Latest / Simply Bitcoin / Is Coinbase a Criminal Organization ? | EP 539

Transcript

Is Coinbase a Criminal Organization ? | EP 539 · Simply Bitcoin

0:04
Welcome to another episode of Simply Bitcoin, where we cover
0:07
the Bitcoin, use the memes, that culture, everything in this
0:11
decentralized, peaceful Revolution, today, we have very
0:15
special guests for the legendary Kido.
0:17
Minor, how you doing, kiddo? Hey, what's up?
0:20
Happy to have you again. And, of course ask you what, to
0:24
how you doing, buddy? Parob?
0:30
People are definitely the bear Market, man, the bear Market
0:34
hurts everybody. Everyone's kind of in a, in a
0:37
bad mood but we'll get you through it because this is
0:39
simply Bitcoin by the way, Quito and ask you at toe, are the guys
0:44
behind the novel. And I know one of you guys
0:46
couple of you guys had some questions.
0:49
We'll get to them, but anyways Opti it's time for number time
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server. Visit noddle dot-eu at the time
1:15
of this recording the Bitcoin price is at twenty thousand nine
1:18
hundred and thirty dollars. The SATs / dollars at four
1:21
thousand seven hundred and seventy-eight Bitcoin held in
1:25
corporate. Treasuries is 1 million four
1:28
hundred ninety one thousand three. 138 block height, 746,000
1:33
665 amount of reachable Bitcoin nodes.
1:37
That number keeps going down, went from 16,000 about a month
1:40
ago that fourteen thousand five hundred and sixty-eight the
1:44
amount of the percentage issued of Bitcoin ninety Point 97%
1:48
blocks, The Happening that day, could not come any sooner, 90,
1:52
3334, having estimate April, 18, 20, 24, the Bitcoin, Subsidy the
2:01
values that 130,000 and the actual block subsidy the number
2:06
that actually matters is that 6.25 and that number for
2:09
anybody, that doesn't know will get cut in half next Bitcoin
2:14
happening. So anyways, having having
2:17
everyone says a different anyways, I want to read a
2:19
comment by Pedro Santos. I'm going to direct it to the
2:23
novel guys says, where can I find a detailed explanation
2:28
about the noddle? I'm I'm really interested and
2:32
and I'm a recent starting, barely a year and my main goal
2:36
is to achieve complete independence with my Bitcoin.
2:40
Love your show. Thank you, Pedro for the
2:43
question and I saved it for the natto guys.
2:46
So I'll pass it on to Quito first.
2:50
If Pedro wants to find a detailed.
2:53
Agree, really? Good detailed explanation on the
2:55
not. Oh, where could he find it Kito?
3:00
I guess the best place to start is our website and all do.you
3:04
and and there is a link to the documentation website where
3:07
there is a growing FAQ on that. Also don't hesitate to come on
3:12
telegram, ask her some Twitter we are all the run the place
3:16
awesome. You heard it there Pedro and ask
3:19
you where to I know man I know you're feeling bad because of
3:22
the bear Market but it's that day.
3:25
Could you do a quick explanation of what the novel is?
3:30
So that Pedro feels a little happy.
3:34
Yeah, well, I think bear markets the best time to take your time
3:38
back to actually learn stuff. So, you know, I think I feeling
3:43
really, really good for petrol going forward.
3:47
Just take your time and learn everything right now.
3:50
But you know what a full note is really is your key to not
3:56
relying on third parties. And since we've launched not all
3:59
four years ago we've really helps our customers with their
4:02
privacy and You know, there's just the security of having to
4:07
rely on that. No one else really that in
4:09
yourself. It's best thing you can do for
4:13
us. We're a bit quieter.
4:15
Yeah, definitely run your own node because if not you're
4:19
trusting someone else. Anyways I got a video for us to
4:23
react today. It's by the legendary Hayek.
4:27
He is the Austrian economists. Let's check it out.
4:32
Let me remember to enable the sound.
4:35
There we go. Boom, by gg, gg, awesome.
4:39
Definitely want to check out. I think it's 21.
4:42
So anyone lessons. Awesome, awesome content.
4:45
Anyways this check it out. This is Hayek let's check out
4:49
what he has to say. No language money, the three
4:54
part of Dimes of spontaneously come institutions.
4:59
Now fortunately law and languages have been allowed to
5:03
develop many has originated in the original form but as soon as
5:08
it was there in its most primitive form just Frozen
5:11
compensated. Smoke develop in the film and
5:15
what we have had since in development where matters of
5:18
government inventions mostly on mostly abuses of money.
5:23
And I have come to the position of asking as monetary policy
5:27
ever done any good. I don't think it is.
5:30
I think it is done only harm. That's why I'm now pleading for
5:35
what I've called. D nationalization of money,
5:39
that's absolutely crazy. Looks like that video.
5:42
Was recorded, maybe in the 70s 80s or 90s.
5:46
But yeah, it's crazy. That he had the foresight to
5:50
understand that perhaps that was because of his understanding of
5:56
What the involvement of governments does to not only the
6:00
economy but money as well? Was that, is that your first
6:04
time seeing that video keto? And if so if not what are your
6:08
thoughts on it? Yeah, it'll be first time.
6:14
Yeah, dude was a Visionary and clearly money hasn't evolved has
6:19
devolved over time. Yeah, and a bit coin until the
6:25
coin bit coin fixes. This ask you where to same
6:27
question. I've seen another one, it's
6:31
probably the same interview where he kind of predicts where,
6:36
you know, we are today with like Bitcoin and stuff like that.
6:39
Just like when you were in this Auburn individual and they'd
6:41
talk about like you know, cryptographic coins or money
6:46
Etc. So first of all, I'm not
6:49
surprised. What was surprising for me?
6:51
Was that I discovered the Austrian school after
6:54
discovering Bitcoin, like a lot of us did and a lot of it
6:59
actually did. Covered.
7:01
Well, the other half, probably discovered the austrians first
7:03
and, you know, they go really well together.
7:07
It's really hand in hand. Like, I don't understand what I
7:10
mean. I do understand why it's not
7:12
taught in school because, you know, the school belongs to the
7:16
government's. But but really like, I wish I
7:19
have burned it before it just makes so much sense.
