Latest / Simply Bitcoin / The Bitcoin Ban Most People Won't Notice | EP 504

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The Bitcoin Ban Most People Won't Notice | EP 504 · Simply Bitcoin

0:04
Paloma simply Bitcoin where we talk about the Bitcoin.
0:06
Use culture, meme reviews fails, everything, the special distant,
0:11
Phil is still setting up so co-hosting with me today is
0:16
Bitcoin Kinder, heart Garden. The legendary Optimus fields to
0:20
just join simply Bitcoin and wanna kiss.
0:23
Who does the memes for simply Bitcoin?
0:26
This would be very special. Phil gets back tomorrow and
0:29
we'll get back. Back to the usual episodes this
0:31
week. We have an awesome guest lineup
0:34
tomorrow we have the legendary Ben from BTC sessions.
0:38
Anyways, Opti, it's time for the Numbers number turn brought to
0:42
you by not old. They make some of the best
0:44
Bitcoin notes like the Donald Dojo, it's in red.
0:48
That means it's faster. Run your own version of Bitcoin
0:50
core and the lightning Network, all in the comfort of your own
0:53
home ever. Guys, if you don't run your own
0:55
Bitcoin node, you're trusting someone else's, that's a big
0:58
No-No for privacy. Get yourself a novel today at
1:02
the time of this recording the Bitcoin.
1:04
Price is at twenty seven thousand and ten dollars SATs
1:08
per dollar also known as Moscow, time 3702.
1:14
The market cap 515 billion. It's so small this Bitcoins at a
1:20
discount right now held in corporate treasuries 1 million
1:24
six hundred and sixty thousand sixty thousand Bitcoin block.
1:29
Kite 704 740,000 541 total lightning network capacity Going
1:38
Up 3 1996 Bitcoin the amount of reachable Bitcoin nodes that
1:46
number went down a little bit. It was at 16k last week we're at
1:49
fifteen thousand five hundred and eighty-one.
1:53
The numbers Bitcoin took a little bit of a tumble, which
1:56
means cheaper SATs for you, and if you follow what we The Kate
2:00
on this show, don't trade what the what Odell always says.
2:05
Stay humble Stacks at dollar cost, average into Bitcoin, use
2:10
Bitcoin as a savings vehicle because that's what it really
2:13
is. Anyways, Opti you are hosting
2:17
the numbers today, bro. What do you have for us?
2:21
All right, guys. Well, I am back.
2:23
It's Monday and I'm here for the numbers before I go though.
2:27
Clark Moody you need to update that.
2:29
Coin or lightning total Channel capacity.
2:32
It's above 4,000. We are over 4,000.
2:36
Anyways Nico stop sharing, I think I think he's using a
2:40
different API. That's probably.
2:42
Yes. Most of the other ones are
2:44
saying already 4000, I will if it's 4,000 that means we have
2:49
the lightning effect. Well, we'll save that for Phil
2:52
tomorrow. I like to make it come out of
2:54
his ears. Anyways.
2:55
What do you have today for us? Opti?
2:58
What do you have? What do you have?
2:59
What do you have? What do you have?
3:01
There you go guys. So of course, of course guys, if
3:04
you have not been living under a rock, you have found out this
3:10
week that the May inflation rate is the highest it has been in a
3:14
year since last year at 8.6%. This is the highest as you can
3:19
see right here since December 1981, guys.
3:23
So as we've been telling you guys on the show for a while,
3:26
the powers that be cannot hide the fact that inflation Is
3:31
decimating the world and if this is the price or the ratio that
3:35
they're giving, you just know that it's a lot higher than
3:38
this, but that's not why we're here.
3:40
I think this is super important because Nico hit me to this
3:44
tweet by Tour de Meester. And I'm going to play this video
3:47
for you guys and if you see what it says here, this is a segment
3:50
of Milton Friedman. Free to choose aired in 1980
3:54
when Dollar inflation was at 13.5%.
3:56
So reminder, we have the highest inflation since It's December
4:01
1981. So, one year after this is
4:03
filmed and as we always say, history doesn't rhyme but it
4:07
repeats. So watch, Mountain Friedman,
4:09
explain what inflation is and then we will bring you up to
4:12
speed into the future. So here we go for one minute.
4:20
The reason we have inflation in the United States or for that
4:23
matter, anywhere in the world is because these pieces of paper
4:28
and the accompanying book entry for their counterparts.
4:31
In other nations are growing more rapidly than the quantity
4:34
of goods and services produced The truth is inflation, is made
4:40
in one place and one place only here in Washington.
4:44
This is the only place where there are precious like this to
4:47
turn out these pieces of paper we call money.
4:50
This is a place where the power resides to determine how rapidly
4:54
the amount of money shall increase.
5:17
What happened to all that noise? That's what would happen to
5:21
inflation. If we stopped letting the amount
5:24
of money grow, so rapidly. There is no way.
5:27
The government would allow anybody to go into a facility
5:32
and do that today. But yeah, it's really important
5:38
to remember what he says, because we are being gas-lit to
5:42
such crazy levels nowaday nowadays.
5:47
The President held a press conference about and taking
5:50
control inflation last week and he was at the Los Angeles docks
5:55
and he blamed Trump supporters. He blamed Putin, he blamed
6:01
everything, put the politics aside.
6:04
You know, you guys know the drill were a political on this
6:06
channel. Ed Trump would have done the
6:09
same if he was in office, by the way.
6:11
But the point is that the President Joe Biden, blamed
6:15
everybody else, But the government because the
6:18
government is the only one that has the capacity and the legal
6:23
authority to print more money, right?
6:26
So you print more money, you add more money to the money supply
6:29
and makes everyone's else. Money is worthless but they
6:31
would like you to believe that. It's not their fault, it's 100%
6:35
their fault, which is what Milton Friedman, so beautifully,
6:38
put and I don't think they would allow him into a money printing
6:41
facility to make the same argument today.
6:44
It has to be the Has to be the, the, the, the, the intellectual
6:52
dark web the internet, right? So that you can kind of get this
6:55
truth out. Like it's so ridiculous.
6:58
Anyways Opti, what is the next video?
7:01
Well I'm glad that's exactly what you said, Nico.
7:04
Because as I said before, that episode history doesn't repeat
7:09
it Rhymes. So if we go back a moment, we
7:11
saw inflation is a highest since December 1981 this video of
7:16
inflation by Milton Friedman in 1980 and let's go to the present
7:21
time and see what politicians are saying about how inflation
7:24
is happening and what are those causes.
7:27
So again here's the video guys just so we can get it on the
7:29
record and we'll show you what we're talking about.
7:32
I really doubt that we're going to see an inflationary cycle
7:37
most economic Allen analysts believe that it will have a
7:39
temporary a transitory impact faster than expected increase.
7:43
In some of those prices is actually a good sign,
7:45
overwhelming consensus is going to pop up.
7:47
Bit and then go back down. No one's talking about this,
7:51
great. Great thing.
7:52
You know, this is something that will settle down transitory and
7:57
sometimes, the data shows that most of the price increases,
8:01
we've seen our were expected and expected to be temporary.
8:05
It was nobody's suggesting the time circulation on the way.
8:08
It's are highly unlikely that's going to be long-term.
8:11
Inflation is going to get out of hand.
8:13
I don't know anybody who's worried about inflation over the
8:16
last. Last couple of months, we
8:19
actually saw it. Trended downward President
8:21
Biden's Chief of Staff, Ron, klain enthusiastically retweeted
8:24
an economist who had said in part.
8:26
Most of the economic problems were facing inflation.
8:28
Supply chains, Etc are high-class problem.
8:32
What is the grand home plan to increase oil production in
8:36
America? Okay, pause it, pause it.
8:40
There it has to do with that has to do with oil.
8:42
We're not going to get into a world where and I didn't want to
8:45
play the whole thing, but the very end there.
