Latest / Simply Bitcoin / COLLAPSE: World's Largest Bitcoin Miner is Going Bankrupt | EP 608

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COLLAPSE: World's Largest Bitcoin Miner is Going Bankrupt | EP 608 · Simply Bitcoin

0:18
Yo today is October, 27th 2022. Welcome to Simply Bitcoin live.
0:23
We are your number one source for the peaceful Bitcoin
0:25
Revolution recover, breaking news, culture.
0:27
Me Matic. Warfare will be your guide
0:28
through the separation of money and state giant giant giant
0:34
minor giant giant giant. What the hell is going on?
0:40
Sorry guys, having some technical.
0:42
If issues here anyways, will be your guide.
0:44
No, I already said that guy's huge, minor, capitulation today,
0:50
core scientific. One of the largest miners in the
0:53
world basically is declaring that they might file for
0:58
bankruptcy and they can't make the loan payments, miners
1:01
feeling, the pain, hash rate continues to go up.
1:05
Meaning the difficulty will continue to go up but the
1:08
Bitcoin price has dropped. Dropped 70%, its catastrophic,
1:13
but don't worry, this is happened.
1:14
This is just a repeat of what happened back in 2018.
1:19
So history is repeating itself and guys, I'll tell you
1:22
something. The best opportunity to get into
1:26
mining. It was in 2018.
1:29
After this, capitulation happen thing is you have to survive and
1:33
it's going to be very painful. But if you do survive, the
1:35
miners that started in 2018 2019 became extremely profitable by
1:41
the time, the next bull market happened, right?
1:43
So this is just history repeating itself, its nature
1:47
healing. Anyways opt he's having a little
1:49
bit of connection issues today so he's going to be Audio Only
1:53
how you Doing Opti. Well, I've been better
1:56
apparently considering that my video doesn't work, but hey,
2:00
we're making it happen. Hopefully.
2:01
Audio is coming in through. I'll, I guess.
2:03
I'll have to figure out exactly what's going on with with my
2:06
internet connections over here and he kinda looks like my audio
2:09
may not be coming in clearly or what the dude.
2:12
You're your crackling. You're in The Matrix right now.
2:15
My goodness. No.
2:16
Oh. Yeah, dude.
2:19
Unfortunately, it is what it is, but I also want to say a very
2:24
special shout-out to our awesome guest.
2:26
How you doing? BTC June.
2:28
What's going on, guys? Thanks for having me.
2:32
Happy to have you on the show. Opti, what do you have for us to
2:34
learn the culture, bro? Well, hopefully, my audio works.
2:39
I am gonna morph this around my boy June, because I happen to
2:43
orange pill him and I think he's the shining example of a coin
2:46
culture. And We had a great conversation
2:49
last night and I think, I think will give some people some sauce
2:52
over here on a, you know what, what they can do as a Bitcoin
2:57
ER, even if they don't come out, if they don't mind, you know, if
3:00
they wanted, if they want to participate as a big corner with
3:03
more than just stacking SATs. So hopefully this works.
3:06
Hopefully this works for you guys.
3:08
Yeah we will give it a shot guys, bear with us.
3:11
Looks like restreams have giving us some issues once again.
3:15
Anyways guys let's start the show.
3:19
Number two brought to you by novel.
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Visit nottle, Dottie you today. All right, guys, at the time of
3:44
recording, the Bitcoin, price is $20 and 570, SATs per day.
3:48
Our 4th. 1861 block height, 760,000 531 reachable Bitcoin
3:53
nodes 14,600 nine blocks to The Happening. 79416 Ein having
3:58
estimate. April 21st, 2024, total
4:00
lightning network capacity. 5130 capacity value 105 million.
4:06
U.s. dollars realized monetary inflation Bitcoin continues to
4:10
take Fiat currencies to Absolute School 1.78 percent market
4:14
capitalization 394 bill, Ian dollars with a be anyways.
4:21
I ran into a very interesting video.
4:24
This is Ed Dowd or at da. Sorry, I don't know how to
4:28
pronounce his name correctly, but he was an equity investment
4:32
executive and he's a former Black Rock portfolio manager and
4:36
it was the best explanation I've heard of the current
4:40
macroeconomic situation. And it's really interesting guys
4:44
because remember the year that Bitcoin was On bitcoin was born
4:49
on the heels of the financial crisis back in 2008, right?
4:54
And I'll shut up. I'll let you guys play the
4:57
video. I'll play the video and then
4:59
we'll talk about it. Let's check it out.
5:01
Since the financial crisis, the central bank's working in
5:05
conjunction with the governments of basically created a zombie
5:09
economy globally, and those who got wealthy were those who were
5:12
closest to the, to the printing machine is c-suite Executives
5:17
hedge fund managers asset managers real estate developers.
5:22
But if you are in the real economy doing real things,
5:24
you've been falling behind. For the last 12 years, there's
5:28
been a game afoot and the game is coming to an end.
5:31
And and the and all you'd understand to see what's going
5:35
on. Is the central bankers and
5:36
politicians will use every excuse to blame what's going to
5:40
come on that rather than themselves in the blame lies at
5:43
their feet and and right there is the signal, right?
5:51
If you were an average normal working person and you were just
5:54
working You know, for a salary, basically, got drugged and the
6:00
main benefactor is, and if you see the rise and wealth
6:03
inequality in the United States, it's absolutely striking.
6:07
Right? And what is this?
6:08
Why what he was describing is the continuing effect, right?
6:12
Every time they print money, if you don't have your money and
6:17
assets, right? If you don't have your money in
6:20
real estate, if you don't have your money in, if you don't have
6:25
your money in equities, If you don't have your money and assets
6:29
of benefit from ass inflation, meaning only the wealthy is
6:31
really going to benefit from that you're absolutely going to
6:35
get you actually got destroyed the last 10 years.
6:38
You got poor while the extremely wealthy, the well-connected, the
6:42
government benefited and everybody else got pulled.
6:45
And this is why something like Bitcoin is so important because
6:49
it levels the playing field, right?
6:52
If I if I save in Bitcoin, I benefit the same amount that
7:00
Michael Michael sailor does. So yeah, man.
