Latest / Simply Bitcoin / Michael Saylor Steps Down as CEO, Bitcoin in Trouble? | EP 545

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Michael Saylor Steps Down as CEO, Bitcoin in Trouble? | EP 545 · Simply Bitcoin

• 0:28
  Yep, welcome to another episode of Simply Bitcoin.
• 0:33
  Like, I've been telling you guys, we are transitioning the
• 0:35
  show to a live show. So, because it's live, you're
• 0:38
  going to see a lot of mistakes, but at least you get the
• 0:41
  authenticity. Today, we're going to talk about
• 0:44
  a very interesting topic, Michael sailor.
• 0:47
  Obviously, if you guys haven't been living under a rock,
• 0:50
  Michael sailor CEO of microstrategy, step down as CEO
• 0:56
  so we're going to Some articles are going to check out some
• 0:58
  sweets. We're going to talk about the
• 1:00
  significance of it. It noise.
• 1:02
  Is it signal? What?
• 1:03
  We'll get to it in a little bit. But first, only very special
• 1:08
  hello to Simply Bitcoins. Co-hosts legendary Optimus
• 1:12
  fields. That has strange Twitter handle
• 1:15
  of my live in truth. I don't know if one has to do
• 1:18
  with the other but hey, I'm digging it.
• 1:20
  I'm digging it. It's my life philosophy Niko.
• 1:23
  It's My Life philosophy. What's up everyone?
• 1:25
  My hair is a little messed up. Up today, I didn't take the BTC
• 1:28
  sessions hair, you know, control this morning, but we are here,
• 1:33
  and we're going to give you guys a show.
• 1:34
  So, shout-out to you guys listening.
• 1:36
  Shout out to everyone in the chat.
• 1:39
  This is going to be an awesome day.
• 1:40
  Let's get into it. And how are ya?
• 1:42
  How are ya? And to say, hi to some people
• 1:45
  that are already in the chat. Are you doing bacon?
• 1:48
  How you doing? Lucky happy to have you and of
• 1:51
  course Becca how you doing. Good morning Becca.
• 1:54
  Anyways let's get to the Shall we?
• 1:59
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• 2:03
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  Nomad, you have no excuse because you could run a novel
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  node over a virtual private server.
• 2:21
  Anywhere around the world visit not all Dottie you.
• 2:25
  All right at the time of this recording the Bitcoin prices at
• 2:29
  In 290 Sasser, dollar 4290 for Bitcoin block height or block
• 2:37
  height, 747 thousand, eight hundred and twenty-five
• 2:40
  reachable Bitcoin notes. Why'd you do that Opti?
• 2:45
  They like that view better. That's they like how many on
• 2:48
  YouTube. Yeah, they like that.
• 2:49
  Any better? What about this one?
• 2:51
  Boom, boom. Tell us in the chat which one
• 2:54
  you like better? Guys screen is smaller.
• 2:57
  But all right, so Seven hundred forty seven thousand, 829
• 3:02
  reachable Bitcoin, nodes 13,000 973 percentage issued, 91%
• 3:09
  blocks, the having 92175 having estimate April 19-20, 24, total,
• 3:16
  lightning network capacity. 1312 Bitcoin, that's around 30
• 3:22
  million. U.s. dollars hash rate over the
• 3:25
  last 90 days, or After 209 X hashes and the annual mining
• 3:34
  Revenue Bitcoins firewall kind of fourteen point three billion
• 3:40
  dollars. So anyway, good numbers overall
• 3:43
  today guys. Usually I play some video during
• 3:46
  the number section, but we're going to double down on this
• 3:50
  concept. And especially, I think this is,
• 3:53
  especially useful for people that are getting into Bitcoin
• 3:56
  and I have a lot of people that are getting to bitcoin that that
• 4:00
  Stumble onto simply Bitcoin and they've never heard of these
• 4:02
  Concepts. So I'm going to keep doubling
• 4:04
  down on them, right? Bitcoin is a deflationary
• 4:08
  currency. That means its purchasing power
• 4:10
  increases over time. And if you compare that with
• 4:13
  Fiat, Fiat is an inflationary currency, meaning it loses
• 4:18
  purchasing power over time. And I think that this tweet by
• 4:23
  documenting Bitcoin, really highlights that in 2012, a
• 4:27
  medium. Bitcoin house is And Bitcoin in
• 4:30
  2013, it's 19,000 Bitcoin in 2014.
• 4:33
  It's 351 Bitcoin 2015 901 Bitcoin 2016 697, Bitcoin 2017
• 4:42
  323 Bitcoin, Tony 18 to 24 29, 1984, Bitcoin, 2020, 46,
• 4:49
  Bitcoin, 2020, 18 Bitcoin 20, 20 to 22 Bitcoin.
• 4:55
  So yes some here's obviously it's not a straight line up.
• 5:00
  It's volatile but if you zoom out it's definitely going in a
• 5:04
  certain direction. Right?
• 5:06
  Anyways, moving on to this visualizes it a little bit
• 5:10
  different. Shout out to Cedric has an
• 5:12
  awesome podcast, the Bitcoin Matrix podcast really, really
• 5:16
  cool. I definitely recommend
• 5:18
  subscribing to it. Anyways house priced and Bitcoin
• 5:20
  is a good visualization in 2017 would be 125 Bitcoin.
• 5:25
  And today it would be 20 Bitcoin even with housing prices.
• 5:29
  Isis doubling, and last two to three years because of all the
• 5:33
  money printing with Bitcoin. If you save over a long period
• 5:36
  of time, things still get cheaper but it's not only hold
• 5:41
  on. Yeah.
• 5:42
  So it's not only that right here is a really good.
• 5:45
  I think representation there's seven point, nine billion people
• 5:49
  and there's only 21 million coin and that number is actually
• 5:54
  crazy right? It's estimated that there's
• 5:56
  between 47 thousand and sixty And millionaires all around the
• 6:01
  world million millionaires, all around the world, but there's
• 6:04
  only 21 million Bitcoins. Meaning if every single
• 6:09
  millionaire all around planet Earth wanted to buy just one
• 6:13
  Bitcoin, they physically could not write.
• 6:17
  So anyone that says we're still early anyone that says, oh
• 6:21
  Bitcoin is down this year. What the f is going on?
• 6:25
  What I recommend to them is zoom out.
• 6:28
  Take a deep breath. Zoom out don't use Bitcoin as a
• 6:32
  speculation use Bitcoin as savings technology because that
• 6:36
  is really where Bitcoin shines the most anyways Opti.
• 6:40
  What are your thoughts? Well I really love that
• 6:46
  infographics that you put because I added a similar one to
• 6:50
  the meme review. So we are on the same frequency
• 6:54
  but also I just want to make a quick Point, guys, that if you
• 6:59
  own a bit Line, you are more wealthy than Fiat millionaires.
• 7:02
  So continue to stack SATs out there guys because we say it all
• 7:06
  the time there's only 21 million Bitcoins and you have an
• 7:10
  opportunity to get one right now for roughly twenty three
• 7:14
  thousand dollars. I know that's a lot for most
• 7:16
  people but guys Bitcoin is the most scarce asset in the world
• 7:21
  and as Nico is explaining to you guys, it's deflationary which
• 7:24
  means your life gets cheaper on the Bitcoin standard.
• 7:27
  This is the way this is why. Why we tell you guys to save in
• 7:31
  Bitcoin, this is why Bitcoin is the peaceful Revolution.
• 7:34
  It unlocks human capital and that's why we're here man, to
• 7:38
  push that message. Let's go Niko bullish bullsh.
• 7:42
  Anyways, see a lot of people in the chat.
• 7:45
  They kind of want to talk about what's going on Sailor.
• 7:48
  So I'm going to skip it if you're new to bitcoin.
• 7:50
  If you're new to this channel, guys use the coin as a savings
• 7:53
  technology Sailors. Absolutely right.
• 7:55
  When he says there is no second best.
• 7:59
  Anyways, let's get to the news Opti.
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• 8:38
  So this just came out recently actually came out yesterday This
• 8:44
  is the official press release than we'll get to some Nico
• 8:47
  Jones type of, you know, perspective or opinion.
