Latest / Simply Bitcoin / Michael Saylor: Major Milestone to $5M Bitcoin Hit | EP 888

Transcript

Michael Saylor: Major Milestone to $5M Bitcoin Hit | EP 888 · Simply Bitcoin

• 0:06
  It's. All going to zero against
• 0:08
  Bitcoin. It's going on forever.
• 0:18
  You're against Bitcoin. You're against freedom.
• 0:23
  Yo, welcome to Simply Bitcoin Live.
• 0:25
  You're number one source for the peaceful Bitcoin evolutionary
• 0:27
  code, breaking news culture and matic warfare.
• 0:29
  We will be your guide through the separation of money and
• 0:31
  state. Speaking of the separation of
• 0:35
  money and state, I mean, is it one of those episodes?
• 0:38
  It kind of is. One of the things that Michael
• 0:41
  Saylor said needed to happen in order for Bitcoin to reach
• 0:45
  $5,000,000 happened and it happened early.
• 0:48
  Christmas came early and what I'm referring to is the change
• 0:52
  in the FASB accounting rules. Now it was set to go into effect
• 0:57
  in 2025, but now they're set to go effect in December of the new
• 1:03
  rules are set to go into effect in December of 2024.
• 1:06
  So like literally before the year of the Bull, which is the
• 1:09
  year of of 2025. And then also coincidentally, we
• 1:14
  have Bitcoin Q&A from Foundation and we're going to talk about
• 1:19
  this Awesome, this awesome thing that they just released.
• 1:22
  Envoy making self custody, increasing Envoy's been been
• 1:26
  released for a minute, but it's new feature and they're just
• 1:29
  making self custody so easy for the masses.
• 1:33
  I tweeted out, you know, it was a couple weeks ago, we brought
• 1:36
  Zach on the show to talk about it.
• 1:37
  But I was like having dinner with my parents and I came to a
• 1:42
  realization because they're all bitcoiners.
• 1:44
  Like, my parents basically bought Bitcoin when I bought
• 1:47
  Bitcoin and you know, number go up, converts you and you're just
• 1:50
  like, wow, I love this thing. You know, FD Fed and the central
• 1:53
  bank, blah blah blah blah blah. You know, Fiat money is a scam.
• 1:56
  But they don't really know how to interact like with Bitcoin,
• 1:58
  Like they don't really know how to access their wallets and
• 2:01
  whatnot. Like I kind of have to be like
• 2:03
  the lifetime Technical Support for my family.
• 2:06
  And it's because they're older or they're younger and they just
• 2:10
  they're used to being in the Fiat matrix where you have a
• 2:12
  bank that takes care of you. And I came to the conclusion I
• 2:15
  was like self custody is just not easy.
• 2:17
  So you know our boys over at Foundation are are trying to
• 2:21
  solve that problem. And also Speaking of self
• 2:23
  custody and and hardware wallets, breaking news is a
• 2:27
  Ledger debacle disaster that was released that came out this
• 2:31
  morning. Apparently they were like
• 2:33
  there's some bug that allows some malware to be uploaded to
• 2:37
  the device and it was like draining people's accounts like
• 2:40
  absolute clusterfuck disaster. But I mean it's like the reason
• 2:44
  is simple because they support altcoins because they support
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  this whole, you know, ecosystem of, as my opinion as a bitcoiner
• 2:54
  dog shit, yeah. I mean it kind of opens the, you
• 2:58
  know, it opens the, you know, the attack factor so to speak.
• 3:01
  And another thing about Ledger and I I used to be a Ledger
• 3:04
  Maxie. Like that was like my first
• 3:05
  hardware wallet is it's closed source.
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  Like, you don't know what's going on behind the hood.
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  So like, this comes a couple months after they announced
• 3:15
  their like sovereign recovery tool, whatever, that essentially
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  you would give access to Ledger and a third party to sign if you
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  lost your private keys. Like, I get what they're trying
• 3:25
  to do it, but in practice it's just a terrible idea.
• 3:29
  So yeah, just a lot going on. Great day, great day to be a
• 3:33
  Bitcoiner. I know yesterday it's
• 3:35
  yesterday's episode was kind of harsh with the attacks ramping
• 3:38
  up from Elizabeth Warren and Co, but today's going to be a happy
• 3:42
  episode and I'm looking forward to it.
• 3:44
  Speaking of happy, I have to bring up my legendary Co host,
• 3:49
  always optimistic, very well dressed.
• 3:51
  He's going on a date with Chrissy Lagarde later this
• 3:54
  afternoon. He's trying to get plugged into
• 3:56
  the concealing air system. Once again, he's trying to stack
• 3:58
  Sats. This is how Opti stacks Sats.
• 4:02
  Yes. Yeah.
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  No, no, that's not what happened.
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  I I I sweat through my my hoodie last night so I have to go get a
• 4:10
  haircut after this. And yeah, I don't I don't have a
• 4:14
  hoodie right now. I'm I'm fighting this Vegas bug
• 4:17
  as well, Nico. And I think I just broke through
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  it last night because I was sweating all night and this is
• 4:25
  the only clothes I have right now.
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  So it is what it is. But yeah man what a crazy day to
• 4:30
  have Bitcoin Q&A come on the show we were laughing about this
• 4:34
  behind the scenes that like yeah it's so fitting that when we get
• 4:37
  the guys from foundation to come on here and do AQ and A with us
• 4:41
  we have this extremely bad Ledger debacle happened.
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  So just absolutely incredible, let's bring up our guest and and
• 4:48
  guys we had planned to do the culture as like AQ and A but
• 4:52
  maybe we're going to get into this Ledger stuff.
• 4:54
  So if there is some questions you want to ask foundation drop
• 4:59
  them in the chat and we'll bring them up if we got some time.
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  But anyways, Q&A how you doing this morning?
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  Doing well, gentlemen, great to be back on.
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  Thank you for having me again. Almost poetic in terms of
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  timing. Yeah.
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  It was defined. Very funny.
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  Yeah, it was. It was me.
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  Yeah. I'll let you.
• 5:18
  Yeah, that was me guys. But no beautiful timing.
• 5:22
  And yeah, definitely looking forward to diving into this one
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  because there's a lot of weird twist to the tail.
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  Yeah it's it's so I I I can't say it's it surprises me.
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  I think if you've been in the industry for a while like
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  there's something about like when you support the altcoin
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  ecosystem to put it nice like I think they have like a different
• 5:44
  philosophy as bitcoiners where it's like move fast, break
• 5:46
  things versus bitcoiners like move slowly and absolutely don't
• 5:50
  break things. So it just doesn't surprise me
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  that of course it it's some type of exploit like I mean remember
• 5:56
  when the, I forget what those called the the the the smart
• 6:00
  contracts we're releasing like I think like. 50.
• 6:03
  Percent of them like or like a large majority I don't know the
• 6:05
  exact numbers like they were end up rug pulling you like there
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  was some exploit in the smart contract and it just let the
• 6:11
  creator of the smart contract to just like rug the entire thing
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  and they started making lists of these and there are some very
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  predominant ones included in those lists, right.
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  So it just doesn't surprise me that if you support all coins,
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  you know you kind of let this type of stuff into your garden
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  so to speak. And of course I'm not speaking
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  in absolutes but it's a pattern that I've noticed Bitcoin only
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  hardware. I just, I don't see these types
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  of things happen or happen as much better, said So Opti, I
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  don't know if you want to add to that and then we'll go to the
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  the numbers. No, I mean, I I think you hit
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  the hit the nail on the head. That's why we only endorse
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  Bitcoin only hardware is because it just adds more attack
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  vectors, especially when you're adding a bunch of shit coin
• 6:56
  software on top of it. So we'll get all into that in
• 6:59
  into the culture, we'll we'll let Q&A handle this one.
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  So let's just get into the show, Nico.
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  Yeah, let's let's start the show.
• 7:06
  Let's get into numbers. We have a lot to talk about
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  the time of recording. The Bitcoin price is 42,705 SATS
• 8:46
  per dollar 2342. Block height 821,187 blocks to
• 8:53
  having 18,813 having estimate April 20th, 2024 Total Lightning
• 8:59
  Network capacity 5018 Bitcoin Capacity Value 214 million
• 9:05
  Realized monetary inflation 1.75% The market capitalization
• 9:09
  of Bitcoin $835 billion with the B.
• 9:12
  Gold versus gold versus Bitcoin versus gold.
• 9:15
  Market cap 6.17% That number is going to continue to crawl up
• 9:19
  because Bitcoin is superior to gold in every which way and I
• 9:23
  can't wait for that number to hit 100% and then plus 100.
• 9:26
  And we're going to look back on this a couple years from now.
• 9:28
  Opti and just be like, holy cow, remember when Bitcoin was
• 9:30
  sitting at 42 K? So make sure to stack those
• 9:34
  sats. Anyways, we had Peter St.
• 9:36
  Ange on the show yesterday, had an incredible conversation.
• 9:40
  I titled the episode Bitcoin and Individualism.
• 9:43
  We went through the rabbit hole. I really, really liked that
• 9:46
  episode. Big fan of it.
• 9:48
  So, yeah, So what I want to talk about today is this is actually
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  something that we brought up in the conversation last night,
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  which is I think a lot of people are very upset with what is
• 10:01
  going on. Like they're upset with the
• 10:04
  prices. They're accept.
• 10:06
  They're they and they they they essentially what they do is that
• 10:10
  they take that that resentment that that hurt to that economic
• 10:17
  pain. And then they pointed at
• 10:19
  something and what they pointed on is capitalism, they pointed
• 10:23
  on politicians, they pointed on on everything and anything.
• 10:27
  You know, Russia was like a good excuse for the current
• 10:30
  administration for a while, the supply chains, the pandemic.
• 10:34
  But what they never do is that they never, essentially they
• 10:39
  never blamed themselves, but they're the ones solely
• 10:41
  responsible for what is happening, right.
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  The government printed a record amount of money during the
• 10:47
  pandemic, and that caused the prices of assets to skyrocket
• 10:52
  and that caused the purchasing power of the dollar to plummet.
• 10:56
  So if you're in the lower middle classes and you are living
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  paycheck to paycheck, since you're living on your salary,
• 11:04
  you got. You you feel?
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  Poorer if you're not making you know, I would say.
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  And of course if you take their numbers for word, but I just
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  don't believe that it's 3%. I think if you include
• 11:15
  everything, it's more like 1015% If you're not making 10 to 15%
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  more in in your salary than you were making last year, which
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  very few people are, you are poor, you're making less, you're
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  making less money. I know that the dollar amount
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  stays the same, but the purchasing power definitely
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  doesn't go that far. Here's Wall Street Silver and he
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  says, is McDonald's pricing themselves out of the fast food
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  market? The reputation was for cheap
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  food people. Now people are realizing that
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  with higher minimum wages, 15 to $20 per hour, and high food
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  costs, now McDonald's is costing as much as where is it now?