7:05
It's it's a shame but this is why we're here.
7:08
This is what the peaceful Revolution is all about.
7:10
It's about taking your time, your energy, your work back into
7:15
your hands, taking it out of this system that benefits the
7:20
few to A system that benefits everybody equally anyways.
7:27
BTC June, what are your thoughts, bro?
7:30
Yeah man, I mean 2008 financial collapse basically created the
7:36
man, everything was hunky-dory. I had a, I had a great Studio
7:43
Job 18, 19. I was, you know, making good
7:48
money, I'd ran out. Of course. because a couple of
7:54
years later along with the rest of the world economy, and A
8:03
period of Rapid medicalization for me, unfortunately, I got
8:09
left and the same thinking of capitalism was the reason for
8:13
all this home for all the word play.
8:18
Hey it all sounds so cool, you know, but not realizing that
8:25
oligarch key is what's at play here.
8:30
All right, so. Oh but it turned, it turn me,
8:36
it's awful person. I really went through it and I
8:41
kept going through it. You know, 13 years years have
8:46
been easy for anybody. This is why we call it coin.
8:49
Or will, you know the coin found us at least?
8:56
Yeah, I mean I've experienced it I've experienced I never had
9:01
this classified I've ever participated in and it's changed
9:08
everything. Yeah, I'm rich.
9:09
You know, I can't came up in the 20.
9:14
Well, was it up the the one bull market.
9:18
So I got rekt do, you know? So, but but I understand so much
9:23
more now. And and, you know, I save and
9:27
SATs Absolutely. And I think that's the, the EU,
9:32
you buried the lead there bit. And I think that's so important.
9:35
Right? Is that so many people are
9:37
feeling the pain, right? The pain is, why is it that I
9:42
have to constantly work harder? Why do I have to put in more
9:45
effort? And I'm not getting my work in
9:49
return. And the tragedy of this is a lot
9:51
of people are blaming the economic system and rightly so
9:54
because they're like, they know something, inherently is wrong
9:58
but what? They miss it.
9:59
Is, it's not necessarily the system that the economic system,
10:03
that's broken. It's the money that's broken.
10:05
And it's created this type of crony capitalism where it's
10:09
really the politicians that are getting to pick and choose who
10:12
the winners are, which is actually a form of central
10:14
planning, which is the whole tragedy of this.
10:16
Anyways, we're going to try audios adoptees audio once
10:20
again. Opti, could you hear us?
10:23
Yes. Can you hear me, man?
10:26
It's oh my God. All right, let me pop out.
10:30
I'll pop back in like that. Alright guys I looks like I am
10:33
going to be hosting today with BTC June but yeah man to
10:38
continue the conversation. It's a it the whole thing is
10:43
it's a tragedy but I think this is why we are here.
10:47
This is what Bitcoin is is about and this is why we call it the
10:51
peaceful Revolution and it's about opting out of that system
10:55
and taking back your financial sovereignty like this is what
10:57
it's about. And remember guys no Other
10:59
cryptocurrency will be able to provide you that Financial
11:03
sovereignty because they are centralized and because there
11:05
are centralized, right? They are vulnerable to
11:08
government, co-option government coercion.
11:11
And like we saw with the etherium etherium is, is a
11:13
tragedy man, once they move to proof of stake.
11:16
We now know of with 100% certainty that the majority of
11:21
etherium validators today are actively censoring for the
11:24
office of foreign assets control the treasury, right?
11:27
And why did that happen? Because ethereum is centralized,
11:30
right? So the only cryptocurrency that
11:32
has sufficient amount of decentralization to separate
11:35
money from state is Bitcoin. And this is what we're all here
11:38
about. And I think that description by
11:41
Ed man like perfectly sums it up the last 10 years there was only
11:46
a few winners and everybody else got got poor.
11:50
Enough is enough it's time to opt out into Bitcoin.
11:53
Anyways let's get to the news. The Daily News brought to you by
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A bit box today. All right guys, I want to talk
12:20
about the catastrophe. This is this is this is this is
12:26
insane Bitcoin miner core. Scientific says it may seek
12:30
Bankruptcy Court, scientific Inc, one of the world's largest
12:34
Bitcoin, my largest miners of Bitcoin warned that it may run
12:38
out of cash by the end of the year and could seek relief
12:41
through bankruptcy protection operating performance and
12:44
liquidity has been severely impacted by the prolonged drop
12:48
in the price of Bitcoin. A rise in electricity costs
12:50
increased competition and litigation with bankrupt
12:54
Celsius. LLC the Austin texas-based
12:57
company said in a US Securities Exchange Commission, filing on
13:00
Thursday, shares. Of course, scientific tumbled
13:04
more than 40% in trading before regular Market hours that the
13:09
stock itself is down more than 90% from all-time highs Bitcoin.
13:13
Mining companies such as course, scientific have recently been
13:16
increasingly opting to sell Equity resorting to one of their
13:20
least attractive options to raise money as prophets.
13:23
Try up and higher interest. Straights makes borrowing more
13:26
expensive. The company entered into a
13:28
hundred million dollar common stock purchase agreement with be
13:31
Riley. Principal Capital the second in
13:34
July Bitcoin has slumped almost 70% since reaching a record
13:38
high. In November 20, 21 course
13:40
scientific said, it won't make payments come do it.
13:43
Won't make payments coming due in late, October and early
13:46
November, with respect to several of equipment and other
13:49
financing including to bridge promissory notes.
13:52
The company is exploring alternatives.
13:55
In hiring strategic advisors raising additional capital or
13:59
restructuring its existing capital structure.
14:02
Look at that. Absolutely wrecked, man, court.
14:06
And this is the, this is the most painful freaking part core
14:10
scientific held 24 Bitcoins, and approximately 26 million in cash
14:16
as of Thursday. That's compared with 1051
14:20
Bitcoins about twenty nine million u.s. dollars in cash as
14:24
of Ember the company said in the filing, holy crap talk about
14:30
wreck. They went from holding a
14:31
thousand over 1000 Bitcoins and now they're down to 24 Bitcoin,
14:37
the shares, which traded as much as $14.32 are now down about 37
14:43
cents, they've tumbled, more than 90 percent this year.