8:47
Just clips of them, blaming inflation on supply chain issues
8:51
and the quote-unquote Putin, price hike.
8:54
So guys, I played those videos just to get it on record that
8:57
guy's history. Doesn't repeat.
8:59
It Rhymes. So look, we have the highest
9:01
inflation. We've had since 1980s.
9:03
We have one of the greatest renowned Economist telling you,
9:06
the exact reason for inflation is because government current
9:10
money and that any government will use any other excuse then.
9:14
But admit that the reason there is inflation it because they Are
9:17
printing money and here we have it on record.
9:20
Your government officials. Your unelected officials telling
9:23
you exactly that same narrative that is not because they printed
9:27
money. It is because of all these other
9:29
reasons like the supply chain issues, pandemic, sorry Nica or
9:34
The Poon price hike guys. We're saying all that just to
9:37
show you guys on record, the receipts that guy's numbers are
9:42
out of control and they can't hide it anymore.
9:44
And we know the real reason it's because they're printing money
9:46
up scene. Or they did print money
9:48
obscenely and there is no papering the Ponzi anyways,
9:51
Nico. Some more thoughts, dude,
9:53
beautifully, beautifully sad, man.
9:55
I look the gas lighting, the gas lighting.
9:59
Okay, look, Biden. I give a pass psaki.
10:02
I give a pass, they're bureaucrats okay, but Janet
10:05
Yellen Janet Yellen, she knows damn, well that if you print a
10:10
lot of money, there will be inflation.
10:12
She was a head of the Federal Reserve, right?
10:15
So they're straight up lying to you.
10:17
And this goes back to one of the things that so she said right
10:22
the I think it was in the white paper, one of the Bitcoin Forum
10:26
talk dot org post, where he said that one of the problems with
10:30
Central Banking, zip Central Banking is that you have to
10:32
trust them, not to debase the currency and this is the
10:35
fundamental issue here is that you have to trust the government
10:39
not to print more money but they're human beings, right?
10:43
They're going to follow their own incentives.
10:45
I don't put a lot of blame in them.
10:46
They're just Doing what they think is best, right?
10:50
I don't think it's malicious. I mean some of its malicious of
10:52
course but I don't think a lot like the majority of people who
10:55
work in government or militias. Look let me ask you something,
10:58
I'll pass it on to you guys. If you had an unlimited money
11:03
printer and there was no consequence to you whether you
11:07
printed more money right, what would you do?
11:11
You would print more money obviously, right.
11:14
This is the beauty of Bitcoin, right?
11:16
Is That even if you have tremendous amount of political
11:20
pressure behind you, even if you are the king, the president, the
11:24
leader, the supreme leader, the emperor, it doesn't matter.
11:27
If you want to make more Bitcoin, you have to spend the
11:31
same amount of electricity as everybody else.
11:33
Therefore, there's a cost right to acquire more Bitcoin.
11:38
There is no printing, there's no money, there's no money printer.
11:40
There's no button that you could press, that just going to create
11:44
Bitcoin out of nothing of No cost to you and that's the
11:48
fundamental problem here. So yeah, look if your money is
11:53
not in Bitcoin it's in dollars or the fiat currency in your
11:56
country. And look, this is the United
11:59
States and your country. Your politicians are doing the
12:02
exact same thing which is why all Fiat currencies have
12:05
inflation, they use inflation to pay for themselves but you
12:11
endure the cost. So not only you have to pay
12:13
income tax property tax. You also have to pay.
12:17
The tax of inflation. And if you're not making fifteen
12:20
percent because look, the, the amount that they say, it's 8.6%,
12:24
we all know, it's not 8.6%, it's really like 15-20 percent.
12:27
If you, if you look at the price of food, you look at the cost of
12:30
energy in the last year. You really know that's a lot
12:33
higher than 8.6, right? So the real numbers around 15%,
12:36
right? If your salary isn't 15% of what
12:40
it was last year, you are making less than you were last year and
12:45
it wasn't the pandemic. It wasn't the supply chains.
12:49
It was because your government printed too much money.
12:54
Anyways, why not guess what are your thoughts on this bro?
12:58
Well, I think we know exactly how this is going to play out.
13:03
And I'm sick and tired of all the inflation going up every
13:07
month. Like obviously, it's just going
13:08
to keep going. So wrap this shit up US
13:11
Government like just fucking tank this shit and let Bitcoin
13:15
come in and save the day because we are exactly know that this is
13:18
going to happen and stop making us wait but also yeah Bitcoins
13:23
at 27k it's going to 0. So man.
13:28
It's been a fun ride guys Bitcoins dead.
13:31
Once again when Bitcoin is dead. That is the best time to stack
13:37
that video striking. This is why they want to censor
13:39
the internet, right? This is why this is why you hear
13:41
of Iraq Obama going on. There's so much disinformation
13:45
online. Yeah, because it's inconvenient.
13:48
The fact that people are pointing it out, right?
13:50
And again, this isn't a democratic issue the
13:53
Republicans, when they're in office.
13:54
What do they do? They print more money, right?
13:56
So both parties does Do this. So yeah, Bitcoin really does fix
14:01
this. But only if you choose to opt
14:04
out because no one is going to choose to opt out for you, you
14:07
you? Yeah, you.
14:08
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All right, everybody. If you are new to this channel,
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this will be new to you. But if you've been subscribed to
14:51
this channel, this will not come as a surprise to you.
14:54
Connect this what we were talking about during the
14:57
inflation. Governments.
14:59
Get a lot of their power from the ability to create money out
15:03
of thin air, right there. Able to fund Wars, are able to
15:06
fund social programs that they normally wouldn't be able to
15:09
afford without raising taxes. If they raise too much taxes,
15:12
they start a revolution because people don't want to pay for
15:15
this. So inflation, is this very
15:17
sneaky way. Now the problem for them is
15:20
Bitcoin, Bitcoin is a hindrance to them because if enough people
15:24
opt out of their system, they could print as much Money is
15:28
they want, but if any, if nobody uses it, they can't really get
15:32
away with it. So Bitcoin is a problem to
15:34
government especially governments that have strong
15:37
monetary systems, which is why you have countries like Panama,
15:41
which is countries that you have the, like, the the Central
15:43
African Republic, like the country of El Salvador, that
15:47
don't create their money. Therefore, they don't control
15:50
their monetary policy, which is why they've been some of the
15:53
first countries to adopt something like Bitcoin, right?
15:56
If you don't control your own, And if you don't print your own
15:59
money, you're not incentivised to not try something new
16:02
potentially something that is better, right?
16:05
But in countries like the United States or places like the
16:08
European Union that do benefit from the power of the money
16:12
printer, Bitcoin is a problem to them.
16:15
We've been covering the attacks on bitcoin for very long.
16:18
There's two principal attacks that you got to worry about.
16:21
There's the attack on proof-of-work.
16:23
The attack on mining proof of work is what keeps Bitcoin?
16:28
Incorruptible right. Which is why governments are big
16:31
advocates for something like proof of sake.
16:34
They would like you to believe it's because of the environment,
16:36
they would like you to believe it's because of the planet.
16:39
I'll get to why that is it in a little bit.
16:41
But in reality, What We Believe on simply Bitcoin, it's because
16:44
they can't control it and a proof of stake system.
16:47
If governments capture the stagers right?
16:50
They could Implement an inflationary system or a system
16:54
of which they can control, right?
16:56
So attack number one is the attack.
16:58
Con proof-of-work. Attack number two, which is an
17:01
attack that in my opinion is a little bit more Insidious.
17:04
And it is a in an attack that I think is going to be a little
17:08
bit more successful. It's the attack on self custody
17:12
most people that buy Bitcoin they don't take self custody of
17:16
it, they buy on Robin Hood they're like dude I own two
17:19
hundred dollars worth of bitcoin and that's that.
