Latest / Simply Bitcoin / Samourai Wallet Reacts to Wasabi Wallet Censoring Bitcoin Transactions | EP 458

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Samourai Wallet Reacts to Wasabi Wallet Censoring Bitcoin Transactions | EP 458 · Simply Bitcoin

0:00
I don't believe sufficient ever have a good money again before
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we take the thing out of the hands of governments.
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Welcome back everyone. We're simply Bitcoin.
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We break down the news. The Daily Fail Meme review,
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plebs. Joining us today very special
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guest samurai wallets. All right.
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We're diving into the numbers though.
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recording, the blockade is 728,983.
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The Bitcoin price forty 4405 chain rewrite.
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Phase 737 total public lightning capacity 3553.85 Moscow time
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2252 blocks to the Havening 111,017 and the samurai
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Whirlpool unspent capacity Samurai Whirlpool is a coin
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joiner collaborative spend. It is not a mixing service.
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The unspent capacity is 4395.17. BTC Nico the numbers, the
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numbers bro looking good. Yeah man, it's funny.
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It's funny we keep getting those Moscow comments bro like we do,
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huh, there's there's trainers straight you don't understand.
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You need to pay attention and Moscow time is is is a meme for
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sats per dollar. OK so when you hear Moscow time,
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that's what it means. Sats per dollar.
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It comes from Jack Dorsey. Meeting with Congress and he had
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a block clock in the back and one of the blue check marks on
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Twitter was like, oh, Jack Dorsey.
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You know he's in Russia. Yes, the Russia time what's
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going on? They obviously just into the
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research, so it became a meme. That's what it is all about.
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But anyways, before I get. So anyone that doesn't know
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Samurai is actually an AI, right?
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So it's not an actual human being, they're not.
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They're not human beings, it's an AI.
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Anyways, uh, let me show a tweet from Gigi, but he has a very
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good voice for an AI. Anyways, let's check this out.
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I thought this was fascinating. I think you guys, would, you
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know, find value in this tweet. Gigi has some awesome takes.
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Anyways, let me get to it. He says while Bitcoin is just
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information, there are real physical limits that all
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decentralized systems will run into.
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One limit is the speed of light and thus the time window in
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which consensus can be reached. So for the speed of light to go
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around, the world takes 50 milliseconds.
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For the speed of light to get to the moon takes about really
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about 8 minutes, but OK. 10 minutes is fine.
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It takes information about 42 milliseconds to travel from one
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end of the earth to the other. Relativistic effects meet global
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consensus below this time window.
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Impossible universal time does not exist.
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The short video explains it well in under 2 minutes.
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It's not only about light though, it's about information.
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No information could propagate faster than speed of light.
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This is even true when taking quantum entanglement into
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account. Bitcoin solves this problem by
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slowing down time via proof of work.
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One tick of bitcoins. Internal clock corresponds to 10
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minutes of Earth time, which is a large enough time window to
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find consensus. Even if communication is a bit
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slow or unreliable, the problem of telling time is also what
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creates real spatial limitations.
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Unfortunately, we can't bring Bitcoin with us to the stars.
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We would have to take. We have to start a new sender of
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hash on the multi generation on a multi generational Starship,
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unless we go. This is pretty badass, really
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cool. If a project is truly
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decentralized, it must not have a central keeper of time.
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Our relativistic universe makes solving this problem extremely
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difficult, especially in a trustless.
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Open and adversarial environment.
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Proof of work is probably the only solution, and I thought
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that was fascinating. So many things that you just
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don't think about it, but you're just like oh that's obvious, or
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at least it was to me. Anyways, so would I?
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What do you think of that, bro? Do you think this is
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interesting? Dude you are are you kind of
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like? I know you're a computer but I
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don't know. Yeah, no, it's an interesting
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tweet from Gigi. It's something that has been
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thought about, I think for a little bit of time, especially
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certainly when I got involved in Bitcoin around 2012 we were kind
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of thinking about. In the event of successful space
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Colonization, Moon Mars, whatever.
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What would the implications be of bringing Bitcoin with us,
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right? So I think it's really
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interesting for duty to expand on it as he has done.
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Absolutely, but so I have a question for you.
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So you could definitely take your private keys for you with
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you. And you could technically, even
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though it would take a long time to confirm, you could
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technically broadcast that transaction to Earth, right?
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And whoever long it takes, right?
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So what does he mean by the center of hash has to move.
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I'm not entirely sure what he means by that.
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The what we've always kind of thought about when thinking
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about this problem. If you thought about it, is the
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amount of time it takes as you, as you mentioned to.
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One receive updated information about blocks to your node and to
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how long it takes to broadcast back to Earth, right?
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Yep, As for central cache, I'm not entirely sure.
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There was a there was a bitcoiner I I'm totally
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forgetting his name I'm gonna butcher it it's like druva or
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something like that. Who wrote this whole story or
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this whole idea essentially of of how like Bitcoin?
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Because you know, because of the time and everything like that
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between planets is too far off and it would be too difficult
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like that. It would be feasible that like
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each planet has its own, you know has it has essentially its
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own proof of work algorithm and that way all these currencies I
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guess can battle it out. Yeah, I heard that I heard that
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and I kind of heard one around each, each planet or each system
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will have its own side chain, you know?
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Yes, yes that yeah, yeah I think that was it.
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I mean, this is a while ago. I haven't thought about this
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since some time. Oh yeah, this is like 2-3 years
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ago. I think Adam back also had some
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interesting ideas around this as well.
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Wow, that would be a fascinating conversation.
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So no, it actually got it wrong, so I think it's 8 seconds.
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I'm taking this off the top of my head.
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It's 8 seconds for light to get to the moon.
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I think it's about 8 minutes from light to get from the sun
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to Earth, and I think it's about 5 hours from light to get from
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the sun to it's a Pluto, right? So just it's so crazy and light
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is super fast. So anyways, it's interesting.
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Yeah it would kind of suck to use Bitcoin on Pluto bro. 5 hour
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just to sense the thing and then five hours back. 10 hour minimum
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confirmation time. That would freaking suck.
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This is why the side chains. Yeah, sure.
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Pluto Chain Mars chain. I don't know.
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It'd be pretty badass I think, but would?
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They would have a question for samurai.
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Would those side chains be considered shit coins?
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That's a good. I think to a certain segment of
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the Community anything would be considered.
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Just what would they? Would they start fighting with
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each other, like would like decide on Mars would be like
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where the real Bitcoin and earth is like?
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Nah, we're the real Bitcoin. Like with that you think that
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that would flash like interplanetary Bitcoin Twitter.
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It's a points where. Yeah well, I mean if it's a side
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chain and it all settles on Bitcoin, there's only Bitcoin,
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right? So that's the that's the only
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Bitcoin and the the side chains would.
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Would be their own separate thing.
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It kind of is interesting to think about the exchange between
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Pluto Coin and Mars coin and and how one goes about that without
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obviously having to touch the Bitcoin main main chain right?
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Because then you're introducing. All this time involved, so yeah,
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it's a. It's probably a little bit far
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off to to really worry about, but it's interesting.
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It is interesting, interesting, and I don't think we'll see how
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this is there. I mean, I think we'll see
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somewhat of a Mars thing, maybe, maybe, but anyway?
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No, not if you pay attention to not if you pay attention to the
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Flat Earth documentaries. Alright, alright, I think it's a
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it's a good time that time we're done.
9:24
Anyways Phil it's time for the daily fail brought to you by
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So this is this is fail related just because Joe Joe Weisenthal
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often has. Terrible, terrible, takes OK he
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is. I believe the editor in chief at
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at the at Bloomberg. But anyways.
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Let's dive into this ridiculousness.
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This is from at emergent under score BTC.
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Weisenthal is going to school bitcoiners on monetary policy,
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yet doesn't know how to hold a fork.
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And don't get me wrong, even Neil Kashkari.
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OK, even even him who's the the Fed chairman?
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Who's the the chair of the Fed for Minneapolis.
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You can see by the look on his face.
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He is kind of completely confused by what the hell Joe is
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trying to do over there. Well, it's you see what's going
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on, right? These are lizard people trying
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to pretend they're human beings and like clearly if you don't
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use a fork because you're a lizard, you know how.
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Think about it. You see a fork for the first
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time. You know what the fuck that is?
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That shit looks weird to you. You're like what is that right?
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So clearly, this is what's happening here.
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You have the lizard people. So.
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You you, do you have the lizard people and in that same vein,
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right? He's one of the lizard people
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attempting to school us on Bitcoin.
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OK, so here we go. This is this is his little bio
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here at Bloomberg, but this is the piece that I'm really
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interested in. I like having the reputation as
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the person who is going to get something first.
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Who knows what's going on? Who's tireless?
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Let's take a little trip back to yes.
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Could you go back to the 4th picture for a second?
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The 4th picture? He clearly has no idea what the
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fuck is going on. OK, it's it's.
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It's apparent Phil. Why don't you zoom in a little
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bit to the even even Neil's confused.
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OK, he he look at that. I'll put an arrow.
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He has no idea what the fuck is going on.
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That is a flat out lie that is a fucking lie anyways, OK, so look
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in that same vein we've got here we go.
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This is blockchain news Joe Weisenthal only.
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Point of Bitcoin is to do transactions the man doesn't
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want you to do. Now we've shown on this show
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countless amount of times how Bitcoin is empowering people to
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not be censored and to not be excluded out of the financial
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system. This was 2019 and he was dead
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wrong, so again, I go back to this reputation of getting
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something first. I'm just I'm not buying it and
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let's let's take a little trip back to 2016.
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Here we go. We've got this.
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I don't see how Bitcoin solves anything for people in
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Venezuela. Nico I.
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I thought that you would find that particularly interesting.
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Yeah, do you you? Maybe you want to chime in on
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this? Yeah, absolutely.
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So a couple things, right? Dude, if I wanted to send money
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to my family over there, the only way is Bitcoin, really
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that's number one, right? So they're able to receive money
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from overseas. There's no other way.
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I don't even know if Western Union is available over there,
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but. You know, I know it wasn't at
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one point when things were a little bit more politically
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contentious and #2 is the inflation rate is terrible, so
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you don't have. It's funny because in the West
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we buy Bitcoin, we spin up all these narratives in our head,
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but we have a relatively stable currency compared to the rest of
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the world. But in Venezuela you don't have
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a choice but to find another store value.
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People buy washing machines, people buy cars.
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And those objects are better stores of value than cash and
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Fiat. That's number 2 #3 is I actually
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heard an amazing story from Sultan Bitcoin and I talked
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about this all the time, right? Bitcoin gives you 2 powers.
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It gives you the power to vote with your wallet and also your
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feet. What does that mean?
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That means that. When salts in Bitcoin he left
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then as well, I don't know if I could tell you where he left to,
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but he left to another place in South America.
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I'll say that he couldn't take his money with him.
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The only way he could take his money with him was not with, not
14:06
with the legacy system, but it was with Bitcoin.
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He was able to cross the border with the entirety of his wealth,
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so those are all. Evidence based things that you
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could verify yourself humanitarian.
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Awesomeness of Bitcoin. Like what other thing could do
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that? Nothing, right?
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The legacy system has completely failed us here and I might add
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it has failed us and we'll get into the nitty gritty of this.
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Definitely during the news it has failed us.
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Partly are almost because of the KYC AML system, right?
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It's a system that says if you aren't born in a certain
14:46
location, if you aren't born in a certain country, or if you are
14:49
born in a certain country, you are deemed unbankable.
14:52
We can't accept money from that person in that country, right?
14:56
And it's all into the guys to stop crying to stop this.
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To stop that look, I think you could stop crime perfectly fine
15:04
without freezing people's accounts without stopping.
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People's ability to transact with each other freely.
15:10
So yeah, man, it's just a completely bad take, but I'm not
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surprised from a guy that eats food with a fork like that,
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exactly. You know, he's thinking first
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world problems. He doesn't even see it, and this
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is funny, right? Because we go back to the
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original point, he likes to be known for seeing things first.
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Like, really bud, you got to be objective Samurai.
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Any thoughts on on this before we move to the final party to
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the site? The fail.
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No, I mean I think Nico hit it on the head there.
