June 2, 2021
CD24: miami special with @wiz, @evankaloudis, @_benkaufman, @cycryptr, @petermccormack, and @tikawamoto
EPISODE: 0.2.4
BLOCK: 685840
PRICE: 2757 sats per dollar
TOPICS: miami special
@wiz: https://twitter.com/wiz
@evankaloudis: https://twitter.com/evankaloudis
@_benkaufman: https://twitter.com/_benkaufman
@cycryptr: https://twitter.com/cycryptr
@petermccormack: https://twitter.com/petermccormack
@tikawamoto: https://twitter.com/tikawamoto
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00:00 - Bitcoin car races for human freedom, financial literacy, financial inclusivity, savings technology, peer to peer censorship resistant money
01:21 - Raising Bitcoin awareness and supporting open source engineers
06:30 - IndyCar race and the excitement of the Bitcoin car
34:45 - Discussion about the sudden drop in hash power
35:19 - Speculation about the reasons behind the drop in hash power
39:45 - Conversation about the impact of Elon Musk's tweets on the price of Bitcoin
01:04:43 - Bitcoin adoption in El Salvador
01:05:04 - Custodial wallets in El Salvador
01:06:24 - The growth of Bitcoin acceptance in El Salvador
01:39:00 - The challenges of being a representative of Bitcoin
01:39:21 - The role of leaders and heroes in the Bitcoin space
01:40:14 - The criticism and adoration of Michael Sailor
WEBVTT
NOTE
Transcription provided by Podhome.fm
Created: 3/17/2024 4:32:22 PM
Duration: 7589.564
Channels: 1
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Race day. Today,
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the number 21 car,
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the Bitcoin car,
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takes on the Indy 500.
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Today,
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the Bitcoin car races for human freedom,
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financial literacy,
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financial inclusivity,
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savings technology,
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peer to peer censorship resistant money.
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The hardest money mankind has ever come across.
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When we die,
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all that's left is what we've made.
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And Bitcoin is arguably the most important thing humanity has ever made.
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I don't give a fuck about the price.
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Are we in a bear market, a bull market? Is it a dip? Do you know what's really going parabolic?
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The amount of individuals around the world that are uniting and fighting for what Bitcoin stands for and what it means for the world.
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Saquon Barkley, NFL player, Diplo, a DJ, El Salvador, surfers, baristas in Australia,
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all united by one singular mission that is Bitcoin that represents a world that they wanna live in, that they want their kids to live in, and that they want their kids to live in. The Indy 500 has never sold more merch in countries than this year.
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More countries are tuning in than ever before
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this year
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because of Bitcoin.
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We're raising Bitcoin awareness, and we're supporting the open source engineers that are developing our ability as individuals
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to have financial independence.
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To all the exchanges,
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to all the wallets, Coinbase, donate,
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support,
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even if it's a penny.
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We have to support the open source engineers that are working on the most important open source project of all time.
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To the community,
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let's do what we do best. In an unprecedented time for humanity,
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in an uneasy macro environment,
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we're supporting
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Bitcoin. That's hope.
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An asset and monetary policy we can rely on, and we're gonna fight and stand for what we think pushes the world in the right direction.
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And with that being said,
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let's go win a fucking race.
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You're too early. I know. Happy Bitcoin Tuesday, freaks. Oh, happy New Year. Welcome to a very special Citadel dispatch.
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I'm your boy, Matt O'Dell.
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This is Citadel dispatch
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24
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live from Miami.
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We got the whole crew here. We have a our 1st live in person audience for city hall dispatch.
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I'm fucking hyped.
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Shout out to the ride or die
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who are in this room with us today,
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and also,
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of course, to the ride or die that join us in the live chat every week.
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You guys make the show what it is.
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With all that said, I would love to introduce
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this insane cast of BitHorners we have here today. This is by far
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the the largest guest list for a single dispatch. So I look forward to seeing how much chaos happens here.
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I'm gonna start from this direction
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and go
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that way.
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We have we have Anthony over here.
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You wanna raise your hand when when I call on you? We have we have Ty.
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We have Evan. Hey. We have Ben. Hey. We have McCormick, and we have Wiz.
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What's up, guys? Thanks for joining us here.
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Thanks.
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You enjoying Miami?
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Oh, welcome. Far. Yeah.
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So
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we got a beautiful view behind us.
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The price is not 200 k.
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We still we still have some time. We still have some time. It's still in play, obviously,
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but it sort of feels like it. It sort of feels like we're at 200 k. You know? Does it?
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Look. His jeans are ripped. Of course not.
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It's proper.
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So
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I think the best place to start is, will
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be activated by the end of this difficulty adjustment period? Does anyone have strong opinion here?
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What's
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like,
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okay. Well, of course it is. Yeah. I mean, but you're gonna lose a bet. Right? Yeah. I'm a I'm I I'll probably lose 2,000,000 SADs to Evan if if it does it won't get activated. It gets locked in. Right? Yeah. Yeah. The activation happens in November, actually.
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You know, barring it gets locked in in one of these 6 periods. So we're on period number 3. I, for sure, thought we're gonna get in,
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the last period, but, you know,
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some people were sort of dragging their feet, updating their notes and whatnot. But,
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this 3rd period seems like a shoo in barring any shenanigans. I I think we're at something like 97.8%
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of the blocks are showing up green right now.
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So, yeah, some real shenanigans will have to Stay on blipin'.
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So I actually jumped ahead with Tabra. We could talk about it in a sec, but it's kinda boring.
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What did we we we started we started this fucking show with our boy, Jack Mullers, fucking going off.
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Going off at the fucking camera at the Indy 500,
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right before the Bitcoin car race
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in
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the largest sporting event
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on the United States calendar and the largest event since COVID.
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And we had a Bitcoin car that was in 1st place for 32 fucking laps.
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Was it the largest since COVID? Yeah. There was, like, 200,000 people there.
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That's a lot of people. And,
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I mean, I I was there in person. I thought it was fucking unreal. What did you guys think, you know, viewing it on viewing on TV?
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Yeah. I was on a beach, so I was just watching out my phone, seeing the labs go by. It was it was amazing. You and Peter, you guys are both there. Right? How was that?
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Yeah. Emotional, wasn't it? Like, the highs and lows. Just the heart just constantly racing. I mean, he was in the lead for 32 laps, but most of the race he was first or second. And when he was second, he was behind his teammates.
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And a 100 laps here, we were all saying, fucking good deals. We were, like, hugging each other, like, fucking jumping up and down the suite,
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fucking Jack's going off about freedom and, like, how we're gonna fucking win everything.
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It was fucking fire. It was good. But we were all, like, wrecked off of it. It's a very low time preference sport.
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Fucking 200 laps. You know?
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Yeah. You gotta pace your excitement. Right? We got so excited. We did not pace our excitement. We gotta stop You literally your heart doesn't stop stop racing until the race stops.
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Yeah. Not too. We're all jumping around.
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Talk a little bit louder.
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Lap 2.
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We all got excited.
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We were jumping around.
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But it was mad that second lap. We're all outside, and he comes around. He's in the lead. Well, what the fuck? Before we even started the race, we're in the pit we're in the pit and fucking,
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you know, the the Bitcoin car is is starts as a number 3 car. So they do this qualifying in the week before where they determine out of the 33 cars
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where you start in position, and it's 3 rows of a of a it's 11 rows of 3.
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And where you start obviously gives you a way bigger advantage because it's hard to overtake after the race starts.
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And the the number 2 car was the number 1 and number 2 car were both banks. So, like, you couldn't write you couldn't write the story fucking better.
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And specifically, the PNC car was the number 2 position,
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and they were right next to us in the pit. And Russ just walks up to them and is just standing there, like, 6 feet away from them just heckling them, just going at them, like, have you you should switch to Bitcoin. You know, the banks are dead. Just, like, going after them. And they were so fucking pissed off. And then they ran out of gas on the on the fucking news.
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And the strike guys jumped right on top of it. They tweeted out the transaction decline. PNC Bank.
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But I I was joking that they were playing with fire, like, you know, I wouldn't be surprised if in a month you just have,
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all strike transfers out of PNC Bank just get fucking.
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Yeah.
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But that was that was pretty fucking full. Right, Pete? That's really good. It's.
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Yeah. It was a real honor to be there. Yeah. And good on Jack. I mean, the work he did to,
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firstly, he designed the car himself.
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Yeah. He's liked everyone up. He's raised a bunch of money of which a bunch will go to Bitcoin desk.
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Yeah. Big shout out to Jack and everything we did there.
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So what was the structure? Was it, like, some percentage goes to the parts, some percentage goes to the numbers?
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So normally, they have the car sponsored by,
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like at any tree during or a Cheetos or something. He this year said he wanted to do something different
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and was happy to go for a Bitcoin car, but they had their, basic cost they had to cover.
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So once they got that got covered, then it was like a 70 30 split. Yeah. 70 goes to open source development and 30 goes to cars. Yeah.
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They were also they sold more merch than they've ever sold before. It was going globally,
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like, to countries that they've never sold merch to. Like, when you normally have a sponsor, the sponsor doesn't bring fans with you.
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With Bitcoin,
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we're all fucking obsessed.
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So, like, all of a sudden, like, the engagement was crazy. They're getting merged from all over the place. When we were walking to the pit, like, everyone was stopping and looking at the Bitcoin car. Right? It was the car to look
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at. You go to the PNC one. There was no one. They have, like, a little fence around their car. The guy was just sat there The fence was there because of us. Right? Yeah. They, like, knew we were coming. They knew they were next to the Bitcoin car. They knew the the little fence up. Yeah. That's cool. Classic bank move, you know, put
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a put a
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Double rope? It was cool. It was, yeah, it was like one of those, you know, like elastic,
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Yeah. There's no such thing as a PNC thing.
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Yeah. They know my oh, this is my favorite bank.
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And then the other thing I was thinking is is, like, just
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we kept saying I mean, maybe it's a cliche. You know, I'm always fucking bullish. Right? But
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I was getting ridiculously bullish, and we just kept all turning to each other like, oh, we're so fucking early. You know? We're so fucking early.
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And, you know, in 10 years,
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I think, like, most of these teams are gonna be owned by Bitcoiners. So it's gonna be like the 1 Fiat car, and then all, like, all Bitcoiners are just gonna be throwing their egos around racing each other. Right? Like, there's like,
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it'll it'll become the norm really quick and probably in all sports. You know, we have, like, our one EPL team.
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You know, we have Watford. It's just gonna be it's just gonna all be dominated with, like, big corners and egos.
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And I feel like we'll know where we really made it when all the conspiracy theories involved, you know, big corners, like meeting behind closed doors like Illuminati
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shit. That'd be funny.
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Can't wait to do that. I mean, that's what this week is for. Right? Yeah. Yeah. Good.
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Not priced in. Right?
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But,
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first time ever watching IndyCar. We all just became fans on the fly. So let's fucking go.
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I I it seems like a partnership that will last a very long time, and I'm very excited about it. The IndyCar will be at the conference.
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I'm not sure if it's being
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if there's gonna be a charity auction around it, but there there's literally a scannable QR code on the fucking car. And you can still donate this week. Right?
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The donations are are it's ongoing constantly. So strike dot me slash racing,
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support the car,
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support our rookie of the year driver,
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support open source development.
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It's just really fucking exciting. And they were all pumped. The team, the Ed Carpenter Racing team was super excited.
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They
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if if they really bought in. It felt like they were really a part it wasn't a publicity stunt, you know. It I and I could see a lot of people on the sidelines thinking it was a publicity stunt. Don't blame them. You know, if you had a Dogecoin car, like, what, like 4 years ago,
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that was a publicity stunt. Like, I don't think the driver was, like,
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on board with those going. You know?
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But,
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this didn't feel like a publicity stunt. Right?
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Yeah. Not really. No. I mean, it it just felt I really thought it's really hard to explain it.
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It just felt like
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our time was coming.
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Like, you know, it it almost like if it had been a few years ago, it would have been, like, slightly embarrassing.
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There's a bit weird. But when you went like you said, when you went to the car, the car was packed with people taking photos.
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Like and and
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I thought every car was like that, and then we we stepped forward.
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There's hardly any people around the other cars. Everyone was interested as a Bitcoin car, and then you would see something like go, oh, where can I get one of those hats? Like, everyone was hyped to come for it. I I mean, yeah, the merch was dope. Jack designed all of, like it was it was it wasn't just the car. It was, like, all the equipment,
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all the, you know, all the all the pit crews they were all wearing, you know, matching Bitcoin uniforms. It was everything. It wasn't just the car.
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It's really cool. I mean, we had Saifon there. We had Russ there. We had Jessica Vaughn there. It was a show. Yeah. It was awesome. It was a really good time. We got a helicopter. But, yeah, you guys are on the helicopter. That's a real flex.
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Yeah. Wait. Tell us about that.
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Well, I got up in the morning. No. No. So the night before, just before we're we're going off, and they said, oh, we're getting a helicopter into the tracks. Well, I actually
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petrified the helicopters. That's fucked. And they didn't wanna do it, but I was like,
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it's it was Jack,
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Jessica,
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Ross,
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and then it will go and have a helicopter. So I've got a bird, but the whole time I'm on Saturday.
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It's the richest way to die.
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It's horrible. Yeah. Well, I'm glad you guys made it alright.
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So IndyCar,
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that was dope as fuck.
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Now we could go back to tapper. We're gonna have tapper probably signal this this
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this difficulty adjustment period.
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The main pool that isn't signaling right now is Marathon Pool, former
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Marathon Digital Holdings, formerly
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Marathon Patent Group, Professional Patent Trolls.
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When you say Maine,
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I mean, they're pretty insignificant as far as But they're the largest that isn't right? Yeah. Yeah. So what are they, like, 5% or something? No. That's Yeah. 2%. Yeah. 1 point something. Yes. Still not that.
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So they what they had like a press a press release yesterday
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where they said they're signaling they're gonna start signaling for Taply. Yeah. Yeah. And stop filtering transactions.
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Looked like a deep thing. Yeah.
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So you just checked just before the show. Right? Like, they're still not actually signaling. They're not they're not signaling.
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They're at They're at 1%. And it still says OFAC compliant block at on every block in the tag. Let's give them, like, a day or 2. Yeah. Yeah. Well, one of the things is, like, I mean, I've been pretty consistent that people should be,
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you know, skeptical.
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Let actions speak louder than words. Let you know, let's see how things play out. You know, lower your time preference. Don't fucking, like, rush into speculation and shit.
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But one thing that people should keep in mind is
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is
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as far as whether or not you're signaling in a block versus a press release, it's
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It's like it's almost the same as a as a press release. Right? It's true.
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Yeah. We can hardly know if they actually stop,
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filtering transactions or not, so we can't verify that.
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Or we can see if, like, high transactions
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like, high fee transactions Yeah. Yeah. You can try to to calculate that. Would would they still be down to filter transactions
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if they could still activate
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taproot? Like, is it just the client that's preventing them now from filtering their blocks? Or like what it's really curious related really. Yeah. It sounded like they port Bitcoin to wire, and then they added all this filtering,
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stuff to it. And now they're like, well, we still want single tap root, so we'll upgrade our client, and we're not gonna use our fork that's filtering no fac anymore. We upgrade.
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We're gonna signal for tap root,
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and and which just makes me and then we'll do the censorship in the future. Yeah.
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It makes me think, well, what if if you don't give a fuck about OFAC and clients right now, and you're just willing to throw that away, then why even do it in the first half? They're not gonna throw it away. These types of companies, like, you know, they were patent folks before. Right? So it's like you know, they yeah. They they
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you know, they have a plan. They wanna be those rent seeking, you know, like,
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pieces of shit. Right? So it's like, okay. We got a lot of flack for this. We're gonna abandon this, but down the line, you know, they're not gonna stop. So should all keep an eye on these guys no matter what. Yeah. Constant vigilance. Yeah. If you don't really know
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if this is what they really wanted or if it was a community pressure probably. I mean, we really made a lot of noise last week on Twitter. Yeah. I like to think we had a a strong influence on this,
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bending of the knee. Well, I think also because,
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Sailor was showing,
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Marathon too.
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You know, he he got a lot of the flat,
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like, associated with marathon. Like, why are you showing this OFAC compliant
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nonsense? Right? I think Nidec's pretty big in
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marathon.
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And,
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NIDIG, you know, Ross Stevens, they seem to get it as well. So I I wouldn't be surprised if they see a lot of the,
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blowback and and I mean, on the press release, the marathon press release on the bottom, it had an explainer about NYDIG in there. I don't know,
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like, what that what, you know, what that reasoning is, but they must be,
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perhaps.
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They could have got the pressure for you.
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I think the team said, hey. Guys.
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Yeah. I do kinda feel like Sailor was involved as well.
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So so was mayor a part of that closed door Yes. In the app? Okay. So even more recently.
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Yeah. I mean, that that's my biggest concern is not the environmental side. It's this OFAC. It it's it's it's having a large group of miners
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deciding on blacklisting transactions and not including them in. And I as long as that group is less than 51%,
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it should be fine.
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And you might have to pay a higher fee if you're if you're doing a a transaction that's being censored, but another miner should pick it up.
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But specifically, as a coin join user, you know, this is a very
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it's very visible on chain. It's a very easy thing for mine to just be like, we're not gonna, you know, we're not gonna mine coin joint transactions.
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But I think
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it's important as users that we we pick up that coin joint number
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so that it'll be visible if they try to do that. Like, if they do that, they they need to be alienating a large amount of UTXOs. Like, I feel like it's a visible
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thing. Thing. I'm really curious on your opinion, Wiz. Well, you know, that's why it's kind of important for the transaction fee market to build. Right? Because if if you can mine any blocks and get huge block rewards, then there's not a huge incentive to, you know, include all these high value coin joint transactions. But as the block reward goes down and the transaction fees go up, then, you know, more,
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the binding revenue is directly from transactions. So they really don't wanna censor them. Now they're just doing it because they're gonna get the long form anyway.
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Well, I Yeah. But there were still, economic difference. Like, when we're starting to see the 1st marathon OFAC blocks. Right? The next block took, like, another, like, almost quarter of a Bitcoin in rewards from the the thieves. Right?
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So we actually got to price what the virtue signaling cost, which was pretty interesting. Awesome. So it it actually sends certain transactions. Right? It's just, like, pure virtue signal. There's a recent project that came out where it's actually comparing what should have been the next block to what the miners actually mined. And and I don't know if to date we've actually seen Marathon since writing. Right? Like, we we can kind of we have the tools now to see if they are censoring transactions,
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and I just don't know if we've, like, verified if they are. I mean, the old fact list isn't that big. It's not it's not.
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No. But all the transactions in the block were projected to be in that next block anyway. So it wasn't really
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virtue signal of putting it in the tag
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is almost the worst part. Right? Just like every time they find a block, it says OFAC compliant block. And they're almost insinuating that anything that doesn't say that is a non compliant block. And the chain analysis move that we've seen with chain analysis in the exchanges
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is they're gonna the the playbook is you lobby
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to the to the point where you make all your competitors have to comply with it too. Like, you make
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you make the need for your service to exist in the first place.
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I guess that's kind of that's why there's so much, money hash power in both China and USA now and it's probably Russia to get, like, a nice mix of all these jurisdictions.
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Better hostile to each other. Exactly. Yeah. The game theory of big companies.
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Yo, Wiz.
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Jump in.
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Split them over here. Yeah. Yeah. Yeah.
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Here we go. Yeah.
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Okay. Now you guys can hear Wiz better. He's he's got his, important insights. We need to be up Wait. Wait. Before we move on, what's the name of that new site that says,
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you know, what what the block template looks like versus what actually
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the mempool server or something, I think. Mempool observer. Anyway, it's it's an excellent tool, and it's got a whole lot of value. You guys should check it out. If someone could link in the comments, that'd be great.
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That's
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what yeah.
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Mempool observer.
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Well, Mempool space has it, but, we don't actually display it. So it's in it's on the task list to do. But we we do calculate,
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Simon already calculates the,
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the accuracy. Right? So,
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if we project certain amount of transactions that are gonna be the next block, it's usually, like, 97 to 99%
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accurate,
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whatever actually gets fine.
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Sweet. That makes sense. That's how we know. That's like the early warning system. Right?
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Yeah. But, I mean, it's always hard to tell exactly because of variance and network latency and, you know, when the miners start mining a block template,
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there's this huge amount of lag when the new transactions are coming into the mempool. Right? Right. So we have we have
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I have a a bunch of money on the line about Taproot.
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If tap if if Taproot locks in this period, I lose 2,000,000 sats to you, I lose a bottle of whiskey to you,
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I lose a 1,000,000 sats that I have to send to HRF for losing to Marty.
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We're probably not gonna hit 200 k by conference day. Fuck that one.
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And then
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what was it? I had one more that I that I messed up as well. You should be speaking about a lead. Right? Yeah. We're we're betting a 1,000,000,000. Right? Do we have a no. I don't care
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I'm not I'm not conversational recorded, so I expect a clip out of of the dispatch where that bad happened if you're gonna try and,
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I don't delete tweets either, so I expect them to tweet. No. The do we think the mempool is gonna clear? Do you think the mempool is gonna clear this adjustment period? Because that's the other thing I've been flexing on.
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And now right now, I'm pretty sure we're at, like, one separate bite is going through right now. I told you it's gonna last forever. Okay?
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But I think the You don't really think it will. Not forever, but there will be periods where it comes back, you know, in the foreseeable future at least. Well Not forever forever. Well, the floor is just no longer 0 or 1 sat. Right now the floor is variable and sometimes it goes up 4 or 5, even 10, 15 sat. Right? Well, so in 5 years in 5 years, do you think does anyone on on this
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on these 2 couches think that you'll be able to,
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you know, have a one set for bike confirmation confirm. Wait. What? In 2 years? In 5 years. 5 years? Yeah. Yeah. I mean, not it's gonna become more and more increasingly rare. Right? But there's still gonna be opportunities
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for that until, you know, the whole world adopts this thing.
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I think, we still got a lot of wiggle room. I don't think so, but what I do think is that a lot of people are trying to be more smart with their UTXO set right now. Mhmm. So I think,
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we're seeing I mean, even you understand that, Bob, they were seeing more,
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consolidation periods, more areas where we're trying to have the best UTXO set that we can so we don't need to consolidate. Because right now, I think, you know, there's been a lot of, like, you know,
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4 or 5 u, set to byte transactions going through that are 100
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to 1,000 of of UTXO sets being consolidated. So I think we're gonna start seeing,
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exchanges
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have better practices around UTXOs and things like that that will help. But, yeah, I don't know. 5 years,
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once that provides?
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I don't think so.
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Well, there there's probably gonna be, like, out of band.
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There's probably gonna, secondary market for mempool space and blockchain space will develop. Right? So,
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people will make private deal private deals with mining pools.
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You know,
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maybe the fees they pay are even, like, 0 in the transaction, but they'll have some kind of private arrangement with miners maybe. I think that's something we could we could see soon because businesses typically wanna have some kind of, regular
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Agreeable. Predictable. Yeah. For business case purposes. Right? So it's like a subscription service almost. Exactly. Yeah. So I recently used it's called, like, tx push.com.
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And I was, I had a lightning channel that opening that was gonna be too it was too low of a SAP provider, but it wasn't gonna go through within 2 weeks.
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What I actually saw, I wanted to use that service to pay a minor out of band to open up to to mine my transaction that was too low. They wanted to charge, like, $50.
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Like, I don't I forgot how many it was all the time, but $50.
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And that was just, like, way too much. So I think, like, those services are great.
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I think if they could lower their fee a little bit more, that would be better, but they did allow me to pay with lightning. So I could push the transaction faster with lightning, which I thought was pretty cool. It's just it was just too high of cost. Yeah. I think their pricing structure is,
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not. It doesn't make sense in reality. Like, they're just kind of saying, like, yeah, our price is a $100 or $200. Like, it's, it's not a big enough market to, like Yeah. Exactly. Exactly. The market's not efficient, so they're just kind of quoting,
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this kind of weird pricing model. So I think that's what's gonna happen. Right? It's a real market will develop for, like, mempool space.
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I mean, also, like, right now, I mean, how many people are using services like that? It's usually, like, if there's, like, an ocean thing, like, I really, really, really need this to go through. So it's like you you might be willing to pay a $100. But you can always CPF, PA it, or RBF it usually. Right.