14:46
Now, what's the bright side to this?
14:48
Well, here is a an article published by no BS Bitcoin.
14:53
Highly recommend their Telegram, And on their Twitter publicly
14:57
traded Bitcoin mining firms account for 25% of total Bitcoin
15:01
hash rate from 10% a year ago so this is Niko's.
15:05
Take on this I hope more public. Mining companies go under I want
15:11
more independent Bitcoin miners that's what I want, right?
15:16
I want more decentralization. Remember those big industrial
15:20
miners are prone and are vulnerable to government.
15:25
Appearance and government coercion.
15:26
So there's some good news here. The good news is no, the bad
15:31
news is. I think it's a lot of big
15:33
portion of the hash rate that might go under meaning Bitcoins,
15:39
theoretical security is going to go down, right, it?
15:42
See it will become easier to computational attack if the hash
15:45
rate goes down but the good news right?
15:48
Is that you're going to see a lot of cheap minors.
15:51
And if you're looking to get into Bitcoin mining, this is now
15:54
the Opportunity. And hopefully next time we see
15:58
more of the hash rate in the hands of independent Bitcoin
16:02
miners, rather than these large Bitcoin mining companies that
16:06
over leveraged themselves. With companies, like Celsius
16:10
that just went under to buy even more Bitcoin mind to buy.
16:14
Even more equipment to buy to mine even more Bitcoin.
16:18
The problem is that that works right Celsius is business model,
16:21
worked the public mining Alec miners business model work.
16:26
The problem is that it only works in a bull market as soon
16:30
as the bear Market happens. All this, all this leverage, all
16:34
these decisions they get absolutely wrecked and that's
16:38
what you're seeing here. The good news though, like I've
16:41
been saying is, this is nature healing itself.
16:45
And if you guys remember from 20, the 2017 and Twenty Eight
16:49
twenty eighteen crash, right? It took a year or roughly a year
16:54
maybe like 9. Into ten months for the Bitcoin
16:57
hash rate to come back down, right?
16:59
So man this is a this is a total bloodbath.
17:03
It is not a good day to be a Bitcoin miner right now and holy
17:08
crap. What if not the largest Bitcoin
17:11
might public company in the world is about to declare
17:15
bankruptcy. I don't see this getting better
17:17
before it gets a whole lot worse.
17:19
Anyways, BTC June, what are your thoughts on this bro?
17:22
It does it shouldn't surprise you No no it definitely does not
17:27
surprise me part of my journey into Bitcoin was thinking that I
17:34
came by investing in these mining companies, right?
17:37
And oh man, and at the end of the bull market, it to put some
17:44
money in the mining companies and, you know, bleah.
17:48
You know what I mean? But that doesn't surprise me at
17:52
all these these Fiat over Leverage themselves, every
17:57
chance they get. I mean it, what does bull that
18:02
intelligent see me hanging? But over-leveraged them on some
18:09
kind of certain future like that seems a little insane pain but,
18:15
you know, maybe they're smarter than that and, you know, they
18:19
may have over levered, I don't know.
18:21
They got ways to get getting out of that.
18:23
I'm sure. Yeah, the ways of getting out of
18:26
this pickle under, like, that's the ways of getting out of that
18:29
man. There, get there.
18:30
This is this is what happens, man, but this is again this is
18:33
what I've been saying. The nature is healing itself.
18:36
I'm going to try Opti one more time, we're having issues with
18:39
restream everybody, I apologize. Opti could you hear us?
18:41
Are you with us? I can hear you, can you hear me
18:44
or am I? Hopefully this continues to
18:48
work? You know, my view is, this is
18:52
this is just looking like a bear Market.
18:54
Here this is this is a, as you said nature, healing itself.
18:58
This is free market capitalism at its best and Bitcoin mining
19:02
is hyper competitive. It's probably the most
19:04
competitive industry there is and you know they're just this
19:10
is just what's going to happen if people get over-leveraged and
19:13
so this is again, this just nature healing itself and the
19:19
Okay, hold on guys. Let's see if anything at all
19:21
this stuff works today. All right Nico.
19:27
Let's try this one more time. Apologies.
19:29
Apologies everyone, I am trying to while you're doing that.
19:36
So I just want to say like I did a recent episode of that Puro
19:41
signaled that was a spectacle on played minor governable Misfits
19:48
and I haven't really explored mining myself just because I'm
19:53
not really out of place. Where you know at least I didn't
19:57
think I was at a place where, you know, start thinking about
20:01
mining Bitcoin but learning the centralization of the Hatchery
20:08
and how possible it is to mine Bitcoin what kind of energy
20:13
source has and flares and you know heat your home with it but
20:18
who knows you're somewhere where you go?
20:20
I don't know whatever you do. But It's such an important task.
20:27
It's going to seems like miners might be on sale.
20:30
Yeah no this is definitely the opportunity of a lifetime.
20:34
It's especially if you want to. You definitely want to get into
20:39
Bitcoin mining. See if opt he's back.
20:41
Are you doing Opti? Well, I am good but apparently
20:45
my Internet isn't. So hopefully, I'm back at looks
20:49
like I'm frozen, but maybe, my audio is coming in.
20:51
Yeah, audio, no audio, no audio is good.
20:53
So Audio, Only audited a lie. I will try to get, try to get it
20:57
fixed for you guys tomorrow. Anyways, moving on to the next
21:00
piece of news, it should not come as a surprise to you.
21:03
This is the separation of money and state after all, let's check
21:07
it out. The check out this Forbes
21:09
article by the administration wants to make it easy easier to
21:12
seize. So with criminal charges of
21:15
course, you know, when they say crypto they mean Bitcoin and
21:18
shit coins and this is an article on Forbes.
21:21
Let's check it out. But buried deep in a 61 page
21:24
recent report by the US attorney general, the B Administration
21:26
called for a dramatic expansion. In the federal, government's
21:29
ability to seize and keep cryptocurrency.
21:31
If enacted the proposed changes would bolster both criminal
21:34
forfeiture, which requires a conviction to permanently
21:37
confiscate property, as well as civil forfeiture, which doesn't
21:41
require a conviction or even criminal Charges to be filed.
