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I'm Going about q q is joining us.
How's it going, my friend? What's up, everyone?
Thank you, guys so much for having me.
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BTC guys, those are the numbers. Numbers.
I like numbers man. Frozen and fucking time.
That's to say these numbers. Yesterday, we in fact we
actually tricked everybody. Phil said the exact same thing
he said yesterday, I'm just kidding.
I wasn't a joke. The fact that you don't know
whether we're joking or not proves my point.
That this thing is literally is Frozen in time.
Anyways, Phil you actually sent me a very interesting thread.
I die. It was perfect because we could
riff off this in the in the number section and check this
out. Well I don't know why he's
saying, oh no, I haven't written to be my fail.
Joke. God.
Oh God, oh God in the wrong section.
And then I realized that I'm like, oh no.
Oh well, I'm too late through it.
You up to I'm deciding when I was taking it from you this on
camera. It's mine now.
Okay. Anyways, but it's just too good.
Anyways. Got so yeah, it is really good,
preciate, Phil but Phil slipped up and then ended up in the
number section. Anyways, let's check it out.
This is a thread by Simon. If you're new to bitcoin,
welcome. I'd like to introduce you to a
key, archetype meet the hot ler. And these are the people.
What does Phil? Yeah, I'm an idiot.
I'm just a burnout. This isn't even the article I
was talking about. Oh goddamn.
I'm screwing this all on. You does Mike someone just mute
his mic for like two minutes. Welcome to Simply Bitcoin.
It was for 20 yesterday man. Okay.
If you're if you're in this for 20 today it's 4:20 every day,
okay? If you're new to bitcoin,
Welcome. If, you know, you know, I'd like
to introduce you to the key, archetype meet the hot Oiler.
These are the people, the world thought were batshit crazy until
a couple weeks ago. Hot rollers are the heart and
soul of the Bitcoin Community understanding how they think is
vital. If you're going to play this
game in which they hold all the cards or coins, many hot rollers
bought in mind Bitcoin in the beginning.
Like when it was one set a dollar five dollars a hundred
dollars, they own a vast majority of the Bitcoin in
existence control, the market, they never sell.
And probably never will, the reason hollers never cells,
because they see Bitcoin as replacing fiat currency, they
don't want to own dollars, they want to kill the dollar to them.
This isn't about making profits. It's about changing the World,
by the way. Phil, I think me, and you have
said this a million fucking times, right?
Are we? Oh, jeez.
Like this, maybe not. Right?
But still, this is what we call. Maybe, we're not the, the oh,
Jihad lers. But we're the plebs.
Where the plants. Um, but anyways think about it.
These people saw Bitcoin go from nothing to a thousand.
They didn't sell and went all the way back down to 100 and
they didn't budge. Then they've rocketed up to
15,000 the ultimate hollers Toshi.
Nakamoto himself Soto. She owns the keys to billions of
dollars of big worth of bitcoin and has its old spent percent or
spent any of it Hollywood's believe.
Bitcoin will go to 100,000 and Beyond when it does, no one will
have to exchange Bitcoins for dollars.
It's because the world will be using it as cash.
The hot Allure is the best kind of crazy.
The kind that changes the world. They are all Satoshi.
We are all Satoshi, except for Craig Wright and now.
So are you anyways, dude? Awesome freaking thread man,
right? Awesome thread.
But I think that you got something wrong man, right?
I'm not as OG, right? As you know, these people.
I wish I got five dollar Bitcoin.
That'd be great. I think I was too young.
And I was like you know worrying about partying and girls at that
time, right. But still dude like I'm just as
Just as invested in this peaceful Revolution as who he
calls the hotter and I know Q feels the same way I do.
Feel feels the same way, right? This is a peaceful Revolution.
This is about freeing Mankind from the tyranny of Central
Banking. This is about the separation of
money and state. The state will never be not
corrupted as long as it controls the money supply that is the
root of all evil, right? That is literally the Boom,
that's what bitcoiners fight for every day.
But we say fight, all it means is just buying Bitcoin and
putting into self custody into Cold Storage.
That is, that is the fight that is, that is, that is the act of
resistance. That is the act of.
I'm not complying with you, I'm opting out of your political
money garbage, right? So that thread was amazing but
hey man the plebs might we might not have bought Bitcoin at $5
but body, we're still fighting. Fighting.
We're still fighting with you man.
We just might be a lot smaller Phil.
Yeah we just have a lot less corn to throw at the Battle
right? We have a lot less corn to throw
at the battle but we have just the same amount of heart.
Yeah, it's have the same amount of heart, and this is the thing
about Bitcoin, right? A lot of us are.
Yeah, I hate throwing, I hate painting everyone, with a broad
brush, but, you know, there's a lot of us that came to bitcoin
for Fiat gains. A lot of us came to it for
different ideologies that Much less noble than what it can
really be used for. And once you come to the
understanding that Bitcoin actually fixes the world because
it fixes the base layer of our value transmission and our value
retention, okay? It changes everything and you
are no longer just sitting here for Fiat gains, you understand
that, you're part of something that is revolutionary that is
changing the world. And it's, it's finally
something, right? Like this is something that
desperately needs to get fixed like She is the mother of all
invention. We had like there was no choice
like we there's a saying that I learned early in Bitcoin Bitcoin
was inevitable and it's true when you look back at our human
history, Bitcoin was absolutely inevitable.
Satoshi was inevitable. The cypherpunks, were
inevitable, all of these people. All of these things were
absolutely inevitable based on the, the actions that were put
into motion years ago and the terrible decisions by stupid,
power-hungry humans. Anyways, I would I would even
say I wouldn't even say that it's necessarily a terrible
decisions. Phil, what I would say mostly is
that the incentives of the Fiat system are misaligned in the way
that that the, the central Bankers, they're just working.
