
I'm going to read this quote or Alexander Hamilton.
28:23
I was messing it up the entire time.
28:25
Alexander Hamilton was the founder of bny Mellon.
28:30
So it was Alexander, Hamilton, I apologize, guys.
28:33
Anyways, this is his quote, he says to Emit and unfunded paper.
28:36
As the Sign of value. Ought not to continue a formal
28:39
part of the Constitution nor ever Hereafter to be employed
28:43
being in its nature pregnant with abuses and liable to be
28:46
made the engine of imposition and fraud holding out
28:49
Temptations. Equally pernicious to the
28:52
Integrity of government and to the morals of the people, man.
28:56
He has a really great way of writing and saying words, but
29:00
but yeah, he hated paper money, it's like he knew we knew that
29:03
paper money was a scam 250 years ago and people haven't Their
29:07
lessons. Now, why did I say this?
29:09
Isn't bullish for the revolution.
29:11
Let me introduce to you. LM, sure, a lot of you
29:13
bitcoiners. No executive order 6102.
29:16
Executive order 6102 is an executive order signed on April
29:19
5th, 1933. Forbidding the holding of gold
29:23
coin, gold bullion, and gold, certificates with the
29:26
continental United States. Now, why am I connecting it with
29:28
the bank? Well, here is one of the
29:30
prosecution's and maybe you guys will notice something.
29:34
There was a need to strengthen executive to as the Lucien under
29:37
the order was ruled invalid by federal judge on the grounds
29:40
that the order was signed by the president, instead of the
29:42
Secretary of Treasury has required, the circumstances of
29:45
the case, where that a New York attorney named Frederick, Barber
29:49
Campbell had one deposit at Chase.
29:52
National Bank of over 5,000, troy ounces of gold.
29:56
That's right. So I'm one of the prosecution's.
29:59
In fact the first example on Wikipedia Was what do they do
30:04
when they made gold illegal? People didn't know this was
30:07
going to happen. What was the first thing the
30:09
government did knocked on the doors of the banks?
30:12
And said, hey that gold that belonged to your customer.
30:15
Now it's ours. They stole it now with Bitcoin,
30:19
think about gold, it's very difficult to store, you need a
30:22
giant Vault, you need the necessary infrastructure in
30:26
order to do it effectively but with Bitcoin, all you have to do
30:30
is memorize words or put your put your put your Edawn metal,
30:34
of course, preferably Cipher safe and you could put it
30:37
someplace safe, you could bury it in the backyard.
30:39
You could use multisig and you could separate those seeds
30:41
around different countries using geographically separated seeds,
30:45
right? So I mean what I'm trying to say
30:48
is that we can't make the same mistakes of the past.
30:52
We have to learn from the past and we know that the government
30:55
specifically, its if it gets into a sticky situation has a
30:59
history of seizing wealth, that is stored.
31:03
In Banks, right? So bullish news from an
31:07
investment standpoint bny Mellon is now accepting Bitcoin and
31:12
shit. Coin deposit.
31:12
Specifically aetherium and Michael sailor.
31:16
One of the three things that he said was necessary in order to
31:19
get Bitcoin 25 million happened which is the FSA be made it.
31:23
So that accounting accounting wise, you can reflect in current
31:28
time the actual increases or decreases in the price of
31:32
Bitcoin. Freaking incredibly bullish day,
31:35
man. Chad, what are your thoughts on
31:38
bny Mellon? I think it's historic man.
31:40
I think this is a historic day. I think it's a very visible vote
31:46
in the direction of Bitcoin in our cause there's a lot of folks
31:50
that had known that being my bny Mellon was working with a
31:54
company specifically doing this. But it's exciting to see this
32:00
published because that means that the beta worked because
32:03
they wouldn't be publishing it if it was a failure.
32:07
Now, I think this does create a scenario where you could
32:13
potentially have I have concentration of Bitcoin.
32:16
That is seriously, you know, a market-moving amount of Bitcoin
32:21
that is going to be a honey pot for the authoritarian.
32:27
That is embedded in every bureaucracy across the world.
32:30
So how do we solve that do you solve it through regulation,
32:34
right? Because you look at the ways
32:36
that this concentration of Bitcoin could be used in a
32:39
perverse way, or Do you potentially solve this
32:44
technically right? Is there a multisig solution?
32:48
Is there a way to store this, where you reduce your custodial
32:51
risk in this scenario? So, and and then, of course,
32:56
something else to toss in there. This might actually have
32:59
something to do with the spot ETF that you're watching.
33:02
So some soy sauce, some soy sauce.
33:07
Anyways, Opti, what are your thoughts on this?