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  McDonald's is costing as much just as restaurants with higher
• 11:54
  perceived quality. There are tons of videos like
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  this where people are just realizing that eating out is
• 11:59
  unaffordable. There's a huge percentage of the
• 12:01
  population that is being forced to skip eating out and start
• 12:04
  brown bagging it from home. Lots of fast food franchises and
• 12:08
  restaurants could be setting up for failure in the coming
• 12:11
  recession, right? And here is a video of someone
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  just kind of, like explaining their pain and suffering and
• 12:17
  kind of going through that. And it's really sad, but I mean,
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  like, we know the cause of this. When did McDonald's get so
• 12:24
  expensive? All right, so I don't eat at
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  McDonald's on the regular like that.
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  So I didn't. I didn't know this happened.
• 12:29
  So when I think of McDonald's, I think of Dollar Cheeseburger, a
• 12:33
  dollar hot and spicy, a Dollar Mcchicken.
• 12:36
  So it's the 1st of the month. All the bills are paid.
• 12:39
  But I'm hungry. So I was like, you know, I'm
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  going to McDonald's because in my mind, like I said, a Dollar
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  Cheeseburger, Dollar Mcchicken. I get here and I order two
• 12:48
  cheeseburgers. And why were they each $3.29?
• 12:52
  I could have went in and out. I could have went to Chipotle.
• 12:54
  I could have went to Qdoba and paid the same thing for
• 12:56
  something actually nutritious and a little better.
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  But I came here because I thought we were still rocking
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  with that one. One Dollar $1.15.
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  Now it's three. If I ask for sauce, are they
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  going to charge me two? When did McDonald's get so?
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  So I mean like, like the reason I play you guys video is because
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  these are people that perhaps are not awake to what's going
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  on. Clearly she's not awake.
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  Like clearly she has no idea what's going on.
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  And then I just wanted to like point something out, which is
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  like most of society thinks that way, right?
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  Which is like the prices are just meant to go up.
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  Like you're purchasing power is just meant to go down.
• 13:42
  Inflation is a fact of life. And that's really our battle.
• 13:45
  Like, that's really where we have to educate as bitcoiners.
• 13:48
  It's not left verse, right? You know, it's the party of
• 13:52
  green versus the party of orange.
• 13:53
  The party of Fiat is what you're supporting.
• 13:55
  But if you've been saving in Bitcoin, actually your life has
• 13:58
  gotten significantly cheaper over the last five years.
• 14:01
  If you've been saving in Bitcoin, the dollar has gotten
• 14:03
  92% cheaper. Oil has gotten 85% cheaper, Gold
• 14:08
  84% cheaper, the SMP 586% cheaper, A new home in the
• 14:15
  United States of America? 78% cheaper.
• 14:19
  Even with housing prices doubling and all this stuff, a
• 14:22
  new home is still cheaper. Like it's still cheap.
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  If you've been saving in Bitcoin, it's cheaper.
• 14:30
  If you were saving in dollars, it's actually gotten
• 14:32
  significantly more expensive. Now.
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  I've been living on a Bitcoin standard for a minute.
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  So has OPTI. I'm assuming Bitcoin Q&A has as
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  well. He seems pretty based.
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  So, you know, imagine if the whole world switched to the
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  standard, you wouldn't have videos like that.
• 14:48
  Even if the prices went up in dollar terms, in Bitcoin terms,
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  McDonald's would have still been cheaper, right?
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  Everything would have been cheaper.
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  So, like, that's the power of saving in a deflationary
• 14:59
  currency that has absolute scarcity.
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  And I think once the world wakes up to that, I think we'll live
• 15:04
  in a much better world for it. But we still have a lot of work
• 15:07
  to do in the sense that we got a lot of people to wake up to this
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  new reality because they're still stuck in the past.
• 15:13
  They're still stuck in that Fiat past of elections and getting
• 15:18
  the right politician and and power so that he fixes
• 15:21
  everything with his magic wand, where in reality you have the
• 15:24
  power to fix it yourself. All you got to do is opt out.
• 15:28
  Of course we encourage self custody.
• 15:30
  We encourage you to run your own node and become sovereign.
• 15:34
  Opt out of political money because you're dealing with
• 15:37
  these issues, because it's political money anyways.
• 15:39
  Bitcoin Q&A What are your thoughts?
• 15:40
  And then we'll move on to Opti. Yeah, I think you, you code it
• 15:44
  really well. I mean, number one, she really
• 15:46
  likes McDonald's, doesn't she? But in all seriousness, yeah,
• 15:50
  you mentioned about the scarcity.
• 15:51
  I think it's a, it's a great time to to mention that because
• 15:54
  the the world's going to have an even bigger shock this time
• 15:56
  next. Well, the early next year April,
• 15:59
  we've got the Harving coming up. So there's going to be another
• 16:01
  supply shock to this to the system.
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  And you know if if past performance is an indication of
• 16:07
  future happenings, then I guess that can only mean one thing
• 16:11
  hopefully if we're all, if we're all right.
• 16:12
  So, yeah, looking forward to the Harvard and to see what the
• 16:15
  impacts of that have on the, you know, the the inflation
• 16:19
  schedule, hopefully it's going to do one important thing.
• 16:26
  You're muted, Nico, you're muted.
• 16:28
  Sorry, I was muting myself because of the cough.
• 16:30
  I didn't want to interrupt. Oh my God.
• 16:33
  I brought it up and I had to do it anyways.
• 16:37
  Yeah, so yeah, the halving is coming up next year.
• 16:40
  Historic moment, I think, you know, half of the downside.
• 16:43
  Cell pressure just disappears overnight.
• 16:46
  It's very unique to Bitcoin. Historically, what tends to
• 16:48
  happen is about a year, nine months after the halving, the
• 16:51
  price of Bitcoin tends to moon. Let's see if it does that
• 16:54
  historically. Obviously I'm biased.
• 16:56
  I think it absolutely will. I think this next bull market is
• 16:58
  gonna, you know, blow some minds away to be honest, and I'm
• 17:02
  looking forward to it. Anyways, Opti.
• 17:03
  What, what? What are your thoughts on this,
• 17:04
  brother? Yeah.
• 17:06
  So I mean, first and foremost, you know, hearing her kind of
• 17:11
  yell at McDonald's like it's McDonald's fault that there's no
• 17:14
  Dollar Menu, she kind of shows that she fully doesn't
• 17:17
  understand the mechanisms of inflation.
• 17:19
  And of course, you know, we all would love to have a Dollar menu
• 17:24
  at anywhere. It's it's not their fault that
• 17:27
  they have to raise prices like everything's getting more
• 17:29
  expensive because they're printing obscene amounts of
• 17:31
  money everywhere around the world.
• 17:32
  So this is just the cost of where we are right now and the
• 17:36
  fact that people don't understand what's going on.
• 17:38
  And I was legitimately having this conversation with a friend
• 17:41
  the other day. Remember when there was like
• 17:42
  $0.99 stores and like you could go in and buy stuff for like a
• 17:46
  dollar? Now I'm pretty sure that
• 17:48
  everything in those $0.99 stores aren't a dollar anymore.
• 17:51
  And it just goes to show like how bad inflation has really
• 17:54
  gotten. But really that most people
• 17:56
  don't understand how inflation works or or where it comes from.
• 17:59
  And and you can tell that they don't because we're still
• 18:02
  getting gas lit on television of where inflation really comes
• 18:05
  from. And they would only be able to
• 18:07
  get away with that if people didn't understand how inflation
• 18:10
  really works. Yet, you know, we do our best
• 18:12
  here every single day to try to wake people up our our channel's
• 18:15
  too small, our platform's too small to really wake up all of
• 18:18
  the world. But inflation is pretty simple.
• 18:20
  They are expanding the money supply.
• 18:21
  They're printing up scenes, amount of money.
• 18:23
  That's why things are getting more expensive.
• 18:25
  And like Peter saying on said, you know, they'll blame
• 18:27
  capitalism for this, but they'll be really, really bad or pissed
• 18:33
  off when capitalism goes away. It'll get way worse.
• 18:36
  But as you mentioned, you know, as I was talking to my friend
• 18:41
  about like, wow, $0.99 stores, they used to be able to buy
• 18:44
  things for a dollar. Now you can't.
• 18:45
  And then we kind of laughed and we're like, well, you know, at
• 18:48
  least we're on the Bitcoin standard.
• 18:50
  Our lives are getting cheaper. And it I just, it really blows
• 18:54
  my mind that people are out there and they're still just
• 18:58
  living on the dollar. Like, I I can only imagine how
• 19:00
  expensive it is for an average person that isn't a bitcoiner.
• 19:04
  You know, like my life has only improved since I've been on the
• 19:08
  Bitcoin standard, and it just blows my mind that people are
• 19:12
  still living on the Fiat standard and and I'm sure the
• 19:14
  stress that comes with it is unbearable.
• 19:17
  And that's why we're seeing what we're seeing in the world and so
• 19:19
  many people freak out. It's because, hey, they don't
• 19:22
  understand it, they're feeling it and they're getting poorer
• 19:26
  and then don't know that there's solutions to this.
• 19:28
  And as bitcoiners were like, guys, you just need to save in
• 19:31
  Bitcoin and your life will get easier.
• 19:33
  And like Q&A was saying, you know, we'll see how this plays
• 19:37
  out in roughly April when the having happens and it's going to
• 19:42
  get crazy, but as a Bitcoin it's only going to get better.
• 19:44
  So just just love to be, just love to be on this side of the
• 19:47
  aisle. Because I I can only imagine how
• 19:50
  pissed off I would be if I was also just living paycheck to
• 19:53
  paycheck on the Fiat Standard one. 100% dude.
• 19:58
  Anyways, I do want to give a shout out to everybody watching
• 20:00
  us on all the different platforms that you're watching
• 20:03
  us on YouTube, on Rumble, on Twitter, watching us live.
• 20:07
  We appreciate you all. The audience has been growing,
• 20:10
  you guys are enjoying the content.
• 20:11
  Make sure to smash that like button really helps with the
• 20:13
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  Please reach out to us. We've been trying to fix it the
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• 20:31
  the culture to talk about to talk to Bitcoin Q&A, I do want
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  went to a Bitcoin conference. It was Surfer Jim that convinced
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  me. I had to go.
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  And then I realized there was a whole army of people that
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  thought like me and. This army is growing by the day.