They're just, they're just pursuing their own incentives.
It just happens that their own incentives hurt.
A lot of people write in are terrible decisions and are
terrible. It's but for them in the, for
that, for that, for that. For them for them.
Not it's great, right? And this is the tragedy of
Central Banking right? Is that it's a bad system if the
beauty of Bitcoin is that everybody could win?
Which is it and it's so unbelievable that when you tell
a no Corner this they're in there and freaking shock.
Anyways, cute! What are your thoughts on this?
But I think Phil put it really well when you have just
historically speaking, the way money has come and gone and with
the global standard of what money is has changed repeatedly
over time but the Banking system is flawed inherently.
I disagree with one thing that you said though, Nico where
these Bankers, they created the incentive structure that they
are playing it. They are essentially both the
players and the referees and the commissioner of the game that
you and I are playing against them on.
And at that point it's like all right dude, I might as well just
be playing against the Harlem, Globetrotters.
At that point. Like I have no chance at winning
that game. They're always like those crazy
stories, or whatever, like, Grandma bought a bunch of Apple
stock. No one knew where she hid it and
then boom. All of a sudden she dies.
And now, we're all millionaires. Sure, congratulations to those
of you who had that opportunity. My dad slept on literally all of
those stocks. At the same time, though, like
there's a second layer to this where and if you guys haven't
had a chance to check it out, check out Pete Rizzo's article
that he wrote for Forbes where he essentially breaks down.
Like there are now two classes of bitcoiners, it's goes back
now to like the older original hollers and like those It's like
a little hablar, need me code. Well we're just we just got into
this like this is not like we were buying a Bitcoin at a
dollar. Even $100, like, still kicking
myself for genuinely, not wanting to use Silk Road in
college, because my friend was like, no, you can't use dollars
like you got to go by this thing called Bitcoin.
That was, that was the moment. I said.
No not. Oh, I'm going to send illegal
drugs to myself in my college dorm.
Well, that was not my problem. My problem was like, no, I don't
want to spend more time learning about something else and Doing
all this so well. Well, about overpriced weed here
in d.c., there is there is inherently two classes of
bitcoiners at this. Present moment there are the oh
geez that are essentially the platform maximalist is as Rizzo
calls it which is they believe in the technology behind this.
They believe that everything that we interact with on the
Internet is going to end up being built on top of Bitcoin to
make it a more Equitable more evenly distributed and more
accessible form of communication and just frankly Better
internet, then there are those and I will put myself in this
category that are more the monetary Maximus.
I came into Bitcoin because I was a finance guy, my buddy kept
hounding me about Bitcoin the moment we spend time talking
about it. I was like, yo, you're
absolutely right like from a financial standpoint, like dude
we can make a ton of Fiat dollars just buying up some
Bitcoin and it's going to rip like it might not rip tomorrow
but it will. Thank my lucky stars that I was
a broke-ass assisted in Hollywood at the time because
Bitcoin just hit 19 thousand dollars.
When we have that conversation, I had no money to put in it and
if I had done it at that moment and then watched it go from like
1920 down to 3K. I would have been so turned off.
I'd be like yeah like no I'm out.
Don't even talk to me about Bitcoin.
I lost too much on it. Thank God.
I literally had to wait eight months get promoted.
And then finally got like, fairly be described as a livable
wage as a legitimate agent in Hollywood and then I was able to
start buying Bitcoin. Man.
Oh man. But you so but you skipped all
due to soak you. You haven't done a full cycle
yet. No.
So my first by was 2018. Okay, I'm now for years, okay,
I'm technically speaking for years in, you still have an
experience of their Market buddy.
Ha ha, ha. Not even that, wish that is
where your balls calcify. That is like, when, you know,
you're literally watching a like years.
And years of salary dissipate before your eyes, it is, is the
most terrible feeling I never forget.
End of 2017, early. 2018, I was like, God damn, I think I need,
I need to get Anita work. I need to go back to work and
real estate. What is this?
God damn, this sucks. I'm poor.
But yeah, then that's honestly when you start solidifying your
beliefs, right? You're just like dude, like like
yeah, the money's nice. But I I'm staying for the
freedom, I'm staying for the freedom, what, what?
What what self custody enables an individual to do is freaking
Priceless, and that's why I stayed and then ngu technology
is kind of like a side effect but I definitely going to check
out that article that that sounds really fascinating film
it, it's awesome. I want to throw one more number
of I can if I can interrupt you because like, you're absolutely
right. I haven't really lived through a
bear market, like you can call what we are on.
A technical basis, a bear Market because we have more than a 20%
decline. But the truth is and I have this
conversation just this morning with our team on bitcoin
magazine live. Like you look at the 30-day
trailing correlation between the nasdaq-100 and Bitcoin and
that's above 90% And it's been holding that level for over a
month. Now then you even expand that
out to 40 days. And now you have over a 67
percent correlation between NASDAQ 100, the best 100 tech
stocks. Stock market and then Bitcoin,
which is more or less at this point, a tech asset class that's
being traded. I still study and trading in the
public markets just because like I have that ability to and I'm
not going to not make money. I-i've been a net seller since
December and I'm waiting and watching for this Market to
really collapse in March of 2012, in the same way, it did in
March, 20, 20. But if I also buy into this idea
that right now, Now in 2022, Bitcoin trades like a tech asset
asset class. No different than the public
markets. Well, if I'm anticipating a
sell-off in this public market, I'm also going to anticipate A
Hard Sell Off in Bitcoin. I'm gonna take a little bit of
hope you. I'm here.