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One thing I will mention is that I think the second tweet that
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you showed. Where he mentions that, well, I
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think he says that the only use for Bitcoin is for making the
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transactions. The man doesn't want you to
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make. I agree that that's the central
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proposition of Bitcoin to me. Is being able to make the
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transaction that they say you can't make, and I think Nico
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illustrates that with the Venezuelan example of crossing
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border. That's a very clear example of
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the transaction. The state doesn't want you to
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make the movement at least that the state doesn't make that big.
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Makes possible I don't think it's as as.
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He put it the only proposition, but I think it's it that is a
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central proposition. Go ahead, I'm just gonna say
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he's making it sound like a bad thing and and that's what I hate
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is the fray. Yeah, yeah, that's exactly right
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and I think you know he's so rooted in the legacy world.
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He's so rooted in that that KYC AML system that to him it is a
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bad thing. You know, to us and myself are
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speaking for myself. It's an absolutely positive
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thing, you know, that's that's what brings.
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That's what makes Bitcoin freedom money.
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So yeah, so I mean I'm in agreement with you guys on this
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completely. The fourth thing is weird as
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well. You know you would think someone
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of his. You know he's obviously hung out
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with people who know how to hold forks like I just don't
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understand it. He's a lizard.
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So just yeah, it's definitely not the only proposition.
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You could use gold, but think about it.
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If you have. I've heard horror stories that
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people hiding their it's way superior to gold.
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If you're talking about movement, right?
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Because gold is a pain in the ass to move, you could use
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shitcoin, but the shitcoin gives you a false sense of security,
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right? You could use a stable coin, but
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we've also heard stories of tether or something freezing
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accounts, which absolutely defeats the purpose, right?
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If you store your wealth and Bitcoin, you know if you're the
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only one that has access to that private key, no one's getting
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their hands on that, right? So I think I misspoke.
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I should have said it like that. Anyways, Phil, what does the
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next fail? Alright, let's dive into it.
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This is gonna be a little more security, privacy centric, Sami.
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I don't know if you saw this tweet today but this was a
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sovereign mindset. Put out this tweet.
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Sailor says if you need privacy use Monero.
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Andrea says if you need privacy use Monero.
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Saffiedine says Bitcoin fungibility doesn't matter the
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space in general is completely capitulating freaking
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incredible. OK, so Jacomo responded and I I
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I gotta tell you I do love jacomo's responses quite often
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they're a mix of entertainment and signal.
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So here we go. He goes sailors, sailors said
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hybridization will help the US dollar.
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Andrea said people inviting him at conferences after 2020 are
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murderous, irresponsible nut jobs.
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Getting people killed by viruses.
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Both sailors, and Andrea said that Ethereum scam is legit.
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People say stupid shit. OK, so.
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Going back to sovereign mindsets his tweet, the reason why I
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chose this for the fail is because of the amount of
19:02
confusion that there is in the space.
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Depending on who you are right because of course, like if
19:08
you're a privacy advocate, I think like there's no confusion
19:11
in your. You know what I mean in your
19:13
goal in your thinking like you're just like, OK, this is
19:15
exactly my path towards using Bitcoin and this is what's going
19:18
on. But the average noob, right?
19:21
They're looking at this and I think that they're.
19:24
I think that they're confused and I think that that's the the
19:28
whole the whole problem and we end up like and of course, right
19:31
bitcoins, decentralized. Everybody can say whatever the
19:33
hell they want. Everybody can start up a
19:34
website, everybody can offer resources and around we go.
19:40
But I do think that at some point we have we have we have to
19:43
figure out some way to come to a consensus as to like a, you
19:47
know, like a like like kind of like a best practices and like
19:50
you know moving forward right? I don't know something that
19:54
doesn't have to be agreed upon by a committee.
19:55
I don't believe in committees. I don't believe in chairs, but
19:58
I'm just saying somehow we have to come to a consensus.
20:01
It's true samurai. What are your thoughts on that?
20:05
Yeah, you know, I think. I think overall what sovereign
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as a sovereign mindset, is that who it is?
20:14
Yeah, what sovereign minds this it is saying is.
20:19
Is right, I think the gist of what he's saying is that the
20:22
state of Bitcoin privacy is in nearly where it should be in
20:28
terms of where we are in adoption and as a privacy
20:32
focused wallet. As someone who has literally
20:35
dedicated their lives to building Bitcoin privacy
20:38
solutions. You know I have to agree.
20:42
I think that that adoption and pushing for adoption and pushing
20:46
for scale too early has diverted attention away from.
20:52
Protocol development focusing on privacy, and there's a number of
20:55
reasons for that. And you know, in in 2015, 2016
21:00
we have something called the block size wars and what was
21:04
actually happening at that time was there was a spam attack
21:07
going on, filling up blocks, making minor fees go up?
21:11
Who was initiating the spam attack?
21:13
Some people think it may have been the big blockers who wanted
21:17
to advance their narrative that we need a bigger blocks,
21:19
etcetera. What the response was from the
21:25
what I would say is our side was a user activated soft fork that
21:29
implemented SegWit which got you slightly larger blocks but also
21:34
paved the way for scaling solutions such as lightning.
21:37
I think that. Because we no one really
21:41
realized that a spam attack was going on, there was a perceived
21:44
urgency for scaling. This mass adoption event and
21:50
that diverted attention away from Bitcoin privacy on the
21:53
protocol level, not on the application level.
21:55
So I think overall sovereign mindset is saying that I don't
21:59
really take much account as to what Sailor says or Andreas or
22:04
any of that. I focus on what's actually being
22:07
worked on and what's actually being done.
22:10
So yeah, I would love to see a broader, larger focus on
22:14
privacy. I'm sure no one is surprised to
22:16
hear me say that. And I think in terms of.
22:21
Of a best practices as you mentioned, or a kind of
22:25
narrative going forward, I think yeah, users will have to invest
22:30
time in learning how Bitcoin actually works, right?
22:33
So a lot of people who have come onto the scene from 2018 onwards
22:38
have benefited from a user experience in wallets that have
22:42
abstracted away a lot of the technical intricacies of
22:46
interacting with Bitcoin. But the issue with that is in
22:50
order to use Bitcoin. Previously you have to be aware
22:53
of those technical intricacies, so you have to understand what a
22:56
UTXO is. You have to understand how
22:59
transactions are linked on the blockchain.
23:00
What are deterministic link is so that level of education is
23:05
difficult. But if a Bitcoin user wants to
23:09
achieve privacy on Bitcoin, they can absolutely do it, it's just
23:13
a you know a learning curve to it and once and this is
23:18
something that we've tried to tackle this year we put out.
23:21
Base seven part video series on YouTube.
23:25
Each video is less than 7 minutes long, so you can go
23:30
through these seven videos really quickly and you'll have a
23:33
we'll get you up to speed at a very fundamental level where you
23:37
need to begin to start using Bitcoin privately.
23:40
Bullish, awesome. We're gonna need that link later
23:43
so that we could put it in the show notes for sure.
23:44
Yeah, OK, cool if we remember we will put it in the shuttles, but
23:48
we will Phil and I are both thinking about it but and just
23:52
to kind of add, I'm not gonna say it's beautifully put as the
23:56
AI of samurai. But I am going to say that just
24:00
pay attention to the incentives right?
24:02
If you look at Sailor he's the CEO of a public company.
24:05
Definitely doesn't want to get into the bad graces of the US
24:08
government. And if you look at.
24:10
Andreas Andreas took a payday from the Ethereum guy, so he's
24:14
absolutely gonna say that. So yeah, I'm just paying
24:18
attention to the incentives again.
24:20
I think that a lot of people, I think it's human nature, really
24:24
kind of create a hero, right? It's like it's sailor.
24:28
It's this. And then there's a very famous
24:31
saying of Bitcoin. Don't have any kill your heroes
24:33
that don't have any hero. Metaphorically, don't have an
24:35
absolutely don't have any heroes in Bitcoin, and that's why a
24:39
human being, human beings are imperfect.
24:41
You know there's there's very strong incentives to.
24:47
Let's say not, say ethical things, and I think that a lot
24:51
of people you can't blame them borrow.
24:53
They're just following their own incentives.
24:55
Anyways, Phil, do you have any more fails?
24:57
That's it, that's it. Awesome dude.
25:00
We got bullish anyways. Phil, it's time for it.
25:03
The Daily Meme Review brought to you by Citadel 21 it's the best
25:07
Bitcoin cultural scene is stories, articles, comics by
25:11
actual bitcoiners. This is the artwork for volume
25:13
10. Every volume has different
25:15
artwork and they're all. It's all by Bitcoiners.
25:17
They're scarce as only 1000 physical copies made per volume.
25:21
That means get your prints of Citadel 21 today before they run
25:25
out. Alright, 1st meme.
25:27
This brought to us by Lynn Alden, but my model says, does
25:32
your model include war? It's so true.
25:37
It's so true. OHS new.
25:39
They never do bro like the Ukraine hit them out of nowhere
25:42
like OK anyways. Bitcoin is worrying.
25:47
OK, Bitcoin is for enemies but we'll achieve the same goal in
25:51
whatever it infests, avoid sanctions, economic freedom,
25:55
Bitcoin Russia. Very nice.
25:58
OK here is Marty bent. This is a legendary thread by
26:03
the way, so I'm gonna zoom out and it's a lot easier.
26:05
So what if Thursday Senator Lummus tweeting about flair
26:08
mining in Wyoming price flip calls out?
26:11
EG on a Bitcoin podcast Prince? Sorry, Russia says it will take
26:16
Bitcoin for gas, Exxon and Mitzvas mining operation on its
26:19
walls is so true. There is so much news yesterday
26:22
it was like that guy. Anyways, legendary by Bitcoin
26:26
hater. There's two really nobody in the
26:29
establishment wanted Uber. No regular wanted Uber and the
26:32
taxi driver wanted Uber. Why did Uber win?
26:34
The people wanted Uber right? And it's a very famous template
26:37
and then here is, you know politicians, European Central
26:41
Bank standard. Here is the Fiat standard.
26:44
Here is normies freedom, the virus inflation orange pills and
26:49
here at very good memes all right.
26:52
Next one is you know 9 bouchelle posts this.
26:55
Ha ha, that's a great. That's a very good one.
26:58
So very good one. Alright next one.
27:00
We have the copper Nixon which is really fill.
27:04
This is Phil's puppet account. It's not for anyone that doesn't
27:06
know. Now you know when you tell
27:08
normies who's actually in charge.
27:10
We run the nodes meme pool. Fuck you Greg and bunch of
27:15
you're not fuck with us. That's true Phil, just bro.
27:18
You could just post you could just send me the meme bro.
27:20
We're friends you don't have to do that anyways.
27:22
Anyways, those are some awesome memes.
27:25
In honor of our guests today, I'm going to give it a Catana
27:31
yeah look at the samurai guy. He's a little more
27:35
inconspicuous, but you do very good.
27:37
Very good. That should I put on the hood,
27:40
is that it? I think it's the hood.
27:43
You also kind of need the the mask but not the cock mask the
27:46
proper mask. OK anyways, what would you give
27:51
those memes? That was a great score by the
27:54
way. I thought I was gonna give it
27:56
like a regular regular score and then I was like bro.
27:59
I have a fucking katata hell no it's it's not a real catana.
28:02
It's like a little fake one but it gets it gets it wouldn't fit
28:07
in the camera if it was a real one.
28:08
Feel like you know. So I guess probably end up
28:11
poking the camera gets the job done alright.
28:13
Well look. I am going with going with this
28:19
very special connector that I am never gonna use but that I keep
28:24
in my kit because you never know when you're going to need this
28:28
audio connector. They fuck you so hard on
28:31
airplanes. Bro, I don't know why they do
28:33
that. Why do they do that?
28:35
Why? And I'm never gonna throw it
28:37
out. I'm never gonna throw it out
28:39
that's the problem. This is like one of those
28:40
things, right? Like the random screw that that
28:42
somebody has like in a, you know, like in a, in a bowl or a
28:45
vase. You can't throw it out because
28:47
they know that once they throw it out, they're gonna figure out
28:48
where it went. Yeah, yeah.