• 8:51
  So first, Michael Cera to assume the role of executive, chairman
• 8:55
  and phone, Lee Hong Lei to serve as CEO, or as also known as
• 9:01
  chief executive officer. So Bloomberg article released
• 9:06
  and it covers it you know, in very in depth.
• 9:09
  So I'm going to read some of it. It's only a two minute article
• 9:12
  ways microstrategy co-founder A sailor gave up his chief
• 9:15
  executive offered officer title and said, he'll focus more on
• 9:19
  bitcoin. After the enterprise software
• 9:23
  maker reported a loss of more than 1 billion US Dollars.
• 9:27
  And that's the part that I want you guys to focus on.
• 9:31
  We're not a hope IAM Channel. We never claimed to be a ho p.m.
• 9:33
  channel. We tried to bring you the signal
• 9:36
  and Optics matter the way that people perceive things matter.
• 9:41
  Okay. So I'm going to that last part.
• 9:44
  After the enterprise software maker, reported a loss of more
• 9:47
  than 1 billion dollars. And that's when Michael sailor
• 9:50
  step down, anyways, microstrategy president Fang Li
• 9:55
  will take on the executive, the chief executive role.
• 9:58
  As Global adoption of digital assets accelerates is becoming
• 10:01
  an Ever more expensive job and I'm comfortable increasing the
• 10:05
  scope of my advocacy efforts know, knowing that the execution
• 10:09
  of micro strategies business plan rest in the capable hands
• 10:13
  of phone. Now, Here's the thing guys, is
• 10:15
  that a positive spin? Because obviously Michael sailor
• 10:18
  isn't going to talk about, you know, his company in a negative
• 10:21
  light because that obviously would affect stockholders.
• 10:26
  I'll be honest with you guys. I kind of had a feeling about
• 10:29
  this and if you see the episode that I did, it's the interview
• 10:35
  series of Simply Bitcoin and I recorded it with James lavish,
• 10:38
  Jeff Foss and Jo, Jeff Ross, I was looking at microstrategy
• 10:44
  stock place. In fact, I think I pulled it up
• 10:46
  on the show and I asked James lavish, is Michael sailor and
• 10:49
  trouble here. And I remember what James said.
• 10:53
  He basically told me he's like, look, he's been very public
• 10:56
  about his strategy. So, anybody buying the
• 11:00
  microstrategy stock would know what?
• 11:02
  Exactly they're getting themselves into.
• 11:05
  I'm not saying it's correlated the poor performance of
• 11:09
  microstrategy, obviously the whole macro.
• 11:12
  Iron Man is not that great either, right?
• 11:15
  You know, the FED did taper off the money printer and obviously
• 11:20
  that's going to affect asset prices.
• 11:23
  Anyways, microstrategy took a nine hundred and Seventeen
• 11:26
  million dollar impairment charge related to the decline in the
• 11:30
  value of the Bitcoin, it holds Bitcoin, tumbled, 59% in the
• 11:35
  quarter and treated about 45 percent lower than the price.
• 11:38
  At the end of the year earlier Revenue dropped to 22 million
• 11:42
  dollars analysts polled by Bloomberg expect did Revenue.
• 11:46
  123 million revenue is actually down compared to what analysts
• 11:51
  predicted next quarterly losses of 1.06.
• 11:55
  Two billion dollars compared with a loss of 299 million in
• 11:59
  the same quarter of last year. The quarterly law is almost
• 12:03
  exactly twice the company's Revenue in the last 12 months.
• 12:07
  I'm gonna read that again. The quarterly loss is almost
• 12:11
  exactly. Twice, the company's Revenue in
• 12:14
  the last 12 months, microstrategy's original
• 12:17
  microstrategy's, original strategy, a strategy strategy,
• 12:21
  there we go. Sorry, my tongue got cut up and
• 12:24
  Consulting business needs. Full-time.
• 12:26
  Attention said Henry, Elder head of decentralized as Finance at
• 12:31
  way Financial rephrase, that head of centralized shit coin
• 12:36
  Finance at way Financial anyways.
• 12:37
  Now, Michael can focus on what he does.
• 12:39
  Best promoting Bitcoin and the company could Focus on making
• 12:43
  more money to buy more Bitcoin. They are basically doubling
• 12:46
  down. I like that perspective.
• 12:48
  It's an optimistic perspective but I'll say this guy's Michael
• 12:52
  Cera, made his bet. There is no pulling back so he
• 12:55
  has no other option but to move forward and I'll say one other
• 12:58
  thing. And I tweeted this, when we had
• 13:01
  the initial price going down in Bitcoin, everyone has to pay
• 13:07
  their dues at the end of the day.
• 13:09
  Michael sailor, even though he has a lot more.
• 13:12
  Capital to invest Opti and I we've been in Bitcoin longer.
• 13:16
  We've paid our dues, we've survived the bear Market.
• 13:18
  I got in 2016, I think Opti got in 2017.
• 13:22
  Sailor got in 2020, right? So he's just starting to pay his
• 13:26
  dues. And what I tell everybody is you
• 13:29
  got to survive a full cycle, a full cycle, and Bitcoin roughly.
• 13:33
  There's a having every four years, you survived a full
• 13:36
  cycle, then you start to feel the benefits regardless of when
• 13:40
  you got in, right? So, So yeah, Michael Taylor is
• 13:43
  still paying his dues and that's why he's down on his Bitcoin
• 13:47
  investment, but the reason it is, there's so much noise around
• 13:51
  this is because the amount of money he was able to put into
• 13:55
  Bitcoin and on top of the loans that he was able to successfully
• 13:59
  leveraged his, his his company to get more loans, right to, you
• 14:06
  know, to have more purchasing power to buy even more Bitcoin,
• 14:09
  right? That's why it made such a big
• 14:11
  boom. It made it made, it was it was,
• 14:14
  it was headline news but at the end of the day, you guys have to
• 14:17
  understand something. Michael sailor and El Salvador
• 14:20
  and nine buchelli are still paying their dues.
• 14:24
  Both those guys are going to look like absolute genius has
• 14:28
  four years from now. Well, they really have two three
• 14:30
  years left, right? They're going to look like studs
• 14:33
  and I think that's when you're really going to start to see
• 14:36
  other public companies, go in, perhaps you'll start to see
• 14:39
  other nations, right? Start putting On the balance
• 14:42
  sheet, start making it legal tender but right now they look
• 14:46
  stupid and the reason they look stupid.
• 14:47
  Remember when you first started your Bitcoin Journey, unless you
• 14:50
  timed it. Exactly right.
• 14:53
  That's not most people, you look stupid, whether that was to your
• 14:56
  girlfriend, whether that was to your family, they are still
• 15:00
  paying their dues. And that's all right.
• 15:02
  Anyways, as of June 30th, the carrying value of the company's
• 15:06
  129,000 699 Bitcoins was was, did he do that 699 on?
• 15:12
  Is that's funny. What?
• 15:13
  One point nine, eighty eight billion, the company said
• 15:16
  reflecting the cumulative impairment loss of one point,
• 15:19
  nine eight, nine billion. The cumulative amount is now
• 15:23
  more than Bitcoin on the company's balance sheet, so
• 15:29
  Very, very tough article by Bloomberg.
• 15:32
  Anyways, let's, I'm not going to give it one side, obviously.
• 15:35
  I'm going to, you know, be neutral here and try to cover
• 15:37
  both perspectives. This is Sailors tweet by the
• 15:40
  way, he's right on. This says, since adopting a
• 15:43
  Bitcoin strategy microstrategy has out performed every asset
• 15:48
  class and big Tech stock, and here's a really good
• 15:50
  visualization that sailor posted said, since microstrategy
• 15:55
  adopted a Bitcoin strategy. Its Enterprise Value is up
• 15:58
  seven. Nerd and 30% and microstrategy
• 16:01
  is up, 130 and sorry. 123 percent performance of Bitcoin
• 16:07
  is 94% sp5, S&P 500, 23% NASDAQ 13 percent gold down, 13% bonds
• 16:16
  down 14% so in a way his strategy seems to be working but
• 16:22
  anyways here is George come on he's a pretty big YouTuber I
• 16:27
  think is like 400,000 subscribers.
• 16:29
  And I really had the same initial reaction.