And my expectation is that's going to be the decoupling
that's when we finally see Bitcoin separate from the NASDAQ
and whatnot. But that's the, that's the real
bear Market that I'm waiting for.
Yeah, I, you know, I agree with that and I agree.
This enemy, in terms of I think that this still this puppy still
has, you know? And again, speculation tinfoil
hat time I still think that we have the I still think that this
cycle isn't over yet, I still think we have one last Catalyst,
one last leg up, but you know who knows?
Let's see how plays out and I completely agree and I was
actually talking to a buddy of mine who works at who still
works at Goldman. I've been trying to Orange Peel
this guy for six years so doesn't listen to me.
And one of the things that he brought up when we were talking
is hey what about the correlation between the NASDAQ
and Bitcoin? What's the deal with that?
And it's undeniable right? But I suspect that's temporary.
So I agree with your sentiment but anyways Phil it's time for
the daily fail. Brought to you by Amber app.
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Smart. Wait, stop sounds.
So we got to fails today we're going to dive into a great, a
great thread from Sam Callaghan. Okay, fellow Bitcoin, or who we
had on last week. I think should have had this
article then but anyways the first thing we're going to do
though is we're going to follow up to yesterday's fail with
these shell flew. Answer accounts that charge.
Okay, so look one of the ways you know, I'm not and again, I'm
not judging anybody. D.
Well, I am, but fuck it. It doesn't matter.
Who am I right? But look, at the end of the day,
you want to get paid to show garbage.
That's your business, right? You're the one that has to live
with yourself, that's that's totally your prerogative.
Go right ahead, okay? But in social media, I find that
like, if you if you give in to the people that are that are
calling you on your bullshit, you're gonna help them call you
on your bullshit a whole lot more.
Then you may draw some more eyes, maybe eyes that you don't
want. People that know how to dig up
data. Figure out, you know how to find
interesting pieces of information.
Anyways, so just a recap from yesterday.
Here's the, here's the, the stupid chart of the the
influencer list and what they're charging and yesterday, we
mentioned it just so happened that we mentioned, zubi.
Right, just so happens. So anyways, zubi, definitely got
shit on a lot on bitcoin Twitter yesterday.
Anyways, let's let's dive into it a little bit.
Okay, here was one of the responses to Hot or not.
Okay. As I've said several times, I
was not paid by twitch nor do I have any business partnership
with them but I see it's let's make false allegations about
zubi day. So have at it?
I've already been accused of worshiping Satan being on
Putin's payroll and being Illuminati, okay?
And here we can you know we can see you know some of some of
those rubies tweets. I've got all my sponsors.
I've turned down a lot of money over the years, right?
So that means any shit coin that I said yes to is obviously
quality because I've said no to certain People means the people.
I've said yes to this means something.
All right, here we go. We have a cringe freaking tweet
from the bsv lawyer. Jimmy new Ian, welcome to be
music to Twitch app and bsv and here's a here's a tweet that
he's retweeting from zubi, May 19 20 21 recently joined to a
chop, okay? So didn't get paid for that
either. All right, sure.
So here's here's a tweet, here's another tweet from Hot or Not
that I picked up what type of moral gymnastics.
Do you employ to tell yourself this because Essentially, right.
He doesn't think that he's done anything wrong.
Okay isn't that anything wrong? That's fine cardano, he is a
massive account right here we go Schilling nft projects, great,
boom, Schilling the Twitch app, wonderful.
Melt them to mirrors. Also also showed that as well.
Alright, so here we go, here's the original tweet from zubi.
If I've broken the law, please let me know which one because
that's Very strong accusation. And I don't take kindly to it.
As usual, none of you will even use your name nor photo online
yet. You're trying to hold everybody
else accountable. The irony is never lost on me
and the Tweet. He's retweeting just says nah,
just when you, she'll scams that you got paid for undisclosed,
it's called breaking the law and being a scumbag.
So then Adam back who does show his face and is using his real
name. Response bitcoiners tend to
prefer free. Markets to regulations.
But as you asked, and here's the SEC link.
So let's take a look at this. I don't know.
Zubi might have something to worry about the Securities and
Exchange Commission. Today announced settled charges
against professional boxer, Floyd Mayweather and music
producer. Khaled Khaled known as DJ Khaled
for failing to disclose payments.
They receive for promoting investments in icos.
These are the SE C's First cases to charge touting violations,
involving ico's, the SE c--'s orders found that Mayweather
failed to disclose promotional payments from three Ico issuers.
So Yeah buddy. You Shield a bunch of crap and
you didn't disclose that you did and the Bitcoin is called you on
it. And the worst thing that you
could have done was sit there and scream about it.
You know what, I do have to give some Applause to a lot of the
other people on that list who just sat there and just pretty
much were like, yep, that's what I do.
Fuck it, and they just went on with their lives.
This guy called all kinds of attention to it and forced
people to and force people to poke and dive in.
Anyways, Zoombies wrecked. Yeah dude, it's the Streisand
Effect right? You know when it's on the
internet, dude. You as soon as you point
something out, even if you want to point it out in a negative
light, you're still pointing it out and you're still driving
traffic to that specific topic. Whether that's an account,
whether that's, you know, anything that it is right now.
In terms of zubi, do die. If on for, he had some really
base takes that, I appreciated over the over the time.
But true, this is just. Another example of don't have
any heroes in Bitcoin. Like, that's literally another
example of that, it's unfortunate, you know that he's
taking, you know, the shit coin payments.
But dude, look, we're Libertarians at heart dude.
If that's what you want to do, go for it.
That's fine. Right?
But only its but don't own it. But own it.
You can't have your cake and eat it too.
Right. You can't have your cake and eat
it too. And I know.