28:50
And now that thing is ruined. Yeah dude, one day one day it
28:54
will be the year 2050 and they'll still have those fucking
28:56
plugs. Dude.
28:57
They also have those plugs though.
28:59
Anyways Samurai, what would you give those memes?
29:04
Let's see, I have a Swiss army knife on my desk, so that's what
29:08
that those means. Get whoa, awesome score.
29:11
Swiss army knife multi-tool. I like that a samurai knife.
29:17
A random airplane adapter thingy Ma Jigger from from Phil.
29:22
Anyways guys we wanna know if you agree with our scores you
29:26
disagree let us know down in the comments section.
29:28
Comment, comment, comment, comment and of course make sure
29:30
to subscribe to us on alternative video platforms like
29:33
rumble.com and our personal favorite bitcointv.com.
29:36
They don't censor there because this Bitcoin TV and of course
29:39
make sure to join our Telegram group and link us some dank dank
29:43
dank Bitcoin memes to review. But anyways Phil, it's time for
29:46
the Daily News. Brought to you by
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anything on the store. Cryptocloaks.com as you guys
30:14
know give you a quick recap. And I'll also preface this as
30:22
well. So first I'm going to start off
30:25
with. We don't support any criminal
30:26
activity. We don't, you know, advocate for
30:29
it at all, however, however big. However, we are advocates for
30:34
people being able to transact with each other freely and what
30:37
tends to happen is that it's a very slippery slope.
30:40
Once you start censoring transactions, it does not end
30:43
right, and I think unfortunately this is the route that wasabi
30:48
is. You know they're gonna start
30:49
with you know blacklisting certain addresses, but who gets
30:52
to decide what address is blacklisted or not, right?
30:55
Is it an approved service by the US guy?
30:57
It's like it could be captured in so many ways, right?
31:00
So? That's the problem, right?
31:04
That's how it started in the United States, right?
31:05
The Bank Secrecy Act of 1971? Look at where we are today.
31:10
Look how limited look, how much look look, how much, how much
31:13
the legacy system limits you and that is it started with good
31:18
intentions. It started with it's only for
31:20
criminals, but it just kept expanding.
31:21
Then it's a Patriot Act, then it's terrorism.
31:23
Then it's like everybody. Now it's like the Treasury
31:26
wanted to pass every $600 transaction.
31:29
You had to be reported to the Treasury when they started that
31:32
in the bank. Secrecy Act in 1971.
31:34
It was every $10,000 transaction needed to be reported.
31:37
However, if you adjust for inflation that was about $70,000
31:41
U.S. dollars back, then right? So they just keep squeezing and
31:47
squeezing and squeezing and squeezing, right?
31:50
Which is inevitable, and let me make you an analogy with
31:53
something that isn't money related.
31:54
It's same with freedom of speech.
31:56
We told you that when they started censoring it was going
31:59
to be a very slippery slope and there would be no end to what.
32:03
They started censoring. We told you that six months
32:06
later they took off the President of the United States
32:08
off Twitter. They deep platformed him and now
32:11
they're taking on predominant conservatives like Ben Shapiro.
32:14
Sorry not Ben Shapiro like Charlie Kirk, right?
32:17
The Babylon Bee for some political thoughts that they
32:21
had, right? So it's a very slippery slope
32:24
when you're censoring, and you could say that.
32:27
And you could also say I don't advocate or support crime.
32:30
Those two things could be true at the same time.
32:33
And another thing, Bitcoin's a public Ledger so.
32:37
I also agree that you know if you're a cop or you're a law
32:41
enforcement agency, you could still catch your criminal
32:45
without censoring their transaction.
32:47
You could still two things could be true at the same time as much
32:50
as they would like you to believe otherwise, right?
32:51
So now that I got the preface out of the way right, let's get
32:55
to it. This is wasabi, wasabi wallet.
32:58
Parent company explains decision to censor Bitcoin transaction.
33:02
There is no explanation for this.
33:03
I just told you why there this is unexcusable.
33:05
This is an attack on Bitcoin. That is what you're doing.
33:09
You're trying to change it. That is what you're doing.
33:11
You're trying to placate to the system.
33:15
It's a system of exclusion. It's a system that deems half
33:18
the world's on bankable. That is what you're doing.
33:21
This is a very slippery slope. This is how it starts.
33:25
OK, you cannot bargain with these people, which is why we
33:29
are so hell bent on this. Remember when this came out, it
33:33
was very difficult for us because we we did have a good
33:36
relationship with Wasabi Wallet. And then when this did it, it
33:39
was it. They totally crossed the line
33:41
and it's totally unacceptable. You're normalizing a system that
33:46
excludes half the planet, it deems them unbankable, and that
33:50
and I think, and I know Phil does as well because we talked
33:52
about this previously is unacceptable.
33:55
Anyways, article goes on to say privacy focused Bitcoin.
33:57
While it was Sabi Wallet announced on Sunday, it would
34:00
start preventing certain unspent transactions from joining its
34:03
coin, join rounds, sparking surprise and rebellion on
34:05
Twitter as users wondered why the project would make a
34:08
decision. Supposedly contrarian to the
34:10
Uncensorable ethos of Bitcoin. However, the decision will only
34:14
be enforced by Whatsapp's default.
34:16
Oh Wasabi's default coordinator, a centralized entity tasked with
34:22
building The Conjuring transaction with the inputs
34:24
provided by Wasabi users, that is, run by the company behind
34:27
the Wasabi Project, ZK Snarks, the CK Snarks coordinator, will
34:31
start refusing certain utxo's from registering the coin.
34:34
Joins with Sabi tweeted on Sunday.
34:36
There was the surprising move led to many, many to believe
34:39
that the regulatory. Pressure must have been applied
34:41
to compel the company to take such an unpopular route.
34:45
However, ZK Snarks founder cofounder and CEO Balint Harmont
34:50
told Bitcoin magazine that the decision to prevent some users
34:53
from leveraging the wasabi for their privacy needs was a
34:56
proactive one, as there was no current legislation obliging
34:59
them to do so. Now here's the thing you cannot.
35:03
Bargain with these people. They're going to do it anyways.
35:08
They're going to do it anyways. People started to identify
35:12
wasabi with illicit activities and actors, and we wanted to
35:15
differentiate ourselves from these players in the space.
35:17
I'm not said adding that the route taken on Sunday was ZK
35:20
Snarks solution to enforce it. How much so you want some
35:23
central planning baby? How might explain that the
35:25
company doesn't want to be associated with criminal
35:28
activity of any kind? I think that multiple reports
35:30
over the past year linked hacking money launderers and
35:33
other nefarious actors. Will the Sabi and ZK snarks
35:36
have, in part prompted the move as such an angle hurts the
35:39
brand's image. Wasabi is for the people to
35:42
preserve their privacy and not hiding illicit activities
35:45
interesting anyways, so why did they do this?
35:48
They did this as a reaction. We know that wasabi, when they
35:52
caught the bit for next guys. And the bit and I don't know if
35:56
the government did this on purpose or not.
35:57
I have no idea, but it was implicated that the Bitfinex
36:00
hackers, the couple used wasabi as part of one of their mixing
36:05
services. And then you have an article
36:07
from we use these guys all the time.
36:10
Main propaganda, propaganda, arm, right Financial Times, New
36:14
York Times, the Guardian. This is one of them.
36:16
This is one of the big guys and says the UK's National Crime
36:21
Agency has called for the regulation of sophisticated.
36:24
Fixing technology used by criminals to avoid detention
36:30
when laundering money through cryptocurrency.
36:31
So have a bunch now that I went through all of that.
36:34
So you guys understand what we're going to talk about.
36:38
Gonna hit. Samurai with first question
36:42
which is. What are you gonna do when the
36:46
inevitable banhammer comes bro? The inevitable ban hammer where.
36:52
Dude OK, When Nation states Fiat governments, you know, declare
36:57
mixing services illegal. Well, mixing services already
37:02
are largely illegal. Going join.
37:04
I apologize, going join. Coin joy.
37:07
Well, if they were to make coin join illegal, it would that they
37:11
would have to. Go after actual individuals
37:16
because it's only individuals that are making these coin
37:18
joins. So I'm gonna use the.
37:21
It's not a coordinator who's doing it.
37:22
I'm going to rebuttal you. I'm gonna use one of Satoshi's
37:25
own quotes, right? It says centralized entities
37:28
are, you know, easy to metaphorically cut the head off,
37:32
right? You guys are a centralized
37:35
entity. Correct me if I'm wrong.
37:37
Well, we don't have a registered entity anywhere.
37:39
We're diverse around the globe. UM?
37:45
You know, we've we've done our best to.
37:49
Use and be and remain Mims. Any hosting, any servers,
37:54
anything like that is domains that's all paid with Bitcoin and
37:59
not associated to identities but but you know, I think the point
38:03
of what the gist of what you're saying is, you know if a
38:06
government decides that what we're doing is illegal, then
38:12
what are we going to do about it?
38:15
You know and it. It's it's a nuanced answer.
38:21
It depends on which government. First of all, is it a government
38:24
that we even care about what they have to say?
38:27
Is it a government that could squeeze us?
38:29
Let's let's address. Let's address the boogeyman
38:31
right. the US government. Well.
38:35
There's very little US presence for in samurai.
38:38
First of all, if the US government decided to make what
38:42
we were doing illegal, there's nothing that they could do to
38:47
make publishing software illegal.
38:49
That's protected speech, you know?
38:52
So we would have still have the ability to publish software.
38:56
If we were unable to. To offer a coordinated coin join
39:02
service like we do today without, you know implementing a
39:07
blacklist or implementing KYC? Then we would one.
39:12
We have a legal team on retainer.
39:14
We would fight that decision. We would get a court involved to
39:17
determine whether that's constitutional at all and we
39:20
would spend the money to do so because we find it to be a human
39:24
interest and two, if we were unsuccessful in such a thing, we
39:29
would shut down doing that. For us, it's it's as simple as
39:31
that. We're not gonna become a a front
39:33
end for surveillance, which is what Wasabi has chosen to do.
39:38
With you know, so two points on the wasabi thing.
39:41
No, I'll, I'll get. I'll get to that OK refund this
39:45
a little bit, so could you also define what is the difference?
39:48
Because I think a lot of people are gonna caught in the weeds.
39:50
What is the difference between a mixing service and a coin joint?
39:56
Yeah sure. So a mixing service implies that
40:01
custody is being given up by the person looking to mix their
40:05
coins. So traditionally what a coin
40:07
mixer. Did was you sent them Bitcoin
40:12
and they sent you back unconnected Bitcoin?
40:15
Right now there's a. There's two things that are
40:17
happening here. One is you are giving up custody
40:20
of your Bitcoin, so you are sending it away, giving it to
40:24
someone else that someone else is then doing something and
40:28
giving you unconnected Bitcoin back.
40:30
Hopefully right. So there's an element of trust
40:33
there. You have to hope that they're
40:34
going to give you that point back that is.
40:38
Pretty clear cut and at least in the US and and pretty much all
40:41
other first world countries. That's a a money transmission
40:46
that that person who took your funds is a money transmitter
40:49
under most law and what they've done is money laundering.
40:54
That's illegal, and there was the FCA.
40:57
The Financial Times article references one of these
41:00
custodial mixing services called Helix, where the guy was doing
41:05
exactly that, taking people's Bitcoin and sending them Bitcoin
41:07
back. And an even greater you know,
41:12
spite, I guess actually advertising the service as a
41:16
money laundering service. He used those words exactly.
41:19
You know, he made it incredibly easy for the prosecution to to
41:23
get a conviction on money laundering.
41:26
But but anyway, that is textbook definition of money
41:31
transmission. The difference between coin join
41:33
is no custody transfer ever occurs.
41:35
We never take custody of users funds.
41:39
Users are essentially making a transaction to themselves and
41:44
just facilitating the software to enable that.
41:47
Right, we've created software to enable that the coordinator will
41:53
build a transaction based off of signed inputs from other from
41:58
the wallets, right? So in order to sign an input,
42:00
you need the private key. We can't do that, you have that
42:03
has to be done by the wallet and the user the individual, so that
42:07
that's why I said earlier. If they wanted to make coin
42:10
join, they legal. It wouldn't really work at the
42:13
service provider level, because in fact we've innervated on.