• 16:32
  The reason for that. Is this the Sailor stepping down
• 16:36
  as CEO? I was questioning it leading up
• 16:39
  to this. I was like dude like he
• 16:43
  technically put his company in a pickle with this Bitcoin bet and
• 16:46
  because it is a public company. Perhaps there's a lot of
• 16:49
  pressure and I think George asked a really good question.
• 16:52
  He says, how does buying more Bitcoin require Focus?
• 16:56
  Right? And he's questioning the
• 16:58
  Bitcoin. In shout out to our friends at
• 17:00
  Bitcoin mag, the Bitcoin magazine tweet that says,
• 17:02
  microstrategy's, new CEO said that they won't be selling
• 17:05
  Bitcoin micro. Sally Michaels sailor is now
• 17:08
  focusing a company accumulating more Bitcoin, well done.
• 17:12
  And George says, particularly something that I asked like,
• 17:15
  wasn't he doing that? Anyways, and then he goes on to
• 17:19
  say, just went over this quarter's numbers, I'm no
• 17:22
  accountant. But my spit coin looks like the
• 17:24
  business basically broke even has 60 million in cash.
• 17:28
  And Debt Service payment of 13 million quarterly.
• 17:31
  If I owned this business, this would make me very uneasy.
• 17:34
  Did anyone else review the numbers?
• 17:36
  Look at gross profit versus Opex - Bitcoin paper loss business
• 17:41
  made no money to service debt. If that continues The Debt
• 17:44
  Service will be paid from cash, but the 69 million won't last
• 17:48
  long. Not sure how it plays out.
• 17:51
  If they have to start selling Bitcoin to cover expenses, you
• 17:54
  never look, I might not have billions of dollars like Michael
• 17:58
  sailor, but Tell you something. Once you start selling Bitcoin
• 18:01
  to cover expenses it's terrible freaking feeling.
• 18:05
  You never want to be put in that position.
• 18:09
  So obviously for our audio listeners, George has a really
• 18:13
  great screenshot and he, you know, he covers the breakdown of
• 18:17
  the numbers. So, if you're listening to the
• 18:21
  video, you can see it. If you're listening to the audio
• 18:23
  version, we always put the, you know, the our sources down the
• 18:26
  lens description. But from what I'm seeing, I
• 18:28
  think George is right. And again at the end of the day,
• 18:31
  microstrategy is a public company so they have to be
• 18:33
  transparent with their numbers. Now all that being said, let me
• 18:38
  address the title of the video. Does this affect Bitcoin if
• 18:42
  you're hot Oiler? Absolutely not honey.
• 18:45
  Patrick does not care. Could it affect Bitcoin in the
• 18:48
  term terms of price? Absolutely, especially if this
• 18:54
  downturn isn't done yet, especially if we visit the 1514,
• 18:58
  Scene, 12 K region again, definitely more pressure
• 19:02
  mounting up on him. We know that he lowered down his
• 19:05
  Margin Call. But look at the end of the day,
• 19:09
  like all of us, bitcoiners we go all-in, right?
• 19:12
  I've been all in for a very long time.
• 19:14
  Now, Opti is to, we burnt, the ship's, there is no turning
• 19:17
  back, Michael sailor, did just that and he put his company's
• 19:22
  future behind the future of Bitcoin him stepping down.
• 19:28
  Down at this time, looks very bad.
• 19:31
  On an from an optic perspective and will this affect the price
• 19:36
  look? If Michael, if microstrategy
• 19:39
  capitulates get ready to stack some cheap SATs, I don't think
• 19:44
  they will because they've burnt the bridges like the rest of us.
• 19:47
  There is no going back. He put his his his his
• 19:51
  reputation online. He put his company's future on
• 19:55
  the line. Do I believe him?
• 19:58
  This reasoning as to yes I'm stepping down to you know deal
• 20:04
  with getting convincing more public companies to adopt
• 20:08
  Bitcoin use Bitcoin 75%. That's my opinion.
• 20:13
  You're not going to hear that from another Bitcoin channel.
• 20:16
  It's they won't tell you that but that's goes opinion.
• 20:21
  So yeah, this is a interesting stuff.
• 20:24
  He's paying his dues, his earning, his stripes, this is
• 20:27
  absolutely normal. She been in Bitcoin a while and
• 20:31
  look if he manages to hold on, like everyone, especially if you
• 20:35
  got into mining last two years. If you manage to hold on to, you
• 20:40
  know, the next having 2024, historically the price tends to
• 20:43
  go to your after even though not.
• 20:45
  That's not a sure thing, we don't like to speculate.
• 20:47
  So really 2025, Michael sailor named bouquet lay, basically
• 20:52
  anybody that got into Bitcoin out you will be greatly
• 20:56
  rewarded, how do I know that because it's happened?
• 20:59
  Every other goddamn psycho. And the way that Bitcoin is
• 21:02
  designed it's literally it's a binary thing Bitcoin you to the
• 21:06
  goes to zero or goes up forever. Keep in mind, there is no limit
• 21:12
  to how much Fiat money, can can exist, right?
• 21:15
  There's no limit to how much dollars can exist, but there
• 21:18
  will only ever be 21 million Bitcoins.
• 21:22
  So yeah, I think New Testament has that great meme 21 million
• 21:25
  divided by Infinity. Anyways, Opti, big, Michael
• 21:31
  Sailors, sweating brother, you think he's sweating what's going
• 21:34
  on over there? Well, we know what Michael
• 21:37
  sailor thinks. What's the second best?
• 21:39
  There is Second best. So I don't think sailor is
• 21:42
  sweating in this regard. I would go with what you're
• 21:46
  saying. I think this is more of an
• 21:47
  Optics play that, you know, the company, the company lost on
• 21:53
  paper, a lot of money, and they have to definitely make it seem
• 21:59
  like they aren't as rekt as they are.
• 22:01
  Maybe. So I see this.
• 22:03
  I thought this was bullish because I like the meme of like
• 22:06
  Bitcoin brain drain is real. So if Michael sailor is no
• 22:10
  longer the CEO of microstrategy, maybe he will be able to do a
• 22:15
  lot more Bitcoin evangelism and say a little more of what he
• 22:19
  actually believes because he's not the head of the company
• 22:21
  doesn't have to deal with all the, you know, the I don't know,
• 22:25
  the red tape of being a CEO of a big company.
• 22:28
  And so I think this is going to be bullish because I mean, he's
• 22:31
  a great evangelist when it comes to bitcoin but like you are
• 22:35
  saying, it definitely doesn't look good for the company.
• 22:38
  I checked out the stock Price and hey, it kind of looks like a
• 22:41
  shit coin. I'm not going to lie, it looks
• 22:43
  like shit coin being traded, so it's obviously doesn't look
• 22:48
  good. If you are a shareholder or
• 22:51
  someone in charge of this company because, you know, no
• 22:55
  one likes to lose money. And even though most of the
• 22:57
  shareholders were on board with the initial mission of Bitcoin,
• 23:03
  everyone gets tested like you're saying, Nico.
• 23:05
  So if they weren't prepared to go through a full cycle, Oil and
• 23:09
  now they're feeling the pain of losing money on paper.
• 23:12
  You know, they got to do something so that they can do a
• 23:17
  PR spin on this and and maybe this is what it is.
• 23:20
  Maybe not I honestly, this is not my forte.
• 23:23
  All I can say is man as someone that is going all in on bitcoin,
• 23:29
  I think this is going to be bullish because if sailor comes
• 23:33
  out hard and just starts doing some real real deep diving down
• 23:38
  the rabbit hole. All Bitcoin evangelism like it's
• 23:41
  going to be so bullish for everyone but also, you know,
• 23:44
  hey, I don't know exactly what's going on over there at the
• 23:47
  company. I am just a Bitcoin and everyday
• 23:49
  Bitcoin. ER, that's he's a billionaire
• 23:52
  buying Bitcoin and of course we're always just thinking just
• 23:56
  pump our bags baby. There's not too many
• 23:58
  billionaires here so would it be bad if he capitulated?
• 24:02
  I mean, in the short term? Yeah, we would get cheap sets
• 24:05
  and the long-term I don't think it really matters, Honey,
• 24:07
  Badger. Don't Give A f---.
• 24:09
  AF. So we shall see what this does
• 24:12
  for for the public perception of Bitcoin.