33:09
My friend. I don't think you could make
33:12
this more Optimistic than it already is well I might surprise
33:16
you because I'm a little conflicted on this one Nico
33:18
because while on the one hand this does signal to normies that
33:22
Bitcoin is safe and that they you know should be getting into
33:25
the market, maybe have some exposure on this and and you
33:27
know beyond we bny Mellon being one of the oldest and biggest
33:30
custodial Banks and now they're getting into the custodial
33:34
Bitcoin bank. First off, there is the skid
33:36
mark of eith being there but you know Banks make money off the
33:40
fees. So, obviously saw this coming.
33:42
Ting but like we're saying the fact that it's a bank holding
33:46
the Bitcoin keys and all that stuff as a person that always
33:50
just pushes the idea of self custody is the revolution you
33:53
know to me it's kind of the same thing as if you're holding your
33:56
Bitcoin on an exchange it just has in a the the faith and
34:00
credit of the bank's words holding, you know, making you
34:03
feel that you're safe over there but so that's that's my
34:06
confliction because you know I love the meme of be your own
34:10
bank and I still think and believe.
34:12
Been that. And so, while on the one hand, I
34:15
do understand that this signals to the market that Bitcoin is a
34:18
safe investment. You know, institutions are
34:19
coming institutions are coming in all that, on the other hand I
34:23
am just so paranoid of rehypothecation that I just I
34:27
instantly. You know me.
34:28
I clam up when I hear about Banks holding Bitcoin and
34:31
politicians endorsing Bitcoin, and this is why I'm always just
34:34
going so hard on self custody like use Bitcoin in the wallets
34:39
that we recommend all the time, you know?
34:41
Like you Sparrow you. Spectre on your desktop, use B
34:44
box with cold card and sold seed, signer, like like with
34:48
those, those desktop apps and, you know, use Breeze Moon,
34:50
Phoenix, blue, wallet, wallet of Satoshi Pine wallet.
34:53
Moon like, all those Wallets on your phone because I am just so
34:57
paranoid about getting back into the position that we've gotten
35:01
to, at this point. That I, at every point, I have
35:04
to try to reiterate the people that the South the revolution is
35:07
self custody and you do not need these banks for you to hold your
35:11
Bitcoin. I know people Trade off
35:12
convenience and and you know the right way a lot of times.
35:16
So while I know that this does signal to the market that this
35:20
is a bullish bullish moment for Bitcoin.
35:22
Like we say, all the time, you know, it's the bear market and
35:25
Bitcoin adoption is happening at Breakneck speed and we're
35:28
continuing to build this decentralized financial system.
35:31
It does get me kind of, you know, I do get a little scared
35:35
because I know that people will just basically trade all the
35:38
convenience that comes with the bank for the actual Revolution.
35:41
That is so, Of custody and we might get ourselves back in the
35:44
position where we're rehypothecation our Bitcoin.
35:47
So I am conflicted on this, but hey, it's all bullish for
35:51
Bitcoin. So you know, it's hard not to
35:53
stay optimistic. Me Co-op, do you the truth
35:56
teller? That was some wisdom that Opti
35:58
just dropped and I agree. And this is why we have two
36:01
separate in our minds. Guys.
36:02
The difference right between Bitcoin from an investment
36:06
perspective and Bitcoin the revolution, right?
36:09
From a revolutionary aspect. All the news that I just said,
36:13
In fact, I would even you, you can even make the argument that
36:15
it's - from a revolutionary aspect because Revolution is
36:19
individuals, taking self custody, but from an investment
36:22
standpoint, it's incredibly freaking bullish.
36:25
So I think we could separate the two and I love all the, all the
36:29
plebs in the chat. Shout out to all you guys.
36:31
Anyways, Opti, let's check out the culture.
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on your Pacific Bitcoin tickets. Opti, what do you have for us
37:38
today, brother? All right, guys.
37:39
Well, I said I'm going to cover this article, but before I get
37:42
into it, I have to lay the context for today, as you guys
37:46
know, I literally kill this sound board against Bitcoin.
37:49
You're all the time. But today, we are going to
37:52
expand the the full meme that Nico created, if you're against
37:55
Bitcoin toxicity, your against Bitcoin.
37:57
And if you're against Bitcoin, you're against Freedom.
38:00
This is the context that we're going to lay out before we get
38:03
into this article because I fundamentally We believe that
38:06
this is this is pure signal right here of this meme that he
38:09
co-created like I think Bitcoin is freedom and this is why
38:13
there's so many Savage people out there defending Bitcoin but
38:16
I'll get into that afterward. So today's article and they're
38:20
really coming hard after the bitcoiners, this is an opinion
38:24
piece on coin desk and it's called the rise and fall of
38:27
Bitcoin culture. Kryptos first token created a
38:30
culture and then a monster. So let's get into this.
38:33
I'm not going to cover the whole story because Cuz there's a lot
38:36
of fluff in here but we'll cover some of the main points and then
38:39
we'll counter them with some tweets from our friends and then
38:42
we'll jump in at some signal. So first and foremost, Bitcoin
38:45
maximalism has become so desperately unhinge.