42:18
Coordinator free coin joints. So you and me could do a coin
42:21
join together where there's no coordinator involved at all, so
42:25
you know they would have to make the actual individual act of
42:28
coin joining illegal and to date nothing like that has been.
42:34
You know, for even proposed, so you know, I think the legal
42:39
situation of coordinated coin joins is very clear.
42:44
Our lawyers think it's very clear there's absolutely zero
42:47
illegal anything illegal about it from a coordination level and
42:51
absolutely zero illegal about it from a user's perspective.
42:56
It's just, it's just a different type of sense.
42:59
Transaction is really what it is and your software is open
43:03
source, correct? Yeah, exactly so it's like they
43:07
would have to man interesting, very interesting.
43:10
Let's see how this plays out. So let's address the elephant in
43:13
the room. What do you what does samurai
43:16
think of wasabi? You know we made feel it and I
43:22
made our thoughts or how we feel about this very clear.
43:25
So what do you guys feel about this?
43:27
Do you guys feel the same way? I'm sure you're gonna elaborate
43:29
a little bit more so. I mean, I think everyone was
43:34
shocked when when the news broke that Wasabi was gonna implement
43:39
blacklists. So that was the first thing that
43:40
broke, right? And that was with a incredibly
43:43
cryptic tweet on Twitter from the wasabi account like it was
43:47
the weirdest way of communicating with their users,
43:50
right? So they let that sit there
43:51
though for a couple at least a day.
43:53
It might have been more than a day now.
43:55
I had some idea of what this was in relation to because the
43:59
Financial Times reached out to us.
44:02
For a statement a few days before they published, so we did
44:09
provide a statement to them. I don't know if you guys read
44:11
that or how did that. OK, so I'll just say we provided
44:15
this statement when I saw the wasabi tweet.
44:17
I kind of had the idea that, OK, this is something to do with the
44:22
article that's coming out. Maybe they got spooked or
44:23
something, but still super shocking.
44:26
Absolutely shocking. So let that sit there and then.
44:29
If you're keeping an eye on things and their telegram and on
44:32
Twitter. The devs were kind of making it
44:36
seem like their hand was forced, like they had no choice in this.
44:40
You know they they were coerced in some way that you know
44:44
whatever and they let that sit out there for a while and then
44:47
this article drops from the CEO saying No, this was a proactive
44:52
measure. This was our decision as a
44:55
company to start censoring. And we're going to hire chain
44:59
surveillance firms to. To implement this this policy.
45:04
So all of these statements are incredibly shocking, and you
45:09
know, I, I don't think there's, well.
45:11
I know they're trying to spin it, but I don't think.
45:14
Bitcoin users are buying it. To be for a privacy wallet, to
45:19
become a front end for chain surveillance is.
45:24
I I just can't even wrap my head around it and not sorry to
45:29
interrupt you like and I'll say it this way they've become an
45:32
enforcement arm of the state. That that's absolutely.
45:36
Absolutely right? I mean, I I don't know if you
45:39
guys were aware of the the mini controversy around a OPP, which
45:46
was the Swiss government. Has the requirement for you to
45:51
prove ownership of the Bitcoin address.
45:53
So a bunch of wallets were making it very easy to fulfill
45:57
that compliance step, right? Yeah, and covered traffic.
46:01
Yeah right? It was.
46:02
It was a bunch of a bunch of wallets.
46:05
And and on the surface level, I understand why they didn't
46:08
really think about it and and say ohh that is an enforcement
46:12
mechanism of the state. They said Ohh, it's a usability
46:16
increase and it will make it quicker and easier for our
46:19
users. Great, let's do that.
46:21
We had the complete opposite approach and reaction to us.
46:25
And as Nico just put it beautifully, it's an enforcement
46:29
element of a state compliance coming from free and open source
46:34
Bitcoin software developers. It's completely shocking.
46:38
It completely makes no sense, and it's the fact that it makes
46:42
it extra insulting is that there was no compulsion by any state
46:49
by any law by any regulation for them to do this.
46:53
Yeah, what I see it as is. The centralized entity of ZK
46:59
Snarks which runs wasabi and runs a coordinator, is building
47:03
a regulatory Moat around itself. They are, you know, they are the
47:07
largest corn join coordination service by volume.
47:14
They have a a large number of users and they have competition
47:18
from us and from join market coming in for them right?
47:21
There's already serious issues with Wasabi mixed composition,
47:25
but we're not gonna get into that.
47:26
This is purely now a regulatory play because they know that one
47:32
joint market can't comply with anything like this.
47:34
It's it's a decentralized coordination and they know that
47:38
we're not going to comply with anything like this, so they're
47:42
building this mode around themselves are showing the
47:44
regulators like hey. This is the framework we're
47:46
going to build out the regulatory framework of how this
47:49
can work, and two 3-4 years down the line.
47:52
I guarantee you they're gonna be the ones lobbying the EU, which
47:55
is where they're based are based in Hungary, so they're regulated
47:58
by the EU. They're going to be lobbying the
48:00
EU in the the next Money Laundering Directive to regulate
48:04
coins, joins, and law in this way.
48:07
Yeah, my I I completely agree. And then it's like then you have
48:11
an extension of the existing system the then this goes back
48:15
to again. You could two things could be
48:18
true, right? Because I know how a lot of
48:20
people are going to try to spin it like you're advocating for
48:22
crime. No right censoring transactions
48:25
is wrong and crime is wrong. Two things could be true, right?
48:30
Absolutely so. And the issue for that is kind
48:33
of like freedom of speech. Freedom of speech, especially in
48:36
the United States. You notice that there's no like
48:40
there's no, there's no person that gets to decide what is hate
48:44
speech and what isn't. Hate speech.
48:45
There's a reason for that, because the person that gets to
48:47
decide what is hate speech and what isn't, hate speech becomes
48:51
a tyrant. So the founding fathers are just
48:53
like. It's going to have to be free
48:55
speech and then let the free market of ideas kind of figure
48:58
out what is OK. What is not money is a form of
49:01
speech, right? Without a doubt right?
49:03
And Bitcoin has the same ethos. It works with the same
49:06
principles. And that's why it's called the
49:09
money of enemies, right? That's why you can't censor a
49:13
Bitcoin trend. Even if you think it belongs to
49:15
the worst criminal, but again. That's all from your
49:18
perspective. From another person's
49:21
perspective, right? Maybe that person is in a
49:24
criminal and what are the benefits of that?
49:26
The benefits of that is if I'm from men as well as we are
49:29
talked about. Phil just picked up a great
49:31
example during the fail after Venezuela and I'm trying to move
49:34
my money abroad if I'm a regulator in the United States,
49:37
I'm looking at that like no that person is a criminal.
49:39
We can't take that risk, but from the perspective of that
49:41
Venezuelan right? He could take his money and his
49:45
wealth with him. Right, so again, it's it's it's.
49:49
It's a. It's a very complicated topic,
49:51
but we advocate. We're very strong advocators for
49:55
I don't think any human being or government or institution or
49:58
bureaucracy should have the power to get to decide who is
50:02
and who is not entitled to money.
50:04
And here it starts with good intentions.
50:07
It's just criminals for now. But down the road you don't
50:12
think governments and bureaucrats are going to put
50:14
pressure to hey those Venezuelans.
50:17
You can't trust them. They're money laundering.
50:20
Who's to say in a couple years? 5-10 years, right?
50:24
When more regulatory pressure comes on Bitcoin, which is
50:26
inevitable, who's to say that? It's not gonna you know now.
50:32
Venezuelans are can't use wasabi now if you're from a certain IP
50:36
you can't wasabi. You can't use wasabi, that's the
50:40
slippery slope of censorship and that's what you're enabling,
50:44
especially if you placate the state.
50:46
Phil, do you have any thoughts on this?
50:49
Yeah, just rules without rulers, right?
50:51
That's exactly what we're advocating for.
50:53
And also at the same time. Damn it, I forgot God damn it.
51:03
Phil damn it. God damn it Phil.
51:06
You know when that happens? Alright so Phil couldn't
51:09
remember what he was going to say.
51:10
Hope you guys found this valuable and just to end this
51:13
one more time because I know how a lot of people are gonna spin
51:15
this. You could be for no one sensory
51:19
transactions, and you could be against crime at the same time.
51:24
Both things could be true. OK just leaving it at that.
51:28
But anyways Phil, there was a website by please.
51:31
Why do you tell everybody websites buy plebs or plebs
51:35
brought to you by cipher safe? Check them out cybersafe dot IO
51:39
guys. It's the most important thing we
51:41
have no choice but to store our seed.
51:43
Why not store your seed in the best place?
51:46
The cipher wheel, or the all new cipher grid.
51:50
They both come with a temper resistant wire, but the cipher
51:53
grid also comes with a punch tool.
51:55
Alright, so we've got a cool websites by plebs, right?
52:00
It's bitcoinblockhalf.com. I don't believe we've ever shown
52:05
this one before. It's gonna be in the show notes.
52:08
Take a look. You could see the time that it's
52:10
going to be to the you know to the havening date to the minutes
52:17
to the second, like take a look at that.
52:19
That's pretty cool. This is really awesome.
52:21
The Bitcoin inflation versus time.
52:23
I'm definitely a fan of this chart.
52:25
Unlike the Shitcoin East chart we showed yesterday, this one is
52:30
actually accurate and actually shows what really happens to the
52:33
Bitcoin emission over time. And because it's hard capped.
52:37
It's not. You're not going to see anymore
52:38
and there's no trickery anyways, the link is down below.
52:42
It's a great little site and I encourage everyone to check it
52:45
out anyways. Don't forget to check us out on
52:48
audio only platforms, Apple Podcasts, Spotify and anchor.
52:52
And if you want to stream a sats fountain dot FM, awesome, thank
52:56
you Phil. Alright guys, before we go I
52:58
wanna give a very special shout to our awesome hoodie sponsor
53:00
Phil and I wear them Everyday represent Ltd or rephard.com and
53:06
you can take advantage of the link.
53:07
And below for 10% off anything off the rephard.com store.
53:11
I also wanna give a very special shout out to the first AI that
53:14
came on the show samurai wallets and you can go give them a
53:18
follow at Samurai Wallet on tweetersamuraiwallet.com.
53:23
They keep your transactions private they mass your identity
53:26
and they keep your funds secure. Definitely definitely go check
53:30
them out anyways guys that was our show if you enjoyed our show
53:33
you know what do smashed their life.
53:35
And of course if you want to continue hearing the Bitcoin.
53:37
From the player perspective, and the catastrophic fails,
53:40
definitely consider subscribing to simply Bitcoin and we will
53:43
see you Monday guys for brand new episodes, Bitcoin privacy
53:46
matters. You heard the samurai?
53:48
There are no shortcuts. I don't believe sufficient ever
0:02
have a good money again before we take the thing out of the
0:06
hands of governments. Welcome back everyone.
0:09
We're simply Bitcoin. We break down the news.
0:11
The Daily Fail Meme review, software releases, hardware
0:15
releases, and the websites by plebs.
0:19
Joining us today very special guest samurai wallets.
0:23
All right. We're diving into the numbers
0:25
though. Let's do it brought to you by
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Bitcoin. 2022 is gonna be the largest Bitcoin Conference
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It's in less than a month. Guys, get your tickets quickly.
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The speaker loose in the speaker list includes President Nayib
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Bukele, El Salvador, Michael Saylor, Saifedean Adam Back,
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Jack Mallers, Senator Cynthia Lummis, Dr Jordan Peterson, Phil
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and I are going to be on the panel as well.
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You could take advantage of the link down below to get 10% off
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the largest Bitcoin conference tickets ever.
1:01
Bitcoin 2022 at the time of this recording, the blockade is
1:04
728,983. The Bitcoin price forty 4405
1:09
chain rewrite. Phase 737 total public lightning
1:14
capacity 3553.85 Moscow time 2252 blocks to the Havening
1:23
111,017 and the samurai Whirlpool unspent capacity
1:30
Samurai Whirlpool is a coin joiner collaborative spend.
1:33
It is not a mixing service. The unspent capacity is 4395.17.