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Or if it gets purged, then you can abandon it and make a new transaction. So there's lots of things you can usually do. The out of band prioritization is probably, like,
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something that'll only happen maybe, like, 5 years from now, maybe 2 years from now. Well, it's already it's already kind of happening. Right? But not Yeah. It's just not a mature market yet. Exactly. Yeah. But there's there's definitely some,
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like, oh, shit use cases where people just need to get confirmed. I wouldn't be surprised if, like, exchanges are already having conversations with large miners. Right? But they typically use such a high fee.
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They always wanna get into the next block. Right? Like, if you look at these, we used to call it big max o'clock when they would do their at 9 AM EST. Dude, they would just flood the fucking It was like that fool. Hilariously
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unoptimized.
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They would just spend, like,
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1,000 of dollars on a single transaction fee for, like, no apparent reason just because they and and all of their, UTXOs were, like,
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these huge multisig wallet,
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spends so that the transaction size was, like, several blocks big. Right? It was, like, several megabytes worth of transactions
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all just
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at the same time. So,
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fortunately, I think now they optimize it, though. I always thought it was interesting that they,
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you know, were clearly running a business that American regulators didn't like,
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and they didn't try at all to hide their on chain activity. Like, all their addresses are 3 v max. They're like they were at the time. You know, they were always sending out the withdrawals the same time every day. They just didn't have didn't care at all. The landlord wasn't a concern at all.
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Well, they got they got using a native Segwit now as they know? I don't know. They have KYC now. So Oh, yeah. That's fine. Nobody is. Yeah.
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Talk about negative.
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I don't know if it's been mentioned recently, but blockchain.com
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started doing it. They end up saying Finally. And they were Nobody should use them for this. No one should use them. Right? But it's projected that, like, 30%
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of, like, transactions are coming from I think more than that. Right? I think it's the API. Is it really that high, Webb? It's because they're API.
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Well, it's just because it's a network effects. They were, like, first to market. Right? Yeah. That's true. And so they were the first one to offer that, like, API. That was one thing we were thinking about doing with mempool spaces to to basically just implement the same, blockchain, that info API so that people could easily migrate. Because now we we support, blockchain that info API. So if we have added blockchain that info API, then we could allow everyone to easily self host their own,
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blockchain explorer APIs and and,
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you know,
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decentralize the concept of blockchain explorer.
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But, like
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so we, like, got a little bit
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derailed there.
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I can't
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I just can't see how one sapper byte
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will still confirm in 5 years. If, like, the block size isn't if, like, block space isn't gonna get less scarce.
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And people are adopting like, we're about to see I mean, unless I'm just completely fucking wrong, unless bunch of us are completely wrong. Like, we're about to see a massive push of retail adoption
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towards the end of this year.
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You know, usually in these cycles, you see magnitudes,
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right, of increases. Right. And we've never, like,
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how does that
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how do you circle both of those together and then end up in a situation
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where,
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you know, mempools are just not gonna always be fucking clogged. Well, Satoshi
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designed the block reward to trend towards 0. And so, obviously, the fee transaction market has to develop
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more than 1 sat per byte to be able to compensate Myers. We had we had Adam on the on dispatch
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together,
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and he said
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I was, like, 2 hours into the show or whatever. He said he was like, if if fees got to, like, $1,000
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or I guess whatever, like, equivalent purchasing power of a $1,000, then he would support a block size increase.
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Like,
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that was probably untenable, will never happen.
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And so is he saying that he doesn't think we're we're gonna hit that amount? And then to me, when people don't think that, that's usually when we're definitely gonna hit it. You know? Especially someone like that. Like but a block size increase could be many things. Right? I mean, maybe there's some new technology,
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smart people figure out a few years from now where you can
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batch transactions in an even more Right. Creative way. More efficiency. Yeah. The block size 2, stuff like that. Like Segment was a block size increase. Right? Right. Tapper will be similar in Right. Some way. So
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You could get to a $1,000
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for a transaction. How many wallets will be trapped or maybe to spend?
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Well, the fiat value doesn't matter. Right? It's more of a Yeah.
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Like because it's priced in sats. Exactly. And the
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so that's why we we should never like, I quoted Adam because Adam said that, but we should never talk about fees in dollar
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amounts because it could be a 1 sapro byte transaction that costs
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$1,000. Right? And just Satch are just fucking the standard. So Yeah. But thinking about people who worked on that DCI setup and stuff. Yeah. You get so fucked so quickly. Yeah. You fucked. And you I feel like it turns it could turn
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very quickly on people. And we saw that. Right? So so
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the last three difficulty adjustments we had
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were double digit difficulty adjustments. We had a double digit down, a double digit up, and then a double digit down again. That's exceedingly rare. Right? Like, I to me, that's,
366
00:32:17.210 --> 00:32:18.890
like, Bitcoiners should be
367
00:32:19.610 --> 00:32:20.830
you you shouldn't panic,
368
00:32:21.210 --> 00:32:22.430
you know. You shouldn't,
369
00:32:23.930 --> 00:32:26.110
flood yourself out of generational wealth.
370
00:32:26.635 --> 00:32:27.115
But
371
00:32:27.595 --> 00:32:36.175
Well, that was Your your alarm bell should be ringing when that's happening. Right? Like, that shouldn't be happening on the regular like that. So what's the narrative? The rainy season in China
372
00:32:36.720 --> 00:32:47.184
or I thought the Do you remember that? Is that narrative been a historical narrative to you? I mean, it might have just been less significant back then. And now Are there less Chinese miners as a percentage than there used to be?
373
00:32:47.725 --> 00:32:49.585
Maybe in that area. I prefer
374
00:32:50.125 --> 00:32:50.625
no?
375
00:32:51.405 --> 00:33:00.740
I I I mean, mining so so a lot of people are still using the older s nine generation hardware to mine, right, which would be totally unprofitable at certain,
376
00:33:01.360 --> 00:33:02.995
price points or even,
377
00:33:03.855 --> 00:33:10.195
you know, like, if they had to if their electricity is 4¢ versus 3¢ or 2, so it might be a huge difference for their
378
00:33:10.559 --> 00:33:18.659
profitability or non profitability. Right? So if they had to move, like, physically pack up all the miners and go somewhere else, they might have actually had to.
379
00:33:20.775 --> 00:33:21.755
Continue talking.
380
00:33:23.095 --> 00:33:24.875
We got the audience got me a beer.
381
00:33:26.919 --> 00:33:29.900
Sitting out this batch is filming in front of a live studio audience.
382
00:33:32.520 --> 00:33:37.715
Do we think is is China is China banning Bitcoin this time for real or is it just,
383
00:33:38.495 --> 00:33:39.154
for real?
384
00:33:39.695 --> 00:33:40.595
Of course not.
385
00:33:40.895 --> 00:33:42.930
It's it's like a yearly ban.
386
00:33:43.390 --> 00:33:55.845
Monthly? Monthly ban. Some people seem pretty confident that, you know, mining is gonna be illegal in China and It's monthly. Too mixed. Yeah. They they seem monthly. Yeah. They seem really confident the last 6 times. Well, you know,
387
00:33:56.225 --> 00:34:06.810
it's like Exactly. It's a matter of how pragmatic it is. Like, you just can't. Well, I bet you there's also, like, some, like, nuances that we're not getting because, you know, like, we're not in that world.
388
00:34:07.215 --> 00:34:36.520
So it might be, like, certain types of miners or, like, maybe those who are using coal or whatever. Yeah. We need some boots on the ground freaks in China to give us the But the fact of the matter is we still have 1 SaaS confirmed. Like, that's for sure. So I think Matt puts it best when he says like, hey. There's a lot of FUD going on about how miners are leaving the pack of houses going to Kazakhstan and all these other places. But, hey. Guess what? There's one SaaS confirmed. Like, I mean, just look just verify that. And sure, we can Right. Like, that's ridiculous. Right? Like, that should just not be a
389
00:34:36.980 --> 00:34:39.240
But over there. Way the difficulty adjustment,
390
00:34:39.994 --> 00:34:45.055
period while minors are fucking scrambling and panicking. We're having 1 separate bytes going through.
391
00:34:45.595 --> 00:34:54.070
Yeah. That's for sure. Yeah. It was like overnight, half the hash power disappeared. Right? And 6102 was freaking out. It was like, this is what it would look like if a 51
392
00:34:54.565 --> 00:34:58.244
percent attack was gonna happen. That's exactly what it would look like when you have the,
393
00:34:58.724 --> 00:35:00.185
like, a hash rug pull.
394
00:35:01.180 --> 00:35:07.040
Yeah. But it it all came back, right, like, a couple weeks later, and then Well, do you remember what the claim for that one was? It was
395
00:35:07.660 --> 00:35:18.705
it was like the Chinese government of this province decided to, like, shut down, like, a street of Bitcoin miners or something. Right? They're like, oh, they turned the power off because of a coal accident. Yeah. Some accident. Right? Some fire and some coal plant.
396
00:35:19.085 --> 00:35:31.285
Something. How do we know if any of it should actually That's what I'm saying. Right? Know. You can't really know even if this is just accident and because the thing is random. When you your chance Yeah. That stuff is random. Like, theoretically,
397
00:35:32.065 --> 00:35:36.120
this could just There would be no change in hash rate, and theoretically,
398
00:35:36.820 --> 00:35:44.125
there is a chance that the brand has prevailed and we've had the the sound drop and up upswing and down drop and difficulty adjustment.
399
00:35:44.585 --> 00:35:48.525
It is random. So Yeah. So you cannot verify anything here.
400
00:35:49.319 --> 00:35:50.780
You you mean, you have a simulation.
401
00:35:51.240 --> 00:35:59.145
Go check or something. We are looking at this. No. No. We have, like, big corners, like, won't shut up on Twitter about, like, fake news and mainstream media is lying to you. And then, like, there's some,
402
00:35:59.705 --> 00:36:03.885
like, a random excuse from China comes down. Everyone's like, well, that's definitely what's happening.
403
00:36:04.185 --> 00:36:06.125
Yeah. Was it the same people, though?
404
00:36:06.505 --> 00:36:08.525
Yeah. A lot of times it's the same people.
405
00:36:09.600 --> 00:36:10.980
I don't know. Get it together.
406
00:36:12.400 --> 00:36:16.180
Well, I I mean so I mean, the difficulty adjustment is working as designed.
407
00:36:17.045 --> 00:36:18.645
Just does anyone here think
408
00:36:19.845 --> 00:36:24.185
I mean, what do we think the hash rate in China is right now? Like, 60% or something? 50%?
409
00:36:25.020 --> 00:36:27.200
What's that? Right? It's hard to say because
410
00:36:27.500 --> 00:36:33.865
even if you had a lot of mining hash power in America, you could still route it to, like, a Chinese mining pool, and it would look like the Chinese,
411
00:36:34.265 --> 00:36:36.685
mining pool hash rate is much higher than it actually is.
412
00:36:37.145 --> 00:36:42.205
So that's hard that's hard to say. Like, the miners are kind of like or the mining pools are kinda like a proxy in that sense.
413
00:36:43.480 --> 00:36:43.980
Because
414
00:36:44.520 --> 00:36:50.460
I guess my point is, in 5 years, do does anyone here think that less than 30% of the hash rate will be in China?
415
00:36:50.925 --> 00:36:51.825
Less than 30?
416
00:36:52.125 --> 00:36:52.625
Yeah.
417
00:36:53.565 --> 00:37:05.260
Well, no. Because they have a huge amount of hydro. I think everybody's gonna hear that. I mean, the hydro dam is a huge thing. Exactly. Biggest hydro dam ever. Like, that's gonna change a lot. Don't they, like, overbuild in hydro and they're like, oh, we can't use all this.
418
00:37:05.720 --> 00:37:18.475
There's, like, an entire city where the central government forced everyone in that city to become like an electrical engineer. This is like a central planning thing. And then they said, you know, your your entire purpose of this city is just to generate electricity
419
00:37:18.780 --> 00:37:21.360
for the country if we need it, like, strategically. Right?
420
00:37:21.900 --> 00:37:24.160
So that's why they have so much access.
421
00:37:24.940 --> 00:37:30.685
Central time. Well, I mean You have to get, like, nuclear power. Right? Yeah. Like, if Russia wants to make some
422
00:37:31.145 --> 00:37:35.645
state operated nuclear maybe Chernobyl, you know, would be a good use case. I don't know.
423
00:37:36.980 --> 00:37:51.525
Well, also, like, gen 4 nuclear, I mean, I didn't really know. That's nothing about it, but that's what a lot of, like, miners are hyping. They think that gen 4 nuclear is gonna be the thing that's gonna take off in the US, and it's, like, really easy to bootstrap,
424
00:37:52.359 --> 00:38:06.885
and, like, get off the ground, like, as far as, like, profitability and stuff like that, like, current nuclear plants. They get to look so far in advance to, like, you know, project, like, oh, when are we gonna breakeven? But with these, since they're, like, more packed and more, you know, cheaper,
425
00:38:07.760 --> 00:38:14.579
you're gonna be able to have, like, these, smaller nuclear plants all across the country. I don't know if this is actually the case. I think it's,
426
00:38:15.255 --> 00:38:23.660
you know, easier said than done, but if that happens, then, you know, you might see my transition to that. Also the political climate in America is gonna
427
00:38:23.980 --> 00:38:29.740
result in a bunch of Man, that's that's the one thing, though. Right? Like, the the political climate and, like, the,
428
00:38:30.460 --> 00:38:34.325
you know, the flood against nuclear is humongous in the states.
429
00:38:34.785 --> 00:38:38.244
Yeah. But it's hard to also just say, like, a blanket terms, like,
430
00:38:38.625 --> 00:39:16.190
in America. It's like, things have become, like, so divided, and you gotta look like a state by state thing. You know what I mean? We're gonna we're gonna fracture. Is that what you're saying? Oh, eventually, but not right now. But, like, you could definitely see something happen like that in, like, you know, Texas or maybe down here in Florida or, you know, somewhere remote. Well, there's some power plants like New York that were doing mining. Right? Not like nuclear, but just traditional. Yeah. There's some some carbon neutral deal that I heard about in New York, but at the same time, there's also, like, a moratorium for the next 3 years going on. I think it depends on the source. And I think mine is gonna be, like, pretty much pushed out of New York for a little bit of these. No. New York's got a lot of problems. You're trying to taxider.
431
00:39:16.670 --> 00:39:30.345
Try to add additional regulations to that. Well, of course, all these bureaucrats wanna, you know, get their tax to keep the thing going. Yeah. Yeah. My Bitcoin miners were running for years, and I never solved a single block. I was really unlucky. Oh, man. That sucks.
432
00:39:32.580 --> 00:39:33.400
We have Romario
433
00:39:33.700 --> 00:39:36.680
Huddle in the comments asking if this is the
434
00:39:36.980 --> 00:39:37.880
the Ben Kaufman.
435
00:39:38.340 --> 00:39:42.454
Yes. It is. Yeah. The one and only. Yep. You made it to
436
00:39:44.035 --> 00:39:48.625
America. You're staying here. Yay. No. It's gonna be awesome. Yeah.
437
00:39:50.390 --> 00:39:51.770
Pure breakers kicking in,
438
00:39:52.070 --> 00:39:52.890
Yeah. Yeah.
439
00:39:53.510 --> 00:39:54.730
No. It's awesome here.
440
00:39:55.350 --> 00:39:56.330
What what do you,
441
00:39:57.670 --> 00:39:58.730
Peter, I'm curious.
442
00:39:59.205 --> 00:40:02.025
You're you're in touch with the normies more than most of us.
443
00:40:02.725 --> 00:40:05.465
Do you think do you think this this,
444
00:40:06.085 --> 00:40:13.690
this Chinese all these rumors about the Chinese mining issues, do you think that's, like, a mainstream concern by people, or do you think it's just
445
00:40:14.070 --> 00:40:16.010
something that Bitcoiners are obsessed with?
446
00:40:16.950 --> 00:40:17.610
I think,
447
00:40:18.115 --> 00:40:20.535
I mean, in terms of this, I don't think anyone
448
00:40:21.235 --> 00:40:27.819
could normally pay attention to it. They just see the price drops, and they see Chinese miners about it. It might be the first time they've heard about it, and then they panic.
449
00:40:29.000 --> 00:40:30.280
Right. And do you think
450
00:40:31.000 --> 00:40:37.075
so what about this whole, like, Elon narrative? Like, this idea that Elon crashed the price because you attacked Elon. Yeah. Yeah.
451
00:40:37.775 --> 00:40:39.555
Yeah. Right. Let's talk about this.
452
00:40:41.950 --> 00:40:44.130
Do you I think we've had,
453
00:40:44.670 --> 00:40:47.330
what, about 4 weeks of constant shit.
454
00:40:47.870 --> 00:40:52.125
I think you can just I think that's enough to to to scare a few people.
455
00:40:52.505 --> 00:40:55.485
If you speak to Willie Wurm, he was analyzing the coins
456
00:40:55.865 --> 00:40:59.725
that moved on to exchange. He said there were newer coins from newer, you know,
457
00:41:00.630 --> 00:41:05.210
probably the cost of fish he gave them, but Do we believe in the on chain analytics
458
00:41:05.510 --> 00:41:07.690
stuff? I know you're not sure, are you?
459
00:41:08.405 --> 00:41:22.099
It kind of feels like TA, but the new TA. Yeah. Well, you could you could crash the price on BitMex where no we're just purely derivatives. Right? So how much what percentage of the Bitcoin volume is in derivatives and and and spot market. Right?
460
00:41:22.720 --> 00:41:31.795
Yeah. That's true. Well, I mean, if you look at the BitMex volume, it's like fucking insane. I don't I That's exactly my point though. Right? Like yeah. You know, even you take, like, the traditional market like silver or gold.
461
00:41:32.414 --> 00:41:42.310
There's examples of people just buying all the silver futures and saying, yeah. I wanna take delivery, and the market just goes and says But there's like I I mean even more than that. Like, you see, like, the stats where they're like,
462
00:41:43.505 --> 00:41:48.805
like, Bitcoin days lost stuff. Or like the SAD stackers that have been accumulating during this period because, like,
463
00:41:49.105 --> 00:41:49.845
these addresses
464
00:41:50.145 --> 00:42:02.135
have have been increasing under a Bitcoin, but about this like, who are these people that are reusing their addresses and sending them all to the same address and, like, would like I know I'm not counting on those metrics.
465
00:42:03.315 --> 00:42:23.265
Like, is is it I don't know. It's it's I don't believe it. And and and the exchanges. I mean, you see those things like, oh, a whale went to Coinbase or an unknown whale, but now there's things like that. And and literally, Coinbase at any point in time could spin up a new address and send a bunch of funds that way. And what these analytic companies or these on chain,
466
00:42:24.190 --> 00:42:27.010
you know, heuristic companies are doing. They're they're saying, oh,
467
00:42:27.310 --> 00:42:36.484
Coinbase just a a huge whale went out of Coinbase into an unknown address. It's like, literally, you don't know. That could be Coinbase. Right. That's the other stat. They're saying, like,
468
00:42:36.865 --> 00:42:48.460
more coins are leaving exchanges than ever before. Right? I don't believe But meanwhile, Sailor's buying them on Coinbase and then sending them to a custodial custodial provider. Like, is that even like, you can't tell on chain if that's happening. Unless OpenNode
469
00:42:48.760 --> 00:42:51.420
has, like, all these exchanges ex pubs,
470
00:42:51.845 --> 00:42:58.184
I'm not gonna have to look at any of that. Yeah. But even so, the thing that really moves the price is, like, leverage traders just getting liquidated
471
00:42:58.565 --> 00:43:08.575
wrecked. Right? Like, that's where you see, like, those cascading They don't even leave the exchange ever. I mean Those the coins never even existed. Right? It was just purely like derivatives, bit mixed, like, bucket shop style.
472
00:43:09.595 --> 00:43:12.175
I mean, we went from 4 to 4,000 64,000
473
00:43:13.835 --> 00:43:14.335
in,
474
00:43:14.795 --> 00:43:15.535
a year,
475
00:43:16.589 --> 00:43:16.910
and,
476
00:43:18.190 --> 00:43:21.569
I think some people would have been selling some very tasty,
477
00:43:22.750 --> 00:43:23.730
stacks of Bitcoin.
478
00:43:24.595 --> 00:43:29.095
And I think the market got shook out by a constant energy narrative.
479
00:43:30.355 --> 00:43:33.350
It was a a real boost in the market when Elon Musk
480
00:43:33.910 --> 00:43:35.690
bought in bought in Yeah. Definitely. 500,000,000
481
00:43:36.310 --> 00:43:38.810
and then said he was gonna sell cars with Bitcoin.
482
00:43:39.510 --> 00:43:47.495
Doesn't one eighteen, said he's not. He's gonna blame coal, which sits alongside the energy narrative. It's a frothy market. There's a lot of leverage trades out there.
483
00:43:48.275 --> 00:43:57.800
And then we get hit with the China mining situation. I just think there was a lot of things happening that maybe switched to few people. So I'm just sort of, fuck. This is a good time to save some money for the table.
484
00:43:58.260 --> 00:44:08.590
Maybe buy a car. But Bitcoin had such a solid, like, run up, and there was all these leveraged positions, and they just got whacked and just wrecked. But wasn't wasn't the leverage
485
00:44:09.050 --> 00:44:10.330
drop from about,
486
00:44:10.730 --> 00:44:11.790
under 38?
487
00:44:12.170 --> 00:44:14.270
Was it under 38 where it dipped down?
488
00:44:14.815 --> 00:44:22.915
That was where, like, the cascade, like, wind down afterward. Just within a very short amount of time, dipped down to, like, 24 k back up. Well, if you like hunt,
489
00:44:23.750 --> 00:44:24.810
you know, especially,
490
00:44:25.110 --> 00:44:30.890
you know, the professional traders, they like hunt the leverage guys because, you know, it's a very mental thing. So, like,
491
00:44:32.755 --> 00:44:37.255
like a degen trader when they're, like, setting their liquidation price or whatever,
492
00:44:37.555 --> 00:44:43.580
they go, oh, well, it'll never fall below 40. So, like, I I'm gonna I'm just gonna make my liquidation price, you know, like,
493
00:44:44.360 --> 00:44:47.580
38, you know, 900. Right underneath
494
00:44:47.880 --> 00:44:57.615
where where it is. And so they, like, go they try and dip just below those big round numbers. And if they can hit if they can hit, like, a bunch of big liquidations, then it just fucking cascades.
495
00:44:58.640 --> 00:45:03.860
And I a lot of times we I feel like we almost have more leverage in the system because you have
496
00:45:05.515 --> 00:45:06.015
you
497
00:45:07.194 --> 00:45:10.095
you have, like, these loan providers that are also adding,
498
00:45:11.194 --> 00:45:13.454
you know, this this idea of,
499
00:45:13.829 --> 00:45:16.089
you know, taking out a loan on your Bitcoin
500
00:45:16.630 --> 00:45:20.809
and then, you know, maybe, like, buying an Aston Martin or something. Can I name a few?
501
00:45:21.935 --> 00:45:22.994
Yeah. That's a good story.
502
00:45:24.255 --> 00:45:28.870
The the Aston Martin actually did work out. Saw that. Double my Bitcoin. It's worth more sats now. Yes.
503
00:45:30.550 --> 00:45:40.275
But I do feel like there's there's, like, a more of a normalization of leverage. Right? Like, it used to be it used to be and maybe that's just because the market is more mature. Like, no one,
504
00:45:40.974 --> 00:45:45.635
lectures someone for taking out leverage on their house even though that's the majority of their net worth.
505
00:45:46.359 --> 00:46:01.095
For most people is their house. No one you know, you never hear someone at, like, the dinner table at Thanksgiving go like, you're super irresponsible. You took a mortgage out on your house in this, you know, super speculative market. So maybe it's because it's more mature, but it does feel like it's been normalized,
506
00:46:02.355 --> 00:46:27.000
more so than previous cycles. In previous cycles, you just knew you were a d gen if you were trading on BitMax. Like, you knew kind of what you're getting into. It had a 100 x product. The other thing is, like, in the grand scheme of things, does any of this really matter? Because if you think about it, again, when we were sitting at 4 to 6000 last year, if someone had said, look, we'll be at 20 k within a year, everyone will be gonna fuck. I'll take that. Yeah. Exactly. Where where where we at?
