Latest / Simply Bitcoin / Congress Wants to BAN Certain Bitcoin Transactions | EP 793

Transcript

Congress Wants to BAN Certain Bitcoin Transactions | EP 793 · Simply Bitcoin

0:12
Yeah, welcome to some of the. Bitcoin Live we're number one
0:14
source for the peaceful Bitcoin revolution because breaking news
0:16
culture, matic warfare, We will be your guide through the
0:18
separation of money in state. And that is exactly what we are
0:22
living through nowadays. Breaking News the US Senate
0:26
passes an $886 billion military spending bill with a Bitcoin and
0:32
crypto AM L. Provision, right.
0:36
So they're focusing mostly on crypto mixers or Bitcoin mixers
0:41
and anonymity enhancing crypto assets, right?
0:45
And this is a continuation of a trend.
0:47
We know that the US Treasury for the first time in its history,
0:51
sanctioned open source software and jailed the developer of
0:55
tornado cash. Now we know that is not a that
0:58
was that wasn't a Bitcoin native project, but nonetheless it is
1:02
open source software, right? It's just the.
1:05
Organization of just software itself is just absolutely crazy.
1:10
I kind of see where the trend is heading.
1:12
Something that we've said on the show many, many, many times is I
1:16
don't think that current US sanction policy is compatible
1:20
with Bitcoin. And the reason I say that
1:22
because Bitcoin is this open monetary network and the way
1:25
that the current, you know, system works is that there is a
1:28
bureaucratic and elite. There's a bureaucratic elite in
1:31
DC that gets to decide who's entitled to use money and who's
1:34
not entitled to use money. I think think eventually you're
1:37
going to see a clash between those two worlds.
1:40
I think the the systems, the, the, the money controls that
1:44
they have in place that they've had in place for decades aren't
1:48
going to be as aren't going to be as effective when you know
1:53
when people are are using a Bitcoin standard, how they going
1:56
to react to that? Are they going to demonize that?
1:59
You know, are they going to saying we can't have a world
2:01
where, you know, where people can transact freely?
2:04
What are the, what are the unintended consequences of a
2:07
world where people can transact freely?
2:10
That's, and that's another interesting question.
2:12
I truly believe, and maybe I'm wrong and naive to think this,
2:16
I'm not a fortune teller, but I think that if you fix the money,
2:20
you fix a lot of people's economic grievances all around
2:23
the world. And I think a lot of.
2:25
You know, a lot of the horrible things that you see coming out
2:28
of humanity are due to broken Fiat money and I think that if
2:32
you fix the incentive structure, you fix the money, I think you
2:36
generally will fix the world, right?
2:38
So I'm I that's really what I'm focused on.
2:41
But I think obviously the powers that be the the established
2:44
players, whether it's the central banks or governments.
2:47
They're kind of, you know, in in on the same team, so to speak.
2:52
I think, you know, they're they're going to throw.
2:55
I think they're they're going to throw everything and anything at
2:58
this thing in order to maintain that privilege of being able to
3:02
create money for free that everyone else has to work for.
3:04
So very interesting times. We're going to cover the news
3:07
today, and surprisingly, the Bitcoin Senator, Senator Cynthia
3:11
Alummis signed up to this bill. And who also signed up to this
3:15
bill was Senator Elizabeth Warren who is the anti Bitcoin
3:19
Senator. So it's just interesting like
3:22
what what were the concessions in order to get this type of
3:26
bipartisan approval on this bill?
3:28
I have no idea. We're going to, we're going to
3:30
dive into that today. But I, I I'm just look guys I'll
3:33
be frank with you, I'm not a fan of a ML&KYC and all that.
3:39
I think it excludes a lot of people all over the world.
3:43
And I I I just don't think that, you know, it's it's it's more of
3:47
a control system than it is a fighting crime system.
3:50
And also this narrative that Bitcoin is used for money
3:53
laundering, right. Because that you, you'll hear
3:55
that a lot like Bitcoin is used for money laundering.
3:58
Bitcoin is used to finance terrorism.
4:00
I just want to remind everyone, the vast majority of terrorism
4:03
or money laundering or drug cartels or whatever, it's
4:06
financed by the US dollar. It's financed by cash.
4:10
It is not financed by Bitcoin. So I maybe it's the the
4:14
bitcoiner in me, but I I truly believe they're using that as a
4:16
straw man argument, to be frank. But anyways, no more delay.
4:21
Let's bring up our very special guests.
4:23
Part of the progressive case for Bitcoin.
4:25
Trey, how you doing, man? Doing good man.
4:28
Thanks for having me on. So you are the host of.
4:31
A podcast that correct. That is correct the progressive
4:34
bitcoiner. Awesome.
4:35
The I'm confusing the name of the book for with the podcast
4:39
and that's my. You're not the first, that's all
4:41
right. All right.
4:42
And So what is the purpose of your podcast?
4:44
What is the focus of it? Yeah, well, the podcast was
4:46
founded back in late 2021 by Mark Stefani.
4:50
And then when he took a step back, him and I met and kind of
4:53
talked about this this transition period.
4:55
He's a full time physician, so kind of focusing a lot on that.
4:59
And then he transitioned and so I took over as host.
5:02
There was about a six month period from like December to
5:04
June of this year where there was a gap of no new episodes.
5:07
So we started the podcast back up.
5:10
Middle of June. So we've had like 6 new episodes
5:12
since the relaunch. And really the the podcast is
5:16
about talking about progressive values and talking about Bitcoin
5:20
and telling people that these two things aren't mutually
5:22
exclusive and that they actually can really compliment each other
5:25
really well. So really, it's just the Nexus
5:27
of progressive values, left values and Bitcoin that's the
5:30
main focus of the show. Awesome.
5:32
And we'll happy to have you on the show today and to talk
5:35
about. Talk about your project, talk
5:36
about your podcast. But first, before we start the
5:39
show, I want to bring up my legendary cohost, always
5:41
optimistic. What are you optimistic today,
5:43
Opti? Are you nihilistic?
5:46
I'm neutral fields today. Neutral fields, yes, very
5:49
neutral. But actually guys, happy
5:51
Independence Day. Happy USA F day.
5:56
All right man, what a day. What a day.
5:58
For you guys that don't know, 2017 bitcoiners ended the block
6:02
size war successfully deploying UASF software upgrade making it
6:07
clear who really controls the network. i.e. you guys running
6:11
the node. So continue to run a node, make
6:13
sure you are verifying your own transactions and you know who
6:18
cares about these Bitcoin companies and all these people
6:20
with special interests. All that matters is you guys
6:22
verifying your Bitcoin transactions, the users of the
6:26
networks, you guys really control the network.
6:28
This is what it's all about. This is why we tell you guys
6:30
every single day to take Bitcoin in self custody and run a node.
6:34
Because no longer do we have to trust middle men.
6:37
You can be your own bank. It's almost like a meme.
6:40
It's almost a meme, right Nika? I mean it, it's crazy.
6:44
You know, it's crazy what happens when you get rid of the
6:46
intermediaries. And I think what we're seeing,
6:49
like, you know, whether it's a reaction from governments or
6:52
just reaction in general from the intermediaries, is they're
6:55
trying to, like, justify their existence.
6:56
They're like, we're still necessary.
6:58
You still need us. But, you know, I think Bitcoin
7:02
is a testament. It's like.
7:04
They're no longer necessary. But hey, you know what?
7:08
It's just interesting to see how all this is playing an uphill
7:10
battle, though we're still uphill battle.
7:12
Yeah, I mean I would definitely, I don't know us Trey like Trey,
7:16
do you think we're in the then they fight you stage?
7:18
I would say yes. Yes, yes, yes.
7:22
But also I think there's so much more we just can't foresee in
7:26
terms of this battle. I mean there there a lot of
7:28
people have the notion and I do as well.
7:29
It's like man, how did they not squash this thing like 7-8 years
7:33
ago when they when they could have, right.
7:35
So I think it's, it can't really be at this point, but I still
7:38
think we're just getting started with a lot of this.
