Yep, welcome to another episode of Simply Bitcoin.
Like, I've been telling you guys, we are transitioning the
show to a live show. So, because it's live, you're
going to see a lot of mistakes, but at least you get the
authenticity. Today, we're going to talk about
a very interesting topic, Michael sailor.
Obviously, if you guys haven't been living under a rock,
Michael sailor CEO of microstrategy, step down as CEO
so we're going to Some articles are going to check out some
sweets. We're going to talk about the
significance of it. It noise.
Is it signal? What?
We'll get to it in a little bit. But first, only very special
hello to Simply Bitcoins. Co-hosts legendary Optimus
fields. That has strange Twitter handle
of my live in truth. I don't know if one has to do
with the other but hey, I'm digging it.
I'm digging it. It's my life philosophy Niko.
It's My Life philosophy. What's up everyone?
My hair is a little messed up. Up today, I didn't take the BTC
sessions hair, you know, control this morning, but we are here,
and we're going to give you guys a show.
So, shout-out to you guys listening.
Shout out to everyone in the chat.
This is going to be an awesome day.
Let's get into it. And how are ya?
How are ya? And to say, hi to some people
that are already in the chat. Are you doing bacon?
How you doing? Lucky happy to have you and of
course Becca how you doing. Good morning Becca.
Anyways let's get to the Shall we?
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All right at the time of this recording the Bitcoin prices at
In 290 Sasser, dollar 4290 for Bitcoin block height or block
height, 747 thousand, eight hundred and twenty-five
reachable Bitcoin notes. Why'd you do that Opti?
They like that view better. That's they like how many on
YouTube. Yeah, they like that.
Any better? What about this one?
Boom, boom. Tell us in the chat which one
you like better? Guys screen is smaller.
But all right, so Seven hundred forty seven thousand, 829
reachable Bitcoin, nodes 13,000 973 percentage issued, 91%
blocks, the having 92175 having estimate April 19-20, 24, total,
lightning network capacity. 1312 Bitcoin, that's around 30
million. U.s. dollars hash rate over the
last 90 days, or After 209 X hashes and the annual mining
Revenue Bitcoins firewall kind of fourteen point three billion
dollars. So anyway, good numbers overall
today guys. Usually I play some video during
the number section, but we're going to double down on this
concept. And especially, I think this is,
especially useful for people that are getting into Bitcoin
and I have a lot of people that are getting to bitcoin that that
Stumble onto simply Bitcoin and they've never heard of these
Concepts. So I'm going to keep doubling
down on them, right? Bitcoin is a deflationary
currency. That means its purchasing power
increases over time. And if you compare that with
Fiat, Fiat is an inflationary currency, meaning it loses
purchasing power over time. And I think that this tweet by
documenting Bitcoin, really highlights that in 2012, a
medium. Bitcoin house is And Bitcoin in
2013, it's 19,000 Bitcoin in 2014.
It's 351 Bitcoin 2015 901 Bitcoin 2016 697, Bitcoin 2017
323 Bitcoin, Tony 18 to 24 29, 1984, Bitcoin, 2020, 46,
Bitcoin, 2020, 18 Bitcoin 20, 20 to 22 Bitcoin.
So yes some here's obviously it's not a straight line up.
It's volatile but if you zoom out it's definitely going in a
certain direction. Right?
Anyways, moving on to this visualizes it a little bit
different. Shout out to Cedric has an
awesome podcast, the Bitcoin Matrix podcast really, really
cool. I definitely recommend
subscribing to it. Anyways house priced and Bitcoin
is a good visualization in 2017 would be 125 Bitcoin.
And today it would be 20 Bitcoin even with housing prices.
Isis doubling, and last two to three years because of all the
money printing with Bitcoin. If you save over a long period
of time, things still get cheaper but it's not only hold
on. Yeah.
So it's not only that right here is a really good.
I think representation there's seven point, nine billion people
and there's only 21 million coin and that number is actually
crazy right? It's estimated that there's
between 47 thousand and sixty And millionaires all around the
world million millionaires, all around the world, but there's
only 21 million Bitcoins. Meaning if every single
millionaire all around planet Earth wanted to buy just one
Bitcoin, they physically could not write.
