Latest / Simply Bitcoin / How Much Bitcoin Do YOU Need to Be in the 1% of Holders? | EP 1093

Transcript

How Much Bitcoin Do YOU Need to Be in the 1% of Holders? | EP 1093 · Simply Bitcoin

• 0:00
  No, today we're going to be exposing how much Bitcoin you
• 0:03
  need to be in the top 1% of Bitcoin holders Hodlers, this is
• 0:07
  a topic that you guys absolutely love so we're going to cover it
• 0:10
  today and the Fiat world becoming a part of the top 1% in
• 0:14
  the US is very unattainable Facts.
• 0:17
  It takes about $11.5 million, that's extreme amount, but if
• 0:23
  you're saving in Bitcoin, you have a narrow window of
• 0:26
  opportunity today to become a part of the new one percent, 1%,
• 0:31
  irrespective of how much you earn or which country you live
• 0:34
  in, you can be a part of the new 1%, but you have to act today,
• 0:39
  stick around because the numbers we're going to be showing you
• 0:41
  today are going to be blowing your mind.
• 0:44
  So before we start the show, I want to bring up of course, our
• 0:47
  guest for today, the CEO and founder of Adam O'Brien, the Co
• 0:50
  founder of Get and of course my legendary Co host.
• 0:53
  Always optimistic. We're all in orange today,
• 0:56
  Optimist fields. Oh wait, we're switching this.
• 0:59
  Here we go, Opti, there we go. Playing musical chairs in here.
• 1:02
  I know it's like musical chairs, but anyways, guys, let's jump
• 1:05
  straight into it and let's unpack this topic.
• 1:10
  So first I'm going to start off with, of course, a topic that we
• 1:13
  covered on Friday's show, which got there almost 14,000 views on
• 1:19
  simply Bitcoin live. That's, that's pretty high for
• 1:21
  us for the live show and topic you guys really enjoyed.
• 1:25
  And the topic was how much Bitcoin do you need to retire by
• 1:30
  the year 2030? And in that show, we made the
• 1:33
  case, we plugged using Sailor's calculator and we plugged in a
• 1:36
  bunch of numbers. But let's stick with Sailor's
• 1:39
  base case of $13 million by the year 2045 for the sake of
• 1:46
  today's episode because it'll make a lot more sense.
• 1:49
  But let's break down how much wealth do you need to me, how
• 1:52
  much, how much wealth do you need to be in the top 1% in Fiat
• 1:55
  terms? And then we'll break it down in
• 1:58
  Bitcoin terms. And then we'll break down how
• 2:00
  much people fit into these specific categories.
• 2:04
  So how many people are worth 1,000,000 to $5,000,000
• 2:09
  worldwide, 54,000,000 Now do the math real quick in your head,
• 2:14
  right? 21 million Bitcoin.
• 2:17
  You subtract 4 million or so based on the amount of Bitcoin
• 2:20
  that are estimated to be lost. Subtract another 1 million or so
• 2:25
  based on the amount of Bitcoin that Satoshi people people think
• 2:31
  Satoshi has. You're left with what, maybe
• 2:34
  1617 million Bitcoin, give or take?
• 2:37
  Now divide that by 54,000,000. There's not enough Bitcoin for
• 2:42
  every single millionaire around the world to buy just one, and
• 2:46
  the price is currently at $61,000.
• 2:49
  If you do the math in your head real quick, it makes you
• 2:52
  extremely bullish really fast. Anyways, so the next category
• 2:56
  above that is five to 10 million.
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  There's estimated to be five 5.37 million people around the
• 3:03
  world that fit into that category.
• 3:04
  Then a category above that 10 million to 50 million, there's
• 3:08
  roughly 2 to 2.7 million people around the world that fill fit
• 3:14
  into that category. And the over $50 million net
• 3:18
  worth, there's 264,000 people worldwide that fit into that
• 3:24
  category. So just kind of breaking it down
• 3:26
  for you guys. Now let's break down the top 1%
• 3:30
  net worth levels by age. So for the sake of this video,
• 3:36
  we're going to focus on net worth and not net income.
• 3:39
  But if you're the age of 25 in the US, you have to have a net
• 3:43
  worth of 325,000. If you're 30, you have to have a
• 3:47
  net worth of 1.3 million. If you're 35, you need to have a
• 3:51
  net worth of 3.2 million. If you're 40, you need to have a
• 3:55
  net worth of 6.5. If you're 45, you need to have a
• 3:59
  net worth of 8.45 if a million. If you are 50, you need to have
• 4:03
  a net worth of 9.7 million. If you're 55, you need to have a
• 4:08
  net worth of of 11.7 million and it peaks out at 65 years old at
• 4:15
  14.3 million. So moving on to the next data
• 4:20
  set. And also this was put together
• 4:22
  by River and it breaks down your wealth bracket, but denominated
• 4:27
  in Bitcoin, which I find really, really interesting.
• 4:30
  So again, it goes by age group and then it goes by the amount
• 4:34
  of Bitcoin based on how much Fiat is required to reach the
• 4:39
  top bracket. So if you are between the ages
• 4:43
  of 18 to 24, you need 9.5 Bitcoin.
• 4:47
  If you're in the ages of 25 to 29, you need 30.92 Bitcoin.
• 4:52
  If you're in the ages of 30 to 34, you need 38.429 Bitcoin.
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  If you're in the ages of 35 to 39, you need 69 Bitcoin.
• 5:01
  That's funny. You're the ages of 40 to 44, you
• 5:04
  need 114 Bitcoin. If you're in the ages of 45 to
• 5:09
  49, you need 126 Bitcoin. If you're the ages of 50 to 54,
• 5:13
  you need 100 and 192 Bitcoin. If you're the ages of 55 to 59,
• 5:18
  you need 224 Bitcoin. If you're in the ages of 60 to
• 5:21
  64, you need 260 Bitcoin. It peaks out once again in the
• 5:25
  65 to 69 age group. You need 322 Bitcoin to be
• 5:31
  considered in the top 1% in Fiat terms, That's how much Bitcoin
• 5:36
  you need. So moving on to the next
• 5:39
  bracket, which I think is more applicable, right, because
• 5:43
  that's in Fiat terms. And I think the Fiat one could
• 5:46
  be depressing to to a lot of people because you know, for
• 5:49
  most people a $1.3 million net worth or a $10 million net worth
• 5:55
  is completely unattainable. But let's break it down in
• 6:00
  Bitcoin terms. So how much Bitcoin do you need
• 6:03
  to be in the top 1% of Bitcoin hodlers, right, Irrespective of
• 6:08
  Fiat, Irrespective of the Fiat amount.
• 6:11
  So that changes the conversation a little bit.
• 6:13
  To be a humpback whale, someone who has 5000 Bitcoin or more,
• 6:18
  there's only 200 and 25220 of those people.
• 6:21
  To be a whale, you need 1000 to 5000 Bitcoin.
• 6:27
  There's only 2000 of people, 2000 people that fit into that
• 6:29
  category. To be a shark, you need 500 to
• 6:34
  1000 Bitcoin. There's only 1500 people that
• 6:36
  fit into that category. To be a dolphin, you need 100 to
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  500 Bitcoin. There's only 10,000 people that
• 6:43
  fit into that category. To be a fish, you need 50 to
• 6:46
  100. There's only 11,000 people that
• 6:48
  fit in that to that category. To be an octopus, you need 10 to
• 6:52
  50. There's 72,000 people to fit
• 6:55
  into that category. To be a crab, there's half a
• 6:58
  million give or take of people that fit into that category.
• 7:01
  You need one to 10 Bitcoin. And to be a shrimp, one Bitcoin
• 7:04
  or less, there's roughly 22 million people that fit into
• 7:07
  that category. But it's, it's a, it's a better
• 7:10
  breakdown. Now let's get into memes because
• 7:12
  Opti is on today's show. And I love the Pepe meme and it
• 7:16
  kind of breaks it down and it's called the Citadel.
• 7:19
  And you know, on the side it says the year 2028 of the second
• 7:24
  age 1 Bitcoin is now worth $1 million.
• 7:28
  And it kind of breaks it down into categories.
• 7:30
  So on the very bottom, it has the no coiners, you know, then
• 7:34
  it has the cope, then it has the hope and then it has what they
• 7:37
  call, I don't know if I can say this on YouTube, but the the
• 7:41
  minimum stack. The on a live stack.
• 7:44
  On a live. The deleted yourself.
• 7:46
  Stack metaphorically and you'd be considered a Baron.
• 7:52
  According to this meme, you need one BTC.
• 7:55
  The break it stack you need, you'd be considered a Lord.
• 7:58
  You need 5 BTC, the Earl stack, the make it stack how they call
• 8:03
  it. You need between 5:00 and 10:00
• 8:05
  BTC, the Marquis. So right now there's another
• 8:09
  another level in this castle. It's considered the generational
• 8:11
  wealth level. You need 10 BTC.
• 8:15
  If you're a Duke, you need 50 BTC and to be a king you need
• 8:19
  100 BTC, an emperor, you need 1000 BTC.
• 8:23
  And then these guys have been memes so much you need a minimum
• 8:27
  of 10,000 BTC. So this is, I think more
• 8:30
  applicable because that meme, and it was Opti that pointed
• 8:33
  this out. That meme was created like I
• 8:35
  think back in the 2017 era, and I think this meme is more
• 8:41
  applicable to our era. So on the bottom is the debt
• 8:45
  slave. So dust or no slats, no sats,
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  the Bitcoin pleb, someone who has .01 BTC the Bitcoin soldier
• 8:54
  .01 to .25 BTC. The Bitcoin mercenary .25 to .5
• 9:00
  BTC the Bitcoin. Yo, man, I don't know what that
• 9:02
  is, but I'll take it .5 to one BTC, the Bitcoin Knight one to
• 9:06
  three BTC, the Bitcoin Baron three to 10 BTC, the Bitcoin
• 9:11
  lower 10 to 20.99 BTC, and a Bitcoin King 21 BTC or above.
• 9:18
  Now, I love this chart because it breaks it down even further
• 9:22
  and it kind of breaks it down into numbers.
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  And what's really kind of interesting is it correlates
• 9:28
  with the glass node data as well.
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  So it breaks it down and we'll focus on the top 1% kind of
• 9:37
  group. So to be in the top .001% of
• 9:41
  Bitcoin holders, you need a minimum of 7021 Bitcoin.
• 9:46
  There's an estimated 250 people that fit into that category.
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  To be in the top .003%, you need a minimum of 2189 Bitcoin.
• 9:55
  There's roughly 500 people that fit into that category.
• 9:58
  To be in the top .01%, you need 433 Bitcoin.
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  There's roughly 1750 people that fit into that category.
• 10:08
  To be in the top .03%, you need 215 Bitcoin.
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  There's roughly 5000 people that fit into that category.