1:40
BTC Nico the numbers, the numbers bro looking good.
1:47
Yeah man, it's funny. It's funny we keep getting those
1:51
Moscow comments bro like we do, huh, there's there's trainers
1:56
straight you don't understand. You need to pay attention and
1:58
Moscow time is is is a meme for sats per dollar.
2:03
OK so when you hear Moscow time, that's what it means.
2:05
Sats per dollar. It comes from Jack Dorsey.
2:08
Meeting with Congress and he had a block clock in the back and
2:11
one of the blue check marks on Twitter was like, oh, Jack
2:15
Dorsey. You know he's in Russia.
2:18
Yes, the Russia time what's going on?
2:20
They obviously just into the research, so it became a meme.
2:23
That's what it is all about. But anyways, before I get.
2:27
So anyone that doesn't know Samurai is actually an AI,
2:30
right? So it's not an actual human
2:32
being, they're not. They're not human beings, it's
2:35
an AI. Anyways, uh, let me show a tweet
2:41
from Gigi, but he has a very good voice for an AI.
2:43
Anyways, let's check this out. I thought this was fascinating.
2:46
I think you guys, would, you know, find value in this tweet.
2:50
Gigi has some awesome takes. Anyways, let me get to it.
2:52
He says while Bitcoin is just information, there are real
2:55
physical limits that all decentralized systems will run
2:58
into. One limit is the speed of light
3:00
and thus the time window in which consensus can be reached.
3:03
So for the speed of light to go around, the world takes 50
3:06
milliseconds. For the speed of light to get to
3:08
the moon takes about really about 8 minutes, but OK. 10
3:10
minutes is fine. It takes information about 42
3:15
milliseconds to travel from one end of the earth to the other.
3:18
Relativistic effects meet global consensus below this time
3:21
window. Impossible universal time does
3:23
not exist. The short video explains it well
3:27
in under 2 minutes. It's not only about light
3:30
though, it's about information. No information could propagate
3:33
faster than speed of light. This is even true when taking
3:36
quantum entanglement into account.
3:39
Bitcoin solves this problem by slowing down time via proof of
3:42
work. One tick of bitcoins.
3:44
Internal clock corresponds to 10 minutes of Earth time, which is
3:47
a large enough time window to find consensus.
3:50
Even if communication is a bit slow or unreliable, the problem
3:53
of telling time is also what creates real spatial
3:57
limitations. Unfortunately, we can't bring
3:59
Bitcoin with us to the stars. We would have to take.
4:02
We have to start a new sender of hash on the multi generation on
4:06
a multi generational Starship, unless we go.
4:09
This is pretty badass, really cool.
4:12
If a project is truly decentralized, it must not have
4:15
a central keeper of time. Our relativistic universe makes
4:18
solving this problem extremely difficult, especially in a
4:21
trustless. Open and adversarial
4:24
environment. Proof of work is probably the
4:26
only solution, and I thought that was fascinating.
4:29
So many things that you just don't think about it, but you're
4:32
just like oh that's obvious, or at least it was to me.
4:35
Anyways, so would I? What do you think of that, bro?
4:38
Do you think this is interesting?
4:39
Dude you are are you kind of like?
4:41
I know you're a computer but I don't know.
4:45
Yeah, no, it's an interesting tweet from Gigi.
4:48
It's something that has been thought about, I think for a
4:51
little bit of time, especially certainly when I got involved in
4:54
Bitcoin around 2012 we were kind of thinking about.
4:59
In the event of successful space Colonization, Moon Mars,
5:03
whatever. What would the implications be
5:06
of bringing Bitcoin with us, right?
5:09
So I think it's really interesting for duty to expand
5:13
on it as he has done. Absolutely, but so I have a
5:18
question for you. So you could.
5:21
You could definitely take your private keys for you with you.
5:24
And you could technically, even though it would take a long time
5:27
to confirm, you could technically broadcast that
5:29
transaction to Earth, right? And whoever long it takes,
5:33
right? So what does he mean by the
5:35
center of hash has to move. I'm not entirely sure what he
5:40
means by that. The what we've always kind of
5:46
thought about when thinking about this problem.
5:49
If you thought about it, is the amount of time it takes as you,
5:52
as you mentioned to. One receive updated information
5:57
about blocks to your node and to how long it takes to broadcast
6:03
back to Earth, right? Yep, As for central cache, I'm
6:08
not entirely sure. There was a there was a
6:12
bitcoiner I I'm totally forgetting his name I'm gonna
6:15
butcher it it's like druva or something like that.
6:17
Who wrote this whole story or this whole idea essentially of
6:21
of how like Bitcoin? Because you know, because of the
6:25
time and everything like that between planets is too far off
6:27
and it would be too difficult like that.
6:29
It would be feasible that like each planet has its own, you
6:33
know has it has essentially its own proof of work algorithm and
6:36
that way all these currencies I guess can battle it out.
6:40
Yeah, I heard that and I I heard that and I kind of heard one
6:43
around each. Each planet or each system will
6:46
have its own side chain, you know?
6:48
Yes, yes that yeah, yeah I think that was it.
6:52
I mean, this is a while ago. I haven't thought about this
6:54
since some time. Oh yeah, this is like 2-3 years
6:56
ago. I think Adam back also had some
6:59
interesting ideas around this as well.
7:03
Wow, that would be a fascinating conversation.
7:07
So no, it actually got it wrong, so I think it's 8 seconds.
7:10
I'm taking this off the top of my head.
7:11
It's 8 seconds for light to get to the moon.
7:15
I think it's about 8 minutes from light to get from the sun
7:18
to Earth, and I think it's about 5 hours from light to get from
7:22
the sun to it's a Pluto, right? So just it's so crazy and light
7:27
is super fast. So anyways, it's interesting.
7:30
Yeah it would kind of suck to use Bitcoin on Pluto bro. 5 hour
7:33
just to send the thing and then five hours back. 10 hour minimum
7:39
confirmation time. That would freaking suck.
7:42
This is why the side chains. Yeah, sure.
7:46
Pluto Chain Mars chain. I don't know.
7:48
It'd be pretty badass I think, but would?
7:50
They would have a question for samurai.
7:52
Would those side chains be considered shit coins?
7:58
That's a good. I think to a certain segment of
8:04
the Community anything would be considered.
8:06
Just what would they? Would they start fighting with
8:09
each other, like would like the sides on Mars would be like
8:12
where the real Bitcoin and earth is like?
8:14
Nah, we're the real Bitcoin. Like with that you think that
8:18
that would last like interplanetary Bitcoin Twitter.
8:23
It's a points where. Yeah well, I mean if it's a side
8:26
chain and it all settles on Bitcoin, there's only Bitcoin,
8:29
right? So that's the that's the only
8:31
Bitcoin and the the side chains would.
8:34
Would be their own separate thing.
8:35
It kind of is interesting to think about the exchange between
8:40
Pluto Coin and Mars coin and and how one goes about that without
8:44
obviously having to touch the Bitcoin main main chain right?
8:48
Because then you're introducing. All this time involved, so yeah,
8:54
it's a. It's probably a little bit far
8:57
off to to really worry about, but it's interesting.
9:01
It is interesting, interesting, and I don't think we'll see how
9:05
this is there. I mean, I think we'll see
9:08
somewhat of a Mars thing, maybe, maybe, but anyway?
9:14
No, not if you pay attention to not if you pay attention to the
9:17
Flat Earth documentaries. Alright, alright, I think it's a
9:22
it's a good time last time we're done.
9:24
Anyways Phil it's time for the daily fail.
9:27
Brought to you by Amber app. Check them out Amber dot app
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9:44
So this is this is fail related just because Joe Joe Weisenthal
9:49
often has. Terrible, terrible, takes OK he
9:54
is. I believe the editor in chief at
9:56
at the at Bloomberg. But anyways.
10:00
Let's dive into this ridiculousness.
10:03
This is from at emergent under score BTC.
10:06
Weisenthal is going to school bitcoiners on monetary policy,
10:10
yet doesn't know how to hold a fork.
10:12
And don't get me wrong, even Neil Kashkari.
10:15
OK, even even him who's the the Fed chairman?
10:19
Who's the the chair of the Fed for Minneapolis.
10:21
You can see by the look on his face.
10:23
He is kind of completely confused by what the hell Joe is
10:26
trying to do over there. Well, it's you see what's going
10:29
on, right? These are lizard people trying
10:32
to pretend they're human beings and like clearly if you don't
10:36
use a fork because you're a lizard, you know how.
10:39
Think about it. You see a fork for the first
10:41
time. You know what the fuck that is?
10:44
That shit looks weird to you. You're like what is that right?
10:46
So clearly, this is what's happening here.
10:49
You have the lizard people. So.
10:53
You you, do you have the lizard people and in that same vein,
10:56
right? He's one of the lizard people
10:58
attempting to school us on Bitcoin.
11:01
OK, so here we go. This is this is his little bio
11:04
here at Bloomberg, but this is the piece that I'm really
11:08
interested in. I like having the reputation as
11:10
the person who is going to get something first.
11:14
Who knows what's going on? Who's tireless?
11:18
Let's take a little trip back to yes.
11:20
Could you go back to the 4th picture for a second?
11:22
The 4th picture? He clearly has no idea what the
11:27
fuck is going on. OK, it's it's.
11:29
It's apparent Phil. Why don't you zoom in a little
11:31
bit to the even even Neil's confused.
11:34
OK, he he look at that. I'll put an arrow.
11:38
He has no idea what the fuck is going on.
11:40
That is a flat out lie that is a fucking lie anyways, OK, so look
11:47
in that same vein we've got here we go.
11:50
This is blockchain news Joe Weisenthal only.
11:54
Point of Bitcoin is to do transactions the man doesn't
11:58
want you to do. Now we've shown on this show
12:00
countless amount of times how Bitcoin is empowering people to
12:04
not be censored and to not be excluded out of the financial
12:08
system. This was 2019 and he was dead
12:10
wrong, so again, I go back to this reputation of getting
12:17
something first. I'm just I'm not buying it and
12:21
let's let's take a little trip back to 2016.
12:24
Here we go. We've got this.
12:25
I don't see how Bitcoin solves anything for people in
12:28
Venezuela. Nico, I thought I thought that
12:31
you would find that particularly interesting.
12:34
Yeah, do you you? Maybe you want to chime in on
12:36
this? Yeah, absolutely.
12:38
So a couple things, right? Dude, if I wanted to send money
12:43
to my family over there, the only way is Bitcoin, really
12:48
that's number one, right? So they're able to receive money
12:52
from overseas. There's no other way.
12:58
I don't even know if Western Union is available over there,
13:01
but. You know, I know it wasn't at
13:04
one point when things were a little bit more politically
13:08
contentious and #2 is the inflation rate is terrible, so
13:12
you don't have. It's funny because in the West
13:15
we buy Bitcoin, we spin up all these narratives in our head,
13:20
but we have a relatively stable currency compared to the rest of
13:24
the world. But in Venezuela you don't have
13:27
a choice but to find another store value.
13:31
People buy washing machines, people buy cars.
13:34
And those objects are better stores of value than cash and
13:38
Fiat. That's number 2 #3 is I actually
13:41
heard an amazing story from Sultan Bitcoin and I talked
13:44
about this all the time, right? Bitcoin gives you 2 powers.
13:47
It gives you the power to vote with your wallet and also your
13:50
feet. What does that mean?
13:51
That means that. When salts and Bitcoin he left
13:55
and as well I don't know if I could tell you where he left to,
13:57
but he left to another place in South America, I'll say that he
14:00
couldn't take his money with him.
14:03
The only way he could take his money with him was not with, not
14:06
with the legacy system, but it was with Bitcoin.
14:09
He was able to cross the border with the entirety of his wealth,
14:13
so those are all. Evidence based things that you
14:18
could verify yourself humanitarian.
14:22
Awesomeness of Bitcoin. Like what other thing could do
14:25
that? Nothing, right?
14:27
The legacy system has completely failed us here and I might add
14:31
it has failed us and we'll get into the nitty gritty of this.
14:34
Definitely during the news it has failed us.
14:37
Partly are almost because of the KYC AML system, right?