7:41
So I personally very hesitant obviously with Hecks recently
7:44
and people being like yes, SEC and then something will come out
7:47
tomorrow and we're like fuck them.
7:48
So it's like. You know, I I think I'm a little
7:52
nervous, I'm a little anxious, but it keeps doing its thing.
7:55
I think shortterm, especially political cycle a lot that, you
7:58
know, we focus on the progressive bitcoiner.
8:00
I'm a little nervous, but I think it's going to be okay in
8:02
the long run. 100% as long as the as long as the next blocks.
8:07
Next block is coming in take doc next block.
8:10
I think everything's everything's good.
8:12
Anyways, everybody, no more delay.
8:13
Let's jump straight into the show.
8:15
We got a lot to talk about today.
8:16
Let's check it out. The Bitcoin numbers.
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Scan the QR code now. Anyways, at the time of
9:50
recording, the Bitcoin price is 28,920 sats per dollar 3458.
9:56
Block Height 801,229 blocks to having 38,771 having estimate
10:03
April 20th, 2024 Total Lightning network capacity 4723 Bitcoin
10:09
Capacity Value $136 Million Realize monetary inflation 1.76%
10:15
The market capitalization of Bitcoin $562 billion with the B
10:20
Bitcoin versus gold market cap 4.3 My favorite 2 stats out of
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all these are the real. Monetary inflation which will
10:27
continue to go down forever because it's Bitcoin and the
10:30
Bitcoin versus gold market cap, that percentage will continue to
10:33
go up so Bitcoin stays winning. TikTok next block Anyways, I
10:37
wanted to react to this video and goes on to say is a Bitcoin
10:42
Magazine tweet and says Galaxy Digital CEOI think the most
10:46
important thing that happened this year was BlackRock CEO
10:49
getting orange pilled. On Bitcoin.
10:51
So anyways, let's check out the clip and then we will talk about
10:54
it. We do know that Bitcoin is by
10:56
far the leading cryptocurrency, and you think we'll remain that
10:59
for a while. I do.
11:00
I think the most important thing that happened this year in
11:02
Bitcoin is Larry Fink. He got an orange pill.
11:05
As we say orange pill is when you take a non believer and you
11:07
make him a believer in Bitcoin. And Larry was a non believer and
11:11
now he says, hey, this is going to be a global currency People
11:15
around the world all trusted. BlackRock is the biggest
11:18
BlackRock is now doing an ETF or trying to do an ETF for Bitcoin.
11:22
Is that a big change in the industry?
11:24
Yes, for for Larry in particular, right.
11:28
Who who's the CEO of this iconic company to say I believe in
11:32
this, right, that that's kind of huge because again, like what
11:36
Elizabeth Warren says, well, I don't believe in Bitcoin.
11:38
I'm like, well, Elizabeth, Larry Fink does.
11:40
Stan Druckenler does Jeff Yass does the richest person in your
11:44
state? You know, Abby Johnson does like
11:48
just cuz you know, doesn't mean it's not real, right?
11:51
Value comes from when people believe there's value.
11:53
And now we have this preponderance of evidence, 180
11:56
million people around the world that without a gun to their
12:00
head, take their hardearned savings and store it in this
12:05
community of people that run this technology you know, called
12:10
Bitcoin. I mean, I think that was
12:12
beautifully said. Now, there's a couple things
12:13
about Mike Novogratz, right? I think he has that Luna tattoo.
12:18
So did he get that removed? That's an interesting question.
12:22
Or does he still have it? I don't know.
12:25
But regardless of his views on alternative crypto currencies,
12:30
also known as shit coins, I think he said it perfectly.
12:34
I think it is a very, very big deal.
12:36
That someone like Larry Fink you know is is signed up to this
12:40
thing and signed signed up and you know willing to go on this
12:43
ride he you know BlackRock is the largest asset manager in the
12:47
world right. They they manage trillions of
12:49
dollars trillion with the T that and that some of that money
12:53
could potentially flow into Bitcoin.
12:55
Now we had Lawrence, the part, we had Caitlin Long on the show
12:59
and you know they're talking about the dangers of the
13:01
BlackRock ETF, potential rehypothecation.
13:03
We had Greg Foss and James Lavish.
13:05
They're coming from the other side.
13:06
They're saying, look, that's the whole point of a spot Bitcoin
13:08
ETF. It's going to be transparent.
13:10
They're not going to be able to do that so easily.
13:12
You know, I'll let you guys be the side.
13:14
I'm always going to take the side of the paranoid bitcoiner.
13:17
You know, if it's not your keys, not your Bitcoin, what's the
13:20
point of buying a spot Bitcoin ETF?
13:22
If you could buy Bitcoin, you could take it into self custody,
13:24
you know. I I I personally wouldn't do
13:27
that. You know, I don't recommend it
13:29
for you either. But, you know, the reality is
13:32
that a lot of people that are used to just, you know, buying
13:35
stocks on the stock market and that's just they're comfortable
13:38
with, they're gonna just find it easier, just be like, okay, let
13:41
me just buy this Black Rock Spot ETF.
13:43
Now it's our job as bitcoiners to really, you know, break the
13:46
Bitcoin echo chamber and get it into the the minds of people
13:50
that, hey, not your keys, not your Bitcoin.
13:52
It's really an IOU, I think a. Lot of the world's problems
13:55
would be. If a lot of people started
13:58
holding their own money and stopped outsourcing that
14:00
personal responsibility, I think a lot of the world's problems
14:02
would go away, right? So, you know, it kind of falls
14:05
down to us. And Trey and I and I were
14:08
talking, you know, before we went on air and we were talking
14:10
about this idea of this transitionary period, right,
14:13
between the old world and this new bright orange future that
14:17
we're heading into. And I think during the
14:19
transitionary period, it's very, very important.
14:22
For Bitcoin evangelists, for Bitcoin memers, for bitcoiners
14:25
in general, really to push hard this idea of not your keys, not
14:29
your Bitcoin. And remember guys, I always said
14:31
this. I had this pinned to the top of
14:32
my Twitter for a very long time. If enough people take self
14:35
custody, we win and there's nothing they can do about it.
14:38
Anyways, Trey, I want to get your thoughts and then we'll
14:39
move on to Opti. Yeah, well gosh, that's a that's
14:43
a lot of different things brought up.
14:45
Yeah, I mean, coming from from the left.
14:47
And the easiest way to put it is coming from a lens of like being
14:50
skeptical of big bangs, kind of thinking Occupy, things like
14:52
that. For me, this is a bit a bit
14:54
concerning, but I'm conflicted, right.
14:56
It's like my own personal beliefs.
14:57
But if this spot Bitcoin ETF brings more Bitcoin adoption and
15:04
raises the price of Bitcoin in the world benefits from this,
15:06
hypothetically. Then that's kind of where my
15:09
conflict is, that I think, like you said, the Bitcoin kind of
15:14
skeptic, not a Bitcoin, but just of the world that I live in.
15:16
I'm a little nervous and hesitant to say this is a good
15:19
thing long term. I don't think this is a good
15:21
thing short term. I mean, people talk about it's
15:23
going to pump the fuck out of our bags for, you know, the next
15:26
year and a half, two years. So that's the short term.
15:28
Also, not the shot at another podcast, but.
15:31
I mean, I went on Peter's podcast what Bitcoin did.
15:33
Alex Laishman was on Peter's podcast recently.
15:36
They had a really good episode. I thought about the spot ETF,
15:39
and, you know, I kind of went into that.
15:42
And then coming out of that, I'm like, you know, is this good for
15:44
Bitcoin? Like everything could be good
15:47
for Bitcoin. So if bitcoin's going to win, it
15:48
needs to be everywhere. That's kind of the argument they
15:50
made. So that's something to think
15:52
about as well, yeah. 100% all right.
15:55
If Bitcoin's going to win, it needs to be everywhere.
15:57
And there was something that American Huddle tweeted.
15:59
The other day that I thought, like really, really resonated
16:02
with me and it was like, hey, Ann on are you gonna be okay
16:06
with the Fed, you know or central banks starting to buy
16:10
Bitcoin when it's at like $2.1 million a coin like you're gonna
16:14
be, you're gonna have to be okay with that.