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  When I'm talking about people that thought like me, I'm
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  Visit swanbitcoin.com today. All right, I do want to give a
• 22:36
  shout out to the Pacific Bitcoin Festival.
• 22:39
  It's a lot of fun. Opti and I went last year.
• 22:42
  It's, it's, I would say the best Bitcoin festival.
• 22:45
  It's in Los Angeles, CA. Definitely don't want to miss
• 22:48
  it. They rent out a hanger at an
• 22:49
  airport. It's absolutely badass.
• 22:52
  Last year's speakers included Jimmy Song, Lynn Alden, Greg
• 22:54
  Foss, Alec Godstein, Corey Clips and Preston Pitch.
• 22:56
  Stacey Herbert, Max Kaiser, and Stefan Lavera.
• 22:59
  There's gonna be some awesome speakers this year.
• 23:01
  Opti and I are also gonna be there.
• 23:02
  You don't want to miss the Pacific Bitcoin Festival in Los
• 23:06
  Angeles. Highly, highly recommended.
• 23:08
  It's freaking awesome. Get your tickets quickly before
• 23:11
  the prices go up. Anyways, Opti, we're gonna talk
• 23:15
  about some bullshit today, aren't we?
• 23:17
  Yeah, yeah. So guys, we had intended for
• 23:20
  today's we're still going to, we're still going.
• 23:23
  To do it, yeah. So.
• 23:24
  I'm just going to tell, I'm going to tell everyone guys we
• 23:27
  want, we wanted to do a Q&A so you guys could ask Q&A about
• 23:31
  foundation. So I already see some of you
• 23:33
  guys dropping some questions in the chat.
• 23:35
  Drop some questions, we will get to them eventually but we would
• 23:38
  it would be a missed opportunity if we didn't talk about what's
• 23:41
  going on with Ledger. So I'm just going to show the
• 23:44
  tweet here because you guys in the chat don't know what's going
• 23:47
  on with Ledger. So here's Ledger's tweet.
• 23:49
  This came out this morning at 7:31 AM and Ledger tweeted out
• 23:54
  we have identified and removed a malicious version of the Ledger
• 23:58
  connect kick a genuine version is being pushed to replace the
• 24:01
  malicious file. Now do not interact with any
• 24:03
  daps for the moment. We will keep you informed as the
• 24:06
  situation evolves. Your Ledger device and Ledger
• 24:08
  live, we're not compromised Q&A. What is going on here?
• 24:15
  What is happening? Maybe do a little TLDR on the
• 24:19
  latest Ledger debacle. We don't have to get into all of
• 24:22
  Ledger's debacles in the last couple of years, but what
• 24:24
  happened this morning and what were your thoughts on it?
• 24:29
  Yeah, pretty well situation and I love dunking on our
• 24:32
  competitors especially when it's Ledger.
• 24:35
  Just I do in fairness want to make one quick correction that
• 24:38
  one of you guys said at the very top of the of the show where it
• 24:41
  was alluded to the fact that this was a compromise in the
• 24:44
  Ledger device itself. Now that's not strictly true and
• 24:47
  I'll get into the details why, but I just wanted to make that
• 24:49
  make that clear. But now I'm going to continue to
• 24:52
  dunk on Ledger. So one of the main reasons that
• 24:56
  people buy ledgers is they like to mess around with shit coins,
• 25:01
  probably on the Etherium network.
• 25:03
  And a lot of the ways that these Etherium applications are also
• 25:07
  known as Dapps, quote UN quote decentralized apps.
• 25:10
  They have like a a web access that you can go to a website
• 25:15
  like Metamask or something like that to interact with all your
• 25:19
  various different monkey jpegs and shit coins and all that sort
• 25:22
  of stuff. Ledger has like a an interaction
• 25:26
  with that in the form of like a button that allows you to
• 25:29
  connect your Ledger to this web service.
• 25:33
  And there was a dependency within that service to today
• 25:36
  that got compromised such that when you thought you were you
• 25:40
  know, interacting with whatever crap it you thought you were
• 25:42
  interacting with, What was actually happening was that your
• 25:46
  wallet was being drained to an attacker's address, which is
• 25:51
  obviously not desirable. So this could have technically
• 25:55
  affected non Ledger users if you were also interacting with this
• 25:59
  kind of web service because that's where the vulnerability
• 26:01
  was. But obviously as we know most
• 26:02
  people who do this kind of stuff tend to gravitate towards Ledger
• 26:06
  because they are a big name in the industry.
• 26:09
  So there's a couple of caveat points to this that didn't,
• 26:14
  let's say, protect the users as well as I would have liked from
• 26:17
  looking at it from through a hardware wallet manufacturer
• 26:19
  lens. When you interact with this sort
• 26:22
  of stuff, the way that the user kind of authorises the
• 26:25
  transaction is there's basically a button on the Ledger that says
• 26:28
  do you want to take this action. So there's no verification of
• 26:32
  you're going to send X amount of SAT or ETH or whatever to this
• 26:35
  address and here's how much change you're going to get and
• 26:37
  are you happy. It's just a case of do you want
• 26:40
  to take this action, yes or no? So the user had no way to verify
• 26:45
  what was actually going on with the transaction that was
• 26:48
  subsequently draining all of their shit coins to to an
• 26:51
  attacker. So even if the user was being
• 26:55
  super vigilant, the way that this is set up with Ledger and
• 26:58
  and the web services means that you wouldn't have been able to
• 27:01
  to detect it anyway just because of the way their architecture
• 27:03
  is. And even if Ledger did want to,
• 27:06
  I guess try and get the users to verify all of the Ethereum smart
• 27:10
  contract crap on that tiny little screen that they have.
• 27:12
  Like it's not going to happen that you'd be scrolling on that
• 27:15
  tiny little click click wheel for about 3 weeks before you
• 27:17
  verified everything. And even then it probably
• 27:20
  wouldn't be in a format that most of us could read and
• 27:23
  actually do anything useful with.
• 27:25
  So how did this kind of web service get, I guess,
• 27:32
  compromised? They are saying that a former
• 27:35
  employee. Now it's not clear whether he
• 27:38
  was a former employee when this happened or whether he's now a
• 27:40
  former employee because it happened.
• 27:42
  My guess guess is probably the latter had was basically subject
• 27:48
  to a phishing attack and his access to one of the the
• 27:52
  dependencies that supported this web service was compromised.
• 27:56
  And then the attacker has kind of injected the malware from
• 27:59
  there such that any customers that are subsequently
• 28:02
  interacting with the web service were unknowingly getting all of
• 28:07
  their monkey jpegs stolen. So the the users were kind of
• 28:12
  upshit Creek without a paddle here because they had no way to
• 28:14
  to kind of you know catch this by looking and verifying on
• 28:19
  their supposedly secure hardware wallet in the way that we would
• 28:22
  typically do as Bitcoin is where we look at the transaction
• 28:25
  details and we we confirm that yes, this is the address that
• 28:29
  I'm sending to, this is how much I'm sending and this is how much
• 28:32
  change I'm going to get and this is how much I'm going to pay in
• 28:34
  fees like that just doesn't exist in the Etherium
• 28:36
  application, in the Etherium kind of ecosystem and definitely
• 28:40
  not when you interact with it by a Ledger either.
• 28:41
  So yeah, I will be clear and say that they have now patched this.
• 28:46
  In fairness, they seem to have done it within like 4 hours and
• 28:50
  it's completely unclear at the moment how much how how many
• 28:54
  monkey jpegs were lost in this tragedy.
• 28:57
  But I'm sure that will come out in the woodwork over the course
• 29:00
  of the next couple of weeks. But yeah, that's that's the the
• 29:03
  kind of TLDR on what went down today.
• 29:05
  Dude, that's absolutely, that's absolutely hilarious.
• 29:09
  Poor monkey jpegs. I mean, I don't like to dance on
• 29:12
  people's graves, but man, that's, I mean, we say on the
• 29:17
  show all the time. Producer Jacob says it all the
• 29:19
  time, Don't shit coin. It's bad for you, clearly.
• 29:22
  You know, I I think this is what we mean is bitcoiners, I think
• 29:26
  you you've been burnt, you've been burnt so many times that
• 29:31
  you just kind of start to learn your effing lesson, you know,
• 29:34
  after a while. So anyways, I do want to pull up
• 29:39
  Bitcoin Q&A's screen so we can talk about Envoy and some some
• 29:45
  passport stuff Whenever you're ready, brother.
• 29:59
  Yeah sorry guys, I'm on Brave browser and it seems to be
• 30:01
  blocking it at the moment. So if you could fill just
• 30:03
  quickly for me. Sorry about this.
• 30:05
  Yeah, no worries. So I would recommend going on
• 30:07
  Google Chrome and that should work.
• 30:10
  Yeah, I. Could pull it up.
• 30:13
  OK, so anyways, yeah, it's the the Ledger thing is just a just
• 30:20
  an effing disaster. But I mean, it's such a shame.
• 30:24
  It's what happens when you when you deal with shit coins.
• 30:28
  Yeah, Bitcoin Q&A is going to be right back Passport website, but
• 30:35
  yeah man, this is the envoy to put to read the description a
• 30:39
  simple Bitcoin wallet with powerful account management,
• 30:42
  management and privacy features. Use alongside your passport for
• 30:46
  set up firmware updates and more.
• 30:49
  Of course this is the passport. I highly recommend it here at
• 30:52
  Simply Awesome Hardware Wallet. Completely open source.
• 30:56
  I think they have snake on it too.
• 30:58
  Believe it or not. So highly recommend this wallet.
• 31:00
  Check the link in the video description.
• 31:02
  Bitcoin Q&A is back, so welcome back my friend and he shared his
• 31:12
  screen. Here we go.
• 31:14
  There we go. OK.
• 31:15
  So can you hear me? OK, guys.
• 31:16
  All right. Yeah, we got you, bro.
• 31:18
  Loud and clear. Screenshot should be coming in a
• 31:21
  second from my iPhone or being well, is that working?
• 31:24
  Yeah, it is. Working.
• 31:26
  Oh, beautiful. Yeah.
• 31:27
  So I thank you for the opportunity to do some Envoy
• 31:30
  shilling. I am very excited about this.
• 31:33
  So Envoy is our open source mobile application that is a
• 31:40
  stand alone mobile wallet for your traditional day-to-day
• 31:43
  spends for smaller amounts and also acts as a companion
• 31:45
  application for your passport as well.
• 31:47
  For those that don't know, Passport is our air gap hardware
• 31:50
  wallet, although I'm sure regular watchers of the show
• 31:52
  will be quite afraid of that right by now.