21:44
Notably the reports release was coupled with the announcement of
21:47
a new digital assets. Coordinator Network.
21:50
The Nationwide network is staffed with more than 150
21:53
Federal prosecutors who will be trained on drafting civil and
21:56
criminal forfeiture actions, due to cryptos synonymous nature.
22:00
It's something is sometimes assumed to be immune from
22:03
government confiscation, but the reality is quite different last
22:07
year. The US Marshals, the custodians
22:09
for Justin justice department. Seizures managed, almost 200
22:12
cryptocurrencies Years worth four hundred and sixty six
22:17
million dollars. Now that paragraph is really
22:21
important because what they're doing there is they're showing
22:25
you who's who's in control and who's in power and they're
22:29
showing you that they can seize this if they want to.
22:34
Now what they leave out, right? And of course we're not
22:38
advocating for breaking the law or anything like that.
22:40
But what they leave out is if you properly Pearly, secure your
22:45
Bitcoin seed. There's nothing.
22:50
Anybody could do it. If they don't have access to
22:53
that seat. So their usual methods of
22:57
confiscation, which is why they're releasing articles like
23:00
this, right? Their usual methods of
23:03
confiscation, which is you knock on the door of a bank and say,
23:07
hey, that account, freeze it, right?
23:09
That is taken away in a Bitcoin world.
23:13
As we saw with the Canadian truckers, remember they froze.
23:18
The accounts of they froze, the, you know, the the services, they
23:23
that people use to to Is money, right?
23:26
They were able to freeze the accounts of people in Canada
23:29
that were protesting. But the only thing, they weren't
23:32
able to freeze was the Bitcoin transactions that they were
23:35
donated to. And remember if you live in the
23:38
west you're like, no but you want the government to have the
23:40
ability to freeze those types of assets.
23:42
But remember, guys over 60% of the world doesn't have that
23:47
Financial privilege, they might even be living in a totalitarian
23:51
country for example, in Afghanistan one.
23:55
The only methods for people to send money into Afghanistan was
23:58
Bitcoin, right? And it was great and then a
24:01
couple months later it was announced that the Taliban was
24:04
cracking down on this thing. So Bitcoin empowers the
24:08
individual always right. And then what you're seeing here
24:11
is the state back, the state standing their ground and saying
24:15
saying hey we still have the power.
24:18
We once had we're still able to do this if we really want to
24:23
write but the signal Is the reaction.
24:26
The signal, is the headline of this article, Biden
24:29
Administration wants to make it easier to seize crypto without
24:32
criminal charges. Why would they make it easier?
24:37
if they weren't scared of the thing and the fact that the
24:39
Forbes article conveniently leaves out, How if you have
24:47
Bitcoin and self custody, if you're the only owner of that
24:52
private key, there's absolutely nothing anyone could do about
24:56
it. So there right now what they're
24:59
doing is they're establishing who's in charge, and this is
25:02
this is what the separation of money and state is all since
25:05
fiscal 20, 2014. The FBI Secret Service and
25:09
Homeland Security investigations have Lee seized almost six
25:12
hundred and eighty million dollars worth of crypto.
25:14
With hundreds of still active investigations involving digital
25:17
assets. But even those amounts pale in
25:19
comparison to the IRS criminal investigation, which has
25:22
confiscated a staggering 3.8 billion in Virtual currency
25:26
between fiscal 2018 and 2020 one, no less the justice
25:30
department argued that crypto has revealed limits on the
25:33
forfeiture tools, used some signal right there by federal
25:36
law enforcement and recommended several updates to existing law.
25:40
First attorney general wants to broaden the most abusive form of
25:44
Ville. Forfeiture, which occurs without
25:46
any independent or impartial judicial or oversight under
25:49
administrative or non judicial forfeiture, the seizing agency,
25:54
not a judge decides, whether a property should be forfeited,
25:58
the federal government can use administrative forfeiture to
26:01
take almost anything aside from Real Estate and property valued
26:05
at more than 500,000 that 500,000 limit currently applies
26:09
to cryptocurrency. But the Attorney General wants
26:12
to the five hundred thousand dollars, App for crypto currency
26:15
and other digital assets. This would eliminate one of the
26:18
very few limits on administrative, forfeiture even
26:22
Congress, even if Congress refuses to act, thanks to a law
26:25
enacted last year, the Secretary of Treasury could simply end the
26:29
cap by adopting new regulation. Remember, they always tell us?
26:35
Oh, this is a democracy. This is a democracy.
26:37
No, these are unelected officials that have the power.
26:42
Without charging you of a crime. To take your stuff.
26:50
This is the world we live in today.
26:53
This proposal is deeply concerning administrative
26:56
forfeiture provides shockingly. Skank protection for property,
26:59
owners after seizing property. The government need only send
27:03
notice of an administrator forfeiture, if an owner fails to
27:06
quickly file a claim for their own property, it's automatically
27:10
forfeited, since the seized property, maybe the owners most
27:13
valuable asset owners often don't have, the means to fight
27:17
back yet, even with it when a claim is filed the owner still
27:20
might not get their day in court.
27:22
According to reports, By The Institute for Justice Federal
27:25
Agencies have rejected more than one-third of all filed claims
27:29
for sees cash as deficient with most claims denied due to
27:33
technical reasons. They don't even get into the
27:35
reasons why. Unsurprisingly, since
27:38
administrative, forfeiture cases are significant easier for the
27:41
government to win administrative for stretchers, accounted, for
27:44
almost 80 percent of all forfeitures conducted by the
27:46
Department of Justice and 96% of Treasury Department's,
27:50
forfeiture activity, although the justice department praises,
27:53
Rated forfeiture for being efficient.
27:55
And for reducing unburnt undue burdens in the court system in
27:59
reality. Administrative forfeiture has
28:01
has burdened the lives of thousands of victims who have
28:04
nothing wrong. Just ask Ken Quran after coming
28:08
to America from the Middle East. He opened a small convenience
28:11
store, in Greenville, North Carolina, but in June 2014 IRS
28:16
agents barge into the store and told Ken, they had a warrant to
28:19
seize five hundred and seventy thousand dollars and have
28:22
already seized. Every penny in his bank account,
28:25
one hundred and fifty, three thousand dollars that money was
28:29
Ken's, entire life, savings earned over nearly 20 years of
28:32
long hours of running his business less than three months
28:36
later Ken's bank account relatively forfeit forfeited,
28:39
without those savings can was Financial breaking point.