16:15
Like, you know, Bitcoin is for everyone.
16:17
It's the money of enemies, and that includes central banks are
16:21
gonna want a piece of it. BlackRock is going to want a
16:23
piece of it and eventually I think governments are even going
16:25
to want a piece of it. Like, you know, we know that the
16:28
US government has seized a lot of Bitcoin, but what they do is
16:30
that they inevitably sell it. You know, what happens when
16:33
eventually, you know, they, they want to keep that, You know,
16:36
they, they become huddlers themselves, right.
16:38
You know, it's a kind of changes the dynamics of everything.
16:41
And what I was saying to Opti yesterday, we were reacting to a
16:45
mainstream CNNBC anchor. Kind of.
16:48
Reporting on Bitcoin and I was like Opti, he's kind of sounds
16:51
like us, bro. Like you know, like his
16:53
arguments kind of sound the same, like 5-10 years from now,
16:57
you know the mainstream will sound like Bitcoin Maxis.
17:00
They'll, they'll be using the same arguments.
17:02
They'll be talking the same way, right.
17:04
And then Bitcoin will get out of this.
17:07
You know this echo chamber that I believe it's in right now.
17:10
Anyways, really good points, Trey I.
17:11
Want to get opti's thoughts. I mean, I know Opti.
17:15
Opti is more more of a hardcore bitcoiner than I am.
17:19
He's more on the on the you know more savage.
17:22
You you mentioned words a little more that you're you're a little
17:24
more tactful than I am. But man, first and foremost no
17:27
regrets. Geez.
17:29
Like man, I don't know. Look I don't like talking shit
17:33
on people but you know everyone knows he's got that Luna tattoo
17:36
like what more do we need to say.
17:38
But anyways to but to Larry Fink and and BlackRock and the
17:47
changing of the tune in regards to Bitcoin.
17:48
We've been talking about this for a while and I think it's a
17:51
huge wake up call to every asset manager around the world and
17:55
kind of what Trey saying, you know on a long enough time frame
17:58
this could end really bad. Like no, we do not advocate for
18:02
anyone holding paper Bitcoin. You should be buying spot
18:04
Bitcoin, taking Bitcoin into self custody, running your own
18:06
node. This is the best practices
18:08
because you never know if they will try to rehypothecate
18:12
Bitcoin. You never know whether they will
18:14
try to fork Bitcoin, all that stuff.
18:16
They do have the money printer in their back pocket and I'm
18:18
sure they will try some crazy shenanigans.
18:21
So that is not something that we avoid or take lightly.
18:25
But it is very interesting to see how quickly the tune has
18:31
changed in regards to Bitcoin after Larry Fink endorsed
18:35
Bitcoin, or rather BlackRock said they're going to have an
18:37
ETF. And it's almost almost like it's
18:40
been a signal to everyone out there that has any kind of Fiat
18:43
currencies, any asset managers that are holding other people's
18:48
investments. Now they're all looking at
18:49
Bitcoin, whether they've been looking at Bitcoin, now they are
18:53
starting to look at Bitcoin. And I think in the next year or
18:56
two obviously going into the having and we don't know when
19:00
this is going to actually this BlackRock ETF is going to
19:03
actually get deployed and you know be be allowed on the public
19:08
market. I'm guessing it's going to be at
19:10
the top or close to the top of the next bull run.
19:12
So what's that like a year or two from now?
19:14
But I think still up to that point, it's going to continue to
19:18
be signal to anyone out there that doesn't have Bitcoin that
19:22
they might need to get some Bitcoin just in case it catches
19:25
on. Especially when the richest
19:28
asset managers in the world all want some exposure to Bitcoin
19:32
and and you brought up huddle and that I'm stealing this meme
19:35
from him because I really like it.
19:36
Not only is Bitcoin for enemies, but also you the Anon you the
19:41
Bitcoin are out there are going to have to make it through the
19:44
bottle, the huddle buyout zone, this is that huddle buyout zone.
19:48
They're going to want your Bitcoin guys.
19:50
Do not get lulled to sleep via the Fiat price of Bitcoin.
19:56
You have what they want. It's the scarcest acid in the
19:59
world. 21 million Bitcoin and and less than 21 million
20:02
bitcoins. So you know, steel yourself now.
20:05
Make sure you know why you're hard on that Bitcoin.
20:07
Make sure you protect yourself. Make sure your Bitcoin isn't
20:10
cold storage because it's gonna get crazy.
20:12
This roller coaster is gonna get absolutely bananas in the next
20:14
year or two. And I I hate doing like this
20:16
time might be different, but I don't know, man, it really does
20:20
feel like this time might be different.
20:22
Don't sell your Bitcoin to BlackRock.
20:24
Don't put yourself in that position.
20:26
Don't sell your Bitcoin to. Don't sell your Bitcoin to
20:30
BlackRock. Don't sell your Bitcoin to
20:32
central banks. Don't sell your Bitcoin to
20:34
governments. Keep that Bitcoin for you and
20:35
your family. Don't do that.
20:36
Don't. Don't be in that position.
20:38
Where you have to explain it to your grandchildren one day.
20:40
Anyways guys, if you're enjoying the show, you know what to do.
20:43
Smash that like button. We've been on A roll every
20:46
single live stream for the last. I think it's been 3 weeks now
20:49
Opti, We've broken 100 likes in the first hour of the live
20:53
stream. So if you're enjoying the show,
20:55
make sure to smash that like button on YouTube.
20:57
And if you're watching us on rumble, shout out to our rumble
20:59
fans as well. Smash that like button as well.
21:01
Helps tell the the algos to push the orange signal so we
21:05
appreciate y'all. Anyways, everybody, no more
21:07
delay. Let's jump straight into the
21:09
numbers. We got a lot to talk about, but
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Anyways, everybody, let's jump straight into the news we got.
21:55
A lot to talk about today. Let's check it out.
22:00
The Daily News. Right everybody.
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the Orange Pill app today. Anyways, everybody, let's get to
23:13
News. The breaking news is something
23:16
that I mentioned in the intro. the US Senate passes a 886
23:21
billion billion dollar military spending bill with crypto AM L
23:26
provision. I mean, this is a little bit
23:28
poetic in a way, right? This they spend this massive
23:31
spending bill $886 billion. They're spending it on war.
23:36
They're spending it on the military we know they don't
23:39
have. The money to spend this right,
23:41
the US government spends a trillion dollars every single
23:45
year, more than a trillion dollars.
23:46
Then it collects in tax revenue. So how are they able to do this?
23:50
Well, they're able to print the difference.
23:52
They're able to print money. And remember, every time they
23:55
print it's a wealth redistribution mechanism from
23:57
the lower and middle classes that don't have the means to
24:00
save an assets to the very, very wealthy and also back to the
24:04
government, right? This is Fiat money is an enemy
24:08
of the middle class, and it's also an enemy of the lower
24:10
classes as well, you know. So I just find it, it's a little
24:13
bit poetic, right? In a way, because with this
24:16
spending bill, right, Spending money that they don't have,
24:19
right, they also include a, you know, Bitcoin and crypto AM L
24:24
provision, right? So it's very interesting.
24:26
Anyways, let's get to some of the details.
24:28
The US Senate on Thursday evening passed the 2024 National
24:31
Defense Authorization. Which included a provision that
24:34
tightens oversight over financial institutions engaged
24:37
in crypto training and takes aim at crypto mixers and quotes
24:41
anonymity enhancing crypto assets.
24:45
The amendment was brought forward by part bipartisan group
24:48
of US Senators comprised of Kristen Gillibrand, Senator
24:52
Cynthia Lummis, the Bitcoin Senator, Senator Elizabeth
24:55
Warren, the Anti Bitcoin Senator.
24:58
And Roger Marshall, who said in a press release that the move
25:01
represented, quote, one of the most substantial congressional
25:04
actions to get to date regarding crypto assets.