17:23
But the problem is that if you don't take self custody, are you
17:25
really buying Bitcoin know? Buying paper Bitcoin Robin Hood,
17:30
could tell you that you own $200 of Bitcoin.
17:33
But there's no way for you to actually verify it unless you
17:37
take self custody which is why we advocate for self custody.
17:41
So strongly on the show, self custody is a little bit more
17:44
daunting, right? Because you've been accustomed
17:48
to the bank taking responsibility over the custody
17:52
of your wealth with Bitcoin it's a radically different system in
17:55
my opinion, it's going backwards in a Time where people used to
17:59
hoard their wealth. In my opinion.
18:00
That's a good thing. I think Outsourcing the
18:03
responsibility of the custody of your wealth leads to many bad
18:07
things is that leads to dangerous situations, right?
18:11
If for example, the bank runs and the 1930s right during the
18:14
Great Depression. If people custody their wealth,
18:18
then there wouldn't be a bank run because everyone would be
18:20
holding their money now with Fiat.
18:21
That's very difficult, because think about it fine, if you're
18:24
holding two hundred dollars with the Fiat, it's not that big of a
18:26
problem. But if you're holding Hundred
18:28
thousand dollars with the Fiat. That's a big bag of just cash,
18:32
right? There's security issues to that
18:34
as well, right? So the point is right.
18:38
Is that the self custody aspect is very is a lot easier for
18:42
governments to manipulate and a lot easier for governments to
18:45
ban. Because if you don't know enough
18:48
about Bitcoin from your perspective governments aren't
18:51
really Banning Bitcoin because they don't have to.
18:53
What they can do is they can make it very difficult for you
18:57
to take custody of your Bitcoin and the reasons that they're
19:00
going to use, right? Like the, the episode that we
19:02
did in December like that that South Korean exchange, right?
19:06
Is that they're going to tell you that if you self custody and
19:10
that gives you the ability to send two unknown wallets,
19:14
wallets that don't have kyc. That's the point.
19:17
That's the point right. There system is a system of
19:20
exclusion, right? If you're in Korea, if you're in
19:23
Cuba, or if you're in Africa, right?
19:25
You're cut off from the traditional Financial system,
19:28
You can't use it especially like it for example, if you were in
19:33
in a country that the u.s. deems on bankable like Russia your
19:37
Russian citizen, you're not responsible for what the Russian
19:39
government did of invading Ukraine, but you're still cut
19:43
off from the financial system. What what coin, what system
19:47
could you still use Bitcoin? Right, so they know that, right?
19:52
And that is a reason that they're going to attack it
19:54
again. You don't have to take my word
19:56
for it. That's exactly what happened.
19:58
Check this out. From the treasury govern, the US
20:02
Department of Treasury website themselves.
20:04
This is Wally a day. Yeah, Moe.
20:07
He is the Deputy Secretary of the Treasury and these are his
20:10
remarks at consensus. Anyways, let's check out what he
20:13
has to say. We are working to address the
20:17
unique risks, risks associated with on hosted wallets because
20:21
on hosted wallets are effectively just addresses on a
20:24
blockchain. It could be difficult to
20:26
determine who really owns And controls them.
20:29
That's a feature. Not a bug creating opportunities
20:32
to abuse this heightened and anonymity.
20:34
Fundamentally financial institutions need to know who
20:37
are they transacting and doing business with to make sure they
20:40
are not making payments to criminals sanction, enemies or
20:43
others when it comes to on hosted wallets, we are working
20:47
to provide them. The information, they need to
20:49
avoid facilitating. These kinds of illicit payments.
20:53
Okay? So let's actually look at the
20:55
data, okay? Because they say, A right.
20:59
They talk a lot about these illicit activities, right?
21:02
And I also want you guys to pay attention to the framing that
21:05
they used, right? They use the word on hosted
21:08
wallet. And it's really interesting how
21:11
they use that wording, because to you, if you're reading that,
21:14
it makes you think that that isn't the norm, the norm is a
21:18
hosted wallet, right? Think about the wording that
21:20
they're using, if you're a Bitcoin, ER, you know that
21:24
there's no difference between a hosted Bitcoin address and A nun
21:28
hosted Bitcoin address that is wording.
21:32
That's a narrative that they're trying to use, right anyways.
21:37
So let's look at the data, right?
21:39
Because again he's making it seem like this is a major
21:42
problem, criminals are going to use this, but if you look at the
21:46
data tells a different story, right?
21:48
Only point five percent of the total crypto transactions volume
21:51
is for illicit activities. The growth of the legitimate
21:55
cryptocurrency usage, far, outpaces, the growth for Use
21:58
last year, the illicit activity share of crypto currency
22:01
transaction, volume hit. Its lowest percentage ever a
22:04
recent report by Chain analysis has revealed that the legitimate
22:07
usage of cryptocurrencies far, outweighs their illegal use the
22:10
report pointed out that only point one, five percent of the
22:14
total crypto currency, transaction Volume last year was
22:16
for illicit activities. Chain analysis said that the
22:19
total transaction volume grew to Fifteen point, eight trillion.
22:22
And 2021 up, five hundred and sixty-seven percent from 2020s.
22:27
Total. The point one, five, fifteen
22:30
point one, five percent recorded last year was the lowest ever in
22:34
2019? The figure stood at 3.3 percent
22:38
while in 2020? It was .62.
22:41
The reduction in the percentage of illicit transactions comes
22:44
despite the crypto currency Market experiencing massive
22:48
adoption. Last year, chain analysis at.
22:51
This figure said, the figure could rise as it continues to
22:54
identify more addresses associated with illicit
22:56
activity, for instance, 2020s initial figure was point three,
23:00
four percent, but it was later revised up to upwards Point. 62
23:04
percent after discovering more, Alyssa transactions, during its
23:08
research. So again, And if you compare
23:12
that to Fiat money, the Fiat money number is around three
23:16
percent. So it looks like crypto Bitcoin,
23:20
the thing that they're attacking so hard, right?
23:24
The right to self custody the right to custody, your wealth is
23:28
not really being used for the things, they say there's being
23:32
used and then of course you have Elizabeth Warren, pouncing on
23:35
the Russia narrative. She took advantage of that we
23:37
covered this on this episode, right?
23:40
She took advantage of, you know, the the conflict in Ukraine and
23:44
how the narrative was being sold to the public that Bitcoin.
23:47
And cryptocurrencies could be used by people to circumvent
23:51
Russian sanctions. But there's no evidence to point
23:54
that. So if there's no evidence of
23:57
increasing criminal activity, it's actually lower and the
24:01
criminal activity is actually higher and Fiat.
24:04
You have to ask yourself, why are they still pressuring so
24:07
hard? Why are they so hell-bent on?
24:10
On attacking it. Well, the answer is simple,
24:12
right? Because they cannot control it.
24:15
If they can't control it, they can't debase the currency, which
24:19
they do with Fiat. So again, this all has to do
24:23
with power and control Bitcoin is something that they can't
24:26
control. Therefore, they must use any
24:29
narrative possible, whether that is bad for the climate it's used
24:33
for criminal activity, to try to attack it.
24:36
Now, here's the thing. In the latest lummis, Bill to
24:40
Her credit and the crypto bill which we covered all last week
24:43
Opti and I did she introduce legislation that would actually
24:47
protect the right to self custody.
24:50
So why would she be introducing legislation?
24:53
That would protect someone's right to self custody because
24:56
clearly she's worried that if the government gets into a
25:00
pickle they might do exactly what they did back in the 1930s,
25:04
where FDR made it illegal for u.s. citizens to own gold,
25:09
right? So why what makes you think that
25:11
it wouldn't be different with Bitcoin if this legislation
25:14
passes it would actually protect the ability for u.s. citizens to
25:19
take self custody which is even crazier.