28:43
He struggled to support his family, pay off his mortgage and
28:46
cover line of credit. He had to take out to keep his
28:49
store afloat. Ken was never charged with the
28:51
crime. To quote him.
28:53
He says, I never leave this could happen in America can
28:56
lamented. I do not understand how in this
28:58
country. The government could take an
28:59
honest business man's entire bank account without providing
29:03
that. He did something wrong.
29:05
Fortunately, with the help from The Institute for justice Ken.
29:08
Later filed a petition for remission or mitigation, after a
29:11
media firestorm in February 2016, the IRS agreed to return
29:16
all the money to have wrongfully taken from Ken, although he lost
29:19
her and see rather than crypto as Ken's Story shows.
29:22
There's absolutely no need to make administrative forfeiture
29:26
easier to use. In addition to expanding
29:28
administrative forfeiture for crypto the justice department
29:31
would welcome an amendment to provide criminal and civil
29:33
forfeiture Authority. For Commodities related
29:36
violations. Allowing criminal forfeiture
29:38
after he conviction for fraud or manipulation and crypto markets
29:41
would be a valuable tool to crack down on scammers.
29:43
Currently, most cryptocurrencies are considered Commodities
29:46
rather than Securities. So under federal law governing
29:49
commodity prosecutors can charge fraud and manipulation and See
29:52
markets. But unlike Securities those
29:55
statutes. Do not permit.
29:56
Forfeiture of ill-gotten gains from criminal activity involving
29:59
Commodities, but extending civil forfeiture cast too wide.
30:03
A net and would make it much more likely for innocent holders
30:07
to lose their crypto to government confiscation.
30:10
After all civil forfeiture lacks a connection requirement, unlike
30:14
criminal forfeiture, moreover, there's a direct financial and
30:18
seven incentive for federal agencies to pursue forfeiture
30:21
cases once properly. Receipt property has been
30:23
forfeited, either, civilly or criminally the seizing Federal
30:27
agency can retain up to 100% of the proceeds.
30:31
So I'll put it to you this way, guys.
30:34
Not only do they steal from you via inflation.
30:39
Not only do we have to pay taxes, they can take your stuff
30:46
without charging you with a crime and they get to keep your
30:51
stuff. What is that?
30:55
Now, this is why Bitcoin self custody is so vital and so
31:01
important because it moves the balance of power.
31:06
Now, you can memorize a 12 word, seed, phrase, You could use
31:12
multisig and separate those seed.
31:14
Frat. See phrases geographically.
31:18
And it becomes incredibly difficult for them to confiscate
31:23
your wealth, which is why they're releasing these types of
31:26
Articles, they're trying to incept the public that the
31:30
sheriff still has total power and control.
31:36
This is, dude, this is, this is, this is, this is disgusting,
31:39
man. This is disgusting.
31:42
It's like the, the whole nation state model is just, it's the
31:48
relationship between government and citizen is like a surf
31:51
relationship, like you work for me, you do what I tell you, it's
31:57
just it's disgusting, man. And this is why Bitcoin is going
32:00
to fundamentally change everything.
32:02
Because if Millions upon Millions upon Millions, Millions
32:06
of individuals are not relying on custodians, they're taking
32:11
self custody of their wealth. They don't Beauty on said at the
32:17
other day, they don't have enough cops.
32:22
And if agents to go after everybody, And that empowers,
32:29
the individual and that eventually will force the
32:33
government to change the relationship.
32:34
They have now with individual, which is kind of like your my
32:38
surf, you do whatever I want to a more customer-based, why?
32:42
Because if that specific country or if that specific state
32:45
becomes to totality Aryan it becomes unfriendly to businesses
32:49
and entrepreneurs. Now what Bitcoin gives you it
32:53
gives you the tool to pick up and leave And go to where you're
32:58
treated best. But dude, like, holy crap, man.
33:03
This is disgusting. And the worst part about this is
33:08
as was the example with with that gentleman from the Middle
33:11
East. He wasn't charged with the
33:14
crime, this is the worst part. There was no, they want the day
33:21
want to have the ability to take your stuff without charging you
33:25
with a crime. Like, how does that work?
33:31
And they steal from us via inflation.
33:35
Why like what type of world is that and then that explains why
33:42
politicians act the way that they do.
33:45
Look at all that power. They have.
33:47
Why what incentive do they have to change?
33:52
It's fucking crazy. BTC, June, what are your
33:54
thoughts on that, man? Like that.
33:55
Would that that dude? That's disgusting, bro.
33:57
Like they destroyed that man's life.
34:00
They froze, his account. They took all his life savings
34:04
without charging them with a crime, and it was only because
34:06
the media picked it up, That he had a chance to get some of it
34:11
back. They destroyed his life for what
34:15
So just because they have a monopoly on violence and gives
34:18
them the excuse to just go and steal people's stuff and they
34:23
force us to use their money, which steals from us via
34:27
currency debasement, like what is this?
34:31
What is this? This is, this is absurd, I mean
34:35
it's a whole it's say it's a whole system wide deep of our
34:43
Spirits through the fear. They perpetuate the, you know,
34:49
through their totalitarian kind of rule providing this news
34:54
story, it was expressed you know in its expressed with all of
35:04
this crazy identity Popeil, speeding and all of this turning
35:09
and turning us against each other thing.
35:11
It's part of how How they operate.
35:16
And like you said and they can't possibly, you know, there's no
35:21
weapon in the world. They could do that with that
35:24
wouldn't destroy themselves, you know?
35:26
But but even that, you know, we got Farmland, we got, you know,
35:31
we're out there in the Barns and mount take us out.
35:36
But the only way that they do that is through this fear, you
35:41
know, look at that. Like, maybe that doesn't Are
35:45
every sure it scares some shop owner said here about it.
