Yo today is October 20. No October 31st 2022.
Happy Halloween, welcome to Simply Bitcoin live.
We are in number one source for the peaceful Bitcoin Revolution
recovery, breaking news. Culture and me Matic Warfare.
We will be your guide through the separation of money and
state today. We have a very special show.
Google basically admitting that they're going to accept Bitcoin
for payments for certain Services of theirs.
We're going to make the case why this once again, is Market
forces doing what Market forces always do.
Best the basically forced the hands of other players.
We saw something very similar with BlackRock allowing Me or
giving in giving access to their institutional investors to
bitcoin. We know that Larry Fink is not a
fan of Bitcoin. But why are they doing this?
Because they don't want to lose market share.
So once again, Bitcoins incentives are winning, and
that's why Bitcoin is going to win at the end of the day.
But before we start the show, I want to give a very special
shout-out to the always optimistic.
My legendary co-host. My live in truth.
How you doing Optimus Fields? What's up, Anika, what's that
world? Happy White.
Per day, happy Halloween, it's good to be here.
I'm wearing my, my Halloween costume because we are soldiers
for Satoshi and we are in this information War right now.
And this is why we show up every single day to spread the signal
ensure that people understand that Bitcoin is a solution.
So, you know, I'm happy to be here as me and Nico been saying
for a while. Man, we are just blessed to be
able to make Bitcoin content every single day.
Is that our career? So this is awesome.
And then of course today's daily ER, it is white paper day as I
said. So we're going to cover, you
know, the white paper and it's the 14th 14th anniversary since
its release. So we got it, you know.
I know there's new people in the fold so we're gonna you know,
talk about why it's so important.
I'll read a little bit of the abstract and read the original
email. So you know, we're just doing
this, we're just doing the things over here.
Doing Bitcoin things. All right, all right guys, let's
start the show. Let's do this.
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Alright guys, so we're going to cover.
We're going to cover the, we're going to get into the details of
white paper day during the culture segment, don't worry.
But for the numbers, we're going to read this legendary email.
That's what we had planned today.
Let's check this out. This email stats started the
revolution, it was a simple email that started it all A
simple piece of text, happy 14th birthday to bitcoin, Bitcoin is
still a teenager. It's Young.
But look at how much it's changed your lives.
Like, how much has changed our lives?
It's already the legal tender of a nation-state actually two
Nations States. The Central African Republic and
El Salvador. Public companies are holding it
on its balance sheet. I'm talking about microstrategy,
I'm talking about Tesla, talking about Square so it's so young
it's it hasn't been around for Not that long and look at how
far it's come. This is just the very beginning
and why is that? It's because of Bitcoins
incentives. And it's because of Bitcoins
absolute scarcity. And as a species as Humanity, we
still don't understand what the consequences are of something
that has absolute scarcity, but the fact that it came from zero
to an all-time high of 69 thousand and less than 49 year,
I that percentage return Iron is absurd and no other company or
institution has ever been able to match something like that.
So this is just the beginning and this revolution is going to
change everything. The fact that you can store
millions billions and trillions of dollars in your mind by
memorizing. A simple seed, phrase 1224
words, and that allows you to go anywhere to where you are
treated best and also allows you to transact with anybody freely
fundamentally changes the A relationship between individuals
and the collective. When I mean Collective.
I mean governments. I mean, the mob, etc, etc.
So anyways, I'm going to read this.
Like I said, it's very, very consequential.
It's dated Satoshi Nakamoto Friday, October at 4 p.m.
Eastern Standard Time and on in 2008.
And I don't think it's a coincidence that this was
released on the heels of 2008-2009.
Financial crisis. So he goes on to say, I've been
working on a new electronic cash system.
That's fully peer-to-peer with no trusted third party.
That's the key word. There.
The paper is available at UW dot Bitcoin dot org, slash Bitcoin
.pdf. The main properties double
spending is prevented with a peer-to-peer network.
No mint or trusted parties. Participants can be anonymous
new coins are made from hashcash style.
Perfect Works, shoutout, Adam back, the proof of work.
Look for new coin. Generation also Powers the
network to prevent double spending Bitcoin.
A peer-to-peer electronic system, abstract a purely
peer-to-peer version and of electronic cash would allow
online payments to be sent directly from one party to
another without the burdens of going through a financial
institution digital signatures provide part of the solution,
but the main benefits are lost. If a trusted party is still
required to prevent double spending.
We propose a solution to the double spending problem from
using pure using bye. Using a peer-to-peer Network the
network timestamp transactions by hashing them into an ongoing
chain of hash-based, proof-of-work forming a record
that cannot be changed without redoing the proof-of-work.
The launching not only serves as proof of the sequence of events
witness but proof that it came from the largest pool of CPU
power. As long as honest nodes control
the most CPU power on the network, they can generate the
longest chain and outpaced any attackers.
The network itself, requires a minimal structure, messages are
casted on a best effort basis and nodes can leave and rejoin
the network at will accepting the longest proof-of-work chain
as proof of what happened while they were gone.
Full paper Bitcoin dot org slash Bitcoin dot PDF Satoshi Nakamoto
absolutely his ski mail. The the email, the revolution
that started it all and there is a lot of sauce in that there's a
lot of things that he said that we're True.
It's, he designed this to be attack.
He you set, he said it right there, right?
And in terms of doubling down, tripling down on this idea that
it's peer-to-peer that there is no required intermediary.
And I think that's what a lot of you guys have to internalize
when you start to see more and more and more of this attacks
and this rhetoric from the treasury and central banks.
Remember, ladies and gentlemen Bitcoin disintermediated them,
it took the reason as to why they exist, it takes it away
intermediaries are no longer necessary and what they're
trying to do and they're going to try to use coercion to do
this and all the official stamps and the emblems and the suits is
that they're going to try to justify their existence in a
good analogy for, this is back in the day, they used to make
propaganda. As to why electricity wasn't
necessary as to why the horse and buggy would you know Will
Remain the most popular form of transportation rather than the
car, right? This is what happens when
radical Innovation, you know, gets introduced into into a
society. The difference here, the
fundamental difference those guys is that this is a
fundamental change because it is the separation of money and
state and the state gets a tremendous amount of power.