25:21
Right? If you think about how crazy,
25:23
the 61 or to order was it's illegal for you to own a
25:27
naturally occurring metal, it's illegal for you to own numbers
25:34
or private key because that's really what it is numbers and
25:37
letters it. That that's what that's a trend
25:39
that's the type of Commit, they're saying will numbers
25:43
hurt. You now has nothing to do with
25:45
that. It has to do with the fact that
25:47
Bitcoin is a threat to the current nation state model
25:51
because a lot of the power that they get comes from their
25:55
ability to manipulate monetary policy and their ability to
25:59
control people through money of which they print and they
26:03
control Bitcoins a threat to that.
26:05
It's a parallel system, it's a peer-to-peer system.
26:09
So anyways, He's opting. What are your thoughts on this?
26:12
Take self custody guys, you don't want to be on the other
26:15
side of this. Where let's say God forbid, the
26:18
US government makes it illegal for u.s. citizens to own gold.
26:21
I mean, sorry for US citizen to own Bitcoin and you don't have
26:25
your keys. That's a very that's very, very,
26:27
very bad news for you. Anyways, Opti, what are your
26:31
thoughts on this brother? Well man, the framing guys, the
26:35
framing like what even is a nun. Hosted wallet guys.
26:39
Jesus Christ. Framing is absolutely bananas
26:43
but as Nico saying you if you know what they're doing and you
26:46
know, the game plan, then you can see exactly where their
26:48
attack is coming from. And you know, when Nico's
26:52
talking the framing I see from from these politicians from you
26:56
know the powers that be is that everyone is a criminal for not
27:00
wanting to be a slave. So guys this is what they think
27:04
of you they're scared and We Know It And they know that we
27:08
know it and it's just the name of the Game.
27:10
It's like it's a game of chicken and we just gotta figure out who
27:14
is the best marketer of the truth which is obviously Bitcoin
27:19
memers because they don't have the truth on their side.
27:21
So guys they can continue to try to frame us as criminals for
27:25
taking back, our personal sovereignty that somehow God who
27:29
served from us. And if that makes us a criminal,
27:31
then so be it. But we know what time it is.
27:33
We know what we're doing here. We are taking back this Freedom
27:36
that they stole from us slowly and it's terrifying them.
27:40
They're literally scared little chickens trying to figure out
27:43
what's going on. But here we are.
27:46
We're winning, and it's very obvious.
27:48
Once you see it. Yep.
27:49
And take self custody. Hopefully, this love must bill
27:52
passes. I don't know about that.
27:54
And that will, at least put it on paper that American citizens
27:59
at least in Europe is a whole other caught in Europe there and
28:02
Lithuania. For example, they basically
28:05
passed a law, making it illegal to take self custody, but at
28:08
least in the u.s. it looks I'm a little bit optimistic, right?
28:12
Shout out to the Bitcoin Senators.
28:14
Senator Cynthia lummis. Anyways, why not kiss?
28:17
What are your thoughts on this, bro?
28:19
I mean you are living the decentralised homelessness life.
28:22
So this the all this this noise doesn't really apply to you.
28:26
It's signal to us. But to Someone Like You not so
28:29
much. Yeah.
28:31
I mean Honey. Badger Don't Care, right?
28:33
Like a nun, hosted wallet. At the end of the day, is you
28:35
flipping a coin? What does it 256 times?
28:38
So I don't know, it's just a matter of them trying to create
28:42
the vocabulary for this new idea that people have yet to
28:46
understand. And I think I'm on hosted wall.
28:49
All it is for people that have fun hosted thoughts and actions.
28:53
So just make sure that you don't let these people tell you what
28:57
to do or think. And also going To that whole
29:01
like illicit activity thing with point one, five percent.
29:04
I don't know how they're exactly measuring that.
29:07
So I don't know what they quantify as a illicit activity,
29:12
or any of those things, but it seems like it's all another kind
29:16
of like BS idea. Where, who knows what type of
29:20
illicit activities happening with dollars, right?
29:23
Like, I don't know. How do they measure somebody's
29:25
going to buy some like drugs on the street if that's considered
29:28
no, listen II, think it's so chic.
29:30
So chain analysis is actually pretty good at what they do so
29:33
but a bit there's it's actually what you said wanna kiss, right,
29:37
chain analysis actually gives because of how Bitcoin is
29:40
architectured Architects and open blockchain.
29:43
You could actually just take a look at the transaction so I
29:47
think it's a lot easier to audit compared to Fiat.
29:50
We're like cash, right? So, if governments really can
29:53
were concerned about the traceability aspect of it, they
29:57
should be advocating for Bitcoin, not fighting against
30:00
it. My point is they determine what
30:02
solicit to begin with anyway, so it shouldn't really even matter,
30:06
and I don't know when you look up like, the biggest fraud,
30:10
cases in history and money laundering cases.
30:13
It's these Banks, like, HSBC. And all these other guys who are
30:17
doing illicit things out of the way bigger scale.
30:20
I mean, inflation is the biggest illicit activity that can
30:23
possibly exist. So you could say that majority
30:27
of the u.s. dollar activity is through illicit activity.
30:30
So, So like I don't know, it's all just BS and it's a matter of
30:33
framing the narrative in a certain way, like Optimus said,
30:37
trying to create terminology and you really have to be able to
30:41
have the right signal to determine what's the truth.
30:44
I'm not. And with time you figure it out
30:46
but yeah, these people are just liars and just flip a coin 256
30:50
times and you're part of the Bitcoin Network, pretty much.
30:54
Absolutely. But yeah dude, it's total total
30:57
BS but anyways, let's check this out.
31:00
So I said at the beginning, right?
31:03
There's two main attacks right there is the it's the, the
31:06
attack on the right to self custody, which we are going to
31:09
stay on top of. So you guys know what's
31:11
happening, right? And then the then the attack on
31:16
proof-of-work, mining the attack on proof-of-work mining and my
31:19
opinion is something that we're going to win because the
31:22
incentives are way too powerful, the self custody aspect, I think
31:25
that they could, it's a lot easier for them to manipulate
31:28
because a lot of people right? Don't take self custody there
31:32
Bitcoin, they leave it on coinbase, they leave it on Robin
31:34
Hood, right? So I think the proof of work.
31:37
Ask the attack is is ridiculous, but it doesn't mean they're not
31:40
going to try, right? So in the latest of this attack,
31:43
right? We have the world economic
31:45
Forum. We have New York State.
31:47
We have left wing parties in Europe.
31:51
We have a left-wing party in Norway Communist Party of
31:53
Norway. They also try to ban
31:57
proof-of-work mining. Now this is funny because Is
32:01
like the horse and buggy people trying to ban cars right or
32:06
trying to bat band Castle lean because it's so ridiculous.
32:09
Swedish Central Bank says Bitcoin mining should be banned.
32:12
Like of course it makes you. It makes you irrelevant.
32:16
Why wouldn't you say that the oldest Central Bank in the
32:20
world, the Swedish Central Bank published a report saying that
32:23
the energy intensive Bitcoin and cryptocurrency Mining should be
32:26
prohibited, also known as wrist Bank.
32:29
The Swedish Central Bank in the report, Titled cryptocurrencies
32:32
and their impact on financial stability.
32:34
Wow, I want to write a report that says Fiat and its impact on
32:38
financial stability, but they're not going to publish that Booth.
32:41
Were criticized crypto mining, according to the reports and
32:44
extraction of cryptocurrencies recently set up in Northern
32:48
Sweden, consumes energy equivalent.
32:49
So that consumed by twenty two hundred thousand households, on
32:52
an annual basis. Now again, that is bad framing
32:56
that is framing let me explain to you why this is framing.
32:59
Okay. So, Electricity doesn't work
33:04
that way, like electricity isn't just made and then it can be
33:08
transported anywhere around the world, like that's not how it
33:11
works. And the reason that it's a
33:13
northern Sweden is because it's an isolated energy pocket
33:17
because it's an isolated energy pocket.