So anyone that says we're still early anyone that says, oh
Bitcoin is down this year. What the f is going on?
What I recommend to them is zoom out.
Take a deep breath. Zoom out don't use Bitcoin as a
speculation use Bitcoin as savings technology because that
is really where Bitcoin shines the most anyways Opti.
What are your thoughts? Well I really love that
infographics that you put because I added a similar one to
the meme review. So we are on the same frequency
but also I just want to make a quick Point, guys, that if you
own a bit Line, you are more wealthy than Fiat millionaires.
So continue to stack SATs out there guys because we say it all
the time there's only 21 million Bitcoins and you have an
opportunity to get one right now for roughly twenty three
thousand dollars. I know that's a lot for most
people but guys Bitcoin is the most scarce asset in the world
and as Nico is explaining to you guys, it's deflationary which
means your life gets cheaper on the Bitcoin standard.
This is the way this is why. Why we tell you guys to save in
Bitcoin, this is why Bitcoin is the peaceful Revolution.
It unlocks human capital and that's why we're here man, to
push that message. Let's go Niko bullish bullsh.
Anyways, see a lot of people in the chat.
They kind of want to talk about what's going on Sailor.
So I'm going to skip it if you're new to bitcoin.
If you're new to this channel, guys use the coin as a savings
technology Sailors. Absolutely right.
When he says there is no second best.
Anyways, let's get to the news Opti.
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So this just came out recently actually came out yesterday This
is the official press release than we'll get to some Nico
Jones type of, you know, perspective or opinion.
So first, Michael Cera to assume the role of executive, chairman
and phone, Lee Hong Lei to serve as CEO, or as also known as
chief executive officer. So Bloomberg article released
and it covers it you know, in very in depth.
So I'm going to read some of it. It's only a two minute article
ways microstrategy co-founder A sailor gave up his chief
executive offered officer title and said, he'll focus more on
bitcoin. After the enterprise software
maker reported a loss of more than 1 billion US Dollars.
And that's the part that I want you guys to focus on.
We're not a hope IAM Channel. We never claimed to be a ho p.m.
channel. We tried to bring you the signal
and Optics matter the way that people perceive things matter.
Okay. So I'm going to that last part.
After the enterprise software maker, reported a loss of more
than 1 billion dollars. And that's when Michael sailor
step down, anyways, microstrategy president Fang Li
will take on the executive, the chief executive role.
As Global adoption of digital assets accelerates is becoming
an Ever more expensive job and I'm comfortable increasing the
scope of my advocacy efforts know, knowing that the execution
of micro strategies business plan rest in the capable hands
of phone. Now, Here's the thing guys, is
that a positive spin? Because obviously Michael sailor
isn't going to talk about, you know, his company in a negative
light because that obviously would affect stockholders.
I'll be honest with you guys. I kind of had a feeling about
this and if you see the episode that I did, it's the interview
series of Simply Bitcoin and I recorded it with James lavish,
Jeff Foss and Jo, Jeff Ross, I was looking at microstrategy
stock place. In fact, I think I pulled it up
on the show and I asked James lavish, is Michael sailor and
trouble here. And I remember what James said.
He basically told me he's like, look, he's been very public
about his strategy. So, anybody buying the
microstrategy stock would know what?
Exactly they're getting themselves into.
I'm not saying it's correlated the poor performance of
microstrategy, obviously the whole macro.
Iron Man is not that great either, right?
You know, the FED did taper off the money printer and obviously
that's going to affect asset prices.
Anyways, microstrategy took a nine hundred and Seventeen
million dollar impairment charge related to the decline in the
value of the Bitcoin, it holds Bitcoin, tumbled, 59% in the
quarter and treated about 45 percent lower than the price.
At the end of the year earlier Revenue dropped to 22 million
dollars analysts polled by Bloomberg expect did Revenue.
123 million revenue is actually down compared to what analysts
predicted next quarterly losses of 1.06.
Two billion dollars compared with a loss of 299 million in
the same quarter of last year. The quarterly law is almost
exactly twice the company's Revenue in the last 12 months.
