Latest / Simply Bitcoin / Jeff Booth Predicts $40M Per Bitcoin (Explained) | EP 1028

Transcript

Jeff Booth Predicts $40M Per Bitcoin (Explained) | EP 1028 · Simply Bitcoin

0:02
It's. All going to zero against
0:05
Bitcoin. It's going up forever.
0:15
You're against Bitcoin, you're against freedom.
0:22
Yeah, welcome to simply Bitcoin Live, your number one source for
0:24
the peaceful Bitcoin revolution. Cover game, news, culture,
0:27
dramatic warfare will be your guide through the separation of
0:30
money and state. Ladies and gentlemen, you're
0:32
tuned in to simply Bitcoin Live, the most watched daily Bitcoin
0:36
live show on YouTube. Rumble NX sit back, relax, enjoy
0:40
the ride. We have lots to talk about
0:42
today. I'm going to just address
0:44
exactly what I wrote in the thumbnail of of today's video.
0:50
We're all going to get rich. And the reason for that is
0:53
simple. The way that Jeff Booth
0:55
explained this, he did it. He he explained it on when he
0:59
came on simply Bitcoin IRL. Highly suggest watching that
1:02
interview. Literally my mind gets blown
1:05
every time Jeff Booth talks. And then I think he recently
1:07
went on the Coin Stories podcast hosted by Natalie Bernal, and
1:11
he's explaining how we cannot conceptualize a world on a
1:20
Bitcoin standard. And he threw out this wild,
1:24
wild, I mean wild price prediction of exactly $43
1:29
million per Bitcoin. And he explains the reasoning.
1:32
And of course, we have the clip for you guys, so stay tuned.
1:36
But the general gist of it is something that you guys have to
1:39
understand is that the world, the way that the world should
1:43
work is it should be deflationary.
1:46
And we see this in technology like bigger TV's, they get
1:50
progressively cheaper like what it used to cost, like what a
1:54
what a what those brick phones back in the 90s used to cost
1:57
you. Now an iPhone is like 1/3 of
2:01
that cost, even though it this has, this is a lot more
2:04
functionality. And the case that Jeff Booth
2:07
makes is the reason that that's happening is because governments
2:11
being in control of money kind of completely ruins the price
2:14
signals like, and they're incentivized to keep this
2:18
inflationary thing going. And they do that by this crazy
2:22
government spending. They do that by the endless
2:25
wars. They're incentivized to do that.
2:29
Bitcoin, because it can't be corrupted, because it can't
2:32
really necessarily be controlled, is the true price
2:35
signal of the world. And if you take a look at
2:38
Bitcoin and if you take a look at the the world priced in
2:41
Bitcoin, things just get cheaper over time.
2:45
So Bitcoin is actually the truth.
2:47
Bitcoin is actually pointing out how the world would work under a
2:52
sound money standard, and that makes you extremely optimistic
2:56
about the future. This is why I put it in the
2:58
thumbnail. We're all going to get rich.
3:01
I mean, $43 million per, that's insane.
3:05
That's unbelievable, right? I think how Finney's prediction
3:08
was $10 million per coin, right? So we're going to talk about
3:11
that. We're going to talk about what
3:13
the world would look like under a deflationary standard.
3:17
Jeff Booths has such an elegant way of putting it.
3:20
I mean, he wrote an entire book about it called The Price of
3:23
Tomorrow, right? I'm going to talk about that as
3:25
well. And also this continued trend,
3:28
ladies and gentlemen, Bitcoin is entering the political sphere.
3:31
Keep saying that, keep beating the battle drums, but I think
3:34
it's incredibly important if you live in the United States.
3:37
In fact, if you live anywhere worldwide, vote for candidates.
3:41
I, I, I believe in the theory from the Sommer individual.
3:44
I do believe that Bitcoin will make politics irrelevant over
3:47
the long run, but we're not quite there yet.
3:49
We're in this transitionary period.
3:51
That being said, get involved, take action, take agency.
3:56
And yes, I think the most important vote you can make is
3:59
taking Bitcoin into self custody.
4:01
But the traditional Fiat voting I think still does matter.
4:05
If you want to stay in your in your jurisdiction, you want the
4:09
politicians, you want the unproductive class to be
4:12
favorable towards Bitcoin. And another major milestone
4:16
happened yesterday and we have more coverage on that today,
4:20
which is the Republican Party. Not only the candidate Donald
4:23
Trump, but the entire Republican Party is taking a pro Bitcoin
4:28
stance, pro self custody stance, pro right to mind stance.
4:33
So it's pretty simple. And in the US, it's a two party
4:36
system. You either vote for the party
4:39
that is pro slavery, pro CBDC, pro central bank digital
4:44
currencies, anti Bitcoin, or you vote for the party that is pro
4:48
Bitcoin, pro Bitcoin mining, pro self custody.
4:52
It's black and white at this point, right?
4:54
And I know that that perhaps could strike people the wrong
4:57
way, but that is the reality. And people have to get with the
5:01
reality. Anyways.
5:02
It's gonna be a great show. It's gonna be me and Opti
5:05
hosting it together. I love it when me and Opti do it
5:07
together. I feel like it just flows.
5:09
Bring Opti up on stage. How you doing, brother?
5:13
I'm doing one. Haven't done this in a while,
5:15
bro. It's.
5:15
Not showing in a minute bro. It's not showing the view count
5:18
up, but I think we're streaming everywhere I'm pretty sure.
5:21
Yeah, No, let me see. Let me double check.
5:23
Let me double. Check anyways, what are we going
5:24
to cover during the culture? We are streaming everywhere I
5:26
just checked. Yeah, we're streaming.
5:27
We're streaming. Yeah.
5:30
Actually, before we go in, that before we go in, I want to first
5:33
touch on the Jeff Booth thing because it's going up forever,
5:37
Laura. Everyone knows that.
5:38
So here we are. And actually, I don't know if I
5:42
want to say it, Nico, I was, I didn't just come up laughing and
5:45
smiling. I I was thinking of a joke here
5:48
but I don't know. I don't know if it's going to
5:50
translate well so. Maybe I'll save it for Nico
5:53
after the show, but what we're going to cover today.
5:56
So like I've been saying, we've had guests on the show for, I
6:00
don't know, the last 2-3 weeks and I've seen you guys in the
6:02
chat telling me and and talking about and asking about UTXO
6:07
management. So we're going to do some UTXO
6:09
hygiene. Of course, you know our sponsor
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that you have to do the UTXO management.
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So if you've been stacking with Bitcoin well, or rather any
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Bitcoin only exchange at this point, like this is something
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you're going to have to consider.
6:25
And I've been saying for a while when we go over the numbers that
6:28
the fees are going down. So right now while things are
6:31
calm, you know, before things start getting crazy going into
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the bull run, you want to consider about your UTXO
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management and the Bitcoin you're holding because you don't
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want to get in a position when the fees get crazy again and and
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have unspendable Bitcoin. So we're going to go over that
6:47
in the culture we are. I am going to read some
6:50
articles, give you guys some good tidbits and then Nico and I
6:52
will discuss it a little bit. So we're doing some guys, this
6:57
culture is going to be probably a little more technical and
6:59
boring than usual, but this is some information that you need
7:02
to make sure you're thinking of moving forward.
7:05
Because there there's some things you have to think about
7:07
in Bitcoin that you don't necessarily have to think about
7:09
with, with cash or your traditional banking, you know,
7:13
debit card and stuff. But hey, we got you covered.
7:16
Absolutely, 100%. I'm, I'm excited about that.
7:18
I mean, I think that's something that a lot of people forget,
7:22
right? You know, if, if you're going to
7:24
send these small little transactions to a single
7:27
address, you might be absolutely get wrecked by fees later down
7:32
the road. So it's, it's a, it's a, it's a
7:34
good idea to consolidate every once in a while, just, you know,
7:38
put all your UTX OS together. So I'm, I'm happy that we're
7:41
hitting that topic because I think a lot of people just don't
7:44
understand that part of Bitcoin, but they totally should.
7:46
It comes natively to you. Like after you've been in
7:49
Bitcoin for a while, all of this stuff like it just becomes
7:52
common sense. But especially if you're
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getting, it's super. Easy.
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It's super easy. It's just you got to think about
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it a little bit. Exactly, it might be quite
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Anyways at the time of recording the Bitcoin price is $58,020.00
11:11
sats per dollar. 1724 block height 851,567 blocks to having
11:19
198,433 having estimate March 31st 2028 Total lightning
11:25
network capacity 4984 BTC capacity value 289 million U.S.
11:32
dollars Realized monetary inflation 1.53% market
11:36
capitalization 1.14 trillion Bitcoin versus gold market cap
11:42
7.05% in the grand scheme of things we are just getting
11:47
started anyways. I was talking about this
11:50
phenomenon, how again, it's it's this Bitcoin is entering into
11:55
the mainstream political discussion.