• 31:54
  But you definitely don't need a passport to to use Envoy and we
• 31:59
  offer the the easiest mobile wallet experience on the market.
• 32:01
  In my humble opinion. Newer users can leverage our
• 32:06
  magic set up. Nikki, you were talking earlier
• 32:08
  about us at Foundation trying to make self custody ready for the
• 32:13
  masses and we think we're about as close as you can get in terms
• 32:18
  of an onboarding sequence. So if our any new users can
• 32:22
  leverage our what we call magic set up where you can quite
• 32:25
  literally go from zero to installing the app and having a
• 32:29
  mobile wallet that is ready to transact and automatically
• 32:32
  backed up to your chosen cloud service in under 30 seconds or
• 32:36
  around 5 taps. All you need to do.
• 32:41
  Sorry Sir. Yeah, what that means is that if
• 32:43
  you lose your phone and as a typical, normally you have 0
• 32:47
  manual backups of your seed, all you need to do is sign in with
• 32:50
  your cloud account on a new phone, re download the envoy app
• 32:53
  and hey presto, all of your stuff is recovered.
• 32:56
  Now. It's all well and good, me kind
• 32:58
  of saying that, but I'm just going to.
• 33:00
  So here I have a fully populated Envoy wallet.
• 33:02
  We're ready for some demonstration, but I want to
• 33:04
  demonstrate a point here where let's say my phone is stolen or
• 33:09
  I accidentally delete the app. Oops, So let's say I've just
• 33:15
  bought myself a new phone. I'm going to reinstall the Envoy
• 33:17
  app. Obviously this is a test light
• 33:19
  version, but also that you you would traditionally do is go to
• 33:22
  the App Store, search for Envoy and reinstall.
• 33:25
  So you're thinking at this point, shit, I've lost all my
• 33:27
  Bitcoin. I didn't have a seed backup
• 33:29
  because I'm an idiot. Well that's not the case with
• 33:32
  Envoy. All you need to do is re
• 33:33
  download, get to the open screen, tap setup, choose how
• 33:37
  you want, wait for a couple of seconds.
• 33:43
  Evidence automatically. No manual backups, no nothing.
• 33:47
  And that. What was that like 10 seconds?
• 33:49
  Yeah, yeah. So that so I'm assuming this is
• 33:51
  I cloud, right? ICloud, if you're an iPhone user
• 33:54
  and Google, well, it's called Android Auto Backup.
• 33:58
  If you're an Android user, yeah, completely optional, I will add.
• 34:01
  So there's probably going to be people listening to this go, oh,
• 34:04
  I don't like the sound of cloud backups and things like that.
• 34:06
  And to to be clear, the only stuff that is backed up here is,
• 34:09
  is in terms of private key material is your mobile wallet
• 34:14
  seed which is encrypted before we send it off to to Apple or to
• 34:17
  Google. But there are going to be people
• 34:19
  there that you know that's just not OK for them, which is
• 34:23
  absolutely fine. So if you wanted to not use any
• 34:26
  of the magic stuff, we of course will allow users to come in and
• 34:29
  and just take the manual setup where they can import their own
• 34:32
  seed or they can just generate a new seed on the device and just
• 34:35
  have that stored locally. Then they can go and you know
• 34:38
  make their traditional seed word backup stamp.
• 34:40
  Then to steal, store it wherever they want as you would typically
• 34:43
  do with a traditional mobile wallet.
• 34:45
  So we've got both people or both of those types of users covered
• 34:49
  and we think that Envoy can kind of grow with you.
• 34:52
  So if you're just starting out and you you're inevitably going
• 34:55
  to make mistakes or you're orange Pilling from friends and
• 34:57
  family, maybe go down the the kind of magic set up route.
• 35:01
  Let them see the magic of it in 30 seconds or just a couple of
• 35:04
  taps. And then they can, you know,
• 35:06
  disconnect that cloud connection in the future if they wanted to
• 35:09
  and then be more suffering from then on.
• 35:11
  You know you can kind of choose your journey with this.
• 35:13
  So super excited about that and and hopefully as the world
• 35:18
  starts to wake up and learn about it, it should become the
• 35:20
  perfect orange Pilling tool in my opinion.
• 35:23
  Yeah, it's it's, it's very convenient.
• 35:25
  It kind of reminds me a little bit of Wallet of Satoshi.
• 35:27
  I think XX has a question and you know so so your seed phrase
• 35:31
  is recorded somewhere other than with me.
• 35:33
  So I think what Bitcoin Q&A said is that your mobile key is
• 35:38
  backed up to the cloud. Obviously your key on your
• 35:40
  hardware wallet remains on your hardware wallet.
• 35:42
  It's an air gapped hardware wallet.
• 35:44
  And then another thing is Bitcoin Q and AI mean dude, I'm
• 35:51
  losing my memory. Holy cow.
• 35:53
  I'm sorry, getting over the Vegas virus.
• 35:57
  No, but it was a it was an important question.
• 35:59
  Yeah. I mean, statement, this is
• 36:00
  completely optional, so you don't have to do this if you
• 36:03
  don't want to. This is just like, you know, if
• 36:06
  you're getting into Bitcoin, there's something about the
• 36:08
  convenience like Waldo Satoshi is incredibly convenient.
• 36:11
  Of course, you understand the trade-offs and stuff like that,
• 36:14
  but you know, this is making it convenient so people aren't
• 36:18
  shook or aren't scared of self custody.
• 36:20
  It's kind of like easing your way into it.
• 36:23
  So that's very cool. Here is here is Toxic, Sophie
• 36:30
  says simply Bitcoin. Can Mr. Q&A please explain in a
• 36:33
  little complicated way how they do a secure cloud backup?
• 36:38
  Yeah, very good, good question. So the way that it works is we
• 36:42
  when you tap the magic set up you we generate a a a seed using
• 36:46
  the random number generator on your phone that is stored
• 36:49
  locally on the secure element of your phone.
• 36:51
  And if you choose the the magic backup, we will encrypt the the
• 36:55
  private key and then send it off to a secure the secure portion
• 36:59
  of your cloud storage. So as I said with with Android
• 37:02
  that's called Android Auto Backup and we've got links to
• 37:05
  all this in our documentation if you really want to get into the
• 37:07
  nitty gritty. And with iCloud it's stored in
• 37:10
  what's called your iCloud keychain.
• 37:12
  Now this isn't like a typical part of your like Google Drive
• 37:15
  or your iCloud Keychain where you can kind of go on log in on
• 37:18
  your computer and go and look at that like it's a hidden access
• 37:21
  thing that only specific applications can can have access
• 37:24
  to. But even if there was a rogue
• 37:27
  Apple employee or Google employee because of this,
• 37:30
  private key material is encrypted like alls I see is an
• 37:32
  encrypted BLOB. So even if your cloud account is
• 37:35
  compromised then then the private key itself is not
• 37:38
  compromised because they cannot break the encryption.
• 37:41
  The other cool part about the the magic backup setup is that
• 37:45
  we use the what we call the hash of your private key as an
• 37:50
  identifier on our server so that we can store all of what we call
• 37:55
  your metadata on our servers without having to know who you
• 37:59
  are, where you live, or anything about you at all.
• 38:02
  So when you do this setup, we send a hash to our server and
• 38:07
  then we can store all of your metadata.
• 38:09
  So what metadata is, is like all of the the additional accounts
• 38:12
  that you can see if you add any that you can see on screen
• 38:15
  there. If I go in and add any notes or
• 38:17
  tags or change any of the the names of my devices here, all of
• 38:22
  that sort of additional stuff as well as app settings and all
• 38:25
  that is all stored in an encrypted BLOB on our servers.
• 38:28
  And that's what allows us. When you saw me do that quick
• 38:31
  recovery earlier, we basically see that you're logged into your
• 38:34
  iCloud, we pull down your seat because you've logged in, you've
• 38:37
  authenticated. And then we locally and envoy,
• 38:41
  we hash that private key again and then ping that to our
• 38:43
  server. And we obviously cross reference
• 38:46
  that with a list of all of these like random hashes that we've
• 38:49
  got. And if we find a match, then
• 38:50
  we'll send all of that encrypted metadata back to you.
• 38:53
  And the end result for you as a user is that, as you saw earlier
• 38:56
  in a couple of taps, you your Envoy app is as if you never
• 38:59
  left it. And then again, like for the
• 39:03
  for, you know, the initial, like you make so much mistakes.
• 39:06
  In the beginning, self custody is like this, daunting.
• 39:09
  Like in in practice, on a conceptual basis it's so
• 39:12
  straightforward. But in practice, a lot of things
• 39:16
  happen. Like I I never forget the first
• 39:18
  time you recover a wallet and that that wallet has some
• 39:22
  Bitcoin on it, you're like, holy cow, you know, did I lose my
• 39:25
  Bitcoin? And your your, your your heart
• 39:27
  skips a beat, you know. So this is essentially making it
• 39:31
  easier for, for, you know, people, their onboarding
• 39:34
  experience. And then as time goes by, I
• 39:36
  suspect people will value more and more sovereignty.
• 39:40
  You know, they'll they'll they'll disconnect themselves
• 39:43
  more and more and more and more. But initially you don't.
• 39:46
  Most people, in my experience, that's not what they go through.
• 39:49
  We do have a question from Doctor Nikamoto FM this
• 39:54
  questions for Foundation. I know you can have multiple
• 39:56
  accounts on a single seed phrase, but can you have
• 40:00
  multiple seed phrases on a single passport?
• 40:03
  Oh, very good question. The short answer is no.
• 40:06
  You can only have one master seed loaded into the device
• 40:10
  that's able to kind of sign transaction to any one time.
• 40:14
  Although you can access different wallets or sub wallets
• 40:19
  in in using various different tips and tools and techniques.
• 40:22
  So you've alluded to you, you can have different account level
• 40:25
  segregation which is absolutely correct and one of my favourite
• 40:28
  features and you can actually see that in practice on on
• 40:30
  screen here. So you can see all my different
• 40:32
  passport accounts. Like all of these are linked to
• 40:34
  the exact same device, but they're all completely separate
• 40:37
  sub wallets. They they're all controlled by
• 40:39
  the single same private key. But to answer the the question
• 40:43
  more specifically around different actual kind of, I
• 40:46
  guess, high level wallets, then the way that you would do that
• 40:49
  with our device currently is that you'd need to use
• 40:51
  additional passphrases. So each additional passphrase
• 40:55
  that you applied to your seed words would create a brand new
• 40:58
  wallet with its own list of accounts and addresses.
• 41:01
  And you can do that. You know, there's an infinite
• 41:03
  number of different passphrases that you can use.