38:48
I consider it a cultural Chernobyl.
38:50
The situation was not always, so Bitcoin culture was not
38:53
maximalist for most of its history.
38:55
The zealots infecting modern Bitcoin culture are usurpers,
38:59
amazing, amazing. Anyways, this part right here
39:01
goes into some of his history of making himself look like a
39:04
Bitcoin. G.
39:06
And then he goes, I was never a Bitcoin Maximus and this is the
39:08
Crux back, then people who didn't like altcoins our shit
39:11
coins, just ignored them. There was never any suggestion
39:14
that holding other coins with verboten.
39:16
Adds a little point about Satoshi himself, had work with
39:19
nothing coin and there was no culturally monolithic embargo on
39:23
all coins like today there was no purity test to pass.
39:26
Before I go on further, I had to I had to dig up some tweets and
39:30
this is mr. Hot oil and I love Hot.
39:32
Oh he's one of the most toxic person on Twitter and Because
39:35
namecoin is what made me realize that there isn't room for
39:38
another Block Chain. It's the only coin that made
39:40
sense to me and still lost 99.999% of value to bitcoin.
39:44
And furthermore, I had a soft spot for name calling back in
39:47
the day. Unfortunately, the market didn't
39:49
I used to like manero's well, until I realized how centralized
39:52
it was and had very little chance to scale.
39:54
Every altcoin is a pump and dump when priced in Bitcoin.
39:58
So let that's the first, you know, knock on this whole let's
40:03
Authority, what is it? Vote to authority of Satoshi
40:07
like name coins and other coins. Anyways, let's get into the
40:11
state OST, toxic aspect. So as you all probably know, but
40:15
if you don't, the term maximalism was coined in 2014 by
40:19
vitalik Butera Infamous infamouse crypto shit corner and
40:23
creator of eith. But if you are a bit Corner then
40:26
you might take the Bitcoin Maxi name and run with it as a badge
40:30
of Pride or as Pete Rizzo. Informs us in one of his great
40:33
articles that was just released We covered it back and day, you
40:36
might believe one of the following one Bitcoin, a
40:38
computer scientist invention. Is the world's first working
40:41
non-state monetary system? All other crypto assets compete
40:45
with Bitcoin by virtue of their existence non offer long-term
40:48
advantages without trade-offs. To investing the
40:51
cryptocurrencies is select one wrong stupid tomorrow or
40:54
uninteresting and should be discouraged.
40:56
And ignored socially for the benefit of others as a form of
40:59
consumer protection and three. Bitcoin is the only limited by
41:03
human or Bitcoin is only limited by human.
41:05
Annuity anything. Other cryptocurrencies can do,
41:07
can, otherwise be achieved by either Bitcoin or a centralized
41:11
Financial alternative and this is the stance that I take.
41:14
I come from the first principles of Austrian economics that the
41:17
best money will win and every other shit coin out.
41:20
There is competing to be money whether they say they are or
41:23
not, they can say they're you know I have all these daps and
41:26
all this stuff but they're fundamentally competing to be
41:29
money. But if you belong to the shit
41:31
coin communities, being called a Bitcoin maximalist is a
41:34
pejorative, It's meant to invoke a certain closed-mindedness or
41:38
lack of imagination in the Bitcoin Community.
41:40
Sometimes it's suggest that Maxis are only out to maximize
41:43
their profits. But how did we get here?
41:45
And how can we escape maximalism?
41:47
So, again, this is his Crux of this whole position on this
41:50
whole paper. Let me be absolutely clear where
41:53
I stand maximalism is extremely detrimental to crypto turning it
41:57
into an endless grind of factionalism.
41:59
This factionalism is intrinsically self-destructive
42:02
because it is unappealing to the mainstream Mana.
42:05
Testing as aggression hostility and toxicity.
42:08
And as Samson Mal, put it in others, put it on Twitter.
42:11
Yes. Bitcoin maximalism is
42:14
detrimental to crypto. That's the point.
42:16
There is Bitcoin. And there is shit coin, we are
42:19
here to separate money from State.
42:21
And yes, the toxicity is a feature and not a bug.
42:25
Everything is competing on the free market to be money.
42:27
Whether these shit Corners agree to it or not.
42:30
And those are just the facts. This is the first first level
42:33
fundamental. Place that most bitcoiners start
42:36
from and like the meme is, you know, Bitcoin Maxis or I'd just
42:41
like to call them principle bitcoiners now are the white
42:44
blood cells here. There is no marketing team to
42:46
protect Bitcoin, protect Bitcoin.
42:48
But that's why we get so toxic on Twitter.
42:53
But to that extent, I've been saying for a while that yes we
42:57
could use a little better messaging and spread Bitcoin in
43:01
in various ways is a time and a place for toxicity and there's a
43:04
time and a place to Push the benefits Bitcoin.