Q knows this, right? It is Stream, Lee hard to grow
on YouTube and to grow into whatever Bitcoin only and
keeping your soul without talking about price and certain
little buzz words, every single video is extremely hard to get
people's attention right. So dude, like I don't blame him,
right? The the shit coins are so
enticing than terms of the money, right?
But Bill's right, see pay the bills crazy.
Dude, I would rather keep my soul but that's just me.
Yeah, you do you. I do me.
We could all be friends. Right?
Anyways. Q.
What are your thoughts on this? I'm going to preface by saying,
like I spent so much time with Zoo be at the Bitcoin
conference. I view this guy's a friend, like
a genuinely enjoy, and appreciate his perspective on
just the world in general, you're both absolutely right.
You are entitled in this world especially in a free market,
free market to make money how you see, fit, they're scumbags
who own private prisons, all over this country and they make
money off of that. There's a very interesting, I
think. Station on Ft stuff.
Where, you know, like I think you guys would agree with me.
Most nft is right now are not valuable.
You could probably make some quick money here.
They're like buying one selling it real quick.
Boom. Oh, I made a couple Grand doing
this, like, cool. All you're really doing is just
passing the bag onto the next person, because inevitably bags
gonna drop, but the truth is, it's no different than, like,
when I trade a stock, I'm not really selling a stock because
I'm like, oh, this is going to keep going up.
But so, like you could it's your turn to Make some money.
It's like no, I'm selling it to you because if I'm doing my
calculations right, like you're probably gonna lose money behind
this stock. So go for it.
There's a second layer to this and y'all might not like my take
on this but like rip me apart for it.
And if he's the technology behind it, are here to stay how
it's being used today. That that's right.
Click save like move on. Like I don't give a damn about
your digital artwork best examples.
Right now are both in the Sports World and in music and I'll get
to music because it relates back to zubi.
But this season there were two sections in the I used to work
there when it's called Verizon Center, I refuse to look up what
it's called now, but the DC stadium that hosts.
The capitals Wizard, and the Wizards, and their WNBA team.
They and two sections this year exclusively to sell tickets is
mfds. Because now, the team can
collect money off of the secondary and tertiary Market
ticket sales, that never existed before you have Dynamic pricing,
that moves the price up based on who's coming into town, or what
players are playing or who the starting, pitcher that exist all
across Sports by the end of this decade.
It You will be able to get real Baseline ticket prices because
these teams will find new revenue streams in the secondary
markets because of these smart contracts.
The same is going to happen in the music industry.
I think this is where the juubi of it all kind of fits in.
I think he is genuinely curious at exploring how he can use
blockchain technology at large within his music career.
Keep in mind, this guy is an independent music rapper artists
entrepreneurs, so that element of it I think is what made him
curious. But like unfortunately he just
you went down the wrong Rabbit Hole, I personally like I'm
floored in a little bit like aghast at the way.
He's been reacting. Attacking people call them on
what they look like and what not like dude you got got, take your
lumps and then move on. Let the next news cycle, new
story, pick it up. He Fanning the Flames a little
bit with this and I really nothing but love and respect for
the man. I wish you did differently but
like, dude, this is this is why you're becoming friends with bit
corners and Like talk to all of us, more get to know what this
technology really can do, because I think ultimately with
what, he preaches as his values in the way he sees the world and
the things that he wants to see done like Bitcoin solves those
problems. This is a man who travels across
countries and literally can't open a bank account because he
doesn't have a credit line in his home country.
Like what, what solves that problem, Bitcoin solves that
problem. You know, what does he cardano
bro? It just does it.
Yeah you know you know it really is gonna happen.
With all that cardano stack that someone like gifted you for
free, the speculative that there's no substitute
substantives proof of that happening but these bullshit
shit coins are just pre mind to a point where literally Audrey
be every time you get listed on coinbase, every time you get
lists on some of these larger platforms like a Robin Hood.
The chart, literally just goes straight down.
Why do you think that happens? Because all you fucking big bag
holders, start selling to the unsuspecting.
People who don't know any better because we look up to you, we
appreciate what you say, your words have meaning impact and
influence, even those us plebs here, the fact that you're
listening to us talking like we understand recognize the Merit
and value. And what our words, say, I think
It's going to be a very interesting shift over these
next few years. I think, if all of these shit
coins were really marked as Securities.
I know what I'm essentially alluding to and saying like
let's bring in some regulation over this industry at large and
start calling security Securities Aisha corners and
should coins are securities that changes the game.
Then all of a sudden you're not really going to be tweeting
about cardano. You're not going to see Elon
Musk tweeting about those. You're not going to see a nephew
projects getting shield in the way that They are getting
shelled now. Well, that, and that's the big.
That's the big Crux of it, right?
And look going back to the whole thing.
Listen, your nft could be launched on top of Bitcoin.
Like, if you want, if you're into that and I'm totally for
that. But we're against is this?
It's not, it's not that we're against it, we just call it out.
You can do whatever your heart desires, but it's like you are
launching an NF t on an inferior chain.
Because that inferior attain gives you more power through
marketing and through the celebrity endorsements to be
able to dump on unsuspecting bad coulter's, right?
It's a lot more boring to build on top of Bitcoin than it is to
build on the next great Solana, etc, etc.
So, you know, I think it's, you know it perhaps a lot of the you
know the the maximalist like ourselves.
Perhaps we don't freeze it right?
It's not necessarily that we were Hence, these Technologies
is that they could be built on bitcoin and they will be better
if they're built on bitcoin because Bitcoin is the most
secure base layer of all time by far Phil.
So yeah, we've--. Yeah.
We've-- said this, we've actually said this before I
appreciate your take about nft, he's definitely, the technology
is not going away. There's nothing wrong with that
technology. In any way, shape, or form, the
issue is the marketing and the disingenuous messaging.