• 41:05
  Now there are some caveats with doing that because with each
• 41:09
  subsequent pass phrase, well that you use and that you
• 41:12
  populate with some Sats, you're going to need to create
• 41:14
  additional backups for those. So yeah, it's not like there are
• 41:19
  like additional things that you need to kind of consider when
• 41:21
  you do that and that's why we consider that as more of an
• 41:23
  advanced option. But yes, in the future, I think
• 41:27
  the the question I forget who you said asked it, but was
• 41:30
  probably alluding to the fact of the way that what we call
• 41:32
  stateless signing devices operate.
• 41:36
  So seed signer is a perfect example of this where it doesn't
• 41:38
  store your private key material when it's switched off so that
• 41:41
  you can kind of load in any seed words whenever you want, which
• 41:44
  has its pros and cons obviously. The main Pro is of course that
• 41:48
  you can switch between wallets very, very quickly.
• 41:51
  So yeah, the short answer would would be you know just a single
• 41:55
  seed at any one time. However, it takes like 30
• 41:59
  seconds to erase the device and then you can restore via your
• 42:03
  seed words or or via a seed QR in the exact same way that seed
• 42:06
  signer or a block stream jade would.
• 42:08
  So to actually switch the master seed in the device will take you
• 42:12
  about 60 seconds, so you can actually achieve that if you
• 42:15
  want to. Very, very cool.
• 42:17
  So Keith says when restoring the encrypted key in the cloud, how
• 42:20
  did how is it decrypted when it gets back on the device, Apple
• 42:23
  or Google account credential? So there's a security element on
• 42:26
  your iPhone. It's one of the best especially
• 42:28
  if you get the latest and greatest iPhones.
• 42:31
  They make incredible security elements for these mobile
• 42:33
  devices just cause the market is so big.
• 42:36
  So I for the for the iPhone, I think maybe Google does it
• 42:39
  differently but for iPhone it gets decrypted on the device.
• 42:42
  Is that is that correct or wrong Bitcoin Q&A?
• 42:45
  No, I think you're correct. I I will hold my hands up at
• 42:47
  this point and say that you know, we're at the, the, the
• 42:50
  limits of my technical knowledge as to the the nuts and bolts of
• 42:53
  how, where and how the encryption is taking place.
• 42:56
  We've got links to it and how it's covered in our
• 42:58
  documentation at docs.foundationdevices.com if
• 43:01
  you want to really get under the skin of that sort of stuff.
• 43:03
  But yeah, would absolutely hold my hand up and say, you know,
• 43:06
  we're at my technical limits. Here so the, the, the.
• 43:13
  The. PIN on your iPhone, that's the
• 43:15
  password to your phone, right. That essentially locks, that
• 43:18
  opens and closes the device. That is like the equivalent of a
• 43:21
  computer password. It's the same thing.
• 43:24
  So yeah, but I mean that's that's an excellent question.
• 43:28
  And so yeah, and then the this device, I mean, like, I I like,
• 43:33
  I would have more questions for you, but that was fast as fuck,
• 43:35
  bro. That's what I got to say.
• 43:37
  Yeah, I, I well if we've got, if we've got time or there's no
• 43:39
  more questions, no, I didn't show about the the the coin
• 43:42
  control stuff so we recently. Can you go back?
• 43:45
  Can you go back for a SEC? I just noticed something on the
• 43:47
  app. So so you can connect to your
• 43:49
  own node through there, right? So like I have AI have a start
• 43:52
  nine you know server pier. I can connect to it via Tor and
• 43:58
  all that stuff to my to my app on my phone, right?
• 44:01
  100% Yep, Tor locally and you can actually do it via scanning
• 44:06
  a QR code. So some of these no projects
• 44:09
  like Umbrella I'm not familiar with, start nine whether they do
• 44:11
  that, But some of them will represent your Electrum server
• 44:16
  address as AQR code. So rather than having to like
• 44:19
  type in you know, a horrible onion address or copy and paste
• 44:21
  it from your laptop to your phone or anything like that, if
• 44:24
  there's a QR code available, you can just connect with the scan
• 44:26
  like super simple. You can do that in seconds.
• 44:29
  Yeah, 100%. All right.
• 44:32
  So what was it that you wanted to show us?
• 44:34
  Yeah, so as part of we've just recently released Envoy One
• 44:37
  Point version 1.4, which brought in a host of cool improvements.
• 44:42
  The first one you're already looking at is our privacy
• 44:44
  screen, where you can, as we've just talked about, you can
• 44:47
  connect to your own node via an Electrum server.
• 44:50
  You can turn on Tor connections or turn them off and just, you
• 44:53
  know, as you see fit there. And you're also talking about
• 44:56
  PIN and biometrics here. You can also add that at the
• 44:58
  application level. So you know if if you have got
• 45:01
  all of your passport accounts here and you leave your phone
• 45:04
  lying around, like you don't really want somebody to pick up
• 45:06
  your phone and be able to see them.
• 45:08
  So if you wanted to turn on the PIN, biometric, face ID,
• 45:12
  whatever, whatever you want, you can kind of add that extra layer
• 45:14
  of security there as well. But the the main bit that I'm
• 45:18
  super excited about is full coin control within the Envoy
• 45:22
  application. So a very quick primer I guess
• 45:27
  on what coin control is. So your Bitcoin wallet balances
• 45:32
  is compromised of many pieces or smaller pieces of Bitcoin that
• 45:36
  are called coins. Although these coins can often
• 45:39
  be referred to I guess by the technical community as UTXOS or
• 45:43
  Unspent Transaction Outputs. And how many coins that you have
• 45:48
  in your wallet and the size of each of them depends entirely on
• 45:51
  how you've used the wallet in the past.
• 45:53
  You know what type of transactions you've sent and
• 45:54
  received. So when any amount of Bitcoin is
• 45:58
  transacted from Alistair Bob, the amount will be compromised
• 46:02
  of one or more coins from the sender's wallet.
• 46:05
  And in the context of a transaction, these coins are
• 46:07
  known as inputs. So if a sender creates the spend
• 46:11
  just by simply, you know, typing in an amount like this, wait now
• 46:14
  let me go here and I just go to send and then I just go like
• 46:18
  this and then paste an address then that's what we call like
• 46:22
  it's just a a simple or a naive spend where the wallet is going
• 46:25
  to be choosing which of those coins are going to be used as
• 46:30
  part of that transaction. Now a lot of people listening to
• 46:32
  this might not care, which is absolutely fine.
• 46:34
  And you know, we we will always support that type of behaviour
• 46:37
  because a lot of people just want to enter an amount, say pay
• 46:40
  up fee, this much sent, job done.
• 46:42
  Man, that. But there there there is a more
• 46:47
  advanced bit called Coin control where we now allow the user to
• 46:50
  at a granular level pick which of those coins they want to be
• 46:54
  included in the transaction which can be beneficial from a
• 46:57
  privacy perspective. So we've surfaced this now where
• 47:00
  you can go in and I can see in this account I've got 1.3
• 47:03
  million Sats and that is comprised of these 4 coins here
• 47:06
  and you can see the amounts and it's super simple to be able to
• 47:10
  spend from a specific one or multiple.
• 47:12
  I let you just open this, turn them on like that.
• 47:15
  You see the bottom sheet pop up and then I just go send
• 47:19
  selected. So I've then told the wallet,
• 47:21
  OK, I only want you to spend from these two coins so you can
• 47:27
  get a great level of granularity in terms of your spends with
• 47:31
  just a couple of taps. Like people are often like oh,
• 47:33
  coin control's really difficult And our whole agenda with this
• 47:37
  was to make it super simple so that you know if you if you
• 47:41
  don't care about coin control you don't have to see it.
• 47:43
  You just do the simple spend like I said before where you
• 47:46
  just type the amount and press send.
• 47:47
  But if you are a bit of a weirdo like me and you like to name all
• 47:51
  of your your coins and give them pet names and stuff, then you
• 47:54
  can go ahead and do that and be as advanced as you want.
• 47:56
  That is, that is. We do have.
• 47:58
  We just sorry to keep cutting you off.
• 48:00
  We do have an in between kind of happy medium, which we're also
• 48:05
  super proud of, which is called tags.
• 48:07
  So tags are a quick way of categorizing basically I you
• 48:14
  know I alluded to giving them pet names where it's probably
• 48:16
  quite a good example here is there you go see so I've I've
• 48:19
  got a demo account here called kids inheritance.
• 48:21
  So this is where I'm keeping my make believe kids inheritance
• 48:26
  and I've given them each each name.
• 48:27
  So I've gone into my my coin list that comprises of my
• 48:31
  balance which is 5.8 million Sats in this example and I've
• 48:34
  gone right. OK, Alice can have these two
• 48:35
  coins, and I'm going to put those into the Alice tag, so I
• 48:39
  know that they're there's, they're hers and these are the
• 48:41
  Bob coins and those are his. So what I can do now is what I
• 48:47
  am sort of calling lazy coin control, although you won't see
• 48:50
  that in any of our marketing speak because it's probably not
• 48:53
  great marketing speak to be honest with you.
• 48:54
  But what I can do, rather than having to go and pick all of my
• 48:57
  individual coins, which most people like, oh, you know, I
• 48:59
  can't be bothered to do that. That's just too much hassle.
• 49:02
  I can just go, all right. I know that Bob's coins are only
• 49:07
  belonging to Bob and Bob is I'm making this transaction on Bob's
• 49:10
  behalf. Or another example would be
• 49:12
  instead of it being called Bob, this could be my no KYC tag
• 49:16
  where I know all the coins in there are private and I want to
• 49:18
  keep them segregated from all of my non K sorry all of my KYC
• 49:22
  coins. So I'm going to be like OK, I
• 49:24
  want to send up to your tip and I want it to come from my Bob
• 49:27
  tag. So rather than having to go
• 49:29
  right into the details, I can just come into here, turn that
• 49:32
  on and just press send. And then the wallet will just
• 49:35
  make that send for me and then I can just go ahead, tap send
• 49:38
  selected, see how much I want to tip up the and then the wallet
• 49:40
  will do the rest. So it's the equivalent of saying
• 49:43
  right, make this spend to opt the but only choose from these
• 49:47
  coins, but rather than having to pick them all individually,
• 49:50
  you're just saying right pick from that basket over there.
• 49:52
  So you've got like a happy medium where you don't have to
• 49:54
  be. Oh sorry about that guys.
• 49:56
  Well, you don't have to be a super hacker man like so many
• 50:00
  would consider me and then you, but you also don't have to be
• 50:02
  you know do the Super naive spend as well.
• 50:05
  So once again, we're trying to cover cater to all parties such
• 50:08
  that you can kind of choose your own journey with with with envoy
• 50:12
  and they make it as simple or complex as you would like.