43:07
So that people understand that there is utility there is using
43:10
Bitcoin. And sometimes, you know, we get
43:12
lost in the sauce and we just start hating on everyone.
43:14
So maybe to a point, he might have a little, you know, a
43:17
little room there, but this is not what he's saying in this
43:20
article. He's essentially Shilling for
43:22
eat this whole article and saying Bitcoin Max.
43:25
He's our big ol mean, he's we're all in this together, anyways,
43:28
this next paragraph, he goes, give a little bit.
43:30
I want to stress to the newcomers, especially the
43:32
infamous joined 2021 generation that Maximalism is not a Bitcoin
43:37
Norm. I really love this point because
43:39
he's basically trying to dunk on all the newer bitcoiners and
43:42
saying that we're all myopic that we only believe in one way
43:45
that we, that we haven't put in the work, but even if you're new
43:48
to bitcoin, that doesn't mean you haven't put in the work.
43:51
I think it's fundamentally easier now to become a Bitcoin
43:54
or to sidestep all this shit coins.
43:56
I say, to all the time in our spaces, you have no excuse to be
43:59
a shit Corner nowadays because the education is so far ahead of
44:02
where it was when I came into the game that Become easier to
44:06
side, skip everything and just get straight to the sauce and
44:09
become a Bitcoin. ER and you can trace the origins
44:12
of today's maximalism back to the Bitcoin Civil War.
44:15
When in the victory in technical terms was clear, cut and clean
44:19
that he tries to call him the maoist small blockers or just
44:23
Bitcoin small blockers save Bitcoin from an attack by the
44:25
miners primarily through the you ASF counter tactic and I really
44:30
love this tweet, hold on before I get into some of this.
44:33
I really love this tweet right here.
44:35
By mere, she says, even when they try to install to us, they
44:40
end up complimenting with reasonable points.
44:43
He pretty much admitted that toxicity is a feature that
44:46
toxicity is a white blood cell that toxicity did help and save
44:50
and protect Bitcoin. And this is what we tell you
44:53
guys all the time. Yes, toxicity, sometimes eats
44:57
its own but hey, sometimes that's just part of the game.
45:01
We are here to protect the most important monetary Revolution.
45:05
There is and sometimes there is some casualties as as Sometimes
45:09
some of you guys know. You feel it sometimes.
45:11
Anyways, this set the stage for Maximus emphasis on adversarial
45:15
thinking it is Bitcoin against everyone where attack is the
45:18
best defense. You need only look at how
45:20
Bitcoin Maxis comes arms with the set of derivative
45:23
prepackaged talking points. And again, he's trying to dunk
45:26
on bitcoiners because we come from first principles.
45:29
I don't, I don't need to, you know, get into crazy complex
45:32
theories. When I understand simple
45:34
Austrian. Comics the best money will win
45:37
at the end of the day and Bitcoin is the best.
45:39
Most decentralized currency out there and nothing even comes
45:42
close. Now, that youth is a proof of
45:44
stake. What's the numbers?
45:45
Nico proof-of-work is 94% Bitcoin, it's dominating on all
45:50
metrics out there. But anyways, maximalist
45:53
consolidate, by firming up the X beta expectations on its own own
45:57
members. I've said it all the time for
45:58
you to play AB or Bitcoin or sharpens Bitcoin, ER we are in a
46:03
monetary War right now. And before you go to war, you
46:07
got to practice your skills and make sure that you are sharp and
46:10
up today. And just because we mean, you
46:12
two didn't mean that, we don't know what we're talking about.
46:16
Anyways, Bitcoin, Max, our logic is restrictive, it is about who
46:19
can behave in the purest, most aesthetic manner.
46:21
The problem for members at it is, most puritanical cultures is
46:25
it's a double-edged sword. You can enjoy berating crypto
46:27
Degen for the excess, but you may find the laws weaponize
46:30
against yourself just part of the game man.
46:32
You know the the white blood cells sometime attack.
46:35
Its own and that's not everyone. I really love the narrative
46:39
here. That all bitcoiners are lumped
46:41
up to the lowest hanging fruit and we're all degenerate.
46:43
We're all idiots and that we're all just toxic spewing hate.
46:46
This is not how it is a Bitcoin is as far as I'm concerned.
46:50
Some of the most helpful people out there if you come with with
46:53
pure and and Faye like open-minded constructive
46:58
criticism, if you're here to learn bitcoiners will teach you.
47:01
But if you're here to you know, start Fudd and And create chaos
47:06
then you will get demolished and Savage.
47:08
Anyways, he does not want to leave the impression that this
47:11
is simply a critique of Bitcoin. My words are directing squarely
47:14
at the Triumph of malice nihilism of Bitcoin maximalist
47:18
to encourage the pushback. I really love this point.
47:20
This is where you can see his true colors.