Oh, okay. When people look at this
technology and think that it needs to be quote unquote money,
okay? Like I have no problem with what
they're doing with these secondary markets and the ticket
sales and creating you know, dynamic dynamic pricing, and all
that, that's fantastic. But none of that needs to have
its own token, in order to perform its function as a smart
contract or in a secondary market like I'm sorry, the token
is completely separate. And the problem is, is that the
what we've seen right now, Current application of n FTS is
that they've given people this false notion number one that
they own the, the attached jpeg or image or whatever it is that
is being claimed to be the nft. That's, that's the first problem
in the second problem is that it's pitched as an investment.
So you know what I mean? Like look what people don't
understand is why do you think baseball cards?
Why do you think a Honus Wagner rookie card?
Like I brought this up before but like what?
You think it's so expensive, right?
It's not like like he was like the best player necessarily just
a very rare card and it's very much desired, you know, like
that's what happens with a lot of these things.
Like, my parents are boomers, they had cards in the 1950s,
right? The only reason those cards.
One of the main reasons, those cards became incredibly valuable
is the desirability because of the Nostalgia, number one, and
number two, the Rarity because most of those cards were used to
play a stupid game, a really fun game, called Topsy's, okay?
Where they would sit there and throw cards against the wall,
instantly making them on manse. Okay.
And then if the card fell on top of the other one you keep both
of them but who cares. They're not even meant anyways.
So my point is is that mfds okay though it's exactly what you
said it is the application that is incorrect and it's
disingenuous messaging. So they're screwing their
fleecing people out of their money and if any bills that's
the big problem and it's built on top of fucking Bitcoin, if
it's Builders know, I'm a big boy, I'm a big fucking fan.
If it's built on top of Bitcoin, it's not built on top of
Bitcoin, you're literally building on something that is
less secure because you want to pump your own bags, right?
Which is instance ears. Fuck anyways.
Phil what's the next fail? Do we have time for the next
fail. I think we went a little bit,
don't get me wrong. We might have to save it for the
for the next episode 10. It's 10 points from Sam
Callaghan and their killer but this was this was an awesome
Rim. Yeah.
And dude Q we fucking love your responses manner.
Yeah, we're pick one. It would be kind of you know,
contrarians is be like no, we don't Your opinions, bro.
Fuck you, you know, like, you'd be surprised at how many
Bitcoins who literally say not fuck, you know, because I really
have to think about it, right? Like if you like and we have,
unfortunately, we have taken the time because we've gone through
the nft frickin circus a million times and we have come to the
conclusion. We're like okay this Tech is
okay but it's the fucking bullshit.
That's all around it. That is the problem and it
shouldn't be built on aetherium. I think I think this is a really
interesting one laughs. I think we have one.
One. Good thing to talk about in
terms of Q you you you know, you maybe prefer government
regulation. I'm from the libertarian
perspective. I think I agree with you, dude.
It's like, they're so rampant in the scams but we have to figure
out how to do it without the heavy hand of government.
That's my opinion fil. How do you feel about it or do
you go, go ahead? No, no, Phil, Phil go.
I'm going to be quick. Anyways, I complete.
I completely agree. I'm also of the, you know, of
the mind that it can Be done without government intervention.
I think the big issue is that nobody really has taken the time
to attempt it. I think that that's the big
issue. Everybody automatically goes for
the crutch, you know? And that's okay again, right?
This is this is part of being humans.
This is part of us learning, right?
We have to fail, right? We we don't learn by getting
everything perfectly right away. Otherwise what the hell?
You know, we wouldn't be here. Yeah, maybe we quick closing it.
I don't disagree. I don't look for the government
to be like my savior. Like come save the day, but
given the system that we are in and the rules that we have to
play by based on that, that's the best sort of scenario to
help. I think ourselves, as well as
the people at large, because it can also help us separate
Bitcoin from crypto. Yes.
Yes, okay, fair enough. Hey, good, good points.
This is what it's all about. Anyways, Phil it's time for the
daily meme review, brought to you, by Citadel 21, they are the
best Bitcoin, cultures, Enid stories, articles, By bitcoiners
and they're scarce. There's only 1000 copies made
per volume. Get your physical print of
Citadel 21 today before it runs out.
This is volume 10. This is volume 11.
Got a belt Citadel 21.com. I don't know, I kind of think
this is the magazine everyone needs and wants and should have
all right, cut it cut it. That's not going to make it in
the show we're taking that out. Anyways, moving on to the meme
review. All right everybody we had some
some some things It happens that weren't planned for, but it's
okay. It's okay.
Yeah, Phil Phil loud, the guests to speak for some reason.
Anyways, moving on first beam, is brought To Us by or well and
good Millennials. Come on collapse.
BlackRock no, dude, I'm fucked up for anyone who doesn't know.
BlackRock essentially, is this in.
So institution that literally owns a piece of every single
company in the existence of mankind and they just started
purchasing single hint family homes in the US and their
outbidding first-time homebuyers.
Like it's so fucked up, right? Anyways, so yeah.
Great freaking meme net. And by the way, Bitcoin actually
does fix this next one. Moving on to Jose.
I love this template. If a theorem is a To shift to
proof of work. So could Bitcoin no mining can
make productive. Use of surplus energy from Hydro
wind and solar plants excess energy.
Could be diverted to other markets hydrogen production
could take excess energy. There is no excess energy, what
the fuck, dude, it's very deep, very deep, very deep and, and
you know what, I've actually had that moment myself, so I could
relate anyways. Next one, it's by Adam Koch.