507
00:46:27.785 --> 00:46:28.285
$38,000
508
00:46:28.825 --> 00:46:44.140
right now of Bitcoin. That's fucking insane. The only people this matters to are the people who joined since Christmas. That's all it matters. Well, not if they were stacking. If they were just staying on those saggy sats, they're probably still up right now. Yeah. But I'm just saying this, like I haven't done that. I would imagine everyone in this room is kind of okay.
509
00:46:44.445 --> 00:46:46.545
You get that wealth. I mean, I bought the top
510
00:46:47.005 --> 00:46:48.785
and every everything in between.
511
00:46:49.405 --> 00:46:55.580
Bought the top and everything in between. I mean, I yeah. Would you say it's a good thing, though, that all this leverage is being liquidated?
512
00:46:56.040 --> 00:46:58.060
Like, I mean, it it it sucks that,
513
00:46:58.520 --> 00:47:01.180
maybe if have gotten into it and they've overleveraged.
514
00:47:01.515 --> 00:47:02.015
Right?
515
00:47:02.395 --> 00:47:02.895
But,
516
00:47:03.835 --> 00:47:08.255
when you say it's a good thing that, you know, we we trashed all the way down to, like, 30 k or whatever,
517
00:47:08.670 --> 00:47:26.005
and we have all the we have all this leverage liquidated. Like, I would think that's a good thing. That's probably a good thing. It's a healthy it it it builds a healthy base, in my opinion. I think the most health the most important thing is where is our floor, and it feels like our floor is 30,000 at the moment. It feels like, oh, you did it. You said it. You put it out there.
518
00:47:28.210 --> 00:47:45.610
Don't worry, guys. I don't wanna say it. But what I'm saying is, like, it feels like it's it's struggle to be on someone. The stand of the it keeps bouncing back up. And now I I don't know anyone else, but that time, we were ranging around 10,000, you know, up and down for months. It feels like we're we're just in a range between
519
00:47:46.049 --> 00:47:49.995
When the Space Cat just kept saying never gonna
520
00:47:56.235 --> 00:48:04.309
That's how every market cycle goes. Right? You have, like, this huge run up. Everyone's, you know, over liquidated, then they get wrecked. It just got crashes down.
521
00:48:05.170 --> 00:48:05.670
Robin?
522
00:48:06.849 --> 00:48:07.349
K.
523
00:48:09.135 --> 00:48:12.675
No. I think no. I think we just got cut. I think we just our recording just cut.
524
00:48:13.135 --> 00:48:18.240
They lost can you still hear us? Live chat, can you still hear us? Peter called the top of it. We lost
525
00:48:20.800 --> 00:48:22.980
Yeah. Everyone's on the exchange right now. Yeah.
526
00:48:23.280 --> 00:48:25.380
Camera's gone, but they could still hear us.
527
00:48:25.735 --> 00:48:27.195
What about No bid.
528
00:48:27.655 --> 00:48:28.155
Damn.
529
00:48:28.455 --> 00:48:31.035
Oh, we're working we're working on it, freaks.
530
00:48:31.575 --> 00:48:35.710
I'm working on it, so we know you can still hear us. Shit. I hope it's not you on Connor.
531
00:48:36.170 --> 00:48:36.670
Come
532
00:48:37.010 --> 00:48:37.510
on.
533
00:48:37.850 --> 00:48:39.150
Live still on Twitch.
534
00:48:39.930 --> 00:48:44.605
You are back. Came here. No video. You're good. Yes. On Twitter.
535
00:48:44.905 --> 00:48:46.765
Alright. We can hear you. Yes.
536
00:48:47.224 --> 00:48:51.085
Wait. Try turning off the video and turning it back on again. Yeah. Let's get that again.
537
00:48:52.430 --> 00:48:53.890
We're working on it, freaks.
538
00:48:54.750 --> 00:49:02.105
While we're here I mean, I think we can just keep talking because, you know, this is a podcast. For bed. And, usually, the show is audio only.
539
00:49:03.204 --> 00:49:10.280
So it's not the worst thing in the world while Wizz figures this out. I mean, I think we we have millions of fucking
540
00:49:11.460 --> 00:49:16.440
big corners out there that are just stacking regardless of the price. Right? And, like, that's really the
541
00:49:16.885 --> 00:49:18.345
that's the ultimate signal.
542
00:49:19.365 --> 00:49:22.265
The signal isn't really, you know, the short term
543
00:49:22.965 --> 00:49:28.870
price movements. I mean, that's dominated as as Wiz said. Right? It's dominated by leverage trading and traders.
544
00:49:30.290 --> 00:49:33.455
I think we should should have harassed Elon out of town.
545
00:49:33.755 --> 00:49:36.735
So everyone gets his Bitcoin. So he sells on the water,
546
00:49:37.035 --> 00:49:40.975
and everyone gets his Bitcoin. That'd be Oh, where's that word? Harass that.
547
00:49:42.140 --> 00:49:43.760
Keep hammering it to be so
548
00:49:44.220 --> 00:49:44.960
so pussy.
549
00:49:45.980 --> 00:49:50.240
Yeah. Fuck yourself. Yeah. Elon, you hear that? Peter's talking more shit.
550
00:49:50.945 --> 00:49:52.165
So you bit more.
551
00:49:53.745 --> 00:49:56.725
By the way, the peanut gallery is telling you to speak up.
552
00:50:00.359 --> 00:50:03.580
Okay. I should just lean forward. Yeah. Just lean forward. Yeah.
553
00:50:06.995 --> 00:50:09.415
Alright. Yeah. Anyone wants It's great.
554
00:50:09.715 --> 00:50:16.400
Yeah. You know what? I'll have some. Let's let's get some whiskey here. I I had just had, I really enjoyed my cocktail.
555
00:50:16.860 --> 00:50:17.660
You know? I watched it.
556
00:50:18.780 --> 00:50:19.280
Incredible.
557
00:50:21.580 --> 00:50:22.080
Amazing
558
00:50:22.540 --> 00:50:24.275
cocktail artist. Oh,
559
00:50:26.095 --> 00:50:28.755
man. I know it's Okay. Yeah. I'm done.
560
00:50:29.375 --> 00:50:30.515
Gotta smash your cups.
561
00:50:31.055 --> 00:50:31.795
What's more?
562
00:50:33.360 --> 00:50:40.260
Doesn't happen. Man. Alright. Fine. Fine. You're fine. You don't have to drink it. Alright. Okay. Great. That's what they'll reset. The stream. Tune back in in a second.
563
00:50:42.855 --> 00:50:45.915
Experiencing some technical difficulties here at dispatch.
564
00:50:46.535 --> 00:50:46.855
I mean
565
00:50:48.695 --> 00:50:55.020
I know these are for sure. I'm saying What's up? Yeah. Yeah. Of course, man. Yeah. Those are sexy. I'm We're
566
00:51:01.295 --> 00:51:04.595
for you. I know you asked for 1. Yeah. I'm a Suzette. Yeah. Yeah. I got them upstairs.
567
00:51:04.975 --> 00:51:12.100
It is Make sure you grab some, stickers too. We got one sauce. No. I brought free gas. You're running everything. Say, hey, hey. Hey.
568
00:51:12.720 --> 00:51:19.075
Yeah, guys. Just don't say your seed phrases out loud. I'm listening. Okay? Be careful. Anyways, all I need to point is.
569
00:51:21.055 --> 00:51:25.795
Okay. Awesome. Thank you, Freaks, for standing by while we handle those technical difficulties.
570
00:51:27.310 --> 00:51:31.650
We're gonna blame Pete. He left. He seems to leave the room because
571
00:51:31.950 --> 00:51:33.890
he knew he knew it was his fault. So,
572
00:51:35.555 --> 00:51:38.935
where do we stand right now? We were talking about Pete called the bottom.
573
00:51:41.155 --> 00:51:43.095
We're We have a stacking floor.
574
00:51:44.849 --> 00:51:47.990
Stackers set the floor. Don't forget that. Do set the fucking floor.
575
00:51:48.450 --> 00:51:51.109
Yeah. Good. What I what I think is, like, I mean,
576
00:51:51.775 --> 00:51:53.395
if if we just keep stacking,
577
00:51:54.734 --> 00:52:00.434
there's like, the sky's the limit. Right? Like, how can you stop that? We can't fail. Imagine shorting that.
578
00:52:02.400 --> 00:52:09.220
Yeah. No. Everyone's selling, and then we're all picking we're all picking up from 30 k. Right? We're we're all buying. So we're set before.
579
00:52:09.840 --> 00:52:10.420
Oh, yeah.
580
00:52:12.395 --> 00:52:13.455
Yes. That is Wiz.
581
00:52:14.875 --> 00:52:23.610
Yes. Yeah. So so, Phreeks, we can see the live chat. We have it up on TV up on the TV. So not only can we see it, but our our wonderful
582
00:52:24.150 --> 00:52:32.315
in person audience here can can see it as well. Yeah. You guys Talk about Taleb. Fraud. Many people here. Right. So we have Taleb
583
00:52:32.695 --> 00:52:34.234
speaking at the BSV
584
00:52:34.535 --> 00:52:39.720
shit. Right? I don't really think that's I mean, he can go fuck himself. And Nouriel's Nouriel's there too.
585
00:52:40.020 --> 00:52:41.800
Oh, yeah. Yeah. Is he blocked?
586
00:52:42.260 --> 00:52:49.955
He unblocked me. He has me blocked. So he retweeted me, saying I put Bitcoin as a intelligence test. Kind of failed. He retweeted
587
00:52:50.450 --> 00:52:51.190
me and insulting me.
588
00:52:52.210 --> 00:52:54.849
And so naturally, I I said, well, come on. Debate me.
589
00:52:55.730 --> 00:52:57.510
And then he just insulted me again.
590
00:52:58.609 --> 00:53:02.135
I should know my place and some other shit. I was like,
591
00:53:03.235 --> 00:53:09.655
I'm like, I'm a slam dunk if you, if you wanna debate. If you think you're so smart, go forever. You know, it's just another fucking idiot.
592
00:53:10.740 --> 00:53:23.285
So, yeah, should know I mean, fuck him. I mean, that that was, like it's amazing how quick that turned. Right? Yeah. Yeah. He was a He ironed do you guys not ironing me? He wrote the forward to the fucking pinpoint standard. Standard.
593
00:53:23.744 --> 00:53:35.275
Well, no. It's not just that. He is anti fragile. He's fragile as fuck. I think I think it's what got me blocked. I think I made an anti fragile turn. And then if you see a fraud, don't say fraud, you're a fraud, and he's going to a fucking BSP conference.
594
00:53:37.355 --> 00:53:39.934
He's literally on the same page as, like, a I
595
00:53:41.115 --> 00:54:03.130
I gave it, like, over 2 months stop until he has a lawsuit with Craig Wright and all that. I mean, for sure, they'll go up in in a lawsuit. Like, these guys sue every everybody they work with ever. Oh, yeah. Yeah. They're suing the p The PSP devs. Yeah. So they're suing anyone. Yeah. Would you I could like, 2 months until they The PSP devs is like a fake. Right?
596
00:54:03.510 --> 00:54:06.170
I I don't think so. I don't think so. It's just to, like,
597
00:54:07.265 --> 00:54:11.125
cover their their pursuing everyone kinda thing. I have no idea, actually.
598
00:54:11.744 --> 00:54:23.785
Who knows? I mean, anyways, so working on over there. I don't even like the the Dogecoin devs. Like, what what innovation's happening over there? I mean, yeah, I don't want to talk about it. Do we have a better topic to talk about?
599
00:54:24.245 --> 00:54:25.385
What else are you,
600
00:54:26.245 --> 00:54:30.025
how about the conference? We could talk about the conference. Hell, yeah. You?
601
00:54:30.859 --> 00:54:34.400
I mean, a bunch of the guys here are gonna be participating in the open source dome,
602
00:54:35.019 --> 00:54:39.680
which I'm pretty excited about. What's the open source dome? The open source dome is
603
00:54:40.205 --> 00:54:42.625
right next to the massive outdoor bar.
604
00:54:43.725 --> 00:54:48.945
That's why I'm negative. And, it's a fucking stacked lineup, and it's open source projects only.
605
00:54:50.890 --> 00:54:51.390
95%
606
00:54:51.849 --> 00:54:56.590
of them are are are are true false projects, free open source projects.
607
00:54:57.434 --> 00:55:00.414
Drama. Oh, man. A couple of them have restrictive licenses.
608
00:55:01.355 --> 00:55:02.075
But I think,
609
00:55:02.635 --> 00:55:07.910
I think it's important that, we have these open discussions. So I'm I'm looking forward to,
610
00:55:08.930 --> 00:55:12.790
drink fueled in person, open source dome license debates,
611
00:55:13.250 --> 00:55:25.520
which, you know, sounds like a lot of fun to me. We're gonna have an open source boxing match too. It's gonna be like a UFC way in, you know, and they're just gonna we're gonna have we're gonna have 2 devs just on the stage just talking shit to each other.
612
00:55:26.880 --> 00:55:28.580
So I'm pretty excited about that.
613
00:55:30.240 --> 00:55:32.100
Wiz, you got a dough ass booth,
614
00:55:32.855 --> 00:55:34.934
for for mempool space and,
615
00:55:35.335 --> 00:55:38.694
for mempool and bisque. Yeah. The the conference organizers are really,
616
00:55:39.414 --> 00:55:41.710
amazing. They gave us, like, the best booth, and we,
617
00:55:42.190 --> 00:55:44.210
split it 5050 for Biscuit and mempool.
618
00:55:44.830 --> 00:55:47.490
So we're gonna be giving away some really cool t shirts,
619
00:55:48.190 --> 00:55:56.285
as thank you gifts to our sponsors. So if you donate any amount to the mempool site, you can get a really cool set of t shirts, bisque at mempool.
620
00:55:57.945 --> 00:55:58.265
And,
621
00:55:59.060 --> 00:56:05.800
stop by and say hi and and meet everyone. We'll be there. We're gonna have Ron Paul open the fucking conference. That's what Yeah. Let's go.
622
00:56:07.495 --> 00:56:09.675
I feel like Miami is just it feels
623
00:56:09.975 --> 00:56:13.275
this feels like a lot of energy here right now. Yeah. A lot of energy.
624
00:56:14.295 --> 00:56:17.195
I feel the energy shifting. I feel like we're at 2 100 k.
625
00:56:17.560 --> 00:56:20.140
You feeling it? Yeah. That's the first step. Yeah?
626
00:56:20.600 --> 00:56:26.494
Everything under 200 k is a gift. Did you need US dollars or, like, Japanese yen? 200 k
627
00:56:29.674 --> 00:56:33.855
cents. Right. I'll I mean, I'll I'll try and save face. No. I meant dollars, obviously.
628
00:56:35.920 --> 00:56:36.900
Yeah. So, I mean,
629
00:56:37.200 --> 00:56:42.980
anything else you guys specifically excited about with this week? We have beef steak. Beef steak. Beef steak tomorrow.
630
00:56:43.825 --> 00:56:54.020
Beef steak man himself is staying at the Citadel. I think he's shopping for beef steak still. Yeah. I was hoping we'd have a month for the episode, but, he's a busy guy. He's trying to make sure this is the best event. If we keep filibuster
631
00:56:54.400 --> 00:56:54.900
filibustering
632
00:56:55.280 --> 00:57:03.035
then, you know, as as if we can make this if we make this extend, then maybe he'll join us for the the tail end. They'll just walk in with a bunch of meat That's right.
633
00:57:03.335 --> 00:57:15.250
Just join the conversation. We just sandbag and drag them on the couch. It could happen. It could happen. It could happen. Let's stay in the interview with Jack Dorsey, which I think is gonna be fun. That that's probably gonna be the best target of conference. Yeah. Pretty good match up. On the first day?
634
00:57:15.950 --> 00:57:19.809
Don't know. Yes. Don't know. Yeah. I think that's a really good match up.
635
00:57:20.225 --> 00:57:29.740
At nude. I think it's a big things from Jack Woolsey. Yeah. And and and and on that topic, like, HRF just donated, like, 2 100 k. 2 a new 10 k. Yep. Unbelievable.
636
00:57:30.040 --> 00:57:34.140
What's really interesting is the smallest grant they provided was a 10 k grant,
637
00:57:34.765 --> 00:57:38.385
And they provided this guy and Open Arms and Fontaine,
638
00:57:38.925 --> 00:57:39.745
fully noted,
639
00:57:40.045 --> 00:57:42.305
1 Bitcoin each grant at 10 k.
640
00:57:42.630 --> 00:57:45.769
And that was, like, a big deal at the time. That was, you know,
641
00:57:46.069 --> 00:57:48.890
what was it, 8 months ago or something like that, 7 months ago.
642
00:57:49.349 --> 00:57:50.170
Their grant
643
00:57:50.475 --> 00:57:53.695
6 x them in half. Yeah. Yeah. It was great though.
644
00:57:54.715 --> 00:57:59.420
That's awesome. Yeah. Yeah. Thank you HRF. Thank you, Gladstein. Sucks that you sold it now.
645
00:58:01.260 --> 00:58:10.095
Put a lot into the bounties, but, hey, we got some things done. I'm really happy about how that turned out. So We have big point in books asking about any huge announcements of the conference.
646
00:58:10.395 --> 00:58:16.780
Literally, the the big trend with conferences in general is that if anyone has any kind of announcement to make,
647
00:58:17.500 --> 00:58:20.560
over the last couple of months, they hold it for the conference usually,
648
00:58:21.180 --> 00:58:24.000
so they can try and get that extra publicity boost.
649
00:58:25.195 --> 00:58:28.015
So, yeah, there there is a shit ton of of
650
00:58:28.635 --> 00:58:29.375
of announcements
651
00:58:29.835 --> 00:58:32.655
that I've heard of already, and I expect even more to happen.
652
00:58:35.080 --> 00:58:37.420
I mean, I they're all very bullish,
653
00:58:37.960 --> 00:58:40.460
but I'm just a fucking broken record at this point.
654
00:58:41.644 --> 00:58:42.144
So,
655
00:58:42.924 --> 00:58:54.089
so that that's always exciting. I think we have we have Zabo who's gonna be speaking. He hasn't you know, he's been pretty quiet this year. I don't know. I maybe got censored on Twitter or not, but I haven't really heard from him lately. So He's definitely shadowed Ben. You know what I mean? Yeah.
656
00:58:54.549 --> 00:59:14.710
So I'm, like, pretty excited for the Zaybo talk. What about the other events? Like, other than the actual conference, like, what about the satellite events and dinners and things like The, there's a there's a pleb party Yeah. On Thursday. A flat dinner. Right? Yeah. It was a Thursday. Club night. Club night. Club night. I can yeah. I can put into the whale night. Whale night versus club night. It's the same time as yours, I think.
657
00:59:16.005 --> 00:59:17.945
But I don't think that's why I didn't get it.
658
00:59:20.165 --> 00:59:24.480
Well, no. They have a anyone can buy a ticket. They have a BTC pay service set up.
659
00:59:33.575 --> 00:59:36.155
I was like, I'm getting a good deal. I'm a lock it in now.
660
00:59:36.455 --> 00:59:38.795
Yeah. We just got that one completely wrong.
661
00:59:39.490 --> 00:59:42.150
So it might might surprise you, but I've never
662
00:59:42.930 --> 00:59:46.530
considered about SaaS providing a transaction. Oh, yeah. That's a good that's a good
663
00:59:47.329 --> 00:59:53.145
so so you just press send on the on the app? Just press some I mean, one of my wallets has, like, a low medium. Yeah. What do you click?
664
00:59:53.845 --> 01:00:00.440
Almost always high. You almost always took the high fee. I want it now. I'm never doing, like, transactions of less than, like, $1,000, really.
665
01:00:01.140 --> 01:00:09.404
Not because I'm a borrower. It's just that you have to say. No. It's usually paying someone through work who get it paid. Don't buy something for, like, $60 with Bitcoin.
666
01:00:09.704 --> 01:00:11.484
So I just hit send, and,
667
01:00:11.960 --> 01:00:26.375
and and it won't surprise you that the whole idea of where I'll satisfy the buyers. Well, how how many fucking bites are my how how am I meant to know this? And they can't I just can't be bothered. It's just me, it's a waste of time. It's my thing says it'll be $10 or $30 to just go. I just don't care.
668
01:00:26.755 --> 01:00:27.575
I would imagine
669
01:00:29.390 --> 01:00:39.195
in, in in my world, the kind of people I I talk to at Bitcoin, they're probably very similar. Well, the blue wallet team was talking about this the other day because it's kinda interesting to me.
670
01:00:42.375 --> 01:00:43.675
Like, who is doing
671
01:00:45.319 --> 01:00:45.900
the medium?
672
01:00:46.760 --> 01:01:05.610
Like, who is who is like, oh, I'm willing to wait 8 hours or 9 hours for a confirmation. I feel like it's there's like a there's very much an extreme. So the way I look at it is it I I like all of us that show low, medium, or high, but then also give you the actual number of SaaS provided. So I will select medium. If I look on and
673
01:01:06.070 --> 01:01:06.870
I will see,
674
01:01:07.270 --> 01:01:16.815
okay. Medium is is gonna be, like, success or whatever, and and I'll select medium then. But you're exactly right. I think either people are gonna select high or people are gonna select low.
675
01:01:17.355 --> 01:01:17.995
I know,
676
01:01:18.635 --> 01:01:52.825
for working in the industry, it's it's a pain in the ass in the custodial sense of allowing these multiple structures because then if you allow low, then it's like you're gonna get so many customer support issues of people saying, okay. Well, my transaction didn't go through. What can I really do about this? I'm like, well, we paid for a low fee and then so what you know, we'll have to build in support to be able to allow user of bumping. There's all kinds of, like, issues things. So, like, I I kind of agree. Like, high is the option. Look on mempool, that space, and I see that's that's gonna be good enough. I'll select high or medium or whatever. But low low is just a liability,
677
01:01:53.444 --> 01:02:00.970
I think Yeah. For customer support issues. Like, it's just a pain in the Okay. Question, Pete. How high do the fees have to be for you to actually care?
678
01:02:01.430 --> 01:02:02.490
Care about what?
679
01:02:03.270 --> 01:02:08.575
Setting the the fees, you know, and not not getting it in instantly. How high a fee
680
01:02:09.035 --> 01:02:14.015
is your wallet gonna have to be flashing for you? I just I get depends on the transaction from sending a $100
681
01:02:14.789 --> 01:02:15.849
$100 fees.
682
01:02:16.150 --> 01:02:19.130
Gotcha. Does it matter if I was sending a 1,000
683
01:02:19.509 --> 01:02:24.075
and it was $100 fee, I'm gonna go, okay. I'll just send you a $1,000 and get rid of this.
684
01:02:24.455 --> 01:02:32.810
I can pay that or something. What about lightning then? I mean, will you ever will will you ever send that 1,000 over lightning instead? Do you ever use lightning? Yeah. I did. I was using it in El Salvador.
685
01:02:33.110 --> 01:02:37.770
Oh, yeah. Yeah. You you're using lots of cups of coffee with them. Yeah. That's awesome. I
686
01:02:38.174 --> 01:02:40.095
like to sell those coffees with it.
687
01:02:40.494 --> 01:02:42.835
And it was really cool, actually. It wasn't just,
688
01:02:43.775 --> 01:02:44.815
it wasn't just because I,
689
01:02:45.800 --> 01:02:48.440
I wanted to just use my wallet to the novelty of,
690
01:02:48.840 --> 01:02:59.475
but down there, I I had blue wallet. It was actually because I ran out of dollars, and then I was off saying there isn't a cash machine. So I ran out of dollars. I was like, okay. I'll just use this, and, actually, I don't even need to think about going to a cash machine.
691
01:02:59.855 --> 01:03:02.500
The only time I had to, I had to get some money at
692
01:03:02.880 --> 01:03:06.580
the last day for my flight, so we went to the next town. But now I was spending,
693
01:03:07.040 --> 01:03:11.700
Bitcoin the whole time there. I mean, I say the whole time. I probably did, like, 5 to 10 transactions.