33:19
It's too expensive to transport over long distances.
33:24
In fact, you lose energy if you transport over L'Occitane slow
33:27
over long distances. If you transport over wires over
33:30
a certain amount Mi that starts to lose the percentage of
33:34
electricity to get to the other side.
33:36
Okay, so number one, it's not, there's no good effective way of
33:40
storing Battery Technology isn't there, right?
33:43
So what happens, you have to use it on site, which is why we call
33:47
it stranded energy Pockets, or stranded energy.
33:51
So if you have to use it on site basic supply and demand, right?
33:56
If there's a lot of Supply but there's little demand prices are
34:00
going to be low. Which is what incentivizes
34:03
Bitcoin miners. If you're if you live in a big
34:05
city and there's a big energy producing thing next to you
34:10
prices are going to be high. There's a lot of Demands but
34:14
there's not that much supply of private electricity prices are
34:16
high. It doesn't make sense for you to
34:19
mine Bitcoin there because you're going to be priced out by
34:22
a Bitcoin miner that has cheaper electricity than you do.
34:26
So again, framing, right? It's the same framing that they
34:29
used with this BS. Posted wallets.
34:32
They're using framing here when they use 200,000 households on
34:37
in debate. It's not getting into the Nuance
34:39
of it now. Shout out to Newt according to
34:43
Newts van home. He's came on the show author of
34:46
infinity divided by 21 million. The central bank has no right to
34:50
instruct people on how they should or shouldn't utilize
34:53
their electricity. Fine home further argues that if
34:56
the government was really concerned about the environment,
34:59
it should halt all operations forever.
35:01
Oh morning, shout out Newt anyways.
35:04
Moving on. So really interesting because if
35:07
they can't ban proof of work out, right?
35:10
What some politicians have figured out is that we could
35:13
just tax them and this is exactly what they're doing and
35:17
Washington state. Washington state is a very
35:20
popular Bitcoin, mining Center or state.
35:23
Because again, there's isolated energy pocket specifically, they
35:27
come from renewable energy but it doesn't matter that they come
35:30
from renewable. These people don't care that it
35:33
comes from renewable energy, what they care about is what you
35:36
can and what, you can't use that energy for as Bitcoin mining
35:41
operations, require more High degree of electricity than any
35:43
other consumers, Country Public, Utility District Commissioners
35:47
have approved a bill this week to charge Bitcoin, Miners, and
35:50
chilling, cattle accounting, Washington with increased rates
35:53
for electricity as per the report of 5600k PQ on June 8th,
35:59
the proof Bill and flies around. And a 29% increase in
36:03
electricity rates. This move has actually moved the
36:05
mining companies from the usual charging schedule of high
36:09
density to a newly created schedule known as rate 36,
36:13
especially for cryptocurrency, miners, now what caught my
36:16
attention of this article and I would have treated it as noise
36:19
is that this is exactly what they tried to do in Norway.
36:22
Now, the reason I feel so confident and telling you guys
36:25
that these people don't really care about the environment, is
36:28
because of the example, in Norway in Norway.
36:31
A specifically Bitcoin mining, 100% of it comes from renewable
36:38
energy, but the Communist Party of Norway specifically.
36:43
The let me get into the greet, the Socialist left party, the
36:48
red party and the green party would still want to bad Bitcoin
36:52
mining. But I thought it was about the
36:55
environment. If 100% of the energy comes from
36:59
renewable resources, it's clean, but you still want to ban it,
37:04
what's going on here? The same reason that the Central
37:08
Bank of Sweden, doesn't give two flying fox about the mining.
37:14
In north Sweden, what they care about is the fact that Bitcoin
37:17
takes power away from them. That's what they really care
37:19
about Norway now. Contributes as much as 1% to the
37:23
global Bitcoin. Hash rate taking advantage of
37:26
100% renewable energy and the land of the Midnight Sun and
37:31
here, here's the signal guys by implementing a higher power tax
37:36
rate specifically for minors, or even attempting to ban mining.
37:40
The band mining didn't work. So what did those parties in
37:44
Sweden? Do They tried their trying to
37:47
tax it now, very similar to what politicians in the state of
37:52
Washington are doing. So again, couple couple thoughts
37:56
here, right? What about hair dryers?
38:02
What about refrigerators? What about those appliances that
38:08
you just leave on 24/7 throughout the year and you just
38:11
forgot that they were on. What about that?
38:16
Why is that not into the discussion because that's not
38:18
into discussion. They want they are basically
38:21
saying that Bitcoin mining is not a proper use of electricity.
38:27
That is what they're trying to make the argument for you don't
38:31
get to make your own decisions on what you could use.
38:34
The electricity that you paid. For no no no we are saying that.
38:39
That's not a good use of electricity.
38:44
Since when have you heard this one Central Bank of Sweden?
38:47
Say hair dryers are a good use of electricity.
38:53
This is the most inclusive monetary Network.
38:55
The world has ever seen. This gives people in Cuba
38:59
Afghanistan, Nigeria Venezuela, a fighting shot.
39:03
It gives them access to a financial Network where before
39:07
they have none. So to me it to them, it
39:11
probably. Looks like Bitcoin has utility.
39:17
But to the Central Bank of Sweden, someone who has all to
39:20
lose if Bitcoin wins so them. No apparently Bitcoin isn't a
39:24
good use of electricity, so it's not coming from us, it's not
39:31
coming from a place of caring for the planet.
39:33
I care for the planet. I think that Bitcoin is going to
39:36
facilitate and incentivize the development of green energy
39:40
because it actually makes it profitable.
39:43
But they're not arguing from that position.
39:45
They're arguing from a position of, we can't control this.
39:49
We can't inflate inflate this, we can't debase this.
39:53
Therefore we think that is not a good use of electricity, and if
39:59
we can't ban it, we're going to tax it.
40:03
Absolutely crazy. But out of the two attacks,
40:06
right? The the right to self custody
40:08
and the Bitcoin mining, I think this is the Lesser attack.
40:12
I think that this is the attack that they're making a lot more
40:15
noise on, but they have a high, they have a much bigger uphill
40:19
battle. Because again, like, I always
40:21
say, the incentives of Bitcoin are much stronger than their
40:26
cores of measure than their coercive measures.
40:28
Right? The profit incentive that
40:31
Bitcoin mining creates is very So that's an uphill battle for
40:35
them, but the right to self custody.
40:39
Again, they could be a lot more manipulative with that because
40:42
it's not a direct attack. Then say look, you could still
40:44
buy Bitcoin on your Robin Hood app.
40:47
You could, you just can't take it to a nun hosted wallet, if
40:51
you don't know about Bitcoin to you, you're just like, oh,
40:53
that's not that big of a deal. I could still buy Bitcoin, but
40:56
it is a big deal because you don't know what you're buying
40:59
paper, Bitcoin, you don't know whether you've actually bought
41:02
Bitcoin on the Change until you have that Bitcoin in your
41:06
address to which you only own the private key to.
41:10
So anyways, these are the two attacks there.
41:13
It's going to ramp up over the years, I'm calling it, we've
41:16
been calling this correctly. We were the first ones to call
41:19
out the self custody issue about a year ago.
41:22
We were the first to pick up the Insidious attacks on proof of
41:26
work so I can't it. I continue to believe this is
41:30
going to intensify as time progresses anyways.
41:33
Fields. What are your thoughts on this,
41:35
bro? That was a now listen, that's
41:38
called bars moment but you reminded me of when David jail
41:43
came on simply Bitcoin last week and just straight murdered all
41:47
the mining Fudd and he had like a fundamental accent when he
41:51
says essentially. Like if Bitcoin mining is
41:54
useless and no amount of energy uses warranted.