Yecch, you got 1400 dollars in inflation, the Predator class
got billions a country that cannot be named a virus that
could not be named basically distractions and excuses for the
risk to use government. To get richer at the expense of
everyone else. That is 100% true.
Let's print a bat a bag billion dollars inflation runs at 10%
fucking Vladimir Putin. Ha ha ha.
Oh The Boy The Boy. Is in the house.
All right, who did this fucking whining to the right?
Yeah. Well, this is great template
Tuesday. We give me a plate.
You make the me magic, I present to you Niko plus potato.
That was awesome. Fucking hilarious.
Thanks guys. I appreciate the love and
support. No, don't take off the pole
Mass. We're almost at the ratings.
Okay, next one is by Richmond, dezso bike.
Coin at bottom prices buying lottery tickets with one in 88.
It's so true. So true.
It's so true. You are lots of being hit by
lightning three times in a day than you do of winning the
lottery. Last but not least Bitcoin,
Central bank's authoritarian governments.
It's so true cuz that's actually about her reacting with their
responses. Anyways, Q, I'm gonna pass it on
to you. What would you give that Meme?
The last one we just saw all of them, all of them.
It's all all the cars. The visually or altogether
honestly that those memes are just going to start a bull run
for Bitcoin at that point. Oh my God, I was laughing so
hard at those obviously, my favorite one was Potato Head.
Ha ha ha. Oh man, are you calling me a
potato? But no, just kidding.
Phil ready potato, those all the potatoes, Phil, would you give
those memes? All right, look, those memes
made me extremely bullish and for that, I am giving it this, I
am orange pilled sticker, I don't remember.
Brr where I got it from at the conference but it was an awesome
booth. And I took as many as I could
because he'll I feel really likes free stuff for those
memes. I'm going to give it because
we're in a Zine were right now. The best Bitcoin cultural Zine.
It's still. It's still 21 and the Q.
What he s best Bitcoin magazine out there This is the best
cultural Z-Best culture of zine right here.
Okay. Anyways, you guys get the point
isn't gonna end well, we're on this, we're on the same team but
the infighting safety, but fuck you.
Anyways, guys, we want to know. Of course, if you agree with our
scores, you disagree, let us know down in the comments
section. Of course, make sure to join our
telegram group. So you can link us, some dank
dank dank Bitcoin, memes to review, And subscribe to us on
alternative video platforms. Like, Rumble.com.
And our personal favorite Bitcoin tv.com.
They don't censor their because Bitcoin TV kind of be
paradoxical of Bitcoin TV censored, wasn't it?
Mmm. Anyways, Phil it's time for the
Daily News brought to you by crypto.
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So I'm gonna go back to this last meme, right?
Of these dudes, kind of freaking out, right?
This is just government's response is responses to it and
I think this article really highlights it and it highlights
essentially what the problem is, when the incentives are
misaligned and I'll get to that in a second.
So Bank of England, Taps banks for funds to increase scrutiny.
Of crypto assets. Think about what that just set.
The bank of England is asking Banks to pay for the compliance
Department of Bitcoin and she coins Talk about misaligned
incentives. Anyways, the Prudential
regulator regulation Authority, which is part of the bank of
England is planning to raise 321 million pounds from the firm's
it regulates for the for the year.
Through February 20 23, that's an increase of 8% on the
previous year. The bank of England is pushing
for the role of regulators to be expanded on crypto.
It sounds like they're using Crypto in Bitcoin, as of, as of
reason, as an excuse to raise more money from the people that
they're supposedly regulating. I just think that this is a
perfect example of the misaligned incentives of the
Fiat system. This is total clown World
garbage. The regulator levied 297 million
pounds from its regulated firms and 12 months to February 20 22,
24 million. Pounds lower than its current
Target. Do you know how insane that
sounds dude? Am I reading this correctly?
Is it because a pleb has a Bloomberg subscription and he's
reading this and it's like, what the fuck?
They think of you as tax cattle? That's honestly, that's why I'm
reading that dude. And I'm just like, okay, but
what is stopping this regulatory Authority from saying that more
crimes are being committed so that their budget is increased
even more and Is the scapegoat always Bitcoin.
Why? It's like the ugly kid in the
class. For that always gets picked odd.
Why is Bitcoin that person? It's always it's like it's like
dude, the terrible situation in Ukraine.
It's Bitcoins fault. Like what the fuck is going on,
man? Anyways, film thoughts.
Yeah, they found a great excuse for everything.
Every incompetence, every ridiculous stupid Idea that they
want to throw out into the public now.
Hey, listen. We need to stop Bitcoin.
We need to stop the illicit activities.
We need, we need to fix the planet, right?
And we definitely need to fix sexism by by regulating Bitcoin
out. Really what I want to say about
this is that if you pay attention, Okay?
A lot of these businesses, right?
Especially the banking business like notice how the average
person can open a bank, right? Like I mean look if you have
millions of dollars hundreds of millions of dollars, why can't
you just In a bank and decide to give out loans to people, you
have to go through a lot. And don't get me wrong.
Yes, to a certain extent, you can do this with enough
regulatory hurdles but that's exactly what this does, right?
Every single time. These agencies, raise the amount
of money that has to be paid. In order to enforce these
regulations, it continues to raise the moat, the regulatory,
motiva higher and higher making it even more, I guess you'd say,
even more of a Hatched Ivory Tower so to speak.
And it just creates these entities that are seemingly
untouchable. Anyway, that that stuff.
But that's what I see. It's the regulatory moat that
you're describing fill a exactly spot-on, man.
Anyways, Q thoughts on this look it's there are a couple things
here by initialize. You were explaining in my first
thought when 20 this sounds exactly.
Like when the wine companies paid for the study that came out
with the results. Saying a glass of red wine is
actually good for your heart health.
