Latest / Simply Bitcoin / Max Keiser: El Salvador Will Send Bitcoin to $220k | EP 1030

Transcript

Max Keiser: El Salvador Will Send Bitcoin to $220k | EP 1030 · Simply Bitcoin

• 0:03
  It's all going to zero against Bitcoin.
• 0:06
  It's going on forever. You're against Bitcoin.
• 0:16
  You're against freedom. Digital currency, I'm so happy
• 0:25
  about that because that's a means of surveillance of the
• 0:28
  American people. But we want to make sure people
• 0:30
  can have individual wallets for their Bitcoin so they have that
• 0:34
  sovereign over their own money. We know we want the US dollar to
• 0:39
  remain strong and actually having Bitcoin in reserve can
• 0:43
  help the US dollar remain strong.
• 0:47
  Yo, we're going to simply Bitcoin live, the most watched
• 0:50
  daily Bitcoin live show on YouTube Rumble NX sit back,
• 0:53
  relax, enjoy the ride. You have the Bitcoin senator,
• 0:55
  Senator Cynthia Lummis on legacy financial media.
• 0:59
  I mean, that's absolutely insane.
• 1:02
  Talk about the Overton window exploding shifting it's an
• 1:10
  understatement like that's crazy.
• 1:12
  She's basically saying like look like you know Bitcoin could be
• 1:15
  used as a strategic asset for the United states.
• 1:18
  We have to protect the right to self custody.
• 1:20
  We have to protect bitcoiners and of course you have the
• 1:24
  president or ex president and potential future president and
• 1:28
  it looks like he will be elected according to the betting odds uh
• 1:31
  speaking at the Bitcoin conference in Nashville.
• 1:35
  This is insane. I, I, I had a feeling this would
• 1:38
  happen. I just didn't think it was going
• 1:40
  to happen so quickly so soon. The Democrats really dropped the
• 1:44
  ball. They made it a political issue
• 1:46
  and of course that gave their political opponent opponents,
• 1:49
  the Republicans to capitalize on that and say hey, listen, we're
• 1:53
  going to protect bitcoiners, we're going to protect the
• 1:55
  rights of bitcoiners. Mandrick said something really
• 1:58
  interesting in on Twitter earlier this morning and it was
• 2:02
  basically like, look, if you think that Bitcoin needs Donald
• 2:07
  Trump to win, you've lost the plot.
• 2:09
  And I answered no, no, no, no, Donald Trump needs Bitcoin to
• 2:12
  win. He needs the bitcoiners votes.
• 2:15
  And as number go up, technology does its thing.
• 2:18
  Bitcoiners are going to be one of the largest donating block
• 2:22
  in, in, in the, in the United States, right.
• 2:25
  And another thing I, I don't think it's going to be
• 2:27
  politically viable for any political party to have an anti
• 2:30
  Bitcoin stance, right. So, you know, you heard it from
• 2:34
  the Bitcoin senator protect the right to self custody.
• 2:37
  This has become part of the RN CS platform.
• 2:42
  They literally they mentioned Bitcoin by name.
• 2:44
  This is absolutely insane in other news, Max Keiser, this is
• 2:48
  Friday. We're going to make it extremely
• 2:50
  bullish. You know throwing out these
• 2:52
  crazy numbers, 500K220K. He kind of explains it.
• 2:56
  You know, the thing about the thing I love about Max is first
• 2:59
  of all, it's Andres and Max. They were instrumental in my
• 3:02
  orange pill journey. But this man was telling you to
• 3:06
  buy Bitcoin since it was a dollar.
• 3:08
  All right, So it's probably a good idea to listen what he but
• 3:11
  he has to say in terms of, you know, where where Bitcoin is
• 3:15
  going in the future. Now, I think not that many
• 3:18
  people know. I mean, I, I, I think nobody
• 3:20
  knows what the short term movements in terms of price
• 3:24
  action are going to be, but I think we all expect it, you
• 3:27
  know, to go up into the right compared to Fiat going down into
• 3:31
  the right forever. Also in other news as well, Jack
• 3:34
  Dorsey announced his ASIC that he's developing with Block.
• 3:40
  He announced that that was ready to launch.
• 3:42
  He teamed up with a publicly traded Bitcoin mining company,
• 3:45
  Core Scientific. So we have news for on in that
• 3:48
  regard for you guys today. And in other news as well, I'm
• 3:52
  starting to see a pattern which is multiple kind of exchanges
• 3:57
  and people linked to exchanges. You keep seeing the same thing,
• 4:02
  which is a MLKYC and the DOJ gets involved and the founders,
• 4:09
  you know, they, they, they, they get, they, they get, you know,
• 4:12
  pressed with charges. They, they, you know, they offer
• 4:15
  a plea deal, but it's always the same thing.
• 4:17
  It's like they broke KYC, they broke AML.
• 4:21
  It's like like Binance packs full bit Max like it go bit
• 4:26
  track like it literally you can go down the line of all these
• 4:30
  exchanges. And what's interesting, and I
• 4:32
  did a little bit of research on this and one of the themes that
• 4:35
  we've always said on the show is rules for the E, but not for me.
• 4:39
  Banks are literally one of the largest money launderers in the
• 4:43
  world. If not the largest money
• 4:45
  launderers in the world, then I have the data for you guys.
• 4:48
  But it's interesting because none of those bank officials,
• 4:52
  they don't get charged with anything.
• 4:54
  They just get fined and they see it as a cost of doing business.
• 4:58
  But is it as it relates to our industry?
• 5:01
  No, no, no, no, we get locked in a box, right?
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  So it's rules for thee, but not for me.
• 5:06
  What is that? But not a cartel.
• 5:08
  That's like a cartel working with the government.
• 5:10
  It's like banks working with the government.
• 5:13
  Like it's it's so strange. And then this reminds me of
• 5:16
  2008, right? No banker went to jail, right?
• 5:19
  It was Main Street that bailed out Wall Street.
• 5:22
  No consequences. And remember, this is crucial to
• 5:25
  Bitcoins history. Remember the genesis block,
• 5:27
  right, Chancellor? On the brink of the 2nd bailout
• 5:30
  for banks. Satoshi new.
• 5:31
  This is a problem, right? But this is what the separation
• 5:34
  of money and state is all about. Bitcoin truly fixes this and I'm
• 5:38
  excited to talk about all these things and explore these topics.
• 5:41
  We also have a very special guest we have Kent.
• 5:44
  He is the CEO of SAS Mining. SAS Mining is Bitcoin mining as
• 5:48
  a service. Very, very fancy.
• 5:50
  Very nice way to say. It's also a great way to stack
• 5:54
  SAS cheaper. Isn't that right, Kent?
• 5:57
  That is correct, yeah. If you plug in our numbers into
• 6:01
  Galaxy Digital's cost to mine a Bitcoin calculator, you will see
• 6:05
  that the cost to acquire a Bitcoin with us right now is
• 6:07
  about $45,000. So you're getting what?
• 6:11
  What in percentage terms, what is that discount?
• 6:14
  Oh, I haven't looked at the numbers in the last few days
• 6:17
  with Bitcoins movement, but I believe it's around 20%
• 6:20
  discount. Yeah.
• 6:20
  So if you're looking to get the biggest bang for your buck, you
• 6:22
  really need to diversify your acquisition strategy into
• 6:25
  mining. Absolutely, absolutely.
• 6:27
  And you guys make it incredibly easy with the UI.
• 6:30
  You guys have an incredible support system.
• 6:33
  You guys care about your reputation, you guys care about
• 6:36
  your integrity. So you know, we've had SaaS on
• 6:39
  many times, but today we're going to focus on Kent's origin
• 6:42
  story. What led them to SaaS?
• 6:44
  Of course we're going to talk about SaaS mining as well.
• 6:46
  Seems like you guys really enjoy it when we when we bring them
• 6:49
  up. And I also want to bring up my
• 6:51
  Co host. It was always optimistic.
• 6:54
  And how you doing Opti Opti you look so good in the 4K and the
• 6:58
  HD you got the camera going looks good.
• 7:01
  I need to get I need to get obs going.
• 7:03
  I just downloaded it yesterday, but it I'll look prettier, Nico,
• 7:07
  I'll look prettier, but how's it going today?
• 7:09
  I've I've been better. I'm not going to lie, you know
• 7:11
  I've been better. I think I'm I think I might be
• 7:14
  catching a cold here, but other than that, you know, it's
• 7:16
  Friday. We're here on a Friday, so
• 7:20
  everything's great, man, life's wonderful again.
• 7:21
  I said every single single day, guys, and once you live on the
• 7:24
  Bitcoin standard, life's wonderful.
• 7:25
  There's there's no point to be mad about anything.
• 7:27
  Life's great. I mean they don't call you
• 7:31
  optimist fields for no reason. It's a way of life.
• 7:34
  It is the day. It is the day, brother.
• 7:38
  What is it today? What happens on Fridays on
• 7:41
  Simply Bitcoin? Are we even going to make it to
• 7:43
  a meme Friday bro? We will try.
• 7:47
  Let's see if we have it I. Have memes here but I don't even
• 7:50
  want to tease it because then I'm going to get I'm going to
• 7:52
  get yelled out if I rug pull it. We'll see if we have time.
• 7:56
  We will definitely do it on Monday.
• 7:58
  On Monday we will do it for sure.
• 8:01
  Anyways, guys, it's going to be a great show.
• 8:02
  So sit back, relax, enjoy the ride.
• 8:04
  But before we get to it, I do want to give a very special
• 8:08
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  So I'm going to flick a coin into the Bitcoin wishing well
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  All right everybody, at the time of recording the Bitcoin price
• 10:58
  is $58,290.00 Stats per dollar 1715 block height 851,860 blocks
• 11:07
  to happening 198,140 having estimate March 28th 2028 total
• 11:14
  lightning network capacity four 5017 BTC capacity value it's
• 11:19
  roughly worth 292,000,000 Fiat cut bucks realized monetary
• 11:23
  inflation 1.52% market capitalization of Bitcoin 1.15
• 11:29
  trillion just parties just getting started Bitcoin versus
• 11:32
  gold market cap 7.0% All right right everybody, so let's talk
• 11:37
  about the bullishness because this is bullish bullish Fridays.
• 11:41
  I don't even know if that's the thing, but I guess I'm making
• 11:42
  anything now anyways, here's David Bailey, David Bailey
• 11:45
  Bitcoin magazine. They just had a huge week.
• 11:48
  They got the an ex president and potential future president of
• 11:52
  the United States to speak at a Bitcoin conference.
• 11:57
  So you can surmise that they're, he's probably having some
• 12:00
  interesting conversations in the background.
• 12:03
  And I started the episode with the cold opening of Cynthia
• 12:07
  Lummis talking on legacy financial media.
• 12:09
  I did that on purpose just to kind of give you guys an idea of
• 12:14
  the heights of which these discussions are taking place.
• 12:17
  Self custody is being discussed on legacy financial media in the
• 12:22
  halls of Congress. We have a, you know, like I
• 12:25
  said, you have Trump speaking at the Bitcoin conference.