7:23
Yeah, I remember reading or not reading, Nico buys the books,
7:27
but he listens to the audio books.
7:29
Now you know. But I still say rig, Good Girl
7:31
Tech. What about you ask you at?
7:35
So are you know, I actually know how to read.
7:38
I can read. I like to read.
7:41
Well, I'm pretty sure that's racist.
7:43
Now, I'm just kidding. Or is it?
7:45
But ya know. Wow.
7:48
You actually read them with the bookmarks?
7:50
Well, first of all, I read them and then I actually helped
7:54
translate like Bitcoin books in French.
7:57
Oh okay. Yeah, sex my well, I'm Nadia
8:00
operation, I'm an audio listener, kito's and audio
8:03
listener. I'm pretty sure opt he's an
8:05
audio listener as well. Your reader I am a hard copy
8:11
Maxie. I need to read the book and then
8:13
I could listen to the audio and I retain the information better,
8:16
but I can't retain the information just from the audio.
8:20
Remember we have time to do that.
8:22
Guys, I just like, if I ever go on a walk or I go to the gym, I
8:28
just put the audio book on, you know, I feel like reading it is.
8:31
Like anyways, so before we go on to the news Opti, do you want to
8:37
chime in on that high? Video hopefully that music isn't
8:41
copyrighted. If I knew it had music, then I
8:43
wouldn't have played it and but anyway it sounds classical so we
8:47
might have a chance. Yeah, first off.
8:50
Yeah, I just wanted to say wow you know, Hayek is so good at
8:53
explaining things and under a minute, like the history of the
8:57
problems with money in one minute, it's just beautiful to
9:00
see. And then also, as just a point
9:02
that I just love how excited he gets when he talks about
9:05
economics, and he always comes at it from first principles,
9:08
think Being which is obviously what most bitcoiners at least
9:12
good bitcoiners advocate for. And I just want to also say, I
9:18
wish I was an Austrian Economist before I found Bitcoin but I
9:22
needed to find Bitcoin to even understand Austrian economics
9:26
and furthermore Bitcoin is the perfect money and it has
9:30
evolved. Finally guys you just we got to
9:32
make that point clear to some people and I would do there was
9:35
there was this comment yesterday on Twitter so some Like super
9:39
well-educated guy went to Cornell.
9:41
Whatever. He's like money has and always
9:45
will be, what was it? Opti was like, it always will
9:49
money. Always come from the government.
9:51
Yeah, it's like it's not money. If it doesn't come from.
9:53
The government has to come from the government's?
9:55
Like wow! Is that guy in for a rude
9:57
awakening. But anyways Opti is time for the
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Cloaks.com softly looks like we were right yesterday when we
10:26
said it was very strange that coinbase was going out and
10:31
defending one of their ex-employees that got caught
10:35
insider trading on yesterday on the episode that we had.
10:39
Stefan lovera, I said that they're doing that because the
10:42
implications right of coinbase. Actually, you know, selling
10:47
securities would be a big deal, right?
10:49
So this came out yesterday, I'm going to read you a little bit
10:52
at we covered it. Yes.
10:53
Or so I'm going to read the whole thing says earlier.
10:54
Today, following a doj investigation into two former
10:58
coinbase. Employees misuse of confidential
11:00
coinbase information related to listing decisions the SEC
11:04
separately filed. Securities fraud charges charges
11:07
against this individual. Related to this wrongdoing.
11:10
The crazy part is that this actually defends that and says
11:15
no that wasn't a security coinbase would never do that.
11:18
And it made sense and our call yesterday was absolutely spot on
11:23
because literally a couple hours after that episode with Stefan,
11:27
lovera this dropped and it dropped pretty late.
11:29
Last night, drop that 8:40 p.m. and the headline is a Bloomberg
11:34
article says coinbase faces SEC, Probe on crypto listings shares.
11:39
Humble, coinbase. Global Inc is facing a u.s.
11:41
probe into whether it improperly let American Trade digital
11:44
assets, that should have been registered as Securities
11:47
according to three people familiar with the matter the
11:50
company's share dropped as much as nine percent the SEC scrutiny
11:54
of coinbase has increased, since the platform expanded, the
11:57
number of tokens in, which it offers trading said, two of the
11:59
people who asked not to be named because the inquiry hasn't been
12:02
disclosed publicly the pro by the fcc's enforcement unit per
12:06
dates, the agency's investigation into alleged
12:08
Insider trading scheme that led the regulator last week to sue,
12:12
a former coinbase manager and two other people.
12:15
We are confident that our rigorous diligence process a
12:18
process that the SEC has already reviewed.
12:20
Keep Securities off the platform and this is part of what we read
12:24
to you guys yesterday, as the largest US trading platform
12:28
coinbase, let's Americans trade more than 150 shit coins.
12:33
If those products were deemed Securities, The Firm could need
12:37
to register as an exchange. In truth, the SCC.
12:40
And that's exactly why they went out yesterday and tried to
12:43
defend it that criminal, that was caught insider trading.
12:46
Anyways, tension tensions, bubbled up.
12:48
Further, July 21st when the SEC accused one of the company's
12:52
former employees of violating of its insider trading Rules by
12:55
leaking information to his brother.
12:57
A friend to buy tokens just before they were listed on the
13:00
platform. That is literally the definition
13:02
of insider trading. Anyways to decide if a digital
13:06
asset is a security that SEC applies a legal test.
13:08
Which comes from 1946 US, Supreme Court decision, under
13:12
that framework the agency, considers a token, generally to
13:14
be under SEC purview when it involves investors kicking and
13:19
money to fund a company. That's all with.
13:21
It's all with these shit coins do anyways, and it goes on to
13:26
talk about Gensler. That last part, right about, you
13:30
know, using those tokens to fund the company.
13:33
That's what xrp does. Xrp owns like the majority of
13:35
the supply. What do they do?
13:37
They sell some xrp toe? And every so often to fund the
13:40
operations, we know a theory. Mm does the same the Ethereal
13:43
Foundation literally dumps on retail at the top to what to
13:48
fund the etherium foundation, so that doesn't happen in Bitcoin.