11:57
And like I said yesterday, this isn't happening because
12:01
politicians are doing this out of the goodness of their heart.
12:04
This is happening because politicians need to pander to
12:07
Bitcoiners in order to get elected.
12:10
And we have become such a influential and powerful force
12:14
that, you know, you have politicians conceding and
12:17
basically saying, listen, if you vote for me, I'll free Ross
12:20
because they know that that's something that Bitcoiners care
12:23
about. This is how politics work at the
12:25
end of the day. If you want to get a lot elected
12:28
into office in the US specifically, I'm pretty sure
12:30
worldwide, you need a tremendous amount of funding and money
12:34
behind you. And guess what?
12:36
As number go up does its thing, bit corners become wealthier and
12:40
therefore more influential in society, right?
12:44
That's just the reality. Anyways, here is Piran.
12:48
Piran, I'm sorry if I pronounced that incorrectly.
12:51
She's the founder and CEO. Thank you, Opti.
12:53
And she's the founder and CEO of Digital Chamber.
12:56
She had an interview regarding this topic specifically on CNNBC
13:01
yesterday. I'm going to play it and then
13:02
we'll talk about it. NFTS, what do you make of the
13:06
Republican Party's embrace and, and what's behind it and where?
13:10
Where is it your sense that the Democrats in the current White
13:13
House stand? Hey, Kintatha, it's great to be
13:16
with you. And yeah, as you noted, Donald
13:19
Trump has come a very long way in his crypto policy.
13:23
When he was president, he said he was not a fan of Bitcoin, of
13:27
he was not a fan of Bitcoin or or crypto currencies.
13:30
And he's now matured into adopting a pro crypto position
13:34
for the entire GOP platform. This is a large result of
13:41
education. It it takes time to really
13:43
understand the critical importance of Bitcoin and
13:46
blockchain technology. Ultimately, blockchains are what
13:49
we will use to facilitate transactions in the future
13:53
digital economy. And it's in our interest, it's
13:56
in the United States economic interest that we are the country
14:00
that leads in the development of building this financial
14:04
infrastructure. And it's also becoming the will
14:07
of the people that who ever is in the White House adopts a pro
14:12
crypto policy. So we've come a long way and
14:15
this is very much legitimizing the technology itself.
14:21
So I mean, look, she said it herself.
14:23
I think she used the word blockchain.
14:25
Obviously, we're not a fan of that.
14:27
But and again something to emphasize too is they're
14:32
differentiating and specifically in the documents which we went
14:36
over yesterday, they are differentiating between crypto
14:40
and Bitcoin. They are saying Bitcoin and they
14:43
are saying crypto, but you know, they are taking a pro crypto
14:47
position as a whole. And I know that's might be
14:50
unpopular with a lot of Bitcoiners, but what I got to
14:52
say to those bitcoiners is, dude, you shouldn't, you
14:56
shouldn't be rooting for the government to pick and choose,
15:01
you know, which quote, UN quote crypto has an advantage.
15:06
Like if if we believe in Bitcoin and we believe Bitcoin has
15:10
superior incentives and we believe that Bitcoin is better
15:13
money, and I think we all believe that, right, then the
15:16
reality is simple. Like Bitcoin is going to win on
15:19
its own merits. It does.
15:21
It shouldn't get a special privilege from the government,
15:24
right? I would say let the free market
15:26
do what the free market does, you know, and let the best
15:30
currency win. Obviously we believe it's
15:33
Bitcoin. Why?
15:34
Because you can't change the rules.
15:36
And with every other cryptocurrency, you can change
15:38
the rules other the cryptocurrency did not have an
15:41
Immaculate Conception, didn't have a a virgin birth.
15:44
What does that mean? That means that when Satoshi
15:46
created Bitcoin, he created it as an experiment.
15:49
You didn't know it was going to have value down the road.
15:52
Every other cryptocurrency that came after Bitcoin, the founders
15:56
inherently knew that it was going to have value, which is
15:59
why the founders kept such a large piece of the ply to
16:03
themselves, right as the case with the Ripple, as the case
16:06
with Ethereum. So let the best currency win.
16:10
Bitcoin is equal for everybody. Meaning Michael Saylor doesn't
16:15
have more influence over the network than you do.
16:18
Vitalik and Brad Garlinghouse have more influence over XRP and
16:23
Ethereum and they will change the rules to benefit themselves
16:27
than everybody else. So doesn't really change like
16:30
the crypto, the cryptos don't really change.
16:32
They're not very different from the Fiat system, right?
16:36
The Fiat system, there's a, there's an elite that get to
16:39
change the rules, manipulate the rules, print money to benefit
16:43
themselves at the expense of everyone else.
16:45
Bitcoin, the rules are set in stone.
16:47
You cannot change that. And that what it does is it
16:50
protects the middle class and protects the ever the, the
16:53
average Doe, the average Joe, the everyday man who's just
16:57
there, you know, slaving away in the fields metaphorically, you
17:01
know, trying to make a living. It protects their money.
17:04
So Bitcoin is money for the middle class.
17:06
Bitcoin is money for everyone. I mean, I would say Bitcoin is
17:09
money for everyone who believes in freedom and who doesn't
17:12
believe in coercion and who doesn't believe in controlling
17:15
other people. Because if you believe in those
17:17
things, then Bitcoin is not a tool for you to enable that.
17:21
But you can make a really strong argument that cryptocurrencies
17:24
are. So anyways, all that being said,
17:26
I'm very bullish on the fact that now we have a major
17:30
political party in the United States who is vocally, they
17:34
released the recent released a document.
17:37
They're protecting the right to self custody.
17:39
They're they're pro Bitcoin. They're protecting the right to
17:42
mine. And then that puts the Democrat,
17:44
the Democratic Party in a very disadvantageous position because
17:48
it's not exactly popular to be anti Bitcoin.
17:52
It's not exactly popular to be pro CBDC.
17:56
They're hoping that people are just not informed.
17:59
And this is where you come in and form the people around you.
18:02
Remember, this is not left versus right.
18:04
This is not red versus blue. The Democrats created an
18:07
opportunity for the Republicans to pounce on this issue because
18:12
they've taken such an anti Bitcoin stance.
18:15
As a whole. I don't think it will be
18:18
politically viable by 2028. But I I will say this elections
18:22
do have consequences. And this election, at least from
18:26
a regulatory perspective and Ross's freedom will mean
18:30
something. It is a meaningful election.
18:32
I know a lot of Bitcoiners don't like to hear that because you
18:36
know, they're they're an Arco capitalist, our boy Ruston,
18:39
right? Doesn't they don't believe in
18:41
politics, right? We have a Mclovin.
18:43
I hate politics, but I'm definitely for any candidate who
18:46
is pro Bitcoin. I think a lot of Bitcoiners fall
18:48
into that camp. I fall into that camp.
18:50
I think me and Opti were like literally like waiting to the
18:52
very last moment until I completely spontaneously
18:56
exploded metaphorically when they locked the samurai guy.
19:00
Samurai got samurai wallet developers in jails, like what
19:03
the what the F happened here, you know?
19:05
And then I was like, OK, this is fucked up.
19:09
Anyways, Opti, what's your take on this?
19:10
Bro? I know we've been talking about
19:12
this, but dude, as we get closer and closer to the election, I
19:15
think it's our responsibility to highlight this so that if you
19:18
are a Bitcoin in the United States, which is the majority of
19:21
our audience, like dude, go out and vote because it's on the
19:25
ballot. Bitcoin is on the ballot.
19:27
Ross''s freedom is on the ballot.
19:29
Anyways, Opti, what's your take? Yeah.
19:32
So first and foremost, just, you know, talking about that clip in
19:36
general, I see everyone in the chat basically saying, you know,
19:39
you know, politicians lie and he's just, you know, Trump's
19:43
just saying this to, to get votes.
19:45
Like, of course that his that's his job.
19:47
But without going into like, you know, the murky waters of of
19:53
saying that, I'm not going to say saying bad things about
19:57
politicians in general. I think if you kind of take this
20:01
on like a surface level. And you kind of relate it to
20:05
what we've all experienced as becoming Bitcoiners.
20:08
You know, you start as a skeptic, maybe you find some
20:11
interest in it. You try to debunk your own
20:14
positivity about Bitcoin. And then once you learn more
20:17
about it, you realize, oh, wow, Bitcoin really might be a
20:21
solution to the world's problems.
20:22
And so again, you know, taking this on a surface level, surface
20:26
level and following this progression, you know, with
20:30
Trump in regards to what we've seen in the last, what was it
20:35
like a month or so? You know, he was kind of like a
20:38
shit coin friendly. We know he's done like some NF
20:41
TS in the past and he's just trying to get money, you know,
20:44
make sure that his campaign is is well funded.
20:47
But now I think after he's had these conversations with the
20:50
most important miners in the world and shout out to the
20:52
Bitcoin Mag team, I am going to give it the benefit of the doubt
20:56
that maybe he's actually seeing there's a, a very, very strong
21:01
responsibility to embrace Bitcoin as America.