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  To be in the top .1%, you need 89 Bitcoin.
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  There's roughly 17,500 people that fit into that category.
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  To be in the top 1%, you need 15 Bitcoin.
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  There's roughly 225,000 people that fit into that category.
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  To be in the top 10% of Bitcoin holders, you need 1.28 Bitcoin.
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  There's roughly a quarter million people to be in that
• 10:39
  category. To be in the top 50%, you need
• 10:41
  .037. There's roughly 1.2 million
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  people that fit into that category.
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  So yeah, very, very interesting. I get to be in the top 15%, you
• 10:51
  need .86. There's roughly 1.2 million
• 10:55
  people in that category to be in the top ten percent, 1.28.
• 10:59
  Very, very interesting stuff. Now I know a lot of these
• 11:02
  numbers where we, we have been telling you to buy Bitcoin since
• 11:05
  below 10,000, but if you guys are class of 2021 or class of,
• 11:10
  you know, 2020 or class of 2019, class of class of 28, class of
• 11:16
  2018, I get it. Maybe these numbers are just
• 11:18
  like, holy cow, this is impossible.
• 11:21
  I have some good news for you. Luke Broyles did an amazing
• 11:25
  article and Luke's thesis is basically, it's basically based
• 11:34
  on this idea of human beings have a hard time understanding
• 11:39
  exponentials. So if you, if we look back into
• 11:43
  the past and I told you that the price of Bitcoin was at $61,839
• 11:49
  on October 9th, 2024. And if I told you that 10 years
• 11:53
  ago, you would have laughed me out of the room.
• 11:56
  You would have been like, this guy is crazy.
• 11:59
  I don't believe you. But if you don't learn from the
• 12:02
  past, then you're, you're, you're destined to repeat it.
• 12:06
  You're destined to repeat those mistakes of not stacking enough
• 12:09
  Sats. And this is where I'm going to
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  refer back to Michael Saylor's base case of $13 million per
• 12:17
  coin by the year 2045. That's 21 years from now.
• 12:21
  Now Luke's data, Luke Broil's data starts to make a lot more
• 12:27
  sense and it's broken down into different entities.
• 12:30
  So the first entity is nations slash mega rich.
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  He estimates that there's going to be roughly 10 people that
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  qualify, 10 people or nations that fit into that entity.
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  And the average amount of Bitcoin that that entity has is
• 12:46
  140,000 Bitcoin per entity. Multi billionaire slash small
• 12:52
  nation you need there's roughly 210 entities or individuals that
• 12:58
  fit into that category. You need 8000 Bitcoin minimum.
• 13:03
  A billionaire slash mega corporation.
• 13:06
  There's 5000 people that fit into that category, You need
• 13:09
  only 120 Bitcoin. That's pretty crazy.
• 13:13
  Multimillionaire slash large corporation, roughly 65,000
• 13:19
  people fit into that category. You need 10 Bitcoin now.
• 13:22
  This is where things look way more optimistic and this is
• 13:26
  where you have to look future like.
• 13:29
  You have to look into the future when you're talking about these
• 13:33
  things. A millionaire slash companies
• 13:36
  you would only need .06 Bitcoin. What about upper middle class?
• 13:42
  According to Luke, you would need .008 Bitcoin.
• 13:45
  Middle class you would only need .001 Bitcoin.
• 13:51
  Lower middle class you would only need .000 for Bitcoin.
• 13:58
  So quite interesting numbers lots to unpack.
• 14:02
  I would say the minimum that you guys need.
• 14:05
  You guys are absolutely loving this show.
• 14:07
  We already have eleven 1000 live view.
• 14:10
  If you guys are enjoying the show, make sure to smash that
• 14:13
  like button share the video. You guys love this topic.
• 14:16
  But anyways, so all of that data unpacked, I would say I'm going
• 14:20
  to copy British Huddle, do whatever it takes in your power
• 14:26
  to try to get to 1 Bitcoin. Because if Michael Saylor's base
• 14:31
  case comes true, you're worth $13 million.
• 14:34
  Twenty years from now. What about his bear case?
• 14:37
  You're worth $3,000,000. What about his bull case?
• 14:40
  You're worth almost $50 million. So that's the advice that I
• 14:44
  would say is try do whatever it takes and your powers it
• 14:49
  financial advice. It's not financial advice, but
• 14:52
  how, how? How could you say it's not
• 14:54
  financial advice but still simultaneously saying it's
• 14:59
  advice? I am just giving you the data.
• 15:02
  This is not financial. Advice.
• 15:03
  I'm just giving you the data. I'm just giving you the data.
• 15:06
  This is not financial advice, but this is something that I
• 15:08
  would do if I saw this data. Anyways, I would say if you were
• 15:14
  to get any type of information from all those data points, and
• 15:18
  then I'm going to pass it on to our guests because I've been
• 15:21
  talking for 15 minutes straight. Get to 1 Bitcoin.
• 15:25
  Do whatever it takes to get to 1 Bitcoin.
• 15:27
  I think one Bitcoin is should be a goal and I think that window
• 15:34
  of opportunity is closing and I think you should do whatever it
• 15:38
  takes to try to get to 1 Bitcoin.
• 15:40
  But if you can't, like I said, if every millionaire around the
• 15:44
  world wanted to buy one Bitcoin, they physically couldn't, right?
• 15:48
  So I think the long story, the TLDR is do whatever it takes to
• 15:53
  stack as many stats as possible. Adam, my rant is over.
• 15:56
  What are your thoughts on this? You're you're class of 2013.
• 16:01
  I'm class of 2016. You're three years earlier than
• 16:04
  I was. You're looking at all this data.
• 16:06
  What are your thoughts? You believe it's accurate?
• 16:10
  Adam, dude, you said it, man. If you said it when you said, if
• 16:14
  you would have told me 10 years ago Bitcoin would be what is it,
• 16:16
  67 or 61,000 something like it's like no way.
• 16:20
  No, it's not. Even when I got into Bitcoin, it
• 16:23
  was 100 bucks and $1000. Seemed insane.
• 16:26
  And yet eight months later, there it was.
• 16:28
  I think that what we're going to look back on and realize is that
• 16:32
  this is such a unique window before hyper bitcoinization.
• 16:37
  This is, this is the invention. This is the reinvention of
• 16:41
  money, period. This is but the opportunity in
• 16:44
  time that's going to make the.com bubble look flat.
• 16:47
  It's going to make the industrial revolution look flat.
• 16:50
  There's an opportunity here for a transfer of wealth unlike
• 16:53
  anything in recent or even ancient history because we are
• 16:59
  having the reinvention of money occur and our ancestors, like in
• 17:04
  the future, call it 4 generations from now will just
• 17:08
  stacking sats won't be the vernacular.
• 17:11
  You won't be able to quote UN quote stack sats.
• 17:14
  You'll just be encouraged and incentivized to consume less
• 17:17
  than you produce and you'll actually, you know, the world
• 17:20
  would be a better place because of it.
• 17:21
  Right now we have a cheat code. We have for a limited window, an
• 17:25
  infinite money glitch that's going to occur, which means
• 17:29
  stack sats, sell your phone, sell your chair.
• 17:31
  I can't. I'm sitting on like a foldy
• 17:32
  chair right now. I shouldn't even be doing that.
• 17:34
  I bought this chair seven years ago for 8 bucks and I should
• 17:38
  have thrown it away. I should have had eight more
• 17:40
  dollars worth of sats because we have this infinite money glitch
• 17:44
  right now. And it's so simple.
• 17:46
  It's like we are conditioning ourselves, you know, the world
• 17:50
  of the world of Bitcoin and the world, the physical world.
• 17:54
  They need a natural balance and a natural cohesion to work well
• 17:57
  together. And finally, for the first time,
• 18:00
  we are incentivized to save. But you know, it's like when you
• 18:05
  get back to first principles, you understand that it requires
• 18:09
  a massive shift in order to change.
• 18:11
  And right now we spend more than we produce.
• 18:14
  We have too much debt. We all have, you know, 25 plus
• 18:18
  year mortgages. We've got six year car loans or
• 18:21
  whatever they are. I mean, I think even phones are
• 18:24
  subsidized at this point. Like I saw an ad the other day,
• 18:27
  you could buy a couch for 28 bucks a month, month for seven
• 18:30
  years. Like it's ridiculous.
• 18:31
  We all overspend and, and we have just insane levels of debt,
• 18:36
  which means we spend more than we produce.
• 18:39
  And Bitcoin is going to incentivize like crazy the
• 18:43
  people that go against that norm that get back to first basics
• 18:46
  and spend less than they produce with that excess being saved in
• 18:51
  Bitcoin, which has this insane exponential growth.
• 18:53
  Because that exponential growth stops in three or four
• 18:56
  generations. You know, once the halving
• 18:58
  reduces the supply by .13 Bitcoin, like that's not a big
• 19:03
  enough change to make these exponential increases actually
• 19:08
  keep occurring. And eventually Bitcoin will be
• 19:10
  so stable, like it's it's going to be just the best money on
• 19:14
  planet earth. And so yeah, take advantage of
• 19:17
  the infinite money glitch. Start your habits today so that
• 19:21
  your next generation and the ones after that just learn from
• 19:25
  you. If you make 100 bucks, spend 90
• 19:28
  and put 10% of that into Bitcoin and then you win. 100 percent,
• 19:33
  100%. I, I, I remember the first
• 19:35
  couple years that I was a Bitcoin, I literally did
• 19:39
  whatever in my power to put like at least 80 to 90% of my income
• 19:46
  into big, just like aping in. And I did that for like 3 or 4
• 19:51
  years before I felt I could take my foot off the gas pedal.
• 19:54
  And it was a really good idea. And I, I know Adam did the same
• 19:58
  thing. I know Opti did the same thing
• 19:59
  as well. So this is not financial advice,
• 20:02
  but Opti, what's your take on all this before we move on to
• 20:06
  the numbers? Well.
• 20:07
  First Opti Opti told me he is giving financial advice so.
• 20:13
  Yeah, listen to a guy on YouTube for your financial future.
• 20:16
  This is the way. First of all, I want to say that
• 20:20
  I beat Adam in regards to my chair.
• 20:22
  I am actually sitting in a chair, but this chair was free.
• 20:25
  So, you know, do with that information as you will second
• 20:30
  my thoughts on looking at that chart and kind of, you know,
• 20:33
  relaying the sentiment of the chat.
• 20:34
  It's like we all feel so poor looking at these charts.
• 20:37
  We're like, man, this sucks. Like we're all poor.
• 20:40
  Never going to be able to actually get into that 1%, but
• 20:43
  hey, it is what it is. We can still buy our freedom by
• 20:46
  converting our Fiat into Bitcoin.
• 20:48
  It's still the game doesn't change on that front.