I'm gonna read that again. The quarterly loss is almost
exactly. Twice, the company's Revenue in
the last 12 months, microstrategy's original
microstrategy's, original strategy, a strategy strategy,
there we go. Sorry, my tongue got cut up and
Consulting business needs. Full-time.
Attention said Henry, Elder head of decentralized as Finance at
way Financial rephrase, that head of centralized shit coin
Finance at way Financial anyways.
Now, Michael can focus on what he does.
Best promoting Bitcoin and the company could Focus on making
more money to buy more Bitcoin. They are basically doubling
down. I like that perspective.
It's an optimistic perspective but I'll say this guy's Michael
Cera, made his bet. There is no pulling back so he
has no other option but to move forward and I'll say one other
thing. And I tweeted this, when we had
the initial price going down in Bitcoin, everyone has to pay
their dues at the end of the day.
Michael sailor, even though he has a lot more.
Capital to invest Opti and I we've been in Bitcoin longer.
We've paid our dues, we've survived the bear Market.
I got in 2016, I think Opti got in 2017.
Sailor got in 2020, right? So he's just starting to pay his
dues. And what I tell everybody is you
got to survive a full cycle, a full cycle, and Bitcoin roughly.
There's a having every four years, you survived a full
cycle, then you start to feel the benefits regardless of when
you got in, right? So, So yeah, Michael Taylor is
still paying his dues and that's why he's down on his Bitcoin
investment, but the reason it is, there's so much noise around
this is because the amount of money he was able to put into
Bitcoin and on top of the loans that he was able to successfully
leveraged his, his his company to get more loans, right to, you
know, to have more purchasing power to buy even more Bitcoin,
right? That's why it made such a big
boom. It made it made, it was it was,
it was headline news but at the end of the day, you guys have to
understand something. Michael sailor and El Salvador
and nine buchelli are still paying their dues.
Both those guys are going to look like absolute genius has
four years from now. Well, they really have two three
years left, right? They're going to look like studs
and I think that's when you're really going to start to see
other public companies, go in, perhaps you'll start to see
other nations, right? Start putting On the balance
sheet, start making it legal tender but right now they look
stupid and the reason they look stupid.
Remember when you first started your Bitcoin Journey, unless you
timed it. Exactly right.
That's not most people, you look stupid, whether that was to your
girlfriend, whether that was to your family, they are still
paying their dues. And that's all right.
Anyways, as of June 30th, the carrying value of the company's
129,000 699 Bitcoins was was, did he do that 699 on?
Is that's funny. What?
One point nine, eighty eight billion, the company said
reflecting the cumulative impairment loss of one point,
nine eight, nine billion. The cumulative amount is now
more than Bitcoin on the company's balance sheet, so
Very, very tough article by Bloomberg.
Anyways, let's, I'm not going to give it one side, obviously.
I'm going to, you know, be neutral here and try to cover
both perspectives. This is Sailors tweet by the
way, he's right on. This says, since adopting a
Bitcoin strategy microstrategy has out performed every asset
class and big Tech stock, and here's a really good
visualization that sailor posted said, since microstrategy
adopted a Bitcoin strategy. Its Enterprise Value is up
seven. Nerd and 30% and microstrategy
is up, 130 and sorry. 123 percent performance of Bitcoin
is 94% sp5, S&P 500, 23% NASDAQ 13 percent gold down, 13% bonds
down 14% so in a way his strategy seems to be working but
anyways here is George come on he's a pretty big YouTuber I
think is like 400,000 subscribers.
And I really had the same initial reaction.
The reason for that. Is this the Sailor stepping down
as CEO? I was questioning it leading up
to this. I was like dude like he
technically put his company in a pickle with this Bitcoin bet and
because it is a public company. Perhaps there's a lot of
pressure and I think George asked a really good question.
He says, how does buying more Bitcoin require Focus?
Right? And he's questioning the
Bitcoin. In shout out to our friends at
Bitcoin mag, the Bitcoin magazine tweet that says,
microstrategy's, new CEO said that they won't be selling
Bitcoin micro. Sally Michaels sailor is now
focusing a company accumulating more Bitcoin, well done.
And George says, particularly something that I asked like,
wasn't he doing that? Anyways, and then he goes on to
say, just went over this quarter's numbers, I'm no
accountant. But my spit coin looks like the
business basically broke even has 60 million in cash.