13:54
What there is no Bitcoin Foundation that just dumps
13:57
Bitcoin to fund operations, what operations?
14:00
So it's a decentralized movement.
14:03
Yes, there is one GitHub, right? But that's more, so out of
14:06
convenience, more than anything. Anyways Quito, what are your
14:11
thoughts? What's going on here?
14:13
I know you're not alone. You're an old guy and that's
14:16
what you're passionate about. But Nico is going to force you
14:21
to talk about a shit coin casino today anyways.
14:23
What are your thoughts brother? It's fucking bones has and I
14:27
don't agree with you a. We buy more Bitcoin to have more
14:30
Bitcoin. Wait, wait, wait, what do you
14:33
mean? You don't agree with me in what
14:35
sense that you just say, like they are studying tokens to to
14:39
get more money? We are buying it's true.
14:43
It sure is totally different between bitcoiners and and even
14:46
all these and I'm pretty sure the Ethereal Foundation is
14:49
holding on to bitcoin as well. Anyways, I asked you where to I
14:53
know you're having a bad day bro.
14:54
But I think most of them are holding on to bed, quite like
14:57
Tazo says, like, you know, these things are notorious but know
15:01
it's When you see the article, you know, the language the
15:04
verbiage with the people look like they look like the old
15:08
Bankers that I used to work with and it has nothing to do with
15:12
what, you know, bitcoiners are trying to build for the future.
15:15
It's just like old world. Yeah, you know, that's not what
15:20
we signed up for, you know, we want to make a change because of
15:24
what these people do and what they've always been doing and
15:27
they're just like, you know, those big old Mega Oops, that
15:33
make a, mockery of the plebs. Yep, that's exactly it.
15:37
And it's like a continuation. That's what the shit coins are,
15:40
right? It's the worst part of the
15:43
Legacy systems, exactly. Because they don't have the, the
15:46
actual regulatory framework on paper, all these shit coin guys,
15:50
take advantage of it whether it's the icos or the Ponzi or
15:54
the defy that really isn't defy, it's a scam Opti.
15:58
I go ahead and I think they would get away with it because
16:01
Because unregulated until it isn't?
16:05
Yeah. Absolute of them do.
16:08
Most of them do I mean, but is that changing now with this
16:11
collapse or of three, arrows of Voyager of Celsius, you know?
16:15
Because we know that for example the Ico boom of 2017 after that
16:20
collapse ico's really didn't make a comeback.
16:23
It suits, don't go to jail. Wow, that's that's a very deep
16:28
statement. Obviously them wisdom.
16:31
Well, I know this is news but the fails and shit coin land are
16:35
happening so quickly. It's absolutely amazing.
16:38
They just keep piling up and piling up and we've been
16:41
covering coinbase, just the Reckoning of coinbase and those
16:45
fails just keep piling up. I just wouldn't want to hold any
16:49
of these shit coins on coinbase right now or the coin stock
16:52
itself because it's not looking that good for them and guys it
16:56
since I've been in Bitcoin and it's not that long since 2017.
17:00
We've known that cam base has been front-running and insider
17:03
trading on their platform. It's it's damn near obvious to
17:08
anyone that's watching and it's the dirty little secret.
17:10
That is everyone knowing it, so. Hey, man, I don't know this.
17:15
This isn't looking good for coinbase.
17:16
We shall see what actually happens.
17:19
You know, I have a big bag of popcorn ready sitting on the
17:22
side. So, yeah, it's definitely make
17:24
cited makes good content for us to cover anyway.
17:27
I know you guys aren't American but the implications of this
17:31
next piece of news are huge. This came out, it was like
17:34
yesterday or today. It's kind of a slap in the face,
17:38
but I'll point out why? I think it's still big, still
17:40
big deal. The virtual currency tax
17:43
Fairness Act, very that that name is hilarious as being
17:48
introduced today. By senator Pat true me and
17:51
Democratic senator Christian Cinema, so it is bipartisan.
17:54
That's a good sign to provide tax exemption.
17:57
Here's the slap in the face, hold on to your chair for
18:00
Bitcoin, transactions up to $50. Yeah, that's right.
18:04
I said that right or trays with a net gain of up to $50.
18:09
Well, digital currencies have the potential to become an
18:11
ordinary ordinary part of Americans everyday lives.
18:14
Our current tax code stands in the way and they got a fix for
18:18
it. They're going to exempt $50
18:21
Senator Toomey. Is it alone?
18:23
In his opinion as multiple? Multiple introductions of
18:25
legislation have been presented In an effort to ease tax
18:28
requirements for those looking to transact in or invest small
18:31
amounts of money into Bitcoin and other cryptocurrencies
18:34
currently, the IRS states that the sale or exchange of
18:37
convertible virtual currency or the use of convertible virtual
18:40
currency to pay for goods and services and a real world's
18:43
economy. Transaction has tax consequences
18:46
that may result in a tax liability there.
18:48
For any transaction involving. The exchange of Bitcoin is
18:51
considered a taxable event by the IRS regardless of how small
18:55
the transaction May. Be.
18:58
So I tweeted this a couple days ago before this came out, and if
19:03
this law gets past your senior citizen e-codes $50, the fuck
19:07
does it matter. It matters it opens Pandora's
19:11
Box for the government. I'll explain why.
19:13
And I tweeted this, not too long ago.
19:15
Why is the government forcing us to earn in a money that is
19:20
designed to lose value. So And this goes back to the
19:26
whole legal tender thing, you're forced to earn in a money.
19:31
That is literally designed to lose value over time, on which,
19:35
the government can print an unlimited amount of quality
19:39
quantity of but if we use the money that is deflationary by
19:45
Design and the purchasing power increases over time, we have to
19:50
pay taxes because of the design of that current is that word not
19:53
selling into trying to exchange things, it's not a piece of real
19:56
estate that goes up in value over time you're just buying
20:00
something that scares and you still have to pay taxes on that
20:04
and the reason that I believe it opened Pandora's Box because if
20:08
this passes the government is Going to have to answer a lot of
20:13
hard questions. Why are we learning in the
20:16
money? That's losing value.