For not only being having the Monopoly on the issuance of
money but also having control on the intermediaries in the first
place. Basically, that allows them to
get to dictate, who is allowed to use money and who is not
allowed to use money, so don't get distracted by the noise.
Don't get distracted by the social attacks.
Remember why we are here? We are fighting because we
fundamentally believe that. No human being, no government.
No. Buddy should have the ability to
create money for free that everybody else has to work for.
Also second thing, nobody know, group of elite bureaucratic
politicians in Washington, d.c. should have the power to pick
and choose who is entitled to use money and who is not
entitled to use money. And this is why we are here.
We are all here. This is what it's all about.
Happy 14th birthday to the thing that fundamentally changed.
My life forever. Ever, I know it's changed opt.
He's life. I know it's changed.
A lot of your guys lives as well.
Happy 14th birthday to the honey badger Bitcoin.
Yeah man it's just it's it's absolutely amazing that 14 years
ago, an email was dropped that changed the world forever and
you know, just Chef's out to Satoshi.
If you're still, if you're still alive out there, I know you're
listening to Simply Bitcoin and we just we just hope that that
we continue to stay on the mission.
And and this is why we're going to cover it again on the culture
because I fundamentally think that sometimes we need to rehash
things. Ins and reread the white paper
here and there. So that we know why we're doing
what we're doing. But hey, Nico did the great
synopsis of what's going on here and man, it's just really
amazing that one paper can change the world like this and
we're only 14 years into this experiment and we've gone from
zero to 20 K and even farther and we will continue to go to
the Moon from here on out. So this is why we do what we do.
We are separating money from State and this Is just a
testament to, to why we do everything that we do, and it
doesn't even cover the whole vast majority of the, the vast
ecosystem that is Bitcoin. So, it's just, it's awesome to
celebrate this day with you guys, you know, being a Bitcoin
content creator. It's, it's just, it's just an
epic day. This is why we're going to go.
So, have you on the white paper today?
No, it's good. It's good to, we have to cover
this historic document. A lot of people get lost in the
sauce, they get distracted and they forget why we're really
here. What Bitcoin actually does, what
Bitcoin facilitates and what Bitcoin, what tools Bitcoin
gives the individual before Bitcoin, those tools never
existed before. And I think it's important to
cover that specially on this. Very special day Halloween and
also Bitcoins birthday. But anyways, before we do that,
let's get to the news. The Daily News brought to you by
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A bit box today. All right everybody, so here's
the big news today. Google partners with coinbase to
accept Bitcoin and shit, coin payments for cloud services.
Now really interesting. Why would they allow this?
And again I'm going to make the case I believe is Market forces
so let's check it out. Google has announced that it
will partner with coinbase to drive web three Innovation now.
Web through three is a red herring.
It is centralized, there is no innovation and web three.
And then we get into the details as to why that is in a little
bit, including the use of crypto exchange to accept Bitcoin in
Chicago. And Men's for cloud services or
the that's the signal right there, right?
Is that Google cloud is now accepting payment services in
Bitcoin and now if more and more tech companies continue to
accept payments and Bitcoin we know Microsoft is one of them as
well. This is this is the game
changer, right? Because it gets people to start
asking questions, what is money, why am I being forced to use the
dollar? Why am I being forced to use the
euro? Now of course, you know, Google
down on being able to accept payments.
Or services and other shit coins like aetherium and Doge but I
believe Market serve Market forces at the end of the day are
going to pick the winner. Right?
And the winner in my band, my belief is the cryptocurrency
that is decentralized because it's the only cryptocurrency
that is going to a be able to withstand government coercion
government. The ability to resist the
government, the government's ability to co-opt it, right?
We know that, for example, the majority of Cerium, nodes and
validators are already sanctioning for the office of
foreign assets control. We've shown you the receipts
many times on this show. Anyways, the sound what the
announcement was made during Google's Cloud next conference
on Tuesday according to a CNN, BBC report users will be able to
pay for services using Bitcoin and shit coins from early 2003
and I believe more companies will follow now.
Here's a little little bit of signal and I thought this was
absolutely hilarious. This could explain why Google is
offering the people's ability to pay for their cloud services in
Bitcoin and shit coins. Why is that market forces the
same reason as to why Robin Hood PayPal, right all started
selling Bitcoin on their platforms.
Why? Because they saw the success of
cash app and they said, Hey, in order to maintain our market
share, we must offer these Bitcoin and chickens even though
they He didn't like them. And what's really interesting is
the move. The latest move by cash app
cache, app offered or enabled lightning payments for 40
million of its users. And what's really interesting
about that is that, that defeats a lot of the shit coin
narratives, right? You know that lightning is as
faster, it's quicker, right? And it's built on the most
secure chain, right? So I'm a big believer in Market
incentives and I think this is what Market insensitive a market
forces are doing in this case. So, check out the Headline of
this article, Google sites Bitcoin should coin winter as a
factor and it's quarter to revenue decline during the
latest earnings. Call from alphabet, the parent
company of Google cited. The pullback in the crypto
Market as an influencing factor in the decreasing advertising
revenues from Q2 2022. The company released its
earnings report for Q3 and October 25th, which detailed
that six percent increase in Revenue, totaling 69 billion as
compared to Q3 of 2021. The figure was was down slightly
from it's cute to Only two revenue of sixty, nine point
seven billion while the revenue from its Google service
divisions which include advertising earning showed an
increase of 50 8.8 billion to 61.3 being over the past year
the company noted that the Q2 Revenue was down
quarter-on-quarter and attributed to weakness, and
advertising spending coming from the financial and cryptocurrency
sectors. We quote, we did see a pullback
in spending by some advertisers in certain areas and search ads,
according to Phil shrines or Or the chief business Officer of
Google who spoke during alphabets earnings call.
For example in financial services, we saw a pullback and
insurance Loan mortgage and crypto subcategory.
So why is that interesting? Because think about it.
The industry is getting to such a size that now depending on the
current state of the Bitcoin and shit coin Market, its now having
a major influence on these giant corporations, right?