47:22
I propose another path one where Bitcoin is positively affiliated
47:26
with the rest of crypto know there is Bitcoin and there is
47:30
shit coins. And this is why we go so hard on
47:33
all you should Corners is because Cuz the fact that you
47:36
try to say we're all in this together and make us all on
47:38
equal playing field is why you get Savage so much.
47:42
And furthermore, this last sentence bitcoiners could help
47:44
build the full Suite of decentralized, organization,
47:47
finance and creativity that oppose centralized Society will
47:50
need. I am pretty sure that this is
47:53
what bitcoiners do every single day to spread the sound money
47:56
gospel to continue to build the decentralised.
48:00
What's he say? Financial and created post
48:03
centralized tools. We need.
48:06
And this is what it means to be a big Corner.
48:08
Yes, some people get Savage. Some people get lost in the mix.
48:11
But his colors have been exposed here and I really like this
48:15
exchange by Sampson Mal. And this guy Matt and he goes
48:18
what kind of strange culture Embraces toxicity and if it
48:22
wasn't a filthy Bitcoin Maxi this would make me suspicious
48:25
enough that the author has an alternative agenda and he's
48:28
untrustworthy. And Mao says, the author is a
48:31
neat Maxi and you only have to look at his Better profile real
48:35
quick, he's got a Nifty decipher, what are those things
48:39
called? I forget what those little nft
48:41
toys are called. But he deleted most of his
48:44
tweets and he only retweeted some of those good positive
48:47
stuff but it's very obvious that he's a shit corner.
48:50
So you know where his bias is coming from.
48:53
Anyways to that point, I saw this article by Beauty on and
48:58
Beauty on. I love the signal that he cut
49:00
that he puts out on Twitter. He in my opinion has some of the
49:03
best signal out there. And I love this framing right
49:07
here goes. What's the motivation of
49:08
publishing this sort of tripe? It's an opinion piece.
49:11
All sides must be heard. Everyone has a voice type of
49:14
take when they're promoting is a voice saying.
49:17
That, the en banc must remain unbanked that the violence theft
49:20
and imperialism of the u.s. Fiat money system.
49:22
Must never be challenged by non-westerners and that the
49:25
uppity ideas above their station.
49:27
El Salvadorian should be put back in their place.
49:29
That's exactly what coin basis promoting when they publish
49:32
drivel like this. That's exactly what they promote
49:34
when they A pump multi coin is mm.
49:36
If the state wanted to delay hyper Bitcoin ization, it would
49:39
look like this. They would launch an operation
49:41
Mockingbird. Oh, you didn't know the bank of
49:43
England has openly allocated 11 million to propagandize against
49:47
Bitcoin. You'd have to be literally mad
49:49
to think the CIA isn't doing the same thing and secret it would
49:52
look just like this, Dylan Ellen, piece Fudd and nonsense.
49:55
What's that? You say?
49:56
It's a conspiracy theory. Sorry, it is not they're using
49:59
academics to do this and they don't want you using Bitcoin,
50:03
there's trying to slow down the door.
50:05
Chin. And this is why we try to
50:07
promote the Bitcoin wallets every single day and he's got
50:10
Samurai wallet, breathe blue, while it Pine, while it is
50:12
Satoshi moon, or Phoenix every time you list the names of a
50:15
Bitcoin wallet, one of the Dark, Angel dies, the question there
50:18
for you is are you promoting wallet?
50:20
Every chance you get? This is why we continue to try
50:23
to promote the best. Use the best tools for Bitcoin
50:26
because you can mean people all you want, but you need to give
50:29
them calls to action, you need to get them to the right
50:31
information. And, you know, just yelling at
50:34
people have fun staying. And poor while it gets our point
50:36
across or Bitcoin fixes as wild as gets, our point across, you
50:39
got to show them and lead them to the tools.
50:41
Bitcoin does fix this but only if you take it into self custody
50:44
and you use the correct tools. But furthermore to Beauty ons
50:48
point. If you didn't think that this
50:49
was a academic, siop look at one of the the comments that coin
50:56
does hid on their post one is this a week?
50:59
Personal Bitcoin origin story to clear failure to Grog BTC
51:03
history, and design decisions. Three professed love of Bitcoin
51:06
for a subtle show, of eat, five attack bitcoiners for not being
51:10
open-minded to shit. Coin, ponzi's and six subtle by
51:13
my shit, cleaned pitch. Yes, they had this on Twitter.
51:17
Anyways, the next one, even if bitcoiners were less toxic
51:22
Terror, Luna would still have blown up, 3ac would still have
51:24
imploded Celsius would still have gone bankrupt.
51:26
Solana would still need reboots. Eat their IAM would still be
51:29
captured by Regulators. Defy would still get hacked
51:32
regularly shit. Corners will shit coin.
51:34
No Her, what we do or don't do but Bitcoin maximalist and
51:37
toxicity, May save some people from getting wreck.