• 12:27
  You had RFK last year, you have Vivec, you have a bunch of
• 12:30
  senators. Like this is becoming a big
• 12:33
  deal. And again, it's not because
• 12:35
  Bitcoin needs this. It doesn't need anyone.
• 12:38
  It's because these politicians need Bitcoiners votes.
• 12:42
  They need the influence. This is how we win.
• 12:45
  This is a grassroots movement after all.
• 12:47
  So anyways, this is what David Bailey said.
• 12:48
  He said, people, I wish you could listen to the calls I've
• 12:51
  been on the past 12 hours. I'm the most bullish person you
• 12:55
  know, and frankly, I'm not bullish enough.
• 12:58
  This is a transformational moment for Bitcoin on the world
• 13:02
  stage. I completely agree with that
• 13:04
  statement. Anyways, here's Max Keiser, the
• 13:06
  original like bullish person. This man has been evangelizing
• 13:11
  Bitcoin since it was at a dollar $100.
• 13:14
  I think it came from his hatred of central banks.
• 13:17
  But anyways, I'm into it because I hate central banks too.
• 13:20
  But anyways, here is Luke Broyles and Max Keiser.
• 13:24
  Luke interviewed Max Keiser. I believe this was during the
• 13:28
  having party in El Salvador. Anyways, he had some interesting
• 13:31
  things to say. And then we'll get to some of
• 13:34
  Kaiser's price predictions. The Sphere Money Chase is an
• 13:40
  endless hamster wheel of an emotional roller coaster that is
• 13:44
  everything is forcing you to think like you need to keep
• 13:49
  going chasing this tale of the Fiat money world.
• 13:52
  But once you get into Bitcoin, pretty quickly you start
• 13:55
  realizing it's unconfiscatable, it's inflation proof, it's mine,
• 14:02
  no one else can take it from me, and the purchasing power is
• 14:05
  going to go up forever and I can listen.
• 14:08
  Then Michael Saylor works for me.
• 14:10
  Larry Fink works for me. Like those are my employees.
• 14:15
  When you turn on CNBC and Larry Fink's there talking about how
• 14:18
  great Bitcoin is and two years ago he thought it was shit.
• 14:21
  Now he's like, oh, I believe it. You're like, thank you, Larry.
• 14:25
  You know, my I'm up another 10% thanks to you, Larry.
• 14:30
  You're doing a good job, Larry. Now go get your shine box,
• 14:34
  Larry. That's right, Larry.
• 14:41
  You know, and all these people are not working for you and
• 14:42
  they're, and they're all coming, you know, they're all coming to
• 14:45
  be your employee. So I love Michael Sandler.
• 14:50
  Why? He fucking's making me money,
• 14:52
  That's why. Dude like that is so crazy.
• 14:58
  Now apply this to the politicians now too right?
• 15:02
  They're actually working for you now, right?
• 15:05
  This is what the separation of money in state is all about.
• 15:08
  As long as they have a Fiat money printer.
• 15:11
  They're working for the Fiat money printer.
• 15:14
  Once the people hold the money and the people are the ones that
• 15:17
  have the ability. Remember with Bitcoin mining,
• 15:20
  Kent's here, right? Anyone could mine Bitcoin.
• 15:22
  Anyone can create more Bitcoin. You just have to invest in the
• 15:25
  necessary infrastructure. Or you can head over to SAS
• 15:28
  Mining and you can use them because it's Bitcoin mining as a
• 15:30
  service. But the point is, right is that
• 15:33
  you have an aligned incentive structure model.
• 15:36
  So everyone following their incentives, right?
• 15:39
  Whether it's you run a node, whether you're mining Bitcoin,
• 15:42
  whether you're a politician, you know, pandering to Bitcoin
• 15:45
  voters, it's all aligned, right? Everyone pursuing their own
• 15:49
  greed, pursuing their own incentives is just making the
• 15:53
  network stronger. And that's the beauty of
• 15:54
  Bitcoin. And that's in stark contrast
• 15:56
  with everything else. Anyways, here's Kaiser tweet
• 16:01
  that he did like a couple weeks ago, or so he said.
• 16:04
  A 1987 style crash is coming. Bitcoin, the ultimate safe haven
• 16:08
  will soar past 500,000. Gold will continue getting
• 16:12
  demonetized by Bitcoin. Bitcoin ETFs will get seized by
• 16:16
  the US government. 1,000,000 middle and upper class migrants
• 16:19
  will flood into El Salvador. Here's another take from Kaiser.
• 16:25
  Max Kaiser explains how Tether and El Salvador will send
• 16:28
  Bitcoin price to 220 K American broadcaster and Bitcoin
• 16:32
  proponent Max Kaiser believes the stable coin issuer Tether
• 16:35
  and El Salvador, as well as the declining United States dollar
• 16:38
  will push his bitcoins price to 220,000 and in no distant time.
• 16:42
  In a Saturday tweet, Kaiser said the USD is doomed because
• 16:46
  inflation will sky harder. While this happens, BTC will be
• 16:50
  on its way to 220,000, so between 500K200K.
• 16:54
  Not that bad. Anyways, let's take a look at
• 16:57
  what his logic is behind this. Goes on to say and comments sent
• 17:00
  to Crypto Potato. That's hilarious.
• 17:03
  Kaiser explained that Tethers stablecoin business is
• 17:05
  strengthening Bitcoin and weakening the USD which forces
• 17:08
  the US government to keep raising interest rates.
• 17:11
  That's 100% right. Tether is one of the largest
• 17:15
  buyer of US U.S. Treasury bills, which is
• 17:19
  hilarious right? Anyways, so they can't really
• 17:21
  shut it down. Tethers going out there.
• 17:24
  It's like, OK, we'll buy your debt anyways, it goes on to say,
• 17:26
  according to Bitcoin Bull, every country in the BRICS union,
• 17:29
  including China and Russia, has understood that the United
• 17:32
  States is dying in a debt trap of its making, possibly leading
• 17:36
  to hyperinflation in the printing of USD.
• 17:38
  As a result, China and Russia are discarding the USD as the
• 17:42
  world reserve currency and conducting bilateral deals
• 17:46
  instead. Worse Bricks is reportedly
• 17:49
  launching a new Goldback digital currency later this year,
• 17:52
  putting Quote the final nail into the dollar and the North
• 17:55
  Atlantic Tradie organization. It goes on to say millions of
• 17:59
  crypto users swap Fiat money for tether and the stablecoin
• 18:03
  company in turn swaps the Fiat for U.S.
• 18:05
  Treasury at Cantor using the interest paid by the firm to buy
• 18:09
  more BTC. While the increasing rates in US
• 18:12
  and tethers profits are rising, as are the company's BTC
• 18:15
  purchases, it's ausd doom loop that can't be stopped.
• 18:19
  You know what's really interesting about this is that
• 18:21
  this is exactly what Michael Saylor is doing as well right?
• 18:25
  He's using the infinite money glitch, right?
• 18:28
  You know, he buys Bitcoin, the price of Bitcoin goes up.
• 18:31
  What does he do? He borrows against his stock,
• 18:34
  raises more money, buys more Bitcoin and he just keeps doing
• 18:37
  that. And that's a speculative attack
• 18:40
  on the debt based system, right? So it's just fascinating how
• 18:43
  it's happening on multiple different fronts, like in in the
• 18:47
  case of Tether, in the case of MicroStrategy, like here goes on
• 18:51
  to explain. Besides Tether, Michael Saylors
• 18:54
  business intelligence for MicroStrategy is part of the
• 18:56
  speculative attack, according to Kaiser.
• 18:58
  The broadcaster said the difference between the two firms
• 19:00
  is that MicroStrategy has to, quote, dilute shareholders with
• 19:04
  serial issuance of preferred, while Tether does not need to
• 19:08
  pay any interest. With time, the pace of BTC
• 19:11
  purchases from several entities, including Tether, MicroStrategy
• 19:14
  and El Salvador will explode, Kaiser noted.
• 19:17
  Speaking about the first country to legalize BTC as legal tender,
• 19:20
  Kaiser, who has several meetings with the nation's president,
• 19:23
  said quote, El Salvador is always looking to increase its
• 19:26
  Bitcoin position substantially. So now what's really
• 19:30
  interesting, I don't have the picture for you guys, but I saw
• 19:32
  it on Bitcoin Twitter, which was literally a picture of Germany's
• 19:36
  Bitcoin holdings just going down.
• 19:38
  They're literally really separating money from state like
• 19:41
  themselves. And of course, El Salvador's
• 19:44
  Bitcoin holdings going up, right?
• 19:46
  So what are you more? What are you more bullish on?
• 19:49
  And I think this is something that I've said many times, money
• 19:54
  plays such a consequential role in the human experience, right?
• 19:59
  I think a lot of people overlook that.
• 20:01
  It is the base layer of society. It is the half of every
• 20:05
  transaction that you do. And I think that if that base
• 20:08
  layer is corrupted, there are unintended, there are unintended
• 20:12
  consequences to that, and there are symptoms to that as well,
• 20:15
  right? I don't think it's a coincidence
• 20:17
  that the first country that made Bitcoin legal tender has the
• 20:21
  most popular president in the Americas.
• 20:24
  I don't think it's a coincidence that Germany who of course, you
• 20:29
  know, Fiat Maxis selling Bitcoin, a lot of people are not
• 20:33
  fans of what's going on in Germany, right?
• 20:35
  I'm not going to get into the whole politics of it, but let's
• 20:38
  just say there's moral decay in society.
• 20:40
  There's a lot of things that are happening there that, you know,
• 20:43
  the the population might not necessarily agree with, right?
• 20:46
  And that's because the politicians aren't working for
• 20:48
  the people. The politicians are working for
• 20:51
  the Fiat money printer, right? Bitcoin fixes this Bitcoin
• 20:55
  alliance incentives and it's a beautiful thing to see.
• 20:57
  I don't know. I'm going to, I'll start with
• 20:58
  you, Opti, since it is Friday. So we're going to let we're
• 21:01
  going to unleash the bullishness.
• 21:03
  Do you agree with Kaiser's 225 hundred K?
• 21:07
  He's just throwing numbers out at this point.
• 21:09
  But this man predicted crazy shit right back when Bitcoin was
• 21:13
  out of Dollar Man. So I don't think he's wrong.
• 21:17
  Yeah, before I get in my bullish takes here, I do want to touch
• 21:21
  on the Kaiser comments of like Larry Fink works for him now and
• 21:27
  then go get your shoebox, Larry. Like that.
• 21:29
  That was hilarious. But you said it best.
• 21:32
  You know, we we talk about it constantly on the show about
• 21:34
  Bitcoin aligning incentives. And once you really understand
• 21:39
  like how this whole Bitcoin ecosystem works, how no one
• 21:44
  particular person can control Bitcoin, you start to realize
• 21:47
  that every single one of us is not only like making every one
• 21:52
  of us richer by buying more Bitcoin and ensuring that we're
• 21:55
  holding Bitcoin. But it really makes me think of
• 21:58
  how capitalism has gotten a bad rap where like, oh, you know,
• 22:02
  capitalism's so bad and you know, the greedy corporate
• 22:05
  capitalists. But like Bitcoin is such a
• 22:08
  perfect example of when everyone does what's best for themselves
• 22:11
  and tries to improve for the future, everyone improves.