This is the size of the Sorry, this is where it's getting and
this is just with Bitcoin sitting at 300 billion market
cap. Imagine when Bitcoin hits the
market cap of gold the influence that it's going to have on these
public companies worldwide. This is just the beginning.
This is just the Rumblings, but if you guys were to take away
some signal from today, first of all Market forces first, Google
one of the, you know, one of the largest tech, Companies to offer
the ability for clients to pay for their cloud services and
Bitcoin and shit coins. And number two, is that Bitcoin
the Bitcoin market cap has reached such a size right?
That depending on the current state of the market it is now
affecting other companies other industries that are completely
separate to what, you know, what Bitcoin is right.
Anyways Opti. What are your thoughts?
And then we're going to get into just debunking the whole web
three narrative, awesome. Yeah, well I was just going to
start web 3 is trash but we'll save that for the for the back
end. I think, I mean, you hit the
nail on the head, you know, Google bending the knee to
Market forces. And we say this all the time
that Bitcoins incentives. Just stay winning and everyone
will bend the knee to bitcoin. Eventually people, what's the
Mema? People will get in Bitcoin at
the price that they deserve and I think we have seen this bear
market like the infrastructure, the amount of attention on
bitcoin. It's Nearly hit an all-time
high. And like you said, man, the the
fact that Google made this announcement blaming the bear
market for the revenue downturn. Like, that's a new flood line.
We haven't had yet, so we are definitely in the mainstream
Consciousness and everyone is betting the need to bitcoin.
And Bitcoin is forcing the narratives like they wouldn't be
talking about a lot of these narratives right now and request
and response to cryptocurrencies in the like like you know the
CBC announcement they want to be talking about Bitcoin or these
things, if Wasn't for Bitcoin. But on another note the shit
coins in this announcement or kind of a stain on this whole
thing. But hey we understand what's
going on in the market forces and Bitcoin is just forcing
their hand. And so everyone will bend the
knee to bitcoin eventually and again just my thinking is like I
just can't wait till the bull begins his run again because the
infrastructure being built out the attention that's been on
bitcoin all the media Fudd against Bitcoin.
It does seem like it's hitting all time high and it kind of
reminds me of that clip that we put out of town vaes where he
said this might be the worst bear market yet because of all
the attention because so many people are in the Bitcoin
industry and and like you said is affecting so many areas of
the of our world right now of our planet right now and it's
like Bitcoin is eating everything and Bitcoin is that
void and the black hole that all value will go to.
And so, it's just beautiful to see this happening in real time.
And it's honestly also, Areas that they're blaming the Bitcoin
down term for the fact that their, their revenues down to
me. I the irony isn't lost on on me
because they talked so much smack about Bitcoin and now
they're blaming us for them just not making as much money as you
know, Bitcoin, just stays winning and we can't ever not be
in the news. It's bullish.
Absolutely. And I just want to, you know,
pull to, because they mentioned or Google mentioned web, three
when they announced, they were making announcements that That
they're going to accept payments you know web three was part of
the reasoning behind that and Jack dorsey's.
The ex-ceo of Twitter, he quit Twitter to work on on bitcoin
full-time explains. Why web 3 is a red herring,
right? He says, you don't own web three
the VCS and their LPS do, it will never Escape their
incentives. It's all ultimately a
centralized entity with a different label know what you're
getting into and that, Let him to release the web five.
Remember guys, at the end of the day, if it's not decentralized,
it will be co-opted by powerful parties.
But remember that the fundamental difference in
Bitcoin and this is what makes it so unique and nothing ever
existed like it in history, right?
If I'm holding .01 Bitcoin, and Michael sailor is holding
130,000 Bitcoin. Michael sailor does not have
more Or influence over the Bitcoin Network, as
fundamentally different than etherium and that's how all
these web three projects work. They're really actually run by
the developers if it's not truly decentralized and only Bitcoin
is. Then it will be co-opted either
either by government or either by powerful corporations or
either by the people themselves that invented those web three
companies. Remember, this is why the Work
wars were so important. It was the most powerful mining
conglomerates in Bitcoin. Try to change the code to
benefit themselves, which would have led to more centralization
because they would have raised the node requirement to run.
They would have raised it higher, meaning less people
would have been able to afford to run nodes, right?
So again, if it's not decentralize it to distraction,
if we want to separate rate money from State truly, it needs
to have true decentralization that needs to be feature number
one and that feature etherium sacrificed in order to add all
the other BS which they never bring up the fact that the
etherium community has not brought up the fact That the
majority of aetherium. Validators are actively
censoring. For the office of foreign assets
control, a branch of the u.s. government.
The fact that they're quiet about that tells you everything
they need to know, guys, Swan said it best shit coiners, don't
care shooting Bitcoin in the back if it means they get their
Lambos. So you have to decide what side
you are on and on what side you were on as an individual, do you
really want to be on? On the side that wants a
separate money from State. Therefore, the ability to end
these endless Wars, these crazy government.
Programs is crazy tyrannical Behavior by governments, or do
you want to continue living in the world that we've been living
in for the last hundred, two hundred, thousands of years were
an elite few get to dictate the lives of everybody else.
Anyways, moving on to this last piece and I thought it was, I
thought it The newsworthy this happened.
It was like a week ago and we slightly cover.
We slightly covered it. We said that a 998 of 999
multisig. Basically, almost broke
lightning. We skimmed over, but we never
got into the details and I think it's important to get into the
details. So anyways, check it out, says
learning from the lnd bug that could have robbed robbed the
lightning Network on 2022, Baroque from B Matrix.
It in broadcasted a transaction to the main Bitcoin Network.
Spending a you T. XO with a transcript multisig.
With 198 of 999 threshold, this transaction had 998 individual
signatures in the witness field and was almost Point 1 MB inside
kind of hilariously reuse the exact same public key for every
one of the 999 participants in the multisig, the transaction
caused a massive disruption of the lightning Network by
exposing a bug in Ln, D, and B, TC E.