• 50:15
  It it's so cool and I coin control is just so important
• 50:18
  for, you know, privacy reasons. I love how you phrase it there.
• 50:21
  I personally have a folder called Get Opti off the streets.
• 50:26
  If you guys want to donate it donate to that stack.
• 50:30
  You can check us out on Geyser or you can check out the address
• 50:33
  down below and donate to the get off get Opti off the streets
• 50:37
  address Let's get him off you know there we go Boom.
• 50:42
  OK, here we go. Get off the off the.
• 50:45
  Street for you Opti 15,000 SATS, that's. 15,000 SATS, bro.
• 50:49
  Generational world. No, but dude, that is absolutely
• 50:53
  incredible. It's really cool.
• 50:55
  And again, I love that you guys made it intuitive.
• 50:58
  I got, I love that you guys made it like more like if people are
• 51:02
  used to dealing with their bank app and like you know that's how
• 51:05
  they're used to interacting with money, it's it's kind of
• 51:08
  intuitive. You know, bank apps aren't
• 51:09
  exactly the the prettiest, but they're pretty straightforward.
• 51:13
  And Bitcoin? Wallets.
• 51:15
  I love them as much as I love them and whatever, You know, a
• 51:19
  lot of them aren't straightforward, especially if
• 51:20
  you're, you know, going from one thing to the other.
• 51:23
  So I love what you guys did here.
• 51:25
  It's really, really cool. It's a great example.
• 51:27
  And you guys actually offer a concierge service, right?
• 51:31
  If someone buys a hardware wallet and they're just not
• 51:35
  familiar with it, you guys offer that, right?
• 51:39
  Yeah, we certainly do. That is, am I still.
• 51:42
  Yeah, you killed my screen share.
• 51:43
  Thank you for that guys. Yeah that is a service that I
• 51:46
  run personally. So basically yeah, we if you buy
• 51:49
  a device from us and you're this might be your first ever
• 51:52
  hardware wallet or this is you know or it's you're just not
• 51:55
  sure and you're not fully confident in the setup process
• 51:58
  and you would see some great value in having a helping hand.
• 52:02
  Yeah. You can book yourself onto an
• 52:04
  hour long concierge slot with me where we just hop onto a gypsy
• 52:07
  chat and I'll basically just hold your hand across the whole
• 52:10
  set up. From turning the device on to
• 52:12
  the first time all the way through all of the security
• 52:15
  procedures, all of the seed generation, all of the seed
• 52:17
  backups all the way through until the end result is that you
• 52:21
  are connected with your Envoy Wallet or what doesn't have to
• 52:24
  be Envoy Wallet, you know, if you want to choose Nunchuck or
• 52:26
  Sparrow or Blue or whatever you want.
• 52:28
  Like, you know, once again, you can choose your own journey.
• 52:31
  That is a service that we offer. And yeah, is absolutely the
• 52:34
  highlight of my job because I get to meet, meet some really
• 52:38
  cool people and hear their backgrounds and I get to help
• 52:40
  them, you know, take those first steps into self custody.
• 52:43
  So very cool and I'm, you know, very happy.
• 52:45
  That's part of my job. That's very, very cool and and
• 52:49
  that is like extremely important because a lot of people and I
• 52:52
  know Ben offers this as well BTC sessions, but it's very
• 52:56
  important because again you have to think about it from the Fiat
• 53:00
  matrix. A lot of people this is
• 53:02
  completely new to them. The idea of taking self custody
• 53:05
  of their wealth is extremely radical idea.
• 53:08
  You can make a lot of mistakes. So that's really, really awesome
• 53:11
  that you guys offer that. Anyways, Opti, any final
• 53:15
  questions before we move on to the news?
• 53:17
  No, I just wanted to add that I think these latest updates on
• 53:20
  Envoy, absolutely beautiful, great, great stuff, guys.
• 53:23
  You guys are doing a good job over there, 'cause, you know,
• 53:26
  Nico hit it the other day where he's like, man, taking custody
• 53:29
  of your Bitcoin. I know for us it's so simple,
• 53:32
  like we've been doing it for so long, but for an average person,
• 53:35
  it's like it's like learning Chinese or something.
• 53:38
  It's and and not only that, but it's terrifying because if you
• 53:41
  mess up, there goes all of your coins.
• 53:43
  So I think you guys are doing a great job a. 100 percent, 100% I
• 53:46
  I I agree with that. Anyway, I do want to give a
• 53:50
  shout out to our sponsor, Kaboom Racks.
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• 54:25
  Scan the QR code, check them out today, and you can also see the
• 54:28
  link in the video description. Anyways, let's get to the news.
• 54:34
  The Daily News. I want to give a shout out to
• 54:38
  our sponsor, Foundation Devices. It's self custody done right.
• 54:43
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• 54:47
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  your Bitcoin off exchange. Changes This is the one for you.
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  Check out the Passport link in the show notes below to learn
• 55:32
  more guys. I made it super easy for you
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  guys. You could scan the QR code on
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  your screen right now. Take you directly to the
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  Passport Foundation devices website where you can get
• 55:42
  yourself a Passport hardware wallet.
• 55:44
  Remember guys, not your keys, not your Bitcoin.
• 55:46
  At Simply Bitcoin, we recommend Passport Foundation anyways, So
• 55:52
  the big news of today, and it is very, very big news and the fact
• 55:57
  that it's happening when it's happening, is a big effing deal,
• 56:00
  especially if you're a bull tart and it is the idea that the FASB
• 56:05
  votes in favor of Fair accounting for Bitcoin.
• 56:08
  This is a massive deal and I know it sounds a little bit
• 56:12
  complicated, but essentially. The way that the accounting
• 56:16
  rules work today is that you can't properly account if you're
• 56:19
  a public company and you're holding Bitcoin on your balance
• 56:22
  sheet, you can't properly account for losses.
• 56:26
  So it actually is like kind of like AD incentive to hold
• 56:29
  something like Bitcoin. And this was one of the three
• 56:32
  things that Michael Saylor said needed to happen in order for
• 56:36
  Bitcoin to hit $5,000,000 a coin.
• 56:39
  I'll play you the recording in a second, but first I do want to
• 56:42
  get the Chad Saylor's thoughts because this did happen
• 56:46
  yesterday. So says FASB has officially
• 56:49
  adopted fair value accounting for Bitcoin for fiscal years
• 56:52
  beginning after December 15th, 2024.
• 56:55
  This upgrade to accounting standards will facilitate the
• 56:58
  adoption of Bitcoin as a treasury reserve asset by
• 57:01
  corporations worldwide. Adam Back says this is great
• 57:04
  news for corporations to have the the fair value of their
• 57:07
  Bitcoin treasury represented in their accounts.
• 57:10
  Here is James Lavish. He like explained it but as you
• 57:12
  can tell the community was extremely happy about this.
• 57:16
  All that hard work starting to pay off with new rules and
• 57:18
  policies. Bitcoin archive.
• 57:21
  So you know Louis Liu. Here's the up to date Bitcoin
• 57:23
  Treasury Advisor for those who look for simple insight into new
• 57:26
  FASB accounting rule. And here is the article by
• 57:30
  Bitcoin Magazine who was written by our homie Nick Can't mine.
• 57:35
  And the article headline Is Bitcoin and Crypto to be
• 57:38
  Measured at Fair Value Under new FASB Rules.
• 57:40
  Today, the Fair The Financial Accounting Standards Board
• 57:43
  announced new rules that will require companies to account for
• 57:45
  cryptocurrencies like Bitcoin at fair value.
• 57:48
  The rules are set to go into effect on December 15th, 2024,
• 57:51
  but companies will be able to apply them earlier than that.
• 57:54
  Under the new guidelines, which are the first of their kind in
• 57:56
  the United States, Businesses will need to disclose the value
• 57:58
  of cryptocurrencies based on their market prices at the end
• 58:02
  of each reporting period. This moves This move aims to
• 58:05
  provide greater transparency and accuracy in financial reporting,
• 58:08
  acknowledging the volatile nature of digital assets like
• 58:11
  Bitcoin. Previously, the old treatment
• 58:13
  accounted for Bitcoin as an intangible asset, which meant if
• 58:16
  the price went lower than what companies bought it for, they
• 58:19
  had to take an impairment charge on their books, even if they
• 58:22
  didn't sell. But if the price went up, they
• 58:25
  couldn't receive any benefit on their books unless they sold.
• 58:28
  Now with fair value accounting, periodically companies can
• 58:30
  report the unrealized gains and losses to get an actual benefit
• 58:34
  on their books. If the price of the assets
• 58:36
  increase without having to sell it to capture it.
• 58:39
  This could make companies more likely to add Bitcoin to their
• 58:42
  balance sheet and become long term holders as they can report
• 58:45
  the appreciation without having to sell anything.
• 58:47
  That is big effing, That's a big effing deal, right?
• 58:51
  Because you couldn't report that.
• 58:52
  So like it was kind of like AD incentive as a public company to
• 58:55
  buy Bitcoin. It's almost as if they were like
• 58:57
  punish you somehow. I know we weren't, they weren't
• 58:59
  doing it on purpose. But you know it it is a big
• 59:02
  incentive. So this is a big change.
• 59:04
  And this is one of the three things that Michael Saylor said
• 59:06
  needed to happen in order for might for Bitcoin to.
• 59:11
  Hit $5,000,000 per coin, so let's check it out.
• 59:14
  Here we go. The catalyst that 10X is, it
• 59:18
  really is the moment that JP Morgan Chase or or other big
• 59:22
  money center banks can custody these for large corporates.
• 59:24
  That's it. That's the sea change because
• 59:26
  there's really no reason why they shouldn't be diversifying
• 59:28
  the assets on their balance sheet.
• 59:29
  Is that is that your take? Because I know that like Tim
• 59:31
  Cook, I don't know where it came from.
• 59:32
  Earlier this week he said something like I own some
• 59:34
  Bitcoin, but we have no designs on anything or I don't know if
• 59:36
  he said Bitcoin or crypto in general.
• 59:38
  Is that the thing? And then and then the look,
• 59:41
  first of all it's going up by a factor of 10 whether they fix
• 59:43
  any of the stuff, right. It's going to go a lot.
• 59:45
  It's going to be a grind up by a factor of 10 just because gold
• 59:49
  is broken and bitcoins going to replace gold and now everybody
• 59:52
  in the universe knows they need a non sovereign store of value
• 59:55
  in the form of a bearer instrument.
• 59:57
  So now they're looking the the amount of stories for last year
• 1:00:01
  people said inflation may be coming, we're not sure.