• 22:15
  And that's what you're seeing with Bitcoin.
• 22:16
  Once everyone starts stacking, when every single one of us
• 22:19
  start accumulating as much Bitcoin as possible, you start
• 22:22
  to see that the Bitcoin gets bigger, sorry, the Bitcoin
• 22:25
  network gets bigger and adoption happens and more people become
• 22:28
  wealthier and more businesses are built.
• 22:30
  And then we can start to wean off the Fiat dollar so that, you
• 22:34
  know, we can stop destroying the world.
• 22:36
  Anyways, that being said, you know, I don't have any metrics
• 22:40
  here, Nico, but my vibe has just been telling me, you know, my my
• 22:43
  oracles have been telling me for a long time now that that 220 to
• 22:48
  300 K number seems right. You know, the left side of the
• 22:52
  bell curve here. It's just a vibe.
• 22:54
  You know, I can just feel the vibe shift here and those are
• 22:57
  the numbers I've been thinking on for a while.
• 22:59
  Of course, we've been going sideways for a long time and,
• 23:02
  you know, who knows what's going to happen?
• 23:03
  But that those numbers to me just seem, you know, off off the
• 23:08
  top of my head, like very good numbers.
• 23:10
  Like those are the numbers I've been eyeing for a couple of
• 23:12
  years now. And it just seems right, you
• 23:15
  know, left side of the bell curve.
• 23:16
  My gut just tells me that that's where we're going.
• 23:19
  You can use all the mass you want.
• 23:20
  You could be right side of the bell curve, use all the mass you
• 23:22
  want. Or, you know, you just join me
• 23:24
  on the left side of the bell curve and are just stupidly
• 23:27
  bullish and like, yeah, it's going to 220 K Why?
• 23:30
  Because I said so like this is what?
• 23:33
  This is why. Give me your sources.
• 23:35
  I am the source. It's going to 200 20K 'cause I
• 23:38
  said so yeah, I'm obviously trolling.
• 23:40
  Who knows what's going to happen, but it that seemed right
• 23:42
  to me. Dude, I, I wanted to pull up a
• 23:45
  comment where it says Jose Salgado says, wait, does that
• 23:52
  mean Opti and Nico work for you? Work for you?
• 23:54
  Absolutely. Anyone who's actively
• 23:57
  evangelizing Bitcoin, who's an entrepreneur, who's building a
• 24:01
  Bitcoin business, who's talking about Bitcoin, they all work for
• 24:04
  you, right? This is the beauty.
• 24:05
  I can't emphasize this enough. Aligned incentive structure
• 24:09
  system. Aligned incentive structure
• 24:11
  system. Anyways, Kent, what are your
• 24:13
  thoughts, man, on this Bullish Friday, I want to get your
• 24:16
  thoughts specifically on the Cynthia Lummis video, man, like,
• 24:20
  holy shit, like that. I can't believe that
• 24:22
  conversation is happening, you know, in the halls of Congress,
• 24:26
  on legacy media. She's like, yeah, we're going to
• 24:28
  protect the rights of Americans to self custody.
• 24:30
  And you could tell the anchors, like, what the fuck does that
• 24:32
  mean? But like, like the Overton
• 24:35
  window, bro, it's shifting. We're winning.
• 24:37
  This feels good. Yeah, Bitcoin really is the
• 24:41
  first digital Organism and it's Co opting us all because of the
• 24:45
  the aligned incentives, right. Like when I think about Bitcoin
• 24:48
  and and Satoshi's real genius in launching this thing, it was the
• 24:51
  harness human self-interest. And I don't think that there is
• 24:54
  a more powerful force, human related force on the planet than
• 24:58
  our self-interest. So it makes sense to see these
• 25:01
  things happening. And in fact, I was actually
• 25:04
  thinking of the speculative attack that's going on, whether
• 25:08
  you know, like, like Kaiser says it's coming from El Salvador or
• 25:11
  Sailor with MicroStrategy or Tether.
• 25:15
  It just seems like as that continues to produce more and
• 25:18
  more success, the speculative attacks are going to continue
• 25:22
  and ramp up and others are going to dogpile in on that strategy,
• 25:26
  right? And so I'm not going to be
• 25:27
  surprised if we have the reverse of what we had happened in 1971
• 25:32
  with Nixon, where some president's going to have to
• 25:34
  come out at some point and just say, hey, we gave man instead of
• 25:37
  separate from the gold standard, we're going on a Bitcoin
• 25:39
  standard because otherwise we're not going to be able to keep the
• 25:42
  the dollar afloat here. Like we're just overly attacked,
• 25:45
  right? So I think Cynthia Lummis with
• 25:47
  her comment about, you know, Bitcoin backing the dollar, to
• 25:51
  me that was actually the most bullish statement that you made.
• 25:54
  Like, OK, great, protect self custody, but just even on
• 25:57
  national media to suggest that the dollar needs to be backed by
• 26:01
  Bitcoin. I mean, what reality are we in
• 26:04
  right now? This is insane.
• 26:05
  Like four years ago, I could not have imagined AUS sitting
• 26:08
  senator saying that, nor could I have imagined Donald Trump, a ex
• 26:13
  president and potentially president-elect in a few months,
• 26:17
  coming to greet in court the Bitcoin vote at in Nashville.
• 26:22
  Like this is just it's it's accelerating at a pace that, you
• 26:27
  know, when I adopted Bitcoin for the very first time at the end
• 26:30
  of 2015, I could not have even imagined.
• 26:33
  And then I look back at at some of the early writings by like
• 26:36
  how Finney and the numbers that he put up.
• 26:38
  And it's just like, how did people know at this in 2009 that
• 26:42
  this was going to play out? And it's just harnessing human
• 26:45
  self-interest and seeing how the game theory plays out.
• 26:48
  And to your point that alignment of incentives, they go, it just
• 26:51
  is, it's it's inevitable, the alignment of incentives, it just
• 26:55
  works. 100% and that's I think why we're going to win and why
• 27:02
  we're winning big is because they're in their system requires
• 27:05
  coercion. It requires like force to
• 27:09
  function. Our system is just like, you
• 27:13
  know, everyone could win, right, Which is like it's I've, I've
• 27:18
  had conversations with like specifically like older people,
• 27:21
  like like high net worth individuals, like older people,
• 27:24
  successful people. And then I'm like, I talked to
• 27:26
  them. I'm like, you know, you could
• 27:29
  just buy Bitcoin and you don't have to go down the investing
• 27:32
  into real estate and just, you know, you know, relying on a
• 27:37
  wealth manager and like whatever.
• 27:38
  And they look at me like I'm some crazy person, right?
• 27:41
  And I'm like, yeah, it's that simple.
• 27:43
  You shouldn't have to invest just to maintain your purchasing
• 27:46
  power. Isn't that a crazy idea?
• 27:49
  But they're, they're so conditioned.
• 27:51
  They've been operating in the system for so long, but you
• 27:55
  know, it's, it's just crazy how many things Bitcoin fixes and I,
• 27:59
  I truly believe it's going to make the world a better place.
• 28:01
  Anyways, before we move on to the next segment, I do want to
• 28:05
  give a very special shout out to our sponsor course.
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  Lots to talk about. The Daily News.
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• 31:00
  So I think this is a big news. I'm glad Kent is here while
• 31:03
  we're covering this. So Jack Dorsey and Block have
• 31:07
  been developing an ASIC and that is incredibly difficult to do,
• 31:11
  to say the least. But I think it's also very
• 31:14
  important because the largest of ASIC manufacturers right now,
• 31:19
  and it's not that I haven't, I don't have anything against
• 31:21
  China, but China tends to be, let's just say the Chinese
• 31:25
  government isn't the friendliest towards Bitcoin.
• 31:28
  I think there's CBDC Maxis in my opinion, but it seems like the
• 31:32
  majority of ASIC manufacturers, not it seems the majority of
• 31:35
  ASIC manufacturers are all located in China.
• 31:39
  Of course, I'm talking about bit main, I'm talking about Canon
• 31:42
  and I'm talking about micro BT. Now, these are all great
• 31:45
  companies. You know, bit main has had a
• 31:48
  little bit of controversy in the past because of Jihan and
• 31:51
  Bitcoin Cash, but you know these these companies do manufacturer
• 31:54
  the lion's share of Bitcoin mining ASICS.
• 31:58
  Now, I, This is why I think this, this announcement by Jack
• 32:01
  Dorsey is so important because we, we want more ASIC
• 32:05
  manufacturers, we want more decentralization, we want more
• 32:08
  democratization of, of the industry.
• 32:11
  We don't just want, you know, it all concentrated in a single
• 32:15
  country, right? So here's Jack Dorsey on Twitter
• 32:18
  saying our first mining customer and their first mining customer
• 32:23
  is Core Scientific. Core Scientific is a publicly
• 32:26
  traded Bitcoin miner and here is more information in regards to
• 32:30
  the announcement. So block to supply Core
• 32:32
  Scientific with 15 extra hashes worth of it's 3 nanometer.
• 32:37
  In that three nanometer A6 it goes, it goes on to say today we
• 32:40
  are announcing an agreement to supply Core Scientific with our
• 32:43
  new 3 nanometer mining A6 representing approximately 15
• 32:47
  extra hashes of hash rate. The agreement provides the
• 32:50
  option for additional significant volume and is one of
• 32:53
  the industry's largest Bitcoin mining ASIC agreements announced
• 32:56
  in terms of hash rate. Core Scientific will become our
• 32:59
  first customer to leverage our ASIC and a unique mining
• 33:02
  solution. The choice of Core Scientific is
• 33:05
  intentional as they are among the the most predominant leaders
• 33:08
  in the Bitcoin mining industry, managing one of the largest
• 33:11
  mining operations in North America.
• 33:13
  Our strategic agreement with Core Scientific is about more
• 33:16
  than just supply and demand, it's about exchanging expertise
• 33:20
  and collaboration while supplying approximately only 15
• 33:23
  EXA hashes of our ACE of our mining ASICS with an option for
• 33:26
  significant volume increases. The proto team at Block also Co
• 33:31
  designed a modular platform alongside epic blockchain
• 33:34
  technologies with input from Core Scientific.
• 33:37
  We are already actively developing the new system which
• 33:40
  will be operational from the outset using an older generation
• 33:43
  ASIC to verify the system design.
• 33:45
  The modular design flexibility will allow for straightforward
• 33:48
  upgrades to our three nanometer ASIC via it's swappable
• 33:52
  dashboard. This ensures the system will
• 33:54
  easily adapt to new generations of ASICS as they become
• 33:57
  available. So Kent man, this is your
• 34:00
  industry my friend. What do you think about this
• 34:03
  specifically about, you know, the centralization of the
• 34:05
  manufacturing of mining? Is this positive Jack kind of
• 34:09
  going in here? Is this like, is this just an
• 34:12
  announcement of announcement? Is it, you know, is that just a,
• 34:16
  you know, a splash in the bucket?