Why did this affect lnd? Given that many people run
Bitcoin core underneath their lndian students, it is because
lndu's has the same code btcd does to receive and process
blocks. So, even your Ln D node was
running on top of the Bitcoin core which have properly
validated the relevant block and not stalled.
Your lnd instance would have refused to accept that block and
stalled even though your main chain node, continuing continued
Progressive progressing properly.
Thankfully this issue was not A widely exploited.
But had this been discovered in the code base before, Barracks
transaction was pushed to the blockchain.
This kind of been intentionally exploited by Bad actors in a
very tactical way, an individual or a group of people could have
easily opened a large number of channels on the network and
swapped all that money in those channels back to themselves on
chain through a submarine swap, leaving all the funds in the
channel on the other side and then submitted a large Trapper
transaction. Like Baroque did a mean.
Lee closing out their channels using an outdated State.
I hope this is a wake-up to how important it is to ensure that
consensus. Validation checks are all in
sync with each other across all software in this space.
As without that synchronicity between everything, there isn't
actually a singular coherent, Bitcoin Network.
And look, this is why we say all the time Bitcoin lightning
Network Reckless man. Lighting that work.
The reality is in its current state.
It's Still in the experimental phase.
It's getting there. We've made a tremendous amount
of progress. There's an amazing amount of
lightning Network companies that are constantly Innovation,
constantly innovating, constantly.
Trying to improve the thing, improve the user experience.
I'm a big fan of the mud malt, the moon wallet, just because
it's like, you can send a Bitcoin transaction, you can
send the lightning transaction, it all hides it on the back end,
the user interface is clean, it's easy to use.
I use it as my like, it's like having money in a wallet, you
know? 100 bucks, whatever you know if
you lose it, no big deal but that you still have to remember,
you know, where the let the state of the lightning network
is and that it's vulnerable to these types of issues.
Now, the signal there though is that there was no vulnerability
on the main chain and that's what's important.
But, holy crap, man, that bug could have been bad bad for the
whole thing. What are your thoughts, Opti?
Well, first off, I want to kind of touch on the web three stuff,
guys. Web 3 is just like, The latest
buzzword like blockchain Ico defy smart contracts.
Like if you aren't aware of this then you know there there's
there's some some research you need to do but just don't fall
for the web three scam. Narratives that's going out
there as a Jack Dorsey himself said you know like it's just
backed by VC so that they can line their pockets.
Anyways moving on to the lnd stuff like you said man yeah
lightning is is the quintessential move fast and
break things. It's it's Reckless.
There and and it's crazy, you know, because I've been on
lightning since like 2018 and it does still seem like it's like
newborn Tech but it's been around for for four years now or
whatever and it's like it's crazy that they're still bugs
out there but I think just to be clear, you know, like the
lightning Network at large didn't break just lnd nodes.
And that implementation of lightning was basically broken
for a little bit, but they got a quick bug and I think this is
just a testament to all the developers out there that that
Were quick to catch this, unfortunately, that bug did go
through without anyone noticing. So, you know, who knows what
else is out there. But I think this is just like a
call to action for anyone out there that is also developer,
especially if you're a shit. Coined quote, unquote developer
come work on Lightning. Let's, let's like actually build
out a real payment Network so that we can actually get the
whole world using Bitcoin and actually change the world.
Like we say, we are doing, or at least better yet like.
You shit Corners are say you are doing and shit coin land, but I
mean, pretty crazy stuff, you know, hey experimenting on
lightning and breaking things of crazy stuff.
It was a that was a crazy day. Everyone was freaking out.
Who the fuck? Okay.
I'm sorry to curse guys 998 out of 999 multisig.
Who the hell does that right? But it's it but again bless
their heart because that was the only way doing some absurd, you
know, transaction like that too. Discover this type of bug, man,
but like, that's just really funny.
Anyways, have a message from yellow.
Don't Stop Believing. Hold on to that feeling.
That's right Guys, Don't Stop Believing Jato to that feeling.
Let's get to the culture. Let's do this.
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a special shout-out to the largest Bitcoin conference on
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And also, if you want to be able to get a job in the industry
itself conferences are one of the best places to Go to so
don't want to miss this conference specific Bitcoin,
it's a nine days and or less lofty.
What do you have is this the original post?
Yeah, we got the original post. I'm not going to read the whole
thing because Nico kind of covered it.
But on Friday, October 31st at 2:00 10:00 eastern time in 2008
Satoshi dropped the Bitcoin email on the cryptography list
and he, you know, did the abstract and drop the white
paper. And again, guys, it's the 14th
anniversary census. It was dropped.
So I think, I think it's fitting for us to cover this stuff.
I you know I try to cover the white paper as much as possible
on this show because it's very very interesting and crazy to me
how many people haven't read the paper themselves or you know,
haven't done the Deep dive search.
So I'm just going to read, you know, the abstract a little bit.
I have some parts highlighted I have covered this in the past
but again, I think the, I think it's a testament to the
importance of reading the why? Paper and try to understand
everything that's going on in the white paper and why we do
what we do and why this is such an important Monumental day for
everyone out there. Of course, again, this is just
when you drop the white paper, this is, is this is not when
the, the actual Bitcoin software was released, but we got to
remember that before. Satoshi, even dropped the white
paper, he basically had the software almost completely
figured out. So it wasn't like he, you know,
did this in a, in a short time span and then Least the Bitcoin
Network to to, you know, the internet.
I forget what the quote actually is.
But so tell she said himself he's like before I even had the
white paper out before I released this to the world, I
had to make sure that I solved the problem and then the white
paper was released. So this paper wasn't just
written and then he had to go tinker and figure it out.
He had essentially most of the network already figured out by
this time, but anyways, let's get into some of this guy's
again. Bitcoin is peer-to-peer.
And as you can see the cover, the title is Bitcoin, a
peer-to-peer electronic cash system.
And I think it's very important that we we don't negate the the
idea of system. I know a lot of people on the
internet like to call Bitcoin the peer-to-peer electronic cash
but there's a very important word about using a peer-to-peer
electronic cash system because Bitcoin is software.
It's simply you know a messaging app that we are able to
communicate value over but it's a system.