51:40
And this is the point here, guys, I wouldn't be here without
51:43
toxic Bitcoin maximalist because this whole Kumbaya of shit coins
51:47
and Bitcoins being in the same and reading in the same realm is
51:50
complete bull. There is Bitcoin.
51:52
And there is shit coin. And anyone that tries to match
51:54
the two together is trying to take your Bitcoin, in my
51:56
opinion. Yes, that's a simplistic view,
51:59
but you better off to start with that toxic view that shit coins
52:03
were created to steal your bit. So fundamentally stay toxic out
52:08
there because we are trying to protect people from putting
52:11
their hand on the stove. I've gotten wreck trying to, you
52:13
know, be open minded and shit coin land and I just want to
52:18
help people avoid that this is why we come on the show every
52:21
day. This is why we spread the signal
52:22
as much as possible, but I really like this comment by
52:25
Patrick, the motorist and goes Chernobyl power plant where the
52:29
employees ignored every warning and turned off every failsafe to
52:32
a predictable outcome. I would say.
52:35
A true Noble is a better analogy to the crypto pain disease and
52:38
not the bitcoiners who are warning against them.
52:40
Yes, bitcoiners are the warning sign Bitcoins are the alarms
52:43
ringing telling you to avoid the ponzi's.
52:46
And furthermore, one of my favorite accounts on Twitter
52:49
Bitcoin is saving. Because tldr the author wants to
52:52
increase the cost and complexity of Bitcoin node software saved
52:55
you from Reading 2000 words, most shockingly.
52:57
The author believes that this is a new idea while claiming to be
53:01
an OG. Exactly, this is the point here,
53:04
he claims to To know what's best for the community claims to be
53:07
here. The longest, he claims to know
53:09
where the culture is going. And yet he's a neat Maxi shit
53:12
corner. And is basically saying guys,
53:15
you guys are to mean, we need to spread Bitcoin adoption and the
53:19
Crux of this whole thing is we've this is why Bitcoin is
53:22
warn you. This is why we go out there
53:23
every single day and some people are toxic and some people, you
53:26
know, maybe Savage a little too hard but it's to make a point.
53:30
These shit coins are centralized garbage designed to steal your
53:34
When I really love this picture by Max Keiser and the whole
53:38
point of this guy's is bitcoiners are here for the
53:43
revolution. We understand that this is a
53:45
monetary War, we understand that, if you're against Bitcoin
53:50
toxicity, you're against Bitcoin.
53:52
And if you're against Bitcoin, you're against freedom.
53:54
I fundamentally believe that. This is, this is the fight of
53:57
Our Lives. This monetary War we are in as
54:00
we've been covering on the news for this show for a long time.
54:04
The Legacy. Some is about to blow up and as
54:07
I saw in the comment, if ice being toxic can help one person
54:10
avoid shit coronary than it is all worth it.
54:13
I wouldn't be here without toxic bitcoiners, but to one point in
54:17
that article, I do realize that there is a time and a place for
54:20
toxicity. And there's also a time and a
54:22
place to spread the utility and the positive values of Bitcoin
54:26
and I think we do need some tact in our messaging.
54:29
And this is why I've been trying to be so optimistic on the show
54:32
and and spread the fact that Bitcoin not Bitcoin Has pre
54:35
Corners need to know that Bitcoin is here for them.
54:38
And you know why, I love the memes of have fun, staying polar
54:42
Bitcoin fixes this. Sometimes we do need to hold
54:44
people's hands. Sometimes we do need to meet
54:46
people where they are, but that doesn't mean that toxicity is a
54:49
bug. Toxicities of feature, we are
54:51
here protecting the network because if we don't do it who
54:53
else will so continue to stay. Toxic continue to meme continue
54:57
to ridicule people because that is the strongest form.
55:03
Of spreading the word but also make sure that people know that
55:07
Bitcoin is valuable be a shining example of being a solid
55:10
Bitcoin. ER and people will want that
55:12
further themselves and their lives.
55:14
Anyways, rant over jump in Neko. No, that was epic.
55:20
That's why we call him st. Op T.
55:21
We don't call him saying opting for no reason.
55:23
Bitcoin toxicity is absolutely necessary and the only people
55:27
that want to cancel, toxicity are scammers and should Corners
55:31
that are still in denial. Mi dude, I know it's not pretty.
55:35
I know the decentralized immune system of Bitcoin Twitter
55:37
sometimes eats its own right, but you can't deny the utility
55:43
of that immune system. They were shouting from the
55:46
rooftops that core eclipse and CEO of swan was this.
55:48
Toxic. You know, you can't deal with
55:51
this person and look how many people he saved from the Celsius
55:55
debacle. He was posting messages and DM's
55:57
of people thanking him and you know, we saw from the leak,
56:01
right? The doxing In man, a lot of
56:03
people lost a lot of money due to that.