694
01:03:12.185 --> 01:03:12.905
Mhmm. But,
695
01:03:13.305 --> 01:03:31.415
and that's because most of the time Jack was using Stripe, so I didn't have to. But, yeah, it was great. It was awesome. It was brilliant. Just every time it worked. I mean, I don't know if it's because I've seen blue wallet and it's custodial. It is custodial. Yeah. Yeah. But every time it just works. It was instant. It was great. It was awesome. It was awesome to leak SaaS there. It was awesome to use Lightning.
696
01:03:32.755 --> 01:03:36.055
But at the same time, my unit account is still dollars.
697
01:03:36.490 --> 01:03:46.105
So I want the price in dollars, and I'll just send you the stats. And I have no idea what the transaction fee by SKUs. So they were showing you the price in dollars I can't imagine. When you got the coffee. They don't have the price in the stats
698
01:03:46.665 --> 01:03:51.484
on the wall. Right. What is the price in the dollar? The price so the so the price of coffee was, I don't know, $2.
699
01:03:51.865 --> 01:03:54.525
Or was it pesos? Is there No. No. They're they're dollarized.
700
01:03:55.150 --> 01:04:14.350
So say say they're showing in dollars, and then it just they slash it up on my phone, and I know I'm spending $2 on Bitcoin. Right. But I always I don't use You don't think in Sats? No. I don't because it's too volatile. It reminds me of when I was in Venezuela with you and it's a restaurant on the menu, all the prices with stickers because I could constantly have to repress.
701
01:04:14.650 --> 01:04:18.350
It's quite the same. It's like, I'm always up to repress it. I just I can't fuck.
702
01:04:19.205 --> 01:04:20.025
Sorry. Sorry.
703
01:04:20.405 --> 01:04:21.225
I'm a.
704
01:04:21.685 --> 01:04:44.295
No. No. You can swear up this shit. I'm the same way. I'm No. I'm apologizing to swear it. I'm apologizing to not be in the a Not pricing things in SaaS in here. I said SaaS are in your unit account. Company. If SaaS are in your unit account, you're sure of Bitcoin. Now now the merchants down there, were were they were there a few of them that were at least preferring you paid Oh, they wanted Bitcoin. They all wanted Bitcoin. Wanted Bitcoin. Yeah. But they were in a bull run. We could put that down, didn't they? Yeah. Yeah. Okay.
705
01:04:45.670 --> 01:04:50.730
So I I had my vaccine too, and she was, I went to that and she got she said, will you pay Bitcoin? Mhmm.
706
01:04:51.030 --> 01:04:51.690
Oh. No.
707
01:04:52.070 --> 01:04:52.570
That
708
01:04:53.184 --> 01:05:00.700
was when our dollars in the staff. I know they all wanted Bitcoin. And and the thing was is it's 18 months between the first time I went and now. Anyway,
709
01:05:01.160 --> 01:05:02.780
everywhere it says pay the Bitcoin.
710
01:05:03.080 --> 01:05:06.600
Everywhere. It's it's crazy. Are those shops using their own, like,
711
01:05:07.214 --> 01:05:10.434
self custody wallets, or are they all using custodial wallets?
712
01:05:10.734 --> 01:05:13.875
No. So it's like using custodial. It's actually really cool because
713
01:05:14.255 --> 01:05:18.180
they're using their own custodial wallet. So it's an Elzante
714
01:05:18.720 --> 01:05:25.780
custodial wallet that's that's being run by Bitcoin Beach, which is kind of a cool model that I feel like Bitcoiners don't really,
715
01:05:27.975 --> 01:05:31.515
address that often. Yeah. So in L&D Hub that someone
716
01:05:32.465 --> 01:05:32.965
Essentially.
717
01:05:33.310 --> 01:05:49.265
I mean, they have an app they have an app that anyone can download. We could use the custodial well if we want to. Mhmm. But it's run by by a team that's in El Salvador. Oh, it's a dedicated app and not just using the It's a Bitcoin Beach custodial wallet. Okay. Cool. And that way, they have really good UX, but they don't have to trust,
718
01:05:49.660 --> 01:05:55.760
you know, a foreign company with it. But the the really cool thing about it is it's almost all the places accepting Bitcoin in the app.
719
01:05:56.380 --> 01:06:07.335
And what you can see now is, like, it's not just El Monte. There's a few places up the coast, and there's 2 or 3 places in San Salvador now except in it. And you can just see that seed is growing. It's it's really interesting.
720
01:06:07.650 --> 01:06:11.990
So how long are you down there for? We should just do a big shout out to Michael Peterson who literally
721
01:06:12.849 --> 01:06:17.615
built that whole thing himself and dragged people down there to help it. It's it is
722
01:06:18.155 --> 01:06:22.655
the the Bitcoin dream everyone talks about. They're actually doing invest.
723
01:06:23.910 --> 01:06:29.610
Incredible. Hey. Shout out to that. Yeah. We should have done that. And we have I would love to. We have Deloitte money
724
01:06:30.070 --> 01:06:37.325
who is I'm I'm I'm blanking on the the lead the lead maintainer of it. That's the that's the custodial wallet.
725
01:06:37.705 --> 01:06:39.805
He'll be presenting in the at
726
01:06:41.560 --> 01:06:45.100
at Bitcoin 2021. So I'm pretty excited to meet him there.
727
01:06:45.480 --> 01:06:50.620
And he's open sourcing the wallet. So that's what he he's open sourcing it before he walks into the.
728
01:06:51.075 --> 01:06:58.455
I think it's the important topic and and and and, Peter, you were just down there. I I I wanted to ask, what's the number one thing you've learned
729
01:06:58.820 --> 01:07:04.040
since being down there and seeing this whole circular economy of people using that, especially people that need to use it
730
01:07:04.340 --> 01:07:06.285
in that iconic case? Oh,
731
01:07:06.744 --> 01:07:08.924
that's a good question. Not one thing I learned.
732
01:07:11.944 --> 01:07:15.164
Education is just key. Yeah. Educate I think
733
01:07:15.950 --> 01:07:17.650
it's all well and good going somewhere,
734
01:07:18.109 --> 01:07:18.609
like,
735
01:07:19.230 --> 01:07:23.825
I was on saying teaching people about Bitcoin, but I actually think gotta teach them about volatility
736
01:07:24.285 --> 01:07:38.950
because what we saw over last week would have fucked some people if they'd held everything in Bitcoin. Like, absolutely fucked them. Yeah. But they are teaching you about volatility. They are teaching them that they need to sell some of their Bitcoin back into dollars and hold some savings and treat the savings as a long term.
737
01:07:39.985 --> 01:07:41.925
But do they have access to do that?
738
01:07:42.385 --> 01:07:42.885
Yeah.
739
01:07:43.345 --> 01:07:52.240
What they're actually what most people are doing now, they've got the Bitcoin Beach app for their Bitcoin, and they've got the Strike app for their dollars, and then move it between the 2, I think.
740
01:07:52.540 --> 01:08:06.330
Interesting. But Strike doesn't have banking relationships down there, I thought. Yeah. I don't know the So so they're not going back to the local currency. They're putting it into dollars on Oh, Salvador doesn't have a local currency. Whatever you said The local currency is the dollar.
741
01:08:07.350 --> 01:08:12.970
They're a dollarized country. Okay. Gotcha. So everyone uses the dollar. But the important thing about that is
742
01:08:13.295 --> 01:08:13.795
as,
743
01:08:14.895 --> 01:08:22.755
Biden prints another whatever, $6,000,000,000,000 Right. They don't see that. They don't they see that. They don't get stimulus checks. Yeah. They get funds. Soft. Yeah.
744
01:08:23.200 --> 01:08:26.900
Also, the the really interesting thing is what Jack's actually doing with strike.
745
01:08:28.320 --> 01:08:30.980
He's completely changing remittance there,
746
01:08:31.725 --> 01:08:34.545
where before you have to go to get a bus or go to Western Union,
747
01:08:35.245 --> 01:08:39.800
you know, you get a haircut with a price, you just sat he sat on your couch. You sent dollars
748
01:08:40.260 --> 01:08:41.239
from the US
749
01:08:41.540 --> 01:08:42.440
via strike.
750
01:08:42.820 --> 01:08:46.040
There's no haircut. It's instant, and it's free. You don't have to travel,
751
01:08:46.535 --> 01:09:01.940
you can also send small amounts of it. So before, there's, like, a minimum fee. So if you send it $50, you might be losing a large chunk. Yeah. But now you can send $5. The kid can say, I need $5 for x and they can get it. It's really, really amazing. Well, that's why you mentioned, like, the volatility
752
01:09:02.320 --> 01:09:03.380
as being a concern.
753
01:09:03.995 --> 01:09:05.055
I mean, they're dollarized,
754
01:09:05.435 --> 01:09:09.455
but, I mean, if you're in Venezuela, right, they're already used to having
755
01:09:10.155 --> 01:09:15.570
not even volatility. I mean, it's just down. Just the the currency just loses value. Right?
756
01:09:16.110 --> 01:09:27.475
Sorry. Just to answer your question, the most important thing I learned is actually going to these places and seeing see actually seeing it and understanding it. But my my point is is, like, the fee the fees are almost
757
01:09:28.680 --> 01:09:35.420
that can fuck them even more. Right? Like, if that's why I think lightning is so important. Right? Because if they're hitting the chain and all of a sudden,
758
01:09:36.195 --> 01:09:36.855
you know,
759
01:09:37.235 --> 01:09:45.415
a difficulty adjustment goes goes up double digits and then we have a massive mempool and they need to, you know, buy food to eat,
760
01:09:45.910 --> 01:09:58.265
and they have to pay a huge on chain fee, they can't just click the high fee button. Right? They're all using lightning. Yeah. They have to because They're all using lightning. Yeah. Mhmm. Because the small amounts even even in 1 sec per byte fee market,
761
01:09:58.885 --> 01:10:02.665
at current Bitcoin prices, you know, that's it's eating up a significant amount.
762
01:10:02.980 --> 01:10:14.195
But are they all using that custodial liking? Like, nobody's running their own Raspberry Pi kind of thing. I mean, I don't think so. The places I went, I don't think so. And and one of the other things, like, some people are accepting
763
01:10:14.495 --> 01:10:14.995
Bitcoin
764
01:10:15.615 --> 01:10:30.125
because there's people wanting to pay it, and it's just a form of money to them. They're not really into it. Like, one of the pupusas. Right. There's other people who, like, naturally with Bitcoin have spent the time to understand it. Guy in a coffee shop, he gets it. He just gets it. He wants your Bitcoin.
765
01:10:30.505 --> 01:10:36.599
So it's it's like everywhere you go. There's a range of people who are really into it, a range long Just using it as a payment method. Yeah.
766
01:10:37.540 --> 01:10:42.165
Cool. Nice. It's really awesome to hear. It would be a shame, though, like, if one of those custodial apps,
767
01:10:42.685 --> 01:10:48.825
you know, got hacked or had some kinda issues. Right? That's the real concern is that, okay. Great. Everyone's using
768
01:10:49.530 --> 01:11:12.010
Bitcoin, but are they really if they're just using this custodial app? Well, but that's what I think what's great about Bitcoin Beach is if they are do doing the custodial themselves and they're going to the uncle Jim model Right. Is at least someone that hold accountable, and you can actually go visit them and and you don't have, you know, any issue with. So I love the uncle Jim model and being able to onboard your friends or even a whole entire region.
769
01:11:12.605 --> 01:11:33.085
So I I like that approach as opposed to, like, a custodial in some other country that you really don't have any recourse. There's no accountability there. Exactly. We'll see if you aren't gonna be running lightning notes. Right. Is that Yeah. For sure. I think eventually when it's just an app on your phone, then they can. Yes. Of course. That's right. But they're not gonna like, the Raspberry Pi is is, like, kinda like a stepping stone. Right?
770
01:11:34.505 --> 01:11:43.055
Yeah. Even so, even if you do have a Nutrien, I know there's still the challenges of liquidity. Like, this is, like, still a very difficult problem that we're working through.
771
01:11:43.535 --> 01:11:44.035
So
772
01:11:44.415 --> 01:11:50.915
I think it's a little more complicated than just the availability of the software. I think the important thing is that people are starting to use LiveVean.
773
01:11:51.890 --> 01:12:12.440
Because everyone begin with, like, it's at least a stepping stone. I think that is really the stepping stone as opposed to running your own. Yeah. And the and the fact that if they do want to go and run their own node, that one day they could say, okay. I'll just generate an invoice, and I'm out of the system in, like, you know, a second way. So that's what's really important, having the option to exit.
774
01:12:13.380 --> 01:12:18.855
2nd. Well, they're getting the inflation resistant properties of Pickling, but they're not getting the seizure resistance properties
775
01:12:19.415 --> 01:12:19.915
Right?
776
01:12:20.775 --> 01:12:23.835
That's the risk or the remain remaining risk. So
777
01:12:24.614 --> 01:12:27.435
yeah. That's kinda how the Internet started too, like, with ISPs,
778
01:12:28.030 --> 01:12:28.929
in all these,
779
01:12:29.469 --> 01:12:30.369
regional places,
780
01:12:30.750 --> 01:12:37.755
like, the first ISP to start in that little town, then everyone's just connecting to their servers, and that's how they connect to the Internet. And then soon, you know,
781
01:12:38.375 --> 01:12:42.795
there's huge wireless telecoms where everyone has the Internet, but we're not there yet. Right?
782
01:12:43.815 --> 01:12:46.720
It'll be interesting to see how the lightning model develops.
783
01:12:47.900 --> 01:12:48.640
Yeah. Absolutely.
784
01:12:50.140 --> 01:12:53.040
Yeah. I think right now, you just have to get people used to
785
01:12:53.445 --> 01:12:58.745
the, like, the the muscle memory or, like, just being able to, like, pay for things using
786
01:12:59.125 --> 01:12:59.625
Bitcoin,
787
01:12:59.925 --> 01:13:16.295
you know, using lightning. Yeah. Yeah. Just like being able to Yeah. Recognize the Lightning invoice flow. Like, this is a Lightning invoice, and I could scan it, pull it up on my phone Yeah. And pay it out. So, yeah, that's a huge step in itself. Another technology project. Another thing just to add to your question Yeah. I think,
788
01:13:16.935 --> 01:13:20.440
kind of like as a wider one, so I've traveled a lot with this Mhmm. Is that,
789
01:13:22.260 --> 01:13:26.360
how people use Bitcoin or what they need for Bitcoin is really geography dependent.
790
01:13:27.035 --> 01:13:30.415
Really geography dependent. And I think sometimes we think of Bitcoin as,
791
01:13:30.795 --> 01:13:33.535
as fairly comfortable westerners who
792
01:13:33.970 --> 01:13:44.465
don't always think about, like, the scenarios that people are living in in places like this. So, for example, some people live in a one room shack. Yeah. Yeah. If they're gonna they're gonna back up the private
793
01:13:44.845 --> 01:13:51.585
keys, they're not gonna set up a multi so you can have 1 in a safety deposit here. You know? There's scenarios like that you have to think sound.
794
01:13:52.240 --> 01:13:54.020
Yeah. Absolutely. I mean, the thing is that
795
01:13:54.560 --> 01:13:55.940
if you wanna be the
796
01:13:57.040 --> 01:14:14.060
ultimate sovereign Bitcoiner, there's a cost to that, and and we can't be shaming people for not going through all the lengths of not having their own nodes or or not, like, custodying it themselves. Like, there's levels to it. And what's important is that they have a path to get there and to be able to do it, that we keep it, you know, with within reach.
797
01:14:14.840 --> 01:14:26.375
You know, there's always gonna be people outside of that threshold that just can't do it, and and we gotta don't even know to do it. That's the thing. Like, people don't know. Again, back to the education thing. That's a huge part of it as well. Don't know. Yeah.
798
01:14:28.755 --> 01:14:43.550
Where do they get their education now? Is it just peer to peer, like, working off? The Bitcoin Beach now has this, place called Hope House, this whole building. They have teachers in there. They do educational sessions. They spend time with them. They they and, also, the people are spreading their knowledge to each other as well.
799
01:14:44.030 --> 01:14:51.570
So it's it's it's really cool. I mean, I'm saying to Michael, we should organize an event. Let's try and get a load of this down there because it's just
800
01:14:52.425 --> 01:14:59.965
really interesting to see. It's worth the journey. That's sweet. Should we brush up on our Spanish and do a workshop down there? I really wanna go. I mean, it's super inspirational.
801
01:15:00.530 --> 01:15:04.070
You're fucking killing it. Lots of credit. How about, though, in your opinion?
802
01:15:05.490 --> 01:15:06.230
Good question.
803
01:15:06.610 --> 01:15:14.275
Well, you can always donate to the project. I mean, the project is charity based. It it you know, Michael's a a missionary, and he went down there to help people.
804
01:15:14.575 --> 01:15:20.320
Yeah. The money is originally to get to give to kids, to get them out of gangs, to give them jobs, cleaning up the streets,
805
01:15:20.780 --> 01:15:22.000
and, lifeguarding
806
01:15:22.380 --> 01:15:24.400
for the, surfers, etcetera.
807
01:15:24.780 --> 01:15:36.120
I mean, it real it relies on a certain amount of money going in to to kind of kick start, and then people like us going down there and leaving SaaS. I mean, I probably left a $100 in SaaS, but that then circulates around the system.
808
01:15:36.739 --> 01:15:38.760
The more people go down that, the better.
809
01:15:40.864 --> 01:15:41.525
I think
810
01:15:42.305 --> 01:15:44.725
I don't know what what else more you can do.
811
01:15:45.105 --> 01:15:54.740
Yeah. I mean, people like you you guys are the smartest guys in the room usually. Reach out to Michael and say, how can we help? Because Tell you. He he might have a whole bunch of things that
812
01:15:55.460 --> 01:16:13.260
he asked me to help with publicity because that's the one thing I do. He might turn around to you and say, I need tech support. I need help with you know, we got a problem with our wallet. I don't know, but I can connect him with any of you. But so, specifically, they have they had this, you know, world class surfer, Katie Diaz, who just recently tragically died in,
813
01:16:13.880 --> 01:16:16.620
lightning incident while she was surfing in a storm.
814
01:16:17.335 --> 01:16:21.435
So they're raising a bunch of money right now to do a Olympic
815
01:16:21.895 --> 01:16:26.560
surfing facility for the El Salvador team, and they're raising that all in Bitcoin. So that's katydiazsurf.com.
816
01:16:28.940 --> 01:16:40.255
So consider doing it to that in Bitcoin. What? They already hit the target. They hit the target. Yeah. Big shout out to Miles Souter who totally led that. True. Let's fucking go. Shit. Yeah. Miles is here too. I'm looking forward to
817
01:16:40.860 --> 01:16:42.800
seeing him while we're here.
818
01:16:44.300 --> 01:16:45.280
I love that dude.
819
01:16:46.380 --> 01:16:47.679
The other thing about lightning
820
01:16:48.474 --> 01:17:05.659
is, you know, the channels are kind of confusing to people and that's what's nice about the custodial wallet is that you don't have to deal with the channel management. Mhmm. But the fact that you don't have to deal with confirmations, which goes back to our previous discussion, is like a really, really benefit to new corners and fresh corners. Because
821
01:17:06.045 --> 01:17:06.864
this idea
822
01:17:07.804 --> 01:17:11.824
of understanding how confirmations work is like it's a real it's not a natural
823
01:17:12.764 --> 01:17:14.304
it's not a natural thing,
824
01:17:15.160 --> 01:17:39.290
for people to comprehend. Like, I mean, you could tell them, oh, well, you know, like, your credit card doesn't settle for blah blah blah months. Like, they don't give a shit. You know? To them, like, when they pay, it's done. That's all behind the scenes. You know? Right. Exactly. Experiencing the effects of that firsthand. Yeah. The businesses, I mean, it's coming from a historical that deals with Fiat. Like, it's a fucking pain. Yeah. It's coming in. Having to deal with this
825
01:17:39.750 --> 01:17:51.845
this currency that settles in, like, 6 blocks. Right? And and and onboarding people on currencies that may not even settle for, like, 365 days. Right? I mean, technically, you can reverse transactions
826
01:17:52.330 --> 01:18:05.915
first. So and then got the amount of time. So, like, from a business standpoint, it's it's a kind of a pain in the ass. And then from, like, exchanges and custodials and deal with Fiottis, it's terrible. But on the Bitcoin side, it's amazing. I mean, that's one of the things I loved
827
01:18:06.535 --> 01:18:09.675
about beginning my journey through, like, Lightning Development is that
828
01:18:10.200 --> 01:18:19.740
incident. Like I said, you know, I I I get an invoice. I get a receipt, and boom, it's done. I don't ever have to worry about remittances. I don't ever have to worry about the first transactions
829
01:18:20.105 --> 01:18:22.765
It's done. It's a 10 x improvement. It's amazing.
830
01:18:23.705 --> 01:18:25.885
Can we, fit another dude on this couch?
831
01:18:26.265 --> 01:18:29.970
Yeah. We got an owl. No. No. Can we fit another dude on this couch? We got an
832
01:18:30.430 --> 01:18:30.930
owl.
833
01:18:31.390 --> 01:18:38.495
Owl trying to gender shame us up here. I know. And then we also have, a Satoshi justice warrior over here. We have a
834
01:18:38.975 --> 01:18:42.995
a a very friendly freak there, Sam, cucking for custodial while it's in the chat.
835
01:18:43.855 --> 01:18:47.875
I wanna be absolutely clear. I mean, obviously, not your keys, not your coins.
836
01:18:48.770 --> 01:18:49.510
I think
837
01:18:50.610 --> 01:19:01.265
that one of the cool parts about lightning is this idea of interoperable custodial wallets, and I've talked about this a lot on dispatch in the past. Now the the concern is I don't think Blue Wallet and Wallet of the Satoshi
838
01:19:01.565 --> 01:19:10.010
and other first world large mainstream custodial wallets will last. They never do. Sure. They always get forced to add KYC, and the second they add KYC,
839
01:19:10.390 --> 01:19:11.530
they're fucking done.
840
01:19:11.830 --> 01:19:20.375
I mean, we saw that happen with bottle pay. Like, it's it's it's it's a it's a story as old as Bitcoin. It's been happening through since the beginning of fucking Bitcoin.
841
01:19:21.315 --> 01:19:22.135
The the
842
01:19:22.470 --> 01:19:26.010
the thing is though, what's really cool about Bitcoin Beach is I could see
843
01:19:26.390 --> 01:19:31.210
this, like, kind of extrapolated uncle Jim type of model with small towns.
844
01:19:32.155 --> 01:19:34.655
That's a lot harder for, you know, regulators.
845
01:19:35.035 --> 01:19:40.255
Basically, the reason we don't have all these different custodial wallets competing with each other is because of regulators. And it feels like,
846
01:19:40.800 --> 01:19:46.820
if you have, like, a small town in El Salvador using a custodial wallet, that's way different than blue wallets servicing millions of customers,
847
01:19:47.280 --> 01:19:48.900
presumably in the future. Right?
848
01:19:49.935 --> 01:19:52.275
And I I feel like there's a strong distinction there.
849
01:19:52.975 --> 01:19:55.135
Well, there's some trade offs. Right? Like, you can use,
850
01:19:55.455 --> 01:20:00.430
Phoenix Wallet, which has a kind of channel opening service. Right? So you get that,
851
01:20:00.890 --> 01:20:01.790
kind of custodial
852
01:20:02.090 --> 01:20:03.310
or self custody
853
01:20:04.330 --> 01:20:04.830
security,
854
01:20:05.450 --> 01:20:08.985
what they they give you the liquidity. Right? And there's other wallets,
855
01:20:09.845 --> 01:20:17.100
whether it's like Breeze or or or a number of others that do similar things. So maybe that's the the Goldilocks level of,
856
01:20:18.060 --> 01:20:20.620
you know, smooth user experience, but still,
857
01:20:21.020 --> 01:20:22.240
some kind of self custody.
858
01:20:23.905 --> 01:20:24.725
I think the,
859
01:20:25.025 --> 01:20:35.179
the El Salvador model works well. You just use the Sure. This is how it works. When you say Breeze and Phoenix and Blue. Like, you know, I like, why? And I download them all. What's different?