35:49
You know, I'm, I'm, I'm from Philly and I'm dead owner from
35:55
down the street. His shot pop closed because a
36:00
table will in inside of his inside of his, kind of ball type
36:06
of thing. You'd see, Junior, your audit,
36:08
your audios, clipping. My man, Opti Opti.
36:12
What are your thoughts, bro? Are you with us?
36:14
I don't know. I might hear.
36:15
Yes, is good. Is your body.
36:17
Your audio is good, your audio is good.
36:20
I mean, first off, like, did I hear that correctly?
36:22
They want to change the rules, to make it easier to steal your
36:25
property. Like, this is absolutely insane.
36:28
It's just like a big. Wow, like wow, I it's amazing
36:32
that we are Fallen this far down into totalitarianism and and
36:37
just like kleptocracy. This is, this is insane.
36:39
But I think this just further proves what we say all the time.
36:45
I'm about Bitcoin. Like you can't coerce anyone for
36:48
from sending Bitcoin if they don't want to, you know, you can
36:51
keep your wealth in your, in a brainwallet.
36:54
And Bitcoin is a push system, which means you can only send
36:57
it. And you can't pull or confiscate
36:59
funds, like this is a feature, not a bug.
37:01
This is why we say self. Custody is the revolution, this
37:05
is why brainwallet turn Port. This is why multisig setups are
37:08
important so that you can't get your wealth easily confiscated
37:12
by these Psychopaths parasite class.
37:15
That wants to take everything from you for no reason.
37:19
Like this is absolutely insane that this is where we are right
37:22
now and it's just amazing. That the only reason he got some
37:26
money back was because the media picked it up like this is the
37:30
level of Banana Republic that we are living in right now.
37:33
It's no longer the land of the free and Home of the Brave.
37:35
This is insane. I Nico.
37:37
Nico said it to me or send it to us the other day.
37:39
You know, like America is the biggest employee of of
37:44
government employees. Like The biggest employer in the
37:46
world is for bureaucrats of the United States.
37:48
Like this is absolutely insane. This is no longer a government
37:51
of the People, by the people for the people.
37:53
This is a gut. This is a government of the
37:55
government for the government and, you know, you peasant, shut
37:58
up and let me take your property.
38:00
Like this isn't said yeah. And before we move on to next
38:03
segment, I want to leave it off with this which is a passage
38:05
from the sovereign individual and they predicted all of this
38:08
back in the back in the 90s, he says, new technologies will
38:13
allow the holders of well to bypass a No, monopolies that
38:16
have issued and regulated money in the modern period.
38:18
Their importance, for controlling, the world's wealth
38:21
will be transcended by mathematical algorithms that
38:23
have no physical existence and the New Millennium cyber money
38:27
controlled by private markets will supersede Fiat money issued
38:30
by government. It's crazy because this was
38:33
written in the 90s before Bitcoin would even was an idea,
38:36
lacking their accustomed scope to tax and inflate governments.
38:40
Even at least civil countries will turn nasty as income tax
38:44
becomes uncollectible. Are more arbitrary methods of
38:46
extraction will resurface the ultimate form of withholding
38:49
tax. The defect or even overt
38:51
hostage-taking will be introduced by governments
38:54
desperate to prevent well from escaping beyond their reach.
38:57
Unlucky individuals will find themselves singled out and held
39:00
to Ransom and even an almost medieval fashion businesses that
39:04
offer services, that facilitate the realization of autonomy by
39:07
individuals will be subject to infiltration sabotage and
39:10
disruption, arbitrary, forfeiture of property, already
39:14
common, Place in the United States workers, 5,000 times a
39:18
week will become even more pervasive.
39:21
This was written in the 90s. Governments will violate human
39:25
rights sensor. The free flow of information
39:28
sabotage, useful Technologies and worse.
39:32
And ladies and gentlemen, that is exactly where we are in the
39:36
movie. What can you do as an individual
39:39
to protect yourself from this? First of all, Take Bitcoin into
39:44
self custody. That's what you should do.
39:46
Also, look into judicial Arbitrage, meaning look into
39:51
getting a second, passport, Plan, B, there's many countries,
39:54
that offer to your ability to buy, citizenship, go to where
39:58
you're treated best, right? Because that is the only way
40:03
that governments will eventually change because this, this whole
40:06
racket of them all holding us hostage because that's what it
40:10
feels like, man. I'm tired of the Endless Wars.
40:15
I'm tired of this inflation. I'm tired, I didn't sign up for
40:18
this. I pay my taxes.
40:21
I don't break the law. You know, I tried, I tried do my
40:24
best, but they, but they, but they want more enough enough is
40:30
enough, man, enough is enough, and this is what the Bitcoin
40:35
peaceful Revolution is all about, anyways.
40:39
Let's get to the culture. The daily culture brought to you
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41:07
All right guys before we get to the culture I want to tell you
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You're not gonna want to miss this conference Opti.
41:39
What do you have for us today? All right, guys, first and Vamos
41:42
a June, 10 Off Your Video so that we can get clear audio
41:45
because we're going to have a little conversation right here
41:48
guys. June in my opinion we had a
41:52
great conversation last night on on BK and he told me that me and
41:58
my buddy whiner are one of the reasons why he is such a Savage
42:02
Bitcoin or principal a Bitcoin ER and where the reasons why he
42:05
is an orange pilled Bitcoin her out here.
42:09
And last night, we had an awesome conversation and part of
42:11
the It was being your own superhero, but June said
42:15
something that I really enjoyed and I think it's a great talk
42:19
about what I try to tell everyone here on the culture and
42:23
June is a creator of that Bordeaux signal.
42:26
I don't know if you guys are aware of this but he makes his
42:29
80s dance music and he does like, you know, samples of
42:34
Bitcoin content over the top of it.
42:36
And I think everyone should go check it out.
42:39
It's definitely a Vibe, it's funky music with Bitcoin clips.
42:42
On top and it's just, it's really awesome.
42:44
It's something really cool to see.
42:46
And but what he said last night, I think this is why I brought it
42:49
up to the cultures because I know a lot of people ask, how do
42:53
I get into Bitcoin? I'm not a developer I'm you know
42:55
I don't code I'm not a minor, I just Stacks at and June said
42:59
something to me that our mutual friend from.