41:57
And if that was angle, that they would go with, then we could
42:02
essentially debate the argument of whether Bitcoin mining and
42:05
uses too much energy, but Nico. Is 100% right when this isn't
42:08
the framing they're going for their literally.
42:11
You know blatantly saying oh you can't use energy because we want
42:15
to control you obviously not in those words but that's what they
42:18
are saying. So guys this is all ploy to
42:21
control you because like Nico saying no one cares about your
42:24
washing machine for your Christmas lights or whatever
42:26
your hair dryers. It no one no one asks about the
42:29
energy used for the energy consumption of those goods
42:31
because there is a fundamental use value.
42:34
Therefore humans. And again, These people are not
42:37
framing it this way. We know that use case of Bitcoin
42:40
censorship, resisted money, hedge on inflation, only 21
42:44
million Bitcoins. Of course, these people are not
42:46
going to see the use case of that and therefore not
42:49
legitimized, it's called Uncle energy use.
42:51
So guys the fundamental framing is often and we know that this
42:55
is the full frontal attack of Bitcoin is by Banning Bitcoin
43:00
mining or making proof-of-work, look evil or making Bitcoin or
43:03
to be criminals. Like we already know what the
43:05
frontal attack is and this is Is guys, this is the then they
43:08
fight you stage and Nico and Phil have been covering it for
43:10
years now like it's not a secret anymore.
43:13
It's it's not conspiracy. Its literal fat guys.
43:18
Why nicus? What are your thoughts on this?
43:20
My friend? I mean I I saw how they framed
43:23
it that it uses the same energy as 200,000 households in Sweden
43:29
or something like that. And the one thing to note that
43:34
Bitcoin mining does not compete for the same energy that
43:38
households are competing. Like it is not buying the same
43:42
type of energy that you as a household consumer is not
43:47
purchase. It uses wasted energy or
43:50
stranded energy so it's not even in the it shouldn't even be in
43:55
the same discussion of energy usage.
43:57
Number one has nothing to do with the way people are
44:01
consuming energy. So just that alone is just a
44:04
complete misunderstanding. Bitcoin is the buyer of Last
44:07
Resort when it comes to energy. So the whole energy discussion
44:12
either, somebody's being completely dishonest or just
44:15
misinformed. So I would like to believe that
44:19
it was Insidious because all the reports that Nick Carter or all
44:25
these things sent to them, they continue to use the talking
44:29
point of Bitcoin uses more energy than the country of
44:32
Denmark. They ignore the reports right?
44:34
The Nuance they don't get into the new on it doesn't matter,
44:37
right? So it makes you question.
44:40
What is really their goal here, right?
44:42
Because they read the reports, they're not stupid, okay?
44:45
But when you start hearing the same word, The same talking
44:48
point from the world economic Forum from these politicians in
44:54
Europe. The cleaning up cryptocurrency
44:57
panel in Congress and they're using the same wording
45:00
proof-of-work, bad proof-of-work, proof of stake.
45:02
Good proof of stake. Coincidentally is something they
45:05
can control manipulate, right? Like it start like it's not
45:08
rocket science. You get to the conclusion.
45:10
It's obviously because they can't control it.
45:12
You can't go to another conclusion.
45:15
And The Smoking Gun is not as that is Norway 100% of the of
45:20
Bitcoin mining and Norway comes from renewable energy sources.
45:25
But they still have a problem with it, that's the signal right
45:29
there. But anyways, Opti is time for
45:32
the daily meme review, brought to you by sitting out 21, it's
45:36
deep bass, Bitcoin cultural zeenat stories articles Comics
45:40
by actual bitcoiners. Your pleb signal in the zine.
45:45
Every volume has different artwork.
45:47
This is artwork for volume 10. This is the artwork for volume
45:50
11 and this is the artwork for volume 2.
45:53
Volume 2 is almost Old out. Volume 1 is sold out because
45:57
they're scarce is only 1000 copies made per volume that
46:00
you're Prince of Citadel 21 today before they run out.
46:03
All right, everybody, Welcome to the Bitcoin review, where we
46:06
review, Bitcoin, memes, memes play an essential role, not only
46:11
in Bitcoin culture. But in this narrative trench
46:14
warfare that were fighting hand-to-hand in on in in on the
46:18
Battlegrounds of the internet. Anyways, first meme is brought
46:22
To Us by Death on the stairs. Interesting name, just brought
46:27
some just bought some more Bitcoin because I love future
46:29
me. I like that.
46:31
See, I think it was American hottel that says this.
46:33
You need to love yourself to buy Bitcoin because you need to be
46:36
optimistic about the future. If you're nihilistic about the
46:39
future, You're Gonna Hate Bitcoin.
46:41
That's some Fiat thinking right there, the Bitcoin allocation,
46:45
your portfolio, reflects your level of understanding level, 1
46:49
level 2 level 3 allocation knowledge, absolutely accurate.
46:54
This is what the bear Market, the bear Market.
46:56
A lot of you guys are going to come to this Channel and
46:58
understand what we're talking about.
47:00
This is absolutely hilarious. I actually spit on my screen
47:03
because of how funny I found this.
47:06
I say Sir hand over your Bitcoin goest and fuck it.
47:10
Thyself, ha ha. He's holding a fucking gold
47:13
card. That's so funny.
47:15
All right, Eric Dottie that shit corner but he still makes good
47:19
memes. US Government prints.
47:21
Five trillion fucking Putin. This is what we Were talking
47:24
about in the beginning, right? With this record.
47:26
And that record level inflation, highest in 40 years and they're
47:31
fucking their flaming food it. And it's not, you know, the
47:34
record amount of money printing anyways, by Dan all smart.
47:38
Oh you don't need to fight them. You just need to convince the
47:41
Pitchfork people that the torch people want to take away.
47:44
Their pitchforks is absolutely true divide and conquer next
47:48
one. By hottel never saw it'll great
47:50
name, amateur looters, professional looters So
47:54
accurate, so freaking accurate, some evil right there and this
47:58
picture. Some evil.
48:00
Okay, anyways, moving on, good morning, Psychopaths Mercado
48:04
Fiat, Bitcoin psychopath and this is the Central Bank of
48:09
Sweden and all these politicians that break it out.
48:13
And Bitcoin is tearing down the freedom door.
48:15
Absolutely, awesome memes. And for all those awesome Eames,
48:19
I'm going to give it a very special score of Back at my
48:24
studio, no more shitty hotel room back at my studio.
48:29
That's my meme score. Anyways, wanna kiss.
48:33
What would you give those memes? They were all pretty good.
48:37
And I'm gonna have to shamelessly plug my Shields
48:40
here. Bitcoin.
48:42
Kindergarten pin Nico just happens to be a guest on a
48:48
Bitcoin kindergarten, simply Bitcoin take over right now.
48:50
So shout-out BTC pins. I give it this story.
48:54
You have one of these, you're part of the few part of the few
48:57
far. And few I think I gave I gave
49:00
mine away to Greg son. So shout out Greg son.
49:04
You have a BTC kindergarten pin on your bag.
49:07
Another one if there aren't, I appreciate that.
49:13
Opti, what would you give those memes?
49:15
Alright. Awesome meme guys, I really
49:17
really loved the first one because I love future me a lot
49:21
as well. Hanks the name Optimus field.
49:24
Anyways guys I got this unplugged.
49:28
Raz P. Let's node.
49:32
Raspberry Pi for node. It's unplugged right now.
49:35
I'll get it back up and running. So good stuff guys, very good
49:40
scores for some awesome memes. Anyways, guys, I know if you
49:43
agree with our scores, you disagree, let us know down and
49:46
the comment section comment. Comment, comment, comment.
49:49
Make sure to join our awesome telegram group.
49:51
It's a party in there. It's the link is down below in
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the link description. And, of course, make sure to
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subscribe to us on alternative media platforms, like,
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Rumble.com and our personal favorite Bitcoin tv.com, they
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don't censor their because is Bitcoin TV, many ways up to you.