It's like, okay, cool. Like you actually gave me just
like shitty Stan one subset of a larger scale, but as you like
kind of expanded out and really think about this.
Every single country is a corporation, the government that
that that operates in that country is sort of the board,
the executives or whatever. And the citizens are the clients
and our tax dollars are their revenue.
So that's all they're doing. They're just figuring out a
different Revenue stream any way they can and when you start to
realize like wait a minute going back to what we talked about.
Earlier, the people who make the rules, dictate how they're going
to go out and follow up and execute.
These rules are also the ones who benefit from sad rules.
It's no wonder why in this country at least like you're
never going to see term limit because the people who get to
make that decision or the ones, who are going to impose that
restriction on themselves. It's why you're never going to
see a salary for congress, go down because it's them who
decide what their salary is? No different than this example.
Where you have the bank of England, literally making the
determination Based on the money that they are going to receive
as a result of the study that they want to then produce.
Yeah, like, like Nico to answer your question that was
rhetorical nothing is going to stop them from turning around
say, actually, no, you know, we need a, let's crank this budget
up a little bit. You need to give us more money
to go and execute this. Meanwhile, what's really going
on? It's two guys in the back.
Cubicle playing Minesweeper with each other their boss like you
know you have that report done? No need an extension.
Cool. Yeah.
Another five million dollars for us.
Anyways, yeah, I wasn't freaking matter and a pension I million
dollars and a pension, right? But yeah, no, I think you hit
the nail on the head and the incentives are always going to
be misaligned as long as state and money are in cahoots.
Like that's just a reality of it, right?
It shouldn't be. That the power of the United
States is centered around Washington.
D.c. that? That that shouldn't be.
It that it's not a productive City.
What do they do? It's just a bunch of bureaucrats
right and Bitcoin is our only hope to fix this and I think
that a lot of shit coins give that illusion but because
they're not sufficiently decentralized, they won't be
able to survive the onslaught. Now guys I picked up on some
very very very good signal today.
We reported on this when it came out right so just to give you a
recap right Exxon huge oil and gas company right is mining
Bitcoin in North Dakota very big Deal.
Right? And but check this out, this is
what I noticed, right? The devil's in the details,
ExxonMobil has been working with denver-based Crusoe Energy
Systems to mine Bitcoin in North Dakota.
Flared gas, Bitcoin, mining Pioneer, kurisu Energy raises
505 million dollars, and this came out by you guys, by the
way. So Q six hours ago, what does
that mean? That means that their little
experiment is paying off. So yeah, just connect the dots
right? They wouldn't be able to raise
half a billion dollars if You know, they're their pilot
program, right? And for anyone who doesn't know,
I have to give a little bit more context.
Essentially, some really smart bitcoiners have figured out how
to turn that excess, flared gas. That is usually gets vented out
into the atmosphere that methane and they turn that into energy,
and they turned that into Bitcoin.
Why? Because it's very hard to
transport electricity over long distances, and it's actually
very difficult to transport gas, right?
So, it's a lot easier to just vent it out.
But now, Bitcoin has given stranded energy sources all
around the world value, which goes back to something that
we've been just beating the drum on the show every single Oil,
and Gas and energy. Company is going to end up
becoming a Bitcoin miner. It's inevitable.
And this news today that the company that Exxon Mobil used
raised, half a billion dollars is more evidence.
That I suspect that this is the this is where it's going
watching. The game theory of Bitcoin.
Play out is absolutely fascinating and I think we're
all privileged to live through a time like this Q.
What are your thoughts? There are two scenarios you
describe one which is all of these oil and gas companies
owning some sort of Bitcoin mining.
There's a second scenario that I think this half-a-billion-dollar
sort of investment into a pure Bitcoin mining.
Company kind of alludes to which is the Bitcoin miners, turn
around and go and buy the traditional oil and gas
companies. Today's a certain point.
Look at look at Marathon for example.
How much Bitcoin are they just sitting on their mining Bitcoin
if they don't sell any of it, I believe.
The last count I saw was something to the tune of 10,000,
10,000 Bitcoin. All right, let's say they finish
out with 25,000 in total but we're looking at a bitcoin price
of well above six. Yours.
Well let me tell you those billion-plus dollars.
All of a sudden that they're just sitting on their reserves.
A lot of their money is going to be spent in that process of
getting the 25,000 Bitcoin on energy costs.
Well, how do you control the cost of energy?
You control the energy. So all of a sudden it's going to
be on on these Bitcoin mining companies more specifically
those in the public markets because they're going to be
incentivized. Hey we need to create sort of a
an opportunity for our investors.
We need to separate from the broader Bitcoin mining Please
you're going to look. I'm going to pull up this clip
it gears from now Marathon Riot. Potentially even companies like
Hut core scientific they're going to end up owning Exxon
shell some some parts or facets of these businesses because then
they in turn can control how much they have to pay for the
energy, they're using to mine Bitcoin and then all of a sudden
it's wait a minute. Now our energy costs got went
down. We're still mining Bitcoin
Bitcoin is Bitcoin. Mining is so profitable and it's
even more because Margin has expanded.
Boom, this has happened before in different Industries.
You watch tobacco, go and eat up all other Vice type companies,
we'd watch Hollywood, my old industry, get eaten up by the
biggest industry at its time during each generation because
hey we want to control the messaging that goes out.
So let's control these companies that send out said messaging
it's the same thing over and over just in a different
industry. The oil Gas Energy industry as a
whole has a clock on it. It right now, dude, Q, it's
very, very, very early. I very rarely find myself in a
position where I hear something from a guest that I have not
thought of or I have not heard of before or heard from someone
else. And that's the first time
someone has ever, you know, pointed that out to me, and it's
so freakin obvious, right? So, yeah, man, absolutely blew
my mind there, right? Did the whole Nico give thing
from, you know, From Twitter. Phil what are your thoughts on
this? Are your mind blown just as yeah
me, bro, I was just going to say, as, as Q is blowing, my
mind. He's in his hair.