21:05
And so it just kind of reminds me of all of us as Bitcoiners.
21:08
You know, you come in, you're kind of skeptical and then you
21:12
realize about Bitcoin, you learn more about Bitcoin and then
21:15
you're like, oh, wow, like I'm all in on Bitcoin.
21:17
So I'm kind of seeing the same progression and again, you know,
21:21
just just giving him the benefit of the doubt on this.
21:24
And you guys can throw tomatoes all you want.
21:25
Of course, he's a politician. He wants votes and all that
21:27
stuff. I am, I am, I'm hopeful that
21:30
he's actually being honest and he actually sees the use case
21:35
and and the importance of embracing Bitcoin in America.
21:38
But going further, what we saw yesterday is it's not just Trump
21:43
saying this now, it's not like basically the whole Republican
21:46
Party realizing that, hey, if we want to get voted back in, we
21:50
need to embrace Bitcoin. And now you're seeing that the
21:54
basically part of the Republican platform now is embracing
21:59
Bitcoin, which to me is a good thing.
22:02
I, I think we should have politicians embracing Bitcoin,
22:06
realizing that this is good for the country.
22:08
If politicians are still caring about what the populist thinks
22:12
about what they're, you know, they're the people they're
22:14
supposed to represent, believe and what they want, then they
22:17
should obviously embrace Bitcoin.
22:19
And, and I think we're starting to see trends on this.
22:22
And I, I think at this point it might be OK for me to say my
22:25
joke. I'm, I'm probably going to turn
22:28
people. Away.
22:30
But I'm going to say nonetheless, because, because
22:32
I'm here for the entertainment value.
22:34
After all, I'm here just to be comedic relief.
22:37
So you guys remember Niko's, Niko's famous saying of if
22:41
you're against Bitcoin, you're against freedom.
22:45
Niko's going to lose it on this one.
22:47
I, I already know he's going to give me some backlash on this,
22:50
but I'm going to say at this point, if you're not a
22:55
Republican, you are anti Bitcoin.
23:02
I mean, this is coming from a. Californian, So, you know, like
23:05
it doesn't like my mom's going to freak out at me if she hears
23:08
me say this, but I dude, I, I don't know it's jokes, but I'm
23:13
also kind of serious I. Mean like no, but like like in
23:17
all seriousness, it's like they literally, I mean the Democrats
23:21
have been like pro censorship. They've been anti Bitcoin,
23:26
they've been anti the movement and the the repubs have come out
23:31
and they've been pro the movement.
23:34
So that's I'm just looking at it from that perspective.
23:39
Chat agrees like it like like whether it like it's like like
23:44
yeah, like it's like lightning goes.
23:47
Oh man, what the fuck? U.S. government owns 20,000 the
23:50
chance chats absolutely losing it.
23:54
Elaine. I used to vote.
23:55
I I would say Elaine, like you should totally vote because it's
24:00
definitely, you know, it definitely means something this
24:03
year for sure. But yeah, I mean, look, I don't
24:08
want to take the side of a political party.
24:10
But what I will say is I'm voting for the political party
24:13
that is pro Bitcoin because I think, you know, if you fix the
24:16
money, you fix the, you fix the world.
24:19
And there's a lot of Republicans that are, I mean, no, you can't
24:23
even say that anymore. Like literally their entire
24:26
statement is like the Republican Party's pro Bitcoin.
24:30
Like this is this creates a great opportunity, by the way,
24:33
for the Democratic Party to go out and be pro, you know, say,
24:39
take a stance on, on Bitcoin and, and it gives them the great
24:42
ability. Like that's a huge voter bloc.
24:44
Like, why are they being silent? You know, I, I think, I think
24:47
the silence is, is, is speaking volumes in my opinion.
24:51
And I'll definitely change my mind immediately if they come
24:55
out and they say, yo, Democratic Party is pro Bitcoin as well.
24:59
Anyways, all right, I do want to give a shout out to the best
25:03
party that's coming up in two weeks.
25:05
And of course I'm talking about the pleb party in Nashville, TN.
25:09
It's going to be a 12 hour open bar from noon to midnight in
25:12
Nashville the day before the Bitcoin 2024 conference, so this
25:16
is going to be hosted Thursday, July 25th.
25:19
Confirmed attendees include Larry Leppard, Preston Pish, the
25:23
entire Simply Bitcoin crew, James Lavish, Robert Breedlove,
25:27
Mark Moss, puppy Tatum Turnip, Adam O'Brien, and many, many
25:30
more. It's going to be hosted in an
25:32
amazing venue, a rustic automobile factory from 1910
25:36
with brick walls and tons of proof of work atmosphere.
25:39
The last Pleb party in Miami was sold out eight days before.
25:42
Over 1000 Bitcoiners are expected to attend.
25:45
You will will not be able to buy tickets at the door because they
25:48
will be sold out. So you want to get your tickets
25:50
quickly. You want to get your tickets
25:51
now. You could do that by scanning
25:53
the QR code or checking the link in the video description.
25:56
All right, everybody, let's hit the news.
26:01
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in the show notes below to learn more, everybody.
27:01
So I do want to talk about a very important topic and this
27:05
kind of leads me on to the Jeff Booth clip, which is what I want
27:09
to focus on today's show. Don't just opt out of Fiat on a
27:14
on a financial level, opt out on a spiritual level as well,
27:21
right. So what does that mean?
27:22
That means that. Like.
27:28
Don't engage. Like don't even engage with the
27:32
madness because it just gives the madness more fuel.
27:37
Focus on you. Focus on your health, focus on
27:41
your stack. Focus on you know however it is
27:44
that you're mining more Fiat or earning Bitcoin to grow your
27:48
wealth. Focus on that and the world will
27:51
get better for you. The world will get better for
27:54
you. The world will get better for
27:55
your family. A lot of the insanity that
27:58
you're seeing throughout the world is literally a symptom of
28:03
broken money. I was talking to a good friend
28:08
of mine, BTC Sessions, and we were talking about this book
28:14
based on, you know, what happened during the Weimar
28:17
Republic and the hyperinflationary area of of,
28:21
you know, the right before the 1940s in Germany.
28:26
And essentially what happened was that the moral decay of
28:33
society started to accelerate. The politicians were so
28:37
disconnected, they couldn't understand that the money
28:40
printing itself was the cause of a lot of society's woes.
28:48
And the difference between then and now is that now we have a
28:53
way to opt out. And when you opt out, I, I've
28:58
seen this happen so many Times Now.
29:00
I'm now we're seeing on the nation state level as well.
29:04
All of a sudden you start to kind of like heal a little bit,
29:06
like sanity starts to be brought back.
29:09
People start to get a little bit more base.
29:11
They start to get, you know, anchored to the truth, anchored
29:14
to the universe. And I believe that's because
29:17
their unit of account is anchored to the universe, angry
29:20
to the truth. I went on Breedlove's show What
29:24
is money a couple weeks ago, I think it was over a month ago
29:28
now, but he just posted it. And we, we, we were getting
29:32
through. We're, we're like going down the
29:35
rabbit hole and just kind of exploring these topics.
29:37
And one of the things that he mentioned was like, there's this
29:42
entropy, there's this decay in society that tends to happen
29:46
over and over and over again. And the pattern that I've
29:49
noticed is that it might be connected to the money.
29:53
So, you know, of course, we've all heard of, you know, the,
29:56
the, the, you know, the Roman Empire meme in the Roman
29:59
Republic. But if you take a look at what
30:01
they did to the, to the Dinaris, which was their unit of account,
30:06
their currency, you know what they did, they inflated it.
30:10
They, they something called coin clipping.
30:12
So in the beginning of the Roman Republic, there is a certain
30:16
amount of silver that was included in each Dinaris.
30:19
Towards the end of the Roman, Roman Empire, the percentage
30:25
turn, the percentage of silver in each coin was very, very low.
30:30
So what do they do? They debase the currency, they
30:32
inflated the currency and over time, what happened, moral decay
30:38
started to set in price controls and then the eventual inevitable
30:42
collapse. So I don't know 100% sure, but
30:48
what I will say is that I'm starting to pick up patterns and
30:52
I'm starting to connect the dots.
30:54
And what I will say another thing is that I think that your
30:58
unit of account money play such an instrumental role in the
31:03
human experience. It is half of every transaction.
31:07
It is how you you talk to people when you're exchanging
31:11
something. You use money like the barter
31:14
system works, but it's not viable.
31:18
It's not a viable scaling. It's not, it's not, it's not
31:21
viable when you attempt to scale it, right.
31:24
So you use money, It's, it's, it's, it's all around you.
31:27
How did you buy the laptop? How did you buy the phone?
31:29
How did you buy the TV that you're watching us right now?