25:22
Specifically, it requires that the Secretary of Treasury quote
25:25
establish examination standards for crypto assets, which would
25:29
help exam examiners better assess risk and ensure
25:32
compliance with money laundering and sanction laws.
25:07
The amendment was crafted by crafted by provisions taken from
25:11
the 2023 Lemis Gillibrand Responsible Financial
25:14
Innovations Act and Senator Warrens and Senator Marshall's
25:17
Digital Asset Anti Money Laundering Act, introduced in
25:21
2020. In addition, it requires the
25:37
Treasury Department to conduct a study on, quote combating
25:40
anonymous crypto asset transactions.
25:43
Including the use of crypto mixers that are sometimes used
25:47
to obfuscate funds, right. So again, the demonization of
25:51
privacy is continuing and also right combating anonymous crypto
25:56
asset transaction that is a very broad term, right.
26:01
We're hearing the words of of unhosted wallet.
26:05
We're hearing the words of hosted wallet.
26:08
How long until they say that transactions between 2 unhosted
26:13
wallet that don't require a thirdparty intermediary is
26:18
considered an anonymous crypto asset transaction?
26:21
Remember the laws that they're trying to pass right?
26:24
Every transaction over $10,000 in in Bitcoin, crypto, whatever
26:29
in the in the United States they require you for you to.
26:34
Send the Social Security number, address and name of the person
26:38
you're sending that $10,000 or above in Bitcoin or in crypto,
26:44
they they require you to do that.
26:46
So how long until that number goes lower?
26:48
And remember that $10,000 limit was established during the
26:52
1970s, specifically the Bank Secrecy Act that passed in 1970.
26:57
And when they passed that, if you adjust it for inflation,
27:01
$10,000 at the time was worth $78,000 today.
27:07
So the number stayed the same, but inflation did its thing.
27:13
Right. So when I read this, I'm always
27:16
skeptical. I'm always cautious.
27:18
I'm always like, wait a second, we know how Elizabeth Warren
27:21
feels about Bitcoin. So think about the concessions
27:25
that Elizabeth sorry that Senator Cynthia Lummos had to
27:29
give to Elizabeth Warren for this to be bipartisan.
27:32
And that's why I'm skeptical of it.
27:35
I, I, I. And look, we we have to also
27:37
remember that they talk about illicit finance and illicit
27:41
transactions. Bitcoin is an open Ledger.
27:44
Every single bit Bitcoin transaction will stay there till
27:47
the end of time. You'll be able to see it and
27:48
track it. You can't say the same of cash.
27:52
And mind you, the vast majority of socalled money laundering and
27:56
criminal activity, whether it's related to drugs or terrorism,
28:00
happens with cash. It doesn't happen with Bitcoin.
28:03
So you can make the argument that OK, make perhaps it's a
28:06
preemptive measure. Fine, I would believe that.
28:10
If I didn't know how Elizabeth Warren felt about the industry,
28:14
she doesn't like the industry. So I think that this is just a
28:18
very convenient type of straw man in order to justify taking
28:24
away more privacy from Americans.
28:27
And remember we, if we go back in time, remember the tornado
28:31
cash thing that I was talking about in the beginning of the
28:33
show, right? For the first time on August 8,
28:37
2022, the US Department of Treasury Office of Foreign Asset
28:40
Control sanctioned crypto mixer Tornado cash.
28:44
So, and think about what the precedent of that was.
28:48
The Usually when they set sanctions, it's against a
28:51
government or an individual. They set a sanction against open
28:56
source software, The very, very dangerous precedent.
29:02
To to set and it's a very, very that's very scary that that
29:05
idea. How long until they say, hey,
29:08
you know what bitcoins an open source software.
29:11
You know you have the vast majority of people transacting
29:14
via quote unhosted wallets to use their words.
29:17
You have people taking self custody.
29:19
Therefore, we can't control the money flows as much as we used
29:22
to, because people are transacting outside the system
29:24
of which we control. How long until they say, you
29:27
know what, we have to sanction this as well, right?
29:30
If you don't call this stuff immediately, it tends to kind of
29:36
trickle down over time. And the example I already gave,
29:39
right? Which is this idea of when they
29:40
pass the Bank Secrecy Act? $10,000 at that time was the
29:45
equivalent to $78,000 today. And at the time, people, I'm
29:49
sure we're okay with it, They're like $78,000.
29:51
That sounds reasonable. That's a huge amount of money.
29:53
But remember what they tried to pass in the infrastructure bill
29:56
last year? They tried to pass a provision
29:58
that every $600.00 transaction was going to be reported.
30:03
So the question that I have to you is when does it stop?
30:06
And mind you, at the same time, what's also happening is the
30:09
introduction of central bank digital currencies.
30:12
Right. So look, when I say, when I say
30:15
Bitcoin or slavery, I'm not being hyperbolic, I truly mean
30:19
it 100%. These are the two, you know,
30:22
things in front of you, a system of censorship, a system of
30:26
surveillance or a system of freedom as an open monetary
30:31
network. For me it's it's an obvious
30:34
decision. Anyways, it goes on to say
30:35
quote, cracking down on illicit finance in the crypto asset
30:38
industry is essential for wedding out bad actors, ensuring
30:42
crypto assets are not used to evade sanctions and fund
30:46
terrorism. So you know, one of the
30:47
sanctions that they have is against Cuba.
30:49
So like and Cubans, we've been hearing amazing stories where
30:54
Cubans are using Bitcoin in order to receive money from
30:57
overseas. We've heard the very similar
31:00
story coming out of Afghanistan as well.
31:03
Right. So I think that the whole idea
31:05
of sanctions. Is as as is is a.
31:08
Necessary discussion because obviously they've weaponized the
31:12
US dollar, right, in order to achieve political means.
31:16
And do you blame people for seeking an alternative?
31:18
It's almost as if they're like penalized for that anyway.
31:21
So let's get into the crux of the bill, some of the details
31:24
and kind of like break it down and then you know we'll we'll
31:27
have a discussion. So the name of the act is the
31:30
Digital Asset Anti Monday Laundering Act.
31:33
It would extend Bank Secrecy Act responsibilities, including Know
31:37
Your customer, to digital asset wallet providers, minors,
31:41
validators and other network participants that may act to
31:45
validate, secure, facilitate digital asset transactions.
31:49
Wait a second. So if you are a wallet, you have
31:54
to include KYC. If you're a minor, you have to
31:57
know what transactions you know you're including.
32:03
What is going on here That this is very scary language because
32:07
this is not how Bitcoin works. Are they only going to allow
32:11
pools that are OFAC compliant? That that that's a very scary,
32:16
that's very scary wording. It kind of makes sense why
32:20
Elizabeth Warren would sign up to this anyways address a major
32:24
gap with respect to unhosted digital wallets.
32:28
Which would allow individuals to bypass AM L and sanctions checks
32:31
by direct by directing Vincent to finalize and implement its
32:35
December 2020 proposed rule which require banks and money
32:39
service businesses to verify customer and counterparty
32:43
identities, keep records and file reports in relation to
32:46
certain digital assets involving unhosted wallets or wallets
32:51
hosted in a non BSA compliant jurisdictions.
32:55
Right. This demonization, it's like
32:57
they're they're putting unhosted in parent, like like in quotes.
33:01
They're trying to tell you they're trying to vocalize that
33:04
somehow it's abnormal to have an unhosted wallet.
33:08
Self custody is abnormal. I don't know about you guys, but
33:11
I've never read the term unhosted wallet in the Bitcoin
33:15
white paper. It goes on to say direct FINCE
33:17
and to issue guidance to final financial institutions.
33:21
On mitigating the risk of handling, using or transacting
33:24
with digital assets that have been anonymized using digital
33:28
asset mixers and other and anonymity enhancing technologies
33:32
Strength strengthen enforcement of BSA compliance by directing
33:35
the Treasury Department to establish an AM LCFT compliance
33:40
examination review process for MSB's and other Digital Asset
33:44
entities with BSA obligations and directing the Securities and
33:47
Exchange Commission and Commodities A trading.
33:49
Commission to establish AML and CFTC compliance examination and
33:53
review process for the entities they regulate.