• 34:18
  Like, is it, you know, what's your take on all this?
• 34:21
  Well, I mean, to interpret it as anything other than bullish
• 34:25
  would be incorrect. And the reason why is because
• 34:28
  one of the major centralization points within our entire
• 34:32
  ecosystem is the Bitcoin manufacturer, right?
• 34:36
  And I think Jack and Block and the rest of the team working to
• 34:39
  diversify that. And I know that there's several
• 34:42
  other companies that are doing the same right now.
• 34:45
  Is is great. In essence, bit Main has had,
• 34:50
  I'll call it a pseudo monopoly on the industry.
• 34:53
  It recently came out in the last month that a lot of the the
• 34:57
  mining pool hash rate is collected under their umbrella
• 35:01
  as well through Ant pool. And the more that we can
• 35:04
  diversify and split up that that market, the better our and
• 35:09
  healthier our ecosystem is going to be.
• 35:11
  Now the three nanometer size that the block is produced for
• 35:17
  Core Scientific here is you know bleeding edge of ASIC size.
• 35:21
  So the the smaller the transistor size, the the more
• 35:25
  Terra hash you can get on a single manufacturing unit.
• 35:28
  And then what Core Scientific is talking about there is in
• 35:31
  essence changing the form factor.
• 35:32
  So Bitcoin mining rigs have come or ASICS have come in basically
• 35:37
  a shoebox sized form. And what I, what I read there is
• 35:42
  Core scientific is figuring out, hey, instead of needing to
• 35:45
  replace that entire box, let's just figure out a way that we
• 35:48
  can swap out the hash boards inside that box and reuse and
• 35:54
  lower our CapEx for future upgrades.
• 35:57
  So All in all, this is a very innovative approach.
• 36:00
  Innovation can only occur from upstart disruptors.
• 36:04
  I hope and remains to be seen that Block delivers on this
• 36:09
  agreement, but I certainly hope so, not just for Core
• 36:13
  Scientific, but for a whole community because we get
• 36:17
  healthier the more diversified and distributed the
• 36:21
  manufacturing base becomes for mining rigs.
• 36:24
  Absolutely. I 100% man.
• 36:25
  And I'm, I'm so absolutely bullish.
• 36:28
  I agree. It's, it's, it's just, it's,
• 36:30
  it's bullish, right? It's bullish like we need and
• 36:32
  it, and it, it's incredibly difficult.
• 36:34
  I remember I was having a conversation with a buddy of
• 36:37
  mine and, and he, like one of his first entrepreneurial
• 36:41
  ventures in the industry was developed in ASIC and he was
• 36:44
  telling me how difficult it was just because of the cluster of
• 36:50
  experts specifically into the Shenzhen region, right?
• 36:53
  So for someone to just say, Hey, I want to manufacture, it's not
• 36:56
  easy at all whatsoever. It takes a tremendous amount of,
• 37:00
  of, of expertise and capital. And it seems like Jack Dorsey's
• 37:03
  is, is doing it because of his fear of the centralization of
• 37:08
  the manufacturing of it, right? So shout out to Dorsey for once
• 37:11
  again supporting the industry. And, you know, he was a huge
• 37:14
  investor in the ocean mining pool as well, right?
• 37:17
  Which, you know, further decentralizes, you know, the the
• 37:20
  whole mining, which I don't think it's as big of a deal as
• 37:22
  people say it is because people will just move to another mining
• 37:25
  pool. But but I I do think that's
• 37:29
  important and it's a step in the right direction, to say the
• 37:31
  least. Anyways, Opti, what's your take
• 37:32
  on all this, brother? Yeah, well.
• 37:34
  First and foremost, I do want to give a huge shout out to Jack
• 37:37
  Dorsey. He's been doing incredible work
• 37:39
  in the Bitcoin space, whether it's with his wallet, you know,
• 37:42
  Cash App or now, you know, making ASIC mining chips.
• 37:46
  It's like he's, he's the GOAT right now.
• 37:49
  He's doing so much for Bitcoin and it's incredible.
• 37:52
  And he's doing it all behind the scenes.
• 37:54
  It, it seems like he doesn't even really want credit for it.
• 37:57
  He's not like out there, like, you know, being obnoxious about
• 38:00
  what he's doing. He's just, he's just shipping
• 38:02
  stuff. And, and that's what I'd love to
• 38:04
  see and to what Kent was saying and a lot of, you know, even
• 38:09
  actually to what Nico was saying, you know, we were just
• 38:11
  at mining disrupt and there was a lot of conversation around
• 38:13
  ocean and the centralization of the, the mining pools.
• 38:18
  And very few people talk about the centralization in the mining
• 38:22
  chips. Not to say that Bitcoin isn't
• 38:24
  decentralized, but there is a choke point right now.
• 38:27
  And now that Jack Dorsey is making these chips, it's like
• 38:30
  finally we're get some competition in the ASIC chips.
• 38:33
  And that's a good thing for Bitcoin.
• 38:34
  My cat said it's hard not to see this as bullish news in general
• 38:38
  because more competition in ASIC manufacturing means that, you
• 38:43
  know, not one, not one person or one area can control what's
• 38:49
  going on with the ASICS. And that's a good thing.
• 38:51
  And so, again, shouts out to Jack Dorsey because he's just
• 38:54
  absolutely killing it out there with everything.
• 38:56
  He's working on all his different businesses.
• 38:59
  And this is kind of what we were saying in the beginning.
• 39:01
  What's like once you go down the Bitcoin rabbit hole, everyone
• 39:05
  works for Bitcoin. And Jack Dorsey is living that
• 39:07
  ethos. And, you know, he's just killing
• 39:10
  it. He's just, you know, shipping
• 39:11
  great wallets, cash apps, one of the best, you know, financial
• 39:15
  services right now. And then of course, like some
• 39:18
  ASIC chips like this is great. This is absolutely wonderful to
• 39:21
  see. I I can't wait to see other
• 39:23
  people do similar things to Jack Dorsey and then this really get
• 39:26
  put into steroids and then to start getting crazy out here.
• 39:29
  100% All right guys, so let's move on to this topic and then
• 39:33
  move on to the culture talk about Kent SAT mining.
• 39:36
  Very excited for that. But first I do want to bring
• 39:39
  this up because I'm again, I'm starting to see a pattern.
• 39:41
  I've I mean I've seen this pattern for a very long time now
• 39:45
  and again it's rules for thee, but not for me.
• 39:47
  So here is the first no BS Bitcoin article.
• 39:51
  Paxville Co founder Arthur Shabak pleads guilty to
• 39:54
  conspiracy to fail to maintain an effective AML program.
• 39:57
  The Co founder and former chief technology officer of Paxville.
• 40:01
  Arthur Shabak pleaded guilty to conspiracy to maintain an
• 40:04
  effective anti money laundering program.
• 40:07
  Now moving on to Bitmax. Bitmax is interesting because
• 40:10
  Bitmax, Arthur Hayes, Arthur Hayes did a plea deal right?
• 40:14
  Again, same thing no KYC, no AML very bad, but you know this is
• 40:21
  another I guess another case as it relates to it.
• 40:25
  They do mention it in in the article.
• 40:27
  It's like we already paid a huge fine, but it seems like they're
• 40:30
  keep they keep going anyways. It goes on to say Bitcoin
• 40:33
  exchange and derivative it trading platform Bitmex plead
• 40:36
  pled guilty to violating the Bank Secrecy Act by quote
• 40:39
  willingly failing to establish implement and maintain an
• 40:42
  adequate anti money laundering program.
• 40:45
  Now, what's really interesting about this is, again, let's take
• 40:49
  a look at the banks and let's take a look at, you know, what
• 40:52
  they've done. So here's HSBC.
• 40:55
  This was a very infamous case. In 2012, HSBC paid a $1.9
• 41:00
  billion fine to US authorities for laundering money for the
• 41:04
  drug cartels in Mexico. Like, why did none of their
• 41:09
  executives go to jail? They just paid a fine?
• 41:12
  This. And again, 1.9 billion, it
• 41:13
  sounds like an astronomical amount and it is.
• 41:17
  But for these banks, they really see it as a as a cost of doing
• 41:20
  business. No executive went to jail for
• 41:22
  that. And they were literally
• 41:24
  laundering money for drug cartels in Mexico.
• 41:26
  OK, Deutsche Bank. The bank has faced multiple
• 41:29
  fines for AML failures, including a $630 million fine in
• 41:33
  2017 for facilitating a $10 billion Russian money laundering
• 41:37
  scheme. Wachovia, which is now known as
• 41:41
  Wells Fargo, paid $160 million in 2010 for allowing a $378
• 41:47
  billion in drug money to be laundered through its accounts.
• 41:51
  These these instances under score the significant role that
• 41:54
  some large banks have played in global money laundering
• 41:57
  activities. Regulatory bodies continue to
• 41:59
  impose hefty fines and implement stricter AML controls to combat
• 42:04
  these issues, highlighting the bank's involvement in large
• 42:07
  scale money laundering schemes. Why fines for banks and prison
• 42:11
  sentence for Bitcoin exchanges Like CZ got four months and CZ
• 42:19
  didn't launder $1.9 billion for the Mexican drug cartels.
• 42:24
  Like, you know, it's, it's, it's, it's, it's, it's a double
• 42:27
  standard, man. It's a double standard.
• 42:29
  And Speaking of cartels, this is cartel like behavior in my
• 42:34
  opinion. So anyways, I wanted to
• 42:35
  highlight that because I think it's incredibly important when
• 42:38
  you see these cases and when you see, you know, like Merrick
• 42:42
  Garland or, you know, representatives of the DOJ go
• 42:45
  out there and like the goats, like, you know, finance has
• 42:48
  something to do with money laundering and terrorism and all
• 42:51
  that stuff. And like, like we're the vast
• 42:54
  majority of terrorism funding, right, is coming from the
• 42:59
  traditional financial system that has the AML and KYC systems
• 43:03
  in place. Why aren't they being put in
• 43:05
  prison? Why isn't that?
• 43:07
  Why are they not being talked about?
• 43:09
  Why is it always our industry? Why are we the ones being locked
• 43:13
  in a box? Right.
• 43:15
  I'm starting to notice a small pattern here.
• 43:17
  Maybe I'm crazy but doesn't seem very fair and isn't supposed to
• 43:23
  be justice isn't those aren't the, you know, the scales of
• 43:25
  justice supposed to be balanced and even doesn't seem like it in
• 43:29
  my opinion, Opti. I mean, yeah, like my take is
• 43:35
  very simple and clear is, you know, you don't investigate
• 43:39
  yourself for the crimes that you come in like talking about here.
• 43:44
  Like that's just what I like. Of course it's very obvious.
• 43:48
  Of course it's the rules for the not for me.