31:32
How did I buy this microphone? How do we get paid from our
31:35
sponsors? How do you get paid from, you
31:38
know, your, your place of employment, how you get paid in
31:41
money? And then you use that money to
31:42
to purchase other things. And then that money is
31:45
fundamentally corrupted. And it's psyopped us into
31:48
thinking that we have to work harder and harder and harder,
31:53
and that somehow it's a law of nature for money to lose
31:57
purchasing power as time progresses.
31:59
And then that leads me to my other thought.
32:01
The natural order of things is for prices to get cheaper over
32:04
time. Government's intervention is
32:07
what makes things more expensive.
32:10
So Bitcoin, all it's doing, because it's sound money,
32:15
because it's real money, because it's unconfiscatable money,
32:19
because it's uncorruptible money, is that it's allowing
32:23
reality to play out in real time the way it should, free of
32:29
government intervention. And This is why certain elements
32:33
of government and certain political parties are so against
32:38
it, because they benefit from the manipulation of money, they
32:41
benefit from the controls of money, and they benefit it to
32:45
benefit themselves at the expense of everyone else.
32:49
Because make no mistake, money is wealth redistribution.
32:54
It's taking money from others to give to other people.
32:58
Specifically, it's wealth redistribution from the lower
33:01
and middle classes that don't have the means to save in assets
33:05
back to the government and back to the very wealthy that do have
33:09
the means to save in assets. AKA it is theft.
33:13
But how things normally should work is that things should get
33:17
progressively cheaper overtime. And because Bitcoin is
33:21
protected, because Bitcoin is uncorruptible, if it stays
33:25
decentralized and secure, it's going to continue to highlight
33:29
the the way that the things should normally work, right?
33:32
So anyways, I'm going to show you this website that I've been
33:35
showing you guys for so many, so many times.
33:37
And even with the manipulation of money and how that's just
33:41
completely changing things, if you take a look at what happens
33:44
when you live on a Bitcoin standard, things over a long
33:49
enough time period get progressively cheaper.
33:52
That includes housing, that includes the S&P 500, that
33:56
includes gold, that includes oil, that includes the dollar.
34:00
Things get cheaper when you move to a Bitcoin standard.
34:04
And this is what Jeff is talking about when he's throwing out
34:08
this $43 million prediction per Bitcoin.
34:13
This is what he's talking about. And this is what makes me so
34:16
optimistic about the future. Now, Jeff's understanding of
34:21
this is much deeper than mine. I have the surface level.
34:24
I've read Jeff's booth, Jeff's book, I've spoken to Jeff many
34:28
times in person. And of course, he's been on
34:31
simply Bitcoin IRL many, many times.
34:34
But the way that he explains it clearly he's under, he
34:38
understands it. And Bitcoin is a representation
34:41
of that. I can't emphasize that enough.
34:44
Bitcoin is a representation of how money should work.
34:48
And because it's uncorruptible, it's showing you, it's showing
34:52
you that this isn't just the theory that things should get
34:56
progressively cheaper. It's it's, it's an actuality.
35:00
It's showing you that things get cheaper.
35:03
This is the way that society should function.
35:07
The reason it's not functioning this way is because governments
35:10
are intervening when they do the endless wars, when they do these
35:14
social programs, when you have Joe Biden basically saying
35:17
there's been 0 inflation, but we're going to get involved and
35:21
we're going to invest more into climate change.
35:24
What they're, what he's essentially saying is we're
35:26
going to print more money and printing money is theft.
35:29
They're taking money. If you are holding onto dollars,
35:33
they are directly stealing from you every time they debase the
35:37
currency with Bitcoin, they can't do that.
35:40
That's why you have this hostile reaction with Bitcoin.
35:44
You know, the, the amount of Bitcoin being mined every single
35:47
day. The inflation rate is set in
35:49
stone. Not only is it set in stone, it
35:51
actually gets cut in half every four years, right?
35:55
Anyways, this is the importance of uncorruptible money.
35:58
So I'm going to play you guys this clip.
35:59
It's a little bit long and then Opti and I will talk about it.
36:05
It's muted, Nico. It is it for me.
36:09
It's playing. I'm not.
36:10
Hearing anything? Let me try.
36:11
Rephrase rushing it. How about now?
36:15
No, I'm not hearing anything. Maybe it's just me, the chat,
36:18
let me know. It is, It is not.
36:21
Oh my God, what is going on? Maybe.
36:24
It's muted up on the top of the tab, but yeah, I'm not hearing
36:26
anything. Let me.
36:27
Open another tab and play it again.
36:33
And. We're doing it live.
36:35
We do this live. All right, let's try that one
36:38
more time. Here we go.
36:41
I'm still not hearing anything. All right, Opti, you want to
36:45
hold it down? Let me see.
36:47
Wait, let me see. Send me the link.
36:49
Maybe I can pull it up. Yeah.
36:50
No sound. Everyone's saying no sound.
36:51
Yeah, hold it. Down while I just.
36:53
Drop it drop it in the the private chat and let me see if I
36:56
can pull it up and you download it one SEC just put it in
36:59
private chat or actually I could probably find it yeah I'm.
37:02
Downloading it but holding out anyways.
37:03
Opti, what do you just explain to me your kind of experience
37:08
on, you know, on, on, on all this while, you know, Yeah, so.
37:15
Is this something that is? It am I crazy?
37:17
Is this something that no, I mean look experienced as well
37:19
one thing. I've said before on the show,
37:22
like you guys know, my my my God-given name is not optimist
37:26
Field. There's a pseudonym that I.
37:30
Shows. When I had a 350 person Twitter
37:33
account and for some reason ever since and I was doing the same
37:37
thing I've been doing here. I was, you know, talking about
37:39
Bitcoin. But ever since I put Optimus
37:40
Fields on my account, it took a it took a life of its own.
37:43
And I've personally felt this exact same thing.
37:46
Of course, left side of the wait, left side of the bell
37:49
curve here. I, I can't explain it as well as
37:53
Jeff Booth does, but I've learned throughout this whole
37:56
journey that something about Bitcoin, you know, obviously
38:00
relieving financial stress makes you start to think about other
38:04
things. Like once you get up the high,
38:06
what's it Maslow's hierarchy of needs and you avoid just
38:09
survival, you can start to think about more things.
38:11
And I think that's what we all feel in, in the world of, of
38:15
the, the Fiat culture we live in.
38:17
It's like everyone stressed about money because there's like
38:19
never enough money to go around. And then you start saving in
38:22
Bitcoin and you actually have something to hold on to.
38:26
And you start to realize I can focus my energies on other
38:28
things. And so lightning guts in the
38:30
chat always said that he's been on the show and said it before,
38:32
like the way of Opti is the way like this is how we win is by
38:36
our optimism about the future. Because on the other side,
38:39
everyone's nihilistic, everyone's scared about what the
38:41
future's gonna bring. Everyone knows there's some kind
38:43
of danger coming down the pipeline in regards to the
38:47
status quo culture, the Fiat culture.
38:49
But us bitcoiners, we're always thinking about the future.
38:52
We're always thinking about, you know, lowering our time
38:54
preference and realizing, hey, and it's.
38:55
Not just about me. It's about future generations
38:57
coming after me 100. Percent and and I think that's
39:00
because we've changed our unit of account.
39:02
Anyways, I have, I have the video ready.
39:04
Let's check it out. Just keep saying like over and
39:07
over and over again, the natural state of the free market is
39:11
deflation. And once you understand that,
39:14
then you understand everything else is stopping it.
39:18
And if you think your prices are going up and if you think this
39:21
politician and this is going to growth, like listen to
39:25
politicians talk about growth today.
39:28
They're talking about their productivity growth is faster
39:31
deflation. So what they're actually talking
39:34
about is we're going to manipulate money faster to steal
39:37
more money from you. They're not talking about growth
39:40
at all. So just keep the natural state
39:42
of the free market is deflation. Then everything that stops it is
39:47
a is not a political system, It's not an economic system.
39:50
It's a control system. And it's so critical.
39:53
Now why that's important in AI is as AI moves faster and
39:57
faster, which it inevitably will.
40:00
Exponentially. And it merges with robot robots
40:05
that can do anything that that you can do way better, faster.
40:10
The business that hires that, that bring rings in robots that
40:15
you say you won't use because they're removing labor, you will
40:18
use because it's cheaper for you, you will use it.
40:22
And if a business doesn't use that, they will go broke because
40:25
you will choose differently. So if your choices are driving
40:28
this to lower and lower prices, shouldn't you benefit in an
40:33
economic system that that is is repricing that and sharing that
40:37
abundance with all all people on earth?
40:39
That's what Bitcoin is doing. So Bitcoin is just, if you just
40:43
took kind of $900 trillion balance sheet, which is the
40:48
world's balance sheet today and there's 21 million Bitcoin, then
40:52
the implied value as long as it stays decentralized and secure
40:56
of Bitcoin is about $43 million per Bitcoin today.
41:00
But that $900 trillion because you just 900 trillion / 21
41:05
million million, all it has to do is stay decentralized and
41:08
secure for in time that to be true.