• 24:15
  Because obviously the normies out there if they see Michael
• 24:19
  sailor capitulate, it's not going to do good for for the the
• 24:23
  story that we tell about Bitcoin and what we believe.
• 24:26
  And like we said, we're not here to speculate about the price
• 24:29
  because we know 21 million Bitcoins there.
• 24:32
  Seven point eight billion, people just do the 11th grade
• 24:35
  math and the more people Stacks at the more number goes, Up and
• 24:39
  freedom goes up with it. So does this matter?
• 24:42
  Probably not. Is this noise.
• 24:44
  It kind of it kind of feels like to me does matter if you're ever
• 24:47
  and it does matter if you do against our advice and not stay
• 24:52
  humble Stacks at Santiago, yes, I think that's a big Granite
• 24:56
  rate it if you're trying to trade it and all that this will
• 24:59
  affect you but if you stay humble Stacks at stake, it into
• 25:03
  Cold Storage long time, preference that you literally
• 25:07
  have nothing to worry about. But anyway, because I think hold
• 25:10
  on before you go. I think this just to add to your
• 25:14
  point of stay humble Stacks at guys, do you remember how he got
• 25:17
  all the Bitcoin? It was a lot of leveraging of
• 25:20
  debt and we tell you the individual to stay humble Stacks
• 25:23
  ads because you don't want to get in this position eventually
• 25:26
  guys. So, just a little tidbit for us
• 25:29
  average, bitcoiners out there, do not over leverage yourself
• 25:32
  guys because it doesn't feel good.
• 25:33
  Even if you know where the prize is going, sometimes you get
• 25:36
  overly bullish, and you got to sell Bitcoin.
• 25:38
  When you Want to and you don't want to be in that position.
• 25:41
  Exactly. So I'm going to read they were
• 25:43
  so much signal in the comments. I'm going to read some of them.
• 25:47
  This was 8, he says he's not treated his position, he accepts
• 25:51
  the volatility. Nobody buys an absolute bottom.
• 25:53
  His risk management is absolutely fine.
• 25:56
  Look forward to his increase advocacy efforts.
• 25:59
  That's a very spot positive spin.
• 26:01
  My dude, at the end of the day, he's down but billion dollars,
• 26:05
  right? Like we all were when we, you
• 26:06
  know, when we obviously know not, Not all of us have a
• 26:10
  billion dollars, but we were down relatively to when we
• 26:12
  started. Because dude, most people don't
• 26:15
  time getting into Bitcoin correctly.
• 26:17
  Most people get into Bitcoin when it's in the Mania phase
• 26:19
  which is why most people get attracted to it.
• 26:23
  Here is clout. Casino says, the magic word,
• 26:25
  kids is leverage low. It's a bad word now, real tacos,
• 26:30
  he says gamma is a long time. I'll buy Bitcoin and Falls 220k,
• 26:33
  but of course he didn't. Yeah, maybe he's just salty.
• 26:36
  That's a good point. Here we go.
• 26:40
  Narwhal Taco says microstrategy buy Bitcoin to buy.
• 26:43
  I don't believe there's any signal here.
• 26:45
  Ah that sucks, man. Well I'm sorry, we'll do it.
• 26:47
  We'll try to do better. Anyways.
• 26:49
  Here is Elaine says, watch Bitcoin mag sailor, output with
• 26:53
  the new CEO, CFO and chair of the board and Chief.
• 26:59
  And we got Tuck TV. Guy says, I'll take cheap SATs
• 27:04
  all day. Gotta build right now.
• 27:06
  Awesome, awesome. And here, we got Dwan tison.
• 27:10
  He says he has a business Network.
• 27:13
  That's the pleb that this pleb does not.
• 27:16
  It's true, it's true. Michael sailor has that that
• 27:18
  machine behind. Okay, anyways, let's move on to
• 27:24
  the next piece of news. Let's check it out again, it's
• 27:29
  noise. But if you break it down, it
• 27:32
  really signifies what we've been saying right over the last
• 27:35
  couple of last couple of weeks guys.
• 27:38
  Remember We are number one source for the Bitcoin
• 27:42
  Revolution. We are going to try to break
• 27:44
  down and cover government's futile attempt at maintaining
• 27:50
  control and power over their people through controlling,
• 27:54
  through through, having a monopoly on money and
• 27:57
  controlling people through monetary policy.
• 28:00
  Anyways, let's check this out. And let me before I do this, I'm
• 28:03
  going to, I'm going to preface this with a quote from a
• 28:07
  must-read book for joiners and something that I'm going to keep
• 28:10
  referencing as clown World continues anyways since it since
• 28:16
  it will become obvious that information Technologies.
• 28:18
  Facilitate the Escape of sovereign individuals from the
• 28:22
  power of the state and the reaction to the collapse of
• 28:25
  compulsion will also include a neo-luddite attack on these new
• 28:30
  technologies and those who use them that being said, check out
• 28:36
  this article UK crypto investors Limit Holdings, Financial
• 28:42
  regulator, says investment glasses should be capped with
• 28:46
  consumers warmed that they could lose all their money.
• 28:49
  Remember guys they are taking advantage of the recent
• 28:52
  downturn, the recent blow-ups by those shit, coin companies and
• 28:58
  here comes the state saying it's for your protection, but we want
• 29:02
  a cap, you with the amount of wealth that you could Escape
• 29:05
  inflation. With just very similar language
• 29:08
  member connect the dots. Guys, this is happening
• 29:10
  everywhere. Remember what Elizabeth Warren
• 29:12
  said about the forward 401K a little bit of a warrant
• 29:16
  basically wants to say, listen, you're not allowed to invest in
• 29:20
  Bitcoin. What is she afraid of, what is
• 29:22
  the UK, Financial conduct Authority, really afraid of?
• 29:26
  And the beginning, I used to have a benefit of the doubt.
• 29:28
  I use this, I just said, look, you know, maybe they just, they
• 29:31
  just want what's best for us. But, Max Keiser has this amazing
• 29:35
  day? Says Bitcoin exposes they
• 29:37
  egomaniacs bit. And exposes everyone's
• 29:41
  incentives. And these governments, these
• 29:43
  politicians are no different. We want people to be able to
• 29:48
  invest with confidence, understand the risk involved and
• 29:51
  get the Investments that are right for them, which reflect
• 29:54
  their appetite for risk. That sounds so nice.
• 29:56
  You know, you like all these people have our back, right?
• 29:59
  Of course, when the bull markets going on crickets, you don't
• 30:01
  hear anything from them, then they're kind of focusing on it's
• 30:05
  for terrorism. It's for money laundering.
• 30:08
  Anyways, oh, we got Solomon. He says F the FCA Anyway, it's
• 30:17
  where we see products being marketed that don't contain the
• 30:19
  right race warnings or are unclear unfair misleading.
• 30:22
  We will act and this is what we say that the shit coins man and
• 30:26
  their projects and all the scams give Bitcoin a bad name.
• 30:31
  Anyways, the signal is literally in the last paragraph qualifying
• 30:35
  crypto assets are one likely to be appropriate for consumers as
• 30:39
  a small part of a diversified portfolio.
• 30:41
  Should only be accessed when consumers?
• 30:44
  And the risks involve, the document said, adding the
• 30:47
  exposure should be limited to ten percent of net assets.
• 30:53
  It's actually really funny because in Russia, you know,
• 30:57
  everyone was celebrating psycho. You know, they're passing
• 30:59
  regulations but one of the regulations is limit the
• 31:03
  exposure that people can get to bitcoin.
• 31:05
  They tried to implement Capital controls, it was stuck at 3,000
• 31:09
  in Russia in the UK. You start to see the same kind
• 31:13
  of type of bargaining. Governments are experiencing the
• 31:17
  stages of denial. They don't understand.
• 31:20
  They don't know how to make this go away, which is why the
• 31:24
  passage from the sovereign individual is so useful because
• 31:27
  it covers. What the hell is going on?
• 31:33
  Since it was it since it will be obvious that information
• 31:35
  Technologies, facilitate the Escape of sovereign individuals
• 31:38
  from the power of the state. The reaction to the collapse of
• 31:42
  compulsion will also include neo-luddite attack on these new
• 31:46
  technologies and those who use them.
• 31:50
  Think about the climate the climate fund on Bitcoin mining
• 31:54
  energy use think about the kyc attacks.