56:06
And if it wasn't for toxicity, a lot of people don't wouldn't be
56:10
saved, right, Allison, Alex, machine ski.
56:12
He even even to quote himself, like he said, he's like, all
56:15
these Bitcoin, Maxis? They're making youself custody,
56:18
it's like yeah, yeah. Yeah.
56:21
Anyways, Chad, what are your thoughts on all this man?
56:24
Do you believe that Bitcoin toxicity is necessary?
56:30
You know what if Bitcoin toxicity is is is the truth.
56:37
You know what? That's, it's just an expression
56:39
of that and Opti. Oh my God, so much signal.
56:42
They're all right, so as we look at this article man, you just
56:46
cannot let others trying to find their culture.
56:49
It is I'm not sure what the spirit of what that that guy is,
56:56
you know, wanting to accomplish. I think probably nine-tenths of
57:01
what he's trying to accomplish is get some click bait.
57:04
And then I'm not gonna not gonna get a guess.
57:07
What other agenda that that they are running but you know what?
57:11
The Bitcoin core culture forms naturally.
57:14
It's a free market. And in the way that we express
57:18
that especially through our humor is special, it's Unique,
57:23
it's creative. And at the end of the day, we
57:27
are communicating truth and we're promoting virtues that
57:30
help promote a Freer and better World.
57:34
There it is. Oof beautiful, beautiful.
57:37
Oh, I like that. This is why Bitcoin toxicity is
57:42
absolutely necessary. Anyways, Opti let's check out
57:45
the review. The daily meme review, brought
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to you by Cipher safe, don't be that person that loses their
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58:17
All right guys. Yall already know.
58:19
I know I know Rusty thought I was I was shitting on him for
58:22
being a memer. But tweets are the bullets and
58:24
memes are the artillery and we are in an information War.
58:27
So, continue to mean continue to get calls of actions continue to
58:30
spread the signal. Anyways, right here, one of my
58:33
favorite recent Bitcoin Accounts at Auntie Maxie on Twitter, he
58:38
says, save yourself from the cultural Chernobyl.
58:41
That is Bitcoin maximalism by joining and Tema today, and let
58:44
the Dying Breed wholesome. Actually lived through their
58:47
cultural Chernobyl maximalist be like.
58:51
And how about of Chernobyl amazing?
58:55
Good, good meme. All right this next one it's a
58:58
little it's a little subtle one in this is Lena see Shane.
59:01
She goes, Cold Storage. I made this one for relays apps,
59:03
21 declined, bakes Basics. And we got some Normie pretty
59:07
Corners. I keep my money in the bank.
59:08
I keep my money on home and then one of them asked the
59:11
bitcoiners, where do you keep your money?
59:13
And, for those into space is, it's a bubble with With a bunch
59:16
of a bunch of different shapes and symbols, which is basically
59:20
just a play. On the idea of you can save 12
59:23
words into your brain about different things.
59:27
Different words that is your Bitcoin see.
59:30
Anyways, there's next one. Bitcoiners our people principle
59:33
and integrity. This is 21 JC LP I love this
59:36
one. Hence why I had to add this
59:37
hashtag Bitcoin not shit coins and we got a coinbase by Nan. 10
59:42
PCS chickens are very popular profitable and popular and a
59:46
Chad he goes, okay, but you're exploiting an ignorance to make
59:48
people poor coinbase. MPC finance and PC says, but so
59:52
many people are doing it. You should too.
59:53
And the Chad goes, no, I have integrity and I want to be a
59:56
positive force. Toxic maximalist.
1:00:01
This is literally that article, this guy, you know, did a whole
1:00:04
article to make it make it okay for him to scam bitcoiners or
1:00:08
new corners anyways. This next one is by Turtle cute
1:00:11
33 and he goes the pupil of your eye can expand over 45%.
1:00:15
When you see something you love and it's an expanding I and it's
1:00:20
the 21 million. I'll go and I just want to do a
1:00:22
Shameless plug for plug. For my friend, Zach of Earth. 21
1:00:26
million is non-negotiable. You guys need to read this.
1:00:28
I put it in the description and you can see why this algorithm
1:00:31
of 21 million. Hard cap is so important.
1:00:34
And this next one has realization this morning about
1:00:37
how important it is to be a Bitcoin journalist.
1:00:40
I don't know if you guys saw this video of a financial times
1:00:43
woman journalist quote-unquote Jemima Talking about Bitcoin.
1:00:46
She said, like so many times it hurt my brain, and so, shouts
1:00:50
out to go stab at. Can she go?
1:00:52
I'm like, into Bitcoin, like a lot longer than like you like.
1:00:55
Okay, I'm like an expert. This is, this is the level of
1:01:00
Journalism in the cringe-worthy, so cringe so cringe.
1:01:05
Alright, anyways, let's get into this.
1:01:07
Guy's my meme review score for today.