41:11
It's it's repricing the other system.
41:14
But $900 trillion balance sheet today has $400 trillion of debt
41:17
against it. And that debt is already
41:21
insolvent. And if it what if it was
41:22
actually marked to market, the balance sheet of the world
41:25
wouldn't be 900 trillion. You'd have a cascading collapse.
41:28
All real estate prices, banks would fail, everything would
41:31
collapse. So the only reason it's 900
41:33
trillion essentially what you're measuring the world through and
41:36
you're part of that Ledger. The only reason it's 900
41:39
trillion is because you think the debt is solvent and you will
41:43
vote for somebody who manipulates money unless instead
41:46
of allowing a collapse. What does that mean?
41:52
That means probably four or five years from now the $900 trillion
41:56
balance sheet won't be 900 trillion.
41:58
It would be two quadrillion. And then if, if Bitcoin versus
42:03
that balance sheet and the cost of living from there was 90
42:08
million terminal value of Bitcoin, it would be the same
42:11
purchasing power, right? But the more important part is
42:16
what I'll say here. Prices fall forever.
42:20
So relative to Bitcoin, your $43 million purchasing power and
42:24
terminal value today buys more and more forever because prices
42:29
will fall relative to it for forever.
42:32
So as a general case, if you just say, how much do I own of
42:37
the Ledger, the 900 trillion today?
42:41
And make sure you own at least that in, in in Bitcoin and then
42:46
start. And as you start to understand
42:48
this more, you start to understand what's happening.
42:52
Start to move some of your time from the system that's Co opting
42:56
your attention to the system that's uniting people and and
42:59
building to truth, hope and abundance.
43:01
And you'll find yourself more happier as you do that because
43:05
it's consistent where we are going as a society.
43:09
I mean, like beautifully said by, you know, Jeff Booth, he has
43:14
an elegant way of, of, of absolutely putting it.
43:17
Shout out to Natalie, obviously for, for hosting him.
43:20
But yeah, man, I mean, it's, it's absolutely.
43:23
I remember when he told me that when he came on simply Bitcoin
43:27
IRL. Like it's, it's so hard to
43:30
understand because of how much time we've spent in this system
43:35
of just things getting progressively more expensive.
43:39
It's very difficult to understand and also to, to opt
43:42
out because he said it in the, in the at the very end, he's
43:45
like, don't even give that system your time, right?
43:49
Because that, that, that that's essentially what it's doing.
43:52
It's, it's, it's, it's, it's, it's parasitic in nature.
43:55
It sucks your attention. It drains your money, it drains
43:59
your time. I would see, I would even say
44:01
like it drains your spiritual energy in a way, right?
44:05
And if you just migrate to just thinking in Bitcoin and building
44:10
in Bitcoin and using Bitcoin as your unit of account, like I've
44:16
seen my life get better. I've seen Opti's life get
44:18
better. I've seen my family's life get
44:20
better as I've migrated to a Bitcoin standard.
44:23
And I, I, I 100% agree with Jeff Booth in the sense that you know
44:29
what, what the total global economy is, the 900 trillion,
44:32
whatever that number is. Yeah, I think over time all
44:38
things that are inferior stores of value and the bloated stores
44:43
of value I think are going to migrate to towards Bitcoin.
44:53
That's my take on all this. Yeah.
44:55
I mean, Mclovin says the best stop being a battery for the
44:58
Matrix. I think that's a very, very,
45:01
very good point. Lightning Goat says, yeah, it is
45:03
a vampire system. Anyways, yeah, I'm so bullish on
45:07
the future. CK says it, you're not bullish
45:11
enough. And I think Jeff Booth just has
45:14
such an elegant way of just putting it, voicing it,
45:18
understanding the concept that, you know, Bitcoin is Bitcoin is
45:23
the true price signals on things.
45:25
It's not dollars. It's Bitcoin.
45:28
Like, you know, when you're looking at housing, at food, in
45:31
the grocery store, price your life in Bitcoin, Like look at a
45:36
look at how things will change for you.
45:38
Because it it it, it's actually showing, it's actually giving
45:43
you the benefits of technology deflation versus the dollar.
45:51
That the benefits of technology deflation is being literally
45:57
taken from the populace, given back to the state.
46:02
And then Bitcoin is giving that back to the people.
46:07
And This is why the state inherently dislikes it.
46:12
This is why the state inherently dislikes self custody, because
46:17
they've been operating in a system of theft.
46:20
And in a system of theft, coercion is necessary for that
46:23
system to function. So yeah, Jeff Booth dropping the
46:28
hot fire. Opti, what's your take on this
46:31
before I move on to the culture? Yeah.
46:33
Well, you know, Jeff Booth has a way of making me feel like I'm
46:36
not bullish enough. He's so calm when he does it.
46:39
So it makes me feel like, man, I know when I get excited and I
46:43
talk about Bitcoin, I get super bullet tardy and I'm I'm just
46:46
loud by nature. So everyone's like, oh, he's
46:49
just crazy. Write him off.
46:50
But when Jeff Booth does it, it's like very calm, collected.
46:55
And you realize, like, wow, maybe, maybe he's thought about
46:59
this a little more than I have when a lot of us Bitcoiners just
47:02
get stupidly bullish and we just throw crazy numbers out.
47:04
But when you hear that segment, you're like, yeah, you know, the
47:07
world is trending to zero against Bitcoin, and they're
47:11
slowly waking up to it. And This is why I know Nico
47:15
yells at me all the time. I say it, but Jeff Booth says it
47:17
in a way nicer way. I just speak in meme so it
47:20
sounds rough but This is why we say it's acidic relationship.
47:24
They they literally the the greatest trick that has ever
47:27
been pulled on humanity is this idea that we have to use paper
47:31
money, something that they can literally print to oblivion.
47:35
They can debase our currency. They can pretty much take all of
47:39
our wealth, all of our life force, make sure we are stuck in
47:42
the rat race. And as long as people don't
47:45
understand the mechanism of of inflation or how the Fiat system
47:49
works, they're basically able to just sit there and take our life
47:53
force away so that they can build all this stuff.
47:56
And we all stay poor and we are never able to, you know, rise up
47:59
out of our natural born position.
48:02
And This is why we love Bitcoin so much is because if you prove
48:05
the work, if you work hard, you stack sats, you're responsible,
48:08
you have some discipline, like you're able to move up in in
48:12
life and become a better person. And This is why I think it is so
48:16
important to continue to remind people that this is about living
48:20
a better life. Not only is it like a what Nico,
48:22
we put in the title of like, you know, you're going to get rich
48:25
in the thumbnail. It's about improving freedom on
48:29
planet Earth. It's about improving your
48:31
personal sovereignty. It's about improving your health
48:34
and your wealth and your mental stability here.
48:36
Because we've all been stolen from for the last hundreds of
48:40
years, ever since we got on to ever since the Federal Reserve
48:43
was created. What we've been stolen from used
48:46
to, it used to be, you know, coin clipping like from central
48:49
banks in the past. It used to be, you know, the,
48:52
the, the reason we even got the Fiat in the 1st place is because
48:54
we couldn't trust the, the metal or what's it metallurgists, you
48:58
know, the, the Goldsmiths out there.
49:00
So like now Satoshi has given us a technology that can't be
49:05
stolen from as long as you take your private keys into self
49:08
custody, as long as you're owning your Bitcoin and not
49:10
trusting someone else with it, your wealth will no longer get
49:13
debased. And as and if we've seen
49:15
anything in the last what, 1020 years since social media and the
49:20
Internet age, technology gets cheaper over time.
49:24
And I think we've said it on the show before that as much as we
49:28
love the Internet and it's giving us all this stuff and
49:30
we're all interconnected, I'm kind of leaning into the idea
49:34
that the Internet, the sole purpose of the Internet, was to
49:37
give us Bitcoin. It just took a little while for
49:39
it to actually happen. And now we have this technology
49:43
that you can store, that you can hold on for the long term and
49:46
your wealth cannot get the base. That's what this is all about.
49:49
The Fiat system is literally stealing from you, and it does
49:52
it so silently and so subtly that most people aren't aware of
49:56
how this works. And This is why the traditional
49:59
financial system is so murky and complicated in the first places
50:03
because hey, you're too dumb to understand how this works.
50:06
Trust the experts, trust the money managers.
50:08
We know what we're doing. And now Bitcoin has, you know,
50:11
decentralized or using another D word, you know, democratize
50:16
money in the sense that you don't need to go with the other
50:18
people. You just need to save Bitcoin
50:21
and your life gets better. And again, This is why we
50:24
started this bit with it. It has, you know, I know the,
50:28
the spiritual world word is a little, you know, woo woo to
50:31
people, but it has a intangible improvement on your psychology.
50:37
And I, I like, I think it was loco in the chat, he said, like,
50:40
I've never met an unhappy Bitcoiner.