A software that is a money network is the best Ledger in
the world. So anyways, abstract a purely
peer-to-peer version of electronic cash would allow
online payments to be sent directly from one party to
another without going through a financial institution digital
signatures provide part of the solution but the main benefits
are lost. If a trusted third party is
still required to prevent double spending and we propose a
solution to the double spending problem using a peer-to-peer
Network. Guys, there's so much sauce and
just that Set those sentences themselves.
First one guys you know, electronic cash that would allow
online payments to be sent directly from one party to
another without going through a financial system.
While gold can be considered a sound money itself.
You cannot send gold over the internet and this is one of the
fundamental utilities of Bitcoin is being able to send sound
money over the internet in 10 minutes settlement.
And this is, this is something that is a what a 10x or 100x.
Next Improvement on gold and why we believe that Bitcoin is the
best money. I know I just said it to
software but it is used as money and it is the best way to
interact in the digital world. It's a digital money for the
online world that we live in. But furthermore, you do not need
to trust anyone. And as we try to cover all the
time, the main problem in the world right now is all the trust
that we've allowed these financial institutions, whether
you have to trust your Think whether you have to trust
politicians, not to inflate your money.
The fundamental thing that Satoshi fix is the trust layer
because the powers that be the bureaucrats out there.
The central Bankers, they have abused our trust for hundreds of
years and Satoshi took that power back simply by releasing
the Bitcoin Network. We no longer have to trust these
institutions as a middleman to ensure that they are not messing
with the money. Now we have an algorithm as I
Saying the path Satoshi domesticated greed via an
algorithm no longer do we have to trust humans?
To not fiddle with the money, this is what the white paper
fundamentally showed the world. That look, I designed a system
that has taken humans out of the equation because as we've known
historically, as you can read history for yourself, anytime
there's humans between you and your money.
They will find a way to debase it and steal from you.
And this is just human human psychology if you have the power
with With power comes absolute responsibility.
While Satoshi took that power away from humans and now we no
longer have to trust humans with our money.
We have a software that ensures there will never be more than 21
million Bitcoins. And again I'm not going to go
fully into the white paper but the introduction card numbers on
the internet has come to reliably on financial
institutions. Serving as trusted third
parties, a process electronic payments while the system works
well enough for most transactions, it still suffers
From the inherent weakness of the trust-based model and
without the possibility of reversal the need for trust
spreads and Merchant must be wary of their customers hassling
them for more information than they would otherwise need and
these cost and payment uncertainties can be avoided in
person by using physical currency, but no mechanism
exists to make payments over a Communications Channel without a
trusted party. So what is needed is an
electronic payment system based on cryptographic proof instead
of trust allowing any to wailing parties to Act directly with
each other without the need for a trusted.
Third party transactions that are computationally impractical
to reverse or protect Sellers from fraud and routine.
Escrow mechanisms could easily be implemented to protect
buyers. In this paper, we propose a
solution to the double spending problem using a peer-to-peer
distributed Tam. Timestamp server to generate
computational proof of the chronological order of
transaction, guys, this introduction, if you don't
understand everything that's saying, I highly, Recommend that
you you deep dive this but I will do my best to try to break
this down for you guys. And as we said, you know,
Commerce on the internet, relies almost exclusively on a trusted
middleman. There's whether it's Visa,
whether it's Master card or PayPal hours l, or, you know,
whatever these payment payment apps that we use nowadays, you
have to trust the person in the middle.
And as we've shown for a while on the show, it's becoming very
obvious that these people are not to be trusted.
Not only, they're trying to put a new system on top of it as CB
DC system where they can control everything, you know, and, and
it's a wholesale throughout Society.
We already see that these institutions right now are, you
know, censoring people? Yeah, they're pushing people off
the network. If you don't have the right,
think they can cut you off from society.
But now we have Bitcoin and we no longer need to trust these
people. We no longer need them in the
middle of our money. I can transact with whoever I
want in the world if I want to and Is the beauty of Bitcoin,
not only that, but I no longer have to be debased, I no longer
have to deal with the status quo.
As we've been talking lately about having to be forced to use
a money that steals from you because now I can use the
internet to interact with anyone around the world as long as they
have a Bitcoin wallet and as we said you know we like Moon, I
just downloaded Phoenix on iOS. I'm a huge fan of blue wallet or
you can use you can use Bitcoin core if you want her Sparrow on
your Stop like you do not need to trust these institutions.
You do not need to go to big tech and as you know, big Tech
and Big Daddy government to hey, hey, please sir.
Can I use your app so that I can transact with people is like, no
download a Bitcoin wallet and transact with whoever you want.
It's a Communications Network, its software, no one can stop
software. This is a freedom of speech,
First Amendment issue here. Money is speech and I can
transact with whoever I want whenever I want, there is no.
No holidays on bitcoin. There's no weekends off like
your bank. Bitcoin is up, 24/7 365 days and
it doesn't, and it doesn't, it doesn't care who doesn't care,
who you are, where you're from, what your skin color is, where
you happen to be the morning and all the other systems do and one
way or the other, someone Liam crypto said, you gotta change
your name to Liam Bitcoin, bro. Number one.
But number two said, talk about PayPal, the PayPal example is
great, man. Look, they snuck that Back in
the language into their terms of service.
Basically saying yes we will find you if you say certain
types of misinformation which we are the ones who decide what
that misinformation is or not. Also the example of Kanye.
Yes, Kanye did say some very anti-semitic stuff that we
fundamentally do not agree with on this show.
However, man, that is very scary, that people are getting D
platform for their language and that's Very, very scary scary
world. And if you differentiate that
we've how Bitcoin functions, right?
Look the reality is Bitcoin is the money of enemies.
Meaning you have to be okay with someone that you fundamentally
do not agree with using the Bitcoin network.
Is that system? Perfect.
Are there going to be pros and cons to that system?
Yes. Or they're going to be pros and
cons to the centralized system. Yes, but I fundamentally believe
that the world would be a much much better place and an open
monetary Network world, then a world where a few bureaucratic
Elite Banker, Elites are getting to pick and choose who is
entitled to use money and who is not entitled to use money and
you as an individual have to make the decision.