• 31:57
  Think about the framing calling hosted wallet son, hosted
• 32:02
  wallets this. Cavallari that was never in the
• 32:04
  white paper. Yeah man, this is the beginning.
• 32:07
  This is the first ending when it becomes apparent, I'm going to
• 32:11
  tie this up, we are talking about with sailor when it
• 32:14
  becomes apparent in the next two, three, four, five years.
• 32:19
  That El Salvador and Michael sailor made the best move to
• 32:26
  stop use to stop holding Fiat, stop holding US Dollars, and
• 32:30
  start holding Bitcoin. That is really when the proper
• 32:36
  propaganda machine of the nation states, starts to get turned up
• 32:40
  to another level. You protect yourself against
• 32:43
  that, it's very simple. Take your Bitcoin into self
• 32:46
  custody, run your own node, try to trust as People as possible
• 32:52
  trust when it comes to finance is a very very dangerous thing.
• 32:57
  When you don't have to trust anybody, you shouldn't have to.
• 33:00
  And now that Bitcoin exists. Literally, there's no reason why
• 33:05
  you have some of your wealth in a bank.
• 33:08
  It absolutely makes no sense. Not only do they make you pay
• 33:11
  fees, you have to deal with that inflation overall.
• 33:14
  It's a bad deal opt out by yourself some Bitcoin Opti.
• 33:19
  What are your thoughts brother? Well, first before I go into my
• 33:22
  thoughts, guys, to you guys hanging out in spaces, I see
• 33:24
  your request. I will bring you up after the
• 33:26
  show. Keep your questions in mind and
• 33:29
  we will go in this. Once the show is done.
• 33:31
  Sorry for that. PSA Nico.
• 33:32
  But Keep forgetting anyways. UK Regulators are scrambling for
• 33:37
  control and we see this not only from the powers that be the
• 33:42
  unelected bureaucrats, but also from the Legacy Media, they are
• 33:47
  corralling everyone with the idea that you need protection.
• 33:52
  I really, I really like how you put it in Eco.
• 33:54
  The, they have our backs like LOL, I really love that.
• 33:59
  That is always the angle that they come at with us.
• 34:01
  Just like oh, we need to Tech people, this is for your
• 34:04
  protection. This is for your safety, and
• 34:07
  we're on the other side is bitcoiners like the reason we
• 34:09
  hold Bitcoin is because I don't need your protection.
• 34:12
  I have a money that doesn't get stolen from by you.
• 34:18
  The people that are there to protect me.
• 34:20
  This is why we Bitcoin to separate money from state but
• 34:23
  furthermore Nico is this capitulation.
• 34:26
  I really like how you put it the five stages of grief it sounds
• 34:30
  like they are starting to capitulate and Bitcoin should be
• 34:34
  a small part of a diverse exposure and furthermore 10%
• 34:38
  what is this exposure for ants? Like come on guys.
• 34:42
  Yeah you already know my view, we are all in.
• 34:44
  This is the way guys go all in on bitcoin burn the bridges now,
• 34:50
  joke, that's a joke guys. Do, what is best for you?
• 34:52
  I can't tell you what to do with your money.
• 34:54
  This is just what I do and it's cuz I cuz we keep saying the
• 34:58
  same thing guys. Opt out of the system, the
• 35:01
  system treats you like a slave. Dave and we are here to separate
• 35:04
  money and state because the more you give these people power, the
• 35:08
  more they will take and the more they want to control you.
• 35:11
  So what are we going to do? We are going to opt out from the
• 35:14
  Matrix, stay humble and stacks at so protect yourself from them
• 35:20
  and buy Bitcoin. Give me 100 100 percent dude.
• 35:26
  Woof let's see. You guys.
• 35:28
  Take self custody. Let's move on.
• 35:31
  We got a he got a huge fail. Opti update.
• 35:35
  It's time for the daily fail brought to you by Swan, Swan is
• 35:40
  the best way to build your Bitcoin stack with automated
• 35:43
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• 35:46
  clients of any size from ten dollars to ten million dollars.
• 35:51
  What we advocate for Simply Bitcoin is dollar cost,
• 35:55
  averaging, and our values, align with Swan, right?
• 35:58
  They incentivize self custody, they want you to take some
• 36:01
  crusty. They don't want you to leave it
• 36:02
  on the app and the incentivize DC, a right which is in our
• 36:07
  opinion, the best way to stack Bitcoin without, you know,
• 36:10
  speculation whatever spread out the risk over a number of days.
• 36:13
  So on.com Alright guys, so you guys probably know what we're
• 36:20
  going to go with. But first before we get into the
• 36:24
  mega wreck that happened last night, we're going to cover this
• 36:27
  other Mega wreck that happened at the beginning of this week,
• 36:30
  and I do have this Bloomberg article.
• 36:33
  I'll highlight it for you guys. So I also will get on the
• 36:36
  wrecked leaderboard because they did a better break down in my
• 36:39
  opinion. But let's go over the Bloomberg
• 36:40
  article for a moment and the title is crypto firm Nomad loses
• 36:44
  nearly 200 million dollars in. Jack more than 1 billion dollars
• 36:49
  has been stolen and Bridge hacks this year, amazing guys.
• 36:53
  And Nomad also, I think this is a funny point that I will add to
• 36:57
  the put a PIN to the end of this fail.
• 37:00
  But no man has recently raised 22 million in the seed round.
• 37:03
  Keep that in mind. Let's remember who is investing
• 37:06
  in this stuff so no matter Bridge protocol for transferring
• 37:08
  shit coins across different blockchains, lost close to 200
• 37:12
  million dollars to Software System, was drains the Fun's
• 37:15
  over. Hours and a small batches by
• 37:17
  various account so they don't know what exactly happening.
• 37:21
  An ongoing investigation is happening and Nomads goal is to
• 37:25
  identify the accounts involved and get you your money back.
• 37:28
  Yes, yes. So personally, guys, I'm not the
• 37:31
  biggest shit coiner. I don't even care about shit
• 37:34
  going down. I'm a Bitcoin, right?
• 37:36
  I so I highly dislike, what is a bridge Bridges?
• 37:38
  Our software's that enable different types of block chains
• 37:41
  and their respective shit coin to interoperate rather than work
• 37:44
  in silos. So To convert one type of coin
• 37:47
  into another a bridge service will typically wrap a shit coin
• 37:51
  so that it can operate on another blockchain.
• 37:53
  The bridge won't need to hold reserves to back the rap coins,
• 37:56
  creating a huge pool of tokens for hackers to Target.
• 37:59
  Yes honey pots. Mmm.
• 38:01
  The complexity of bridge software can lead to errors and
• 38:05
  make them vulnerable for explosion.
• 38:08
  Exploding exploit Asian security offered at polygon 10, cents,
• 38:12
  Bridges control, huge, amounts of assets, and also makes them
• 38:15
  in a active Target for hackers. Remember this guy's name and
• 38:19
  what company? He's working for foreshadow.
• 38:22
  Anyways, the Hat Comes days after Nomad got a 22 million
• 38:26
  seed round by Paul each n capital ethereal, Ventures, hack
• 38:30
  VC, coinbase Ventures and crypto.com.
• 38:35
  Interesting investors guys. Next Nomads protocol had a
• 38:39
  software bug that allowed users to withdraw more assets than
• 38:42
  were deposited in the bridge. So after the initial hack
• 38:45
  upward, 40 other exploiters compromising Mev botched flash
• 38:49
  pots and independent exploiters replicated, the attack in a
• 38:52
  manner that quickly drained the bridge.
• 38:54
  So, as you can see right here, there's a little point.
• 38:56
  At one of the exploiters was, also associated with another
• 39:01
  exploitation. So I got this article over here
• 39:04
  from Wreck news because wreck news is just, you know, they
• 39:09
  they are keeping tally of all this shit, coin fails.
• 39:11
  So here we go, let's get into this, it'll get a little
• 39:14
  technical. I might have to read a little
• 39:15
  more than Usual. But, anyways, Nomad Bridge,
• 39:18
  wrecked August 2nd 2022. So the vultures had a busy night
• 39:24
  Nomad Bridge had been torn apart with 109 million of liquidity
• 39:28
  drain. In a Savage, attack lasting two,
• 39:30
  and a half hours, and it's the hundredth incident of this
• 39:33
  happening on erect leaderboard. Amazing.