14:42
It's a system that says if you aren't born in a certain
14:46
location, if you aren't born in a certain country, or if you are
14:49
born in a certain country, you are deemed unbankable.
14:52
We can't accept money from that person in that country, right?
14:56
And it's all into the guys to stop crying to stop this.
14:59
To stop that look, I think you could stop crime perfectly fine
15:04
without freezing people's accounts without stopping.
15:08
People's ability to transact with each other freely.
15:10
So yeah, man, it's just a completely bad take, but I'm not
15:15
surprised from a guy that eats food with a fork like that,
15:18
exactly. You know, he's thinking first
15:20
world problems. He doesn't even see it, and this
15:22
is funny, right? Because we go back to the
15:24
original point, he likes to be known for seeing things first.
15:27
Like, really bud, you got to be objective Samurai.
15:30
Any thoughts on on this before we move to the final party to
15:33
the site? The fail.
15:36
No, I mean I think Nico hit it on the head there.
15:42
One thing I will mention is that I think the second tweet that
15:45
you showed. Where he mentions that, well, I
15:49
think he says that the only use for Bitcoin is for making the
15:53
transactions. The man doesn't want you to make
15:56
you know. I agree that that's the central
15:58
proposition of Bitcoin to me. Is being able to make the
16:02
transaction that they say you can't make, and I think Nico
16:05
illustrates that with the Venezuelan example of crossing
16:09
border. That's a very clear example of
16:12
the transaction. The state doesn't want you to
16:14
make the movement at least that the state doesn't make that big.
16:18
Makes possible I don't think it's as as.
16:22
He put it the only proposition, but I think it's it that is a
16:25
central proposition. Go ahead, I'm just gonna say
16:30
he's making it sound like a bad thing and and that's what I hate
16:32
is the fray. Yeah, yeah, that's exactly right
16:36
and I think you know he's so rooted in the legacy world.
16:38
He's so rooted in that that KYC AML system that to him it is a
16:43
bad thing. You know, to us and myself are
16:48
speaking for myself. It's an absolutely positive
16:51
thing, you know, that's that's what brings.
16:53
That's what makes Bitcoin freedom money.
16:57
So yeah, so I mean I'm in agreement with you guys on this
17:00
completely. The fourth thing is weird as
17:02
well. You know you would think someone
17:04
of his. You know he's obviously hung out
17:07
with people who know how to hold forks like I just don't
17:11
understand it. He's a lizard.
17:14
So just yeah, it's definitely not the only proposition.
17:18
You could use gold, but think about if you have.
17:22
I've heard horror stories that people hiding their it's way
17:26
superior to gold. If you're talking about
17:28
movement, right? Because gold is a pain in the
17:30
ass to move, you could use shitcoin, but the shitcoin gives
17:34
you a false sense of security, right?
17:36
You could use a stable coin, but we've also heard stories of
17:40
tether, something freezing accounts, which absolutely
17:43
defeats the purpose, right? If you store your wealth and
17:46
Bitcoin, you know if you're the only one that has access to that
17:49
private key, no one's getting their hands on that, right?
17:51
So I think I misspoke. I should have said it like that.
17:55
Anyways, Phil, what does the next fail?
17:58
Alright, let's dive into it. This is gonna be a little more
18:00
security, privacy centric, Sami. I don't know if you saw this
18:04
tweet today but this was a sovereign mindset.
18:06
Put out this tweet. Sailor says if you need privacy
18:10
use Monero. Andrea says if you need privacy
18:13
use Monero. Saffiedine says Bitcoin
18:15
fungibility doesn't matter the space in general is completely
18:18
capitulating freaking incredible.
18:21
OK, so Jacomo responded and I I I gotta tell you I do love
18:26
jacomo's responses quite often they're a mix of entertainment
18:30
and signal. So here we go.
18:32
He goes sailors, sailors said hybridization will help the US
18:36
dollar. Andrea said people inviting him
18:38
at conferences after 2020 are murderous, irresponsible nut
18:42
jobs. Getting people killed by
18:43
viruses. Both sailors, and Andrea said
18:46
that Ethereum scam is legit. People say stupid shit.
18:51
OK, so. Going back to sovereign mindsets
18:56
his tweet, the reason why I chose this for the fail is
18:59
because of the amount of confusion that there is in the
19:05
space. Depending on who you are right
19:07
because of course, like if you're a privacy advocate, I
19:10
think like there's no confusion in your.
19:12
You know what I mean in your goal in your thinking like
19:14
you're just like, OK, this is exactly my path towards using
19:17
Bitcoin and this is what's going on.
19:19
But the average noob, right? They're looking at this and I
19:23
think that they're. I think that they're confused
19:26
and I think that that's the the whole the whole problem and we
19:29
end up like and of course, right bitcoins, decentralized.
19:32
Everybody can say whatever the hell they want.
19:34
Everybody can start up a website, everybody can offer
19:36
resources and around we go. But I do think that at some
19:41
point we have we have we have to figure out some way to come to a
19:44
consensus as to like a, you know, like a like like kind of
19:48
like a best practices and like you know moving forward right?
19:52
I don't know something that doesn't have to be agreed upon
19:55
by a committee. I don't believe in committees.
19:56
I don't believe in chairs, but I'm just saying somehow we have
19:59
to come to a consensus. It's true samurai.
20:02
What are your thoughts on that? Yeah, you know, I think.
20:09
I think overall, what sovereign is a sovereign mindset is that
20:13
who it is? Yeah, but sovereign minds this
20:15
it is saying is. Is right, I think the gist of
20:20
what he's saying is that the state of Bitcoin privacy is in
20:25
nearly where it should be in terms of where we are in
20:29
adoption and as a privacy focused wallet.
20:33
As someone who has literally dedicated their lives to
20:37
building Bitcoin privacy solutions.
20:41
You know I have to agree. I think that that adoption and
20:45
pushing for adoption and pushing for scale too early has diverted
20:49
attention away from. Protocol development focusing on
20:54
privacy, and there's a number of reasons for that.
20:56
And you know, in in 2015, 2016 we have something called the
21:02
block size wars and what was actually happening at that time
21:06
was there was a spam attack going on, filling up blocks,
21:09
making minor fees go up? Who was initiating the spam
21:13
attack? Some people think it may have
21:15
been the big blockers who wanted to advance their narrative that
21:18
we need a bigger blocks, etcetera.
21:21
What the response was from the what I would say is our side was
21:28
a user activated soft fork that implemented SegWit which got you
21:32
slightly larger blocks but also paved the way for scaling
21:35
solutions such as lightning. I think that.
21:39
Because we no one really realized that a spam attack was
21:42
going on, there was a perceived urgency for scaling.
21:48
This mass adoption event and that diverted attention away
21:51
from Bitcoin privacy on the protocol level, not on the
21:54
application level. So I think overall sovereign
21:57
mindset is saying that I don't really take much account as to
22:01
what Sailor says or Andreas or any of that.
22:05
I focus on what's actually being worked on and what's actually
22:08
being done. So yeah, I would love to see a
22:13
broader, larger focus on privacy.
22:15
I'm sure no one is surprised to hear me say that.
22:18
And I think in terms of. Of a best practices as you
22:23
mentioned, or a kind of narrative going forward, I think
22:26
yeah, users will have to invest time in learning how Bitcoin
22:32
actually works, right? So a lot of people who have come
22:34
onto the scene from 2018 onwards have benefited from a user
22:40
experience in wallets that have abstracted away a lot of the
22:44
technical intricacies of interacting with Bitcoin.
22:48
But the issue with that is in order to use Bitcoin.
22:51
Previously you have to be aware of those technical intricacies,
22:55
so you have to understand what a UTXO is.
22:57
You have to understand how transactions are linked on the
23:00
blockchain. What are deterministic link is
23:02
so that level of education is difficult.
23:06
But if a Bitcoin user wants to achieve privacy on Bitcoin, they
23:11
can absolutely do it, it's just a you know a learning curve to
23:16
it and once and this is something that we've tried to
23:19
tackle this year we put out. Case seven part video series on
23:24
YouTube. Each video is less than 7
23:28
minutes long, so you can go through these seven videos
23:31
really quickly and you'll have a we'll get you up to speed at a
23:35
very fundamental level where you need to begin to start using
23:38
Bitcoin privately. Bullish, awesome.
23:41
We're gonna need that link later so that we could put it in the
23:43
show notes for sure. Yeah, OK, cool if we remember we
23:47
will put it in the shadows, but we will Phil and I are both
23:49
thinking about it but and just to kind of add, I'm not gonna
23:53
say it's beautifully put as the AI of samurai.
23:57
But I am going to say that just pay attention to the incentives
24:02
right? If you look at Sailor he's the
24:04
CEO of a public company. He definitely doesn't want to
24:06
get into the bad graces of the US government.
24:09
And if you look at Andreas, Andreas took a payday from the
24:13
Ethereum guy, so he's absolutely gonna say that.
24:17
So yeah, I'm just paying attention to the incentives.
24:19
Again. I think that a lot of people, I
24:23
think it's human nature, really kind of create a hero, right?
24:27
It's like it's sailor. It's this.
24:29
And then there's a very famous saying of Bitcoin.
24:32
Don't have any kill your heroes that don't have any hero.
24:34
Metaphorically don't have any solution.
24:36
Don't have any heroes in Bitcoin and that's why right human
24:39
beings are imperfect. You know there's there's very
24:43
strong incentives to. Let's say not, say ethical
24:49
things, and I think that a lot of people you can't blame them
24:53
borrow. They're just following their own
24:54
incentives. Anyways, Phil, do you have any
24:56
more fails? That's it, that's it.
24:59
Awesome dude. We got bullish anyways.
25:02
Phil, it's time for it. The Daily Meme Review brought to
25:05
you by Citadel 21 it's the best Bitcoin cultural scene is
25:09
stories, articles, comics by actual bitcoiners.
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This is the artwork for volume 10.
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Every volume has different artwork and they're all.
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It's all by Bitcoiners. They're scarce as only 1000
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physical copies made per volume. That means get your prints of
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Citadel 21 today before they run out.
25:26
Alright, 1st meme. This brought to us by Lynn
25:29
Alden, but my model says, does your model include war?
25:35
It's so true. It's so true.
25:38
OHS do they never do bro like the Ukraine hit them out of
25:42
nowhere like OK? Anyways, Bitcoin is worrying.
25:47
OK, Bitcoin is frenemies, but we'll achieve the same goal in
25:51
whatever it infests, avoid sanctions, economic freedom,
25:55
Bitcoin Russia. Very nice.
25:58
OK here is Marty bent. This is a legendary thread by
26:03
the way, so I'm gonna zoom out and it's a lot easier.
26:05
So what if Thursday Senator Lummus tweeting about flair
26:08
mining in Wyoming price flip calls out?
26:11
EG on a Bitcoin podcast Prince? Sorry, Russia says it will take
26:16
Bitcoin for gas, Exxon and Mitzvas mining operation on its
26:19
walls is so true. There is so much news yesterday
26:22
it was like that guy. Anyways, legendary by Bitcoin
26:26
hater. There's two really nobody in the
26:29
establishment wanted Uber. No regular wanted Uber and the
26:32
taxi driver wanted Uber. Why did Uber win?
26:34
The people wanted Uber right? And it's a very famous template
26:37
and then here is, you know politicians, European Central
26:41
Bank standard. Here is the Fiat standard.
26:44
Here is normies freedom, the virus inflation orange pills and
26:49
here at very good memes all right.
26:52
Next one is you know 9 bouchelle posts this.
26:55
Ha ha, that's a great. That's a very good one.
26:58
So very good one. Alright next one.
27:00
We have the copper Nixon which is really fill.
27:04
This is Phil's puppet account. It's not for anyone that doesn't
27:06
know. Now you know when you tell
27:08
normies who's actually in charge.
27:10
We run the nodes meme pool. Fuck you Greg and bunch of
27:15
you're not fuck with us. That's true Phil, just bro.
27:18
You could just post you could just send me the meme bro.
27:20
We're friends you don't have to do that anyways.
27:22
Anyways, those are some awesome memes.