43:01
Oh she said to him and I hope that he can, his audio can come
43:06
through because I want him to elaborate on this and he
43:08
basically said, do what you do best and stamped Coin on it.
43:12
And this is something that I tell everyone all the time.
43:14
Just provide the value, and save and Bitcoin.
43:16
But I really loved his addition to that Meme of do what you do
43:20
best and stay on bitcoin on it. And June just explain this to
43:25
the people out there and and you can maybe jump in a little bit
43:28
on your journey and we'll get it to a few few other talks after
43:31
all right, right. Yeah.
43:33
First of all, my name. Clear.
43:35
Yes. All right.
43:38
Yeah man, while shout out to Michael fruit.
43:42
Oh, she fought for part of one of the nodes in this journey of
43:47
mine of finding my place and dumb, because it's not easy one,
43:55
it's not easy. Does you know what's going on
43:58
with Bitcoin? And then To try to figure out
44:04
that's a non develop a in Bitcoin.
44:09
I mean it's not an easy Journey worse than who you know, my
44:15
passions run hot. I'm sending Freedom running
44:20
extremely hot. So when I found some Bitcoins
44:24
like there's some there's so much more here like there's so
44:29
much more to stay Bitcoin vie. Is is so much richer than know
44:38
it to be so far, like, we are so early.
44:43
So that's how to bring to the table with, you know, my sound
44:47
on work that Pure Pro signal but also in a solder Rancher here in
44:52
Texas, lives media. You know what?
44:56
I'm trying to do. How do cinematic This
45:01
transformation of reality is, I mean this is a Sci-Fi reality,
45:06
we're living it. And it's I mean it's
45:09
unbelievable to see that you have to sort of see the whole
45:14
space in a see where what we're talking about, right?
45:19
Not just what we're writing but what what we're talking about,
45:23
you know? So that's that's my thought on
45:26
that beautiful. I the next one, bro, I say all
45:30
Time on this show, be a shining example of being a bit cleaner
45:34
and I always add the emphasis of having a fit body mind and that
45:39
will also get you to having a fit soul and you mention it.
45:43
You now work with the beef initiative and you talked a lot
45:45
about on being on the masses out there, being malnourished and
45:49
rush and for us to be nourished enough and eating the correct
45:54
food so that we are able to Usher these sets into the
45:56
future. So what's the perspective behind
45:59
this bro? And maybe we Can get people to
46:02
start eating a little better out there.
46:04
I mean we just learned the important points of Praise.
46:09
It's right of knowing it, keep it in your mind's.
46:13
Now, I try double remembering stuff like that, and I've always
46:20
in the past had trouble putting in remember, something like
46:24
that. And as my diet has changed, so
46:28
radically him and Going in on the beef initiative, bro.
46:32
I'm not thirty-six pounds a month.
46:35
Okay, because what's happened? Inning is my brain is on the,
46:42
cleanest way I've ever felt in my life.
46:47
Like our person I can do cross fit within that.
46:53
Ten hours I can work with over the beef initiative and Warner
46:57
from holy cow and Ty Jackson and BT work.
47:02
Come on stories together all this in a day and I could
47:06
produce that Puro signal that, you know.
47:09
And so my brain pain is is absolutely sharper than ever.
47:14
And everybody's you know I mean I wasn't able to learn it for
47:19
but along with all that other stuff my corn and my head, you
47:24
know, and that is something that comes from being have all the
47:29
proper minerals. Nutrients that come from a weld
47:35
soil bill, you know, like K and c cap out there outside of a
47:41
whole Bolt and his family are doing.
47:45
They're doing there is all I can say because how can I eat?
47:51
You know, you know 8 8 to 10 ounces, each for 10 hours?
47:56
I'll eat 12 ounces of steak from the grocery store and I'm hungry
48:00
6. Our time, so, it's crazy.
48:05
Yeah man, I definitely need to get on that beef, initiative,
48:08
Vibe and our other friend, mr. Robots been telling me that for
48:11
a while, as well. You are having some audio
48:14
issues. But you asked me to ask you what
48:17
is the Cattlemen's, kill it and Grill, It event, and then we'll
48:19
roll this, roll this out and get to the memes.
48:21
And hopefully, today's audios issues will be too bad.
48:25
All right. Can you hear me at all?
48:31
Yeah, yeah. You're that you're coming.
48:32
Bet. You're golfing in and out.
48:34
All right, let's let's try to just get home.
48:42
Hey Opti, I think I think we got to wrap up the culture.
48:45
We gotta we gotta move on to the mean.
48:47
Right? Right.
48:48
Yeah. Racked sorry guys.
48:50
I don't know what is going on over here with my audio issues,
48:52
but let's says, looks like we're having some issues with
48:55
restream. It's been, it's been giving us
48:57
some problems. The last couple days we're going
48:59
to try to fix it for you guys. Just bear with us.
49:01
This is the live shows simply Bitcoin live and because it's
49:04
live we will make mistakes. Anyways let's check out the
49:06
review. The daily meme review, brought
49:12
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only on Cipher safe dot IO. Alright guys, hopefully I'll be
49:40
able to get this segment going. This is the mean review.
49:44
You guys already know the meme we created over here, tweet or
49:47
the Bullet to memes are the artillery in this information
49:50
war that we find ourselves in? Can you to make the memes?
49:54
Continue to get the cause of action.
49:56
Continue to get the truth out there because the people need to
50:00
know that Bitcoin is the solution.
50:02
This first one is by at need creations, and I absolutely love
50:06
this because I Fundamentally think that this is a truth of
50:11
the Bitcoin space and he goes hashtag, Bitcoin is obvious
50:14
sound money. Makes sense to a sound mind and
50:17
I don't know if you guys are familiar with Alex Grey's art
50:20
but I really like this art piece right here and it's got the, you
50:24
know, the Bitcoin right here in the third eye and it's just
50:26
propagating truth and capturing all that signal and all the
50:30
right frequencies. This next one is by Captain B7
50:34
12:23 and I know you guys remember Memory condo, and the
50:38
last bear Market. Well, he did a little update on
50:41
this may mean he goes, get your Bitcoin in order Tiding up all
50:44
your UT EXO's with Marie kondo. And in the, in the me mega the
50:50
life-changing magic of tidying up, your UT EXO's a magic
50:53
internet money story. A play on Marie kondo.