• 1:00:03
  Now the mainstream narrative is flipped to Inflation is here.
• 1:00:06
  You need inflation edge. So it's going to grind up to
• 1:00:09
  replace gold. It'll go to $500,000 a coin
• 1:00:11
  regardless of why they fix these things.
• 1:00:12
  But there are three things that are massive catalyst that cause
• 1:00:15
  an acceleration and I I don't think that those three things
• 1:00:19
  don't take us to 500,000, they take us to 5 million a coin,
• 1:00:22
  right. Those three things are a spot
• 1:00:25
  ETF where someone can go ahead and buy $100 million of Bitcoin
• 1:00:29
  via security. An ETF security, I think that's
• 1:00:31
  1/2 is your bank is going to custody it for you and lend
• 1:00:35
  against it. And three is I can mark it up or
• 1:00:40
  mark it down on my balance sheet based on fair value para pursue.
• 1:00:44
  It'll be para pursue to the way I handle apple stock or at least
• 1:00:48
  that good if it's if you have property with fair value
• 1:00:51
  accounting by the way it becomes para pursue to the way you'd
• 1:00:55
  handle treasury bonds on a treasury balance sheet.
• 1:00:58
  Treasuries are better than stocks because treasury is
• 1:01:00
  property whereas a stock is a security and you're capped out
• 1:01:04
  at 40% of your balance sheet of security.
• 1:01:06
  So. So it would be a major, major
• 1:01:09
  breakthrough if if you saw any of those three things and I'll
• 1:01:13
  end with this one observation I tweeted this last week, but I
• 1:01:15
  still I think it's very powerful.
• 1:01:17
  It's if the banks can hold this stuff on their balance sheet
• 1:01:20
  then a whole new class of investors are going to buy it.
• 1:01:23
  People are going to put in billion in multi billion dollar
• 1:01:25
  orders to buy it as a treasury asset.
• 1:01:28
  Nobody's going to sell it because because there's no
• 1:01:30
  reason to sell it if you can borrow against it at live or
• 1:01:32
  plus art SOFR plus 50 basis points, right.
• 1:01:36
  So you'll be you'll be barring against Bitcoin is SOFR plus 50
• 1:01:39
  or SOFR plus 100 basis points. No one's ever going to sell it.
• 1:01:42
  And then as I joked you won't be able to afford it.
• 1:01:45
  I mean you will be able to afford it.
• 1:01:46
  But you know everybody gets Bitcoin at the price they
• 1:01:47
  deserve when the banks normalize it and you can draw $100 million
• 1:01:51
  credit line at 100 basis points from an FDIC insured bank at
• 1:01:56
  that point, right. We're going to blow through the
• 1:01:58
  market cap of gold by a factor of 10, right.
• 1:02:01
  So I I, you know, I think the best thing is those three things
• 1:02:04
  are highly likely to happen. I don't know if they happen in
• 1:02:06
  36 months or 24 months or 12 months, but I would be shocked
• 1:02:10
  if it's more than 36 months. And I hope, guys, I hope it
• 1:02:14
  doesn't happen in 12 months because my view is the longer it
• 1:02:17
  takes, the the more progressive the grind, the more time I I
• 1:02:20
  have to buy more of it. And I think right now, if I'm
• 1:02:23
  not mistaken, you have 114,000 Bitcoin or so.
• 1:02:28
  You're muted, bro. Oh.
• 1:02:30
  Sorry, I'm like, covering up my coffin.
• 1:02:32
  By the way, Bitcoin Q and AI don't.
• 1:02:33
  I don't want to hold. I don't want to hold you down.
• 1:02:35
  Thank you so much for joining. Us before Q&A pops off.
• 1:02:40
  Q&A Plug your website and and what you want people to see and
• 1:02:43
  then you can pop off bro. Yeah.
• 1:02:45
  OK, will do. Thank you for the opportunity
• 1:02:47
  guys. It was great to be back on.
• 1:02:49
  Hopefully we can do this again soon.
• 1:02:50
  So it's good to to talk about the stuff that I let you spend,
• 1:02:53
  you know, too many hours each day and each week getting to
• 1:02:56
  build. So yeah, if you want to check
• 1:02:58
  out Foundation foundationdevices.com.
• 1:03:00
  If you want to check out my personal website bitcoiner dot
• 1:03:02
  guide, yeah, just go and check out and there's lots of good
• 1:03:05
  stuff there. And yeah, thank you once again,
• 1:03:07
  guys. Keep up the awesome work.
• 1:03:09
  Keep up the keep the ball juice flowing.
• 1:03:11
  Appreciate what you do. Appreciate it.
• 1:03:12
  Thank you so much for thank you so much for coming on the show
• 1:03:15
  Bitcoin Q&A. We really, really appreciate it.
• 1:03:19
  Anyways, so going back to, I mean this is incredibly,
• 1:03:24
  incredibly bullish and those three things have happened
• 1:03:27
  already. So it's not, you know, it's not
• 1:03:30
  a hypothetical. Someone was asking what is pair
• 1:03:33
  of pursuit. Pair of pursuit is a Latin
• 1:03:35
  phrase that means equal footing. So essentially what Michael
• 1:03:37
  Saylor is that Bitcoin would have equal footing as U.S.
• 1:03:41
  Treasuries, right. It currently doesn't the way
• 1:03:44
  that it's accounted for. So like it, it's a again it's AD
• 1:03:48
  incentive, but once it has equal footing accounting wise, you
• 1:03:52
  know people are going to come to the their own realization.
• 1:03:55
  I mean, we pulled you the website priced in Bitcoin.
• 1:03:59
  We did that on purpose. Like, you know, everything gets
• 1:04:02
  cheaper when you're on a Bitcoin standard, you know, and this is
• 1:04:04
  the same for public companies when they realize, holy cow,
• 1:04:08
  we're sitting on like ice cubes that are melting, might as well
• 1:04:12
  hold some corn. Even if it's not a large amount,
• 1:04:15
  it will protect them from the debasement of holding Fiat
• 1:04:18
  currencies, and a lot of them hold a lot of Fiat currencies.
• 1:04:21
  The reason it doesn't make a debt is because they're
• 1:04:23
  extremely profitable companies. So their profit kind of makes up
• 1:04:26
  for that, for that loss of purchasing power holding those
• 1:04:28
  dollars. Anyways, the other couple things
• 1:04:32
  that he mentioned is big banks holding, quote UN quote Bitcoin
• 1:04:36
  for their clients. And this is exactly what's
• 1:04:38
  happening. We see the news coming out of
• 1:04:40
  France, Banco Satandet in Spain, some banks in the US as well.
• 1:04:44
  This is the latest article that I can find from Reuters.
• 1:04:48
  Very reputable news source and it says Deutsche Bank to hold
• 1:04:51
  crypto for institutional clients is exactly what Michael Saylor
• 1:04:54
  said needed to happen, right? And it's happening already.
• 1:04:57
  The FASB rules are happening. This isn't a theory anymore.
• 1:05:01
  When they recorded the spaces, it was two years ago, it was
• 1:05:04
  November 10th of 2021. So all the stars are aligning.
• 1:05:09
  And of course, the last thing that he said is the Bitcoin spot
• 1:05:12
  ETF with a lot of people are betting that it's gonna be
• 1:05:15
  passed or accepted or approved in early January of next year.
• 1:05:20
  So yeah, I mean, I understand the title of today's episode,
• 1:05:24
  but those aren't my words. Those are Michael Saylor's words
• 1:05:27
  and the three things that he said needed to happen in order
• 1:05:29
  for Bitcoin to hit $5,000,000 five X from gold.
• 1:05:33
  So I mean it would 10X from gold.
• 1:05:35
  So essentially a Bitcoin gold market cap would put the price
• 1:05:40
  of Bitcoin at between 500 to $600,000 per coin.
• 1:05:43
  If you 10X from there that's $5,000,000 or maybe I'm doing
• 1:05:45
  the the math wrong, but I'm pretty sure that's the that's
• 1:05:47
  the correct math. So like, I mean this is a big
• 1:05:51
  Effing deal. I'm not going to lie to you guys
• 1:05:54
  it is, it is 5 million. So this is a big Effing deal and
• 1:05:57
  I think Michael Saylor is really seeing you know the the he's
• 1:06:01
  seeing. He's seeing what is happening in
• 1:06:03
  front of his eyes, and he really called this.
• 1:06:05
  He predicted this. Now what I got to say before I
• 1:06:09
  pass it on to Opti and just to kind of bring attention to
• 1:06:12
  because there's really 2 battles here.
• 1:06:15
  There's hyper bitcoinization, which we all want, but then
• 1:06:18
  there's also the right to self custody, right?
• 1:06:21
  There's two separate things. I think governments are going to
• 1:06:24
  be OK with captured Bitcoin, ETF, Bitcoin, Bitcoin and banks
• 1:06:28
  because there's only a handful of banks, so it makes it very
• 1:06:30
  easy for them to confiscate on a massive scale.
• 1:06:33
  I think governments are going to fight self custody tooth and
• 1:06:36
  nail because essentially it's not going to allow them to
• 1:06:40
  distribute wealth, redistribute wealth the way that they've been
• 1:06:43
  accustomed to doing for decades and decades and decades.
• 1:06:47
  Not only through via direct taxation, which I don't want to
• 1:06:51
  get into that, but via the taxation of inflation, right.
• 1:06:55
  And that is where I take a stance, right.
• 1:06:57
  So you can say income tax is this.
• 1:06:59
  I don't want to get into that argument.
• 1:07:00
  People feel differently about income tax.
• 1:07:03
  I think it's a political debate and I just think it's not
• 1:07:06
  worthwhile for this show. But I don't think anyone has
• 1:07:09
  agreed to inflation tax. I don't think everyone would
• 1:07:13
  agree to that. I think if people were made
• 1:07:14
  aware, you know, imagine if we explained to that girl who was
• 1:07:18
  upset about McDonald's and she understood what inflation or she
• 1:07:22
  would say that this is a scam. Like what the F is going on.
• 1:07:26
  Like what do you mean? There's some money that I can
• 1:07:27
  hold that is increased, that's going to increase in purchasing
• 1:07:30
  power over time. That's our job, is to wake those
• 1:07:33
  people up to the new reality, the new paradigm.
• 1:07:37
  And this is what the book, the Sovereign Individual is talking
• 1:07:39
  about. I mean, they predicted this
• 1:07:41
  moment in time back in the 90s. Like they hit the nail on the
• 1:07:45
  head. Like I always read you guys this
• 1:07:46
  passage. It says new technologies will
• 1:07:48
  allow the holders of wealth to bypass the national monopolies
• 1:07:51
  that have issued and regulated money in the modern period.