860
01:20:35.560 --> 01:20:39.820
What this one does? Actually, you know, most of the time, I'm just kind of like,
861
01:20:40.565 --> 01:20:58.065
you know, I think I think there's, like, a circle of people who work on Bitcoin, a code stuff, who understand this stuff, and it all comes natural to you. And then there's a circle of people on the outside of my house, and they they buy them Coinbase or they send to a wallet. Something they don't realize it fucked up their KYC event. Have I? So,
862
01:21:00.285 --> 01:21:11.920
not really I don't know what the point I'm trying to make is I mean, people people still use a Cash App demo, all these other Yeah. Yeah. Stupid. I I think I think that Matt's gonna hate you saying this. We argue about this every New Year. But,
863
01:21:12.765 --> 01:21:13.505
I think
864
01:21:14.045 --> 01:21:17.025
the effort required to get perfect privacy is
865
01:21:17.325 --> 01:21:17.905
is beyond
866
01:21:18.525 --> 01:21:19.025
99.9
867
01:21:19.485 --> 01:21:28.929
I don't want perfect privacy. I just want not horrible privacy. Yeah. But but but, also, I think I think a lot of people just, like they've got Facebook. Yeah. They use Google.
868
01:21:29.469 --> 01:21:34.915
They they just accept that they're in a world where, like, I feel like you're on the same page as,
869
01:21:35.375 --> 01:21:36.275
Bitcoin influencer,
870
01:21:37.535 --> 01:21:38.515
I'm trying to see.
871
01:21:43.840 --> 01:21:50.565
But so I just think some people like that, and and and they kind of accepted it. I think some people like Matt
872
01:21:51.125 --> 01:21:52.905
are in it for a whole bunch
873
01:21:53.364 --> 01:21:55.125
of reasons that, you know,
874
01:21:55.525 --> 01:22:01.860
the the the noninflation, the privacy, blah blah blah. I think some people are just in it. But if you have information to Imessage
875
01:22:02.640 --> 01:22:05.699
Yeah. I'll be using Imessage. So Imessage is encrypted.
876
01:22:06.000 --> 01:22:08.100
Okay. Right? But you don't use it for encryption.
877
01:22:08.719 --> 01:22:09.219
Right?
878
01:22:09.745 --> 01:22:19.410
You've you've you've you've gotten a product that is has a great UX that's easy for you to use and is significantly better than if you sent a plain text message.
879
01:22:20.050 --> 01:22:22.230
Did right? I don't know how to do it. Exactly.
880
01:22:22.690 --> 01:22:30.775
That's what I want for Bitcoin. What I'm saying Like, what I want for Bitcoin is I don't want the average person to to be thinking that they need to be more private.
881
01:22:31.635 --> 01:22:37.095
I mean, I hope that they do, but I I'm not I'm not expecting that. What I want is
882
01:22:39.210 --> 01:22:41.390
wallet teams and service providers
883
01:22:42.810 --> 01:22:43.310
to
884
01:22:43.850 --> 01:22:44.750
care about
885
01:22:45.255 --> 01:22:51.355
privacy best practices when they're building these projects. Right? I mean, I think what Apple is doing is interesting. They're making
886
01:22:51.655 --> 01:22:55.380
they're they're bringing up, privacy to to to
887
01:22:55.719 --> 01:23:08.595
a lot of what they've built, they're able to really think about it. I mean, the the like, the big little sick feature now you can sign up to, an app an app with Apple and just says hide your email address. Things like that make it super easy for people.
888
01:23:09.695 --> 01:23:19.575
I just think, yeah, it has to be baked in. I mean, they they have the best UX people on the fucking planet. Yeah. You know? I mean, we'll get there, but it's it's gonna be a slog.
889
01:23:19.955 --> 01:23:34.585
I think we're starting to see it. I know, like and I just came out with that whole, like, privacy lightning on deployment. Moon Vault was, like, a great examples of it it kind of provides the same UX of, like, Moon or or the side of Phoenix or the Breeze provides, but it has a lot of privacy,
890
01:23:35.525 --> 01:23:39.145
baked into it, which which I love. It it could always be more than there's,
891
01:23:39.605 --> 01:23:50.480
you know, even Ben today when you were talking about, like, you know, you know, the examples of trying to better than, like, the privacy space. But I think I think you're exactly right, is that we can try to bake it in from the very start
892
01:23:50.815 --> 01:23:56.034
and and to have that great user experience that the user doesn't even need to worry about, obviously, because
893
01:23:56.335 --> 01:24:03.150
the the application is it it's it's it's making sure that users are the best protected as it can be. So that way, when censorship
894
01:24:03.770 --> 01:24:06.429
resistance fees would be a thing, it's already baked
895
01:24:06.730 --> 01:24:10.594
in. Right. And, like, part of it is, like so I used Imessage as an example,
896
01:24:11.135 --> 01:24:12.195
but they're using,
897
01:24:13.855 --> 01:24:19.590
like, their own, like, proprietary encryption that's, like, kind of questionable in security. They're they're they're
898
01:24:20.369 --> 01:24:21.989
they're backing up all of their,
899
01:24:23.570 --> 01:24:33.665
messages to their cloud and not unscripting them end to end in the cloud. So if if you have the default setup, then that's like a backdoor into all those conversations.
900
01:24:35.970 --> 01:24:39.430
But it's obviously a clear step in the right direction, and I think
901
01:24:39.810 --> 01:24:41.430
that that shows you where
902
01:24:42.690 --> 01:24:52.770
you you kinda need the hard course to keep those companies honest even if the average user doesn't really care about it. Right? You need the hard course. We just got mister beast take just walked in through.
903
01:24:53.710 --> 01:24:57.250
You need them to keep keep them honest. Right? Otherwise, they'll just
904
01:24:57.710 --> 01:24:58.770
default to
905
01:25:00.475 --> 01:25:08.735
they just won't be honest. Right? Like, if you don't have hard course keeping them honest, they're just gonna fucking pretend they're they're private when they're not as private as they could be.
906
01:25:10.460 --> 01:25:10.960
Mhmm.
907
01:25:12.460 --> 01:25:32.570
But I think Peter's right. Like, not everyone cares about privacy. Right? No one cares about privacy. The overall that's not that's not, like, a profound point. No. I don't. Like the is that the case, though? I think I think people care about it. You ask them if you want privacy or not. They want it, But the their ability to achieve it is really hard. So you can go and read lots
908
01:25:32.950 --> 01:25:39.405
explanation. It's like, fuck. How do I live my life? Yeah. You know, how how it's given us. So it's and I That's a straw man.
909
01:25:39.785 --> 01:25:51.260
Well, but I think I think the higher priority is to have that savings mechanism and and their their dollars deflating, and they need to have the savings mechanism. So if you have to sacrifice a little bit of privacy for a better,
910
01:25:52.360 --> 01:25:59.574
living, then then what what do you you know? I just think there's different tiers of user and different categories of user. Yeah.
911
01:26:00.135 --> 01:26:00.534
And and and
912
01:26:01.415 --> 01:26:09.390
yep. You you or me included, this is our job. Right? We do this all day every day so we can spend all day talking to the smartest people,
913
01:26:09.795 --> 01:26:13.015
reading their articles, listening to podcasts, watching videos.
914
01:26:13.475 --> 01:26:14.135
You know?
915
01:26:15.635 --> 01:26:33.764
And if you're working on it, you know, someone like yourself, I mean, you're you're deep in the weeds of this stuff. Now if we're thinking of the normal normal person, they've got a different job that they're doing all day every day, which they're having conversations about. Maybe they've got an hour or 2 a day to read an article or listen to a podcast. There's sometimes not everyone has have some will
916
01:26:34.130 --> 01:26:38.950
before people start shouting the some will spend the time. Mhmm. I just think the vast majority
917
01:26:39.650 --> 01:26:42.550
aren't going to. They're going to come into Bitcoin for gains.
918
01:26:43.395 --> 01:26:55.790
Some, a percentage will spend a lot of time going down the rabbit hole running those, etcetera, etcetera. But some will just come in for the games. They'll buy an exchange, they maybe will buy a hard, blah, blah, and that's as far as they're gonna go.
919
01:26:56.250 --> 01:27:07.645
Well, it's it's kind of, all all of these security privacy things are similar. Right? If I, if I chain you to the boat and I whip you and I say you gotta whip you gotta row the boat, you know that you're a slave. Right?
920
01:27:08.060 --> 01:27:16.780
But if I give you if I pay your salary in, fiat money and I can print out as much fiat money as I want, then maybe you don't realize that you're a slave. And,
921
01:27:17.340 --> 01:27:19.385
if even if you live in a developed country
922
01:27:19.685 --> 01:27:24.824
where you're getting paid like USD and you think, oh, the inflation is not so bad, well, then the IRS subpoenas
923
01:27:25.180 --> 01:27:27.440
Coinbase or any of these KYC things
924
01:27:27.820 --> 01:27:48.500
and charges you taxes. Right? So there's like you said, it's like different tiers of, different threat models maybe is the right word for Privacy is a part of the conversation in those houses. Right. Because they're all inflating so bad. Everybody is getting a problem. So who cares about privacy because my fiat money is gonna lose, like, half of the part of the conversation in Venezuela or Iran or
925
01:27:49.760 --> 01:27:55.465
Maybe. Or Russia. Yeah. Maybe. And then and then that's that point where geography changes your use of Bitcoin.
926
01:27:55.925 --> 01:27:57.465
You're not it's wrong.
927
01:27:58.005 --> 01:27:58.505
Certainly.
928
01:28:08.395 --> 01:28:14.094
VPN is about censorship resistance. But if you live in, like, US, a VPN is like, oh, I just wanna watch a different Netflix
929
01:28:14.395 --> 01:28:21.700
catalog from a different show. So it's it's like a, you know, access versus censorship. Right? And maybe some countries,
930
01:28:22.960 --> 01:28:32.205
they're they don't sense with the Internet except for, like, Facebook and maybe a few apps. So for them, it's also like a a freedom or censorship resistant thing. But,
931
01:28:32.660 --> 01:28:36.920
yeah, any of these, technologies like Tor, VPN, or Bitcoin even
932
01:28:37.300 --> 01:28:43.025
or have totally different use cases for people that live in totally different, threat models. Yeah. It's a great point.
933
01:28:43.885 --> 01:29:01.485
Well, I like mentioning, like, with with Iran specifically and and the like network is you with the like network, you got 2 choices. You could write an IP based node. You could write a tour based node. And if you're from Iran and you have an ironic IP, a lot of services and and things will will will will center you and then won't allow,
934
01:29:02.025 --> 01:29:21.285
you to even access the Internet in their country. So, like, having that IP based node is is liability. So, like, that's why I think, like, especially for from Iran, like, privacy should be an important thing. And then if you're using lightning network, I definitely use Tor or or like a VPN because then you're just otherwise, you know, you could get censored in the future.
935
01:29:22.145 --> 01:29:24.085
Well, I mean, I think a lot of this
NOTE
Transcription provided by Podhome.fm
Created: 3/17/2024 4:32:22 PM
Duration: 7589.564
Channels: 1
1
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2
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the number 21 car,
3
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the Bitcoin car,
4
00:00:06.799 --> 00:00:08.420
takes on the Indy 500.
5
00:00:09.925 --> 00:00:10.425
Today,
6
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the Bitcoin car races for human freedom,
7
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financial literacy,
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financial inclusivity,
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savings technology,
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peer to peer censorship resistant money.
11
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The hardest money mankind has ever come across.
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When we die,
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all that's left is what we've made.
14
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And Bitcoin is arguably the most important thing humanity has ever made.
15
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I don't give a fuck about the price.
16
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Are we in a bear market, a bull market? Is it a dip? Do you know what's really going parabolic?
17
00:00:47.835 --> 00:00:54.574
The amount of individuals around the world that are uniting and fighting for what Bitcoin stands for and what it means for the world.
18
00:00:55.550 --> 00:01:01.090
Saquon Barkley, NFL player, Diplo, a DJ, El Salvador, surfers, baristas in Australia,
19
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all united by one singular mission that is Bitcoin that represents a world that they wanna live in, that they want their kids to live in, and that they want their kids to live in. The Indy 500 has never sold more merch in countries than this year.
20
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More countries are tuning in than ever before
21
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this year
22
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because of Bitcoin.
23
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We're raising Bitcoin awareness, and we're supporting the open source engineers that are developing our ability as individuals
24
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to have financial independence.
25
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To all the exchanges,
26
00:01:33.400 --> 00:01:35.740
to all the wallets, Coinbase, donate,
27
00:01:36.280 --> 00:01:36.780
support,
28
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even if it's a penny.
29
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We have to support the open source engineers that are working on the most important open source project of all time.
30
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To the community,
31
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let's do what we do best. In an unprecedented time for humanity,
32
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in an uneasy macro environment,
33
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we're supporting
34
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Bitcoin. That's hope.
35
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An asset and monetary policy we can rely on, and we're gonna fight and stand for what we think pushes the world in the right direction.
36
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And with that being said,
37
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let's go win a fucking race.
38
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39
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I'm your boy, Matt O'Dell.
40
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This is Citadel dispatch
41
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24
42
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live from Miami.
43
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We got the whole crew here. We have a our 1st live in person audience for city hall dispatch.
44
00:03:09.045 --> 00:03:10.265
I'm fucking hyped.
45
00:03:10.770 --> 00:03:12.470
Shout out to the ride or die
46
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who are in this room with us today,
47
00:03:15.570 --> 00:03:16.390
and also,
48
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of course, to the ride or die that join us in the live chat every week.
49
00:03:21.555 --> 00:03:23.495
You guys make the show what it is.
50
00:03:24.675 --> 00:03:26.775
With all that said, I would love to introduce
51
00:03:27.555 --> 00:03:31.950
this insane cast of BitHorners we have here today. This is by far
52
00:03:32.329 --> 00:03:38.510
the the largest guest list for a single dispatch. So I look forward to seeing how much chaos happens here.
53
00:03:39.834 --> 00:03:42.254
I'm gonna start from this direction
54
00:03:43.275 --> 00:03:43.935
and go
55
00:03:44.235 --> 00:03:44.974
that way.
56
00:03:45.674 --> 00:03:47.515
We have we have Anthony over here.
57
00:03:48.659 --> 00:03:52.040
You wanna raise your hand when when I call on you? We have we have Ty.
58
00:03:52.500 --> 00:03:57.480
We have Evan. Hey. We have Ben. Hey. We have McCormick, and we have Wiz.
59
00:03:57.945 --> 00:04:00.445
What's up, guys? Thanks for joining us here.
60
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Thanks.
61
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You enjoying Miami?
62
00:04:03.545 --> 00:04:05.085
Oh, welcome. Far. Yeah.
63
00:04:06.569 --> 00:04:07.069
So
64
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we got a beautiful view behind us.
65
00:04:12.170 --> 00:04:14.189
The price is not 200 k.
66
00:04:17.465 --> 00:04:21.565
We still we still have some time. We still have some time. It's still in play, obviously,
67
00:04:21.979 --> 00:04:26.560
68
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Look. His jeans are ripped. Of course not.
69
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70
00:04:32.575 --> 00:04:33.075
So
71
00:04:33.615 --> 00:04:36.350
I think the best place to start is, will
72
00:04:36.670 --> 00:04:41.410
be activated by the end of this difficulty adjustment period? Does anyone have strong opinion here?
73
00:04:42.270 --> 00:04:42.770
74
00:04:46.414 --> 00:04:46.914
like,
75
00:04:47.935 --> 00:05:01.220
76
00:05:01.920 --> 00:05:09.035
You know, barring it gets locked in in one of these 6 periods. So we're on period number 3. I, for sure, thought we're gonna get in,
77
00:05:09.414 --> 00:05:11.275
the last period, but, you know,
78
00:05:11.659 --> 00:05:15.520
some people were sort of dragging their feet, updating their notes and whatnot. But,
79
00:05:16.139 --> 00:05:20.985
this 3rd period seems like a shoo in barring any shenanigans. I I think we're at something like 97.8%
80
00:05:22.165 --> 00:05:24.585
of the blocks are showing up green right now.
81
00:05:25.045 --> 00:05:28.220
So, yeah, some real shenanigans will have to Stay on blipin'.
82
00:05:30.060 --> 00:05:33.840
So I actually jumped ahead with Tabra. We could talk about it in a sec, but it's kinda boring.
83
00:05:34.940 --> 00:05:41.125
What did we we we started we started this fucking show with our boy, Jack Mullers, fucking going off.
84
00:05:41.665 --> 00:05:44.725
Going off at the fucking camera at the Indy 500,
85
00:05:46.290 --> 00:05:48.870
right before the Bitcoin car race
86
00:05:49.490 --> 00:05:49.990
in
87
00:05:50.370 --> 00:05:51.910
the largest sporting event
88
00:05:52.825 --> 00:05:56.765
on the United States calendar and the largest event since COVID.
89
00:05:57.385 --> 00:06:02.080
And we had a Bitcoin car that was in 1st place for 32 fucking laps.
90
00:06:04.220 --> 00:06:08.320
91
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92
00:06:11.385 --> 00:06:17.325
93
00:06:18.570 --> 00:06:26.565
94
00:06:27.525 --> 00:06:40.020
95
00:06:40.720 --> 00:06:49.105
96
00:06:50.125 --> 00:06:54.599
fucking Jack's going off about freedom and, like, how we're gonna fucking win everything.
97
00:06:55.379 --> 00:07:01.504
It was fucking fire. It was good. But we were all, like, wrecked off of it. It's a very low time preference sport.
98
00:07:02.044 --> 00:07:03.905
Fucking 200 laps. You know?
99
00:07:04.365 --> 00:07:13.320
Yeah. You gotta pace your excitement. Right? We got so excited. We did not pace our excitement. We gotta stop You literally your heart doesn't stop stop racing until the race stops.
100
00:07:13.940 --> 00:07:15.960
101
00:07:18.405 --> 00:07:19.544
102
00:07:20.564 --> 00:07:21.465
Lap 2.
103
00:07:22.405 --> 00:07:23.384
104
00:07:24.004 --> 00:07:25.145
We were jumping around.
105
00:07:26.350 --> 00:07:34.530
But it was mad that second lap. We're all outside, and he comes around. He's in the lead. Well, what the fuck? Before we even started the race, we're in the pit we're in the pit and fucking,
106
00:07:35.385 --> 00:07:43.485
107
00:07:43.840 --> 00:07:48.820
where you start in position, and it's 3 rows of a of a it's 11 rows of 3.
108
00:07:49.440 --> 00:07:55.074
And where you start obviously gives you a way bigger advantage because it's hard to overtake after the race starts.
109
00:07:55.854 --> 00:08:04.340
And the the number 2 car was the number 1 and number 2 car were both banks. So, like, you couldn't write you couldn't write the story fucking better.
110
00:08:04.640 --> 00:08:07.940
And specifically, the PNC car was the number 2 position,
111
00:08:08.320 --> 00:08:27.925
and they were right next to us in the pit. And Russ just walks up to them and is just standing there, like, 6 feet away from them just heckling them, just going at them, like, have you you should switch to Bitcoin. You know, the banks are dead. Just, like, going after them. And they were so fucking pissed off. And then they ran out of gas on the on the fucking news.
112
00:08:28.785 --> 00:08:33.605
And the strike guys jumped right on top of it. They tweeted out the transaction decline. PNC Bank.
113
00:08:35.850 --> 00:08:41.070
But I I was joking that they were playing with fire, like, you know, I wouldn't be surprised if in a month you just have,
114
00:08:42.415 --> 00:08:45.315
all strike transfers out of PNC Bank just get fucking.
115
00:08:46.415 --> 00:08:46.915
Yeah.
116
00:08:47.535 --> 00:08:51.550
But that was that was pretty fucking full. Right, Pete? That's really good. It's.
117
00:08:52.650 --> 00:08:57.230
118
00:08:58.135 --> 00:09:00.235
firstly, he designed the car himself.
119
00:09:00.855 --> 00:09:05.995
Yeah. He's liked everyone up. He's raised a bunch of money of which a bunch will go to Bitcoin desk.
120
00:09:06.480 --> 00:09:09.460
Yeah. Big shout out to Jack and everything we did there.
121
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122
00:09:16.465 --> 00:09:19.285
123
00:09:20.545 --> 00:09:25.365
like at any tree during or a Cheetos or something. He this year said he wanted to do something different
124
00:09:25.665 --> 00:09:29.839
and was happy to go for a Bitcoin car, but they had their, basic cost they had to cover.
125
00:09:30.220 --> 00:09:37.415
So once they got that got covered, then it was like a 70 30 split. Yeah. 70 goes to open source development and 30 goes to cars. Yeah.
126
00:09:38.035 --> 00:09:42.770
127
00:09:43.150 --> 00:09:50.610
like, to countries that they've never sold merch to. Like, when you normally have a sponsor, the sponsor doesn't bring fans with you.
128
00:09:50.975 --> 00:09:51.795
With Bitcoin,
129
00:09:52.175 --> 00:09:53.635
we're all fucking obsessed.
130
00:09:54.015 --> 00:10:03.530
So, like, all of a sudden, like, the engagement was crazy. They're getting merged from all over the place. When we were walking to the pit, like, everyone was stopping and looking at the Bitcoin car. Right? It was the car to look
131
00:10:03.910 --> 00:10:18.130
at. You go to the PNC one. There was no one. They have, like, a little fence around their car. The guy was just sat there The fence was there because of us. Right? Yeah. They, like, knew we were coming. They knew they were next to the Bitcoin car. They knew the the little fence up. Yeah. That's cool. Classic bank move, you know, put
132
00:10:18.990 --> 00:10:19.630
133
00:10:20.350 --> 00:10:23.630
134
00:10:24.915 --> 00:10:27.175
135
00:10:27.715 --> 00:10:30.215
136
00:10:32.290 --> 00:10:35.110
And then the other thing I was thinking is is, like, just
137
00:10:35.570 --> 00:10:39.990
we kept saying I mean, maybe it's a cliche. You know, I'm always fucking bullish. Right? But
138
00:10:40.355 --> 00:10:46.535
I was getting ridiculously bullish, and we just kept all turning to each other like, oh, we're so fucking early. You know? We're so fucking early.
139
00:10:47.555 --> 00:10:49.095
And, you know, in 10 years,
140
00:10:49.620 --> 00:10:59.399
I think, like, most of these teams are gonna be owned by Bitcoiners. So it's gonna be like the 1 Fiat car, and then all, like, all Bitcoiners are just gonna be throwing their egos around racing each other. Right? Like, there's like,
141
00:11:00.245 --> 00:11:05.145
it'll it'll become the norm really quick and probably in all sports. You know, we have, like, our one EPL team.
142
00:11:05.685 --> 00:11:10.440
You know, we have Watford. It's just gonna be it's just gonna all be dominated with, like, big corners and egos.
143
00:11:11.140 --> 00:11:17.714
And I feel like we'll know where we really made it when all the conspiracy theories involved, you know, big corners, like meeting behind closed doors like Illuminati
144
00:11:18.415 --> 00:11:19.555
shit. That'd be funny.
145
00:11:19.935 --> 00:11:24.035
146
00:11:24.490 --> 00:11:25.870
147
00:11:27.089 --> 00:11:27.589
But,
148
00:11:29.050 --> 00:11:33.465
first time ever watching IndyCar. We all just became fans on the fly. So let's fucking go.
149
00:11:35.465 --> 00:11:42.685
I I it seems like a partnership that will last a very long time, and I'm very excited about it. The IndyCar will be at the conference.
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I'm not sure if it's being
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if there's gonna be a charity auction around it, but there there's literally a scannable QR code on the fucking car. And you can still donate this week. Right?
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The donations are are it's ongoing constantly. So strike dot me slash racing,
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support the car,
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support our rookie of the year driver,
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support open source development.
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It's just really fucking exciting. And they were all pumped. The team, the Ed Carpenter Racing team was super excited.
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They
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if if they really bought in. It felt like they were really a part it wasn't a publicity stunt, you know. It I and I could see a lot of people on the sidelines thinking it was a publicity stunt. Don't blame them. You know, if you had a Dogecoin car, like, what, like 4 years ago,
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that was a publicity stunt. Like, I don't think the driver was, like,
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on board with those going. You know?
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But,
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this didn't feel like a publicity stunt. Right?
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It just felt like
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our time was coming.
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Like, you know, it it almost like if it had been a few years ago, it would have been, like, slightly embarrassing.