50:42
It's like, yes, a lot of the things we talked about is doom
50:44
and gloom because we see what's going on.
50:47
We're very pragmatic of, of the situation we're in.
50:50
But when you start talking about Bitcoin and what it does for the
50:52
future, it's hard not to get hopeful.
50:54
It's hard not to have hope and be happy and looking forward
50:57
towards the future that's coming.
50:59
It's hard not to be optimistic when you are a bitcoiner.
51:02
And This is why we love Bitcoin. Amen to.
51:04
That Amen to that All right everybody, before we move on to
51:06
the culture, I do want to give a shout to our lead sponsor and of
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Support self custody by default. Bitcoin on ramps Also want to
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give a shout out to the orange pull app.
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The orange pull app is the Bitcoin social layer stack
52:33
friends who stats stats join the 11,178 bitcoiners that are
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currently on the app has a really cool geographical
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feature. So if you move to a new city,
52:43
you're traveling, whatever it is you're doing, you could pull up
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the Orange Pull app and it will literally show you the
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Bitcoiners that are near you. It's a great way to connect with
52:52
fellow bitcoiners. It's the best way to reach me
52:55
directly. If you want to contact me for
52:56
whatever reason, download the Orange Pull app, pull it up.
53:00
You can send me Adm and I will get back to you.
53:02
So download the Orange Pull app today, scan the QR code or check
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the link in the video description.
53:06
All right, everybody, let's hit the culture.
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To get started, scan the QR code or check the link in the video
54:01
description. Alright everybody, we're going
54:03
to talk about UTXO management, something that is incredibly
54:06
important. There's a fly in my room.
54:08
It's going everywhere and something that a lot of
54:12
bitcoiners, especially people that are just going in, don't
54:15
fully appreciate. So what is the UTXO management
54:18
option? Yeah.
54:19
Yeah. All right, so first though, I'm
54:21
going to start over here on Men Pulled Out Space so you guys can
54:24
check for yourself. You know, I know for the last
54:26
couple of weeks people are like, oh, the fees are never going to
54:28
go down. Ever since the halving there was
54:30
all this crazy what ruins and ordinal stuff that made the
54:34
halving block an incredible amount of money.
54:37
But you can see here I'm on Men Pulled Out Space.
54:40
You know the mempholes seem to be clearing out six SAT's fees
54:43
is pretty reasonable. Will we ever get back to you
54:46
know one SAT fees? Who knows, but six SAT fees is
54:49
it's a pretty good time to be consolidating your UTX OS.
54:52
This is why I've been wanting to bring this up for you guys is
54:55
because right now is as good a time as ever to consolidate some
54:59
UTX OS. So I do have some reading here
55:02
for you guys. I actually will drop this in the
55:04
description for you guys after the show.
55:06
So if you want to go back and read this whole thing for
55:08
yourself, it'll be in this the description once the show ends
55:11
right now. I forgot to do that before, but
55:13
anyways, I'm over here on a lot blog.
55:16
I actually have two posts here that will kind of elaborate on
55:19
what's going on. So this one is titled
55:22
economically unspendable Bitcoin Utx OS and the to UTXO
55:26
management guidance for avoiding shooting yourself in the foot.
55:29
So going into this a little, a little bit, you know what is a
55:32
UTXO? Someone in the chat asked what a
55:34
UTXO is. So a UTXO is an unspent
55:37
transaction output or in a layman's terms, a deposit that
55:40
has been made into your wallet. Every time you receive a Bitcoin
55:43
deposit, a new UTXO is created that will later need to be
55:47
spent. Just think about it this way.
55:49
It's all UTX OS, all the quote UN quote Bitcoin that you own.
55:52
It's only UTX OS. It's UTX OS all the way down.
55:55
Everything that you are quote UN quote holding in your wallet is
55:59
just an unspent transaction output.
56:01
And every time you send a Bitcoin, you know a transaction,
56:04
it turns into another unspent transaction output.
56:06
It's only UTX OS. That's how Bitcoin works.
56:09
Again, not getting you lost in the weeds here, but let's go
56:13
into kind of what you should be doing.
56:15
So an economically unspentable UTX OS, a UTX O that cost more
56:19
to spend than it's worth. And a lot of times when you hear
56:22
new entrants into Bitcoin, they, you know, they may have been
56:25
stacking small amounts of Bitcoin.
56:27
Then the fees rise and they're like, Oh my God, Bitcoin doesn't
56:30
work. Like this is broken.
56:31
This is trash. And it's like, no, it just you
56:33
don't understand how the Bitcoin network works in general.
56:37
So the Bitcoin network has always grabbed with the concept
56:40
of dust, which is the creation of UTX OS that have basically no
56:43
value but are undesirable because they increase the size
56:46
of the global UTX OS set. And right now I'm pretty sure it
56:50
actually depends. And this is what the next
56:52
article is going to be. I'm not going to cover it all,
56:53
but you really don't want any UTXO under, I think depending on
56:58
if your address is 1, it's under 546 SAT's I believe.
57:02
And it kind of varies depending on the other receiving Bitcoin
57:07
addresses that you get anyways. Why should you care?
57:10
A recurring pattern, like I said, with Bitcoin wallet,
57:12
someone starts using Bitcoin during a bear market, the fees
57:15
are dirt cheap. They may get into mining, you
57:17
know, they're stacking the activity results in daily or
57:20
weekly deposits into their wallet.
57:22
Or if you're stacking with our sponsor, Bitcoin, well, every
57:25
time you buy Bitcoin, it sends you a UTXO and you probably have
57:29
a bunch of Utxos in your wallet and you don't really know how
57:32
this stuff works. And so if the fees get crazy and
57:36
you're buying small amounts of Bitcoin, it might become
57:38
unspendable in the future. Sure.
57:40
So let's just go down again. I'm not going to get all into
57:44
this, but was there a portion in here?
57:46
I thought this was the one. OK, it must be this next one,
57:50
this one on Bitcoin magazine to dust.
57:52
You shall return an analysis on different free rates and the
57:55
consequences that has on the economics of spending UTX OS of
57:58
different values. Actually, let me let me show you
58:01
this picture here so you can think of it this way again in
58:05
mean forms. What we're doing here is so say
58:08
you received 11 UTXO one Bitcoin transaction and right here it's
58:14
.000018 and then you receive a second Bitcoin transaction of
58:19
.025 to a different address. Well, now in your wallet you can
58:23
think of it like having a bunch of bills in your wallet and you
58:26
know it could be like a think of it like a $1.00 bill or a $5.00
58:30
bill or maybe like $0.99 and you want to turn it into a dollar.
58:34
That's kind of how you can use a framework here.
58:37
And all you really have to do guys, is just pick your UTX OS.
58:41
If you have a like Sparrow or Electrum or a lot of phone
58:46
wallets will also allow you to pick UTX OS.
58:48
But some of the wallets kind of make sure that you don't know
58:51
any of this complexity. And all you got to do is
58:53
basically just send a transaction with a big chunk of
58:57
your Bitcoin to a new address in your wallet and that will
59:00
consolidate your UTX OS. So again, OK, here we go.
59:03
This is the one I was looking for.
59:05
So this is on BTC sessions. How to consolidate UTX OS?
59:09
It's super easy if you're using a wallet like Sparrow Wallet.
59:12
You can select specific UTX OS to consolidate or consolidate
59:15
all at once. The process involves selecting
59:18
the UTX OS you wish to consolidate or if you're using
59:21
one of those smartphone wallets, just send a transaction of a
59:25
good chunk of the total Bitcoin in your wallet to a new address
59:28
in your wallet and you're consolidating UTX OS.
59:31
So again, you just send them to another address in your in your
59:34
Bitcoin wallet, label the address so you can easily
59:37
identify it and all that good stuff.
59:39
So the next question, because the process is easy, literally
59:43
just send a Bitcoin transaction to yourself with the UTX OS you
59:47
select or say you have, you know, say you've been stacking a
59:51
million sets for the last 50 weeks and in your wallet it says
59:56
you own half a Bitcoin. But in reality you have 50 UTX
59:59
OS in your wallet. All you got to do is say, you
1:00:02
know, I don't know, create like a 10 million transaction.
1:00:07
And send it to yourself and you're good to go.
1:00:09
That's literally the process. But there are some
1:00:12
considerations and again, I'm not going to read this whole
1:00:14
article, but my boy Joe Rogers at Bitcoin Magazine broke it
1:00:18
down completely. Again, I will drop it into the
1:00:21
description so you guys can read this yourself.
1:00:24
So the key takeaways is thus thresholds is lower than you
1:00:28
think, especially in high transaction fee markets.
1:00:30
When withdrawing BTC from exchanges, consider waiting
1:00:33
until your balance is above a million SAT's or .01 before
1:00:37
sending to your storage. If you have many small under
1:00:40
.001 or 100,000 UTX OS, you must consolidate them into larger UTX
1:00:46
OS while fees are low. So this isn't this isn't a
1:00:50
necessary science here, but what you want to be doing is just
1:00:54
consider the amount of Bitcoin you have.