• 39:36
  And I really like this article right here, or this.
• 39:39
  This sentence right here, guys, staying true to D5 principles.
• 39:43
  This hack was permissionless and anyone could join.
• 39:46
  And once the Fatal blow had been struck and the News spread many
• 39:50
  began to fight over the scraps across Chain.
• 39:53
  Bridge has continued to be a weak point for defy, and a juicy
• 39:56
  Target for exploiters. And when they go, it's often a
• 40:00
  total collapse and you can see this chart and it's literally
• 40:05
  going from 100 to 0 guys, amazing?
• 40:09
  So the collateral damage from the unbaked assets.
• 40:12
  It's also severely affecting the change that depended on Nomad.
• 40:15
  Some other shit. Joined Moonbeam, evm, OS, and
• 40:18
  Milko media. So this incident is distinct.
• 40:22
  And it's every man for himself nature, but many who exploited
• 40:26
  the bug have declared themselves white hat.
• 40:28
  Wrecked is looking forward to seeing how much is eventually
• 40:31
  returned. So, as you can see over here,
• 40:36
  they mention that this is the fifth biggest hack on, Iraq news
• 40:42
  leaderboard guys. So a big one, a big one.
• 40:46
  Again here's where the readings going to happen.
• 40:47
  I'm going to read some of the stuff so you can get a little
• 40:50
  more technical of the ideas of what happening.
• 40:52
  So following a routine upgrade in June, the bridges replica
• 40:55
  contract was initialized with the Fatal security flaw leading
• 40:58
  to the incident, the Oxo. Oh, address was set as a trusted
• 41:02
  root. Meaning that all messages were
• 41:04
  read as valid by default after a failed, first attempt costing
• 41:08
  350k and gasps amazing. The original attackers exploit
• 41:12
  transaction which was copied by those that followed was able to
• 41:15
  call the This function directly without having first proved its
• 41:19
  validity. The process function is
• 41:21
  responsible for the execution of all cross chain messages and has
• 41:24
  an internal requirement Line 1, 84 85.
• 41:27
  Sorry to check the validity of the Merkel root of all messages
• 41:30
  to be processed. However, the upgrade
• 41:33
  inadvertently cause transactions with a messages value of zero
• 41:37
  invalid. According to Legacy, logic to be
• 41:39
  read by default as 0 x 0 0, which was defined in the upgrade
• 41:44
  as a trusted root passing. Validation requirement has
• 41:47
  proven this meant any process calls could be executed as
• 41:50
  valid. In fact, the more sophisticated
• 41:53
  exploiter could have written a contracted drain the whole
• 41:56
  bridge for themselves and copycat attackers simply copied
• 41:59
  and pasted the same function and the incident quickly proved to
• 42:03
  be a chaotic make sure Word of Mouth crowd hacking frantic
• 42:06
  White had activity and M. EB M evbot Carnage and like I
• 42:11
  said there's one guy that's connected to another hack but I
• 42:16
  think there's a funny quote right here at the end and it
• 42:20
  goes, what will the future hold for the ecosystems affected by
• 42:24
  Nomads collapse apparently the total value locked on these
• 42:27
  other shit coins that are associated to Nomad are
• 42:31
  dwindling. But this is what we tell you
• 42:33
  guys always look at this comment right here, but nomadic
• 42:36
  liquidity was has no permanent home.
• 42:39
  Users will always Rome to new lands in search of the next big
• 42:42
  thing. And we'll continue to get stung.
• 42:44
  Whenever vigilance I'm stretched too.
• 42:46
  Thin guys, we tell you this all the time, stay humble, Stacks
• 42:51
  ads, the more you go playing shit:.
• 42:53
  The more risk you have a blowing up.
• 42:55
  And this is just a continuous thing guys.
• 42:59
  This is happening on like a day to day scenario now.
• 43:03
  And, furthermore, it happened it happens.
• 43:06
  Because it's none of these shit coins in these D5.
• 43:09
  Protocols, they don't solve the, there's trust involved, they're
• 43:13
  not defy your trusting a Mark contractor chasing the devs,
• 43:18
  that wrote that smart contract, not to add any malicious code or
• 43:21
  not to make a bug like, like was just happened here like Bitcoin.
• 43:25
  It's not trust list, but it's definitely trust minimize
• 43:28
  goddamnit Opti. I'm sorry, I'm sorry, I don't
• 43:33
  know what's going on with this camera, boys and girls.
• 43:35
  Yeah, we will, we will figure it out.
• 43:37
  Looks like I'm gonna have to buy you a new one.
• 43:39
  We'll figure it out. All right.
• 43:41
  All right, well as you can see. Oh, I sorry, sorry.
• 43:44
  Sorry. Sorry we are Messing up this
• 43:46
  morning. We gotta go to Solana my friend.
• 43:51
  Okay. All right.
• 43:52
  Well, I'll just move on but like I said here is the list of
• 43:56
  investors Open Sea crypto coinbase polygon a gleam
• 44:00
  nauseous guys avoid these shit coins.
• 44:03
  So let's get into this one because it's makes an even
• 44:08
  better point. So we are into the Solana fail
• 44:11
  as you guys probably saw on Twitter.
• 44:14
  It made its rounds last night. So let's just get Intuit Solana
• 44:16
  wallets targeted in latest multimillion-dollar hacked over
• 44:20
  8,000 internet-connected halt wallets have been compromised so
• 44:23
  far but the source of the attack remains unknown.
• 44:26
  So the Solana ecosystems appears to be the victim of the latest
• 44:30
  exploit has to do with connected hot wallet Phantom slope and
• 44:35
  Trust wallet. The attack is ongoing they
• 44:38
  really don't know what is happening.
• 44:40
  But I do love the pr spin that they have to acknowledge or at
• 44:44
  least push forward. The exact cause of Tuesday's,
• 44:48
  evenings attack remained unclear throughout the night though, it
• 44:51
  appears to have predominantly impacted Mobile Wallet, users
• 44:54
  the attacker somehow obtained, the ability to sign, I initiate
• 44:57
  an approved transaction on the behalf of users suggesting a
• 45:01
  trusted third party. Service may have been
• 45:03
  compromised in a so-called supply chain attack.
• 45:06
  So Engineers across several networks have found that the bug
• 45:10
  isn't connected with the Salona core code but in software used
• 45:13
  by several software wallets the attack was inevitably reignite,
• 45:19
  a long-running debate around the security of hot wallets which
• 45:22
  stay connected to the internet at all times in order to provide
• 45:25
  users a convenient way to send storm, receive crypto.
• 45:28
  And I highlighted, this little line in here from coin desk
• 45:30
  because I kind of feel like this is a fail in itself in the
• 45:33
  article. And it goes, cold, cold wallets,
• 45:35
  USB drives, that must be plugged into a computer to sign
• 45:38
  transactions. Cold wallet is just a wallet.
• 45:41
  That's not connected to the internet, right guys?
• 45:45
  Anyways, This is the Solana, labs are this is represented
• 45:49
  from Phantom. We are evaluating the incident.
• 45:51
  Impacting Solano Allatoona working closely with other teams
• 45:54
  in the ecosystem, to get to the bottom of this.
• 45:56
  We will issue an update. Once we gather more information,
• 45:59
  the team doesn't believe this is a phantom Pacific issue at the
• 46:02
  time. I really love how all these shit
• 46:05
  Corners are trying to pass off the blame to someone else.
• 46:08
  So it's not our it's not our Block Chain is a hot wallet
• 46:12
  software, but like we tell you guys all the time, If it's in
• 46:17
  the smart contract not a hack is just a bad contract.
• 46:22
  Anyways it says that maybe it started with nft Marketplace
• 46:27
  again. They don't know exactly what is
• 46:29
  going on and then furthermore I just wanted to tell you guys in
• 46:34
  in Fiat numbers that the estimated damage is over five
• 46:37
  point two million dollars from Solana with 7900 Solana wallet
• 46:42
  being affected again. The root cause is unclear And it
• 46:46
  appears to be a flaw in certain wallet software rather than in
• 46:50
  the Solana blockchain itself and then we have this notorious shit
• 46:53
  Corner. They're all saying that.