20:18
What's going on there? Why do we have to pay for using
20:22
a money? That is deflationary in nature?
20:25
Why do we have to pay for that? Anyways, I'm going to ask this
20:30
question to ask. You went to first because he
20:32
said something very wise in the last segment.
20:34
This is Suits. Don't go to jail, ask you about
20:38
to what is going on here. Do You have faith and change at.
20:42
Do you believe that this will open Pandora's Box for the
20:46
government? What is going on?
20:48
I don't know about Pandora's box, but anytime you have a
20:52
government, you have to pay, no matter what and they'll always
20:56
find a way to make you pay. Even if it looks free you're
20:58
paying some how, you know, that's how they live.
21:02
That's how they make a living. They they they leech off of you.
21:06
Do you believe in the theory from the sovereign individual
21:10
basically saying Making the case that governments are now going
21:13
to have to provide value because of the power of the internet.
21:18
And of course Bitcoin. And it kind of creates this
21:20
judicial Arbitrage where people are going to get to pick and
21:23
choose what your sections they want to live in excetera, ETC.
21:27
I believe in it as far as it's probably one of the best times
21:33
in the past Century or so to actually make a push for it as
21:38
you know, free people who want to To you know, have Enterprises
21:43
and in be successful and and try to fix things that we think are
21:48
not work and to look elsewhere you know, Mobility helps a ton
21:52
now there will be opportunities, some plays will be made by
21:56
governments, corporations individuals you know maybe the
22:01
El Salvador thing is a sign that you know, some countries are
22:05
saying, you know what? Maybe there's a different way.
22:07
I don't have to align with the West, right?
22:09
I don't have to align with the I can play with both and have it
22:13
for adoption of doing things differently with Bitcoin, you
22:16
know. Hopefully there's something
22:19
then, you know, within a couple of generations.
22:22
I don't know how it turns out, you know, governments are still
22:25
a big beast. Yeah, I agree.
22:27
Governments are a big beast as long as they have the power of
22:30
the money printer, right? They you know, they could just
22:33
pay the people that they have to pay to enforce what they want to
22:36
force. Anyways, he do.
22:38
Are you excited for that 50 dollar, taxes that option?
22:44
Actually I am because we'll stop hearing American people saying,
22:48
is this a taxable event every day everyone to buy coffee in
22:51
Bitcoin. Oh man.
22:55
It's so that's definitely a net positive.
22:57
But I've seen the article mentioned that before they were
23:00
trying to put the limiter 250 and then in one year 50 will be
23:05
less than a coffee anyway. So, yeah, I know it's funny
23:08
because they're like, $200 and I was like, when they announced
23:10
that I was like, God damn. That was a slap.
23:12
It like no guys. We know it's a problem so we're
23:16
going to make it 50 like oh man. Oh man.
23:19
Anyways Opti are you excited? 50 Bill transaction?
23:22
It's I don't know. That's a good question.
23:24
I if I make like one thousand transactions for $50 each,
23:29
That's a good question. But you know, how they're going
23:31
to write the law, that that ain't going to have any
23:34
loopholes in there. There is one thing though, with
23:38
the states is The u.s. might still be the most
23:45
forward-thinking country when you consider Bitcoin.
23:51
So I wouldn't discount them and being smart and successful in
23:56
finding a way to incorporate Bitcoin in their way of life.
24:01
Yeah and I think you go ahead keto maybe it was something else
24:05
as well maybe the curls of recording.
24:08
Oldest flexible events for less than $50 is so high that they
24:11
just figured We'll stop doing it.
24:13
That's true. That that is, that is a good
24:15
point as well. But yeah, I'm bullish on certain
24:18
states in the US and that's the beauty of the u.s., right?
24:20
That there's at least competition between the states.
24:23
New York's going to have fun staying poor while they ban
24:25
Bitcoin. Mining for God, knows what and
24:28
Texas is like. All right guys, you could do
24:30
that and we'll just bring them over here.
24:32
So I am bullish on the states because of that.
24:35
Anyways, Opti you want to chime in?
24:37
Yeah, well I was going to first Echo.
24:40
What you guys said? What?
24:42
Isn't the app first equipment was like, 600 dollar transaction
24:45
won't be taxed and $250 an hour at $50 and it just seems to be
24:50
going lower and lower. And then furthermore, I saw Pat
24:54
Toomey is in there. And if I remember correctly, I'm
24:57
pretty sure he is an adamant tether truther.
25:01
So chefs out the to me and then, furthermore not only is he a
25:05
tether true sir, but he's incentivizing micro payments
25:10
guys. That's what he's doing.
25:12
Here. Because he wants you to spend
25:14
$50 in Bitcoin every single day or whatever he is, allowing it.
25:20
But yeah. It's to.
25:21
I'm just trolling him trolling, the all I got is a troll.
25:24
What's gonna end up happening though?
25:26
Is that like a lot of Bitcoin products?
25:27
It will be like, and four easy payments of 49 9 T9.
25:34
Like, that's probably what's gonna end up happening.
25:36
Anyways, guys, before we move on to the fail, heat up before we
25:41
started recording, According you told me that you guys are going
25:45
to start accepting credit card. Could you talk a little bit
25:47
about that? People were asking for it for
25:50
some time already and we decided to run a test to make it easy
25:55
for us. We are opening for countries now
25:58
which is the US Canada, Australia, and the UK.
26:02
Just because the taxes taxation rules are easy for us to manage
26:08
on the new store. We will open for the world.
26:12
The I currently it's USD only and for this for countries.
26:15
Awesome. So now he's almost all now.
26:17
So if you go to the store now try to hold the from these
26:20
countries, you will guess the country, it's a kingdom.
26:28
Anyways, you can order this right now with credit card and
26:31
those countries. Anyways Opti it's time for the
26:34
daily fail brought to you by Swan Bitcoin.com.
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Averaging. So you spread out the risk,
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visit Swan Bitcoin.com, oh guys, yes, that's what we're talking
27:08
about. Okay, so I saw these videos
27:12
yesterday and we are doing a continuation of what we talked
27:15
about yesterday, whether or not we are in a recession and what
27:20
is actually a recession. And then we got these videos, we
27:23
got two videos today that are just so beautiful coming out of
27:27
the white. House.