• 20:51
  But what I'd really do like obviously the one, the last
• 20:55
  chart, I think you said it was Luke Broyles, that does make us
• 20:58
  feel hopeful is, you know, 6,000,000 sets it at least
• 21:01
  according to that chart, it's going to basically make everyone
• 21:04
  a millionaire. And I think that's attainable
• 21:05
  for most people. And really, you know, I, I like
• 21:08
  the idea of parity coming here. You know, one set equals $1.00
• 21:12
  parity. Like I really like this and what
• 21:13
  we've been saying for a long time that the only millionaire
• 21:16
  that matters is if you own at least a million stats, that's
• 21:20
  the millionaire that counts moving forward is do you own a
• 21:22
  million stats and doing some, you know, quick maths, what
• 21:25
  rather not really maths. Just converting this on Google,
• 21:28
  1,000,000 stats right now is $631.00.
• 21:31
  I, I think that's attainable for most people.
• 21:33
  Obviously, as you go down the Bitcoin rabbit hole, I think you
• 21:37
  should have these, these goals to attain to.
• 21:40
  So like, you know, if you're barely stacking, you're only
• 21:44
  doing what like $10 a week or whatever you're able to do.
• 21:47
  You want to get to 1,000,000 stats and then 10 million stats,
• 21:50
  you know, whatever 25 million, 50 million stats and get to
• 21:53
  about, you know, everyone I think should try to attain to a
• 21:57
  whole coin. If you're in right now, you
• 21:59
  should try to get a coin and hold it for as long as possible.
• 22:02
  But moving forward, even if you do kind of look at Luke Broyles
• 22:06
  chart, 6,000,000 stats right now is roughly $3700.00.
• 22:12
  So under 4000 sets, if this chart does play out, you're
• 22:16
  essentially going to, you know, maintain or rather get your
• 22:20
  millionaire status in the future.
• 22:22
  Who knows when this time frame plays out.
• 22:24
  But I do like thinking in in this term because I think what
• 22:29
  we've noticed and you kind of pointed it out with with the,
• 22:31
  the old meme, the 1st meme, the classic meme, which I'm pretty
• 22:34
  sure was like 20/16/2017 era where it was very attainable to
• 22:38
  get thousands of Bitcoin. Now it's like most people
• 22:41
  probably aren't ever going to get to 1000 Bitcoin.
• 22:44
  And then if you move up to the new one with the Yeoman number
• 22:48
  there, you see that it's it's going down.
• 22:51
  And as we see with the Bitcoin price, all of these metrics I
• 22:54
  think are going to go down obviously.
• 22:57
  Oh, wow, I haven't seen that yet.
• 23:00
  Obviously, obviously moving forward, you, you realize that
• 23:06
  your, your SAT stack, you know that the amount of SAT that you
• 23:09
  have under your control are going to exponentially increase
• 23:13
  in purchasing power. And so those, those, you know,
• 23:17
  goals are going to go down. And as we see and as we'll be
• 23:20
  covering this for years come, you know, those numbers are
• 23:23
  going to go down. The, the retirement number will
• 23:25
  most likely stay the same considering, you know, with,
• 23:28
  with the given that inflation isn't going to go up.
• 23:30
  So we'll be using today is dollar purchasing amount moving
• 23:35
  forward, inflation probably is going to continue to go up.
• 23:38
  So those numbers are obviously going to inflate.
• 23:41
  But that $11.5 million goal, at least in today's purchasing
• 23:45
  power, I think will maintain overtime like that should be
• 23:48
  most of our retirement goals. Obviously now the world's
• 23:51
  getting more expensive, but in that term, we know that the SAT
• 23:55
  count that you own is going to continue to go down and
• 23:58
  decrease. So as much as we feel hopeless
• 24:01
  right now, like, man, we're never going to get thousands of
• 24:04
  SAT or thousands of Bitcoin here, at least we know our
• 24:07
  purchasing power is going to increase.
• 24:08
  So there is hope for all of us. You know, the, the main theme of
• 24:13
  the show remains the same stack as many sets as possible and
• 24:16
  hold them for as long as possible.
• 24:18
  These, you know, Fiat terms of like, oh, getting to the 1%.
• 24:21
  I think all that's going to fundamentally change and we will
• 24:24
  see a new, I don't know, a new goal of freedom where like any
• 24:28
  amount of Bitcoin that you own will buy you your freedom moving
• 24:31
  forward, considering that the alternative, it's owning Fiat
• 24:34
  and you're going to be a digital slave for the rest of your life.
• 24:36
  So any amount of Bitcoin is going to be the the the
• 24:40
  purchasing price of freedom. So that's what counts the most
• 24:43
  a. 100% and and. It's worth it.
• 24:48
  It's worth literally a hundred, a hundred sets.
• 24:50
  That's generate No 32 sets. That's generational wealth.
• 24:55
  And A and a couple couple comments here, right.
• 24:57
  So the, the, the common theme that I've seen amongst even may
• 25:03
  perhaps not like the OG 20, like O 910 class of 10 O 9 or class
• 25:09
  of 10 or class of 11, but they didn't even think Bitcoin had
• 25:12
  value back then. It was just like kind of like an
• 25:14
  experiment. But the overall theme was I was
• 25:18
  late to the party, right. So when I got in, when I got in
• 25:21
  2016, my lowest cost of Bitcoin is under 1000 bucks.
• 25:25
  I was like, I have missed the effing train.
• 25:28
  I it's it's over, it's dusted. I will never like it's, it's
• 25:33
  over. I can't do anything.
• 25:35
  Adam, I'm going to ask you the question.
• 25:36
  Did you feel like you were late when you got in?
• 25:38
  Dude 100% a $100 Bitcoin was stupid though.
• 25:40
  I was never going to make it, $100 Bitcoin was ridiculous.
• 25:43
  It was too expensive. It had hit the fad.
• 25:45
  It was going to crash back to 0 without question.
• 25:49
  So the point I'm trying to make is you guys are going to be
• 25:53
  looking back, guarantee you five years from now, 10 years from
• 25:58
  now, and you're going to be wishing you got 61 thousand
• 26:02
  $61,700 Bitcoin. You're going to be wishing you
• 26:06
  got these prices and I've heard that story time and time and
• 26:10
  time again and again. Just to wrap this up with the
• 26:13
  bow on top, the theme is, guys, if you don't learn from the
• 26:17
  past, you're destined to repeat it.
• 26:19
  The past is showing. Everybody stack as much stats as
• 26:23
  possible. The future is bright on a
• 26:25
  Bitcoin standard. Alright, everybody, let's get to
• 26:28
  the numbers. But before we do that, I do want
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  bitcoinwell.com All right everybody, let's hit the
• 28:01
  numbers, lots to talk about let's check it out here we go
• 28:12
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• 28:18
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• 28:22
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  They literally put a blowtorch towards this piece of titanium.
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  It's a blowtorch and it survived.
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  They put it in salt water. It survived this thing.
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• 29:50
  In the grand scheme of things, we are just getting started.
• 29:52
  Anyways, you guys might be wondering what am I doing in
• 29:55
  this weird hotel room? I'm in Amsterdam and I'm in
• 29:58
  Amsterdam for the the Bitcoin conference in Amsterdam.
• 30:03
  It's happening. Today was the first day,
• 30:05
  tomorrow's the second day. I will be on a panel.
• 30:07
  If you guys want to see me in the flesh, I will be on the
• 30:10
  Orange Stage host moderating a panel called Monetary Civil
• 30:14
  Disobedience with Captain Sid and Oscar Hassle so you guys can
• 30:18
  see me there and in person. I have a clip for you guys from
• 30:21
  the conference where they asked the legendary Adam Back who
• 30:26
  Satoshi is. And the reason that they asked
• 30:28
  him this question is because HBO dropped a documentary that has
• 30:32
  been quite a lot of people have been talking about it, to say
• 30:36
  the least. And a lot of people are.
• 30:38
  They basically are trying to make the case that certain
• 30:40
  Bitcoiners are Satoshi. My personal take on this is it's
• 30:46
  not important who Satoshi is. And I would say I hope Satoshi's
• 30:50
  identity never gets discovered or never gets revealed on a
• 30:53
  public basis. It's better that way.
• 30:56
  You don't want a human being with all the faults of being
• 31:01
  mortal and, and humanity and all that being associated with
• 31:04
  Bitcoin, right? You, you want it to remain
• 31:07
  anonymous. You want it to remain
• 31:09
  mythological. It, it, it's just better.
• 31:12
  Why? Why do we, why are we obsessed
• 31:14
  with who Satoshi is rather than what Satoshi discovered and gave
• 31:19
  to us and disappeared? Right?
• 31:21
  That's my take. Now let's hear Adam.
• 31:24
  So I know our panel already had a quick introduction, so we
• 31:27
  don't have a ton of time. I want to jump right in.
• 31:29
  But before we go straight into the topic, Adam, it's too
• 31:34
  topical. We just have to very quickly get
• 31:36
  a comment from you on the HBO documentary that aired this
• 31:39
  morning about who is Satoshi. Do you have anything to say
• 31:42
  about it? Any thoughts on it?
• 31:44
  Well, I haven't finished watching it.
• 31:45
  I started watching a bit of it and I think it comes a lot more
• 31:50
  than just, you know, speculation about who Satoshi is, which is
• 31:53
  good for a general audience to kind of bring more people into
• 31:56
  Bitcoin. And, you know, maybe there'll be
• 31:58
  more people at conferences like this next year as a result.
• 32:02
  And yeah, I mean, I think we will basically never know who
• 32:06
  Satoshi is because they don't seem to be any electronic
• 32:09
  evidence after people looking for 15 years.
• 32:12
  And of course, you know, if you if you take sort of speculation,
• 32:15
  you can speculate, you know, the pros and cons of anyone of
• 32:19
  dozens and dozens of early contributors or electronic cash
• 32:24
  interested people from like pre Bitcoin.
• 32:27
  So I don't think there's anything conclusive there.
• 32:30
  And, you know, the people that identified obviously denied
• 32:34
  strongly that they were Satoshi. So what I would say is if I was
• 32:38
  Satoshi, that's exactly what I would say.
• 32:41
  No, that's a joke. But yeah, I mean.
• 32:47
  Sounds like something Satoshi would say.
• 32:49
  That's that's a that's a joke. No one knows who he is.
• 32:52
  But no, like I, I think you know it definitely it definitely made
• 32:58
  a buzz like for sure. And if you take a look at Warner
• 33:03
  Brothers, which I believe owns HBO anyways, the company, the
• 33:06
  mother company that owns HBOA huge, a huge stockholder of that
• 33:13
  company is BlackRock, right? And we all know how BlackRock
• 33:16
  feels about the ETF, right? So I, I guess my take away
• 33:19
  before I pass it on to Adam is who Satoshi is isn't important.
• 33:24
  I think it's better that his anonymity stays anonymous and
• 33:29
  just better for Bitcoin. Maybe.