• 43:50
  It's like they know what they're doing and they use the quote UN
• 43:53
  quote legitimacy of the law and the legitimacy of the
• 43:56
  institutions to get away with, you know, hypothetical murder
• 43:59
  here. Like this is this is it's a
• 44:02
  Cantillon effect in real time. Like this is, This is why we
• 44:05
  Bitcoin. Like this.
• 44:06
  This is exactly why we Bitcoin is because we know there's all
• 44:09
  kinds of trickery going on in the financial world to basically
• 44:13
  not only do money laundering, but also just steal your wealth
• 44:18
  outright or also secretly. So yeah, I'm not surprised.
• 44:21
  What are we talking about here? Ken.
• 44:25
  I mean, it just seems to me like there's been a Fastian bargain
• 44:28
  that's been made by the banking industry, right?
• 44:30
  It's like, hey, we'll surveil and control, put these control
• 44:34
  systems in place for all of our clients.
• 44:37
  And in exchange, you guys just let us launder the money on the
• 44:40
  side, right? And, and, and it seems to me
• 44:43
  like that that pact has worked pretty well since the Bank
• 44:46
  Secrecy Act went in place. And what's come on is, you know,
• 44:50
  this new Bitcoin and crypto industry, right, which is sort
• 44:53
  of shaking up this monopoly the banking sector has had.
• 44:56
  And they're just saying, hey, we need to protect our Moat.
• 44:59
  Like let's go through the regulatory apparatus here and go
• 45:02
  attack them and shake them down and, and try to get them to back
• 45:06
  off and let us have our, our piece of the pie.
• 45:08
  I mean, I see money laundering is simply an industry and the
• 45:13
  banking, the banking sector has cornered the, that market.
• 45:17
  They like the fees they're receiving off of it and they're
• 45:20
  pissed off with the crypto exchanges for horning in on
• 45:23
  their on their share of the pie. Yeah, that that was, it's so
• 45:26
  spot on. Like they, they cornered that
• 45:28
  market. They're like, no, no, no, no,
• 45:29
  wait a second. No, you can't have that.
• 45:31
  But they see it as a cost of doing business like that, that
• 45:34
  like, you know, they pay these fines and they're like, oh, OK,
• 45:36
  that's fine. You know, they'll leave us alone
• 45:38
  and not put us in the box, you know, and then the government
• 45:42
  gets a cut, right? Because they say fines like as
• 45:44
  if it's like, where's that fine going to?
• 45:46
  It's not like it's going to everybody.
• 45:48
  It's going specifically to the government.
• 45:51
  So I just find all that very, very interesting.
• 45:54
  It's literally like the mafia bribe tax.
• 45:56
  It's just like. Straight up.
• 45:59
  You get away whatever you want, just give me the money and we'll
• 46:02
  look at look the other way publicly.
• 46:04
  You'll look, you'll, you know, you'll look bad, but in reality,
• 46:07
  it's just like, it's really, it's really like, it's the idea
• 46:11
  of if you have enough money, like you can get away with
• 46:14
  anything. It's just like there's you just
• 46:16
  got to pay the right price. Like that's what's going on
• 46:18
  right here. Yeah.
• 46:19
  That's 100. Percent the the folks, the folks
• 46:21
  laundering the money are simply paying a high enough fee that
• 46:24
  when it comes time to to to pay the expense side, which is the
• 46:27
  regulatory action, they they, they've got the money set aside
• 46:30
  ready to go. 100 percent, 100%. All right, gentlemen, before we
• 46:34
  move on to the next section, I do want to give a shout to our
• 46:36
  sponsor. And of course, I'm talking about
• 46:37
  Kaboom Racks. Kaboom Racks is the most trusted
• 46:40
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• 46:44
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• 46:46
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• 46:48
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• 46:50
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• 46:54
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• 47:00
  So check them out, scan the QR code or check the link in the
• 47:03
  video description. All right, everybody, let's hit
• 47:05
  the culture. The daily culture.
• 47:09
  Hi. Everybody, I also want to give a
• 47:15
  shout out to our sponsor, the Orange Pilot Stock Friend who
• 47:19
  stack sats join the 11,178 bitcoiners that are currently on
• 47:24
  the app. Orange pull app is the Bitcoin
• 47:26
  social layer. If you're traveling or you're in
• 47:29
  the city and you just don't know any bitcoiners, you pull up the
• 47:31
  orange pull app and it has a really clever geographical
• 47:34
  feature. It'll show you the bitcoiners
• 47:36
  that are near you and you can send them Adm, you can connect
• 47:38
  with them. It's probably a good idea to
• 47:40
  build up that Bitcoin or Rolodex because I truly believe, as you
• 47:44
  saw with the cold opening, that Bitcoiners are going to be some
• 47:47
  of the most influential, powerful people in the next 5 to
• 47:49
  10 years. It's probably a good idea to
• 47:51
  build up that Bitcoin friend list.
• 47:53
  So the Orange Pull app is the resource for you.
• 47:56
  Check the link in the video slash podcast description, scan
• 47:59
  the QR code. And also, if you want to reach
• 48:00
  me directly, I don't answer Twitter DMS, but I do answer
• 48:03
  Orange Bill app messages. So send me a message on the
• 48:06
  Orange Pull app if you have any questions or you want to talk to
• 48:08
  me directly. Anyways, I'm really excited
• 48:11
  because Kent is back in the house and we're gonna hear
• 48:14
  Kent's origin story today. So how you doing, Kent?
• 48:18
  First of all, how you doing? It was great to see you in the
• 48:21
  flesh in Miami for Mining Disrupt.
• 48:24
  That was insane. Me and shout out to Opti because
• 48:28
  Opti was holding it down. Holy shit.
• 48:31
  But that conference? Slaving bro.
• 48:33
  That conference was nuts. It was great.
• 48:36
  Of course, you know, those guys do an incredible job putting it
• 48:39
  together. But but yeah, man, putting
• 48:42
  together that live stream was absolutely hectic.
• 48:44
  But Kent and I, we had some time to, you know, we, we, we, we got
• 48:48
  a moment to spend some time together, have a couple
• 48:49
  conversation. That was great.
• 48:51
  And happy to have you back on the show, man.
• 48:53
  So for anyone who's just tuning in, Ken is the CEO of SAS
• 48:56
  Mining. SAS Mining is Bitcoin mining as
• 48:59
  a service. And I just want to know, like
• 49:01
  Kent, how did you get there? What's your origin story?
• 49:03
  How do you get into Bitcoin, man?
• 49:05
  Oh man, you know, I think all of us have got an interesting
• 49:08
  origin story and and I think mine, mine fits in the
• 49:12
  interesting category. So first of all, it's, it's it's
• 49:15
  Hawaiian shirt Friday on here says mine.
• 49:17
  We've got to do something, something fun to keep our
• 49:19
  culture alive on on Fridays. But you know, I, I think my, my
• 49:25
  childhood actually had something to do with it because
• 49:27
  sovereignty was just like built into my DNA as a kid.
• 49:30
  I grew up on a farm on the Oregon Coast, had stories of
• 49:33
  settler and heritage sort of pioneering things in my past.
• 49:38
  And, and so, you know, when I graduated from college, I, I got
• 49:43
  into rooftop solar, similar idea.
• 49:44
  I just like seeing people be able to generate their own
• 49:46
  electricity and be sovereign. And, and that was a great career
• 49:50
  and got into about 2014 and realized, you know, I want to
• 49:54
  see the world. They've been kind of a dream of
• 49:55
  mine for a long time. And so I had a couple of years
• 49:57
  where I just thrown a backpack and traveled and saw most of
• 50:00
  most countries, most continents, let's say across the planet, had
• 50:03
  some great adventures. And, and along the way I, I
• 50:06
  bumped into a Portuguese woman that became my wife and, and
• 50:09
  also Bitcoin. I was in the Sacred Valley of
• 50:12
  Peru. And now funny enough, I live in
• 50:14
  Peru, but I was in the Sacred Valley of Peru and just had time
• 50:17
  on my hands. And there's something about
• 50:19
  Bitcoin and reading the white paper and, and, and trying to
• 50:22
  understand it at this point is like 2015.
• 50:24
  And I just, I kept coming back to it.
• 50:26
  I had I it was like this itch I couldn't quite scratch and, you
• 50:29
  know, rode the wave of the 20/16/2017 bull market.
• 50:35
  And by 2016 I was relocated to Portugal, you know, building a
• 50:38
  family, building a life there was doing like Bitcoin concierge
• 50:42
  services, trying my hand at being an entrepreneur, trying my
• 50:45
  hand at AT Ms. trying my hand at mining from home and just really
• 50:48
  figuring out like, OK, how, how do I put this passion that I've
• 50:51
  developed for Bitcoin into practice to generate a living
• 50:54
  from it? And, you know, it took a long
• 50:57
  time, you know, botched mining experience at my own home before
• 51:01
  I realized after reading Jeff boost the the price of tomorrow
• 51:04
  that from my energy background and rooftop solar, you know, put
• 51:08
  myself into the mining sector was the right place to be.
• 51:11
  And so Will was the OR still is the founder of SAS mining.
• 51:15
  And I heard him on a podcast with the solar host that I knew.
• 51:18
  And this was late 2020. And I reached out to the host
• 51:21
  and said, Hey, can you put us in touch?
• 51:22
  And one thing led to another. And I came on at SAS mining is
• 51:26
  an energy advisor. They helped will raise some
• 51:29
  capital, some precede capital. And, you know, unfortunately it
• 51:33
  wasn't enough money to actually go out and and build these
• 51:36
  projects that we've developed. And so Will and I had a had a
• 51:39
  good think about what we could do with that capital and
• 51:42
  realized there's this company called Compass.
• 51:44
  It's grown pretty fast and seems like there's a lot of demand for
• 51:47
  the average Joe that wants to be able to to mine Bitcoin.
• 51:50
  Like, why is that? And, you know, scratching our
• 51:53
  heads realized, oh, shoot, people want to acquire Bitcoin
• 51:56
  at a cheaper price. I would have thought that like,
• 51:59
  let's make that easy. Let's build a platform, let's
• 52:01
  build an experience. Let's let's let's focus on the
• 52:05
  service side of things so that so people feel comfortable work.
• 52:10
  Excuse me, working with us. And yeah, one thing's led to
• 52:13
  another and had a wonderful time getting to spend with you and
• 52:17
  others in the mining industry last two weeks ago now at mining
• 52:20
  Disrupt. And yeah, I just I feel
• 52:23
  extremely fortunate to have found like my IKEA.
• 52:28
  What do you how do you say that? Japanese Akagi.
• 52:31
  Akagi. Thank you.
• 52:32
  The Akagi like where I feel like I'm just in the right place,
• 52:35
  right time in my life, putting my passion to use and and and,
• 52:40
  you know, love what I do and the people I work with.
• 52:42
  So couldn't, couldn't, couldn't be luckier.
• 52:45
  Oh yeah, man. I mean, it seems like you found
• 52:47
  purpose and I think that is like, I think human beings need
• 52:52
  a purpose. I think you need a reason.