27:28
So let's start this first one. As you can see, Disclose TV as a
27:32
post right here. Biden says we're not going into
27:36
a recession, let's hear him squabble.
27:39
Mr. President we're getting GDP numbers on Thursday.
27:41
How worried should Americans be that we could be in a recession?
27:47
We're not coming into recession, my view and mr.
27:52
President, we're good. Yes.
27:53
Okay. Remember yesterday we also had
27:55
Janet Yellen telling us that we are not going into a recession.
27:59
Furthermore, they are not only telling us that we are going
28:03
into a recession or not going into recession, excuse me.
28:06
But they are redefining the terms of the reception why we're
28:09
not going into a recession, exactly why?
28:12
We're not going into a recession.
28:13
So let's hear what is going on here.
28:16
So again disclose to you Now, White House declined to Define
28:20
what a recession is again, let's hear them squabble and what is
28:24
exactly the White House's definition of a recession.
28:27
Again, we don't we don't do. I'm not going to Define it from
28:31
here. I'm just going to leave it to
28:32
the nber, as well as we have stated and how they Define
28:36
recension recession. I'm just saying that we're just
28:41
not going to Define it. We use the indicators that the
28:44
nber the national National Bureau of economic MC research
28:48
have to have used. We've mentioned that a few times
28:51
and what is exactly? Okay, guys, I think this fail is
28:56
pretty self-explanatory because the single definition of what a
29:01
recession is, is two back-to-back quarters in the -
29:07
guys, so they know what they're doing.
29:09
They're redefining the terms out there so that they can confuse
29:12
the masses because as you know, as a Bitcoin ER The house is not
29:18
fine. Financial system is on fire and
29:20
they are trying to put it out with whatever fire extinguisher
29:23
they can. And their main tool is PR hence
29:26
why we do this show every single day is because we got to combat
29:30
these narratives as Fudd and they're plain stupidity.
29:34
They think we are a lot dumber than they are.
29:37
They think we can't see these narratives and the narratives
29:40
that they're pushing but we got the receipts and we talk about
29:44
it every single day, rewind or go back to yesterday.
29:47
A show. And I did a whole 10 minutes of
29:49
this fail and why it is wrong, but today's a little quicker, we
29:55
have guests. So Nico.
29:56
What is your thoughts? I do have one more fail but I
29:59
thought this could be a little quick one self-explanatory.
30:02
Yeah, dude, I mean, first of all, Joe Biden, I think he has,
30:07
he has the virus. So I'm glad that he's doing well
30:10
because that would be even more of a disaster.
30:14
But so that's the first bit, second bit, Like, dude, it's the
30:18
1984. Right?
30:19
Where's peace? Redefined just because you to
30:23
redefine something. Does it mean does it mean you
30:25
change the truth about? It doesn't mean you change the
30:28
reality. Yeah.
30:30
I think they're just more concerned about the narrative
30:32
and and and you know and controlling it then they are
30:36
about the truth. But I would not discredit them
30:40
too much because that that type of PR is actually very effective
30:45
for most people. Most most people don't have the
30:48
time to verify. Most people don't know what a
30:50
recession was. I didn't know what the actual
30:53
definition of a recession was before I started doing simply
30:56
Bitcoin and then that kind of forced me to like learn all this
30:59
financial bullshit that I would have never have learned.
31:01
So yeah man, they're just covering their own asses.
31:05
It is an election year. The midterms are coming up
31:09
inflation. The you know the the the the
31:13
economy going down, recession, gas prices, they're extremely.
31:17
Damaging politically most people don't care about social issues.
31:20
They care about is how much money they have in their
31:22
pockets. So what they're doing is just
31:24
damage control but again, this isn't really apply to me because
31:27
apply to me because I've decided to opt out of political money
31:31
and store my wealth, my time, my energy and Bitcoin.
31:35
So yeah, I'm glad Joe Biden's. Okay, I guess that's, that's
31:40
what I got to say about that. Anyways, keto, what are your
31:42
thoughts? What did you say the National
31:45
Bureau of economic recession? Ian.
31:50
Opti, I believe. So I believe.
31:53
So I can replay it. Yeah, researchers action.
31:59
They got a Bureau for everything.
32:00
Don't they credentials are going to be green.
32:04
Apples, it going to be research. But yeah, well, I was trying to
32:07
make a joke. So yeah.
32:14
I mean, anyways. Ask you what to what do you
32:19
think? You know, they they, I mean, I
32:23
totally agree with you on, you know, just damage control and
32:27
their techniques being well-oiled in highly effective,
32:31
even though it's very disturbing for us to hear that kind of
32:34
stuff but it's, you know, refer to Specialists use jargon that
32:39
most people actually don't know. The exact definition of is is
32:43
just that the the main tool you get on TV every every single
32:47
day. But the real question is like
32:50
most Point the u.s. in other countries, like you see in
32:52
Europe here is at the end of the month, people can afford less
32:57
than they could a year ago. 10 years ago, 50 years ago at some
33:01
point people need to understand or ask themselves.
33:04
Why and that's because you know, the value of the money is going
33:08
down. Yeah, just get out of it.
33:11
Absolutely. And the one of my favorite
33:13
websites is priced in Bitcoin and it literally shows you how
33:18
life gets cheaper. If you're living on a Bitcoin
33:21
standard versus living on a Fiat standard and then that kind of
33:27
makes you optimistic about the future, right?
33:29
Because it's like, all of a sudden doors open, but you never
33:32
have before and I think a lot of people, you know, they blame the
33:35
economic system, they blame the government that at least in the
33:39
u.s. it's a two party system. So when the Democrats are in
33:42
power, the Republicans like it was the Democrats the entire
33:45
time. Yeah.
33:46
Yeah. And fifty years later, nothing
33:48
has changed. Whether you have two, three,
33:50
Five parties, correct? So yeah and it's I think people
33:54
really underestimate how much fixing the money really would
33:58
fix the world. That's at least what we fight
34:01
for every day. Anyway so Opti, what's going on?