33:56
Extend BSA rules regarding reporting of foreign bank
33:59
accounts to include digital assets by requiring the United
34:02
States persons engage in a transaction with a value.
34:05
Of greater than $10,000 in digital assets through one or
34:08
more offshore accounts to file a report of Foreign Bank and
34:12
Financial Accounts with Internal Revenue Service.
34:15
Mitigate the illicit finance risk of Digital Asset ATM by
34:18
direct by directing Vincent to ensure that Digital Asset ATM
34:22
owners and administrators regularly submit and update the
34:25
physical addresses of the kiosk they own or operate and verify
34:28
customer and counterparty identity.
34:32
I mean, this first one is absolutely nuts.
34:36
Like, there's so many implications of that.
34:38
It's a very vague language. I can't even imagine what the
34:41
actual bill says. Extend Bank Secrecy Act
34:46
responsibilities, including KYC requirements, to digital asset
34:50
wallet providers, minors, validators, and other network
34:55
participants that may act to validate, secure, or facilitate
34:58
digital asset transactions. How long until they say that if
35:01
your wallet does not have KYC implemented, this is non kosher
35:06
Bitcoin? How long until they say that?
35:09
How long until they say no, you can't have those transactions?
35:11
How long until they say American mining pools can't accept
35:15
certain Bitcoin transactions? How long until they say that the
35:18
writing is on the wall? It's undeniable at this point
35:23
and and and I'll be honest with you, I was I I I'm kind of
35:27
disappointed. I'm kind of disappointed in a
35:30
way because I like, you know, I'm surprised since Senator
35:36
Cynthia alum has signed up to this, that that's what I got to
35:39
say. I'm, I'm very surprised.
35:41
So anyways, that's my take. Trey, what's your take on this?
35:44
And we'll move on to Opti. I think my initial take when
35:49
I've been hearing this for for years is just.
35:53
Law enforcement is really lazy. Like, since the Patriot Act,
35:56
they want to try to eliminate bad things from happening,
35:58
period. Around the world.
36:00
That's impossible, right? And I think, FBICIA, law
36:04
enforcement, you got to do law enforcement work, right?
36:08
They want to just sit at a computer and so say, OK, we got
36:11
them, that there's no option of this happening or whatever
36:13
because everything has been sanctioned.
36:15
Nothing is allowed. We know and see everything they
36:18
would be extremely lazy about actually doing.
36:21
Law enforcement work. So that's why they're trying to
36:23
pass these things rather than doing what they used to have to
36:25
do, which is get up and go actually find the bad guys doing
36:29
the bad things. That's I think that's it.
36:32
That's my main take away from this.
36:34
And I hope to God more people wake up that actually know,
36:36
right. A lot of these politicians are
36:37
just going with it and not really thinking about what
36:40
they're doing. So yeah, law enforcement just is
36:43
is lazy. That's that's what it is.
36:45
And since the Patriot Act, this is just a new norm.
36:47
So. Yeah, I'm, I'm deeply concerned.
36:50
I think bitcoiners, Bitcoin companies, people building out
36:53
products and wallets are brilliant though and really good
36:55
at trolling the government and these these people that want to
36:59
shut them down. So I think the community is
37:01
going to come up with creative solutions regardless of this.
37:04
So, so I think that's my optimistic take as well.
37:07
Yeah, I agree. And then Opti what's your take
37:10
and then well first love Trey's take for sure he's he's
37:14
definitely giving you the Opti, the Opti take today.
37:17
But I I really do love the the idea because we've talked about
37:20
this before as well of you know police are going to actually
37:24
have to do hard work instead of just do all this blanket
37:26
statement stuff and and just like drag net surveillance on
37:29
everyone and and basically make us all be criminals.
37:33
But anyways, first and foremost, like, at first I was like, yeah,
37:38
I don't know how I feel about this with that first article.
37:41
And then you went through kind of the details, Nico, and it's
37:43
like, yeah, I'm uh, this is not good at all.
37:46
Like what's? Going on here, at first it's
37:48
like, Nico's just talking mad shit.
37:50
And then the first article is like, kind of like, OK, maybe,
37:54
maybe there's some nuance here. And then you go through it by
37:57
detail and you're like, what are they doing?
37:59
Especially since Cynthia Lemis is a part of this.
38:02
It's, you know, I, I don't like talking smack on people, but I
38:05
thought she was the Bitcoin politician.
38:07
She she is. What's that?
38:09
Godmother to some really awesome bitcoiners.
38:11
So I don't know what is going on here but this is this seems like
38:15
it's going to do more harm than good.
38:17
Like and this is a theme that I've noticed and we've talked
38:20
about this all the time on the show that government regulation
38:24
usually does more harm than good and it really feels like this is
38:27
one of those times where maybe the intentions were good.
38:30
I'll give him the benefit of the doubt that the intentions were
38:32
good but this just seems to hurt the whole industry in general
38:37
and also connecting. This is what the SEC is doing
38:40
and it really gets my paranoid feelers going on and and we're
38:44
definitely in the then they fight you stage.
38:46
But again I always say it as a troll and I really do mean it
38:50
but you know boomers write things down on paper and expect
38:53
us not to take Bitcoin into self custody or run software.
38:56
So, you know, I don't know. Words are important.
39:00
And again, this seems like it's going to do way more harm than
39:03
good. And man, like KYC is already a
39:07
thing. Now they want to KYC wallets,
39:10
miners. Like what is going on here?
39:12
How did they even think this is was a good idea?
39:14
Like, what kind of compromises were made so that we can get
39:16
Elizabeth Warren to be OK with this?
39:19
That's it. Yeah.
39:20
That we're just shooting ourselves in the foot.
39:22
Those are the compromises right there.
39:24
Like that first passage is so broad that it's it's so
39:28
all-encompassing that it has very, very deep implications and
39:33
it's just like I I'm. I'm surprised that I'm not
39:37
hearing a lot about this on Twitter.
39:39
Opti. Like, I think, no, Only
39:41
everyone's caring about Richard Hart.
39:43
Like it's like I I think like, you know, like no one's like not
39:47
enough people are talking about, like this is bad.
39:49
Like this is bad. Like, I remember the first time
39:51
it happened in 2022. People made a ruckus about it.
39:55
They're like, no, fuck this. And it got and they we got shut
39:58
down and it's like you know that supposedly this is bipartisan
40:02
and they came together but. That wording is so generalized.
40:06
What does that mean? KYC implementation into mining?
40:10
What does that mean? Like what?
40:11
What does that entail? Validators.
40:14
That means a node, right? So they want KYC softer on the
40:17
node? Like what?
40:18
The compliant chain. What does that mean anyways,
40:22
anyways? Why?
40:23
But Nico, before we go on also, we should definitely connect
40:26
this with what the EU has passed with the Mika laws.
40:30
And it's it's sounding very, very similar in the US, Like I
40:34
thought, we're the land of the free, home of the brave, and
40:37
we're just as cocked as the EU, like, what's going on here?
40:40
Yeah, I mean obviously I think they're they're trying to
40:42
maintain that privilege. Anyways, I want to read a
40:44
passage from The Sovereign Individual, which I read every
40:47
every couple of episodes, but I think it was it was a great
40:51
prediction and a great prediction on not only what is
40:55
happening, but also a great prediction on the reaction from
40:59
governments to what is happening in the 1st place.
41:02
So the first passage says new technologies will allow the
41:05
holders of wealth to bypass the national monopolies that have
41:08
issued and regulated money in the modern period.
41:10
Their importance for controlling the world's wealth will be
41:13
transcended by mathematical algorithms that have no physical
41:16
existence in the new Millennium. Cyber money controlled by
41:19
private private markets will supersede Fiat money issued by
41:23
governments lacking their customs scope to tax and
41:26
inflate. Governments, even in
41:28
traditionally civil countries, will turn nasty.
41:31
Businesses that offer services that facilitate the realization
41:35
of autonomy by individuals will be subject to infiltration,
41:38
sabotage, and disruption. Arbitrary forfeiture of
41:42
property, already commonplace in the United States where it
41:44
occurs 5000 times a week, will become even more pervasive.