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There's a bit weird. But when you went like you said, when you went to the car, the car was packed with people taking photos.
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Like and and
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I thought every car was like that, and then we we stepped forward.
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There's hardly any people around the other cars. Everyone was interested as a Bitcoin car, and then you would see something like go, oh, where can I get one of those hats? Like, everyone was hyped to come for it. I I mean, yeah, the merch was dope. Jack designed all of, like it was it was it wasn't just the car. It was, like, all the equipment,
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It's really cool. I mean, we had Saifon there. We had Russ there. We had Jessica Vaughn there. It was a show. Yeah. It was awesome. It was a really good time. We got a helicopter. But, yeah, you guys are on the helicopter. That's a real flex.
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Yeah. Wait. Tell us about that.
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petrified the helicopters. That's fucked. And they didn't wanna do it, but I was like,
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it's it was Jack,
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Jessica,
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Ross,
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and then it will go and have a helicopter. So I've got a bird, but the whole time I'm on Saturday.
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It's horrible. Yeah. Well, I'm glad you guys made it alright.
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So IndyCar,
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that was dope as fuck.
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Now we could go back to tapper. We're gonna have tapper probably signal this this
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this difficulty adjustment period.
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The main pool that isn't signaling right now is Marathon Pool, former
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Marathon Digital Holdings, formerly
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Marathon Patent Group, Professional Patent Trolls.
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So they what they had like a press a press release yesterday
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where they said they're signaling they're gonna start signaling for Taply. Yeah. Yeah. And stop filtering transactions.
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you know, skeptical.
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Let actions speak louder than words. Let you know, let's see how things play out. You know, lower your time preference. Don't fucking, like, rush into speculation and shit.
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But one thing that people should keep in mind is
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is
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as far as whether or not you're signaling in a block versus a press release, it's
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It's like it's almost the same as a as a press release. Right? It's true.
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filtering transactions or not, so we can't verify that.
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like, high fee transactions Yeah. Yeah. You can try to to calculate that. Would would they still be down to filter transactions
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if they could still activate
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taproot? Like, is it just the client that's preventing them now from filtering their blocks? Or like what it's really curious related really. Yeah. It sounded like they port Bitcoin to wire, and then they added all this filtering,
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We're gonna signal for tap root,
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pieces of shit. Right? So it's like, okay. We got a lot of flack for this. We're gonna abandon this, but down the line, you know, they're not gonna stop. So should all keep an eye on these guys no matter what. Yeah. Constant vigilance. Yeah. If you don't really know
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Sailor was showing,
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Marathon too.
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You know, he he got a lot of the flat,
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like, associated with marathon. Like, why are you showing this OFAC compliant
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marathon.
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And,
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NIDIG, you know, Ross Stevens, they seem to get it as well. So I I wouldn't be surprised if they see a lot of the,
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blowback and and I mean, on the press release, the marathon press release on the bottom, it had an explainer about NYDIG in there. I don't know,
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like, what that what, you know, what that reasoning is, but they must be,
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perhaps.
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I think the team said, hey. Guys.
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deciding on blacklisting transactions and not including them in. And I as long as that group is less than 51%,
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it should be fine.
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And you might have to pay a higher fee if you're if you're doing a a transaction that's being censored, but another miner should pick it up.
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But specifically, as a coin join user, you know, this is a very
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it's very visible on chain. It's a very easy thing for mine to just be like, we're not gonna, you know, we're not gonna mine coin joint transactions.
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But I think
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it's important as users that we we pick up that coin joint number
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so that it'll be visible if they try to do that. Like, if they do that, they they need to be alienating a large amount of UTXOs. Like, I feel like it's a visible
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the binding revenue is directly from transactions. So they really don't wanna censor them. Now they're just doing it because they're gonna get the long form anyway.
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and I just don't know if we've, like, verified if they are. I mean, the old fact list isn't that big. It's not it's not.
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is almost the worst part. Right? Just like every time they find a block, it says OFAC compliant block. And they're almost insinuating that anything that doesn't say that is a non compliant block. And the chain analysis move that we've seen with chain analysis in the exchanges
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is they're gonna the the playbook is you lobby
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to the to the point where you make all your competitors have to comply with it too. Like, you make
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you make the need for your service to exist in the first place.
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Jump in.
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Split them over here. Yeah. Yeah. Yeah.
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you know, what what the block template looks like versus what actually
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the mempool server or something, I think. Mempool observer. Anyway, it's it's an excellent tool, and it's got a whole lot of value. You guys should check it out. If someone could link in the comments, that'd be great.
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what yeah.
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Well, Mempool space has it, but, we don't actually display it. So it's in it's on the task list to do. But we we do calculate,
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Simon already calculates the,
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the accuracy. Right? So,
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if we project certain amount of transactions that are gonna be the next block, it's usually, like, 97 to 99%
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accurate,
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whatever actually gets fine.
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there's this huge amount of lag when the new transactions are coming into the mempool. Right? Right. So we have we have
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If tap if if Taproot locks in this period, I lose 2,000,000 sats to you, I lose a bottle of whiskey to you,
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I lose a 1,000,000 sats that I have to send to HRF for losing to Marty.
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We're probably not gonna hit 200 k by conference day. Fuck that one.
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And then
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what was it? I had one more that I that I messed up as well. You should be speaking about a lead. Right? Yeah. We're we're betting a 1,000,000,000. Right? Do we have a no. I don't care
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I'm not I'm not conversational recorded, so I expect a clip out of of the dispatch where that bad happened if you're gonna try and,
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I don't delete tweets either, so I expect them to tweet. No. The do we think the mempool is gonna clear? Do you think the mempool is gonna clear this adjustment period? Because that's the other thing I've been flexing on.
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And now right now, I'm pretty sure we're at, like, one separate bite is going through right now. I told you it's gonna last forever. Okay?
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But I think the You don't really think it will. Not forever, but there will be periods where it comes back, you know, in the foreseeable future at least. Well Not forever forever. Well, the floor is just no longer 0 or 1 sat. Right now the floor is variable and sometimes it goes up 4 or 5, even 10, 15 sat. Right? Well, so in 5 years in 5 years, do you think does anyone on on this
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on these 2 couches think that you'll be able to,
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you know, have a one set for bike confirmation confirm. Wait. What? In 2 years? In 5 years. 5 years? Yeah. Yeah. I mean, not it's gonna become more and more increasingly rare. Right? But there's still gonna be opportunities
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for that until, you know, the whole world adopts this thing.
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we're seeing I mean, even you understand that, Bob, they were seeing more,
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consolidation periods, more areas where we're trying to have the best UTXO set that we can so we don't need to consolidate. Because right now, I think, you know, there's been a lot of, like, you know,
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4 or 5 u, set to byte transactions going through that are 100
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to 1,000 of of UTXO sets being consolidated. So I think we're gonna start seeing,
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exchanges
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have better practices around UTXOs and things like that that will help. But, yeah, I don't know. 5 years,
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once that provides?
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I don't think so.
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There's probably gonna, secondary market for mempool space and blockchain space will develop. Right? So,
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people will make private deal private deals with mining pools.
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You know,
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maybe the fees they pay are even, like, 0 in the transaction, but they'll have some kind of private arrangement with miners maybe. I think that's something we could we could see soon because businesses typically wanna have some kind of, regular
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Agreeable. Predictable. Yeah. For business case purposes. Right? So it's like a subscription service almost. Exactly. Yeah. So I recently used it's called, like, tx push.com.
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What I actually saw, I wanted to use that service to pay a minor out of band to open up to to mine my transaction that was too low. They wanted to charge, like, $50.
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Like, I don't I forgot how many it was all the time, but $50.
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And that was just, like, way too much. So I think, like, those services are great.
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I think if they could lower their fee a little bit more, that would be better, but they did allow me to pay with lightning. So I could push the transaction faster with lightning, which I thought was pretty cool. It's just it was just too high of cost. Yeah. I think their pricing structure is,
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this kind of weird pricing model. So I think that's what's gonna happen. Right? It's a real market will develop for, like, mempool space.
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something that'll only happen maybe, like, 5 years from now, maybe 2 years from now. Well, it's already it's already kind of happening. Right? But not Yeah. It's just not a mature market yet. Exactly. Yeah. But there's there's definitely some,
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like, oh, shit use cases where people just need to get confirmed. I wouldn't be surprised if, like, exchanges are already having conversations with large miners. Right? But they typically use such a high fee.
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They always wanna get into the next block. Right? Like, if you look at these, we used to call it big max o'clock when they would do their at 9 AM EST. Dude, they would just flood the fucking It was like that fool. Hilariously
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unoptimized.
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They would just spend, like,
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1,000 of dollars on a single transaction fee for, like, no apparent reason just because they and and all of their, UTXOs were, like,
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these huge multisig wallet,
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spends so that the transaction size was, like, several blocks big. Right? It was, like, several megabytes worth of transactions
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all just
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at the same time. So,
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fortunately, I think now they optimize it, though. I always thought it was interesting that they,
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and they didn't try at all to hide their on chain activity. Like, all their addresses are 3 v max. They're like they were at the time. You know, they were always sending out the withdrawals the same time every day. They just didn't have didn't care at all. The landlord wasn't a concern at all.
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blockchain explorer APIs and and,
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you know,
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decentralize the concept of blockchain explorer.
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so we, like, got a little bit
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derailed there.
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I can't
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I just can't see how one sapper byte
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will still confirm in 5 years. If, like, the block size isn't if, like, block space isn't gonna get less scarce.
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And people are adopting like, we're about to see I mean, unless I'm just completely fucking wrong, unless bunch of us are completely wrong. Like, we're about to see a massive push of retail adoption
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towards the end of this year.
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You know, usually in these cycles, you see magnitudes,
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right, of increases. Right. And we've never, like,
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how does that
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how do you circle both of those together and then end up in a situation
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where,
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designed the block reward to trend towards 0. And so, obviously, the fee transaction market has to develop
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more than 1 sat per byte to be able to compensate Myers. We had we had Adam on the on dispatch
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and he said
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I was, like, 2 hours into the show or whatever. He said he was like, if if fees got to, like, $1,000
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or I guess whatever, like, equivalent purchasing power of a $1,000, then he would support a block size increase.
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Like,
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that was probably untenable, will never happen.
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And so is he saying that he doesn't think we're we're gonna hit that amount? And then to me, when people don't think that, that's usually when we're definitely gonna hit it. You know? Especially someone like that. Like but a block size increase could be many things. Right? I mean, maybe there's some new technology,
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355
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batch transactions in an even more Right. Creative way. More efficiency. Yeah. The block size 2, stuff like that. Like Segment was a block size increase. Right? Right. Tapper will be similar in Right. Some way. So
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for a transaction. How many wallets will be trapped or maybe to spend?
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so that's why we we should never like, I quoted Adam because Adam said that, but we should never talk about fees in dollar
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amounts because it could be a 1 sapro byte transaction that costs
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$1,000. Right? And just Satch are just fucking the standard. So Yeah. But thinking about people who worked on that DCI setup and stuff. Yeah. You get so fucked so quickly. Yeah. You fucked. And you I feel like it turns it could turn
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very quickly on people. And we saw that. Right? So so
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the last three difficulty adjustments we had
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were double digit difficulty adjustments. We had a double digit down, a double digit up, and then a double digit down again. That's exceedingly rare. Right? Like, I to me, that's,
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like, Bitcoiners should be
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you you shouldn't panic,
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00:32:21.210 --> 00:32:22.430
you know. You shouldn't,
369
00:32:23.930 --> 00:32:26.110
flood yourself out of generational wealth.
370
00:32:26.635 --> 00:32:27.115
But
371
00:32:27.595 --> 00:32:36.175
Well, that was Your your alarm bell should be ringing when that's happening. Right? Like, that shouldn't be happening on the regular like that. So what's the narrative? The rainy season in China
372
00:32:36.720 --> 00:32:47.184
or I thought the Do you remember that? Is that narrative been a historical narrative to you? I mean, it might have just been less significant back then. And now Are there less Chinese miners as a percentage than there used to be?
373
00:32:47.725 --> 00:32:49.585
374
00:32:50.125 --> 00:32:50.625
375
00:32:51.405 --> 00:33:00.740
I I I mean, mining so so a lot of people are still using the older s nine generation hardware to mine, right, which would be totally unprofitable at certain,
376
00:33:01.360 --> 00:33:02.995
price points or even,
377
00:33:03.855 --> 00:33:10.195
you know, like, if they had to if their electricity is 4¢ versus 3¢ or 2, so it might be a huge difference for their
378
00:33:10.559 --> 00:33:18.659
profitability or non profitability. Right? So if they had to move, like, physically pack up all the miners and go somewhere else, they might have actually had to.
379
00:33:20.775 --> 00:33:21.755
380
00:33:23.095 --> 00:33:24.875
We got the audience got me a beer.
381
00:33:26.919 --> 00:33:29.900
382
00:33:32.520 --> 00:33:37.715
383
00:33:38.495 --> 00:33:39.154
for real?
384
00:33:39.695 --> 00:33:40.595
385
00:33:40.895 --> 00:33:42.930
It's it's like a yearly ban.
386
00:33:43.390 --> 00:33:55.845
387
00:33:56.225 --> 00:34:06.810
388
00:34:07.215 --> 00:34:36.520
389
00:34:36.980 --> 00:34:39.240
390
00:34:39.994 --> 00:34:45.055
period while minors are fucking scrambling and panicking. We're having 1 separate bytes going through.
391
00:34:45.595 --> 00:34:54.070
392
00:34:54.565 --> 00:34:58.244
percent attack was gonna happen. That's exactly what it would look like when you have the,
393
00:34:58.724 --> 00:35:00.185
394
00:35:01.180 --> 00:35:07.040
395
00:35:07.660 --> 00:35:18.705
396
00:35:19.085 --> 00:35:31.285
397
00:35:32.065 --> 00:35:36.120
398
00:35:36.820 --> 00:35:44.125
there is a chance that the brand has prevailed and we've had the the sound drop and up upswing and down drop and difficulty adjustment.
399
00:35:44.585 --> 00:35:48.525
It is random. So Yeah. So you cannot verify anything here.
400
00:35:49.319 --> 00:35:50.780
401
00:35:51.240 --> 00:35:59.145
402
00:35:59.705 --> 00:36:03.885
like, a random excuse from China comes down. Everyone's like, well, that's definitely what's happening.
403
00:36:04.185 --> 00:36:06.125
404
00:36:06.505 --> 00:36:08.525
405
00:36:09.600 --> 00:36:10.980
I don't know. Get it together.
406
00:36:12.400 --> 00:36:16.180
Well, I I mean so I mean, the difficulty adjustment is working as designed.
407
00:36:17.045 --> 00:36:18.645
Just does anyone here think
408
00:36:19.845 --> 00:36:24.185
I mean, what do we think the hash rate in China is right now? Like, 60% or something? 50%?
409
00:36:25.020 --> 00:36:27.200
410
00:36:27.500 --> 00:36:33.865
even if you had a lot of mining hash power in America, you could still route it to, like, a Chinese mining pool, and it would look like the Chinese,
411
00:36:34.265 --> 00:36:36.685
mining pool hash rate is much higher than it actually is.
412
00:36:37.145 --> 00:36:42.205
So that's hard that's hard to say. Like, the miners are kind of like or the mining pools are kinda like a proxy in that sense.
413
00:36:43.480 --> 00:36:43.980
414
00:36:44.520 --> 00:36:50.460
I guess my point is, in 5 years, do does anyone here think that less than 30% of the hash rate will be in China?
415
00:36:50.925 --> 00:36:51.825
Less than 30?
416
00:36:52.125 --> 00:36:52.625
Yeah.
417
00:36:53.565 --> 00:37:05.260
Well, no. Because they have a huge amount of hydro. I think everybody's gonna hear that. I mean, the hydro dam is a huge thing. Exactly. Biggest hydro dam ever. Like, that's gonna change a lot. Don't they, like, overbuild in hydro and they're like, oh, we can't use all this.
418
00:37:05.720 --> 00:37:18.475
419
00:37:18.780 --> 00:37:21.360
for the country if we need it, like, strategically. Right?
420
00:37:21.900 --> 00:37:24.160
So that's why they have so much access.
421
00:37:24.940 --> 00:37:30.685
Central time. Well, I mean You have to get, like, nuclear power. Right? Yeah. Like, if Russia wants to make some
422
00:37:31.145 --> 00:37:35.645
state operated nuclear maybe Chernobyl, you know, would be a good use case. I don't know.
423
00:37:36.980 --> 00:37:51.525
424
00:37:52.359 --> 00:38:06.885
and, like, get off the ground, like, as far as, like, profitability and stuff like that, like, current nuclear plants. They get to look so far in advance to, like, you know, project, like, oh, when are we gonna breakeven? But with these, since they're, like, more packed and more, you know, cheaper,
425
00:38:07.760 --> 00:38:14.579
you're gonna be able to have, like, these, smaller nuclear plants all across the country. I don't know if this is actually the case. I think it's,
426
00:38:15.255 --> 00:38:23.660
you know, easier said than done, but if that happens, then, you know, you might see my transition to that. Also the political climate in America is gonna
427
00:38:23.980 --> 00:38:29.740
result in a bunch of Man, that's that's the one thing, though. Right? Like, the the political climate and, like, the,
428
00:38:30.460 --> 00:38:34.325
you know, the flood against nuclear is humongous in the states.
429
00:38:34.785 --> 00:38:38.244
430
00:38:38.625 --> 00:39:16.190
in America. It's like, things have become, like, so divided, and you gotta look like a state by state thing. You know what I mean? We're gonna we're gonna fracture. Is that what you're saying? Oh, eventually, but not right now. But, like, you could definitely see something happen like that in, like, you know, Texas or maybe down here in Florida or, you know, somewhere remote. Well, there's some power plants like New York that were doing mining. Right? Not like nuclear, but just traditional. Yeah. There's some some carbon neutral deal that I heard about in New York, but at the same time, there's also, like, a moratorium for the next 3 years going on. I think it depends on the source. And I think mine is gonna be, like, pretty much pushed out of New York for a little bit of these. No. New York's got a lot of problems. You're trying to taxider.
431
00:39:16.670 --> 00:39:30.345
Try to add additional regulations to that. Well, of course, all these bureaucrats wanna, you know, get their tax to keep the thing going. Yeah. Yeah. My Bitcoin miners were running for years, and I never solved a single block. I was really unlucky. Oh, man. That sucks.
432
00:39:32.580 --> 00:39:33.400
We have Romario
433
00:39:33.700 --> 00:39:36.680
Huddle in the comments asking if this is the
434
00:39:36.980 --> 00:39:37.880
the Ben Kaufman.
435
00:39:38.340 --> 00:39:42.454
Yes. It is. Yeah. The one and only. Yep. You made it to
436
00:39:44.035 --> 00:39:48.625
America. You're staying here. Yay. No. It's gonna be awesome. Yeah.
437
00:39:50.390 --> 00:39:51.770
Pure breakers kicking in,
438
00:39:52.070 --> 00:39:52.890
Yeah. Yeah.
439
00:39:53.510 --> 00:39:54.730
No. It's awesome here.
440
00:39:55.350 --> 00:39:56.330
What what do you,
441
00:39:57.670 --> 00:39:58.730
Peter, I'm curious.
442
00:39:59.205 --> 00:40:02.025
You're you're in touch with the normies more than most of us.
443
00:40:02.725 --> 00:40:05.465
Do you think do you think this this,
444
00:40:06.085 --> 00:40:13.690
this Chinese all these rumors about the Chinese mining issues, do you think that's, like, a mainstream concern by people, or do you think it's just
445
00:40:14.070 --> 00:40:16.010
something that Bitcoiners are obsessed with?
446
00:40:16.950 --> 00:40:17.610
447
00:40:18.115 --> 00:40:20.535
I mean, in terms of this, I don't think anyone
448
00:40:21.235 --> 00:40:27.819
could normally pay attention to it. They just see the price drops, and they see Chinese miners about it. It might be the first time they've heard about it, and then they panic.
449
00:40:29.000 --> 00:40:30.280
450
00:40:31.000 --> 00:40:37.075
so what about this whole, like, Elon narrative? Like, this idea that Elon crashed the price because you attacked Elon. Yeah. Yeah.
451
00:40:37.775 --> 00:40:39.555
Yeah. Right. Let's talk about this.
452
00:40:41.950 --> 00:40:44.130
453
00:40:44.670 --> 00:40:47.330
what, about 4 weeks of constant shit.
454
00:40:47.870 --> 00:40:52.125
I think you can just I think that's enough to to to scare a few people.
455
00:40:52.505 --> 00:40:55.485
If you speak to Willie Wurm, he was analyzing the coins
456
00:40:55.865 --> 00:40:59.725
that moved on to exchange. He said there were newer coins from newer, you know,
457
00:41:00.630 --> 00:41:05.210
probably the cost of fish he gave them, but Do we believe in the on chain analytics
458
00:41:05.510 --> 00:41:07.690
stuff? I know you're not sure, are you?
459
00:41:08.405 --> 00:41:22.099
460
00:41:22.720 --> 00:41:31.795
Yeah. That's true. Well, I mean, if you look at the BitMex volume, it's like fucking insane. I don't I That's exactly my point though. Right? Like yeah. You know, even you take, like, the traditional market like silver or gold.
461
00:41:32.414 --> 00:41:42.310
There's examples of people just buying all the silver futures and saying, yeah. I wanna take delivery, and the market just goes and says But there's like I I mean even more than that. Like, you see, like, the stats where they're like,
462
00:41:43.505 --> 00:41:48.805
463
00:41:49.105 --> 00:41:49.845
these addresses
464
00:41:50.145 --> 00:42:02.135
have have been increasing under a Bitcoin, but about this like, who are these people that are reusing their addresses and sending them all to the same address and, like, would like I know I'm not counting on those metrics.
465
00:42:03.315 --> 00:42:23.265
466
00:42:24.190 --> 00:42:27.010
you know, heuristic companies are doing. They're they're saying, oh,
467
00:42:27.310 --> 00:42:36.484
Coinbase just a a huge whale went out of Coinbase into an unknown address. It's like, literally, you don't know. That could be Coinbase. Right. That's the other stat. They're saying, like,
468
00:42:36.865 --> 00:42:48.460
469
00:42:48.760 --> 00:42:51.420
470
00:42:51.845 --> 00:42:58.184
471
00:42:58.565 --> 00:43:08.575
wrecked. Right? Like, that's where you see, like, those cascading They don't even leave the exchange ever. I mean Those the coins never even existed. Right? It was just purely like derivatives, bit mixed, like, bucket shop style.
472
00:43:09.595 --> 00:43:12.175
473
00:43:13.835 --> 00:43:14.335
in,
474
00:43:14.795 --> 00:43:15.535
a year,
475
00:43:16.589 --> 00:43:16.910
and,
476
00:43:18.190 --> 00:43:21.569
I think some people would have been selling some very tasty,
477
00:43:22.750 --> 00:43:23.730
stacks of Bitcoin.
478
00:43:24.595 --> 00:43:29.095
And I think the market got shook out by a constant energy narrative.
479
00:43:30.355 --> 00:43:33.350
It was a a real boost in the market when Elon Musk
480
00:43:33.910 --> 00:43:35.690
bought in bought in Yeah. Definitely. 500,000,000
481
00:43:36.310 --> 00:43:38.810
and then said he was gonna sell cars with Bitcoin.
482
00:43:39.510 --> 00:43:47.495
Doesn't one eighteen, said he's not. He's gonna blame coal, which sits alongside the energy narrative. It's a frothy market. There's a lot of leverage trades out there.
483
00:43:48.275 --> 00:43:57.800
And then we get hit with the China mining situation. I just think there was a lot of things happening that maybe switched to few people. So I'm just sort of, fuck. This is a good time to save some money for the table.
484
00:43:58.260 --> 00:44:08.590
485
00:44:09.050 --> 00:44:10.330
486
00:44:10.730 --> 00:44:11.790
under 38?
487
00:44:12.170 --> 00:44:14.270
Was it under 38 where it dipped down?