27:25
In honor of our guests today, I'm going to give it a Catana
27:31
yeah look at the samurai guy. He's a little more
27:35
inconspicuous, but you do very good.
27:37
Very good. That should I put on the hood,
27:40
is that it? I think it's the hood.
27:43
You also kind of need the the mask but not the cock mask the
27:46
proper mask. OK anyways, what would you give
27:51
those memes? That was a great score by the
27:54
way. I thought I was gonna give it
27:56
like a regular regular score and then I was like bro.
27:59
I have a fucking katata hell no it's it's not a real catana.
28:02
It's like a little fake one but it gets it gets it wouldn't fit
28:07
in the camera if it was a real one.
28:08
Feel like you know. So I guess probably end up
28:11
poking the camera gets the job done alright.
28:13
Well look. I am going with going with this
28:19
very special connector that I am never gonna use but that I keep
28:24
in my kit because you never know when you're going to need this
28:28
audio connector. They fuck you so hard on
28:31
airplanes. Bro, I don't know why they do
28:33
that. Why do they do that?
28:35
Why? And I'm never gonna throw it
28:37
out. I'm never gonna throw it out
28:39
that's the problem. This is like one of those
28:40
things, right? Like the random screw that that
28:42
somebody has like in a, you know, like in a, in a bowl or a
28:45
vase. You can't throw it out because
28:47
they know that once they throw it out, they're gonna figure out
28:48
where it went. Yeah, yeah.
28:50
And now that thing is ruined. Yeah dude, one day one day it
28:54
will be the year 2050 and they'll still have those fucking
28:56
plugs. Dude.
28:57
They also have those plugs though.
28:59
Anyways Samurai, what would you give those memes?
29:04
Uh, let's see. I have a Swiss army knife on my
29:07
desk, so that's what that those means.
29:09
Get whoa, awesome score Swiss army knife multitool.
29:13
I like that a samurai knife. A random airplane adapter thingy
29:21
Ma Jigger from from Phil. Anyways guys we wanna know if
29:24
you agree with our scores you disagree let us know down in the
29:27
comments section. Comment, comment, comment,
29:29
comment and of course make sure to subscribe to us on
29:31
alternative video platforms like rumble.com and our personal
29:35
favorite bitcointv.com. They don't censor there because
29:37
this Bitcoin TV and of course make sure to join our Telegram
29:41
group and link us some dank dank dank Bitcoin memes to review.
29:45
But anyways Phil, it's time for the Daily News.
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Cryptocloaks.com as you guys know give you a quick recap.
30:19
And I'll also preface this as well.
30:23
So first I'm going to start off with.
30:25
We don't support any criminal activity.
30:28
We don't, you know, advocate for it at all, however, however big.
30:31
However, we are advocates for people being able to transact
30:36
with each other freely and what tends to happen is that it's a
30:39
very slippery slope. Once you start censoring
30:41
transactions, it does not end right, and I think unfortunately
30:46
this is the route that wasabi is.
30:48
You know they're gonna start with you know blacklisting
30:51
certain addresses, but who gets to decide what address is
30:53
blacklisted or not, right? Is it an approved service by the
30:57
US guy? It's like it could be captured
30:59
in so many ways, right? So?
31:02
That's the problem, right? That's how it started in the
31:05
United States, right? The Bank Secrecy Act of 1971?
31:07
Look at where we are today. Look how limited look, how much
31:11
look look, how much, how much the legacy system limits you and
31:16
that is it started with good intentions.
31:19
It started with it's only for criminals, but it just kept
31:21
expanding. Then it's a Patriot Act, then
31:23
it's terrorism. Then it's like everybody.
31:24
Now it's like the Treasury wanted to pass every $600
31:27
transaction. You had to be reported to the
31:30
Treasury when they started that in the bank.
31:32
Secrecy Act in 1971. It was every $10,000 transaction
31:36
needed to be reported. However, if you adjust for
31:39
inflation that was about $70,000 U.S. dollars back, then right?
31:45
So they just keep squeezing and squeezing and squeezing and
31:49
squeezing, right? Which is inevitable, and let me
31:51
make you an analogy with something that isn't money
31:54
related. It's same with freedom of
31:55
speech. We told you that when they
31:57
started censoring it was going to be a very slippery slope and
32:02
there would be no end to what. They started censoring.
32:04
We told you that six months later they took off the
32:07
President of the United States off Twitter.
32:09
They deep platformed him and now they're taking on predominant
32:12
conservatives like Ben Shapiro. Sorry not Ben Shapiro like
32:16
Charlie Kirk, right? The Babylon Bee for some
32:20
political thoughts that they had, right?
32:21
So it's a very slippery slope when you're censoring, and you
32:25
could say that. And you could also say I don't
32:29
advocate or support crime. Those two things could be true
32:32
at the same time. And another thing, Bitcoin's a
32:35
public Ledger so. I also agree that you know if
32:40
you're a cop or you're a law enforcement agency, you could
32:43
still catch your criminal without censoring their
32:47
transaction. You could still two things could
32:48
be true at the same time as much as they would like you to
32:50
believe otherwise, right? So now that I got the preface
32:53
out of the way right, let's get to it.
32:56
This is wasabi, wasabi wallet. Parent company explains decision
33:00
to censor Bitcoin transaction. There is no explanation for
33:03
this. I just told you why there this
33:05
is unexcusable. This is an attack on Bitcoin.
33:08
That is what you're doing. You're trying to change it.
33:10
That is what you're doing. You're trying to placate to the
33:14
system. It's a system of exclusion.
33:16
It's a system that deems half the world's on bankable.
33:20
That is what you're doing. This is a very slippery slope.
33:23
This is how it starts. OK, you cannot bargain with
33:27
these people, which is why we are so hell bent on this.
33:31
Remember when this came out, it was very difficult for us
33:34
because we we did have a good relationship with Wasabi Wallet.
33:38
And then when this did it, it was it.
33:39
They totally crossed the line and it's totally unacceptable.
33:43
You're normalizing a system that excludes half the planet, it
33:48
deems them unbankable, and that and I think, and I know Phil
33:51
does as well because we talked about this previously is
33:54
unacceptable. Anyways, article goes on to say
33:56
privacy focused Bitcoin. While it was Sabi Wallet
33:58
announced on Sunday, it would start preventing certain unspent
34:01
transactions from joining its coin, join rounds, sparking
34:04
surprise and rebellion on Twitter as users wondered why
34:07
the project. Would make a decision supposedly
34:09
contrarian, to the Uncensorable ethos of Bitcoin.
34:12
However, the decision will only be enforced by Whatsapp's
34:16
default. Oh Wasabi's default coordinator,
34:20
a centralized entity tasked with building The Conjuring
34:23
transaction with the inputs provided by Wasabi users, that
34:26
is run by the company behind the Wasabi Project, ZK Snarks, the
34:30
CK Snarks coordinator, will start refusing certain utxo's
34:33
from registering the coin. Joins with Sabi tweeted on
34:35
Sunday. There was the surprising move
34:37
led to many. Many to believe that the
34:39
regulatory pressure must have been applied to compel the
34:42
company to take such an unpopular route.
34:45
However, ZK Snarks founder a cofounder and CEO Ballet Harmont
34:50
told Bitcoin magazine that the decision to prevent some users
34:53
from leveraging the wasabi for their privacy needs was a
34:56
proactive one, as there was no current legislation obliging
34:59
them to do so. Now, here's the thing, you
35:02
cannot. Bargain with these people.
35:05
They're going to do it anyways. They're going to do it anyways.
35:11
People started to identify wasabi with illicit activities
35:14
and actors, and we wanted to differentiate ourselves from
35:16
these players in the space. I'm not said adding that the
35:19
route taken on Sunday was ZK Snarks solution to enforce it.
35:22
How much so you want some central planning baby and how
35:25
might explain that the company doesn't want to be associated
35:27
with criminal activity of any kind.
35:29
I think that multiple reports over the past year linked
35:32
hacking money launderers and other nefarious actors.
35:35
Will the Sabian ZK snarks have, in part prompted the move as
35:38
such an angle hurts the brand's image.
35:40
Wasabi is for the people to preserve their privacy and not
35:43
hiding illicit activities interesting anyways.
35:46
So why did they do this? They did this as a reaction.
35:49
We know that wasabi, when they caught the Bitfinex guys.
35:55
And the bit and I don't know if the government did this on
35:57
purpose or not. I have no idea, but it was
35:59
implicated that the Bitfinex hackers, the couple used wasabi
36:03
as part of one of their mixing services.
36:05
And then you have an article from we use these guys all the
36:09
time. Main propaganda, propaganda,
36:13
arm, right Financial Times, New York Times, the Guardian.
36:15
This is one of them. This is one of the big guys and
36:18
says the UK's National Crime Agency has called for the
36:23
regulation of sophisticated. Fixing technology used by
36:26
criminals to avoid detention when laundering money through
36:31
cryptocurrency. So have a bunch now that I went
36:34
through all of that. So you guys understand what
36:36
we're going to talk about. Gonna hit.
36:40
Samurai with first question which is.
36:45
What are you gonna do when the inevitable banhammer comes bro?
36:49
The inevitable ban hammer where. Dude OK, When Nation states Fiat
36:55
governments, you know, declare mixing services illegal.
37:00
Well, mixing services already are largely illegal.
37:04
Going join. I apologize, going join.
37:07
Coin joy. Well, if they were to make coin
37:10
join illegal, it would that they would have to.
37:13
Go after actual individuals because it's only individuals
37:17
that are making these coin joins.
37:19
So I'm gonna use the. It's not a coordinator who's
37:22
doing it. I'm going to rebuttal you.
37:24
I'm gonna use one of Satoshi's own quotes, right?
37:26
It says centralized entities are, you know, easy to
37:30
metaphorically cut the head off, right?
37:33
You guys are a centralized entity.
37:35
Correct me if I'm wrong. Well, we don't have a registered
37:38
entity anywhere. We're diverse around the globe.
37:43
UM? You know, we've we've done our
37:46
best to. Use and be and remain Mims.
37:53
Any hosting, any servers, anything like that is domains
37:56
that's all paid with Bitcoin and not associated to identities but
38:01
but you know, I think the point of what the gist of what you're
38:04
saying is, you know if a government decides that what
38:08
we're doing is illegal, then what are we going to do about
38:13
it? You know and it.
38:17
It's it's a nuanced answer. It depends on which government.
38:22
First of all, is it a government that we even care about what
38:26
they have to say? Is it a government that could
38:28
squeeze us? If let's, let's address, let's
38:30
address the boogeyman right? the US government?
38:34
Well. There's very little US presence
38:37
for in samurai. First of all, if the US
38:40
government decided to make what we were doing illegal, there's
38:45
nothing that they could do to make publishing software
38:48
illegal. That's protected speech, you
38:51
know? So we would have still have the
38:54
ability to publish software. If we were unable to.
39:00
To offer a coordinated coin join service like we do today
39:05
without, you know implementing a blacklist or implementing KYC?
39:10
Then we would one. We have a legal team on
39:13
retainer. We would fight that decision.
39:15
We would get a court involved to determine whether that's
39:18
constitutional at all and we would spend the money to do so
39:22
because we find it to be a human interest and two, if we were
39:27
unsuccessful in such a thing, we would shut down doing that.
39:30
For us, it's it's as simple as that.
39:31
We're not gonna become a a front end for surveillance, which is
39:35
what Wasabi has chosen to do. With you know, so two points on
39:40
the wasabi thing. No, I'll, I'll get.
39:42
I'll get to that OK refund this a little bit, so could you also
39:46
define what is the difference? Because I think a lot of people
39:49
are gonna caught in the weeds. What is the difference between a
39:52
mixing service and a coin join? Yeah, sure.
39:57
So a mixing service implies that custody is being given up by the
40:04
person looking to mix their coins.
40:05
So traditionally what a coin mixer.
40:08
Did was you sent them Bitcoin and they sent you back
40:14
unconnected Bitcoin? Right now there's a.
40:17
There's two things that are happening here.
40:18
One is you are giving up custody of your Bitcoin, so you are
40:22
sending it away, giving it to someone else that someone else
40:26
is then doing something and giving you unconnected Bitcoin
40:30
back. Hopefully right.