• 33:30
  I don't know, Adam. Do you disagree?
• 33:32
  Nah, man, you hit it on the head.
• 33:33
  Listen, it it's like, you know, it's kind of cool that we know
• 33:38
  who like discovered gravity and it's kind of cool that we know
• 33:41
  who like discovered that our lungs need oxygen.
• 33:44
  Those are all just protocols of the Earth that is kind of
• 33:48
  relevant as to who discovered them.
• 33:50
  I think that the real innovation behind Bitcoin was obviously the
• 33:54
  double spend. Solving the double spend problem
• 33:57
  in digital cash and tying something that's digital in
• 34:00
  nature to the real world through a proof of work protocol.
• 34:04
  Those are incredible feats. I don't want to take that away
• 34:07
  from Satoshi, but at the end of the day, they were kind of
• 34:09
  inevitable. At the end of the day, you know
• 34:12
  who invented the TV screen is completely irrelevant because it
• 34:16
  is just a protocol that we now all get to use and benefit from.
• 34:20
  And I feel like Satoshi is kind of the same way.
• 34:23
  I think that obviously super thankful for the the efforts and
• 34:27
  hard work, but at the end of the day, man, I if I were Satoshi, I
• 34:31
  would not want anyone to know that the honeypot that exists
• 34:35
  with the genesis coins. Not to mention, I saw someone
• 34:38
  commenting something to the effect of I sure hope the IRS
• 34:42
  doesn't watch the HBO documentary implying that an
• 34:46
  unrealized capital gains tax can be very damning for whoever they
• 34:51
  claim to be. Satoshi Peter Todd was quick to
• 34:54
  retweet that. I, I think I saw.
• 34:57
  I think that at the end of the day, we need to look at the
• 35:00
  protocol. It's there's a reason it's open
• 35:01
  source. There's a reason it is very
• 35:04
  simple to understand from a from a grass, you know, roots level.
• 35:08
  And I also think a little bit it's just HBO looking for click
• 35:12
  bait and it's just HBO playing high time preference Fiat games
• 35:17
  with low time preference sound money.
• 35:20
  And unfortunately, if they put on a documentary titled why
• 35:24
  sound money benefits the earth probably wouldn't get very much
• 35:29
  interest. They definitely scammed all the
• 35:31
  bitcoiners into watching. They did a good job as a high
• 35:35
  time preference, you know, kind of media Corp.
• 35:40
  And this time next week we will not be discussing the
• 35:43
  documentary because that's how high time preference media
• 35:45
  works. So yeah, that's my take, man.
• 35:49
  To be clear, I haven't watched it.
• 35:51
  I haven't watched it either. I haven't watched it either, but
• 35:53
  I got a text from my normie friend and it was like, did you
• 35:55
  watch that? I'm like, no, but it's been
• 35:57
  they've been being talked about. But that I mean, I think that's
• 36:00
  like an indication, right? It's like Opti, have you watched
• 36:03
  it? No, it OK that that's my point
• 36:08
  is that we all do media. We all do Bitcoin media, OK?
• 36:12
  We're all Bitcoiners. Our businesses focus on Bitcoin
• 36:15
  and none of us have taken the time to watch the documentary.
• 36:19
  I mean, I think that speaks for itself.
• 36:21
  Opti, what's your what are your thoughts on this?
• 36:23
  Brother. Yeah.
• 36:23
  So like I just said, I haven't. Shout out, shout out to Opti for
• 36:27
  holding it down this week while I'm in Amsterdam.
• 36:31
  The last two travel days. OK, Adam were supposed to come
• 36:36
  on those days. OK, so I was not missing another
• 36:40
  episode that Adam was joining us.
• 36:43
  So I brought my entire freaking gear so I can make this episode.
• 36:46
  But shout out to Opti for holding it down the rest of the
• 36:49
  days so I could work. Yeah.
• 36:52
  And I think I'll done help from here.
• 36:54
  We scared him last time because we.
• 36:56
  Did a really. Good job it was.
• 36:57
  Just yeah, that's what it, that's what it I got.
• 36:58
  It wasn't even. I got jealous.
• 37:00
  I got jealous. I was like, I can't let this
• 37:02
  happen. I have to make this show, Nico.
• 37:05
  Feels his job security dwindling when I had him and then come on
• 37:10
  no. Anyway, anyways, on on this
• 37:12
  topic about the HBO documentary, yes, I have not seen it, but I
• 37:16
  was actually talking with Jacob earlier and he was telling me
• 37:19
  kind of what Adam said on the on, on that speech or that the
• 37:23
  conference right there that he's like, it's actually kind of
• 37:26
  good. If you kind of put your like
• 37:27
  normie lenses on and you don't think of it like a Bitcoiner and
• 37:30
  you're not trying to kind of nitpick everything that it's
• 37:33
  saying it it he was telling me it's a it's a pretty good
• 37:35
  documentary in regards to get people like interested and
• 37:40
  curious about Bitcoin and it does a good job, I guess about
• 37:43
  explaining the difference between Bitcoin and altcoins and
• 37:45
  stuff. So I think even though HBO is
• 37:49
  obviously doing this to kind of get like click bait and I think
• 37:52
  it might do some good for for normies out there to watch this
• 37:55
  and be like, oh, this is interesting.
• 37:56
  What is this Bitcoin thing? Who is the creator of Bitcoin?
• 37:59
  Because I know when I first got into Bitcoin, that is one of the
• 38:02
  things that you kind of, you know, that is a very interesting
• 38:05
  mysterious aspect about Bitcoin. It's Immaculate Conception.
• 38:08
  The fact that we don't know who actually created it is one of
• 38:11
  those things when you talk to normies that it does kind of
• 38:14
  scare them away. They're always like, oh, what is
• 38:16
  this Bitcoin thing? You're like, oh, it's an open
• 38:17
  source Ledger. You know, you can interact with
• 38:19
  people and you don't have to ask people.
• 38:21
  And then they'll ask, but like who created, you know, like we
• 38:25
  don't know. And they're like what?
• 38:26
  Like you're putting your life savings in something that you
• 38:29
  don't know the creator of. Like, what kind of lunatic are
• 38:31
  you? And you're like, yeah, that's
• 38:32
  like it. It opens up the door to be like,
• 38:34
  that's the point of this. You don't care who the creator
• 38:37
  is because of the network itself.
• 38:40
  It's open source and anyone can verify it.
• 38:43
  And that's the beauty of it is that there is no head to chop
• 38:45
  off. And as we've seen in the.
• 38:48
  Hey, hey, metaphor. Metaphorically, yes, Sir,
• 38:51
  there's no figurehead to attack And as we've seen in the last
• 38:55
  couple of last couple of weeks, we've seen the problem of having
• 38:59
  a figurehead to attack and who to blame for things going on.
• 39:03
  All of the Telegram stuff, we see what's happening with
• 39:05
  Twitter and Elon Musk. It makes it very easy for them
• 39:09
  to relegate this whole Bitcoin thing if there is a figurehead.
• 39:14
  And so I'm also on the camp that it doesn't matter who the
• 39:17
  creator of Bitcoin is. It's kind of, I always think of
• 39:21
  it in the sense of like, do we know who created fire?
• 39:24
  Do we know who created the wheel?
• 39:25
  It doesn't matter because they infinitely improved our lives
• 39:29
  and they have pushed society forward once you get these new
• 39:32
  technologies. So I personally like the fact
• 39:34
  that we don't know who the creator is because if we did
• 39:37
  know The Who the creator of Bitcoin is, personally as a
• 39:40
  human, I think it would tent Bitcoin in a certain way.
• 39:43
  If he isn't this like God, like perfect figure, if he isn't like
• 39:46
  some monk in the mountains, you know, that like doesn't interact
• 39:49
  with society and he turns out to be some kind of degenerate guy
• 39:53
  or, you know, even very superficial, like you look at
• 39:55
  him and you just don't like what he looks like.
• 39:57
  You're like, oh, this Bitcoin thing.
• 39:58
  Like, I don't know if I'm, I don't know if I'm really that
• 40:00
  much of A Bitcoiner. So like it's I, I love the fact
• 40:03
  that we don't know it, but I do think it is beneficial.
• 40:08
  To have these conversations, yes, you know, I don't watch HBO
• 40:11
  anymore, but HBO is a pretty big legacy media company out there.
• 40:15
  And the fact that they're talking about Bitcoin, I think
• 40:17
  kind of hits the nail on the head where we've been saying for
• 40:20
  a long time that Bitcoin content is going mainstream.
• 40:23
  And the fact that they thought this, you know, the fact that
• 40:26
  they spent money to make this documentary just shows that
• 40:29
  there is more curiosity growing in regards to what Bitcoin is,
• 40:33
  who the creator of Bitcoin is. And I think it's just kind of
• 40:36
  laying groundwork for more people to get into to the
• 40:38
  Bitcoin space as this price starts to run.
• 40:40
  So, you know, as much as I'll probably watch this documentary
• 40:44
  eventually and have, you know, my very cynical takes about it,
• 40:47
  I think this is a good thing for Bitcoin because, hey, more
• 40:50
  people are going to learn about Bitcoin.
• 40:52
  More people are going to even think about Bitcoin, get curious
• 40:54
  about Bitcoin. And, hey, you never know, maybe
• 40:56
  someone watches this documentary and it's like, I'm all in.
• 41:00
  Let's go. Yeah, I appreciate it.
• 41:02
  Thank you, Larry Fink for funding it.
• 41:04
  Really, really appreciate it and we're very grateful.
• 41:07
  And I agree with Kaiser employee of the month.
• 41:10
  And anyways, before anyone thinks of you guys as crazy,
• 41:13
  like we can't use the money that we don't know who the creator
• 41:17
  is. Just show them what is on the
• 41:20
  back of the dollar. Like what the fuck is that?
• 41:23
  Like they say that we're in a cult.
• 41:25
  That is some really culty shit. Like what is that?
• 41:28
  That is that is an I and A pyramid.
• 41:30
  And you know you, there's a whole mythology behind it, but
• 41:33
  at least our money doesn't make us poor.
• 41:35
  That's that's what I got to say. I think our cult, like if we are
• 41:39
  in a cult, I think we're in a cult.
• 41:40
  I think the Bitcoin cult is superior to the Fiat cult.
• 41:44
  Like they want to keep poor and we want to make you richer,
• 41:48
  right? It's, it's, it's better this
• 41:50
  way. That's that's my two sats.
• 41:52
  It's just my two sats. Everyone gets richer.
• 41:54
  It's nice. Anyways, guys, stay tuned for
• 41:56
  the news. We have a lot to talk about
• 41:58
  today. There's specifically a as the
• 42:02
  separation of money and state heats up, there's 2 central
• 42:05
  themes that we've been covering over this last like a year or
• 42:08
  two year, year and a half, which is this whole idea of the
• 42:11
  disintermediation of information and the disintermediation of
• 42:15
  money. And of course, the separation of
• 42:17
  money and state and how the forces the people that have the
• 42:22
  most to lose if Bitcoin wins, all the things that they're
• 42:26
  doing to fight back. And there are people in
• 42:29
  government that are actually pro Bitcoin.