What world do you want to live in?
And what world do you want your children and your ancestors and
your children? Children to live in Opti,
couldn't agree. More Nico, couldn't agree more.
And I just want to cover this last sentence here because I
think this is, this is an important thing that a lot of
people don't even understand what Bitcoin is solving.
And he goes in this paper, we propose a solution to the double
spending problem using a peer-to-peer distributed
timestamp server. So, first and foremost, guys,
the double spending problem. It's an economic problem where
if I send something on the Internet?
How do I know that I am not sending that thing again and
trying to defraud someone by using some funny money?
Well, this is what Bitcoin solves.
I send my, I send my Bitcoin across the world.
Well, if Bitcoin didn't work how it worked, then I'd have to
trust someone in the middle to ensure that I wasn't using that
same. You know that same dollar that
same you T XO to try to spend and use it somewhere else.
A second time. This is the double spending
problem, guys. And Again, the next point.
I know you've heard the saying, oh the Bitcoin is the
blockchain, the blockchain, the blockchain this but I love the
narrative on Twitter about people trying to change the Min
from blockchain to time chain because to tell she said it
himself using a peer-to-peer distributed timestamp server to
generate computational proof of the chronological order of
transactions. This is what the blockchain is
doing. It is a Time chain, it is
ensuring that we you know, it putting all the Ducks in the
row. As he said, the timestamp server
to generate computational proof of the chrononaut, chronological
order of transactions. This is what Bitcoin miners are
doing. They're basically Auditors out
there that ensuring the transactions are going and
sequential order. Hold on a second.
It's the nodes that have the
copies. Okay.
Okay, okay. All of the nodes of the ones
that have the cup, which is, by the way, the why you guys should
run your own node, miners are no more than paid security.
Right. They're all guessing really fast
at the same time and if for someone to rewrite that chain,
right? They have to match the
computational power of the current hash rate which
continues to go exponentially higher.
Now to go back to that that part where you said a timestamp
server, right? That you could also equate that
to your own copy of a blockchain, if you don't run
your own Bitcoin node, your trust Ting to use.
Satoshis words. Someone else is copy of a
timestamp server. Minimize that trust have your
own copy of the Bitcoin blockchain.
That's constantly being updated as your server, or as your note,
as your Bitcoin node is connected to the internet
minimize that trust the more trust you minimize.
The more personal responsibility, you take back
into your hands, the more financial sovereignty, you take
back into your hands and a Out of the world's problems today is
because a lot of people are Outsourcing personal
responsibility either. That is the quest of information
or that is the personal responsibility of the storage of
their wealth. And both those institutions,
whether the Legacy mainstream Media, or whether their Banks
and governments have completely broken that trust.
There is no need to trust them anymore.
That's what the internet has. Has enabled us to do has enabled
us to completely circumvent, The Gatekeepers of information, talk
with Millions upon millions of people directly peer-to-peer.
And now Bitcoin has now given us the ability to transact, peer to
peer directly with those individuals.
Those intermediaries of information.
And those intermediate, intermediaries of money are no
longer necessary. They have broken the system,
they have abused. This system and what you're
going to see over the next 5-10 years is they're going to
justify their existence. In terms of misinformation, they
say only the experts are the fact Checkers.
Only the experts are, the ones that are going to give you the
right information. And in terms of money, you're
going to hear things like oh, on hosted wallet hosted wallet.
It's not real money. It can't be real money because
it's not backed by a government. Well, fuck you and your
government money because Has your government money?
Fundamentally fucking steals from me and Bitcoin does not
your government money wants to tell me who I am allowed to
transact with who I'm not allowed to transact with and
Bitcoin does not so shove your fucking government money where
the shunda where the sun doesn't shine because I don't want it
and I want you guys to wake up to this reality.
The power is now in your hands and you've never had this type
of power before. But Only if you take Bitcoin
into self custody and ideally run your own goddamn Bitcoin
known because if not, you're trusting someone else's Opti
perfect segue in because I wanted to show the Genesis block
guys, I know today is the white paper day, but remember what was
encoded in the Genesis block, the times. 03, January 2009,
Chancellor on the brink of second bailouts for banks and
this is Nico just ranted about. We no longer have to trust these
Banks to not debase our currency.
Satoshi, take that power away from these people and the only
way that we can ensure that is by you guys running nodes by you
guys taking Bitcoin into self custody, this is the revolution.
We tell you guys all the time, self custody is the revolution
you got to use Bitcoin properly. You need to use a Bitcoin
wallet, you don't use an exchange for your wallet you
know we've been talking about Moon.
Talking about Wallop Satoshi Breeze, Bitcoin core sparrows
Spectre, cold card, bit box, seed signer, these are the tools
you need to be using, you know, maybe think about using multisig
setup. But I really like this tweet by
the libertarian party and it goes to the Federal Reserve is
why your dollars are sinking in value every day and for 14
years, Bitcoin has helped us fight back and just to jump on
that. I said this morning, 14 years
ago today. So Toshi Nakamoto released a
Bitcoin white paper in the world changed forever ago.
Guys, we are no longer going back to the system where I have
to trust these middlemen to not debase our currency.
We've taken that out of their hands.
We have taken away the power of the money printer and we're just
here to try to spread that signal as much as possible.
So that people learn that the tools are here and that, we no
longer have to play this game anymore.
And as we drop this morning, shouts out to base.
Money Tech, I'm chilling, your article, bro, because we are
fundamentally, Until he fixing the base layer and that as he
said, the base layer is the faith layer and you guys can
read into it. But essentially what he's saying
guys is they have broken the Trust on the base layer and now
we are fixing. This guy's and again we don't
like to speculate but number has been going up since its
Inception. Xand number will continue to go
up. This is just a bear Market guys.
Do not fall for the flood Bitcoin works properly Bitcoin
is still going to all-time high and blocks Bitcoin is Been
running what the up time is 99.99% and it will continue to
stay up because Bitcoin is here for the future.