34:05
What's the next? Yes sir.
34:06
I got you okay. This one is a little more spicy
34:10
guys. This might be a little more of a
34:12
discussion than the previous one.
34:14
So I saw this yesterday, there's this tweet by this company s, t
34:19
FX. Bio says, first of any big
34:23
announcements. We are happy to do an ounce, we
34:25
raise two million dollars from a fantastic group of investors.
34:28
So it's not really about the platform but we will get into
34:32
it. So apparently St.
34:33
Fx's, invest in best trade ideas, earned fees for creating
34:37
single trade fund St. FX is a defy Marketplace for
34:42
turning trade ideas into investable Vault.
34:46
Okay, whatever? Anyways, the fail is this.
34:50
And I don't mean to pick on anyone.
34:51
This is more to make a point. So we got this, this comment
34:56
right here, simp, influencer X, and he goes, wasn't Brad.
35:00
Mills last seen banishing, people from the Bitcoin
35:02
Community for failing. His purity test money taught.
35:06
So he's right here. Brad Mills, has one of the seed
35:10
round investors? And then, of course, I'm a goo
35:13
is just starting all kinds of chaos on Twitter, he tags him.
35:17
And this is where the field goes and does.
35:19
This is where I think the Russian.
35:20
We will have lead so he goes I've never been secretive about
35:24
my strategy and Magoo goes, what strategy is that and he goes two
35:28
prong strategy, one investing in but never promoting.
35:32
Crypto companies should coin companies as a Bitcoin Maxi on
35:35
the cap, table to align them with Bitcoin layers and to
35:40
extracting value from the shit coin bubble, like Robin Hood,
35:42
and deploying it to bitcoin only companies.
35:46
And then we got this guy responding Hayes.
35:48
Fi the hypocrisy of Bitcoin Maxis.
35:51
I buy shit coins to make money to buy Bitcoin.
35:54
Then proceeds to criticize others that do the same.
35:57
All day long, Brad Mills responds with actually, I said
36:01
that I will take the proceeds and deploy to Hell.
36:03
Bitcoin Hayes response. I know what you said, and you
36:07
just repeated it again, you will dump on retail to buy /, build
36:10
for BTC. Look mate, I don't criticize the
36:13
practice, it's business, it's just hypocrisy to call out shit
36:16
Corners all day and be as shit Corner yourself and he Responds.
36:20
Again, you said again by BTC, I'm not buying BTC with any
36:25
proceeds. I'll be paying my taxes, then
36:27
using any profits to support Bitcoin development and people
36:31
building, Bitcoin Tech, it's not hypocritical at all.
36:34
I don't promote this stuff. I have an issue with promoting
36:36
it and then Hayes respond with. By the very fact.
36:40
Your name is it in this list, it might give this project a sense
36:43
of legitimacy that is a promotion in itself.
36:46
So you are, in fact, promoting it.
36:47
Even if you tell yourself, you aren't reality, doesn't Change.
36:50
According to the opinion, you have about what you are doing.
36:53
Also doesn't matter what you do with the money, the money you
36:56
will be using to support Bitcoin tag will be coming out mostly
36:59
from unaware retail, that will ape into this next cycle.
37:03
We know how this works and therefore, you are doing exactly
37:06
what you tell yourself to be against.
37:08
This is there for the exact definition of hypocrisy.
37:11
You can do all mental gymnastics, you want maybe to
37:13
feel better about yourself, whatever it is.
37:15
The reason some people do that because they can't accept the
37:18
reasons why they do certain actions.
37:20
It's just a form of escape and he responds, I think it's pretty
37:24
dumb. Did not take as much value from
37:25
crypto VC's in crypto, Traders and redistribute it to bitcoin.
37:29
I'm balancing the scales and Uncle Jim responds.
37:33
My scales are lopsided. Please help.
37:36
Okay guys well this comment reminded me of a tweet by my
37:41
buddy all ye Dieter Bob. And since he's gotten so many,
37:45
nuked accounts I couldn't find the actual tweet but it was
37:49
back. The idea of I will not be
37:53
trading shit coined or even putting liquidity into shit
37:56
coins because I am putting liquidity into scams and I'm
38:00
Wrecking retail on the back end. Now guys, we can discuss on all
38:06
you know the business aspects of this.
38:08
But is this a fail? Because personally I would
38:12
consider it a fail for someone to on the one hand, have a
38:16
purity test on being a Bitcoin Maxi, and on the other hand,
38:20
Providing liquidity for these scams and then of course, doing
38:24
the noble thing of taking that money to bitcoin development,
38:28
Nico. I see you shaking your head.
38:30
What are your thoughts? It's tough dude, because
38:32
sometimes you gotta raise money, you know?
38:36
But at the same time like for Brad I would definitely consider
38:40
that a fail because he definitely positions himself,
38:45
you know, as a Bitcoin purest. And dude, look, I'm a Tearing at
38:50
heart, you gotta do what you gotta do.
38:52
You know, we on this show we've never like, said, look, this is
38:57
what you got to do with your money.
38:58
We tell you why. Bitcoin is the only true
39:00
cryptocurrency, why? It's the only store of value.
39:03
We make a good argument as to why we believe that shit coins
39:06
are a scam, right? But I mean at the end of the day
39:11
it's your fucking choice to do what you want with your money.
39:13
I just, I think it's shitty taking advantage of shit coins
39:16
because at the end of the day, you are dumping on retail.
39:20
That's something that I chose not to do in my personal life.
39:24
I have invested in Bitcoin companies, only Bitcoin
39:28
companies, I think I wouldn't be able to do the show.
39:31
If I was investing in shit, coin companies, write it would be
39:33
kind of hypocritical of me so, but again, that's a personal
39:37
choice. That's, that's what I do.
39:39
Personally Opti, I know that you feel the same way, but again,
39:43
I'm also, you know, not heading a, you know, a
39:46
multimillion-dollar company. I know that some Very
39:50
predominant Bitcoin companies have taken money from people
39:55
that also fund shit coin projects and dude like I'm not
40:00
in their position. I could just answer for myself
40:03
personally. I don't do that.