• 42:31
  So it's I feel like it's our responsibility to cover all
• 42:35
  those things and to keep you keep you guys informed because
• 42:38
  if you guys are informed with the truth, you guys are very
• 42:43
  well prepared for that Thanksgiving, Thanksgiving
• 42:46
  dinner with that one uncle that for whatever reason still
• 42:50
  believes in this cult. Anyways, guys, crazy uncles.
• 42:54
  It's always the. Crazy.
• 42:54
  Wait, wait, We're the crazy uncles now though.
• 42:57
  We're the crazy man. Oh man, it's happening.
• 42:59
  All right, guys, stay tuned for the news.
• 43:00
  We will be right back. Let's check it out.
• 43:04
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  The right price. But it will give you a discount.
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  So head over to passport by foundation devices.
• 45:21
  Scan the QR code to check the link in the video slash podcast
• 45:24
  description. Anyways, this is what I want to
• 45:26
  talk about today. Utah senator proposes bill to
• 45:29
  reform financial privacy. It goes on to say Senator Mike
• 45:33
  Lee of Utah has introduced the Savings Privacy Act, officially
• 45:37
  titled the Bill to amend the Right to Financial Privacy Act
• 45:41
  of 1978 to preserve the confidence reality of certain
• 45:45
  records and for other purposes to rollback financial
• 45:48
  surveillance in the US banking system.
• 45:50
  The bill repeals the Bank Secrecy Act's Suspicious
• 45:53
  activity reports and currency transaction reports requirements
• 45:57
  while maintaining record keeping requirements.
• 46:00
  Yeah, while maintaining record keeping requirements.
• 46:03
  Repeals the Corporate Treasury Act, strengthens the 4th
• 46:06
  Amendment protection, bolstering a warrant's requirements in the
• 46:10
  Rights to Financial Privacy of Privacy Act of 1978, repeals the
• 46:14
  SE CS consolidate audit Trail database and requires
• 46:19
  congressional approval for any new databases that collect
• 46:22
  personal identifiable information of U.S. citizens.
• 46:26
  Now, again, like this is just nuts because like in the United
• 46:32
  States, since 1971 when they passed the Bank Secrecy Act,
• 46:36
  which is what Senator Mike Lee was referring to, essentially
• 46:41
  made it so that every $10,000 transaction had to be reported
• 46:45
  to the US government. Now the problem with that is
• 46:50
  that they never adjusted that for purchasing power.
• 46:53
  So back in 1970, one $10,000 equates to $80,000 of purchasing
• 46:59
  power today. And also, it was a year ago or
• 47:04
  two during the so-called, it's so ironic, the Inflation
• 47:08
  Reduction Act, the Treasury actually tried to put a law in
• 47:12
  there that would make it so that every $600.00 transaction had to
• 47:17
  be reported to the US government.
• 47:21
  Another data point, the Pentagon has has failed 4th audit, 4
• 47:27
  audits in a row on a year by year basis.
• 47:31
  So there's billions of dollars missing, right?
• 47:34
  No one knows where that goes. Let's not talk about, you know,
• 47:37
  government efficiency. Let's not talk about the fact
• 47:40
  that the US government, even though it collects as more tax
• 47:43
  revenue year over year, spends one point last year and spent
• 47:46
  $1.7 trillion more than it collected in tax revenue.
• 47:50
  But you, the citizens, we have to know exactly what the F is
• 47:55
  going on. And I would make the case, as I
• 47:57
  think Senator Mike Lee did, is that that's against the 4th
• 48:00
  Amendment. The 4th Amendment is the right
• 48:03
  of the people to be secure in their house, in their persons.
• 48:06
  Houses, papers and efforts against unreasonable searches
• 48:10
  and seizures shall not be violated and no warrants shall
• 48:13
  issue, but upon probable cause supported by Oath or
• 48:17
  affirmation, and particularly describing the place to be
• 48:20
  searched and the persons are things to be seized.
• 48:24
  I mean, like now, now incorporate all the like, not,
• 48:30
  I'm not even applying this to money, right?
• 48:32
  Incorporate like the fact that they want to see all your text
• 48:36
  messages, all of your emails, They want to see all of your
• 48:39
  transactions. They want why that that was not
• 48:44
  the initial role of government. And I, I think I know the answer
• 48:50
  why and the answer. And I'm going to refer to Jeff
• 48:52
  Booth because I think he puts it so eloquently where he makes the
• 48:57
  case that Nico, if the system is based on theft and stealing, you
• 49:06
  essentially need coerce coercion in order to keep that system
• 49:11
  going. So because the system is based
• 49:15
  on theft and inflation and all these things, think about it,
• 49:21
  they need to spy on you. They need to keep track on what
• 49:24
  you're doing. But at the same time, they don't
• 49:28
  play by those rules. When the US pulled out of
• 49:31
  Afghanistan, they left $13 billion of equipment to the
• 49:36
  people that we were fighting a war against, including Canada,
• 49:40
  by the way, for the last 20 years.
• 49:44
  And they just let like the people that we were fighting,
• 49:46
  they're like, you know what, $13 billion of the latest and
• 49:49
  greatest military equipment, it's all yours.
• 49:52
  And you saw videos of people like of the soldiers in
• 49:56
  Afghanistan, like literally parading with the, with the
• 49:58
  latest like military gear that the US left behind.
• 50:02
  That's OK for the government to do that.
• 50:05
  But every $600.00 transaction, you got to find out what the F
• 50:09
  is going on and to, you know, put the cherry on top, as soon
• 50:14
  as the US pulled out of Afghanistan, they've sent so far
• 50:18
  $250 billion to Ukraine. And then to put another cherry
• 50:23
  on top, there is a video last week that we played for you guys
• 50:27
  of Joe Biden asking the American people to pitch in for the
• 50:32
  hurricane relief. So what is the whole point of
• 50:36
  paying all these taxes, paying the inflation tax when they are
• 50:42
  prioritizing funding foreign wars, then funding local efforts
• 50:49
  to natural disasters to help natural disasters like it is.
• 50:53
  It is crazy. The world is upside down.
• 50:56
  And I think it comes down to a very simple, very simple cause,
• 51:01
  very simple reason. And unless we address that
• 51:04
  reason, nothing gets fixed. Nothing gets fixed.
• 51:07
  I think voting is 1/2, half measure.
• 51:09
  In my opinion, as as much as Elon wants to roll out the
• 51:13
  government efficiency agency and all that stuff, I think it's a
• 51:16
  half measure. I think if we don't address the
• 51:19
  root cause of this problem, which is the government's unique
• 51:24
  ability to create money for free that everyone else has to work
• 51:27
  for, they're going to continue down this path of more control,
• 51:33
  more, more corrosion, more surveillance, because the system
• 51:37
  is fundamentally based on theft. And if the system is based on
• 51:41
  theft, they need to do those things in order for people to
• 51:44
  continue to use that said system.
• 51:47
  So anyways, I'm going to pass it on to Adam.
• 51:49
  Adam, you live in a Fiat country just as much as we do.
• 51:53
  Over here, man. And because this is a subject
• 51:56
  that I feel very passionate about, and they just continue to
• 51:59
  creep. It's like these like creeping
• 52:02
  regulations, right? Like they don't take an arm
• 52:05
  metaphorically at the same time, they take a fingertip.
• 52:08
  But every year they take a little bit more and a little bit
• 52:11
  more and a little bit more. And before you know it, it's
• 52:13
  like every $600.00 transaction, you have to report it to Janet
• 52:16
  Yellen. What are your thoughts?
• 52:17
  Dude, it's a, it's a scary time and I think it's the consequence
• 52:21
  of not having a first principles approach society.
• 52:25
  Everyone 'cause you talk to the communists and they're for this,
• 52:28
  they're for financial censorship, they're for, you
• 52:31
  know, making it the bad guys can't spend money.
• 52:35
  And I think that on the surface, that's something that we all
• 52:37
  want. We all, none of us want, you
• 52:38
  know, child sex traffickers to be able to have money and spend
• 52:42
  money. We want those people in jail.
• 52:44
  However, the problem that we have is that we cannot human
• 52:49
  beings should not be able to functionally control what the
• 52:52
  definition and, and who shouldn't be able to use their
• 52:56
  money. This is how we get into the the
• 52:59
  you know, we're too deep in the weeds of what happens.
• 53:01
  And because we're kind of 2 1/2 generations now through the
• 53:05
  deletion of sound money from society and without sound money
• 53:09
  as the root, sound money, you know, money as a whole is just
• 53:13
  fake. Money as a whole is simply just
• 53:16
  a representation of your time. Your time is a representation of
• 53:20
  your efforts, and your efforts are a representation of
• 53:22
  yourself. So, you know, you can kind of
• 53:24
  get some deductive reasoning in here.
• 53:25
  Money is just a representation of us as human beings.
• 53:28
  And the disconnection of money from human beings is so vast at
• 53:33
  this point that we don't have a society that's able to actually
• 53:36
  think about first principles. We don't have the ability to
• 53:39
  actually think about what it means to have our time
• 53:43
  represented. And something that's fair and
• 53:45
  equal, like literally is decreed in the Bible from God is a fair
• 53:50
  and equal monetary system, which we are so far from, you know, in
• 53:54
  this day and age. And so I think that this is the
• 53:57
  primary problem is, in my opinion, not even the money, but
• 54:00
  the education system where people don't, don't look at
• 54:04
  things from a first principles approach.
• 54:06
  And then of course, the first thing that they would fix if
• 54:08
  society did get back to this first principles approach would
• 54:11
  be the money and they would adopt A Bitcoin standard.
• 54:13
  And it feels like that's where we're heading.
• 54:15
  We're just a slow burden to get there.
• 54:17
  But I, I want to arm people with the Thanksgiving conversation
• 54:21
  topic around, well, what do I say to the communist that tells
• 54:24
  me that they need bad people to, to censor money.
• 54:29
  And fair enough, let's assume that we can do that perfectly.
• 54:33
  What we don't want is people seeing my data.
• 54:37
  And I think a great example of this is like at the banks, if
• 54:40
  you have to report every single $6 transaction and every single
• 54:43
  bank balance through to the government, you're going to do
• 54:47
  that through the banking system. And if the low level minimum
• 54:51
  wage employee at the bank can now see where I spend my money,
• 54:56
  how much money I spend in those places, how much money is in my
• 54:59
  savings account, how often that money comes in and out of my
• 55:02
  account, I am pretty subject to a $5 wrench attack.
• 55:06
  Because you can see my income, you can see my outgoing
• 55:09
  expenses, you can see where I like to shop.