• 52:55
  Of course, your family, you know, God, but you need a reason
• 52:59
  as to what what are you? What are you going to do on this
• 53:01
  earth with the time allocated to you to leave the world a better
• 53:05
  place than you found it, right? And you found your calling man.
• 53:10
  And, and it's super incredible. And the way that you guys are
• 53:13
  approaching this and Opti, if you could pull that up, it's
• 53:16
  very unique, right? It's very unique in the sense
• 53:20
  that no one, no one really offers the UI, the support that
• 53:27
  you guys offer and that that makes SAS mining incredibly
• 53:31
  easy. And also the barrier to entry is
• 53:34
  very, very low, right? So could you kind of like walk
• 53:38
  people through that, like, you know, first, what is SaaS?
• 53:42
  What do you guys offer? What are the steps that people
• 53:44
  need to take in order to get started acquiring Bitcoin at a
• 53:49
  cheaper rate than if they were just buying spot Bitcoin?
• 53:53
  That's right. So yeah, it basically we're
• 53:56
  using the mechanism of mining and hardware transforming
• 54:00
  electricity into Bitcoin to as an acquisition vehicle.
• 54:05
  So most people think of, hey, I'm going to go to an exchange,
• 54:07
  I'm going to go to some sort of DCA service.
• 54:10
  And we're saying there's actually this other option like
• 54:13
  you can buy a piece of mining equipment and generate your own
• 54:15
  Bitcoin. And so how that works is for us,
• 54:19
  you show up on our website, you click that shop rigs button, you
• 54:21
  can go buy a mining rig. We've got a couple options,
• 54:23
  curated options for you. And you know, we show you the
• 54:27
  value proposition. They're both in dollars and
• 54:29
  Bitcoin, the price what it takes to get it to our data center in
• 54:34
  Paraguay. But you know, typical e-commerce
• 54:38
  experience purchase your mining rig, we get it procured and
• 54:41
  shipped and deployed in about a month in Paraguay and you
• 54:45
  provide us your Bitcoin address, how you want to pay for the
• 54:49
  electricity consumption of your mining rig and we take care of
• 54:53
  it on your behalf. So mining rig is yours, we just
• 54:56
  have possession of it and you receive all the Bitcoin that
• 54:59
  that mining rig generates. Now, how do we make money is the
• 55:02
  most common question that we get next after I explain what it is
• 55:06
  that we do, and it's pretty easy.
• 55:09
  So first of all, our clients, they've got to pay for the
• 55:12
  mining hardware, they've got to pay for the electricity.
• 55:15
  We don't make money there. Like there's no markup on those
• 55:18
  two. What we do is have those set up
• 55:20
  to just offset the expenses. But how we do make money is on
• 55:24
  the back end the exact same way our clients do, which is as a
• 55:27
  percentage of the mining reward. So our management fee is just
• 55:31
  15% of all the Bitcoin that is mined.
• 55:34
  That's the only way that we make money.
• 55:36
  And that means that the mining pool when it sends it out,
• 55:39
  splits the transaction such that 85% goes to our client's wallet
• 55:44
  and just 15% goes to us. And that keeps our incentives
• 55:47
  fully aligned with our clients, which means that now we care
• 55:50
  about how quickly can we get your mining rig plugged in, How
• 55:53
  quickly can we can we turn repairs, how do we maximize the
• 55:58
  up time. So you know, if we have
• 56:00
  curtailment, which we do have a bit of, you know, that impacts
• 56:04
  us exactly the same amount as it impacts our clients. 100% that's
• 56:09
  a, that's an incredibly important point, right?
• 56:11
  And that's really kind of like the differentiating factor.
• 56:15
  And you know, the kind of the of today's episode is this aligned
• 56:18
  incentive structure, right? If you guys don't like, if those
• 56:23
  miners are plugged in, you guys aren't making money either,
• 56:26
  right? So it's, it's not like, you
• 56:28
  know, you're paying this hosting fee and it's like, you know,
• 56:31
  that's it. You guys get, you know, your
• 56:35
  revenue via a percentage of the Bitcoin being mined.
• 56:39
  So it, what that causes you guys to be like, Hey, if these
• 56:42
  machines aren't plugged in, we're going to go out of
• 56:44
  business. And that's very unique, right?
• 56:47
  Like I, I, I, I prefer that business model because I know
• 56:51
  that you guys are to use Kaiser's words, right?
• 56:55
  You guys are working for me in, in the sense, right?
• 56:57
  You know it. I don't know how else to put it.
• 57:01
  Yeah, that's right. I mean, you know, the way I look
• 57:03
  at it is you guys, you guys are my colleagues, right?
• 57:05
  And we're, we're all running Bitcoin only businesses here and
• 57:08
  we're all working to to grow the Bitcoin pie together.
• 57:11
  And yes, by aligning incentives, we now work alongside of our
• 57:15
  clients. And you know, I think that
• 57:17
  there's been an error that our industry has made repeatedly,
• 57:20
  which is that there's a lot of folks that mark up the mining
• 57:23
  rigs as their primary source of making money.
• 57:27
  And while that's a fairly easy approach, once you've sold the
• 57:31
  rig, what incentive do you have to actually deliver it, get it
• 57:34
  plugged in, get it operational, maintain it?
• 57:37
  I mean, yes, you're selling electricity, but if you're not
• 57:39
  making very much money there, if your primary source of making
• 57:42
  money is on the rig sale, then once the the transaction is
• 57:45
  complete on the front end, like there's not a lot of incentive
• 57:48
  on the back end to, to, to operate.
• 57:50
  So the route that we chose to build this business and to
• 57:53
  bootstrap it is so much harder. But you know, we're Bitcoiners,
• 57:57
  we got that low time preference and we're skating to where we
• 58:00
  think the puck is going in our industry, which is again aligned
• 58:04
  incentives keep our value set the same as the Bitcoin network
• 58:08
  and we'll we'll succeed and win with other Bitcoiners out there.
• 58:12
  Absolutely. We, we, we have a question from
• 58:14
  one of the audience members, Jose Cueto.
• 58:16
  I don't know if that's your real name, but that's funny.
• 58:19
  The tequila maximalism. How often are the blackout slash
• 58:23
  minor downtime in Paraguay? Yeah.
• 58:26
  So it it varies right. The where we are, we're in a sub
• 58:30
  utility in one jurisdiction and while there's plenty of power on
• 58:34
  the grid, there's not enough substations built out and that
• 58:37
  is a work in progress where we're located.
• 58:40
  And in exchange for getting very low cost electricity that we
• 58:43
  provide to our clients, we do have curtailment.
• 58:46
  That curtailment on average is about 20% per year.
• 58:50
  So we have about 80% uptime. However, during the summer, it's
• 58:55
  much worse. During the winter, it's much
• 58:57
  better. So we're in the winter months
• 58:59
  right now and we've been high in excess of 80%, but in the summer
• 59:03
  months, it's been much lower than 80%.
• 59:05
  So 80% estimated annualized uptime.
• 59:08
  It's our first year there and that's what we're seeing.
• 59:11
  We're tracking pretty well to that.
• 59:13
  Absolutely, man. And so and then what's the
• 59:16
  another question like how stable is the government in Paraguay?
• 59:20
  Lots of good questions today. Yeah, no digging in.
• 59:23
  I, I think it's, it's very easy to sort of lump Paraguay in with
• 59:26
  every other Latin American country, but I do think that
• 59:29
  there's a nuance specifically to Paraguay.
• 59:30
  So I, I didn't mention about the rate.
• 59:33
  So yeah, we're, we're charging 4.7 cents.
• 59:35
  That's the cost that we acquire at plus the providing the
• 59:38
  maintenance. So the, the, the government
• 59:41
  there, I made the decision to go into Paraguay along with my, my
• 59:48
  management team, because we looked at March last year at
• 59:51
  the, the attack that was going on in the mining sector, You
• 59:54
  know, the, the 30% proposed electricity price tax, the New
• 59:58
  York State like crackdown on mining.
• 1:00:01
  There was a bill that was introduced at that point in
• 1:00:03
  Texas. We just said this doesn't look
• 1:00:05
  like a particularly healthy dynamic right now.
• 1:00:08
  Let's avoid that. Let's go to a place where
• 1:00:10
  incentives are aligned. And I saw that in Paraguay.
• 1:00:14
  And the reason why I saw that is because there is a massive IMF
• 1:00:18
  World Bank project that was built in the in the 70s called
• 1:00:22
  the Ottawa Dam and it crosses the border of both Brazil and
• 1:00:26
  Paraguay. It's a 14 GW dam and which makes
• 1:00:30
  it the second largest in the world behind Three Gorges.
• 1:00:33
  And half the power goes to Brazil, half to Paraguay.
• 1:00:38
  The problem is in Paraguay, they couldn't utilize all that power,
• 1:00:41
  right? And so about 5 gigawatts was
• 1:00:43
  being sold at a loss to Brazil. And miners are coming in as
• 1:00:47
  really the first industry that's seen that and being able to take
• 1:00:51
  advantage of it and scale and say no, no, no, no, don't sell
• 1:00:54
  that at a loss. Sell it to us at a pretty low
• 1:00:56
  price and we'll utilize it to turn it into Bitcoin and export
• 1:01:00
  that. So we're bringing economic
• 1:01:02
  value. So we're repatriating
• 1:01:03
  electricity. We're operating as an uplift on
• 1:01:06
  GDP instead of a drag. And for that reason, I saw that
• 1:01:10
  the the politician would ultimately rally behind Bitcoin
• 1:01:14
  mining. And that's what we've seen.
• 1:01:16
  It's been a lumpy journey, but I'd say we're at the end stages
• 1:01:19
  of it. So what's happened is about two
• 1:01:21
  months ago, maybe three months ago now, there was a proposed
• 1:01:24
  ban on mining by one group of politicians that was immediately
• 1:01:28
  smacked down and a big sort of tussle pursue ensued for the
• 1:01:36
  political class. Like what is this?
• 1:01:37
  And, and what's come about now is we're now at the phase of
• 1:01:41
  acceptance. And, and, and I say that because
• 1:01:44
  a proposed tax was just put into into place on Bitcoin mining.
• 1:01:49
  So there's like a 1314% increase on the price of power.
• 1:01:53
  And to me, you're not going to do that if you expect to kick
• 1:01:56
  out that industry. So that that signifies
• 1:01:59
  acceptance to me. And the very last stage of that
• 1:02:03
  is whether that's going to get retracted or not.
• 1:02:05
  There's meetings that have been ongoing between the president
• 1:02:08
  and president of the state-run utility to ultimately determine
• 1:02:11
  if this is going to get retracted or not, which, you
• 1:02:13
  know, fingers crossed it does because it is having a material
• 1:02:17
  impact. Luckily not directly on us
• 1:02:19
  because again, we're in a sub utility.
• 1:02:21
  We're not directly on the state-run utility, but it is
• 1:02:24
  impacting the mining community, this tax and going to rejigger,
• 1:02:27
  you know, the economics of mining for a lot of actors.