41:48
Governments will violate, violate human rights, censor the
41:52
free flow of information, sabotage, useful technologies,
41:55
and worse. Mind you, this book was written
41:58
in the 1990s and I think it completely predicts what the F
42:03
is going on. Anyways, I think this is.
42:05
The way Nico, before we go on, sorry, I don't mean to cut you
42:07
off, but I I always say this is like a troll.
42:10
You know, Like I love when the government tries to ban Bitcoin
42:13
because it just proves that your politicians out there, your
42:15
bureaucrats, want you, the citizen, to have fun staying
42:18
poor. Now this is one of those.
42:19
Then they attack you stages where they don't outright try to
42:22
ban it. They try to do a roundabout way
42:24
to control it. And again, just doubling down.
42:27
Politicians don't care about you and they want you to have fun
42:30
staying poor. Like convince me otherwise?
42:32
I mean, I I would say that it's impossible for.
42:34
For politicians to really care, as long as the incentive
42:38
structure is not aligned right, you have an incentive structure
42:41
where politicians, they get voted into office and they're
42:45
incentivized to get as close as humanly possible to the money
42:49
spigot, not necessarily do well by their constituents.
42:53
So I think it's you have a misaligned incentive structure
42:57
and I think if you do separate money from state, I think you
42:59
do, I think you will fix that anyways.
43:02
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44:38
Many more to be announced including Max Kaiser, Stacy
44:40
Herbert, We Got Jimmy Song, We got Lynn Alden, We got Greg
44:43
Foss, We got Alex Gladstein, We are Corey Clips and we got
44:46
Preston Pish and many many more. You guys don't want to miss the
44:51
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44:55
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44:58
get 21% off your tickets to. The Pacific Bitcoin Festival.
45:02
Anyways, Opti, what are we talking about today, my friend?
45:05
Yeah, so we got Trey from the Progressive Bitcoin or so.
45:10
I like to let our go. I kept saying the progressive
45:12
case for Bitcoin. I'm sorry, Trey.
45:15
Right. Man, and I love just to give our
45:17
host a platform. So, Trey, let's just start with
45:19
what is the progressive bitcoiner?
45:21
And then we'll move on the conversation from there.
45:24
Yeah, it's a podcast. My hope is that we can get some
45:29
more people to put some stuff in that resources tab up there as
45:31
well to have some writings and things like this, maybe events
45:34
in the future. But it's a podcast really
45:36
bringing together, you know, the Nexus between progressive left
45:39
values and Bitcoin. And the main motivation for
45:42
this, it is that in a lot of the space, we talk a lot about these
45:46
things and a lot of folks from the left can be turned off.
45:49
A lot of the folks from the left are hearing what Elizabeth
45:51
Warren is saying, all these things we're talking about and
45:53
viewing it, Oh, that's right Wing Conspiracy.
45:55
That's this and that. And it's like, no, Bitcoin is
45:57
promoting human freedom. Freedom.
45:59
Tech like Noster is promoting human freedom.
46:02
Let's articulate a message in a way people can understand and
46:04
speak their language, as Jason Mayer, who wrote a progressive
46:07
case for Bitcoin, talks about as well.
46:09
So that's really the whole point of the podcast, is to make sure
46:11
people know Bitcoin isn't for any political camp.
46:14
You know, Bitcoin is for everyone and it's this neutral,
46:17
open protocol. So that's the main point of it.
46:20
So I opti could you pull up that screen again and could you go up
46:24
you there is a piece scroll up for a second.
46:29
Yeah. So there was a piece basically
46:31
saying Elizabeth Warren's blind spot and we we were mentioning
46:36
her today, You know, she is, she did sign up.
46:38
We know that she's been hypercritical of the entire
46:42
industry of of Bitcoin itself. So I mean what what is the blind
46:46
spot? What?
46:47
And of course Elizabeth Warren is, you know, a very progressive
46:50
senator. So what?
46:52
What do you think there? There's a misunderstanding
46:54
there. Do you think that there's a
46:56
misconception? Like what?
46:57
What do you think is going on there behind the scenes?
47:00
Yeah, I mean, it's really tough and challenging and I'm here in
47:02
Massachusetts, so she's one of my senators and I think it's
47:06
really unfortunate that she fought so hard against what the
47:10
banks were doing and and kind of greed and fighting for the
47:13
little guy to, so to speak and. Really.
47:15
I mean, I know we've gotten comfortable and used to saying,
47:17
oh, Elizabeth Warren is, I mean, a Bitcoin.
47:19
But when you really think about it, she should be fully
47:21
advocating for it. I think if she really understood
47:23
it. So no, I I think she doesn't
47:25
understand it. I think her staffers don't
47:27
understand it. And many in the party
47:29
unfortunately kind of fall into those lines and see as it's, you
47:32
know, an attack on our climate. It's for money laundering, all
47:35
of these things we talked about with this bill.
47:37
It's those things. So once she's rooted in that
47:39
camp, they have to all fall in line.
47:42
With that, so it's it's really unfortunate, but I know we've
47:45
gotten used to saying, oh, she's against it, but she really
47:48
shouldn't. It's it's unfortunate.
47:49
It should be right up her alley. I agree cuz it you know Bitcoin
47:52
is for the little guy like Bitcoin is for you know, it
47:56
allows anyone to have sound money anywhere, anywhere.
48:00
You are around. The world doesn't care about
48:02
your skin color, your religion, you know your beliefs, whatever
48:05
you you can download a Bitcoin wallet and you can access the
48:08
Bitcoin network and that allows you to.
48:11
You know, connect with, with the global economy and before
48:15
Bitcoin you didn't like if you lived in a certain country, you
48:18
weren't, you didn't have this capability, right.
48:20
So I completely agree from, you know, from that point of view,
48:24
you would think that it's like this thing is perfect, like this
48:28
this thing, this is, you know, the most equal, equitable money
48:31
the world has ever seen, right? Like, what is going on here?
48:33
So I So I guess my response to you is why did you feel like it
48:37
was so important to start? The podcast like what?
48:41
What? What is why is there a
48:43
misconception on you know, on you know, I hate to say cuz I I,
48:47
I I feel like you know, what we always say on the show is is not
48:52
left verse right? It's not Democrat verse
48:54
Republican, it's the Party of Green, which is a party of
48:57
central bank digital currency surveillance.
48:59
Poverty and nihilism versus a party of orange is the party of
49:03
freedom, optimism and prosperity.
49:11
Why do you? That's the way that we frame it
49:06
on the show. But in the traditional Fiat
49:08
camps, why did you feel like it was in?
49:12
Feel like the the political left so to speak has they're,
49:17
they're, they're let's just say they're more and they're more,
49:20
they're more more hostile towards it I would say.
49:24
And I'm not trying to generalize it or anything, but it's it's,
49:27
it's kind of like a pattern that I've seen, right?
49:29
It's whether it's the the mostly it's in the the environmental
49:33
attacks is is what I've noticed. So is this again, is this like a
49:37
misunderstanding, A misconception?
49:39
What do you think is going on there and what are you doing
49:42
about it to kind of change that? And what are some of the
49:44
experiences that you've had talking to people you know of
49:48
that specific ideology to kind of get them on the side of the
49:51
party of Orange? And wake them up to this, react
49:54
to this new reality. Yeah.
49:56
How am I going to fix all of these problems?
49:59
Yeah, I mean, I think the biggest thing is it's
50:01
unfortunate because what I have said from the beginning is, I
50:04
mean, and I didn't fully immerse and jump into the Bitcoin rabbit
50:07
hole, I'd be pretty open about this since until early 2021, so
50:11
probably like February. So, So I'm relatively new to
50:14
Bitcoin and one thing that I did notice is there wasn't a lot of.