• 55:11
  Oh, hey, looks like Adam just bought a new car.
• 55:15
  Maybe we should go and rough him up and take it.
• 55:17
  Oh, it looks like Adam just bought a new boot bag or a new
• 55:20
  watch or you know, I'm a Bitcoiners.
• 55:22
  I don't spend money on those things, but I also don't have
• 55:25
  any money in the banking system. But if you did, you can see
• 55:28
  where this privacy completely ignores the actual security.
• 55:32
  It's like, let's just ignore the censorship factor for a second.
• 55:36
  There is a very real security issue to having all of your
• 55:40
  financial expenses exposed to the entirety of the legacy
• 55:44
  financial system with your name and your Social Security number
• 55:48
  and your address attached to them.
• 55:49
  So I think that we just have to get back to first principles.
• 55:53
  It's so easy to see when you think about things from a root
• 55:55
  perspective, but when you just pigeonhole yourself into
• 55:58
  thinking things through 1 lens, bad people need censored money,
• 56:02
  then we just ignore the fact in our society they've done such a
• 56:05
  good job at pushing people into just that, that narrow lens.
• 56:08
  Don't think about the possibilities, don't think
• 56:10
  outside the box, Just think about what we tell you to think
• 56:13
  about. And here we are with a broken
• 56:15
  monetary system and people actually voting for it and
• 56:18
  thinking it's a good thing. Like there's, there's no logic
• 56:20
  behind that, which I think showcases a society that's just
• 56:23
  completely removed from Logic A. 100% and, and, and and it, it,
• 56:27
  it has to be because I think proof of work anchors Bitcoin to
• 56:32
  the universe like it's, it's, it's anchored by energy.
• 56:37
  It's like anchored to the ground.
• 56:38
  And I think the root problem with Fiat is that there is no
• 56:41
  anchor whatsoever. You got a fan in the chat, Adam.
• 56:46
  There's no anchor to reality whatsoever with Fiat.
• 56:49
  Like it's just completely disconnected and I think it
• 56:52
  actually drives people insane. Like I have a theory for this.
• 56:54
  I think it. Like clinically like not just
• 56:56
  like figuratively insane, it's actually making people like like
• 57:01
  their brains are are breaking or melting a. 100% yeah.
• 57:05
  Because it's like, it's like literally, you know, that that
• 57:07
  thing, it's like money doesn't grow on trees.
• 57:10
  And it's like, dude, it literally does it like it is
• 57:13
  now, right, ABI? What's your take?
• 57:16
  And then we'll move on to the cold.
• 57:17
  Yeah, yeah. Just very quickly kind of just
• 57:19
  echoing what Adam was saying, I, you know, giving them the
• 57:23
  benefit of the doubt when they created the Bank Secrecy Act,
• 57:25
  you know, again, giving them a, a very big benefit of the doubt.
• 57:29
  It was in the favor of protecting citizens as we've
• 57:32
  seen it since its creation. It's obviously, or at least in
• 57:36
  my mind, obviously done more, more harm than good.
• 57:39
  And it really kind of reminds me of like the TSA security pretty
• 57:42
  theater out here. It's like, look, we're putting
• 57:43
  all these, you know, regulations and controls and, and, and Cajun
• 57:48
  you guys in and it's for your protection citizen.
• 57:51
  And as we've gone further down in the digital age, it's done
• 57:54
  more harm than good. And This is why we love Bitcoin
• 57:57
  so much because of its permissionless nature, because
• 57:59
  of its censorship resistant nature, because all you have to
• 58:02
  do is opt into it. And as we've seen, and we
• 58:05
  constantly talk about this, it goes back to the the classic
• 58:08
  quote of you vote with your pocketbook and your feet.
• 58:10
  And if you, you aren't allowed to use your money how you want
• 58:14
  to, like, how can we even say that we're free citizens living
• 58:17
  in the land of the free and the home of the brave?
• 58:19
  It's like, it's very interesting how people can do the mental
• 58:23
  gymnastics to justify this stuff.
• 58:26
  And I mean, like, Adam, you were just saying, I, I was just back
• 58:28
  home for the weekend and I literally got into arguments
• 58:31
  with like one of my friend and it was like getting political
• 58:34
  and about money. And I just was like, man, you're
• 58:36
  sounding like a collectivist. Obviously I didn't say it that
• 58:39
  nicely, but you know, it, it's just very interesting the mental
• 58:43
  gymnastic people can can jump through to justify this stuff.
• 58:48
  And like my borderline, like the fault line is just like, let's
• 58:53
  not justify theft, even it's for, you know, the greater good
• 58:55
  of people. It's just like it's very simply.
• 58:58
  And you know, we've, we have multiple examples that the Bank
• 59:01
  Secrecy Act and the AML and KYC laws do more harm than good.
• 59:05
  And now we're entering in a a new paradigm with Bitcoin and I
• 59:09
  think those laws will have to change.
• 59:11
  So I really do like this initiative.
• 59:13
  Am I hopeful that it's going to actually pass?
• 59:16
  Probably not, but I would like to see more of this.
• 59:19
  Dude, it's classic Cobra effect. It's like whenever you have an
• 59:22
  unnatural force trying to control a natural environment,
• 59:26
  things go wrong and we see this time and time again.
• 59:30
  It's it's just pathetic. A. 100 percent, 100%.
• 59:34
  All right, everybody stay tuned. We're going to talk to the
• 59:36
  founder of Bitcoin Well, Adam O'Brien about Bitcoin Well
• 59:41
  stuff. Exciting new release as well.
• 59:44
  And yeah, stay tuned. Stay tuned for the culture.
• 59:47
  Here we go. But we'll we will be right back.
• 1:00:02
  Everybody, before we jump into it, I do want to give a shout
• 1:00:06
  out to our sponsor, the orange pull up stack friends who stack
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  message me and Opti. You want to send Opti a message,
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  send them. But I want.
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  To respond for a while, but I'll get to you guys.
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  Sorry about that. Send them a message on the
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  Orangeville app. All right, everybody.
• 1:00:59
  So Opti, I see you have something pulled.
• 1:01:02
  Of course, it's been a minute since Adam came on and hashtag
• 1:01:06
  they've been building a lot of cool stuff that they're building
• 1:01:09
  and we might get a sneak peek a little bit of some other stuff.
• 1:01:12
  But first and foremost, Adam, let's talk about the the latest
• 1:01:15
  feature. Obviously this is only for
• 1:01:17
  Canadian. So you know, my view is when
• 1:01:20
  America, it's only it only matters when it's in America.
• 1:01:24
  But anyways, you guys just announced your slot from Bitcoin
• 1:01:27
  on chain to off chain on lightning and and you guys been
• 1:01:31
  getting a lot of a lot, a lot of good response and feedback from
• 1:01:33
  it. So you guys did an article on
• 1:01:35
  your web, on your Twitter. You guys can go read it and and
• 1:01:38
  you know, get yourself familiar with it.
• 1:01:39
  But Adam, let's talk about the BTC to Lightning swap.
• 1:01:43
  Yeah, man. So listen, lots of feedback that
• 1:01:46
  we've gotten. The worst part about being non
• 1:01:49
  custodial is that you need a UTXO every time you send Bitcoin
• 1:01:52
  out the door. And even me personally, like
• 1:01:54
  I'm, I'm a pretty avid stacker. I, I stack three to four times a
• 1:02:00
  week, depending on the on the week with my income.
• 1:02:03
  And as a result, that's 1000 Utxos a year.
• 1:02:08
  And I'm in a pretty good period of, you know, I consolidate
• 1:02:12
  frequently, but it just became very apparent that we need to
• 1:02:17
  be, you know, obviously offering lightning.
• 1:02:19
  So we, so we do this to kind of eliminate the UTXO issue.
• 1:02:23
  But that created a second issue, which was the fact that most
• 1:02:28
  lightning, like, if you're going to speak, I'd say 95% of people
• 1:02:32
  that are that are buying Bitcoin and Lightning network are
• 1:02:35
  dumping it into a custodial wallet.
• 1:02:37
  And we see the problems with that, you know, like the
• 1:02:39
  Telegram problem on the on the macro censorship side.
• 1:02:42
  But then even just like the wallet of Satoshi pulling out of
• 1:02:43
  the USA was very apparent to me that that is not going to be a
• 1:02:47
  good viable long term solution. And so this kind of thesis came
• 1:02:53
  about where we are experts at turning Fiat into Bitcoin.
• 1:02:57
  We can now go Fiat to lightning, we can go Bitcoin to Fiat and
• 1:03:01
  lightning to Fiat. Why not just combine that whole
• 1:03:03
  thing and allow people to kind of stack on lightning, you know,
• 1:03:06
  3456 times a week, 7 * a week, whatever you want to do.
• 1:03:10
  And then, you know, just allow them to go from lightning to the
• 1:03:14
  main to their cold storage whenever they want.
• 1:03:16
  And that's kind of where swaps was born.
• 1:03:19
  Obviously it's not unique, right.
• 1:03:21
  I think bolts has an instance of swaps.
• 1:03:23
  There's certain wallets that allow you what Satoshi itself
• 1:03:25
  lets you go from lightning to the main chain.
• 1:03:27
  The key function here with Bitcoin well is that you can you
• 1:03:31
  can throw your TX ID into the batch, which a little bit
• 1:03:35
  preserves privacy. But then also the main benefit
• 1:03:38
  is you don't have to pay a minor fee because Bitcoin well pays
• 1:03:41
  the minor fee for the batch transaction.
• 1:03:43
  So you can literally, you know, let's say your threshold is 5
• 1:03:46
  million sats. Let's say you stack 5 million
• 1:03:47
  sats throughout a few months and they're sitting in a Lightning
• 1:03:52
  wallet. You send 5 million sats to the
• 1:03:54
  Bitcoin well swap and Bitcoin well will send you 5 million
• 1:03:57
  sats on the blockchain straight to cold storage and you won't
• 1:04:01
  pay a minor fee. You don't pay any fee for swaps
• 1:04:03
  at Bitcoin well right now. And yeah, I'm stoked on it, man.
• 1:04:06
  It's like very useful to me as someone who, like I said, I
• 1:04:10
  stacked vigorously and I want to obviously have that as safe as
• 1:04:15
  possible while realizing that most people don't have the
• 1:04:19
  technical ability to receive lightning in self custody.
• 1:04:22
  We had to make a solution for that and that was it.
• 1:04:24
  But the real exciting thing for this is I'm now like, you know,
• 1:04:28
  there's a bunch of like regulatory stuff.
• 1:04:30
  I here's a bit of a tangent, bit of a sidebar.
• 1:04:33
  I was like on the verge of going to jail in Quebec because we
• 1:04:36
  didn't have the right stickers on our, on our Bitcoin ATMs
• 1:04:39
  there. And so my wife has asked me to
• 1:04:42
  make sure I stay out of jail. And I'm not a, a, a wanted
• 1:04:46
  criminal in most countries in the world.