• 1:02:31
  And I think, you know, just given the worry that we've been
• 1:02:34
  reading between the lines, you know, this is a good shot that
• 1:02:37
  it does get retracted. But you know, I think that the
• 1:02:40
  game is about ready to open up in a massive way in Paraguay as
• 1:02:42
  a result of these political actions that have that have
• 1:02:47
  happened over the last six months.
• 1:02:49
  And and it's, first of all, I didn't know that about the dam.
• 1:02:52
  I mean, that's absolutely fascinating.
• 1:02:54
  And for anyone who's not in the know, stranded energy and
• 1:02:58
  Bitcoin, it's it's, it's a match, a match made in heaven,
• 1:03:01
  right? You can't really monetize it any
• 1:03:04
  other way. You can't really transport
• 1:03:07
  electricity over long distances. You can't really store it
• 1:03:10
  effectively. A great example of that is like
• 1:03:13
  if you have an iPhone or an Android and you leave it
• 1:03:15
  unplugged overnight, even though you charge it to 100% wake up
• 1:03:18
  the next day, it's probably at 99, right?
• 1:03:20
  So can't store electricity, especially large amounts, right?
• 1:03:25
  Effectively can't transport it either.
• 1:03:27
  It loses efficiency every kind of mile that you transport it.
• 1:03:31
  So you kind of have to use it right then and there where you
• 1:03:34
  produce it. But the problem is that like,
• 1:03:36
  you know, like if that dam is in the middle of the, you know, of
• 1:03:40
  the Paraguayan slash, you know, Brazilian rainforest or jungle,
• 1:03:45
  I don't know, Amazon, Amazon. No, I don't think the Amazon
• 1:03:49
  goes down, down the deep. But anyways, let's just say it's
• 1:03:53
  in the wilderness. Let's just put it like that.
• 1:03:55
  You know, you kind of have to use it.
• 1:03:56
  And that's where Bitcoin miners come in and say, hey, you know
• 1:03:58
  what, we'll buy that excess energy.
• 1:04:01
  And there was something really interesting that happened, Kent,
• 1:04:04
  if you could talk about that, where before, I think Paraguay
• 1:04:07
  was selling a lot of that to Brazil.
• 1:04:09
  And then they came to a realization like we're going to
• 1:04:12
  get a better deal if we just sell it to Bitcoin miners.
• 1:04:15
  Yeah, that's right. That that's what has gone on.
• 1:04:18
  In fact, that's been part of the political tussle that's happened
• 1:04:20
  over the last few months is that there has been folks that have
• 1:04:23
  been supporting it. So exact same way that like
• 1:04:26
  Bitcoin is Co opting politicians in the US, it's been doing the
• 1:04:28
  same in Paraguay, right. There are politicians that have
• 1:04:32
  been mining Bitcoin and seeing the value in that.
• 1:04:34
  And so they're, they're sort of protecting their baby here too.
• 1:04:36
  And they've come out and published just the price that
• 1:04:40
  they've been selling the the power to Brazil for, to make it
• 1:04:43
  very clear to the populace that, hey, we can sell it here for
• 1:04:47
  this or we can sell it there for that.
• 1:04:49
  And by the way, we sell it there for that and we suddenly pull in
• 1:04:52
  a whole bunch more money. So the economic incentives are
• 1:04:54
  working exactly how you'd expect.
• 1:04:56
  And in fact, the number that I heard pushed around was was
• 1:05:00
  about $200 million in in tax revenue is currently coming in
• 1:05:06
  right now before the, the tax on, on electricity was just put
• 1:05:10
  into place at 1314% tax I just mentioned.
• 1:05:13
  So $200 million in tax revenue that that gets a country like
• 1:05:18
  Paraguay's attention, right? And, and that means that, you
• 1:05:22
  know, that revenue can come in and build out the infrastructure
• 1:05:25
  that's needed on the grid, more substations, you know, it's,
• 1:05:28
  it's just a virtuous circle and it's, it's beautiful to be a
• 1:05:33
  part of that on the ground and seeing it, you know, transform
• 1:05:37
  the, the economy there. You know, we, our operations
• 1:05:40
  have got about 35 different people employed at this point.
• 1:05:43
  And that's, that's, that's exciting.
• 1:05:45
  That's absolutely no, that's incredible, man.
• 1:05:47
  That's that's really, really cool stuff.
• 1:05:49
  What you what you guys are doing?
• 1:05:50
  So, Ken, to get started, people are listening to this.
• 1:05:54
  They're they're liking it, they're enjoying it.
• 1:05:56
  They should, they should go to sasmining.com/simply SAS simply
• 1:06:01
  Bitcoin. You get a, you know, just use
• 1:06:03
  that referral code and you know, they can get started on this
• 1:06:07
  journey and, and kind of walk them through, you know, the,
• 1:06:10
  the, the initial steps. Because some people might find
• 1:06:13
  that like, OK, great, I can get cheaper Sats, but maybe they
• 1:06:17
  feel like they're they don't have the technical know how.
• 1:06:21
  Is this something complicated to do to get started?
• 1:06:24
  I mean, if you can hail an Uber, you can be a miner, right?
• 1:06:28
  Like that's, that's it, right. We, we've done very similar to
• 1:06:31
  what Uber did, which is, you know, it was kind of complicated
• 1:06:34
  to, to grab a taxi and figured all that out.
• 1:06:36
  And, and, and we've uncomplicated it.
• 1:06:39
  We've, we've undone the knot here.
• 1:06:41
  And so you come on our website, you choose your mining rig, you
• 1:06:44
  got the value proposition. You know, how much value can it
• 1:06:47
  generate right now? What is the cost to run it?
• 1:06:50
  You choose that you purchase it once it's deployed there and
• 1:06:53
  and, and hashing. We'll ask you to set up your
• 1:06:56
  Service plan and, and a mechanism for us to be able to
• 1:07:00
  bill you for the electricity that your machine consumes.
• 1:07:03
  We bill you only what it generates.
• 1:07:05
  That's it on a monthly basis. And by keeping it true, it
• 1:07:11
  ensures that when curtailment happens and it will, you're not
• 1:07:15
  going to be paying for power that your machines not
• 1:07:17
  consuming. That's only fair.
• 1:07:19
  And by the way, all the Bitcoin that you received go straight to
• 1:07:22
  your wallet. And there's a really interesting
• 1:07:24
  thing that I'm seeing with our community that the the value of
• 1:07:28
  the Bitcoin that you mine when you have your first SAT show up
• 1:07:31
  in your wallet. There's something special about
• 1:07:34
  that as a bitcoiner, right? It's like it's, it's empowering
• 1:07:37
  is the only word I can think of it.
• 1:07:39
  And it reminds me a little bit of going out in my rooftop solar
• 1:07:41
  days and helping people turn on their own solar systems.
• 1:07:44
  There's a there's a sense of self sovereignty to it, right?
• 1:07:47
  It's like, Hey, I generated my Bitcoin, I've got my own money
• 1:07:50
  in life and I've got my own means to generate it through
• 1:07:53
  this proof of work mechanism that we call mining.
• 1:07:56
  And so yeah, anyway, it's very fantastic to be able to do this.
• 1:07:59
  And, and I think it could even bootstrap, you know, a circular
• 1:08:03
  economy because people are generating their own Sats that
• 1:08:05
  they can do with as they will. Beautiful, beautiful man.
• 1:08:09
  I, I'm this, this is, this is incredible, guys.
• 1:08:11
  Go head over to SAS mining.com/simply Bitcoin to get
• 1:08:14
  started. Kent, if you have any final
• 1:08:17
  words, any thoughts for our audience?
• 1:08:19
  What would it be? Oh man, just keep studying
• 1:08:22
  Bitcoin. Your life will improve.
• 1:08:24
  Like that's it. Like study Bitcoin and you will
• 1:08:28
  see that the more you study it, the more you'll realize that
• 1:08:32
  just effort to generate your own Bitcoin is worth it.
• 1:08:36
  And if you've got questions, hit me up.
• 1:08:38
  I am on Twitter at K Halliburton and you know, if you want to
• 1:08:43
  talk to any of our staff about the opportunity, we've got chats
• 1:08:46
  in there. We've got a great support system
• 1:08:48
  in place and I couldn't be happier than the folks that I
• 1:08:51
  get to surround myself with each each day.
• 1:08:53
  It says Mindy work with like we're all bitcoiners committed
• 1:08:57
  through and through to this cause and this opportunity and
• 1:09:00
  and just can't wait to help everybody succeed in their own
• 1:09:03
  lives by by having their own self sovereign money.
• 1:09:06
  Oh yeah, beautiful. And I'm going to, I'm actually
• 1:09:09
  going to because we talked about this beforehand and I'm just
• 1:09:12
  going to, I'm just going to, you know, soft launch it on the show
• 1:09:14
  for people can't blow up Kent's notifications and DMS because
• 1:09:20
  he's becoming a reoccurring guest on on simply Bitcoin.
• 1:09:24
  So we're going to do like, I don't know what we we'll figure
• 1:09:28
  out what the schedule is, but we'll do like a monthly mining
• 1:09:32
  recap with Kent. So if you have questions in
• 1:09:34
  regard to the mining space, hit up Kent.
• 1:09:36
  He'll come on the show. He'll prepare the answers for
• 1:09:39
  you guys so that you guys are up to date with what's going on in
• 1:09:42
  the mining space and and also just like answering the
• 1:09:45
  questions you guys want. So if you have Q&A for mining,
• 1:09:47
  hit up Cat and next time he comes on, he'll answer them for
• 1:09:50
  you guys. Amen.
• 1:09:51
  Let me just have one thing because I, I think that there's
• 1:09:55
  there's something I noticed that mining disrupt that I think is
• 1:09:58
  important to know is most people that are listening in on this
• 1:10:02
  are, are in one part of two camps that exist within Bitcoin.
• 1:10:07
  There's the merchant Bitcoin economy and there's the mining
• 1:10:09
  Bitcoin economy and there's not too many bridges between the
• 1:10:12
  two. I get mining disrupt.
• 1:10:15
  I bet you didn't run into into to many people like ocean is an
• 1:10:18
  exception. I think we're an exception to
• 1:10:20
  that. But I see that my role here on
• 1:10:22
  simply Bitcoin is to help bridge that because I think the more
• 1:10:25
  that you understand about mining, I think we all end up as
• 1:10:28
  miners when it's all said and done.
• 1:10:30
  And I think that that bridge is super important to help all of
• 1:10:34
  us understand both about money, energy and time and, and, and
• 1:10:38
  that helps our species evolve and helps us become a more
• 1:10:41
  civilized race. 100 percent, 100% agree with that bars.
• 1:10:45
  Absolutely guys, head over to sagmining.com and follow Kent on
• 1:10:50
  Twitter. Send him Adm, blow up his blow
• 1:10:53
  up, blow up his DMS if you guys have any questions about it.
• 1:10:56
  And yeah, absolutely awesome. I think Opti, we have about
• 1:10:59
  10-12 minutes or so to do a meme review, so let's squeeze it in.
• 1:11:04
  Here we go. Opti's Friday meme review.