Bitcoin is for the children, and I'm just happy to be a bit
Corner, man. This is, this has been a awesome
14-year run. I've only been here for 55 years
of that time, but I am just excited to see this project this
experiment on monetary properties.
Play out for the next fourteen, fourteen hundred years.
If possible guys we are here. For the long run, lower your
time. Preference Bitcoin is changing
the world. And all you have to do is take
your Bitcoin in the self, custody shitpost with your
friends and spread the sound money gospel to everyone that
will listen because this is all we have to do guys.
We just have to show people that the Bitcoin network is here and
they have the tools, provide the value to your fellow man provide
your services for Bitcoin and just make sure your meat sack
makes it over the finish line of guys stay humble stack sets
anyway. And the future will be bright
orange for all of us for everyone from here on out.
Amen to that. Amen to that happy birthday
Bitcoin, you've changed my life. You've changed the lives of
millions and now you're giving this world hope because this
world has been in nihilism and darkness and that is caused by
the Broken money. That is constantly stealing from
everybody and governments are blaming the other political
party inside and they're not taking responsibility.
For something, they have caused in the first place.
Enough is enough. Now, we have a tool to opt out,
take our energy, our power, our time back into our own hands,
and there's nothing they could do about it, but that doesn't
mean they're not going to try. That doesn't mean they're not
going to blame Bitcoin, they're not going to blame, they're
going to say, Hey, you know, you're going to enable
terrorism. You're going to enable.
All of these things are going to throw all these Buzz words.
If you don't use a Hosted wallet.
If you don't use a kyc wallet, the world's going to burn down,
it's of the, the Bitcoin miners are going to boil the oceans.
It's all bullshit. They are scared because they can
no longer control you. They can no longer control
information, that's what the internet did and now they can no
longer control. You through money Opti calls him
heís, high-level parasites. I call a monetary demons, we are
winning and there's nothing they could do about it.
Back your financial sovereignty, guys.
Run your own Bitcoin node but let's get to the meat review.
Let's do it. The daily meme review, brought
to you by Cipher safe, don't be that person that loses their
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Let's go boys and So as you guys know, tweets are the bullets.
And memes are the artillery in this information War, you guys
are the Frontline soldiers. We need to ensure that the world
knows that Bitcoin fixes. The problem fix the money fix
the world. This is why we do what we do on
this 14th anniversary of the of the white paper.
We need to. I'm not going to say we anymore.
I'm trying to not say we anymore but ensure that you are
spreading the signal. Have you orange killed someone
today if not. Make sure you spread that signal
somewhere out there on this happy Halloween.
And this first one is by coin Corner, Molly, and I really
loved it. It's, you know, it's on brand,
it's Halloween. And she goes happy Halloween
hashtag Bitcoin and I really like her pumpkin.
It is vomiting. It's inside for Fiat.
Absolutely beautiful. I wish I was just created with
my pumpkin carving so shouts out to you Molly.
This next one is by row by and I honestly thought we were going
to cover this maybe we'll cover. Is tomorrow in the number
segment. There's a video out there of a
Chrissy Lagarde saying that she doesn't know where inflation
comes from tomorrow. Yeah, we're going to cover for
you guys tomorrow and goes, you know, some NPCs and because the
inflation came out of nowhere and then we got it just like,
you know she should put some laser eyes on here.
It's like major central banks have printed twenty five
trillion dollars since 2008. The MPC registers and it gets
mad, they do not want you to know the true reason for
inflation. And but we know the true reason
for inflation and I have the next thing I thought I had it in
order but apparently I unordered anyway.
This next one is by at me mean Bitcoin and I absolutely love
this meme right here goes how the media describes Bitcoin
users and they looks like a shadowy dark Bitcoin colder and
it goes actual Bitcoin users and it's just so you know I don't
know what I would call like a dorky dinosaur holding the coin.
Yeah but that plays out that plays out.
Anyways, this next one by Lena. See.
And she's absolutely killing of these.
Little hard liquor comic book memes and she goes, it just came
from nowhere again. Referencing the, Christine
Lagarde video that will cover tomorrow and it's a politician
Central bankers. And their ilk it's got the ECB
right here and it's just printing money and they're just
printing so much money so much money that they have overflowed
with dollars and inflation is skyrocketing and then the the
politicians and the Barrack bureaucrats and the bankers has,
how did this get here? Pretty sure it was already.
Like that before it just came out of nowhere.
It's probably Russia's fault. No.
The real reason for inflation is that they continue to spend more
money that they have because the money printer continues tuber
and they are debasing the currency.
This is where inflation come from this next one.
By the beach DC therapist and go skew Satoshi and it's it's the
classic Journal mean where there's a bunch of open urinals
and we got a Chad bit cleaner. Walking into the urinal and
instead of peeing on all these other, Urinals, he goes right
next to and he goes, you know, what day it is.
It's the 14th anniversary of the Bighorn, white paper.
You guys better be orange. Killing someone like this.
Today, it's an important holiday.
This, next one is by at bold Bitcoin.
And again, this is touching on the idea of where inflation
really come from 's and it goes hashtag.
Bitcoin is the solution and we got the symptoms over here on
the left side that goes grocery prices rising gas.
Prices were supposed to drop. They just keep Rising inflation.
Rising Energy prices. Could squeeze you as family's
house. House prices at seven times
average income as Supply dwindles further.
And then it goes the root cause and it is the Federal Reserve
System or central banks at large and the solution is Bitcoin,
guys. This is, this is what we try to
tell everyone. Consistently that the solution
is Bitcoin. We know what the problem is, it
is the fact that the government will continue to spend more
money than they create, then they have by creating the the
new money, you know, paper Ponzi that we like to call it.
And again, on this on this meme of Christine Lagarde saying we
don't know where inflation came from.
It's got all these Central bankers and it's the classic
like a Rothschild, me more, They're laughing.
And this is by RT B TC and he goes inflation Central bankers.
And then we told them that inflation came out of nowhere.
The real signal in this meme is the fact that people are biting
this this nonsense Hook Line and Sinker that we don't know where
inflation come from. That inflation is Transitory
that we don't know the root cause of inflation but is all
you Austrian economists know out there.