50:17
Media or narratives articulating thing, articulating viewpoints
50:21
about Bitcoin other than like a libertarian or right leaning
50:23
worldview. But for me, you know, I I grew
50:26
up in the South as well. I grew up and I have a lot of
50:28
family members from that side. I'm in New England now, so I was
50:31
able to focus on Bitcoin and kind of ignore the things I
50:34
didn't want to hear that I that I thought weren't really related
50:37
to Bitcoin and focus on Bitcoin. Unfortunately with, you know,
50:40
polarization everywhere, most people if they hear one little
50:43
thing that they don't like from someone they dismiss it.
50:45
So that's unfortunate. And people shouldn't do that,
50:47
right? Because there's a lot of people
50:48
that are saying good things about Bitcoin or about world
50:50
views that I might disagree with them on other points.
50:52
And that's okay. But I think in general, a lot of
50:55
us have just gotten into this world view where we just dismiss
50:58
someone because they say one thing we don't like rather than
51:00
seeing the other things they do like.
51:02
But yeah, I think a lot of people, I mean listen outside of
51:05
the Twitter world view and or ex or Nast or whatever, a lot of
51:10
people just don't know about it, right?
51:11
They associate in the US again it's a specifically US and
51:15
Western issue. They focus on Bitcoin as crypto.
51:18
So they focus on crypto Bros, you know, Hex Luna, FTX, all
51:22
these things we're talking about, they see it as that,
51:24
right? All these are crypto Bros who
51:26
you know, which is want to make money and it's greed.
51:28
And also additionally, I think the environmental argument has
51:31
been getting better and better thanks to the likes of like Troy
51:34
Cross, Daniel Batten, Margot Pius, so many others.
51:37
There's a lot of Bitcoin miners that are out there talking about
51:40
how renewable mining is. Is good for the planet and this
51:42
and that, but actually it's all it's also cheaper.
51:44
So there's market incentives behind it, all of these things.
51:46
So I think that narrative is getting better and better.
51:49
I will also say that doesn't get talked about enough that I try
51:52
to talk about is folks on the left, myself included, prior to
51:55
getting into Bitcoin. Any talk about money or wealth
51:58
is like uncomfortable. It's like an icky subject that
52:01
people just want to pretend doesn't exist, right?
52:03
Like we want to fix problems in the world.
52:05
We want to address homelessness, we want to address wealth
52:07
inequality and do all these projects around the world.
52:10
But we pretend that money isn't involved in those things, and
52:13
that's a problem as well. So I want to encourage
52:15
progressives and left to think about money, think about the
52:18
economy, think about these things that typically are just
52:21
dismissed and not thought about. And then now let's think about
52:24
Bitcoin, which is different from all of these things and is
52:26
actually intended to be a bottomup resource and intended
52:30
to combat inflation like you were mentioning Eco at the
52:32
beginning of the episode. Like the wealthier benefiting
52:35
from the current system larger than anyone.
52:38
So Bitcoin is for everyone, but Bitcoin can especially benefit
52:41
those that don't have stocks that don't have all of these
52:44
assets, all these properties, things like this.
52:46
It is property for anyone. And that's really what I'm
52:49
trying to get on and on about now in terms of our audience and
52:52
things like that. You know, it's a pretty targeted
52:54
right now, but I'm hoping it will grow.
52:56
Unfortunately, I'll probably grow more with the bull market,
52:58
as a lot of things do. But progressives and bitcoiners,
53:01
right? We're trying to encourage
53:02
progressives that bitcoins okay. We're trying to tell Bitcoiners
53:05
like, hey, it's OK to have more progressives in the camp, right?
53:08
We're not trying to make sure everyone in Bitcoin is
53:11
progressives and this and that. We're just trying to articulate
53:13
things in a way that can be understood by the left.
53:16
Because right now, currently, there still isn't a lot of
53:18
resources and podcaster media that that focuses solely on
53:22
that. So that's what we're trying to
53:23
do is just meet that market fit that doesn't exist currently.
53:27
Yeah, and that's awesome and I really think it's important that
53:30
what you guys are doing. We always say this on the show
53:33
like Bitcoin is this great unifier you know brings people
53:36
together with this common denominator and the common
53:39
denominator is Bitcoin. So what you guys are doing is,
53:42
is is very, very important and we got a little we got some time
53:46
left. So just wanted to wanted to give
53:49
you like if you had the chance to.
53:51
Get Yeah, I was gonna do the elevator pitch.
53:53
Yeah, quick elevator pitch. Like, what is the progressive?
53:55
Yeah, what is the progressive case for Bitcoin?
53:58
Yeah, I mean, the biggest thing is it's money that can be owned
54:02
and controlled by you. It's not controlled by
54:04
billionaires. It's not controlled by the
54:06
government. It's not controlled by a
54:08
dictatorship that can say what you can and can't do, right?
54:10
Like right now, let's say your candidate is in office and you
54:13
like them. Well, the next election, the
54:15
candidate that you don't like might be in office and they
54:18
might take things that are really valuable away from you,
54:21
right. So Bitcoin is complete control
54:24
and ownership. By you it's going up.
54:27
It fights inflation, so it's personal wealth that you can
54:29
hold. It's the ultimate like
54:31
humanitarian piece as well. We use different use cases like
54:34
in Afghanistan, you know, women weren't allowed to hold wealth
54:37
and have access to bank accounts.
54:38
They were able to able to hold Bitcoin and escape Taliban
54:41
regimes with Bitcoin. So it's a humanitarian asset.
54:44
It's doing amazing things in terms of the environment and
54:47
actually expanding and growing out the renewable.
54:51
Mining industry, which is really, really incredible.
54:53
So the there's a lot of nuances there as well.
54:55
But Bitcoin perfectly aligns with progressive values just as
54:59
much as any other value. And people should really just
55:02
study it and look into it, right?
55:04
That's the first step. Look into it.
55:05
Don't dismiss it because a politician says it, because
55:08
that's the point of the day to be made.
55:10
Absolutely beautifully, beautifully said.
55:13
Anyways, Opti, is it time for time for the meme review time?
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All right, you already know the deal guys.
56:00
This is the meme review. This is your favorite portion of
56:01
the show where you tag us on memes on Twitter at Simply
56:04
Bitcoin TV or drop them in our Telegram group.
56:08
T dot me slash simply Bitcoin. And guys, remember to give me
56:12
the Twitter, the tweet in the in the Telegram group so that I can
56:17
I can give the people credit. You know, we're getting good
56:19
memes in there. If you don't want them on the
56:21
show, by all means just drop the meme.
56:23
But. Make sure you drop the tweet in
56:25
there so I can give the person's credit who we are stealing the
56:28
memes from. OK?
56:30
The 1st meme is by the AT Swan Handle which just rebranded to
56:34
Bitcoin Signal and it's just a picture of the UASF hat.
56:39
And it goes. Today is Bitcoin Independence
56:41
Day. On this day, we the users
56:43
celebrate our sovereignty over the Bitcoin protocol.
56:46
Let's go. OK.
56:48
This next one is by the having party.
56:50
MF shouts out to Big Sean Harris and the whole meme factory crew
56:54
or whoever is behind the having party account and it goes.
56:57
You know, Homer's sleeping in his bed very comfortably and he
57:00
goes when you post about shit coins being scams and illegal
57:03
securities before bed so you can wake up and read the dumpster
57:06
fire with your morning coffee. Yeah, I see you guys.
57:09
I see you guys doing that. OK, this next one shouts out to
57:12
our boy rape elevator. He dropped this in the chat
57:14
yesterday that he was orange peeling Doc Brown.
57:18
Down from Back to the Future and he put it in a tweet here and he
57:23
goes rave elevator telling Christopher Lloyd AKA Doc bound
57:26
from Doc Brown from Back to the Future about Bitcoin.
57:30
And it's in the process. You know he he's obsect friendly
57:34
putting the Bitcoin logo on his head.
57:36
He's got Bitcoin in his hands. Maybe we can orange pill Doc
57:40
Brown from Back to the Future. That would be that'd be a thing.
57:43
All right. This next one is by meaning
57:45
Bitcoin, and I absolutely love this meme.
57:48
One of my favorite trolls, but also a solid meme.