• 1:11:14
  All right, I'm never amazed at how sultry my voice sounds.
• 1:11:17
  It sounds so great every time I hear that all right guys, you
• 1:11:20
  already know the deal on Friday. We got the meme review here, so
• 1:11:24
  we're going to review some memes give us your meme review score
• 1:11:27
  in the chat. It's a meme in itself and let's
• 1:11:31
  get on to the memes. You already know the deal Tweets
• 1:11:33
  of the bullets memes are the artillery.
• 1:11:35
  You guys are the frontline soldiers in the information war
• 1:11:37
  on the battleground of the Internet.
• 1:11:39
  I think I I think I nailed that one today, Niko all right, first
• 1:11:41
  one is by my boy Big Sean Harris.
• 1:11:44
  So it's a little content. There's this video of this dog
• 1:11:47
  here and like the the owner is kind of teasing him with like,
• 1:11:52
  pizza and his eyes are like opening up.
• 1:11:53
  And then like he moves it back and he's just like, yeah, I
• 1:11:55
  don't care. Eyes are opening up.
• 1:11:56
  All right. Anyways, anyways, Big Sean
• 1:11:59
  Harris has, you know, changed a little bit.
• 1:12:02
  And you see the dog, he's like, he's looking kind of nervous and
• 1:12:05
  scared. And he goes, the first time you
• 1:12:06
  send Bitcoin on chain and it hasn't arrived.
• 1:12:08
  And then you're just like, whatever.
• 1:12:10
  Once it arrives to your wallet, you're like, OK, cool.
• 1:12:12
  I didn't, I didn't lose my Bitcoin.
• 1:12:14
  And then once it clicks, your eyes open up again.
• 1:12:17
  You're like, what is this freedom power?
• 1:12:19
  What is this thing that I just own now?
• 1:12:21
  I need to go deeper in the rabbit hole and Big Sean Harris
• 1:12:25
  goes nothing spikes the emotions quite like that first Bitcoin on
• 1:12:28
  chain transaction. Honestly, I remember the I
• 1:12:31
  remember the exact place I was when I did my first transaction.
• 1:12:37
  It was like in my room is dark and I did my first one and I I
• 1:12:40
  barely knew how to work Bitcoin back then and I was literally
• 1:12:44
  this dog. I was like legitimately this
• 1:12:46
  dog. Like, wait, I just lose my
• 1:12:47
  money? No, it got in my wallet.
• 1:12:49
  What is this thing? This is amazing.
• 1:12:51
  All right, next one by Greg Zaj. And he goes how I look at
• 1:12:54
  country selling real money for fake money.
• 1:12:57
  And we got Adam back here with a signature look of superiority.
• 1:13:02
  This is all of us out there. It's like I'd like this one, you
• 1:13:04
  know, had him back on the bottom judgmental Votori meme.
• 1:13:08
  And he's just looking down like, yes, I am better than you.
• 1:13:11
  Sell me all your stats. OK.
• 1:13:13
  Next one is by Thomas Farr. And he goes, BlackRock is the by
• 1:13:17
  wall. They scooped up another 2100
• 1:13:19
  Bitcoin. Do you see what's happening?
• 1:13:22
  And you see, you know the guy, I forget where this meme is, but
• 1:13:25
  he's like, you know, on the lady opening up the eyes, like look
• 1:13:28
  at it. Do you see it?
• 1:13:29
  Do you see the chart? And this is just the Bitcoin
• 1:13:33
  price, historical price, bull markets.
• 1:13:36
  You have 2012, you know it's going sideways, it's all boring
• 1:13:39
  and then it just goes nuclear. 2016 the same thing, 2020 the
• 1:13:43
  same thing. And now we are in the part where
• 1:13:46
  it's looking like it's going nuclear on the what's the linear
• 1:13:51
  chart? Linear chart.
• 1:13:51
  OK, this next one, a little spicy.
• 1:13:53
  Shouts out to my boy Ropium here.
• 1:13:55
  He just has the brain emoji with the handshake and heart.
• 1:13:59
  And he goes the feeling when the feds extort half your wages and
• 1:14:02
  inflate the other half into nothingness, your brain and your
• 1:14:05
  heart are just flipping them off.
• 1:14:06
  What are you doing? You're stealing from me.
• 1:14:07
  This is why we are big corners in the 1st place.
• 1:14:11
  And this next one is basically everyone in the chat.
• 1:14:14
  We have BTC Gandalf, he goes, they want you distracted.
• 1:14:16
  And we have the Winnie the Pooh storted face here.
• 1:14:20
  And it goes debating left versus right.
• 1:14:22
  And then, you know, the, the, the look of superiority here,
• 1:14:25
  Winnie Putin as soon it goes understanding the issues are
• 1:14:27
  beyond party lines. Guys, it's what we say every
• 1:14:30
  single day on the show. It's not left versus right.
• 1:14:32
  It's orange versus green. You know, there's the state and
• 1:14:36
  there's you and the state hates you.
• 1:14:37
  This, this is where we are. OK, all right guys, drop your
• 1:14:43
  meme review score in the chat as we give our meme review scores
• 1:14:49
  live on the show. I'm gonna give it this glass of
• 1:14:54
  water, this empty glass. Wow.
• 1:14:57
  There was a drop of water in there.
• 1:14:59
  Wow, Nika's drinking wine behind the scenes.
• 1:15:02
  No, no, no, I've been. Just using these cups.
• 1:15:04
  Have you, have you ever gone to a hotel and they serve you water
• 1:15:08
  and these cups and they put like a little black plastic and you
• 1:15:11
  drink that water and it's like really delicious.
• 1:15:14
  So I think there's like a psychological aspect of drinking
• 1:15:17
  water out of little wine glasses.
• 1:15:19
  Yu Fonte, Yu Fonte. Well, on the same in kind of the
• 1:15:22
  same vein, I'm going to give my glass of water, but it's a
• 1:15:27
  Shiner frost glass. See, that doesn't look
• 1:15:29
  appetizing. Like if you serve me water in
• 1:15:31
  that glass, I would I would just be like.
• 1:15:33
  It's it's probably, it's frosty. It it just probably tastes
• 1:15:38
  worse. Wow dude Nika Nika literally
• 1:15:40
  just poor shamed me on the show. Talk.
• 1:15:44
  About with his wine glass like you.
• 1:15:46
  You pour. You pour over there drinking
• 1:15:48
  your water, not the wine glass. $5 wine glass, What are you
• 1:15:52
  talking about? Freaking guy I'll be.
• 1:15:54
  What a classist. I'm I'm going to go with the
• 1:16:02
  battery pack man. Oh, you're.
• 1:16:04
  Going to give them hey they're powering us they're giving us
• 1:16:07
  fuel they're making us laugh have some fun so.
• 1:16:10
  Yes, everyone need the Power Pack.
• 1:16:13
  I I think I've I have like three of those.
• 1:16:15
  Everybody. I never use them.
• 1:16:16
  I literally never use them and I have so many of them.
• 1:16:18
  Everyone needs and Nico needs a pinky ring.
• 1:16:21
  Everyone needs a Power Pack. Anyways, let's get through some
• 1:16:24
  of these scores. We already have some in the
• 1:16:25
  chat, first scored by Elaine. In days of old they dug for
• 1:16:31
  gold. That's not cool today.
• 1:16:32
  And you miners here, hold my beer.
• 1:16:34
  Nothing could be finer than a Bitcoin miner.
• 1:16:37
  Elaine gets it. Hold my beer, Nico.
• 1:16:40
  Why you drink? Water 1 Peaceful revolution that
• 1:16:44
  separates money from state. All right, all right, next one
• 1:16:48
  by Oh no, I dropped something. Oh, no.
• 1:16:50
  Here it is. Visnak meme score.
• 1:16:52
  Actually, Visnak will get a free entry to the Bitcoin Platt party
• 1:16:55
  in Nashville courtesy of Simply Bitcoin.
• 1:16:58
  Love this. Guy so.
• 1:16:59
  Much. Anyways, his meme score is a big
• 1:17:01
  fish emoji, OK? Let's see, Yeah, I can actually
• 1:17:05
  say this one. OK Copernicus. 1 hot wallet
• 1:17:08
  multi sig in my house, 1 cold storage multi sig
• 1:17:11
  jurisdictionally spread out and one extra hot wallet in nature's
• 1:17:14
  pocket. Oh, wait, I can't.
• 1:17:17
  I couldn't have said that. Never mind.
• 1:17:19
  We're going to let that one slide.
• 1:17:21
  What did I say? I didn't even know.
• 1:17:23
  Keep going. I don't get it.
• 1:17:26
  But fuck you convert a kiss. Why do you even pull up Capri
• 1:17:30
  Kiss? I I thought it.
• 1:17:31
  I thought it, I thought it was OK.
• 1:17:33
  Was it? Really that bad?
• 1:17:34
  OK, I I don't understand it, so it must be not that bad.
• 1:17:37
  OK, Jose Cuervo score running a S 21 from a small Power Pack
• 1:17:42
  with the help of hydropower. Opti failed his filter today.
• 1:17:47
  It shouldn't. Look, it look nice.
• 1:17:49
  It looks I rate the memes. Nico is short Bitcoin in long
• 1:17:52
  wine glasses. It's true.
• 1:17:53
  It's true it could be $5 in sats.
• 1:17:57
  Nico know what? This one he knows some German.
• 1:18:00
  I can read this. Yeah, yeah, go.
• 1:18:02
  I can't read that. OK, I'll try, Noah says.
• 1:18:06
  I give these memes off. Why does Schoonsen?
• 1:18:08
  Farewell Deutschland? Don't know what that means.
• 1:18:15
  Atom loss. Atom loss score 2020. 34 year
• 1:18:19
  German suing its government for selling national treasuries in
• 1:18:23
  2021. That's the best score of today
• 1:18:27
  and last score by Mikkel. This Pomsky.
• 1:18:31
  I'm dog sitting. I love Pomsky he's very cute.
• 1:18:33
  Any any ones on rumble Opti? No, no.
• 1:18:37
  No. OK, so we ran out of we ran out
• 1:18:42
  of time. It's not We ran out of Muse.
• 1:18:43
  Version just ran out of time. It's a buzzer.
• 1:18:46
  Anyways, if you guys enjoyed the show you want to do smash the
• 1:18:48
  like button, consider subscribing if you feel like we
• 1:18:50
  provided you value. I'm your host, Nico is my Co
• 1:18:52
  host, Optimus Field and our Copernicus.
• 1:18:55
  Fuck you. Adam.
• 1:18:56
  And our and our guest for today, the Kent CEO of SAS Mining.
• 1:19:00
  Go to sasmining.com today to get started Bitcoin mining as a
• 1:19:04
  service. Everyone have an amazing
• 1:19:06
  weekend. Take care, enjoy, unplug, touch
• 1:19:09
  grass, see the sun. And we'll see you guys on Monday
• 1:19:11
  for a brand new episode. Peace out everybody.
• 1:19:15
  Episode was brought to you by bitcoinwell.com on a mission to
• 1:19:18
  enable independence.