40:05
I think it's unethical but I, you know, I'm not going to put
40:10
in any words into anybody's mouth.
40:12
That's how I feel about it. Anyways, Kito ask you what to
40:21
do? Yeah, I mean I think there is a
40:25
difference between taking money from people who finance, also
40:29
Chic, when companies and invest in yourself and she's going
40:32
companies and dumping that on the market and using that money
40:35
to fund between companies and yeah, I mean, I definitely for
40:40
him it so it's a fail and I said my personal limited to having
40:43
drinks, paid by sheet Corners authorities.
40:46
Hmm. Well, that Bitcoin is definitely
40:50
by, they don't buy drinks. They buy the bottles, man.
40:53
You have anybody the policies, the big quarters are like nah
40:56
man, I'm not gonna spend my that's when you know what money
40:59
is true. When Money Is It.
41:00
Anyways, Oscar wet to it. This is it.
41:03
This is a tough one man for Brad.
41:05
All know for Brad. It's not because for Brad,
41:07
that's a fail because he definitely markets himself as a
41:12
purist. But for that company, raising
41:15
money. As out of fail.
41:19
Ask what to do? No, I know.
41:21
I don't know that guy. So, you know, I can't comment on
41:24
him but like I somehow in the tweet that one of the guys
41:28
asking questions was saying, well okay, I respect a business
41:34
for what it is. Meaning, as long as you get
41:36
money, that's okay. But people forget about morals
41:41
all the time. Yeah.
41:42
It's like, is it right? Or is it wrong?
41:45
Is dumping on retail wrong. Well, then just don't do It you
41:48
know is investing in projects other than what we're interested
41:52
in fine. Malik.
41:53
Elia you know, that's not morally wrong.
41:56
You can invest in whatever you want.
41:58
We might disagree on it. That's fine.
42:01
It's just like pretending to to find Value where you don't
42:06
really find Value. You just think you're going to
42:08
make a quick Buck. It's just dirty, it's not
42:11
business, it's immoral, I agree. And that's yeah, no, I agree
42:15
with that 100% but Right with the part where I don't know, I'm
42:19
not in those shoes. What if you're in?
42:22
What if you're taking money from a, from a company that also
42:27
invests in shit? Going companies?
42:29
Is that a moral I don't think money itself has any morality,
42:36
you know it's like the dollar doesn't have a morality if not
42:39
man it's really bad and you could say the same of all other
42:42
currencies you know, it's like Like a, you know, the whole
42:48
debate like is that gun responsible for killing people?
42:52
The gun doesn't really kill unless someone shoots it, you
42:55
know? So I think money is neutral and
42:59
I think Bitcoin is neutral. So taking money, it's like what
43:04
type of relationship you want with people.
43:06
If you know, their scammers been, don't take the money if
43:10
you know, it's not the money, the problem, it's the way people
43:14
behave and your Willingness to accept things that you shouldn't
43:18
just because you might gain from it.
43:20
Yeah, absolutely. I know key.
43:22
Do you wanted to chime in on that?
43:24
What are your thoughts? Yeah, I mean it's also very hard
43:27
to find companies that only invest in different formats.
43:29
We our investor is one but for maybe like one or two other ones
43:34
and and all the others, have a piece on participation in some
43:38
sheet, Colonel talking project any and some people just accept
43:43
a 16-0 as an investor level. Yeah, but they're demons.
43:49
That's totally that. That's a whole other level of
43:51
that. That is literally accepting
43:53
Blood Money, a 16z knocked on the door.
43:56
Say hey, I got here like I know where that came from, you know?
44:00
So yeah, I think you're right. I think it's definitely a case
44:05
on case approach, but definitely as an individual and what we're
44:08
for on the show is about, you know, individual personal
44:11
responsibility. I definitely think it's able to
44:14
invest in a shit Coin Company. Or shit coins trying to grow
44:18
your Bitcoins that because at the end of the day, the loser in
44:21
that isn't as is someone on retail that doesn't know exactly
44:25
what they're buying or they think they're buying the
44:28
equivalent of Bitcoin because of the unit bias because of how
44:32
strong the unit biases. So yeah.
44:34
Anyways Opti. Is that it?
44:38
Yeah, that's it for today. Well yeah, yeah, that's it for
44:40
today. Alright, Opti it's time for the
44:43
daily meme review brought to you by Citadel 21st best Bitcoin
44:47
cultural Zine Savage. Pleb signal here, Bitcoin Comics
44:53
articles artwork, it's awesome. This is artwork for volume 10.
44:56
Is that work for volume 2 and this is artwork for volume 11,
45:00
volume to some will sold out because there's only 1000
45:03
physical copies made per volume that you're Prince of Sedona 21
45:06
today before they were now. Alright guys, I am here to do
45:11
the meme review, first off, we got our Boyardee Bitcoin, let me
45:15
see. How do we make this move?
45:19
It's a gift, but it's not working.
45:21
But anyways, Rd goes. We loving it.
45:24
And it's, this girl crying, and he goes shit corners.
45:27
Getting wrecked in the bear market and this is supposed to
45:30
be a gift. It's supposed to be him dancing
45:33
in the background and it goes Bitcoin toddler and and DCA.
45:36
And unfortunately, the gift didn't show up, Rd, good work,
45:40
good work. Next one from at best Bitcoin
45:43
meme, it's got the Star Trek format here and we go on the
45:48
top. And it's basically, a knockoff
45:50
of the Drake meme. And it goes saying Bitcoin waste
45:53
energy because you only look at the cost and then you point at
45:57
knowing Bitcoin, uses energy, because you look at the value,
46:00
it provides to the billions, around the world without a bank
46:04
account. Yes, exactly.
46:06
Exactly. And again, shout out to a rope
46:09
rope. You've been killing it, bro.
46:11
I see you. So, and of course, this is, this
46:14
is a meme that me and me and my boy, Nick Camp.
46:16
Mine are huge fans of Bitcoiners are built different so we got
46:21
the NPC's with the crying face and the happy mask over and it
46:25
goes shit Corners, bro. Luna 3.0 is will be lit.
46:29
And then this guy crying, I got liquid it again and then plebs
46:34
fight me. Bro.