• 46:55
  Maybe it's supply chain issues or someone has somehow acquired
• 46:59
  access to the private Keys again, guys.
• 47:01
  It's not really a hat. When it, you see how it always
• 47:04
  happens. Never happens in Bitcoin.
• 47:06
  It always happened and they always just come up with fucking
• 47:09
  explode. Just like via, it's the supply
• 47:11
  Chains. It's not the government that
• 47:13
  they printed too much money. It's someone else somebody
• 47:14
  else's fault and I actually one more thing Opti, I'm sorry to
• 47:19
  interrupt you. I saw a tweet by, I forget who
• 47:22
  it was, but it was a great tweet and it said something like this,
• 47:26
  they don't care because it's just plebs that are being stolen
• 47:28
  from. But if the Deb's got their
• 47:30
  accounts drained the way that the way that it happened, the
• 47:33
  last two days. Do you really think the devs
• 47:36
  would do nothing? And that, that in itself right
• 47:39
  there really highlights, the fact that this thing is not to
• 47:42
  centralize. It never was remember they
• 47:44
  stopped the they read. Did the blockchain that was the
• 47:48
  next Point. Nico had glad you got there
• 47:50
  because I had to go down memory lane.
• 47:52
  And like, hmm doesn't Solana has had more problems in the past
• 47:57
  and, yes, I like this article Solana reminds me of my broken
• 48:01
  earphones. If I had a dollar, every time
• 48:03
  Solana was shut down this year, I'd be able to afford a 500
• 48:06
  grams of cashews at a local supermarket, that's eight
• 48:09
  dollars. So it's been down eight times
• 48:13
  and now it's got a critical hack in.
• 48:16
  Smart contracts. And of course, I am the master
• 48:19
  of memes. So I have to add some memes into
• 48:21
  this. We got Samson Mountain here and
• 48:23
  he goes to be fair, they never did.
• 48:25
  Say, it was Secure. Here we go.
• 48:27
  The Solana Twitter, and it goes the world's most performant
• 48:29
  blockchain fast, composable green and globally, distributed
• 48:33
  joint, thousands of developers, and building the future of web,
• 48:37
  30. And just to make a point, guys,
• 48:39
  this is what we do here. We got to make points so that
• 48:41
  you guys can get the message. Clearly.
• 48:44
  I love this tweet by Maddow shouts out to I don't egos
• 48:47
  thousands of compromise. Solana wallet are a good
• 48:49
  reminder of the importance of cold storage for your savings.
• 48:53
  If your keys never touch the internet, it is significantly
• 48:56
  harder to compromise them generate Keys.
• 48:58
  Using well-reviewed open source, tools, store them offline,
• 49:02
  sleep. Easy guys.
• 49:04
  This is the way this is why we continue to tell you to stay
• 49:08
  humble and stack SATs, because you do not want to get wrecked
• 49:13
  on a shit coin like this. It is crazy out here.
• 49:18
  What a day? What a day?
• 49:20
  Nico jump in. I know you're going to have to
• 49:21
  add some more to sets into this. You muted.
• 49:27
  Sorry. Yeah, dude, I think you covered
• 49:29
  a great simply Bitcoin live with all the all the bumps along the
• 49:34
  way. So yeah.
• 49:35
  Look, I men Why is it that it always happens?
• 49:41
  Is your coins? Doesn't happen?
• 49:43
  A Bitcoin, it's really not rocket science.
• 49:47
  You don't have to dress it up. There's no branding, there's no
• 49:50
  marketing. You buy Bitcoin.
• 49:53
  Take it into Cold Storage. That's that not rocket science
• 49:58
  you've been simple. Yeah literally it's simply
• 50:01
  Bitcoin as all you got to stick to anyways dude and what a
• 50:08
  catastrophe. What a catastrophe?
• 50:10
  Dude? Could you imagine man?
• 50:11
  You have your savings just are you're like yo I'm Sovereign
• 50:14
  have my money in so called crypto.
• 50:17
  It's look the next day, it's gone.
• 50:19
  What was the point? What was the point?
• 50:22
  What was the point? So anyways, Thanks, Becca.
• 50:28
  I appreciate that. Oh God.
• 50:31
  All right. That that put me in a bad mood
• 50:33
  so much failure in one day. It's time for the daily meme
• 50:38
  review brought to you by Citadel 21 it's the best Bitcoin culture
• 50:42
  is Enid stories articles Comics by actual bitcoiners is artwork
• 50:45
  for volume 10. This is the artwork for volume
• 50:48
  11 and this is the artwork for volume 2.
• 50:51
  Volunteers, almost sold out because there's only a thousand
• 50:53
  physical copies made per volume. Guys.
• 50:55
  Get your physical Prince of Citadel 21 today before they run
• 50:58
  out. All right, guys, I know you're
• 51:03
  going to love this Nika. There is no music here, but
• 51:06
  shout out to Sherlock hot old, and he goes, Solana roadmap
• 51:09
  looking good right now. And for those guys listening, we
• 51:15
  have a video of it looks like a drone going over a frickin
• 51:19
  destroyed Highway. Ha ha ha you can't drive on it,
• 51:25
  but yes, Solana roadmap looking good right now.
• 51:29
  Literally, a highway falling. Off the cliff, the side of a
• 51:32
  mountain, amazing. Okay, let's continue on again.
• 51:37
  Shout out to my boy rub. Oh, before I forget guys, put
• 51:41
  your score in the chat and we will review some of these scores
• 51:44
  before it is over. So, shout out to rope, we got
• 51:48
  play stupid games, wind stupid prizes, hashtag Solana hashtag
• 51:52
  Solana hack, and it's a guy on the phone.
• 51:54
  He goes, yeah, man, I got wrecked by the Solano hack, but
• 51:57
  it's okay, they will roll back the chain, and besides salon,
• 52:01
  No.2 is where the real Innovation will be.
• 52:03
  And then his dog is putting a pillow over his head because he
• 52:07
  is an idiot. Anyways, continuation on the
• 52:11
  same theme of today, hot oil and don't trade.
• 52:15
  We got Lena. See Chey, she's killing it on
• 52:17
  these little hard ler, comic book memes and we got one little
• 52:22
  hard liquor. He's chilling with this Bitcoin.
• 52:24
  He's got that Bitcoins and he's on the beach.
• 52:26
  He's got a little Margarita. He's just chilling.
• 52:29
  Enjoying the Sun. Looks like he's signing his
• 52:32
  under, his undergarments are under his undergarment.
• 52:35
  Anyway, there's this guy stressing out over here and he's
• 52:38
  trying to trade. He keeps looking at the price he
• 52:40
  keeps looking at the chart. Remember, we tell you guys don't
• 52:42
  look at the Bitcoin price, you just buy every single day.
• 52:44
  Anyways, we got a little hot learn who's got his Bitcoins and
• 52:47
  he's, you know, he's hot in this Bitcoin.
• 52:49
  He's just cooking a good meal. He's eating well making sure
• 52:52
  he's going to survive and then we got the dude trading and he's
• 52:55
  burning his food because he's stressed out.
• 52:57
  Not paying attention to life. He's looking at his phone,
• 53:00
  trying to get the right. Right trade and now look Bitcoin
• 53:03
  are just sleeping. So soundly at night because we
• 53:06
  know that our money is secured. Our money is safe.
• 53:10
  As long as it's in Cold Storage, as long as it's not in a hot
• 53:13
  wallet, your SATs will be safe at night, but look at this guy.
• 53:17
  You still trading on his exchange and he's sweating, he
• 53:20
  can't sleep. Remember those days when you
• 53:21
  were shit corner and you were trading and oh my God, that I'm
• 53:26
  get PTSD. Just thinking about it right
• 53:28
  now. And the last Square, we got the
• 53:30
  little hot. He's just chilling.
• 53:32
  He's having a good time. And then we got another
• 53:34
  Hollywood is your grandpa okay, he looks a bit stress and and on
• 53:39
  his trade you got liquidated thanks for playing.
• 53:43
  And of course I had to do a little throwback today because
• 53:47
  Michael sailor put out a meme and I think it's just perfectly
• 53:50
  fitting for us today guys and it's sailing.
• 53:53
  He goes Monday morning, it's time to get back to work and
• 53:56
  it's a meme of himself working at McDonald's.