1:01:10
It's this cup, but it's not the cup.
1:01:13
It's the watermelon juice to Fresh watermelon.
1:01:15
And juice in it, that is absolutely delicious.
1:01:20
Wow, you pee very good. So interesting about journalists
1:01:26
right? Is that a lot of these journals
1:01:28
that work for Bloomberg and financial times that criticize
1:01:31
Bitcoin are not allowed to own it.
1:01:33
There's specifically said their job mandates, they can't buy
1:01:38
those things. So imagine from their
1:01:40
perspective, she got in 2015 and she wasn't allowed to own any
1:01:45
Bitcoin was the price of Bitcoin 2015.
1:01:47
It was like under $500 Can you imagine how painful that is?
1:01:52
I would dislike it. Like it like it not.
1:01:55
I would dislike it. Like it a lot.
1:01:57
Yeah. It's talk about misaligned
1:02:01
incentives. Anyways, I'm going to give it
1:02:03
this. MacBook adapter has an HDMI
1:02:07
plug. What it is?
1:02:08
See it said dongle a dongle. It's a dongle the dongle.
1:02:14
I'm gonna give it a dongle, give it a dongle when you give those
1:02:19
me. Memes.
1:02:24
Well, sometimes we all live need a little motivation.
1:02:28
So I'm going to give that a round to it.
1:02:34
Ooh, around to it. And I like it very much.
1:02:37
You've never seen one of these. No, I have not.
1:02:39
And now, I have very good, very cool, very cool guys and made
1:02:43
and may can't get the. They don't make them like this
1:02:46
anymore. Don't make them like that
1:02:47
anymore. It's true Fiat.
1:02:49
Ruined everything Bitcoin. I X is this.
1:02:51
Anyways guys this is simply Bitcoin live drop your scores in
1:02:55
the live chat and we will read them on the show live.
1:02:58
Let's first one from Michael Morrison.
1:03:01
I give those means the holy virtue of humility, which helps
1:03:04
us overcome the deadly sin Pride wooof very nice BTC pins I
1:03:10
guess. Hey don't hit.
1:03:11
I know that would hit Opti hard. BTC pin says I give those memes
1:03:14
a salty, surprise opt he's closet full of talk.
1:03:20
Score. One used chalk, gun floor is set
1:03:23
at 18. K, Mateo are says, Kanye West
1:03:27
JPMorgan accounts Max Trotter gives those memes.
1:03:32
An iron cop of the financial copy of the financial times.
1:03:36
Rope gives those memes and empty, Crown Royal bag Diaw,
1:03:41
genus get around to it. Bitcoin Becca irate.
1:03:45
Those memes with a like, very clever Becca.
1:03:48
Very clever. All right, last one.
1:03:50
Jason Moore. I give it yellows version of the
1:03:53
big-box commercial. Yeah, that was a good version
1:03:58
has a good version. I haven't seen it.
1:04:02
I think I think I sent it to you.
1:04:03
I think I find it, I'll find it. Oh, okay, okay.
1:04:08
Yeah, ha, ha. All right guys, I want to check
1:04:11
out because I want I want you guys to check out.
1:04:14
Simply Bitcoin, unfiltered. It is the written version of the
1:04:17
show same signal, it's just written.
1:04:19
Check out. W dot, simply Bitcoin dot news.
1:04:23
And of course check out Simply Bitcoins telegram chat.
1:04:26
You gotta go to www.ah.mil me /, the simply Bitcoin channel.
1:04:33
It's a party in there. That's where you link us,
1:04:34
Bitcoin memes to review and we'll review them obvious.
1:04:38
I think we're running out of time.
1:04:39
We won't do a software update today but I also want to give a
1:04:43
awesome shoutout to our awesome sponsor guys.
1:04:47
You want to go check out represent LTD.com Opti show the
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I also want to give a very special shout-out to our awesome
1:05:20
guest. That was Kind to join us today,
1:05:22
Chad. Thank you so much for coming on
1:05:24
the show. Where can people find you on
1:05:26
social media or find out more about what you're working on?
1:05:29
Yeah, at Chad Blackburn on Twitter, Google me, I'm sure
1:05:34
you'll find all kinds of fun stuff.
1:05:37
Awesome. Thank you so much for joining us
1:05:39
on the show. Going to put you back stage for
1:05:41
a bit while I wrap up guys. Thank you for joining us on
1:05:45
another episode of Simply Bitcoin.
1:05:47
If you feel like the show provided you some value,
1:05:50
consider smashing that like button, maybe consider
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subscribing. And the number one thing you
1:05:56
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It falls to us. Individuals are you going to
1:06:03
take personal responsibility into your hand?
1:06:06
Push the orange sigil. Give out those orange pills.
1:06:09
We love you all. We will see you tomorrow on
1:06:11
Friday for another episode of Simply Bitcoin.