1:00:56
If you're stacking, if you're part of ADCA program and you're
1:00:59
stacking say like $100 every week, then over time you're
1:01:03
going to have to consolidate your UTX OS.
1:01:06
And again, it's literally literally just taking an amount
1:01:08
of those UTX OS and sending it to a new address within your own
1:01:11
wallet. And that's consolidating your
1:01:14
UTX OS, consolidating your Bitcoin.
1:01:17
And so the real discussion here that I think we should have
1:01:20
Nico, is what size UTX OS should you have?
1:01:23
As I said, and you guys could read these articles for
1:01:25
yourself. You know, a lot of people say
1:01:28
like a million SAT is probably the lower end that you should
1:01:31
have if you're trying to hold this Bitcoin for the long term.
1:01:34
If you're just spending this Bitcoin like, you know, whatever
1:01:37
it's, it's your, it's your money of choice right now.
1:01:39
And you're like, I really don't care.
1:01:41
I'm spending this Bitcoin as it comes in.
1:01:43
I have a good savings and then I'll consolidate, you know, in a
1:01:46
couple of days when I know I have extra profits.
1:01:49
Totally, totally agree with that.
1:01:51
But if you are a Bitcoiner that is probably been stacking for
1:01:54
the last 2-3 years and you know, maybe four years in this bear
1:01:58
market and you've never done any UTXO management and you're just
1:02:03
like, OK, my wallet says I have 50 million sats in here, but
1:02:06
I've never consolidated and I've been buying Bitcoin at $100
1:02:10
chunks this whole time. Then you're going to have to
1:02:12
consolidate or you will fucking. Wreck yourself or you will.
1:02:15
Wreck yourself. And so, you know, a lot of
1:02:18
people will have different choices on this.
1:02:20
I think you can kind of think of this like having a $1.00 bill,
1:02:24
$5.00 bill. We should.
1:02:26
Like like OK, $10.00 bill. $20 bill, $100 bill, except you guys
1:02:29
are. Using Sparrow or Electrum.
1:02:32
I like Electrum because it gives you more information.
1:02:35
I understand people are going to be like this Electrum, Nico,
1:02:38
that's fucking crazy. But that's just my first wallet,
1:02:41
So that's what I'm used to. If you go, both those wallets
1:02:45
give you the ability to check out your coins.
1:02:47
So check out your, your balances and it will show you how many,
1:02:53
how many transactions are associated with a certain
1:02:56
address, right? And if you've been just
1:02:59
withdrawing from wherever, if you've been mining or you've
1:03:02
been sending people the same address for like $100
1:03:06
transaction, they will reach a point.
1:03:09
If you're sending $10 Bitcoin transactions to a single
1:03:13
address, you will reach a point unfortunately, where you might
1:03:19
like just paying the fees will wreck your like it will be an
1:03:24
unusable UTXO because either you won't have enough money to pay
1:03:27
for the fees or the fees themself are just going to
1:03:31
basically cost you the amount. And you don't want to put
1:03:34
yourself in that situation, which is we're getting to a
1:03:37
point where Bitcoin is getting expensive enough where you
1:03:42
should really be kind of picking and choosing the size of the
1:03:48
transactions that you're sending.
1:03:50
So you want to be sending like minimum at this point like $100
1:03:56
at one point if you on chain, if you're you shouldn't be sending
1:04:01
$10 on chain to yourself custody wallet every single time because
1:04:05
you will have to pay a fee for every single and the fees.
1:04:09
Add up and the fees. Add up and there was a point
1:04:13
when the halving was happening that the fees got all the way up
1:04:16
to like 3050 sixty dollars. And if you're sending a $10 UTXO
1:04:21
and the fees are $5060 now they're like a dollar.
1:04:23
It's fine. That's an unspendable.
1:04:25
That's an unspendable UTXO. Like, yeah, you have that
1:04:28
Bitcoin, but you can't use it. So you have to consolidate and
1:04:31
then you have to be kind of wise a little bit.
1:04:33
I know this is probably scaring the shit out of people, but it's
1:04:36
just, it's just the reality of like, I mean, by the way, by the
1:04:39
way, five years from now, fees are going to get to a point
1:04:45
where they're going to be very expensive for most people, for
1:04:50
the vast majority of people. Like if you're a class of 2024,
1:04:54
like you are at the very, very end of Bitcoin being used for
1:05:01
small expenses. This is exactly what Lightning
1:05:04
is for. Lightning is great at this
1:05:06
point. Like if you don't have like
1:05:09
strike in the US as phenomenal Bitcoin well has a feature.
1:05:13
It's so freaking cool that you can literally send Bitcoin via
1:05:18
lightning to a Bitcoin well, lightning address and it will
1:05:22
literally sell it for you automatically and deposit the
1:05:24
dollars into your account. Like Lightning has come so far
1:05:27
and Lightning is meant for those smaller transactions.
1:05:32
But for those bigger transactions, $100, a thousand
1:05:35
dollars, $10,000 on chain is still viable.
1:05:38
You just have to be kind of Fred like you have to be wary.
1:05:41
Like I, I would think I would say anything under $50, I would
1:05:46
be wary. I would just be like like kind
1:05:49
of think about it and stuff. Just 'cause you can wreck
1:05:52
yourself if you're not aware of it one. 100% Hey Nika, let's
1:05:56
respond to this question here. So Mikko goes, UTXO management
1:05:59
is only necessary for people who store Bitcoin in cold wallets.
1:06:02
If you save on exchange, which is not recommended, you don't
1:06:05
have to worry about UTX OS true or false.
1:06:07
So answering this question, yes, every single person in this chat
1:06:12
should be concerned about UTXO management because you are
1:06:15
taking your Bitcoin into cold storage.
1:06:18
With that being said, exchanges have to manage their UTX OS.
1:06:21
So they're basically they're doing it for you and you know
1:06:26
whenever you withdraw, they'll send you however much Bitcoin
1:06:29
you're you're withdrawing to your your address.
1:06:31
So like it's one of those things, like I said, UTX OS,
1:06:35
it's all UTX OS, like that's all it is.
1:06:37
So you're going to eventually have to get to the point where
1:06:40
you manage your UTX OS, make sure your hygiene is good when
1:06:44
it comes to UTX OS because you don't want to get in this
1:06:46
position to get wrecked. So going back to the analogy and
1:06:49
I know not everyone's here, but just to like think about this
1:06:52
easily. If you kind of relate this or
1:06:57
correlate this to dollar bills in your wallet, you know we have
1:07:00
different size of dollars, 15102050 a hundred.
1:07:04
Well you can kind of break that down for your UTXO.
1:07:08
This is how you should be thinking of it.
1:07:09
So if you have one whole coin, you can do, you know, you can do
1:07:13
a one one 100 million SAT UTXO. So you have one coin on in your
1:07:19
wallet. So you're part of the metrics.
1:07:20
You're like, yeah, I'm a whole coiner.
1:07:22
This is dope. Probably not recommended if you
1:07:25
are planning to spend that Bitcoin because then if you do
1:07:28
what, a million SAT transaction, everyone's going to know that
1:07:32
you have a whole coin, which is, you know, privacy concerns.
1:07:35
That's maybe something you should think about.
1:07:37
So I think the way to kind of think about this again, say you
1:07:40
have a whole coin, 100 million SAT and maybe you want different
1:07:43
size UTXOS and you can think of these different size UTXO's like
1:07:47
your savings and the coin that you want to spend.
1:07:50
So maybe you want a 50 million sat UTXO to 20 million sat UTXO,
1:07:56
the 10 million sat UTXO or you know, you can you can kind of
1:07:59
play with that if you know that like that 10 million SAT I'm
1:08:02
going to spend. So you can break it down into
1:08:04
smaller portions. So this is just how you should
1:08:07
be thinking about it. But I think the the best thing
1:08:10
to think about for long term storage, you probably shouldn't
1:08:13
have a UTXO under a million SAT. I would probably say higher if
1:08:17
you're stacking, if you got some good, some good Bitcoin out
1:08:20
there, you know, good bag, you should probably get higher than
1:08:23
1,000,000 SAT. I know a million SAT right now
1:08:26
to some people is a lot of money.
1:08:28
What's a million SAT? Like a 600 bucks or 580 bucks or
1:08:32
something like that. So just just just so you know.
1:08:37
Guys like Bitcoin is on the verge of, and I and people are
1:08:41
going to be very upset when I say this, but I'm going to say
1:08:45
it anyways. Bitcoin is on the verge of not
1:08:49
being usable on chain for the vast majority of people.
1:08:53
Most people, I would say the vast majority of people when
1:08:57
they come in, they're going to be using lightning, they're
1:09:00
going to be using second and third layer solutions just
1:09:03
because of the fact that it's unviable to be transacting using
1:09:09
the main chain because of the fees.