• 1:04:48
  And so we are doing a little bit of compliance research to make
• 1:04:51
  sure that I stay out of jail. But our compliance research is
• 1:04:54
  going well and there's a real shot that we could open up swaps
• 1:04:58
  to the whole world. And what that would mean is we
• 1:05:01
  can start developing pockets of customers just using swaps in
• 1:05:05
  other nations. I've seen in the chat, you know,
• 1:05:06
  when Bitcoin well, EU, other people like in, in, in Latin
• 1:05:10
  America that I've spoken with. I think that there's a lot of
• 1:05:13
  opportunity to find pockets of customers and communities in
• 1:05:18
  these other jurisdictions where I can legally operate and stay
• 1:05:21
  out of jail on my wife's wishes. And we can then build Fiat
• 1:05:26
  products in those nations, which kind of takes Bitcoin, well,
• 1:05:28
  closer and closer and closer towards being like this
• 1:05:31
  financial service company that focuses on, you know, you
• 1:05:34
  keeping your Bitcoin in yourself custody and just giving you
• 1:05:38
  access to the modern banking world, which, yeah, it's on
• 1:05:41
  mission, it's on brand. It's very exciting to me and I'm
• 1:05:44
  proud of the team. Man, we crushed it.
• 1:05:47
  And wait, wait, hold on, I do have to troll you because this
• 1:05:50
  feature only matters when it comes to America.
• 1:05:52
  So until then, I'm going to hold your feet to the.
• 1:05:54
  Fire. Here's the thing I remember, I
• 1:05:57
  have a stay out of jail rule in America and and Americas are
• 1:06:01
  very bad for putting Bitcoin entrepreneurs in jail.
• 1:06:04
  So I just have to. Be this is true, this is true
• 1:06:07
  cautious, I'll give you some leeway.
• 1:06:08
  I'll I'll be patient with you. OK, all right, the the next
• 1:06:12
  point and which is a really good dovetail from the last
• 1:06:14
  conversation, which is why you, you know, did the Bitcoin to
• 1:06:18
  lightning swaps is one of the main concerns that our chat
• 1:06:21
  usually talks about and it's in regards to UTXO consolidation
• 1:06:26
  and the single address use that you guys do on the platform.
• 1:06:30
  So let's talk about that and then there is another good
• 1:06:32
  comment in the chat that we'll, we'll, we'll hit on before we
• 1:06:34
  sneak peek some things for you guys.
• 1:06:36
  Yeah, man. So we have to make decisions on
• 1:06:39
  on the product. And you know, obviously we
• 1:06:43
  enable everyone and encourage people to add different
• 1:06:46
  addresses. At the time, we're toying with
• 1:06:49
  the idea of enabling to add an X pop, which would obviously give
• 1:06:54
  you the ability to roll down your X pop.
• 1:06:56
  But there's a whole other host of privacy problems when you
• 1:06:58
  give a platform your ex pub. And so I think that at the end
• 1:07:03
  of the day, it's more work, but you can fully use different
• 1:07:07
  addresses for every single time that you do a transaction at
• 1:07:09
  bitcoinwell.com. But I think that Lightning and
• 1:07:13
  Lightning is coming soon to the USA, by the way, certainly
• 1:07:16
  before the end of the year. My team has told me that CEO
• 1:07:19
  time and development time is different.
• 1:07:21
  And so I'm not 100% sure how much sooner if it was up to me
• 1:07:26
  to be next week. But of course that's not how the
• 1:07:27
  world works. But I think that lightning with
• 1:07:31
  a swap solves the UTXO problem that many people experience when
• 1:07:34
  taking self custody. Of course fees are like fees are
• 1:07:38
  I'm look, I have a just a widget on my phone.
• 1:07:40
  Fees are like 9 SAT's per V byte right now.
• 1:07:43
  Relatively affordable to consolidate, but you could get
• 1:07:45
  caught with your pants down if you're not watching it.
• 1:07:47
  So I think that I think that there is there's definitely room
• 1:07:51
  to improve the UTXO management. I think Lightning is going to be
• 1:07:54
  a big piece of that. And I also think batching is
• 1:07:57
  going to continue to be a big piece of that.
• 1:07:59
  At the end of the day, you have to kind of ask yourself what is
• 1:08:02
  your freedom worth? I mean, we talked about an hour
• 1:08:04
  ago on the top of the show and I believe that your freedom is
• 1:08:08
  worth the extra effort of going through some UTXO consolidation
• 1:08:12
  once a quarter, maybe twice a year.
• 1:08:16
  And if you're able to consolidate Utxos when fees are
• 1:08:19
  low, that's great. And if not, then let's just get
• 1:08:21
  you stacking on lightning, you know, buy once a week, twice a
• 1:08:24
  week, three times a week lightning like lightning.
• 1:08:26
  And then once a month, you know, send your 500,000 SAT's into the
• 1:08:30
  Bitcoin. Well, swap and and get 500,000
• 1:08:33
  SAT's back to cold storage on chains.
• 1:08:34
  So I think that there's definitely the feedback's been
• 1:08:37
  so helpful. And I think what that goes to
• 1:08:40
  show is, and This is why we need people, you know, continuing to
• 1:08:43
  use Bitcoin. Well, lots of people tell me,
• 1:08:46
  oh, I just use Coinbase and I pull my money out automatically
• 1:08:50
  for XY and Z reasons. And to them I say good for you,
• 1:08:54
  but you're not supporting a bitcoiner, you're not supporting
• 1:08:58
  a company with Bitcoin ethos. You're not giving meaningful
• 1:09:01
  feedback towards the hyper bitcoinization that you want to
• 1:09:04
  see for your granddaughter. And we're building that.
• 1:09:07
  I'm a bitcoiner. I'm like, you know, a
• 1:09:10
  sovereignty warrior. I'm literally considered a
• 1:09:13
  financial terrorist here in Canada because of the decade of
• 1:09:16
  work that I've put into building this Bitcoin business.
• 1:09:20
  I told you guys earlier that like I've had the, you know, the
• 1:09:23
  Quebec problems, there's like there's consequences to this.
• 1:09:27
  And I think that when we support the businesses who want to see
• 1:09:33
  the same world that you want, the world goes in that
• 1:09:36
  direction. But if we just, we're no better
• 1:09:38
  than the virtue signaling communists that tell us to use
• 1:09:41
  paper straws and then go take their private jets to the to
• 1:09:44
  their private island and and live in a 20,000 square foot
• 1:09:48
  mansion. We have to put our efforts where
• 1:09:51
  our mouth is. And at the end of the day, that
• 1:09:54
  means, you know, helping us and companies like Bitcoin, well,
• 1:09:57
  build the better Bitcoin businesses so that the next
• 1:10:00
  generation has a better shot. And they do the same thing, they
• 1:10:03
  have the same reward. It's like, you know, this
• 1:10:06
  concept that right now we're passing the buck, we're passing
• 1:10:08
  the debt down to future generations with Fiat.
• 1:10:11
  When you become a Bitcoiner, you want to pass opportunity off
• 1:10:14
  next generation and you expect them to not only, you know,
• 1:10:18
  benefit from the opportunity, but then build on it and pass
• 1:10:20
  that, pass a compounding opportunity to the next
• 1:10:23
  generation and so on and so on and so on.
• 1:10:24
  And so I would definitely encourage people, you know, and
• 1:10:27
  if you can find another Bitcoin only non custodial platform in
• 1:10:30
  the USA, use that one. But I think we're the only one.
• 1:10:34
  And so if you can't, then please use Bitcoin well and tell us how
• 1:10:37
  to improve so that we can focus on things like making your UTXO
• 1:10:41
  problem better. We can focus on things like
• 1:10:43
  getting more than single address, easier to use and
• 1:10:47
  things like that. Love it and on the theme Adam of
• 1:10:50
  keeping you out of jail, we do have a comment in the chat here
• 1:10:54
  asking is Bitcoin well KYC also what information does it share
• 1:10:59
  with Uncle Sam or I don't know what you what what you call
• 1:11:02
  Uncle Canadian big daddy Gov over there when asked.
• 1:11:06
  Yeah, man. Yeah.
• 1:11:07
  Listen, we do have to abide by the loss.
• 1:11:10
  We have to be in compliance so that I, as I said, stay out of
• 1:11:13
  jail. And there's two ways that I look
• 1:11:16
  at that. On the one hand, you know, all
• 1:11:19
  the info that we take is of course able to be subpoenaed.
• 1:11:23
  You should read our, read our terms of service and our privacy
• 1:11:26
  policy. You know, we, we highlight when
• 1:11:30
  the last time we were subpoenaed, which we haven't
• 1:11:34
  been yet, thankfully. And so you can kind of like you
• 1:11:38
  can kind of understand how the rules of the system work that
• 1:11:43
  way. I think that at the end of the
• 1:11:46
  day, you want to use a platform that has someone in charge who's
• 1:11:51
  not afraid of the fight that is required to separate money and
• 1:11:55
  state and that I think is willing to kind of push the
• 1:12:01
  limits. I'm very comfortable in the
• 1:12:03
  Gray. I mean, in Canada, we've
• 1:12:04
  launched a fantastic privacy focused product which is called
• 1:12:09
  the Light account and you can buy Bitcoin with your verified
• 1:12:13
  e-mail and your well tag. And there's obviously limits on
• 1:12:18
  that. But there's, there's certain
• 1:12:21
  opportunities that we have and that I'm constantly searching
• 1:12:23
  for because like I said, I personally believe in financial
• 1:12:27
  privacy. I personally believe in, in
• 1:12:29
  financial sovereignty and I'm building a product that I want
• 1:12:33
  my kids to use. And you know, when I take that
• 1:12:39
  kind of generational lens and put it on through the lens of
• 1:12:42
  the product, you can kind of see how we're building a product
• 1:12:46
  that wants to increase financial privacy, increase financial
• 1:12:50
  independence, all towards our our mission to ultimately enable
• 1:12:54
  independence. And yeah, very tough to be
• 1:12:57
  independent when you know someone else has your data And,
• 1:13:02
  and I realize that. And so we take it very
• 1:13:04
  seriously. We take it as an onus and at the
• 1:13:07
  end of the day, following the law is important, but also
• 1:13:12
  making sure that we I believe in the Cobra effect to the benefit
• 1:13:16
  of society. Meaning if we believe that the
• 1:13:20
  Cobra effect is true, where an unnatural force will wreak havoc
• 1:13:24
  on a on a natural system, then there's always going to be
• 1:13:29
  loopholes in the unnatural force.
• 1:13:31
  And I'm very excited and and and humbled to be in a position
• 1:13:34
  where I have the opportunity to look at the loopholes to find
• 1:13:39
  the legal ways and all for the benefit of our customer.