50:06
It's time for the daily fail brought to you by Swan.
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Check them out. They're gonna have a nap soon.
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The link is down below. All right, what's up guys?
50:31
I am filling in for Phil on The Daily fail.
50:33
Today, he will be back tomorrow. But without further Ado, like we
50:39
say every week somehow Nico and I And Phil are in sync on what
50:45
we are going to talk about. So Nico just walk you through
50:49
what we all considered to be the frontal attack on Bitcoin.
50:52
Mining the all allow overt acknowledgement that Bitcoin is
50:58
the superior form of money and that they have to fund it
51:01
because you know, proof-of-work mining is using too much energy.
51:06
Well, I think I've found the same Fudd attack but it's not
51:12
the frontal attack. I like to call this the
51:14
roundabout way to Fudd Bitcoin mining.
51:17
So I saw this article on the guardian by our friend or not.
51:21
So friendly, John Naughton. Look he's so friendly and the
51:25
title is as Energy prices soar, the Bitcoin miners may find they
51:30
have struck Fool's Gold. So guys, this fail compromises.
51:35
The the fact that Legacy Media does not understand how Bitcoin
51:39
mining works, and they are tasked to write about So I'm
51:44
going to show you some inaccuracies and what they're
51:45
talking about and further prove, the point that Nico is making
51:49
that these people know what they're talking about, they just
51:52
refuse to acknowledge the truth. So anyways, let me get into
51:56
this. Let me read a few of these
51:57
quotes and stuff. So as he goes, the rising price
52:00
of electricity and the plunging value of Bitcoin and shit coin,
52:04
could burst a speculative bubble for today's Prospectors?
52:07
So he goes into this article and at first they try to correlate
52:11
this with gold mining. Ting and the fact that it
52:14
involved, hysterical crowds and pickaxes digging and staking
52:17
claims and so on. And of course, you know, doing
52:21
the nice little framing about the California, Gold Rush
52:26
involving the massacre of thousands of indigenous people.
52:28
So this is the first paragraph. This is the framing people that
52:31
we got to deal with. Anyways, in our day, the new
52:34
gold is Bitcoin and prospecting for.
52:37
It has become a genteel armchair activity, although it's called
52:40
money guys. I literally had to Google
52:43
Genteel was so that I can give you the signal.
52:46
And again guys remember what I told you about the framing in
52:50
Bitcoin mining and Bitcoin in general about how it's only for
52:53
the rich white man will look at what genteel is refined are
52:57
polite typical or characteristic of the upper class elegantly
53:01
stylish or fashionable. So again, understand where the
53:04
framing is going. So here is the first failed.
53:09
This is where he tries to break down in tldr.
53:12
What? What Bitcoin mining is.
53:14
And so what it actually involves is using computers to perform
53:18
unfathered unfathomably complicated, calculations to
53:21
create cryptographic hashes codes that are impractical turns
53:25
uncrackable. So guys, you know, fundamentally
53:29
that Bitcoin mining isn't performing unfathomably
53:32
complicated calculations. They're literally just spitting
53:35
out a lot of numbers at an insane speed that we can't even
53:39
imagine. So first fail, they don't even
53:41
understand how - Works. So let's go down into this
53:45
article again sounds intimidating, but in reality,
53:48
anyone can play. So they're right on this aspect
53:51
but look at the framing, these gizmos are readily available and
53:55
again they kind of understand what's going on here.
53:58
Talking about the terror hashes again, the wrong 95 trillion
54:02
calculations every second again, it's not calculations, just
54:05
spitting out numbers. Here's guessing numbers guys.
54:11
Again, here's another fail. They're literally Early linking
54:13
to data talking about the mining subsidy.
54:16
And so for every block that a minor is able to validate, they
54:19
are rewarded with a number currently 6.3 of new Bitcoins,
54:24
guys, if you know, the monetary policy of Bitcoin, you know,
54:29
it's not 6.3. It's 6.25, so close, but no
54:33
cigar. So, again, they're here with the
54:36
task of informing the normies about Bitcoin and they aren't
54:40
even getting the data correctly. He weighs the Crux of this
54:44
information is the fact that the price is crashing, and that, you
54:48
know, the Bitcoin mining gold rush is a similar to California
54:53
because America started it and then the rest of the world came
54:56
on and look, America is leading Bitcoin, mining with 37 percent
55:00
of global hashes and then China follows in Kazakhstan follows in
55:03
Canada and Russia. Again, the framing is only rich
55:06
white man will be the Bitcoin miners.
55:09
So Bitcoin mining has become a global phenomenon and While this
55:13
is, this is kind of the signal here, but this is their framing
55:16
While most miners are now industrial scale operations and
55:21
looking like data centers run by Google.
55:23
You know, the small liners are getting pushed out of the
55:27
market. Again guys, this is a feature
55:29
and not a bug. So here this is the Crux of this
55:33
whole article for many operators.
55:34
Bitcoin mining has up to now been an astonishing lucrative
55:37
activity, but suddenly things have changed first.
55:40
The price has crashed and second TriCity prices have soared.
55:45
So guys, they fundamentally wrote a whole article, not
55:49
understanding about the difficulty adjustment and that
55:53
small miners getting pushed off. The network is a feature and not
55:56
a bug. This is capitalism.
55:57
You need to be the best minor to continue to be a miner.
56:01
Anyways, they this this article as Nico said they are
56:06
referencing like the good works of all the bitcoiners out there
56:11
and they are still mess. Hang it up.
56:13
So right here, he's got a this link right here, Bitcoin
56:16
consumes about 110 terawatt hours per year.
56:20
And it literally links to a Nick Carter article about how much
56:23
energy does Bitcoin actually consume.
56:26
And if you go down in the article, read the whole article.
56:29
There's a lot of points of contention here where this guy
56:32
John, I forgot his name is not should have understand what's
56:37
going on with the Bitcoin Network.
56:38
So of course this isn't about carbon emissions but this Right
56:43
here, there's an important distinction between how much
56:45
energy in a system consume and how much carbon atom it.
56:49
So they're framing of Bitcoin using energy is bad Bitcoin.
56:53
Ruining the environment etc etc, but Bitcoin can use energy that
56:58
other Industries can't which is what Nico and wanna kiss.
57:01
Have been telling you that Bitcoin goes to energy, it
57:05
doesn't take energy from other use cases.
57:08
So again Bitcoin is the most green Energy-efficient industry
57:14
period but Bitcoin. Let's see.
57:18
All the energy of the world use worldwide must be produced
57:22
relatively close to its end users.
57:23
But Bitcoin has no such limitation.
57:25
We already went over this but right here.
57:29
Look, there is no way to get around the fact that Bitcoin
57:34
mining uses energy. That's a feature, not a bug, but
57:37
the distinction do most of these articles is their
57:40
misunderstanding that most of the energy Is during the mining
57:44
process, and not the fact that Bitcoin doesn't use that much
57:48
energy doing transactions. We already know that this is
57:51
thud, so there it's not going to be run away in runaway growth
57:56
and Bitcoin is not going to take over the whole world of
57:59
electrical use and furthermore, it probably should.
58:02
We should secure the best money in the world with more
58:05
electricity. But again, they are linking
58:08
articles with little understanding of how Bitcoin
58:11
works, so good. Guys, this whole article is
58:14
another one that they're linking about how the fact that, you
58:17
know, the prices crashing electricity is going up and
58:20
miners aren't making as much profit.
58:22
And it's guys this is a feature not a not a bug again.
58:27
Here is the schedule where we at?
58:30
We are currently in the fourth Epoch 6.25, Bitcoin, mine per
58:34
block, and that will continue to get cut in half.