• 1:07:54
  Their importance for controlling the world's wealth will be
• 1:07:56
  transcended by mathematical algorithms that have no physical
• 1:07:59
  existence. In the new Millennium, cyber
• 1:08:01
  money controlled by private markets will supersede Fiat
• 1:08:04
  money issued by governments. Right?
• 1:08:06
  And of course governments are they don't like that.
• 1:08:09
  They don't like that. Why would they like that?
• 1:08:10
  It's competition. They used to not have
• 1:08:12
  competition, right? So when you see Elizabeth Warren
• 1:08:16
  making her moves, it's really not about money laundering.
• 1:08:19
  It's really not about terrorism. It's about controlling the
• 1:08:22
  money. That's what it fundamentally
• 1:08:24
  boils down to. And you got to give her credit.
• 1:08:26
  Because she knows. What the hell is going on?
• 1:08:28
  Like, I bet you Elizabeth Warren knows exactly what's going on.
• 1:08:31
  I think that's why she's fighting.
• 1:08:32
  This is which. As hard as she's fighting this
• 1:08:34
  right now. Anyways, Opti, what's your take
• 1:08:37
  on all this? Yeah, I mean I think that this
• 1:08:42
  FASB ruling, it's not getting as much what do you call it like as
• 1:08:47
  much attention as a spot Bitcoin ETF.
• 1:08:50
  But I think this is one of those really, really big things that's
• 1:08:54
  happening that's going to get Bitcoin to just go absolutely
• 1:08:57
  nuclear. Because I mean I say it all the
• 1:08:59
  time, you know, and I even have this and I and I hate using coin
• 1:09:03
  market cap but it's it's a good good visual here and maybe I got
• 1:09:08
  to zoom in a little bit here. But Bitcoin versus the biggest
• 1:09:11
  companies and assets in the world by market cap and you can
• 1:09:14
  see bitcoins at what 11 compared to like Apple, Bank of America,
• 1:09:18
  Microsoft, Alphabet, Amazon, Vanguard.
• 1:09:22
  And the only reason I bring this up is because guys, Bitcoin is
• 1:09:25
  bigger than anyone company. Bitcoin is bigger than anyone
• 1:09:29
  country. Bitcoin is bigger than gold.
• 1:09:32
  And here we are at what's what's the Bitcoin market cap right
• 1:09:35
  now? Like 800, 800 billion or
• 1:09:39
  something Like Bitcoin is absolutely tiny when you think
• 1:09:42
  about the implications of Bitcoin on the global scale and
• 1:09:47
  the fact that corporations have been afraid of adding Bitcoin to
• 1:09:51
  their balance sheets just goes to show how early we are in this
• 1:09:55
  thing. You know, Michael Saylor was a
• 1:09:57
  pioneer with micro strategies and figuring out how he can go
• 1:10:00
  through all the hula hoops and obstacles to get Bitcoin on the
• 1:10:03
  balance sheet. But now once it's becoming
• 1:10:05
  easier for every corporation in the world to add Bitcoin, it's
• 1:10:09
  going to go absolutely nuclear in regards to the Bitcoin price.
• 1:10:13
  And of course, we always advocate for Bitcoin as being
• 1:10:16
  the separation of money in state, but this is the
• 1:10:19
  financialization of Bitcoin. Like, this is where we are in
• 1:10:21
  the story. And of course we always advocate
• 1:10:24
  for people to take Bitcoin into custody and hence why we're
• 1:10:27
  seeing that. On the one hand, FASB is
• 1:10:30
  changing their balance sheet ruling, and on the other hand,
• 1:10:33
  we have politicians like Elizabeth Warren trying to stop
• 1:10:37
  people taking Bitcoin into custody.
• 1:10:38
  So you can see that, you know, for better or worse, as much as
• 1:10:42
  everyone likes to think that the great Leviathan like the left
• 1:10:46
  hand knows what the right hand is doing, they're actively
• 1:10:48
  fighting against each other. Because some people are
• 1:10:51
  incentivized to understand that, wow, there is a new paradigm
• 1:10:54
  shift with Bitcoin. And the dinosaurs are like, yo,
• 1:10:57
  let's try to stop this. And obviously they can't stop
• 1:11:01
  Bitcoin. So they are more incentivized to
• 1:11:03
  embrace Bitcoin. And here we are, like we're
• 1:11:06
  seeing it all happen in real time.
• 1:11:08
  And of course we always advocate for you guys to take Bitcoin
• 1:11:11
  into custody, but if we're being honest, we know that
• 1:11:14
  corporations, nation states, high net worth individuals,
• 1:11:18
  they're they probably don't care about owning their own keys.
• 1:11:21
  And like how Finney said in the early days, you know there will
• 1:11:25
  be fractional reserve Bitcoin banks and there will be 100%
• 1:11:30
  backed reserve Bitcoin banks and we will learn I'm.
• 1:11:35
  I'm banking with Bank of Opti. Yeah, exactly.
• 1:11:39
  So you know how Finney said it in the very, very early days and
• 1:11:42
  and we'll see the market like markets always clear.
• 1:11:45
  So we'll see. People learn either very
• 1:11:48
  expensive lessons or they will, you know stay humble and stacks
• 1:11:53
  ads and protect themselves by taking their wealth into
• 1:11:57
  custody. But at least now we have a
• 1:11:59
  mechanism that can't be controlled like gold was.
• 1:12:02
  We won't have a centralized Fiat system like we currently have is
• 1:12:06
  because we have Bitcoin. And This is why we know that
• 1:12:10
  bitcoins incentives are pure and that moving forward like, hey,
• 1:12:14
  you guys want to hold some some paper Bitcoin, By all means, do
• 1:12:18
  you? I'm not here to tell you what to
• 1:12:20
  do, but I know what I'm doing. I'm holding my Bitcoin in
• 1:12:22
  custody, you know, using a foundation device like we showed
• 1:12:26
  today. But this just goes to show that
• 1:12:28
  we're still so early in this game like Bitcoin is getting
• 1:12:31
  financialized for better or worse.
• 1:12:33
  And I know people are always like, oh, we're not here to you
• 1:12:35
  know, are we here to separate money from state or are we here
• 1:12:38
  to just see number go up? Well guys, it's one in the same
• 1:12:41
  thing, like corporations are going to want to find exposure
• 1:12:45
  to Bitcoin. High net worth individuals will
• 1:12:48
  want to find exposure to Bitcoin.
• 1:12:50
  And if we do this correctly and Bitcoin spreads through every
• 1:12:55
  single everyday person and they actually hold their keys, then
• 1:12:59
  the Bitcoin network won't get Co opted.
• 1:13:01
  So this is just part of the process.
• 1:13:03
  Bitcoin is maturing and part of that maturing is seeing these
• 1:13:07
  FASB rules, seeing spot Bitcoin ETFs, seeing corporations added
• 1:13:12
  to their balance sheet, seeing nation states add Bitcoin to
• 1:13:14
  their balance sheets. And all we can really do is
• 1:13:17
  advocate for people to hold Bitcoin directly because that's
• 1:13:20
  the only way that we don't find ourselves in the same position
• 1:13:23
  that we found ourselves now. And truly, we believe that
• 1:13:26
  bitcoins incentives are pure, that Bitcoin cannot be stopped
• 1:13:29
  if it is used correctly. Even like I, I even had this
• 1:13:32
  conversation with one of my friends, unconfiscatable.
• 1:13:36
  We were asking ourselves like, you know, sometimes we got to
• 1:13:38
  look at ourselves in the mirror and ask ourselves like are we
• 1:13:40
  really doing what we think we're doing or are we kind of putting
• 1:13:44
  ourselves into a system that is going to do more harm than good?
• 1:13:48
  And you know, I think, I think this is that crossroad where you
• 1:13:53
  realize, OK, this is good for Bitcoin, but we got to make sure
• 1:13:57
  that we're advocating people take Bitcoin into custody
• 1:14:00
  because we don't want to find ourselves in another position
• 1:14:03
  like we did with gold or or paper money.
• 1:14:05
  And I think this is good for Bitcoin.
• 1:14:08
  But don't buy a spot Bitcoin ETF, you know, take Bitcoin into
• 1:14:13
  custody. This is the way guys. 100% And I
• 1:14:16
  I released the poll and I said, would you Trust Bank of Opti?
• 1:14:22
  80% of you said no. 20% of you said yes.
• 1:14:26
  So this is statistically relevant to.
• 1:14:29
  Yeah. So just just to kind of throw it
• 1:14:31
  out there. Well, no, to be fair.
• 1:14:34
  To be fair, the people that said no are correct, because I've
• 1:14:37
  told them already, if you give me your money after a long
• 1:14:41
  enough time frame, I will probably, you know, off escape
• 1:14:45
  some funds here, there. This is why I'm a bitcoiner.
• 1:14:48
  This is why you take the money outside of my control.
• 1:14:51
  Because I'm only human. Oh man.
• 1:14:55
  God, did the Opti just admit to theft?
• 1:14:58
  No, that was A. Joke.
• 1:14:59
  No, I I I admitted to the fact that I'm only human and and you
• 1:15:03
  know, if I was a Goldsmith back in the day and you guys were
• 1:15:06
  leaving me with a shit ton of gold, I would probably start,
• 1:15:09
  you know, giving some paper receipts to gold.
• 1:15:11
  That one in there too. I understand the incentives of
• 1:15:15
  this. OK.
• 1:15:16
  Yeah. So what opti's talking about in
• 1:15:18
  a non correct? Manner is just.
• 1:15:21
  Human beings are no better than their incentives and stop
• 1:15:24
  trusting other people with your money.
• 1:15:26
  Don't trust other people with your money now, especially that
• 1:15:29
  you can hold self custody. Literally the culture segment
• 1:15:31
  today we literally dedicated to envoy and passport.
• 1:15:35
  That and make it so easy to take self custody.
• 1:15:37
  At this point you literally have absolutely no excuse.
• 1:15:41
  Anyways, we hope you all enjoyed the show.
• 1:15:44
  Really appreciate it. We love you all.
• 1:15:46
  Smash that like button. If you're enjoying the content.
• 1:15:48
  Consider subscribing if you feel like we provided you value.
• 1:15:51
  I'm your host Nico. This is my Co host Opti.
• 1:15:54
  We'll be back tomorrow 12:15 PM Eastern Standard Time for
• 1:15:57
  another episode of Simply Bitcoin Live.
• 1:16:00
  And I'm going to take some more Dayquil, because that Vegas
• 1:16:02
  virus is kicking my ass. Right.
• 1:16:04
  I know we're struggling. Peace out, everybody.