46:35
Let's fucking go bitcoiners built different okay?
46:39
Next one since we had coinbase in the news, I thought this one
46:43
was going to be very fitting. Shout out this at WISE and he
46:46
goes at coinbase be like I don't know what a security is and at
46:51
this point I'm too afraid to ask.
46:53
Yes, yes, if you know this show you know the vibe I forget what
46:58
is this? Anyways, I'm blanking on what
47:02
the show name is. We're going to keep it moving.
47:04
Next one is by at my buddy at don't sell and he goes again
47:10
back to the meme, the buff Pepe template reasons to live.
47:16
Your Bitcoin friends with the smile and a twinkle in his eye.
47:21
Yes, this is the reasons to live and then and Hans, I had to put
47:27
this one in guys because if you've been around for a while,
47:32
if you are around in 2017, you saw people go from maximalist to
47:37
shit Corner really quick. And this is a throwback.
47:41
And when this came out guys, it was absolutely hilarious but now
47:46
You got an addition to the meme. So we got on Hans saying, his
47:50
star will continue to rise and we have the famous, Kevin fam,
47:55
doing kicks on the roof meme with Nick, Carter's face over
48:00
it. This is Nick Carter his star
48:03
will continue to rise, be scared.
48:10
That's the homie. It's ridiculous.
48:12
I know, I know there's no, there's no climax to it, guys.
48:16
It's just ridiculous. Anyways, anyways, good laugh.
48:20
Great memes. Guys, I am going to give it this
48:25
Kershaw switchblade that I found highly recommend this knife
48:31
guys. I don't know how much it costs
48:32
but I found it and it's a great utility knife.
48:36
Very, very good. Dude, first of all, why why the
48:42
F would you record yourself? Doing, they weren't even that
48:45
good of kicks, like the form wasn't that great?
48:49
Like if the form was great, okay, record yourself, put it on
48:53
YouTube, go for it. But it was it was average for
49:00
anyways his star will continue to rise.
49:03
I'm going to give it this journal entry in this suspicious
49:09
black Journal. and it says, Buy Bitcoin.
49:17
Yeah, that's what I could give those.
49:18
Did you scribble that before the show to get my, I totally
49:22
totally dead. And I have no shame.
49:25
Just like those kicks were average.
49:27
So was this score? And I don't care Kito, what
49:30
would you give those memes? I'm giving them my brand-new
49:34
flipper zero but they just received last week.
49:38
The very go hacking tool. Okay, flipper 0, it looks.
49:42
I feel like you, like, you like it a lot, don't you?
49:45
I do guitar. Ask you where to, what would you
49:49
give those memes price tag from a pair of pants that you thought
49:55
that is the best score of the meme review.
49:58
Anyways, guys, we want to know if you agree with the scores,
50:01
you disagree, let us know down in the comment section, right?
50:05
The memes. Make sure to join our awesome.
50:08
Group. It's a party in there, you could
50:10
link us the Bitcoin memes to review so we can review them on
50:13
the mean review. It's absolutely free literally
50:15
takes to Second. And of course, make sure to
50:17
subscribe to us alternative video platforms like Rumble.com
50:19
and a personal favorite Bitcoin tv.com.
50:23
Anyways, Opti it's time for know, there was an open know,
50:27
there's a website by please. Why don't you show everybody
50:29
website by plebe, brought to you by Cipher safe?
50:33
Don't be that person. That's stores their seed on
50:36
paper. That's it sucks paper.
50:39
You have flooded. Get wet.
50:41
Turn on fire. Your dog or your cat.
50:45
Or a T-Rex dinosaur could eat that paper.
50:48
You don't want that, you want to store your seed on metal and
50:52
there's no other better place to do it.
50:54
Then the Cipher wheel or the cipher Grid, it's metal, its pet
50:58
proof, it's waterproof, it's fireproof.
51:00
Visit Cipher safe dot IO. All right guys, I'm taking a
51:04
little different angle here than usual because I got a plug Becca
51:10
right now on her Bitcoin, Twitter weekly gossip on
51:15
Twitter. So she's been killing these
51:19
covers, these meme troll covers, but she does have a website to
51:24
them and you could see her. She is still meaning of maiming
51:28
us to death, but we know what's going on.
51:31
It's yellows three rules to the bear, markets, tax, ATS, fight
51:36
and tweet about building. So go follow at BT weekly gossip
51:41
on Twitter and check out Becca's website.
51:44
Right? She needs to get an actual
51:46
website. So, Becca, I know you're
51:48
listening. I know you're watching this show
51:50
so when real domain, keep it up, Becca.
51:54
Hold on, hold on. I got it.
51:56
I got it for you, Becca. Anyways, guys, make sure you
52:02
check us out on anchor, Spotify and Felton for the value for
52:07
Value content because we are everywhere.
52:10
Support the show in audio form back to you Niko.
52:13
Awesome. Thanks.
52:14
T, Optimus a second best. There is no second best,
52:19
exactly. Anyways, guys, make sure to
52:21
check simply Bitcoins blog www.simpleandsensational.com
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use, make sure to check our awesome clothing clothing
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sponsor, often, I wear hoodies, Every Single Day.
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Visit w-w-w dot represent LTD.com.
52:45
I also want to give a very special shout out.
52:48
Now to our awesome. Guess you can go give keto a
52:52
follow at keto minor and of course ask you wet to.
52:57
You can get give him a follow at.
52:59
I asked her wet. Oh and of course, these are the
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nodal guys V, best Bitcoin notes.
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Visit not all dot-eu, they're accepting credit card now.
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There's literally absolutely no excuse, if your digital moment
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Nomad. They got you, they got not.
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Oh, Cloud, definitely go check it out, guys.
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I was our show if you enjoyed the show new, you know what to
53:20
do? Smash that course.
53:22
You want to continue hearing the Bitcoin.
53:23
Use catastrophic fails by the shit, coiner Central Bankers
53:27
governments, the memes, the Bitcoin culture, that Opti
53:31
brings. Definitely consider subscribing
53:33
to Simply Bitcoin and we'll see you tomorrow guys, for a brand
53:35
new episode.