His hair was expanding. His hair was getting bigger and
laser eyes started to come out like yours.
Like It's like you don't understand what the rate is not
the oil companies that will my thick Point later.
It's the miners that will buy the oil companies as he saying
that. I'm thinking of I'm thinking of
poor helpless until you know with with their the and they're
making miners, right? I'm like okay you know like as
he's you know as you're explaining this Q I'm like okay
so what happens to these guys because look let's be honest
right? Sure there's a lot of money in
Bitcoins as a lot of money. The miners and everything like
that, but these companies right companies like, Exxon, Mobil,
and stuff like that. They've got billions of dollars.
They've got War chests, Intel, War chests.
Okay. So nothing is going to when they
see how much money that they can make, right, like putting
putting the miners aside, right? Letting the letting the oil and
gas companies run freely right when they, when they start to
realize, how much how much profit they can make from mining
Bitcoin, their next step is going to be to figure out how
they can make it all cost less. So they They are quickly going
to turn to Intel and whoever else came on board because I
believe AMD is going to join the party and start to offer minors
at some point in the in the near future.
When do they go to those companies and say, alright, you
need to make these chips a lot cheaper.
You need to figure out how to make them all cost less, how to
weigh less. There's something that people
don't understand about about engineering, or most people
don't would, it's something called value-added engine or
value-added engineering. Okay.
And essentially what happens is that every cycle of Hardware
that you create okay, every single time you create a device,
you have to use the the point of the value-added engineering is
to make things cheaper and cheaper, make them cost less and
less. Now don't get me wrong in a Fiat
world, it's been working fantastically trying to keep
profits afloat, right? For a lot of companies.
But when you have these oil companies that are spending
millions of dollars on mining equipment, They're gonna want a
solution and these companies like Intel, like AMD, I believe,
like in the video is eventually going to join.
They are going to, they are going to come to the party and
don't get me wrong. I would be very surprised but
also kind of like wow that maybe oil companies start buying out
chip manufacturers serious. Like we as the cannibalism that
can occur in all these different Industries because we've never
had Bitcoin. We've never had Something like
sure people use computers in those Industries but they're not
using chips in the same way to make them money in the same way.
So this changes the Dynamics anyways dude if I can feel I can
pour some gas. Absolutely.
I'll pour it on bro. Pour the gas because you're
absolutely right but I'll take it a little step further right
now. You have every single Miner
talking about. We're going to get to a hash
rate of over 300 by this year based on projections of when
they're going to receive new Miners And when they're going to
roll out, Out. However, and shout out to my
boy, Sam rule, who's part of our Bitcoin magazine protein, if
you're not subscribed, check it out because their analysis is so
spot-on. On some of this stuff, dude, the
supply chain issues exist across the board for food for cars for
technology that also includes Bitcoin technology that includes
Bitcoin miners that specifically includes those hardship, hard
drive chips that Intel's trying to build out an Nvidia builds
out. So watch as all of a sudden some
of these companies don't get enough miners this year and
These decals and started get kicked a little bit in The Shins
on their stock price. Well, what happens?
I'll tell you what happens until this is a small subset of their
broader business. They don't give a flying rat's
ass if they participate what they're trying to do.
Let's build it enough and we have like we have the designs.
We have the models like you want to just buy this branch of our
company from us for 100. Yep two hundred million dollars
boom. And then all of a sudden no
watch watch. These Bitcoin miners turn into
Amazon, blonde streaks. Will their supply chain from
start to finish 100%, dude, block stream acquired, you know,
spawn Doodles. Or I can't still can't pronounce
that name right track. Doris.
He's getting Mondelez, maybe Jack Dorsey, right?
Buys, that's it. Dude, cute spot on spot about
guys, we're running out of time so I'm not going to be able to
cover essentially the developing story.
We were actually one of the first to tell what was going to
happen yesterday when The US Treasury announced the sanctions
against Russian miners, I correctly assumed that this was
going to affect Compass mining. Luckily.
Before the episodes release, I was able to get a comment from
wit Gibbs. The CEO of compass mining, he
did release an official statement.
I wanted to go over that today and what the implications of it
are, but we ran out of time, unfortunately.
But we'll get to it tomorrow. But anyways, Phil there was an
open source software release today.
Why do you tell everybody about it software releases brought to
you by Seifer safe, check them out.
Cipher safe dot IO guys. I've been harping on the fact
that you can burn paper. Not only that somebody could
feasibly wipe their ass with the paper, be careful.
Okay. This is why you need to store
your seed in steel. You kind of wipe your ass with
the Cipher wheel and you can't do it with the cipher grid.
They both come with a tamper-resistant wire but the
grid comes with a punch tool. All right we've got Specter
desktop version 1.9 dot 0 that was Least it's down below in the
show notes guys, don't forget to check us out on our Audio, Only
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Awesome. Thank you for.
All right, guys. Before we go, I want to give a
very special shout-out to her awesome clothing.
Sponsor represent represent LTD.com they just came out with
Bitcoin merch to it, just dropped.
It's coming in the mail. I'll soon be able to show it.
It off and I also want to give a very special guest to the
legendary Q. You'll get more follow at Q
underscore like the letter. I believe I actually read that
he is he is the host of Bitcoin magazine live death guys.
Definitely check it out. If you're probably if you're
subscribed to channel your polish subscribe to that channel
Q. Awesome to have you on the show
guys if you enjoyed the show you know what to do smashed.
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