58:38
So guys, I say all that to say, look they can flood the network,
58:41
all they want. They can they can continue to
58:44
confuse the normies but we know the plan and the game look, hash
58:49
rate continues to go up. They can cry harder.
58:52
Bitcoin is the most efficient market and Industry on planet
58:57
Earth and there's nothing they can do about it because
59:00
bitcoiners will find the most efficient energy and continue to
59:04
find the most efficient energy. And furthermore guys, as the
59:08
hash rate goes up, the difficulty adjustments goes up.
59:11
So hey if Inefficient miners, get pushed off the network.
59:15
So be it, this is a feature, not a bug.
59:17
So John as Energy prices soar, the Bitcoin miners may find that
59:23
they are not efficient and they need to unplug, they're minors.
59:26
But Bitcoin network is still pumping out blocks still do use
59:30
case, we need it to be. So guys, again, another normie
59:35
just completely failing at his duties of reporting the truth to
59:39
you guys. Like they're literally linking
59:42
Unique heart is article on Bitcoin mining and they still
59:45
can't give you the truth again. Like what Nico is saying.
59:49
They don't care about the truth. They just want to control you
59:52
and the narrative. It's all about Framing and like
59:55
I said in the beginning, what Nico told you earlier is a more
59:59
frontal attack on Bitcoin mining.
1:00:01
They're going to tell you, it's bad, it's ruining the
1:00:03
environment. Yada yada yada, but these are
1:00:06
the roundabout ways that they attack Bitcoin, obviously.
1:00:08
It's a fail because we can see through the narrative but
1:00:11
they're going to us essentially Fudd the Normie from
1:00:15
participating in Sovereign money.
1:00:18
Anyway they can so guys yes Bitcoin uses energy but it
1:00:24
doesn't use energy that other humans would need or be using.
1:00:29
It's just the way it is. Guys Bitcoin Taps into stranded
1:00:33
energy and man, they are crying harder than ever Nico.
1:00:39
I do have another fail in here that we can go into, but Let's
1:00:43
talk about this. It's amazing that we are in sync
1:00:46
like this and we can talk about the frontal attack of Bitcoin
1:00:49
and the behind roundabout way of how they are attacking Bitcoin,
1:00:53
mining and Men it's just beautiful to see them cry and
1:00:57
Screech and just knowing the facts that they're just so
1:01:01
mistress misrepresenting, it's laughable.
1:01:04
It really is laughable and it's amazing that the normies can't
1:01:08
see how obvious these fails are like the fact that we have to
1:01:12
cover this. Us and break it down is quite
1:01:14
amazing but we wouldn't have a show so he can we do it every
1:01:18
single day. Anyways, Mica jumping with your
1:01:20
thought. Yeah, dude I look another social
1:01:22
attack on bitcoin. This is what that is, you know
1:01:26
it's it's another propaganda hit piece.
1:01:29
Comes from, you know, a large Legacy Media Outlet.
1:01:33
It's always the same. You're like, even again, like I
1:01:35
said it, like even with the Nick Carter reports right that he's
1:01:39
referencing. If you look into the Nick,
1:01:42
Carter Ports the Nuance again the Nuance is an important.
1:01:45
They would like you to believe that.
1:01:48
Bitcoin energy usage is bad. It's going to use energy that
1:01:52
everyone else is using. It's going to boil the oceans
1:01:54
get a burn. The planet, it's not sincere.
1:01:58
Yes. Bitcoin uses a lot of energy, we
1:02:00
know that but what kind of big, what kind of energy is Bitcoin
1:02:03
use, right? It uses stranded energy because
1:02:06
if it wasn't stranded then it would be too expensive for the
1:02:09
Bitcoin miner, right? Then what you said earlier?
1:02:12
Yeah. Yes.
1:02:13
I hope Bitcoin uses more and more energy because it's going
1:02:17
to make energy. Think about it.
1:02:21
If you're a village in Africa and you have an isolated energy
1:02:24
pocket that energy was worthless before now Bitcoin incentivizes
1:02:31
miners there and that could potentially become a new source
1:02:34
of income for your village. That's not being talked about or
1:02:39
for example, all those solar panels in the United States.
1:02:43
Write those have to be subsidized by the government
1:02:46
because they wouldn't be profitable because the majority
1:02:49
of energy used right in throughout the day is that night
1:02:53
when people get home right during the day, the energy usage
1:02:57
actually goes down. So what about solar, most of the
1:02:59
energy if the Sun is out is actually during the day, right?
1:03:03
So it's a totally different Peaks, right Bitcoin is that
1:03:08
buyer of Last Resort, right? That Optimus was saying or for
1:03:11
example, if your Extracting natural gas and you have too
1:03:15
much gas, you with the old ways, you would burn that gas right
1:03:19
now with Bitcoin mining, you can turn that excess gas into SATs,
1:03:24
right? You could, you could, you could
1:03:26
make that into Power your mind, right?
1:03:28
Of course, this isn't talked about what isn't talked about
1:03:31
because it doesn't fit the narrative.
1:03:33
The putting the narrative is and what they work.
1:03:36
So hard at doing all the Legacy Media, Outlets like the
1:03:39
guardian, like the New York Times, They would like you to
1:03:42
Believe that Bitcoin is a Bad Thing.
1:03:45
Bitcoin is a net is horrible. It just uses too much energy.
1:03:50
I heard Bill Maher. Go on belches Ben Shapiro and
1:03:52
that's something. He said he's like all these
1:03:54
young people, they like Bitcoin but Bitcoin uses all this
1:03:57
energy. It's not it doesn't go into the
1:03:59
nuance. And again that is because of the
1:04:02
propaganda that is because of Articles like that, that is the
1:04:05
function of these articles because if you're the Normie and
1:04:09
you're just reading yours, whatever, you're not going to
1:04:11
get into the Nuance, you're not going to.
1:04:12
Be watching simply Bitcoin, even though you should be, you're
1:04:15
just going to read that article and you're going to take it as
1:04:17
fact, right? I was like, oh my God.
1:04:19
Yeah, Bitcoin uses that much energy, but it doesn't get into
1:04:22
the Nuance of War. What energy was that, right?
1:04:25
So, it's just, man, it's stupid, but we're going to keep
1:04:28
debunking it anyways. Want to guess, what are your
1:04:29
thoughts? Can we go back to that, John
1:04:33
article? Yeah, can we zoom into John?
1:04:37
I was about to say that and we just keep zooming in Like what.
1:04:42
Let's let's let's get a little closer to John.
1:04:47
Yeah, yeah, John cry harder. Honestly, that's it, that's a
1:04:52
lot. Look at this guy.
1:04:54
This is this guy thinks his opinion is is relevant.
1:04:57
Like just keep zooming and just zoom in a little more that's as
1:05:00
far as it'll go from my heart. This guy is going to tell you
1:05:06
what what to think. So He's hosting your thoughts
1:05:10
for you. So have fun staying, poor John
1:05:13
have fun staying poor anyways Opti there was an open source
1:05:17
software released today 18, everybody about it software
1:05:20
releases brought to you by Cipher safe.
1:05:23
Check them out. Cipher safe dot IO paper is dead
1:05:27
store your seed in the Cipher wheel or the all new Cipher
1:05:31
grid. They both come with a
1:05:32
tamper-resistant wire and the grid comes with a punch tool.
1:05:36
All right guys, so software release for today is Is Alan.
1:05:39
D version, 0.1, 5.0. Beta RC for release today.
1:05:48
Awesome. Thank you Optimus.
1:05:49
All right guys, I was our show before we going to give a very
1:05:52
special shout-out to our clothing.
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Sponsor represent. LTD.com I'm wearing the Bitcoin
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can give them a follow on Twitter at wine a kiss.
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don't give them a following Twitter at my Living Truth.
1:06:41
Anyways guys, that was our show. Phil gets back tomorrow.
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We have the legendary beats easy sessions as a guest.
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