57:52
We have S 9 Bitcoin minor and it's got the little green logo
57:56
that says eco friendly and it goes 0 emissions electric
57:59
powered and computes math. And then we got the TI-84
58:02
calculator. Also eco friendly 0 emissions
58:05
electric powered and computes math.
58:07
This is the way. Don't let them confuse you guys.
58:11
Bitcoin is ESG friendly. OK, I mean, now that BlackRock
58:15
is, I know it is totally. Complete Bitcoin is eco
58:18
friendly. We know this.
58:19
OK, the next meme is by the BTC therapist and it goes.
58:22
People are waking up #BTC. And we have right here on the
58:27
left how it starts. And this is all of us Bitcoiners
58:29
right here, looking at the Fiat crowds, the dollar Maxis, and
58:34
telling them that they're wrong and they should be holding
58:36
Bitcoin. And this is how it ends.
58:38
Everyone is a bitcoiner, and then only the unproductive
58:43
parasite class. Our Fiat Maxis.
58:45
This is the way. This is why we orange pill.
58:47
This is why we continue to try to spread the Bitcoin signal
58:50
outside of our Bitcoin echo chambers on Twitter.
58:53
Anyways, this next meme is by Maxi's club and it goes 474A.
58:57
Slight difference and we have a Fiat Maxi Alligator.
59:02
And it goes strongest argument the Fiat economist Trust me bro
59:06
this time will be different And bitcoiners in Bitcoin Zen goes
59:10
no don't trust me. Verify.
59:12
Run a node take Bitcoin into self custody.
59:14
This is the way this last one I I really just like this like a I
59:18
generated art here of the Bitcoin logo but it's a sun and
59:22
it's a wave. I've been withdrawing and I'm.
59:25
I feel like a reptile out here in the desert.
59:27
I need an ocean. I need to get to the ocean soon,
59:30
so hence why I put this one up here for today's meme review.
59:32
But anyways, at Fab, the fox goes.
59:35
Just as a sunrise brings light and hope to a new day, Bitcoin
59:39
is ushering in a brighter future for global wealth accumulation
59:43
and prosperity. Let's go.
59:46
This is why we do what we do. Opti is a lizard, he just
59:50
admitted. I do.
59:52
I am cold blooded. Opti's a lizard living in the
59:56
desert anyways. All right, good.
1:00:00
Drop your meme if you score. Over there.
1:00:01
Drop your memes in the chat. Drop it in the chat.
1:00:05
All right, Opti, I'm gonna give it.
1:00:07
It's gonna be a curveball. I'm gonna give it a glass water.
1:00:10
Ooh, is it still essential water?
1:00:13
No. Wow, it's filtered.
1:00:17
Wow, he got a water filter. Look at him.
1:00:19
OK, my meme review score is this silk cloth in this glass
1:00:25
container. What the fuck?
1:00:28
Fancy, Fancy, Fancy. Avoid the plastics guys.
1:00:33
A plastic bat, Glass. You gotta go with glass anyways.
1:00:36
Tray, What would you give? What would you give those memes?
1:00:42
Like I have to find an object in here.
1:00:44
Yeah, yeah, like you can. Give it or throwback.
1:00:46
You give it a number, It's fine feeling, a color, An object.
1:00:49
Yeah, you know, I I got this new light.
1:00:51
I'm still trying to figure out this.
1:00:53
So that last one, that last one hit me.
1:00:55
That was a beautiful drawing. So it's very like this, this
1:00:57
light, just the perfect you know when you step out into to sun,
1:01:00
I'll you know call our son Maxi's here and you just feel
1:01:03
that glow. That's what I felt with what
1:01:05
these means. That's a great.
1:01:07
Steven Lavka in the chat. Yep.
1:01:10
Applause that score. Beautiful, Beautiful, beautiful.
1:01:14
All right 1st, 1st meme score by Elaine Frankenstein, the bolts
1:01:20
of his neck glimmering like laser eyes as he gives a girl a
1:01:24
Bitcoin instead of a flower. I like Frankenstein.
1:01:27
I like that meme. Score Mclovin 84.9% OK.
1:01:32
OK, throwback score, but like 100 on 100 point scale.
1:01:36
So that's wise Jenks. I give the memes 1000 complaints
1:01:39
to YouTube for removing another great daily Bitcoin Channel
1:01:42
crypto news alerts. I don't know who that is.
1:01:46
Sounds sounds like a crypto show bro.
1:01:48
The the you're on the wrong channel.
1:01:50
The goblin Dude Opti is a reptile.
1:01:54
Reptilian Confirmed. Follow 21.
1:01:58
I give the memes the birth of my son.
1:02:00
The 4th bit bitcoiner Mic drop. Congrats bro the.
1:02:06
Best way to make bitcoiners is to make bitcoiners the Tyler
1:02:10
dirt and swallowed the red pill. I give a half empty cup of cold
1:02:14
coffee. Very nice, very nice very nice.
1:02:16
Next score in our world tacos. I give the memes all my hex cuz
1:02:20
turns out it's not worth it's not actually worth anything.
1:02:26
Grave elevator. One slice of mushroom pizza.
1:02:31
I don't know about that, Bro. Okay okay okay okay UTXL.
1:02:35
Give the memes an assortment of household items in a glass
1:02:39
container. Okay.
1:02:40
It's a very thoughtful score. I like that.
1:02:43
Oh man, this one. This one's Fiji 13 Friendly
1:02:46
Nico. Neutered fields.
1:02:50
Selling to tests for Sats. Selling tests for Sats.
1:02:55
Newton field. It was neutral fields, bro.
1:02:58
Not Newton field. I put two and two together.
1:03:01
Anyways, anyways guys, thank you so much for joining us on the
1:03:04
episode of Simply Bitcoin Live. We appreciate you all.
1:03:07
I'm Nico as Mouse with my cohost Opti.
1:03:10
Is there a special guest? Trey.
1:03:11
Trey, thank you so much for coming on today.
1:03:13
Why don't you tell everybody where they could, where they
1:03:15
could find you? Yeah, head over to the
1:03:18
progressive bitcoiner.com. You can see all of our social
1:03:20
links and stuff there. I'm on Noster as well.
1:03:23
And you know, you can find us on Twitter at TPB Pod X.
1:03:27
Whatever, God, just just come on Noster as well.
1:03:30
We're we're all on Noster. Like, get over there if you're
1:03:32
not already, but find us on the website.
1:03:34
I just mentioned TPP Pod and thank you so much.
1:03:37
This was fun, yeah, thanks for thank you so much for joining us
1:03:40
man. Really appreciate it.
1:03:41
Alright guys, if you enjoyed the show you want to do smash that
1:03:43
like button. If you feel like we provided you
1:03:45
value, consider subscribing. But the number one thing you
1:03:47
could do to push the peaceful Bitcoin revolution is share this
1:03:51
content. In fact, share all Bitcoin
1:03:53
content. Don't be exclusive, be
1:03:55
inclusive, don't share shipcoin content.
1:03:56
That's counterproductive. And if you want to join the
1:03:59
after party, we are hosting a Twitter spaces today with our
1:04:03
friends over at Swan Bitcoin. Best place to build your Bitcoin
1:04:06
stack. So definitely hang out with us
1:04:08
over there. It's gonna be going on until
1:04:10
2:00 PM Eastern Standard Time. Opti is gonna be holding it down
1:04:13
until then, guys. Love you all.
1:04:15
We'll see you tomorrow for a brand new episode of Simply
1:04:18
Bitcoin Live. Peace out, y'all.
1:04:32
All right guys, you already know the deal.
1:04:33
This is the simply Bitcoin Twitter spaces.
1:04:36
So. Come up here, add your two sets
1:04:38
of the conversation. I think today might get a little
1:04:41
spicy. We of course run this till 2:00
1:04:44
PM Eastern Time. I will be picking on some
1:04:47
friends because I feel like we ranted enough today.
1:04:49
But man what a what a crazy breakdown of this bill.
1:04:56
That was something else actually.
1:04:59
I will have to find find the the full breakdown so we can we can
1:05:05
cover it but. You already know the deal.
1:05:07
It's a Bitcoin only space. By Bitcoin, it's 4.