488
00:44:14.815 --> 00:44:22.915
That was where, like, the cascade, like, wind down afterward. Just within a very short amount of time, dipped down to, like, 24 k back up. Well, if you like hunt,
489
00:44:23.750 --> 00:44:24.810
490
00:44:25.110 --> 00:44:30.890
you know, the professional traders, they like hunt the leverage guys because, you know, it's a very mental thing. So, like,
491
00:44:32.755 --> 00:44:37.255
like a degen trader when they're, like, setting their liquidation price or whatever,
492
00:44:37.555 --> 00:44:43.580
they go, oh, well, it'll never fall below 40. So, like, I I'm gonna I'm just gonna make my liquidation price, you know, like,
493
00:44:44.360 --> 00:44:47.580
38, you know, 900. Right underneath
494
00:44:47.880 --> 00:44:57.615
where where it is. And so they, like, go they try and dip just below those big round numbers. And if they can hit if they can hit, like, a bunch of big liquidations, then it just fucking cascades.
495
00:44:58.640 --> 00:45:03.860
And I a lot of times we I feel like we almost have more leverage in the system because you have
496
00:45:05.515 --> 00:45:06.015
you
497
00:45:07.194 --> 00:45:10.095
you have, like, these loan providers that are also adding,
498
00:45:11.194 --> 00:45:13.454
you know, this this idea of,
499
00:45:13.829 --> 00:45:16.089
you know, taking out a loan on your Bitcoin
500
00:45:16.630 --> 00:45:20.809
and then, you know, maybe, like, buying an Aston Martin or something. Can I name a few?
501
00:45:21.935 --> 00:45:22.994
502
00:45:24.255 --> 00:45:28.870
503
00:45:30.550 --> 00:45:40.275
But I do feel like there's there's, like, a more of a normalization of leverage. Right? Like, it used to be it used to be and maybe that's just because the market is more mature. Like, no one,
504
00:45:40.974 --> 00:45:45.635
lectures someone for taking out leverage on their house even though that's the majority of their net worth.
505
00:45:46.359 --> 00:46:01.095
For most people is their house. No one you know, you never hear someone at, like, the dinner table at Thanksgiving go like, you're super irresponsible. You took a mortgage out on your house in this, you know, super speculative market. So maybe it's because it's more mature, but it does feel like it's been normalized,
506
00:46:02.355 --> 00:46:27.000
507
00:46:27.785 --> 00:46:28.285
508
00:46:28.825 --> 00:46:44.140
right now of Bitcoin. That's fucking insane. The only people this matters to are the people who joined since Christmas. That's all it matters. Well, not if they were stacking. If they were just staying on those saggy sats, they're probably still up right now. Yeah. But I'm just saying this, like I haven't done that. I would imagine everyone in this room is kind of okay.
509
00:46:44.445 --> 00:46:46.545
You get that wealth. I mean, I bought the top
510
00:46:47.005 --> 00:46:48.785
and every everything in between.
511
00:46:49.405 --> 00:46:55.580
512
00:46:56.040 --> 00:46:58.060
Like, I mean, it it it sucks that,
513
00:46:58.520 --> 00:47:01.180
maybe if have gotten into it and they've overleveraged.
514
00:47:01.515 --> 00:47:02.015
Right?
515
00:47:02.395 --> 00:47:02.895
But,
516
00:47:03.835 --> 00:47:08.255
when you say it's a good thing that, you know, we we trashed all the way down to, like, 30 k or whatever,
517
00:47:08.670 --> 00:47:26.005
and we have all the we have all this leverage liquidated. Like, I would think that's a good thing. That's probably a good thing. It's a healthy it it it builds a healthy base, in my opinion. I think the most health the most important thing is where is our floor, and it feels like our floor is 30,000 at the moment. It feels like, oh, you did it. You said it. You put it out there.
518
00:47:28.210 --> 00:47:45.610
519
00:47:46.049 --> 00:47:49.995
520
00:47:56.235 --> 00:48:04.309
521
00:48:05.170 --> 00:48:05.670
Robin?
522
00:48:06.849 --> 00:48:07.349
K.
523
00:48:09.135 --> 00:48:12.675
524
00:48:13.135 --> 00:48:18.240
They lost can you still hear us? Live chat, can you still hear us? Peter called the top of it. We lost
525
00:48:20.800 --> 00:48:22.980
Yeah. Everyone's on the exchange right now. Yeah.
526
00:48:23.280 --> 00:48:25.380
Camera's gone, but they could still hear us.
527
00:48:25.735 --> 00:48:27.195
528
00:48:27.655 --> 00:48:28.155
Damn.
529
00:48:28.455 --> 00:48:31.035
530
00:48:31.575 --> 00:48:35.710
I'm working on it, so we know you can still hear us. Shit. I hope it's not you on Connor.
531
00:48:36.170 --> 00:48:36.670
532
00:48:37.010 --> 00:48:37.510
on.
533
00:48:37.850 --> 00:48:39.150
534
00:48:39.930 --> 00:48:44.605
You are back. Came here. No video. You're good. Yes. On Twitter.
535
00:48:44.905 --> 00:48:46.765
536
00:48:47.224 --> 00:48:51.085
537
00:48:52.430 --> 00:48:53.890
We're working on it, freaks.
538
00:48:54.750 --> 00:49:02.105
While we're here I mean, I think we can just keep talking because, you know, this is a podcast. For bed. And, usually, the show is audio only.
539
00:49:03.204 --> 00:49:10.280
So it's not the worst thing in the world while Wizz figures this out. I mean, I think we we have millions of fucking
540
00:49:11.460 --> 00:49:16.440
big corners out there that are just stacking regardless of the price. Right? And, like, that's really the
541
00:49:16.885 --> 00:49:18.345
that's the ultimate signal.
542
00:49:19.365 --> 00:49:22.265
The signal isn't really, you know, the short term
543
00:49:22.965 --> 00:49:28.870
price movements. I mean, that's dominated as as Wiz said. Right? It's dominated by leverage trading and traders.
544
00:49:30.290 --> 00:49:33.455
545
00:49:33.755 --> 00:49:36.735
So everyone gets his Bitcoin. So he sells on the water,
546
00:49:37.035 --> 00:49:40.975
547
00:49:42.140 --> 00:49:43.760
548
00:49:44.220 --> 00:49:44.960
so pussy.
549
00:49:45.980 --> 00:49:50.240
550
00:49:50.945 --> 00:49:52.165
551
00:49:53.745 --> 00:49:56.725
552
00:50:00.359 --> 00:50:03.580
553
00:50:06.995 --> 00:50:09.415
554
00:50:09.715 --> 00:50:16.400
555
00:50:16.860 --> 00:50:17.660
556
00:50:18.780 --> 00:50:19.280
Incredible.
557
00:50:21.580 --> 00:50:22.080
558
00:50:22.540 --> 00:50:24.275
cocktail artist. Oh,
559
00:50:26.095 --> 00:50:28.755
560
00:50:29.375 --> 00:50:30.515
Gotta smash your cups.
561
00:50:31.055 --> 00:50:31.795
What's more?
562
00:50:33.360 --> 00:50:40.260
563
00:50:42.855 --> 00:50:45.915
Experiencing some technical difficulties here at dispatch.
564
00:50:46.535 --> 00:50:46.855
I mean
565
00:50:48.695 --> 00:50:55.020
566
00:51:01.295 --> 00:51:04.595
567
00:51:04.975 --> 00:51:12.100
It is Make sure you grab some, stickers too. We got one sauce. No. I brought free gas. You're running everything. Say, hey, hey. Hey.
568
00:51:12.720 --> 00:51:19.075
Yeah, guys. Just don't say your seed phrases out loud. I'm listening. Okay? Be careful. Anyways, all I need to point is.
569
00:51:21.055 --> 00:51:25.795
Okay. Awesome. Thank you, Freaks, for standing by while we handle those technical difficulties.
570
00:51:27.310 --> 00:51:31.650
We're gonna blame Pete. He left. He seems to leave the room because
571
00:51:31.950 --> 00:51:33.890
he knew he knew it was his fault. So,
572
00:51:35.555 --> 00:51:38.935
where do we stand right now? We were talking about Pete called the bottom.
573
00:51:41.155 --> 00:51:43.095
We're We have a stacking floor.
574
00:51:44.849 --> 00:51:47.990
Stackers set the floor. Don't forget that. Do set the fucking floor.
575
00:51:48.450 --> 00:51:51.109
Yeah. Good. What I what I think is, like, I mean,
576
00:51:51.775 --> 00:51:53.395
if if we just keep stacking,
577
00:51:54.734 --> 00:52:00.434
there's like, the sky's the limit. Right? Like, how can you stop that? We can't fail. Imagine shorting that.
578
00:52:02.400 --> 00:52:09.220
579
00:52:09.840 --> 00:52:10.420
Oh, yeah.
580
00:52:12.395 --> 00:52:13.455
581
00:52:14.875 --> 00:52:23.610
Yes. Yeah. So so, Phreeks, we can see the live chat. We have it up on TV up on the TV. So not only can we see it, but our our wonderful
582
00:52:24.150 --> 00:52:32.315
in person audience here can can see it as well. Yeah. You guys Talk about Taleb. Fraud. Many people here. Right. So we have Taleb
583
00:52:32.695 --> 00:52:34.234
speaking at the BSV
584
00:52:34.535 --> 00:52:39.720
shit. Right? I don't really think that's I mean, he can go fuck himself. And Nouriel's Nouriel's there too.
585
00:52:40.020 --> 00:52:41.800
586
00:52:42.260 --> 00:52:49.955
He unblocked me. He has me blocked. So he retweeted me, saying I put Bitcoin as a intelligence test. Kind of failed. He retweeted
587
00:52:50.450 --> 00:52:51.190
me and insulting me.
588
00:52:52.210 --> 00:52:54.849
And so naturally, I I said, well, come on. Debate me.
589
00:52:55.730 --> 00:52:57.510
And then he just insulted me again.
590
00:52:58.609 --> 00:53:02.135
I should know my place and some other shit. I was like,
591
00:53:03.235 --> 00:53:09.655
I'm like, I'm a slam dunk if you, if you wanna debate. If you think you're so smart, go forever. You know, it's just another fucking idiot.
592
00:53:10.740 --> 00:53:23.285
593
00:53:23.744 --> 00:53:35.275
594
00:53:37.355 --> 00:53:39.934
595
00:53:41.115 --> 00:54:03.130
596
00:54:03.510 --> 00:54:06.170
I I don't think so. I don't think so. It's just to, like,
597
00:54:07.265 --> 00:54:11.125
598
00:54:11.744 --> 00:54:23.785
Who knows? I mean, anyways, so working on over there. I don't even like the the Dogecoin devs. Like, what what innovation's happening over there? I mean, yeah, I don't want to talk about it. Do we have a better topic to talk about?
599
00:54:24.245 --> 00:54:25.385
What else are you,
600
00:54:26.245 --> 00:54:30.025
how about the conference? We could talk about the conference. Hell, yeah. You?
601
00:54:30.859 --> 00:54:34.400
I mean, a bunch of the guys here are gonna be participating in the open source dome,
602
00:54:35.019 --> 00:54:39.680
which I'm pretty excited about. What's the open source dome? The open source dome is
603
00:54:40.205 --> 00:54:42.625
right next to the massive outdoor bar.
604
00:54:43.725 --> 00:54:48.945
That's why I'm negative. And, it's a fucking stacked lineup, and it's open source projects only.
605
00:54:50.890 --> 00:54:51.390
95%
606
00:54:51.849 --> 00:54:56.590
of them are are are are true false projects, free open source projects.
607
00:54:57.434 --> 00:55:00.414
Drama. Oh, man. A couple of them have restrictive licenses.
608
00:55:01.355 --> 00:55:02.075
But I think,
609
00:55:02.635 --> 00:55:07.910
I think it's important that, we have these open discussions. So I'm I'm looking forward to,
610
00:55:08.930 --> 00:55:12.790
drink fueled in person, open source dome license debates,
611
00:55:13.250 --> 00:55:25.520
which, you know, sounds like a lot of fun to me. We're gonna have an open source boxing match too. It's gonna be like a UFC way in, you know, and they're just gonna we're gonna have we're gonna have 2 devs just on the stage just talking shit to each other.
612
00:55:26.880 --> 00:55:28.580
So I'm pretty excited about that.
613
00:55:30.240 --> 00:55:32.100
Wiz, you got a dough ass booth,
614
00:55:32.855 --> 00:55:34.934
for for mempool space and,
615
00:55:35.335 --> 00:55:38.694
for mempool and bisque. Yeah. The the conference organizers are really,
616
00:55:39.414 --> 00:55:41.710
617
00:55:42.190 --> 00:55:44.210
split it 5050 for Biscuit and mempool.
618
00:55:44.830 --> 00:55:47.490
So we're gonna be giving away some really cool t shirts,
619
00:55:48.190 --> 00:55:56.285
as thank you gifts to our sponsors. So if you donate any amount to the mempool site, you can get a really cool set of t shirts, bisque at mempool.
620
00:55:57.945 --> 00:55:58.265
And,
621
00:55:59.060 --> 00:56:05.800
622
00:56:07.495 --> 00:56:09.675
I feel like Miami is just it feels
623
00:56:09.975 --> 00:56:13.275
this feels like a lot of energy here right now. Yeah. A lot of energy.
624
00:56:14.295 --> 00:56:17.195
625
00:56:17.560 --> 00:56:20.140
626
00:56:20.600 --> 00:56:26.494
Everything under 200 k is a gift. Did you need US dollars or, like, Japanese yen? 200 k
627
00:56:29.674 --> 00:56:33.855
cents. Right. I'll I mean, I'll I'll try and save face. No. I meant dollars, obviously.
628
00:56:35.920 --> 00:56:36.900
Yeah. So, I mean,
629
00:56:37.200 --> 00:56:42.980
anything else you guys specifically excited about with this week? We have beef steak. Beef steak. Beef steak tomorrow.
630
00:56:43.825 --> 00:56:54.020
Beef steak man himself is staying at the Citadel. I think he's shopping for beef steak still. Yeah. I was hoping we'd have a month for the episode, but, he's a busy guy. He's trying to make sure this is the best event. If we keep filibuster
631
00:56:54.400 --> 00:56:54.900
filibustering
632
00:56:55.280 --> 00:57:03.035
then, you know, as as if we can make this if we make this extend, then maybe he'll join us for the the tail end. They'll just walk in with a bunch of meat That's right.
633
00:57:03.335 --> 00:57:15.250
Just join the conversation. We just sandbag and drag them on the couch. It could happen. It could happen. It could happen. Let's stay in the interview with Jack Dorsey, which I think is gonna be fun. That that's probably gonna be the best target of conference. Yeah. Pretty good match up. On the first day?
634
00:57:15.950 --> 00:57:19.809
Don't know. Yes. Don't know. Yeah. I think that's a really good match up.
635
00:57:20.225 --> 00:57:29.740
636
00:57:30.040 --> 00:57:34.140
637
00:57:34.765 --> 00:57:38.385
And they provided this guy and Open Arms and Fontaine,
638
00:57:38.925 --> 00:57:39.745
fully noted,
639
00:57:40.045 --> 00:57:42.305
1 Bitcoin each grant at 10 k.
640
00:57:42.630 --> 00:57:45.769
And that was, like, a big deal at the time. That was, you know,
641
00:57:46.069 --> 00:57:48.890
what was it, 8 months ago or something like that, 7 months ago.
642
00:57:49.349 --> 00:57:50.170
Their grant
643
00:57:50.475 --> 00:57:53.695
6 x them in half. Yeah. Yeah. It was great though.
644
00:57:54.715 --> 00:57:59.420
That's awesome. Yeah. Yeah. Thank you HRF. Thank you, Gladstein. Sucks that you sold it now.
645
00:58:01.260 --> 00:58:10.095
Put a lot into the bounties, but, hey, we got some things done. I'm really happy about how that turned out. So We have big point in books asking about any huge announcements of the conference.
646
00:58:10.395 --> 00:58:16.780
Literally, the the big trend with conferences in general is that if anyone has any kind of announcement to make,
647
00:58:17.500 --> 00:58:20.560
over the last couple of months, they hold it for the conference usually,
648
00:58:21.180 --> 00:58:24.000
so they can try and get that extra publicity boost.
649
00:58:25.195 --> 00:58:28.015
So, yeah, there there is a shit ton of of
650
00:58:28.635 --> 00:58:29.375
of announcements
651
00:58:29.835 --> 00:58:32.655
that I've heard of already, and I expect even more to happen.
652
00:58:35.080 --> 00:58:37.420
I mean, I they're all very bullish,
653
00:58:37.960 --> 00:58:40.460
but I'm just a fucking broken record at this point.
654
00:58:41.644 --> 00:58:42.144
So,
655
00:58:42.924 --> 00:58:54.089
so that that's always exciting. I think we have we have Zabo who's gonna be speaking. He hasn't you know, he's been pretty quiet this year. I don't know. I maybe got censored on Twitter or not, but I haven't really heard from him lately. So He's definitely shadowed Ben. You know what I mean? Yeah.
656
00:58:54.549 --> 00:59:14.710
So I'm, like, pretty excited for the Zaybo talk. What about the other events? Like, other than the actual conference, like, what about the satellite events and dinners and things like The, there's a there's a pleb party Yeah. On Thursday. A flat dinner. Right? Yeah. It was a Thursday. Club night. Club night. Club night. I can yeah. I can put into the whale night. Whale night versus club night. It's the same time as yours, I think.
657
00:59:16.005 --> 00:59:17.945
658
00:59:20.165 --> 00:59:24.480
659
00:59:33.575 --> 00:59:36.155
I was like, I'm getting a good deal. I'm a lock it in now.
660
00:59:36.455 --> 00:59:38.795
Yeah. We just got that one completely wrong.
661
00:59:39.490 --> 00:59:42.150
662
00:59:42.930 --> 00:59:46.530
663
00:59:47.329 --> 00:59:53.145
664
00:59:53.845 --> 01:00:00.440
665
01:00:01.140 --> 01:00:09.404
666
01:00:09.704 --> 01:00:11.484
So I just hit send, and,
667
01:00:11.960 --> 01:00:26.375
and and it won't surprise you that the whole idea of where I'll satisfy the buyers. Well, how how many fucking bites are my how how am I meant to know this? And they can't I just can't be bothered. It's just me, it's a waste of time. It's my thing says it'll be $10 or $30 to just go. I just don't care.
668
01:00:26.755 --> 01:00:27.575
I would imagine
669
01:00:29.390 --> 01:00:39.195
in, in in my world, the kind of people I I talk to at Bitcoin, they're probably very similar. Well, the blue wallet team was talking about this the other day because it's kinda interesting to me.
670
01:00:42.375 --> 01:00:43.675
671
01:00:45.319 --> 01:00:45.900
the medium?
672
01:00:46.760 --> 01:01:05.610
673
01:01:06.070 --> 01:01:06.870
I will see,
674
01:01:07.270 --> 01:01:16.815
okay. Medium is is gonna be, like, success or whatever, and and I'll select medium then. But you're exactly right. I think either people are gonna select high or people are gonna select low.
675
01:01:17.355 --> 01:01:17.995
I know,
676
01:01:18.635 --> 01:01:52.825
for working in the industry, it's it's a pain in the ass in the custodial sense of allowing these multiple structures because then if you allow low, then it's like you're gonna get so many customer support issues of people saying, okay. Well, my transaction didn't go through. What can I really do about this? I'm like, well, we paid for a low fee and then so what you know, we'll have to build in support to be able to allow user of bumping. There's all kinds of, like, issues things. So, like, I I kind of agree. Like, high is the option. Look on mempool, that space, and I see that's that's gonna be good enough. I'll select high or medium or whatever. But low low is just a liability,
677
01:01:53.444 --> 01:02:00.970
678
01:02:01.430 --> 01:02:02.490
679
01:02:03.270 --> 01:02:08.575
680
01:02:09.035 --> 01:02:14.015
681
01:02:14.789 --> 01:02:15.849
$100 fees.
682
01:02:16.150 --> 01:02:19.130
683
01:02:19.509 --> 01:02:24.075
684
01:02:24.455 --> 01:02:32.810
685
01:02:33.110 --> 01:02:37.770
Oh, yeah. Yeah. You you're using lots of cups of coffee with them. Yeah. That's awesome. I
686
01:02:38.174 --> 01:02:40.095
like to sell those coffees with it.
687
01:02:40.494 --> 01:02:42.835
688
01:02:43.775 --> 01:02:44.815
it wasn't just because I,
689
01:02:45.800 --> 01:02:48.440
I wanted to just use my wallet to the novelty of,
690
01:02:48.840 --> 01:02:59.475
but down there, I I had blue wallet. It was actually because I ran out of dollars, and then I was off saying there isn't a cash machine. So I ran out of dollars. I was like, okay. I'll just use this, and, actually, I don't even need to think about going to a cash machine.
691
01:02:59.855 --> 01:03:02.500
The only time I had to, I had to get some money at
692
01:03:02.880 --> 01:03:06.580
the last day for my flight, so we went to the next town. But now I was spending,
693
01:03:07.040 --> 01:03:11.700
Bitcoin the whole time there. I mean, I say the whole time. I probably did, like, 5 to 10 transactions.
694
01:03:12.185 --> 01:03:12.905
Mhmm. But,
695
01:03:13.305 --> 01:03:31.415
and that's because most of the time Jack was using Stripe, so I didn't have to. But, yeah, it was great. It was awesome. It was brilliant. Just every time it worked. I mean, I don't know if it's because I've seen blue wallet and it's custodial. It is custodial. Yeah. Yeah. But every time it just works. It was instant. It was great. It was awesome. It was awesome to leak SaaS there. It was awesome to use Lightning.
696
01:03:32.755 --> 01:03:36.055
But at the same time, my unit account is still dollars.
697
01:03:36.490 --> 01:03:46.105
So I want the price in dollars, and I'll just send you the stats. And I have no idea what the transaction fee by SKUs. So they were showing you the price in dollars I can't imagine. When you got the coffee. They don't have the price in the stats
698
01:03:46.665 --> 01:03:51.484
on the wall. Right. What is the price in the dollar? The price so the so the price of coffee was, I don't know, $2.
699
01:03:51.865 --> 01:03:54.525
700
01:03:55.150 --> 01:04:14.350
701
01:04:14.650 --> 01:04:18.350
It's quite the same. It's like, I'm always up to repress it. I just I can't fuck.
702
01:04:19.205 --> 01:04:20.025
Sorry. Sorry.
703
01:04:20.405 --> 01:04:21.225
I'm a.
704
01:04:21.685 --> 01:04:44.295
705
01:04:45.670 --> 01:04:50.730
706
01:04:51.030 --> 01:04:51.690
Oh. No.
707
01:04:52.070 --> 01:04:52.570
That
708
01:04:53.184 --> 01:05:00.700
was when our dollars in the staff. I know they all wanted Bitcoin. And and the thing was is it's 18 months between the first time I went and now. Anyway,
709
01:05:01.160 --> 01:05:02.780
everywhere it says pay the Bitcoin.
710
01:05:03.080 --> 01:05:06.600
711
01:05:07.214 --> 01:05:10.434
self custody wallets, or are they all using custodial wallets?
712
01:05:10.734 --> 01:05:13.875
713
01:05:14.255 --> 01:05:18.180
714
01:05:18.720 --> 01:05:25.780
custodial wallet that's that's being run by Bitcoin Beach, which is kind of a cool model that I feel like Bitcoiners don't really,
715
01:05:27.975 --> 01:05:31.515
address that often. Yeah. So in L&D Hub that someone
716
01:05:32.465 --> 01:05:32.965
Essentially.
717
01:05:33.310 --> 01:05:49.265
I mean, they have an app they have an app that anyone can download. We could use the custodial well if we want to. Mhmm. But it's run by by a team that's in El Salvador. Oh, it's a dedicated app and not just using the It's a Bitcoin Beach custodial wallet. Okay. Cool. And that way, they have really good UX, but they don't have to trust,
718
01:05:49.660 --> 01:05:55.760
719
01:05:56.380 --> 01:06:07.335
And what you can see now is, like, it's not just El Monte. There's a few places up the coast, and there's 2 or 3 places in San Salvador now except in it. And you can just see that seed is growing. It's it's really interesting.