1:09:13
And it's not happening now. Like we're like it's still in
1:09:17
that era. But 5-10 years from now, most
1:09:21
people are going to be using fettiments or lightning or
1:09:25
second or third layer solutions to interact with Bitcoin.
1:09:29
And then of course, if you have a sufficient amount of Bitcoin,
1:09:33
then you'll be migrating to on chain Bitcoin.
1:09:37
But yeah, I mean, it's, it's it's, you know, that's the
1:09:39
reality of it. You know, congratulations for
1:09:42
anyone who's in the chat right now, you can get still get a
1:09:45
single Bitcoin at 57,538. Me and Opti were doing episodes
1:09:51
when or I was still do a million.
1:09:54
Sets of $100 doing episodes when?
1:09:56
When, when, When Bitcoin was at 3500 or you know, 4000.
1:10:00
So you know, we've obviously come a very long way since then.
1:10:04
But yeah, you know that that's the reality of, of of Bitcoin.
1:10:09
Lightning is going to be incredible.
1:10:10
Fediments is incredible. So it's not like second, third
1:10:13
layer solutions are bad, but if you are using the base layer,
1:10:20
you got to be, you got to pay attention to UTX OS because you
1:10:22
can and will get wrecked. Also, you're your own.
1:10:25
Bank on. Another on another, which comes
1:10:28
with responsibility on another type of conversation, not with
1:10:32
the Passport hardware wallet, but with other hardware wallets,
1:10:35
you will be limited in terms of how many transactions you'll be
1:10:39
able to sign for. So like for example, like a
1:10:42
Ledger, for whatever reason, you're still using a Ledger.
1:10:46
I've seen it in the past and you will wreck yourself because the
1:10:49
Ledger, the little computer inside the Ledger doesn't have
1:10:52
the computing power to sign, you know, multiple UTX OS that it's
1:10:57
going to have to sign for if if you're spending for it.
1:11:01
So you want to consolidate over time and maybe we should do like
1:11:06
a like a in air tutorial if you guys want, if you guys want to
1:11:10
see that kind of let us know in the chat.
1:11:12
Maybe we actually bring BTC sessions.
1:11:15
He's actually. Going to come on soon, but we're
1:11:18
going to talk about how to live off Bitcoin, so maybe we can add
1:11:20
that too. Yeah, so.
1:11:21
And we'll do like kind of like a live in air tutorial of that.
1:11:25
Anyways, Opti, we are getting to the top of the hour.
1:11:27
Do you have any final thoughts for the audience other than
1:11:30
scaring them shitless? Yeah, that's literally what I
1:11:32
was going. To say, guys, it's it's really
1:11:34
not that complicated. Just send a Bitcoin transaction
1:11:38
to yourself. It's just something you need to
1:11:40
think about if you are. And the really the reason we
1:11:43
brought this up is because we love Bitcoin.
1:11:46
Well, we love Adam. I mean, I saw you guys in the
1:11:48
chats like what does Bitcoin well do with my like what is
1:11:51
their UTXO management strategy? And they're basically the
1:11:55
strategy is you have to do it. They don't want to hold your
1:11:58
Bitcoin. So depending on how much Bitcoin
1:12:00
you're buying is just a consideration to have.
1:12:03
If you're doing you know what, 10 to $100 DCA plan with them
1:12:08
every week or whatever. Like you will be receiving small
1:12:12
UTXO so overtime they'll build up and you got to consolidate
1:12:15
them and it's literally as easy as you're sending yourself a
1:12:18
transaction, your wallet. Yeah, exactly.
1:12:20
Your your wallet will your wallet will do it for you.
1:12:23
Yeah, let me show you kind of like what that looks like here.
1:12:29
I pulled up a great kind of Scott of what this would look
1:12:32
like in there you go. So like this is a, this is an
1:12:36
example of a consolidation, right?
1:12:39
So this person owned all this Bitcoin and all these separate
1:12:43
addresses, right? And what they did was that they
1:12:45
just sent all of that Bitcoin to a single address.
1:12:50
Therefore they consolidated it, right?
1:12:52
That's, that's literally as simple as that.
1:12:54
It's fancy. Words.
1:12:54
It's fancy words to say yourself some Bitcoin.
1:12:57
So because every. Time you send, you receive
1:13:00
Bitcoin. You're receiving it to a new
1:13:02
address. Your wallet will automatically,
1:13:05
if, if that wallet has been used, it will give you a new
1:13:09
address, right? What you want to do is
1:13:13
especially in the smaller amounts is you want to
1:13:15
consolidate that. So you want to send all that
1:13:17
Bitcoin that's in all those different addresses and you want
1:13:21
to send it to a brand new address.
1:13:23
And what that does is it consolidate all of that Bitcoin
1:13:26
into one UTXO. And you want to do that?
1:13:30
It's called UTX Management. I highly suggest it.
1:13:33
It seems way more complicated than what it is exactly.
1:13:36
One last thing Nico, cuz there's a good comment in here.
1:13:39
I gotta take advantage of the low.
1:13:40
Fee environment. So every time that's why I'm
1:13:42
saying it are low. Every time fees are low right
1:13:45
now I don't know what the fees are I.
1:13:48
Was just checking it was like 6. It's like 6.
1:13:50
So every time fees are low, yeah.
1:13:53
So yeah, look, you want to take advantage of it right now
1:13:55
because high priority right now is $0.48.
1:13:58
So this is a low fee. It's in.
1:14:00
Bitcoin, it's in SAT, so it's six at six at so.
1:14:03
You want to take advantage of low fee environment because in a
1:14:05
high fee environment it's not going to be $0.48, it's going to
1:14:08
be like 30-40 dollars and you will absolutely get.
1:14:12
Get a OK last thing before we know.
1:14:15
Copernicus is just an absolute troll, bro.
1:14:17
No, that's not in docs bro. That's literally a post from
1:14:20
Twitter for now. He's so like, he's so like, all
1:14:23
right, so. Dynasty as Should I consolidate
1:14:25
Utxos that are already in cold storage?
1:14:27
Is this a problem if I don't or haven't done that?
1:14:30
Yes, This is why I'm telling you this now, because if you have
1:14:34
just been DCA ING to cold storage on small, you know UTX O
1:14:39
sizes say it's like $100 and it's just going straight into
1:14:42
your cold storage. Well, if you huddle that for 10
1:14:45
years from now and the Bitcoin network gets as popular as we
1:14:48
think it's going to be, a lot of that Bitcoin, those UTX OS are
1:14:51
going to be unspendable. This is why I'm telling you this
1:14:54
now and thank you for the question.
1:14:55
So we can clarify that This is why you want to consolidate your
1:14:58
UTX OS, put them in the larger chunks so that if you're holding
1:15:02
them for the long run, you know you are going to be able to
1:15:05
spend your Bitcoin eventually. This is why we're here to
1:15:07
protect you guys. Make sure you guys have good
1:15:09
UTXO hygiene. Make sure you guys are taking
1:15:12
your Bitcoin into cold storage. We tell you guys to always take
1:15:15
Bitcoin into cold storage. And this is part of the
1:15:18
responsibility of being your own Bank of of owning your own
1:15:21
money. These are some of the
1:15:23
considerations. Again, it's not that
1:15:25
complicated. Like I know we're using some big
1:15:27
words, but it's literally just sending yourself a Bitcoin
1:15:30
transaction within your own wallet.
1:15:32
That's all you have to to do. You know, you the only part of
1:15:35
it that's an art is just you asking yourself how big do I
1:15:40
want these UTX OS? How long am I going to hold this
1:15:42
Bitcoin? What am I trying to do with this
1:15:44
Bitcoin? If I'm going to spend it, you
1:15:45
know, a year or two, a million sets is probably good, 10
1:15:48
million sets is probably good. But if you want to consolidate
1:15:52
your Bitcoin again, if you have a whole coin, think about adding
1:15:55
and and adding them together to bigger UTX OS and you'll be good
1:15:59
and protect yourself for the long run.
1:16:01
All right, Nico, I think I think we I think we hit him with way
1:16:04
too much. I think we hit him with way too
1:16:05
much. We're gonna do what we're gonna
1:16:07
do next is. We're gonna do like a live on
1:16:09
air tutorial of doing this so you guys could kind of see it.
1:16:13
Let us know down in the comments what wallets you guys use and
1:16:17
then we'll make sure to use those wallets and we'll kind of
1:16:20
give you an example of what a UTXO consolidation looks like so
1:16:24
you guys can get I think I. I feels like I, I feels like we
1:16:27
can keep talking about UTXO management for people.
1:16:31
So so if. You guys use Sparrow Electrum
1:16:34
blue wallet. Let us know down in the comments
1:16:37
and we'll use those wallets. We'll use those wallets on the
1:16:41
show anyways. I'm your host Nico is my Co host
1:16:44
Optimus Fields. This is simply Bitcoin for July
1:16:46
10th, 2024. Seems like you guys liked
1:16:49
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1:16:57
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