50:56
Make sure your UT EXO's and yourself custody is sparking Joy
51:00
because you do not want to get wrecked out there.
51:02
This next one, we all remember last week or maybe it was two
51:06
weeks ago when Did their policy of, you know, charging you 2,500
51:12
dollars. If you have a the wrong think if
51:14
you if if you are not following the current we got a play on the
51:20
Drake meme and he looks away and he goes PayPal misinformation
51:23
policy, mine is 2500 dollars and then he points at Freedom money,
51:27
which is Bitcoin. This is the way guys.
51:30
You need to opt out of these centralized systems that can
51:33
basically cancel you for saying and doing the wrong thing.
51:37
NG. And this next one, we had this
51:39
great conversation yesterday in our spaces and it was kind of
51:42
along this lines and RD B TC. I don't even think he was in the
51:45
space but he's on the same Vibe and he goes best place for them.
51:49
Hashtag Bitcoin and it's a play on SpongeBob and I forget what
51:55
this mrs. Puff.
51:56
I believe she's getting thrown into the crazy loony bin and it
52:00
goes bitcoiners dealing with Central Bankers after hyper
52:03
Bitcoin ization. Yes, I think this is going to be
52:06
the way I would not want to. A family member of a central
52:10
Banker. This next one, I really hope
52:11
this video plays this is by our buddy space Bull and it's a
52:15
video and it goes this is how Bitcoin works.
52:18
And while we may not or maybe at the bottom of the current bear
52:22
Market, this will happen soon enough where the Bitcoin price.
52:26
Well just start to climb the walls of worry and get to the
52:31
top gradually. Then suddenly the price will go.
52:35
Up.this is a feature. Not a bug.
52:37
This The next one is by relay app and it's a, it's a Lena
52:41
c-shay Meme and it goes Bitcoin will save you and you can see
52:45
here. It's take your parents to school
52:47
day and we got the Euro with the ECB and it goes, my mom print
52:52
tens of billions. Every month, we got the dollar
52:55
and it goes my dad printed 80% of my entire Supply.
52:58
Another two years and then we got Bitcoin with Satoshi and it
53:02
go. My dad created me to save the
53:04
people from your inevitable hyperinflation.
53:08
And since you're the father of a Conga Bitcoin be nice and big on
53:11
guns but it's true and then to tell she again goes it is but
53:15
they won't get it, don't waste your time trying to convince
53:18
them and then we got the Euro and the ECB.
53:20
Mommy, am I going to hyper inflate?
53:23
Yes you will. And this last one I think this
53:26
is a this is a new thread that Nico.
53:28
And I are are saying a lot on the show Bitcoin is bipartisan.
53:33
It doesn't matter what side of the aisle you are Bitcoin is for
53:36
anyone and I Really like this meme from a memeing Bitcoin?
53:39
Remember the Lord of the Rings me, my did the other day and it
53:42
goes Bitcoin is Hope and we have the dwarf.
53:45
I forget what his name is and he goes never thought I'd fight
53:47
side-by-side with the progressive or conservative and
53:50
we got the elf, I forget their names because what about side
53:54
with a big corner and he goes a I could do that guys.
53:59
This is the way this is where we're at right now.
54:02
We are all in the sound money gospel.
54:06
Well apparently I can't show you My score today but I have this
54:12
bottle of Aveeno daily moisturizing lotion that.
54:15
I never use. I probably need to on my elbows
54:18
but hey, that is my score. I'll show you guys the bottle
54:21
when I get my video going. All right.
54:26
Nico your turn your turn. I know I'm thinking about it,
54:29
but the dramatic music. I'm going to give it this piece
54:36
of paper. as text on it, wooof very mysterious But could it
54:44
say, I don't know. Anyways guys, this is simply
54:47
Bitcoin live rate. The meme, put the meme score in
54:51
the live chat and we will get to it first one Nick opt he's
54:55
neglected bowl of raw ketchup. Only score stay humble, eat a
54:59
bowl of raw ketchup, only for breakfast, lunch, dinner stack
55:02
SATs. I like that.
55:03
I like that. Not just like to eat steak at
55:05
9:30 a.m. guys, come on. All right, looks like there's no
55:11
here we go. Bitcoin a cent.
55:14
Give those memes. All of course, I did have six.
55:17
Asic miners. Michael Morrison says, I give
55:19
those memes my bow. Oh, very nice, very nice.
55:23
Diogenes diogenes, I we will work your intro for next week.
55:27
I promise bro. I have it on my schedule list.
55:30
Give those memes a Gimli and Legolas.
55:33
So if you know you know if your Lord of the Rings fan or junkie
55:37
and Z logic, I give those memes. The newest tool in the newest
55:43
tool, the newest Stool album, very nice.
55:45
Anyways guys make sure to check out Simply Bitcoins telegram
55:49
group. Go to www.ah.mil me /.
55:52
The simply Bitcoin Channel. Also check out Simply Bitcoin,
55:55
unfiltered go to www.simpleandsensational.com
55:59
news. All right, Opti.
56:02
Let's roll it out, guys. Also check out the audio version
56:05
of this show. Go to Anchor, go to Spotify, go
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to Apple, go to Fountain. You can go to your favorite
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podcasting app. Search simply Bitcoin.
56:15
We will be there if you want to listen to the audio version.
56:17
We get a lot of those messages in the comments.
56:21
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56:22
Just look it up. It's on your favorite audio.
56:24
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56:27
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56:49
the technical issues that that we had today.
56:52
It's completely out of our control.
56:54
Maybe we, you know, we move to another streaming platform.
56:58
We will try to get it fixed for tomorrow.
57:01
Bear with us. This is simply Bitcoin live
57:04
benefits. Did you get the authenticity all
57:06
the mistakes live? But of course you know, when
57:09
there is a mess up it's very hard to fix it on air.
57:13
Anyways, if you guys liked this episode you know what to do?
57:15
Hit that like button. Consider subscribing, if you
57:17
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57:25
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