• 1:13:44
  Lovett Speaking of the benefit of the customer.
• 1:13:47
  Let me, let me, let me, let me, let me, let me chime in here for
• 1:13:50
  a SEC 'cause this is like what I, I see this from Bitcoiners
• 1:13:53
  all the time, which is like they're always asking like
• 1:13:57
  Bitcoin companies about the whole KYC stuff.
• 1:14:02
  Guys. You have to understand that like
• 1:14:04
  that conversation is more political than it is on the
• 1:14:07
  companies themselves, KYC and AML and all that.
• 1:14:12
  It just adds more costs, right? So it's like another burden that
• 1:14:16
  these companies have to pay in order to stay compliant and for
• 1:14:21
  Adam to stay out of jail. It's not something that they're
• 1:14:24
  doing on a voluntary basis. It's something that is required
• 1:14:30
  from a regulatory perspective. Now, why am I saying this as
• 1:14:36
  Bitcoin continues to come out of the shadows?
• 1:14:39
  And by definition, the separation of money and state is
• 1:14:42
  very political. The question is, do you sit on
• 1:14:48
  the sidelines and just continue to just say the system is
• 1:14:52
  rigged? I'm just not going to get
• 1:14:54
  involved. I'm just not going to say
• 1:14:55
  anything. Or do you start to participate?
• 1:15:00
  Why am I saying this in Canada also, but in the United States
• 1:15:04
  specifically? This upcoming election will have
• 1:15:08
  consequences for the regulatory environment for Bitcoin
• 1:15:12
  businesses in the United States. There's a candidate that if it
• 1:15:18
  gets, if he gets elected, there's a certain regulatory
• 1:15:21
  environment for the next 4 years.
• 1:15:23
  And there's a candidate that if she gets elected, there's a
• 1:15:25
  certain regulatory environment for the next 4 years, which I
• 1:15:28
  think we've been experiencing for the last 3 1/2 years.
• 1:15:31
  Part of the reason that Wallet of Satoshi left and Phoenix
• 1:15:34
  Wallet left was because of the regulatory environment.
• 1:15:38
  So the reason I'm saying this is as Bitcoin continues to grow and
• 1:15:42
  influence and impact the political discourse, something
• 1:15:49
  that we've had the privilege to kind of stay out of because
• 1:15:52
  Bitcoin has been in the shadows, is going to start to come into
• 1:15:57
  kind of the mainstream discourse.
• 1:15:59
  And we don't have an option but to be involved or we're just
• 1:16:04
  beholden to whatever is happening on the political side
• 1:16:08
  of things. Like, one of my favorite quotes
• 1:16:10
  was like, if you choose not to be involved in politics, then
• 1:16:15
  the people that choose to be involved in politics are going
• 1:16:18
  to have power over you. And I think the political
• 1:16:20
  discussion is a very ugly run, ugly one, First of all, because
• 1:16:24
  the political system is inherently corrupt because of
• 1:16:27
  Fiat money and because the very definition of politics is the
• 1:16:32
  organization of power. And when it comes to power,
• 1:16:36
  like, a lot of things go out the window, right?
• 1:16:39
  And things get very nasty. So it's something to keep in
• 1:16:42
  mind guys like don't ask what Bitcoin could do for you, ask
• 1:16:46
  what Bitcoin could ask what you can do for Bitcoin.
• 1:16:49
  And you know, This is why it was so important to have RFK at the
• 1:16:53
  Bitcoin conference and Trump at the at the at the Bitcoin
• 1:16:57
  conference and in the on the Canadian side.
• 1:16:59
  I still can't pronounce his name, but Pierre Polivar, he's a
• 1:17:04
  pro Bitcoin candidate. It's very important.
• 1:17:07
  I'm telling you, I can't emphasize this enough.
• 1:17:09
  Not for the Bitcoin network. The Bitcoin network is going to
• 1:17:11
  keep going This thing. You can't kill a honey badger.
• 1:17:14
  But from a regulatory perspective for the industries,
• 1:17:19
  the person that gets into office will have an impact on the
• 1:17:23
  jurisdiction that they hold power over.
• 1:17:26
  And that's the reality. So do you want a pro Bitcoin
• 1:17:28
  candidate in office or do you not want a pro Bitcoin candidate
• 1:17:32
  in office? That's the only question that I
• 1:17:33
  have for you guys. And that apparently is very
• 1:17:35
  divisive for a lot of people. Anyways, I do want to make this
• 1:17:40
  announcement. Can we, Adam?
• 1:17:43
  Can we? Are we like rock'n'roll baby?
• 1:17:45
  Are we allowed to? OK, All right, so this is
• 1:17:47
  something that you guys have been asking for a very long
• 1:17:49
  time. Bitcoin, well, is going to be
• 1:17:53
  dramatically increasing their limits.
• 1:17:55
  So if you guys wanna make very, very big purchases on Bitcoin,
• 1:17:59
  well, you could hit me up personally at
• 1:18:02
  nico@bitcoinwell.com and I'll make sure to take care of you
• 1:18:06
  personally. So that is it is a big
• 1:18:09
  announcement. It is something that I've been
• 1:18:12
  bothering Adam tremendously about for the last six months
• 1:18:16
  and him and his team have come through so bit large, large
• 1:18:21
  Bitcoin transactions is coming to Bitcoin.
• 1:18:24
  Well, in the meantime, right now, I'm personally going to
• 1:18:26
  take care of you guys. So if you send me an e-mail,
• 1:18:29
  nico@bitcoinwell.com, I'll personally take care of it.
• 1:18:33
  But very exciting stuff because that was something that was a
• 1:18:36
  lot of the feedback that we kept getting.
• 1:18:37
  Like Nico, how can I make hire purchases?
• 1:18:40
  How can I do this? And then I just have to, I just
• 1:18:43
  kept replying, we're working on it.
• 1:18:44
  Well, the Bitcoin well team finally got it done.
• 1:18:47
  And again, to tie that up with the regulatory side of things,
• 1:18:52
  it wasn't a stop on the Bitcoin wealth side of things.
• 1:18:56
  It was a stop on the regulatory side of things.
• 1:18:59
  I guys, I don't think you understand how much fucking red
• 1:19:02
  tape there is. And the financial industry, like
• 1:19:05
  it's it's absurd. And that's why I wanted to cover
• 1:19:08
  the news story that I covered today, which is specifically in
• 1:19:12
  the USI don't think they have this protection in, in Canada.
• 1:19:15
  We have just got the 4th Amendment and just tore it up
• 1:19:19
  into a million pieces and just like spit on it and say this
• 1:19:23
  thing does not exist anymore. This idea that the government
• 1:19:27
  has an obligation to see every single transaction that you've
• 1:19:32
  ever done is absurd. And they've psyopped people into
• 1:19:37
  thinking that the world will spontaneously combust if that's
• 1:19:40
  not the case. That is a lie that is not true.
• 1:19:44
  And this is what we're fighting for.
• 1:19:46
  And the way that we win, the way that we separate money from
• 1:19:49
  state is by certain amount of the population, whether that's
• 1:19:55
  10 to 2020%, I don't quite know. Not only holding Bitcoin, but
• 1:20:01
  having that Bitcoin in self custody.
• 1:20:03
  And by just them doing that, they become revolutionaries.
• 1:20:07
  And the Bitcoin ethos kind of seeps.
• 1:20:09
  And it's a, it's a bottom up movement.
• 1:20:12
  And then all of a sudden you're going to start to have Bitcoin
• 1:20:15
  bitcoiners in positions of influence of power.
• 1:20:19
  And that's when you're going to start to see the rules change.
• 1:20:22
  But just bitching and complaining about how rigged the
• 1:20:25
  system thing, how rigged the system is doesn't change
• 1:20:29
  anything. So get involved.
• 1:20:30
  I know it's ugly, but our memetics are better than theirs
• 1:20:34
  and we have the truth on our side and we have sound money on
• 1:20:37
  our side. So anyways, big announcement,
• 1:20:40
  very excited. Nico@bitcoinwell.com if you guys
• 1:20:43
  want to make large purchases, the e-mail is live right now, so
• 1:20:47
  you can send me an e-mail and I'm very, very excited.
• 1:20:50
  Adam, thank you for coming on the show today.
• 1:20:52
  I'm going to give the last words to Opti.
• 1:20:57
  Just stack sats and stay humble. You should have gave Adam the
• 1:21:03
  last. Word no, but I'm giving you the
• 1:21:05
  last words because you always hijacked me and you're like
• 1:21:07
  Niko, Niko, wait up, wait up, wait up.
• 1:21:09
  So I was. Trying to like today.
• 1:21:11
  Today I didn't just keep. I was trying to get ahead of
• 1:21:14
  that and now you just made me look stupid.
• 1:21:16
  Anyways, Adam, any final thoughts for the 1958 of 58
• 1:21:23
  people watching live right now? Yeah, man, I think I want to
• 1:21:26
  steal off these thoughts and stay Stacks stats and stay
• 1:21:29
  humble. I mean, what is it?
• 1:21:31
  Be the change you want to be in the world.
• 1:21:35
  Like I said, like the feedback is super valuable to Bitcoin.
• 1:21:38
  Well, so use the platform, tell us what you want to see and
• 1:21:43
  let's get, let's enable independence in the USA.
• 1:21:46
  Let's stack. I love that Brig stack freedom.
• 1:21:49
  Let's get people Bitcoin in self custody so that they and their
• 1:21:53
  granddaughters and their great, great, great granddaughters have
• 1:21:56
  a shot at liberty. Because I think that is why
• 1:21:58
  we're here. We're here to be free and we're
• 1:22:01
  here to not be stolen from in a monetary system.
• 1:22:04
  So let's work towards that. Absolutely.
• 1:22:07
  Anyways guys, this was simply Bitcoin for October 9th 2024.
• 1:22:10
  I'm your host Nico, it's my Co host Optimus Fields and of
• 1:22:14
  course our guest for today, Adam O'Brien, CEO and founder of
• 1:22:17
  Bitcoin. Well, best place to build your
• 1:22:18
  automatic self custody Bitcoin stack.
• 1:22:20
  I won't be on the show on Thursday and Friday.
• 1:22:22
  I will be in Amsterdam, but I'll be back on Monday live from
• 1:22:25
  Paris. Opti's going to be in the
• 1:22:27
  hosting chair on Thursday and Friday.
• 1:22:29
  So guys, stay tuned in. And of course, Russian's going
• 1:22:33
  to be dropping a Simply Bitcoin Originals later on today.
• 1:22:36
  Until then, go outside, touch some grass, enjoy your family,
• 1:22:40
  stack some sats, enjoy life. We'll see you guys tomorrow.
• 1:22:43
  Peace out, everybody. To you by bitcoinwell.com, a
• 1:22:48
  Bitcoin only platform on a mission to enable financial
• 1:22:52
  independence.