• 53:59
  No no. I'm not saying He's working at
• 54:02
  McDonald. All I'm saying is it seems like
• 54:04
  he's for the culture, he gets it man.
• 54:06
  We all say the same thing, we are going to work at McDonald's
• 54:10
  two stacks ads and hey man was this a premonition did he know
• 54:15
  has he been talking about this for a while?
• 54:17
  Maybe he's been looking to actually?
• 54:19
  Can go full Bitcoin evangelist for a while.
• 54:22
  And then like I said, in the beginning of the show we started
• 54:25
  the numbers about the deflationary aspect of Bitcoin.
• 54:29
  And like I always say sometimes, A picture paints a thousand
• 54:33
  words. So shout out there at charts BTC
• 54:36
  and he goes Bitcoin on this date to 2011 $12.80 2012, 10 dollars
• 54:42
  eight to twenty. Thirteen ninety, seven dollars.
• 54:45
  A 2 2014 $592 I'm not going to read them all but we can go
• 54:50
  eight to twenty. Twenty eleven thousand two
• 54:53
  hundred eighty two eight to twenty.
• 54:55
  Twenty One, thirty nine thousand five hundred and forty three and
• 54:58
  eight to twenty. Twenty two, twenty three
• 55:01
  Thousand and thirty five dollars guys I'm in Texas now and this
• 55:05
  is just reminded me of a two-step dance, you know, two
• 55:07
  steps forward one step back Bitcoin is to stepping out on
• 55:10
  there and number is continuing to go up and then shouts out to
• 55:15
  Jose as bam in the simply Bitcoin telegram group.
• 55:19
  Because he posted this me mean by our friend Darth.
• 55:23
  I think it's Darth coin. Sorry for butchering, your
• 55:26
  actual telegram name. But he goes never let a
• 55:29
  government to Manage your Bitcoins.
• 55:32
  It will fail. Always never in the whole
• 55:35
  history of mankind. A government did something good
• 55:38
  for the people. Shout Out, Darth coin, he kills
• 55:42
  it. You guys should check out his
• 55:43
  wet, his sub stag. I'll put a good meme up on here
• 55:45
  soon so you guys can check it out and see what he does.
• 55:49
  Anyways, Nico, what a what a day in the memes and for my meme
• 55:55
  score, I'm going to pull out my gadgets and I got this.
• 56:01
  U.s. black USB. Electrical output, very good.
• 56:06
  Apparently it didn't live up to what you were expecting from it.
• 56:12
  It is different one, Nico different one rate, the meme
• 56:15
  yourself in the live chat and forced me an opportunity to read
• 56:18
  something that makes us feel uncomfortable.
• 56:20
  Or you could just make our lives easier and just write something
• 56:23
  normal for that. I'm going to give it a reef a
• 56:26
  coral reef thing. Yeah, they always have these in
• 56:30
  like Island hotels, you know, makes you feel tropical.
• 56:34
  When you go just stealing meme review scores from the hotel, I
• 56:38
  love it because I've been in the room, there's so many objects
• 56:41
  around me, makes my life easy. Anyways, Norwell gives it.
• 56:46
  I give those a new bridge I created so you can all invest
• 56:49
  your Bitcoin and those memes Moon.
• 56:52
  Oops, Bitcoin lost. All right.
• 56:54
  Next one is by Becca my memes. Score is a set of jumper cables
• 56:59
  and a car. A battery for rope.
• 57:01
  Okay, very good. Becca, wow.
• 57:04
  How very in-depth opt? He's dying.
• 57:07
  I'll give the memes a broken drone sitting on a desk.
• 57:10
  Next to me for that Solana roadmap.
• 57:13
  Look, okay, good one and Andrew a wooden leg.
• 57:17
  Okay. Okay, very to the point.
• 57:20
  I love, the simple scores. All right, next one TC pins
• 57:24
  irate those. Oh yes!
• 57:26
  I have one shutout sweet. Oh she sat out sweet Toshi.
• 57:30
  He'll be back next Bull. He let he knew he knew He left
• 57:35
  before the bull market. What a legend, bro.
• 57:38
  All right. Next one irate those memes.
• 57:42
  Cold card. Okay, okay, good scores, good
• 57:46
  scores, good scores today, anyways.
• 57:49
  Alright guys, if you're in the Twitter Version audio version,
• 57:54
  make sure to stay until after the show Opti and Jacob from
• 57:57
  Swan are going to hosts going to be awesome.
• 58:01
  Join our telegram group, you could link us some mean.
• 58:04
  Aims to review its literally free the links down below.
• 58:08
  You click it. It will take you to the telegram
• 58:10
  group right there. It's easy.
• 58:12
  You could link us pick one, meems to review on the meme
• 58:15
  review. But anyways, Opti I think there
• 58:17
  was a software release today. Let's check it out.
• 58:25
  All right, before we get to the software release, I want to give
• 58:29
  a very special shout out to our sponsors.
• 58:32
  Cipher safe, don't be that person.
• 58:35
  That stores their seed on paper. Paper is prone to water damage.
• 58:41
  Fire damage your pets can eat it papers.
• 58:44
  Terrible. It can.
• 58:45
  Rip paper. Won't last decades and decades.
• 58:49
  You want to build a dynasty around your Bitcoin.
• 58:53
  You definitely want to store your Bitcoin on Steel and there
• 58:56
  is no better place to do it. Then the Cipher wheel or the
• 59:01
  cipher grid, put your seed, put your Bitcoin seed on steel.
• 59:07
  It will survive the test of time water damage fire damage all of
• 59:12
  it, check out Cipher safe dot IO anyways Opti what do you have
• 59:18
  for us today? As we have version, 5.0 .6 from
• 59:27
  coin kite. There was a vulnerability on on
• 59:30
  the MK4. So if you have the MK4,
• 59:33
  definitely go update that software it fixes the virtual
• 59:36
  virtual disk feature, and it's got a bug fist bug fix that
• 59:41
  addresses, some security problems.
• 59:42
  So again, update to version 5.0, point, six shots out to the good
• 59:47
  guys over at coin kite. We love the cold card anyway.
• 59:51
  Is guys, make sure you guys listen to us on Apple on Spotify
• 59:57
  on anchor. And of course, check us out on
• 1:00:01
  Fallon. If you like what we're doing
• 1:00:03
  over here and you appreciate the the signal we give you stream of
• 1:00:07
  some SATs and we will continue to do what we do.
• 1:00:10
  Providing you the value and the fire every single day.
• 1:00:14
  Anyways Nico, let's roll this one out boom.
• 1:00:17
  All right guys, before we go I want to give a very special
• 1:00:20
  Shout out, we save it for last because you could literally see
• 1:00:25
  what Opti and I are wearing the entire show if you like the
• 1:00:28
  hoodies and the shirts, let me show Opti because he's wearing
• 1:00:31
  the shirt. If you like what we're wearing,
• 1:00:34
  you could visit represent LTD.com love the merch, he makes
• 1:00:38
  Bitcoin stuff too, he's making simply Bitcoin merge, it's all
• 1:00:42
  custom design, its high quality, I literally wear this
• 1:00:46
  everywhere. If you see me in the airport, I
• 1:00:48
  will be wearing a represent hoodie.
• 1:00:50
  And the fuck is they Amy is because I actually find them
• 1:00:52
  super super comfy. So definitely go check out
• 1:00:55
  represent LTD.com guys. That was our show If you enjoyed
• 1:01:03
  the show, you know what to do, smash that like button.
• 1:01:07
  I also want to give a very special shout-out to our
• 1:01:10
  researcher. It helps us a ton with the
• 1:01:13
  research. His name is Hans.
• 1:01:16
  You can go give them a follow on Twitter on pleb signal Bitcoin.
• 1:01:22
  Yeah, so definitely go give him a follow as that.
• 1:01:26
  Was our show. If you enjoyed simply Bitcoin
• 1:01:30
  live, make sure to leave Like if you really like the content make
• 1:01:34
  sure to subscribe to Simply Bitcoin.
• 1:01:38
  We are your number one source for the peaceful Bitcoin
• 1:01:43
  Revolution. Love you all.
• 1:01:45
  We will see you tomorrow for a brand new episode which we live
• 1:01:49
  stream. Be awesome.
• 1:01:51
  See you guys tomorrow.