40:32
So there's an element of trust there.
40:33
You have to hope that they're going to give you that point
40:35
back that is. Pretty clear cut and at least in
40:40
the US and and pretty much all other first world countries.
40:44
That's a a money transmission that that person who took your
40:48
funds is a money transmitter under most law and what they've
40:52
done is money laundering. That's illegal, and there was
40:56
the FCA. The Financial Times article
40:59
references one of these custodial mixing services called
41:02
Helix, where the guy was doing exactly that, taking people's
41:06
Bitcoin and sending them Bitcoin back.
41:08
And an even greater you know, spite, I guess actually
41:14
advertising the service as a money laundering service.
41:17
He used those words exactly. You know, he made it incredibly
41:21
easy for the prosecution to to get a conviction on money
41:24
laundering. But but anyway, that is textbook
41:29
definition of money transmission.
41:31
The difference between coin join is no custody transfer ever
41:35
occurs. We never take custody of users
41:38
funds. Users are essentially making a
41:41
transaction to themselves and just facilitating the software
41:46
to enable that. Right, we've created software to
41:49
enable that the coordinator will build a transaction based off of
41:55
signed inputs from other from the wallets, right?
41:58
So in order to sign an input, you need the private key.
42:01
We can't do that, you have that has to be done by the wallet and
42:05
the user the individual, so that that's why I said earlier.
42:08
If they wanted to make coin join, they legal.
42:11
It wouldn't really work at the service provider level, because
42:14
in fact we've innervated on. Coordinator free coin joints.
42:19
So you and me could do a coin join together where there's no
42:22
coordinator involved at all, so you know they would have to make
42:26
the actual individual act of coin joining illegal and to date
42:30
nothing like that has been. You know, for even proposed, so
42:37
you know, I think the legal situation of coordinated coin
42:42
joins is very clear. Our lawyers think it's very
42:45
clear there's absolutely zero illegal anything illegal about
42:50
it from a coordination level and absolutely zero illegal about it
42:53
from a user's perspective. It's just, it's just a different
42:59
type of sense. Transaction is really what it is
43:01
and your software is open source, correct?
43:04
Yeah, exactly so it's like they would have to man interesting,
43:09
very interesting. Let's see how this plays out.
43:11
So let's address the elephant in the room.
43:15
What do you what does samurai think of wasabi?
43:19
You know we made feel it and I made our thoughts or how we feel
43:23
about this very clear. So what do you guys feel about
43:26
this? Do you guys feel the same way?
43:28
I'm sure you're gonna elaborate a little bit more so.
43:32
I mean, I think everyone was shocked when when the news broke
43:37
that Wasabi was gonna implement blacklists.
43:39
So that was the first thing that broke, right?
43:41
And that was with a incredibly cryptic tweet on Twitter from
43:45
the wasabi account like it was the weirdest way of
43:49
communicating with their users, right?
43:50
So they let that sit there though for a couple at least a
43:53
day. It might have been more than a
43:54
day now. I had some idea of what this was
43:58
in relation to because the Financial Times reached out to
44:01
us. For a statement a few days
44:05
before they published, so we did provide a statement to them.
44:10
I don't know if you guys read that or had that.
44:12
OK, so we'll just say we provided this statement when I
44:16
saw the wasabi tweet. I kind of had the idea that, OK,
44:19
this is something to do with the article that's coming out.
44:23
Maybe they got spooked or something, but still super
44:25
shocking, absolutely shocking. So let that sit there and then.
44:29
If you're keeping an eye on things and their telegram and on
44:32
Twitter. The devs were kind of making it
44:36
seem like their hand was forced, like they had no choice in this.
44:40
You know they they were coerced in some way that you know
44:44
whatever and they let that sit out there for a while and then
44:47
this article drops from the CEO saying No, this was a proactive
44:52
measure. This was our decision as a
44:55
company to start censoring. And we're going to hire chain
44:59
surveillance firms to. To implement this this policy.
45:04
So all of these statements are incredibly shocking, and you
45:09
know, I, I don't think there's, well.
45:11
I know they're trying to spin it, but I don't think.
45:14
Bitcoin users are buying it. To be for a privacy wallet, to
45:19
become a front end for chain surveillance is.
45:24
I I just can't even wrap my head around it and not sorry to
45:29
interrupt you like and I'll say it this way they've become an
45:32
enforcement arm of the state. That that's absolutely.
45:36
Absolutely right? I mean, I I don't know if you
45:39
guys were aware of the the mini controversy around a OPP, which
45:46
was the Swiss government. Has the requirement for you to
45:51
prove ownership of the Bitcoin address.
45:53
So a bunch of wallets were making it very easy to fulfill
45:57
that compliance step, right? Yeah, and cover traffic?
46:01
Yeah, right? It was.
46:02
It was a bunch of a bunch of wallets.
46:05
And and on the surface level, I understand why they didn't
46:08
really think about it and and say ohh that is an enforcement
46:12
mechanism of the state. They said Ohh, it's a usability
46:16
increase and it will make it quicker and easier for our
46:19
users. Great, let's do that.
46:21
We had the complete opposite approach and reaction to us.
46:25
And as Nico just put it beautifully, it's an enforcement
46:29
element of a state compliance coming from free and open source
46:34
Bitcoin software developers. It's completely shocking.
46:38
It completely makes no sense, and it's the fact that it makes
46:42
it extra insulting is that there was no compulsion by any state
46:49
by any law by any regulation for them to do this.
46:53
Yeah, what I see it as is. The centralized entity of ZK
46:59
Snarks which runs wasabi and runs a coordinator, is building
47:03
a regulatory Moat around itself. They are, you know, they are the
47:07
largest corn join coordination service by volume.
47:14
They have a a large number of users and they have competition
47:18
from us and from join market coming in for them right?
47:21
There's already serious issues with Wasabi mixed composition,
47:25
but we're not gonna get into that.
47:26
This is purely now a regulatory play because they know that one
47:32
joint market can't comply with anything like this.
47:34
It's it's a decentralized coordination and they know that
47:38
we're not going to comply with anything like this, so they're
47:42
building this mode around themselves are showing the
47:44
regulators like hey. This is the framework we're
47:46
going to build out the regulatory framework of how this
47:49
can work, and two 3-4 years down the line.
47:52
I guarantee you they're gonna be the ones lobbying the EU, which
47:55
is where their base are based in Hungary, so they're regulated by
47:58
the EU. They're going to be lobbying the
48:00
EU in the the next Money Laundering Directive to regulate
48:04
coins, joins, and law in this way.
48:07
Yeah, my I I completely agree. And then it's like then you have
48:11
an extension of the existing system the then this goes back
48:15
to again. You could two things could be
48:18
true, right? Because I know how a lot of
48:20
people are going to try to spin it like you're advocating for
48:22
crime. No right censoring transactions
48:25
is wrong and crime is wrong. Two things could be true, right?
48:30
Absolutely so. And the issue for that is kind
48:33
of like freedom of speech. Freedom of speech, especially in
48:36
the United States. You notice that there's no like
48:40
there's no, there's no person that gets to decide what is hate
48:44
speech and what isn't. Hate speech.
48:45
There's a reason for that, because the person that gets to
48:47
decide what is hate speech and what isn't, hate speech becomes
48:51
a tyrant. So the founding fathers are just
48:53
like. It's going to have to be free
48:55
speech and then let the free market of ideas kind of figure
48:58
out what is OK. What is not money is a form of
49:01
speech, right? Without a doubt right?
49:03
And Bitcoin has the same ethos. It works with the same
49:06
principles. And that's why it's called the
49:09
money of enemies, right? That's why you can't censor a
49:13
Bitcoin trade. Even if you think it belongs to
49:15
the worst criminal, but again. That's all from your
49:18
perspective. From another person's
49:21
perspective, right? Maybe that person isn't a
49:24
criminal, and what are the benefits of that?
49:26
The benefits of that is if I'm from men as well as we are
49:29
talked about. Phil just picked up a great
49:31
example during the fail after Venezuela, and I'm trying to
49:34
move my money abroad if I'm a regulator in the United States,
49:37
I'm looking at that like no, that person is a criminal.
49:39
We can't take that risk, but from the perspective of that
49:41
Venezuelan right? He could take his money and his
49:45
wealth with him. Right, so again, it's it's it's.
49:49
It's a. It's a very complicated topic,
49:51
but we advocate. We're very strong advocators for
49:55
I don't think any human being or government or institution or
49:58
bureaucracy should have the power to get to decide who is
50:02
and who is not entitled to money.
50:04
And here it starts with good intentions.
50:07
It's just criminals for now. But down the road you don't
50:12
think governments and bureaucrats are going to put
50:14
pressure to hey those Venezuelans.
50:17
You can't trust them. They're money laundering.
50:20
Who's to say in a couple years? 5-10 years, right?
50:24
When more regulatory pressure comes on Bitcoin, which is
50:26
inevitable, who's to say that? It's not gonna you know now.
50:32
Venezuelans are can't use wasabi now if you're from a certain IP
50:36
you can't wasabi. You can't use wasabi, that's the
50:40
slippery slope of censorship and that's what you're enabling,
50:44
especially if you placate the state.
50:46
Phil, do you have any thoughts on this?
50:49
Yeah, just rules without rulers, right?
50:51
That's exactly what we're advocating for.
50:53
And also at the same time. Damn it, I forgot God damn it.
51:03
Phil damn it. God damn it Phil.
51:06
You know when that happens? Alright so Phil couldn't
51:09
remember what he was going to say.
51:10
Hope you guys found this valuable and just to end this
51:13
one more time because I know how a lot of people are gonna spin
51:15
this. You could be for no one sensory
51:19
transactions, and you could be against crime at the same time.
51:24
Both things could be true. OK just leaving it at that.
51:28
But anyways Phil, there was a website by please.
51:31
Why do you tell everybody websites buy plebs or plebs
51:35
brought to you by cipher safe? Check them out cybersafe dot IO
51:39
guys. It's the most important thing we
51:41
have no choice but to store our seed.
51:43
Why not store your seed in the best place?
51:46
The cipher wheel, or the all new cipher grid.
51:50
They both come with a temper resistant wire, but the cipher
51:53
grid also comes with a punch tool.
51:55
Alright, so we've got a cool websites by plebs, right?
52:00
It's bitcoinblockhalf.com. I don't believe we've ever shown
52:05
this one before. It's gonna be in the show notes.
52:08
Take a look. You could see the time that it's
52:10
going to be to the you know to the havening date to the minutes
52:17
to the second, like take a look at that.
52:19
That's pretty cool. This is really awesome.
52:21
The Bitcoin inflation versus time.
52:23
I'm definitely a fan of this chart.
52:25
Unlike the Shitcoin East chart we showed yesterday, this one is
52:30
actually accurate and actually shows what really happens to the
52:33
Bitcoin emission overtime. And because it's hard capped.
52:37
It's not. You're not going to see anymore
52:38
and there's no trickery anyways, the link is down below.
52:42
It's a great little site and I encourage everyone to check it
52:45
out anyways. Don't forget to check us out on
52:48
audio only platforms, Apple Podcasts, Spotify and anchor.
52:52
And if you want to stream a sats fountain dot FM, awesome, thank
52:56
you Phil. Alright guys, before we go I
52:58
wanna give a very special shout to our awesome hoodie sponsor
53:00
Phil and I wear them Everyday represent Ltd or rephard.com and
53:06
you can take advantage of the link.
53:07
Down below for 10% off anything off the rephard.com store.
53:11
I also wanna give a very special shout out to the first AI that
53:14
came on the show samurai wallets and you can go give them a
53:18
follow at Samurai Wallet on tweetersamuraiwallet.com.
53:23
They keep your transactions private they mass your identity
53:26
and they keep your funds secure. Definitely definitely go check
53:30
them out anyways guys that was our show if you enjoyed our show
53:33
you know what do smashed and of course if you want to continue
53:36
hearing the Bitcoin. Is from the pleb perspective and
53:39
the catastrophic fails. Definitely consider subscribing
53:41
to simply Bitcoin and we will see you Monday guys for brand
53:44
new episodes Bitcoin privacy matters.
53:47
You heard the samurai? There are no shortcuts.