720
01:06:07.650 --> 01:06:11.990
So how long are you down there for? We should just do a big shout out to Michael Peterson who literally
721
01:06:12.849 --> 01:06:17.615
built that whole thing himself and dragged people down there to help it. It's it is
722
01:06:18.155 --> 01:06:22.655
the the Bitcoin dream everyone talks about. They're actually doing invest.
723
01:06:23.910 --> 01:06:29.610
724
01:06:30.070 --> 01:06:37.325
who is I'm I'm I'm blanking on the the lead the lead maintainer of it. That's the that's the custodial wallet.
725
01:06:37.705 --> 01:06:39.805
He'll be presenting in the at
726
01:06:41.560 --> 01:06:45.100
at Bitcoin 2021. So I'm pretty excited to meet him there.
727
01:06:45.480 --> 01:06:50.620
And he's open sourcing the wallet. So that's what he he's open sourcing it before he walks into the.
728
01:06:51.075 --> 01:06:58.455
729
01:06:58.820 --> 01:07:04.040
since being down there and seeing this whole circular economy of people using that, especially people that need to use it
730
01:07:04.340 --> 01:07:06.285
in that iconic case? Oh,
731
01:07:06.744 --> 01:07:08.924
732
01:07:11.944 --> 01:07:15.164
Education is just key. Yeah. Educate I think
733
01:07:15.950 --> 01:07:17.650
it's all well and good going somewhere,
734
01:07:18.109 --> 01:07:18.609
like,
735
01:07:19.230 --> 01:07:23.825
I was on saying teaching people about Bitcoin, but I actually think gotta teach them about volatility
736
01:07:24.285 --> 01:07:38.950
because what we saw over last week would have fucked some people if they'd held everything in Bitcoin. Like, absolutely fucked them. Yeah. But they are teaching you about volatility. They are teaching them that they need to sell some of their Bitcoin back into dollars and hold some savings and treat the savings as a long term.
737
01:07:39.985 --> 01:07:41.925
738
01:07:42.385 --> 01:07:42.885
Yeah.
739
01:07:43.345 --> 01:07:52.240
740
01:07:52.540 --> 01:08:06.330
741
01:08:07.350 --> 01:08:12.970
742
01:08:13.295 --> 01:08:13.795
as,
743
01:08:14.895 --> 01:08:22.755
Biden prints another whatever, $6,000,000,000,000 Right. They don't see that. They don't they see that. They don't get stimulus checks. Yeah. They get funds. Soft. Yeah.
744
01:08:23.200 --> 01:08:26.900
Also, the the really interesting thing is what Jack's actually doing with strike.
745
01:08:28.320 --> 01:08:30.980
He's completely changing remittance there,
746
01:08:31.725 --> 01:08:34.545
where before you have to go to get a bus or go to Western Union,
747
01:08:35.245 --> 01:08:39.800
you know, you get a haircut with a price, you just sat he sat on your couch. You sent dollars
748
01:08:40.260 --> 01:08:41.239
from the US
749
01:08:41.540 --> 01:08:42.440
via strike.
750
01:08:42.820 --> 01:08:46.040
There's no haircut. It's instant, and it's free. You don't have to travel,
751
01:08:46.535 --> 01:09:01.940
you can also send small amounts of it. So before, there's, like, a minimum fee. So if you send it $50, you might be losing a large chunk. Yeah. But now you can send $5. The kid can say, I need $5 for x and they can get it. It's really, really amazing. Well, that's why you mentioned, like, the volatility
752
01:09:02.320 --> 01:09:03.380
753
01:09:03.995 --> 01:09:05.055
I mean, they're dollarized,
754
01:09:05.435 --> 01:09:09.455
but, I mean, if you're in Venezuela, right, they're already used to having
755
01:09:10.155 --> 01:09:15.570
not even volatility. I mean, it's just down. Just the the currency just loses value. Right?
756
01:09:16.110 --> 01:09:27.475
757
01:09:28.680 --> 01:09:35.420
758
01:09:36.195 --> 01:09:36.855
you know,
759
01:09:37.235 --> 01:09:45.415
a difficulty adjustment goes goes up double digits and then we have a massive mempool and they need to, you know, buy food to eat,
760
01:09:45.910 --> 01:09:58.265
and they have to pay a huge on chain fee, they can't just click the high fee button. Right? They're all using lightning. Yeah. They have to because They're all using lightning. Yeah. Mhmm. Because the small amounts even even in 1 sec per byte fee market,
761
01:09:58.885 --> 01:10:02.665
at current Bitcoin prices, you know, that's it's eating up a significant amount.
762
01:10:02.980 --> 01:10:14.195
763
01:10:14.495 --> 01:10:14.995
Bitcoin
764
01:10:15.615 --> 01:10:30.125
because there's people wanting to pay it, and it's just a form of money to them. They're not really into it. Like, one of the pupusas. Right. There's other people who, like, naturally with Bitcoin have spent the time to understand it. Guy in a coffee shop, he gets it. He just gets it. He wants your Bitcoin.
765
01:10:30.505 --> 01:10:36.599
So it's it's like everywhere you go. There's a range of people who are really into it, a range long Just using it as a payment method. Yeah.
766
01:10:37.540 --> 01:10:42.165
767
01:10:42.685 --> 01:10:48.825
you know, got hacked or had some kinda issues. Right? That's the real concern is that, okay. Great. Everyone's using
768
01:10:49.530 --> 01:11:12.010
769
01:11:12.605 --> 01:11:33.085
770
01:11:34.505 --> 01:11:43.055
771
01:11:43.535 --> 01:11:44.035
772
01:11:44.415 --> 01:11:50.915
773
01:11:51.890 --> 01:12:12.440
Because everyone begin with, like, it's at least a stepping stone. I think that is really the stepping stone as opposed to running your own. Yeah. And the and the fact that if they do want to go and run their own node, that one day they could say, okay. I'll just generate an invoice, and I'm out of the system in, like, you know, a second way. So that's what's really important, having the option to exit.
774
01:12:13.380 --> 01:12:18.855
775
01:12:19.415 --> 01:12:19.915
Right?
776
01:12:20.775 --> 01:12:23.835
That's the risk or the remain remaining risk. So
777
01:12:24.614 --> 01:12:27.435
yeah. That's kinda how the Internet started too, like, with ISPs,
778
01:12:28.030 --> 01:12:28.929
in all these,
779
01:12:29.469 --> 01:12:30.369
regional places,
780
01:12:30.750 --> 01:12:37.755
like, the first ISP to start in that little town, then everyone's just connecting to their servers, and that's how they connect to the Internet. And then soon, you know,
781
01:12:38.375 --> 01:12:42.795
there's huge wireless telecoms where everyone has the Internet, but we're not there yet. Right?
782
01:12:43.815 --> 01:12:46.720
It'll be interesting to see how the lightning model develops.
783
01:12:47.900 --> 01:12:48.640
Yeah. Absolutely.
784
01:12:50.140 --> 01:12:53.040
785
01:12:53.445 --> 01:12:58.745
the, like, the the muscle memory or, like, just being able to, like, pay for things using
786
01:12:59.125 --> 01:12:59.625
Bitcoin,
787
01:12:59.925 --> 01:13:16.295
788
01:13:16.935 --> 01:13:20.440
789
01:13:22.260 --> 01:13:26.360
how people use Bitcoin or what they need for Bitcoin is really geography dependent.
790
01:13:27.035 --> 01:13:30.415
Really geography dependent. And I think sometimes we think of Bitcoin as,
791
01:13:30.795 --> 01:13:33.535
as fairly comfortable westerners who
792
01:13:33.970 --> 01:13:44.465
don't always think about, like, the scenarios that people are living in in places like this. So, for example, some people live in a one room shack. Yeah. Yeah. If they're gonna they're gonna back up the private
793
01:13:44.845 --> 01:13:51.585
keys, they're not gonna set up a multi so you can have 1 in a safety deposit here. You know? There's scenarios like that you have to think sound.
794
01:13:52.240 --> 01:13:54.020
795
01:13:54.560 --> 01:13:55.940
if you wanna be the
796
01:13:57.040 --> 01:14:14.060
ultimate sovereign Bitcoiner, there's a cost to that, and and we can't be shaming people for not going through all the lengths of not having their own nodes or or not, like, custodying it themselves. Like, there's levels to it. And what's important is that they have a path to get there and to be able to do it, that we keep it, you know, with within reach.
797
01:14:14.840 --> 01:14:26.375
You know, there's always gonna be people outside of that threshold that just can't do it, and and we gotta don't even know to do it. That's the thing. Like, people don't know. Again, back to the education thing. That's a huge part of it as well. Don't know. Yeah.
798
01:14:28.755 --> 01:14:43.550
799
01:14:44.030 --> 01:14:51.570
So it's it's it's really cool. I mean, I'm saying to Michael, we should organize an event. Let's try and get a load of this down there because it's just
800
01:14:52.425 --> 01:14:59.965
801
01:15:00.530 --> 01:15:04.070
802
01:15:05.490 --> 01:15:06.230
803
01:15:06.610 --> 01:15:14.275
Well, you can always donate to the project. I mean, the project is charity based. It it you know, Michael's a a missionary, and he went down there to help people.
804
01:15:14.575 --> 01:15:20.320
Yeah. The money is originally to get to give to kids, to get them out of gangs, to give them jobs, cleaning up the streets,
805
01:15:20.780 --> 01:15:22.000
and, lifeguarding
806
01:15:22.380 --> 01:15:24.400
for the, surfers, etcetera.
807
01:15:24.780 --> 01:15:36.120
I mean, it real it relies on a certain amount of money going in to to kind of kick start, and then people like us going down there and leaving SaaS. I mean, I probably left a $100 in SaaS, but that then circulates around the system.
808
01:15:36.739 --> 01:15:38.760
The more people go down that, the better.
809
01:15:40.864 --> 01:15:41.525
I think
810
01:15:42.305 --> 01:15:44.725
I don't know what what else more you can do.
811
01:15:45.105 --> 01:15:54.740
Yeah. I mean, people like you you guys are the smartest guys in the room usually. Reach out to Michael and say, how can we help? Because Tell you. He he might have a whole bunch of things that
812
01:15:55.460 --> 01:16:13.260
he asked me to help with publicity because that's the one thing I do. He might turn around to you and say, I need tech support. I need help with you know, we got a problem with our wallet. I don't know, but I can connect him with any of you. But so, specifically, they have they had this, you know, world class surfer, Katie Diaz, who just recently tragically died in,
813
01:16:13.880 --> 01:16:16.620
814
01:16:17.335 --> 01:16:21.435
So they're raising a bunch of money right now to do a Olympic
815
01:16:21.895 --> 01:16:26.560
surfing facility for the El Salvador team, and they're raising that all in Bitcoin. So that's katydiazsurf.com.
816
01:16:28.940 --> 01:16:40.255
So consider doing it to that in Bitcoin. What? They already hit the target. They hit the target. Yeah. Big shout out to Miles Souter who totally led that. True. Let's fucking go. Shit. Yeah. Miles is here too. I'm looking forward to
817
01:16:40.860 --> 01:16:42.800
seeing him while we're here.
818
01:16:44.300 --> 01:16:45.280
I love that dude.
819
01:16:46.380 --> 01:16:47.679
The other thing about lightning
820
01:16:48.474 --> 01:17:05.659
is, you know, the channels are kind of confusing to people and that's what's nice about the custodial wallet is that you don't have to deal with the channel management. Mhmm. But the fact that you don't have to deal with confirmations, which goes back to our previous discussion, is like a really, really benefit to new corners and fresh corners. Because
821
01:17:06.045 --> 01:17:06.864
this idea
822
01:17:07.804 --> 01:17:11.824
of understanding how confirmations work is like it's a real it's not a natural
823
01:17:12.764 --> 01:17:14.304
it's not a natural thing,
824
01:17:15.160 --> 01:17:39.290
825
01:17:39.750 --> 01:17:51.845
826
01:17:52.330 --> 01:18:05.915
first. So and then got the amount of time. So, like, from a business standpoint, it's it's a kind of a pain in the ass. And then from, like, exchanges and custodials and deal with Fiottis, it's terrible. But on the Bitcoin side, it's amazing. I mean, that's one of the things I loved
827
01:18:06.535 --> 01:18:09.675
about beginning my journey through, like, Lightning Development is that
828
01:18:10.200 --> 01:18:19.740
incident. Like I said, you know, I I I get an invoice. I get a receipt, and boom, it's done. I don't ever have to worry about remittances. I don't ever have to worry about the first transactions
829
01:18:20.105 --> 01:18:22.765
It's done. It's a 10 x improvement. It's amazing.
830
01:18:23.705 --> 01:18:25.885
831
01:18:26.265 --> 01:18:29.970
832
01:18:30.430 --> 01:18:30.930
833
01:18:31.390 --> 01:18:38.495
834
01:18:38.975 --> 01:18:42.995
a a very friendly freak there, Sam, cucking for custodial while it's in the chat.
835
01:18:43.855 --> 01:18:47.875
I wanna be absolutely clear. I mean, obviously, not your keys, not your coins.
836
01:18:48.770 --> 01:18:49.510
I think
837
01:18:50.610 --> 01:19:01.265
that one of the cool parts about lightning is this idea of interoperable custodial wallets, and I've talked about this a lot on dispatch in the past. Now the the concern is I don't think Blue Wallet and Wallet of the Satoshi
838
01:19:01.565 --> 01:19:10.010
and other first world large mainstream custodial wallets will last. They never do. Sure. They always get forced to add KYC, and the second they add KYC,
839
01:19:10.390 --> 01:19:11.530
they're fucking done.
840
01:19:11.830 --> 01:19:20.375
I mean, we saw that happen with bottle pay. Like, it's it's it's it's a it's a story as old as Bitcoin. It's been happening through since the beginning of fucking Bitcoin.
841
01:19:21.315 --> 01:19:22.135
The the
842
01:19:22.470 --> 01:19:26.010
the thing is though, what's really cool about Bitcoin Beach is I could see
843
01:19:26.390 --> 01:19:31.210
this, like, kind of extrapolated uncle Jim type of model with small towns.
844
01:19:32.155 --> 01:19:34.655
That's a lot harder for, you know, regulators.
845
01:19:35.035 --> 01:19:40.255
Basically, the reason we don't have all these different custodial wallets competing with each other is because of regulators. And it feels like,
846
01:19:40.800 --> 01:19:46.820
if you have, like, a small town in El Salvador using a custodial wallet, that's way different than blue wallets servicing millions of customers,
847
01:19:47.280 --> 01:19:48.900
presumably in the future. Right?
848
01:19:49.935 --> 01:19:52.275
And I I feel like there's a strong distinction there.
849
01:19:52.975 --> 01:19:55.135
850
01:19:55.455 --> 01:20:00.430
Phoenix Wallet, which has a kind of channel opening service. Right? So you get that,
851
01:20:00.890 --> 01:20:01.790
kind of custodial
852
01:20:02.090 --> 01:20:03.310
or self custody
853
01:20:04.330 --> 01:20:04.830
security,
854
01:20:05.450 --> 01:20:08.985
what they they give you the liquidity. Right? And there's other wallets,
855
01:20:09.845 --> 01:20:17.100
whether it's like Breeze or or or a number of others that do similar things. So maybe that's the the Goldilocks level of,
856
01:20:18.060 --> 01:20:20.620
you know, smooth user experience, but still,
857
01:20:21.020 --> 01:20:22.240
some kind of self custody.
858
01:20:23.905 --> 01:20:24.725
859
01:20:25.025 --> 01:20:35.179
the El Salvador model works well. You just use the Sure. This is how it works. When you say Breeze and Phoenix and Blue. Like, you know, I like, why? And I download them all. What's different?
860
01:20:35.560 --> 01:20:39.820
What this one does? Actually, you know, most of the time, I'm just kind of like,
861
01:20:40.565 --> 01:20:58.065
you know, I think I think there's, like, a circle of people who work on Bitcoin, a code stuff, who understand this stuff, and it all comes natural to you. And then there's a circle of people on the outside of my house, and they they buy them Coinbase or they send to a wallet. Something they don't realize it fucked up their KYC event. Have I? So,
862
01:21:00.285 --> 01:21:11.920
not really I don't know what the point I'm trying to make is I mean, people people still use a Cash App demo, all these other Yeah. Yeah. Stupid. I I think I think that Matt's gonna hate you saying this. We argue about this every New Year. But,
863
01:21:12.765 --> 01:21:13.505
I think
864
01:21:14.045 --> 01:21:17.025
the effort required to get perfect privacy is
865
01:21:17.325 --> 01:21:17.905
is beyond
866
01:21:18.525 --> 01:21:19.025
99.9
867
01:21:19.485 --> 01:21:28.929
I don't want perfect privacy. I just want not horrible privacy. Yeah. But but but, also, I think I think a lot of people just, like they've got Facebook. Yeah. They use Google.
868
01:21:29.469 --> 01:21:34.915
They they just accept that they're in a world where, like, I feel like you're on the same page as,
869
01:21:35.375 --> 01:21:36.275
870
01:21:37.535 --> 01:21:38.515
I'm trying to see.
871
01:21:43.840 --> 01:21:50.565
872
01:21:51.125 --> 01:21:52.905
are in it for a whole bunch
873
01:21:53.364 --> 01:21:55.125
of reasons that, you know,
874
01:21:55.525 --> 01:22:01.860
the the the noninflation, the privacy, blah blah blah. I think some people are just in it. But if you have information to Imessage
875
01:22:02.640 --> 01:22:05.699
876
01:22:06.000 --> 01:22:08.100
877
01:22:08.719 --> 01:22:09.219
Right?
878
01:22:09.745 --> 01:22:19.410
You've you've you've you've gotten a product that is has a great UX that's easy for you to use and is significantly better than if you sent a plain text message.
879
01:22:20.050 --> 01:22:22.230
Did right? I don't know how to do it. Exactly.
880
01:22:22.690 --> 01:22:30.775
That's what I want for Bitcoin. What I'm saying Like, what I want for Bitcoin is I don't want the average person to to be thinking that they need to be more private.
881
01:22:31.635 --> 01:22:37.095
I mean, I hope that they do, but I I'm not I'm not expecting that. What I want is
882
01:22:39.210 --> 01:22:41.390
wallet teams and service providers
883
01:22:42.810 --> 01:22:43.310
to
884
01:22:43.850 --> 01:22:44.750
care about
885
01:22:45.255 --> 01:22:51.355
886
01:22:51.655 --> 01:22:55.380
they're they're bringing up, privacy to to to
887
01:22:55.719 --> 01:23:08.595
a lot of what they've built, they're able to really think about it. I mean, the the like, the big little sick feature now you can sign up to, an app an app with Apple and just says hide your email address. Things like that make it super easy for people.
888
01:23:09.695 --> 01:23:19.575
889
01:23:19.955 --> 01:23:34.585
890
01:23:35.525 --> 01:23:39.145
baked into it, which which I love. It it could always be more than there's,
891
01:23:39.605 --> 01:23:50.480
you know, even Ben today when you were talking about, like, you know, you know, the examples of trying to better than, like, the privacy space. But I think I think you're exactly right, is that we can try to bake it in from the very start
892
01:23:50.815 --> 01:23:56.034
and and to have that great user experience that the user doesn't even need to worry about, obviously, because
893
01:23:56.335 --> 01:24:03.150
the the application is it it's it's it's making sure that users are the best protected as it can be. So that way, when censorship
894
01:24:03.770 --> 01:24:06.429
resistance fees would be a thing, it's already baked
895
01:24:06.730 --> 01:24:10.594
896
01:24:11.135 --> 01:24:12.195
but they're using,
897
01:24:13.855 --> 01:24:19.590
like, their own, like, proprietary encryption that's, like, kind of questionable in security. They're they're they're
898
01:24:20.369 --> 01:24:21.989
they're backing up all of their,
899
01:24:23.570 --> 01:24:33.665
messages to their cloud and not unscripting them end to end in the cloud. So if if you have the default setup, then that's like a backdoor into all those conversations.
900
01:24:35.970 --> 01:24:39.430
But it's obviously a clear step in the right direction, and I think
901
01:24:39.810 --> 01:24:41.430
that that shows you where
902
01:24:42.690 --> 01:24:52.770
you you kinda need the hard course to keep those companies honest even if the average user doesn't really care about it. Right? You need the hard course. We just got mister beast take just walked in through.
903
01:24:53.710 --> 01:24:57.250
You need them to keep keep them honest. Right? Otherwise, they'll just
904
01:24:57.710 --> 01:24:58.770
default to
905
01:25:00.475 --> 01:25:08.735
they just won't be honest. Right? Like, if you don't have hard course keeping them honest, they're just gonna fucking pretend they're they're private when they're not as private as they could be.
906
01:25:10.460 --> 01:25:10.960
907
01:25:12.460 --> 01:25:32.570
908
01:25:32.950 --> 01:25:39.405
explanation. It's like, fuck. How do I live my life? Yeah. You know, how how it's given us. So it's and I That's a straw man.
909
01:25:39.785 --> 01:25:51.260
910
01:25:52.360 --> 01:25:59.574
911
01:26:00.135 --> 01:26:00.534
And and and
912
01:26:01.415 --> 01:26:09.390
yep. You you or me included, this is our job. Right? We do this all day every day so we can spend all day talking to the smartest people,
913
01:26:09.795 --> 01:26:13.015
reading their articles, listening to podcasts, watching videos.
914
01:26:13.475 --> 01:26:14.135
You know?
915
01:26:15.635 --> 01:26:33.764
And if you're working on it, you know, someone like yourself, I mean, you're you're deep in the weeds of this stuff. Now if we're thinking of the normal normal person, they've got a different job that they're doing all day every day, which they're having conversations about. Maybe they've got an hour or 2 a day to read an article or listen to a podcast. There's sometimes not everyone has have some will
916
01:26:34.130 --> 01:26:38.950
before people start shouting the some will spend the time. Mhmm. I just think the vast majority
917
01:26:39.650 --> 01:26:42.550
aren't going to. They're going to come into Bitcoin for gains.
918
01:26:43.395 --> 01:26:55.790
Some, a percentage will spend a lot of time going down the rabbit hole running those, etcetera, etcetera. But some will just come in for the games. They'll buy an exchange, they maybe will buy a hard, blah, blah, and that's as far as they're gonna go.
919
01:26:56.250 --> 01:27:07.645
920
01:27:08.060 --> 01:27:16.780
But if I give you if I pay your salary in, fiat money and I can print out as much fiat money as I want, then maybe you don't realize that you're a slave. And,
921
01:27:17.340 --> 01:27:19.385
if even if you live in a developed country
922
01:27:19.685 --> 01:27:24.824
where you're getting paid like USD and you think, oh, the inflation is not so bad, well, then the IRS subpoenas
923
01:27:25.180 --> 01:27:27.440
Coinbase or any of these KYC things
924
01:27:27.820 --> 01:27:48.500
and charges you taxes. Right? So there's like you said, it's like different tiers of, different threat models maybe is the right word for Privacy is a part of the conversation in those houses. Right. Because they're all inflating so bad. Everybody is getting a problem. So who cares about privacy because my fiat money is gonna lose, like, half of the part of the conversation in Venezuela or Iran or
925
01:27:49.760 --> 01:27:55.465
926
01:27:55.925 --> 01:27:57.465
You're not it's wrong.
927
01:27:58.005 --> 01:27:58.505
Certainly.
928
01:28:08.395 --> 01:28:14.094
929
01:28:14.395 --> 01:28:21.700
catalog from a different show. So it's it's like a, you know, access versus censorship. Right? And maybe some countries,
930
01:28:22.960 --> 01:28:32.205
they're they don't sense with the Internet except for, like, Facebook and maybe a few apps. So for them, it's also like a a freedom or censorship resistant thing. But,
931
01:28:32.660 --> 01:28:36.920
yeah, any of these, technologies like Tor, VPN, or Bitcoin even
932
01:28:37.300 --> 01:28:43.025
or have totally different use cases for people that live in totally different, threat models. Yeah. It's a great point.
933
01:28:43.885 --> 01:29:01.485
934
01:29:02.025 --> 01:29:21.285
you to even access the Internet in their country. So, like, having that IP based node is is liability. So, like, that's why I think, like, especially for from Iran, like, privacy should be an important thing. And then if you're using lightning network, I definitely use Tor or or like a VPN because then you're just otherwise, you know, you could get censored in the future.
935
01:29:22.145 --> 01:29:24.085