The root cause of inflation is the fact that they keep
expanding the money supply. They will continue to use money
printer Gober for as long as people trust in the system.
But as we are elaborating on this show today, it's been 14
years since the white paper came out.
And we no longer have to trust these people to not debase our
currency Bitcoin as agronomically in That human
greed can be checked, 21 million, hard cap.
This is the way guys, and it's only been 14 years into this
experiment. The only thing gold has on us is
it's time, it's time in the market but Bitcoin is proven
every day. Every 10 minute block that
Bitcoin is the best way to save your money.
Bitcoin is the best way to hold your value.
And now, in a digital world, we can continue to transact with
whoever we want over the internet.
Without a third party in the middle.
Absolutely, beautiful. Absolutely honored to be here on
this day. And for my monitor for my mean
review, score, guys. I am going to give my Army
jacket because we are in a monetary War.
We are in an information war in. As I like to say, we are in a
disinformation. Warn you guys are the Frontline
soldiers. So, for today for this
Halloween, I am a soldier of Satoshi.
I am a, I am a warrior in this empty.
World War 3. That is an information war and
we are on the front lines. Glad to have you guys all in my
trenches. We will continue to give you
guys a signal because the powers that be are going to continue to
try to ensure that they kill this beautiful thing known as
Bitcoin. So, for my my mean review scores
as, as it says, in the chat up these militant Bitcoin soldier,
Halloween costume. I'm going to give it this year.
Yellow. Oh, that's matching in.
Oh, okay. It's green screen Xbox
controller Isabel Xbox controller because I broke my
old one is they don't last very long because Fiat breaks
everything bad quality. Anyways, guys, this is simply
Bitcoin live. It's not about an hour scores,
it's about your scores. So rate, the score rate, the
memes in the chat, make Opti in 50 feet, make opting I feel
uncomfortable while we read them out.
There's one of these scores is really good.
Alright, here we go. The first Start popping them up,
Brandon says, I give those memes some freshly minted, whole
coiners during the 20 to 20, 20 to Bear Market.
Perfect, very nice. Next one by global nonsense.
I give those memes a Twitter HQ run by a team of failed shit.
Coiner very nice, very nice. Michael Morris and that's
specifically a chemical warfare protection.
Em OPP gear jacket. Oh now thank you, Michael.
Now we will knows. Michael knows, I thought it was
Desert Storm but hey when next one by rope Opti nose rope
reading those memes, opt, he's leaky kitchen ceiling confirmed,
is that? Is that why?
Okay, next one, we got the John flood.
I'm going to give a UK saber. I do very very nice.
Okay Leroy. Euphrates, score ad.
Googled phone running graphene OS.
Next one. Makuu Lou says score of the
entire Bitcoin white paper. Very nice.
I give those me. I give those memes my 1972.
Farrah Fawcett poster, Fawcett poster if you know you know oh
Opti nose of course I know. Farrah, Fawcett, Commodities,
militant bitcoiners score, Halloween costumes.
Score number one, special orange pulling session by rope sharing.
The same urinal as an army. Oh, Jesus.
All right. Z logic.
I give them memes the Lugano drone.
Bitcoin aerial light show, very nice, very nice, very nice.
All right, next one. All right, we're running out of
time. I give those memes a kilogram of
vitamin C. A couple seconds until the
buzzer. Our guy give the meme and
inflation RKO out of nowhere. We're out of time.
Thank you for coming to Simply Bitcoins being reviewed Live,
come back tomorrow. So you could give us memes to
review live. Speaking of memes review live,
you have to join. Simply Bitcoins telegram a
group, that's how you link us. Bitcoin memes to review, you
gotta go to www.ah.mil /, the simply Bitcoin channel.
It's absolutely free. You can link us Bitcoin memes to
review. There's over 600.
Toxic Bitcoin Max he's in there, drop in the sauce. 24/7 also
check out Simply Bitcoin unfiltered.
You got to go to www.simpleandsensational.com,
you'd is the written version of this show.
Shout out to our awesome writers.
Rustin Zach Paul. Why nicus drop in the sauce all
the time. It's freaking awesome pure
signal. Anyways guys, that was our show
Opti why don't you tell everybody where to find the
audio version of this show? Of course, of course guys.
Check us out on anchor Spotify app.
Ball and we are on Fallon. I do have one comment over here
from from fountain that we got over the weekend.
Let me get this for you guys. Can you see that Nico?
Yes, I can. Okay, so let me zoom in shouts
out to at jaf 2100 and he goes, thanks a lot for your advice.
Those people working in Visa, try to survive, but game over
for them, out to everyone, sending a sad.
So we got, you know, Clark, Ian rag. 3af Koz peel and Steve's
origin. He's Tara users, user 6 1777 and
I Satoshi with you. So I'll figure out exactly how
to get this to work. Like BTC sessions has, but in
the meantime I will just do screenshots and give you guys as
comment on the show. So shout-out to you guys.
We appreciate all the sad from the value for Value economy.
We love Fountain. And man again I'm just blessed
to be here. Super excited and man, I'm just
honored Nico that we could be here on this 14th anniversary of
the Bitcoin white paper and give you guys the signal.
Hell yeah, speaking of signal, you gotta get yourself some
militant merch like the decentralized Corp that corpse.
Like, the Audie is opt. He's wearing our this militant
camo represent. Hoodie.
Only, I'm representing TD.com, he's making simply make Bitcoin
merch. He's making When merge check out
the peaceful Bic Up Revolution merch as well.
Only on representing tv.com and you can take advantage of the
promo code simply Dash Bitcoin to get 10% off anything on the
store. Anyways guys, that was our show
if you enjoyed the show we really appreciate.
If you smash that like button, you consider subscribing, if you
think this content provides you value.
The number one thing you can do to push this peaceful Bitcoin
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Share it. That's what YouTube.
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In fact, share Bitcoin content from all the Bitcoin content.
Creators, get the truth out there, more people, taking self
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All right. Love you all will see you
tomorrow for brand new episode of Simply Bitcoin.
Which one's the best crypto asset will Bitcoins the best.