And Debt Service payment of 13 million quarterly.
If I owned this business, this would make me very uneasy.
Did anyone else review the numbers?
Look at gross profit versus Opex - Bitcoin paper loss business
made no money to service debt. If that continues The Debt
Service will be paid from cash, but the 69 million won't last
long. Not sure how it plays out.
If they have to start selling Bitcoin to cover expenses, you
never look, I might not have billions of dollars like Michael
sailor, but Tell you something. Once you start selling Bitcoin
to cover expenses it's terrible freaking feeling.
You never want to be put in that position.
So obviously for our audio listeners, George has a really
great screenshot and he, you know, he covers the breakdown of
the numbers. So, if you're listening to the
video, you can see it. If you're listening to the audio
version, we always put the, you know, the our sources down the
lens description. But from what I'm seeing, I
think George is right. And again at the end of the day,
microstrategy is a public company so they have to be
transparent with their numbers. Now all that being said, let me
address the title of the video. Does this affect Bitcoin if
you're hot Oiler? Absolutely not honey.
Patrick does not care. Could it affect Bitcoin in the
term terms of price? Absolutely, especially if this
downturn isn't done yet, especially if we visit the 1514,
Scene, 12 K region again, definitely more pressure
mounting up on him. We know that he lowered down his
Margin Call. But look at the end of the day,
like all of us, bitcoiners we go all-in, right?
I've been all in for a very long time.
Now, Opti is to, we burnt, the ship's, there is no turning
back, Michael sailor, did just that and he put his company's
future behind the future of Bitcoin him stepping down.
Down at this time, looks very bad.
On an from an optic perspective and will this affect the price
look? If Michael, if microstrategy
capitulates get ready to stack some cheap SATs, I don't think
they will because they've burnt the bridges like the rest of us.
There is no going back. He put his his his his
reputation online. He put his company's future on
the line. Do I believe him?
This reasoning as to yes I'm stepping down to you know deal
with getting convincing more public companies to adopt
Bitcoin use Bitcoin 75%. That's my opinion.
You're not going to hear that from another Bitcoin channel.
It's they won't tell you that but that's goes opinion.
So yeah, this is a interesting stuff.
He's paying his dues, his earning, his stripes, this is
absolutely normal. She been in Bitcoin a while and
look if he manages to hold on, like everyone, especially if you
got into mining last two years. If you manage to hold on to, you
know, the next having 2024, historically the price tends to
go to your after even though not.
That's not a sure thing, we don't like to speculate.
So really 2025, Michael sailor named bouquet lay, basically
anybody that got into Bitcoin out you will be greatly
rewarded, how do I know that because it's happened?
Every other goddamn psycho. And the way that Bitcoin is
designed it's literally it's a binary thing Bitcoin you to the
goes to zero or goes up forever. Keep in mind, there is no limit
to how much Fiat money, can can exist, right?
There's no limit to how much dollars can exist, but there
will only ever be 21 million Bitcoins.
So yeah, I think New Testament has that great meme 21 million
divided by Infinity. Anyways, Opti, big, Michael
Sailors, sweating brother, you think he's sweating what's going
on over there? Well, we know what Michael
sailor thinks. What's the second best?
There is Second best. So I don't think sailor is
sweating in this regard. I would go with what you're
saying. I think this is more of an
Optics play that, you know, the company, the company lost on
paper, a lot of money, and they have to definitely make it seem
like they aren't as rekt as they are.
Maybe. So I see this.
I thought this was bullish because I like the meme of like
Bitcoin brain drain is real. So if Michael sailor is no
longer the CEO of microstrategy, maybe he will be able to do a
lot more Bitcoin evangelism and say a little more of what he
actually believes because he's not the head of the company
doesn't have to deal with all the, you know, the I don't know,
the red tape of being a CEO of a big company.
And so I think this is going to be bullish because I mean, he's
a great evangelist when it comes to bitcoin but like you are
saying, it definitely doesn't look good for the company.
I checked out the stock Price and hey, it kind of looks like a
shit coin. I'm not going to lie, it looks
like shit coin being traded, so it's obviously doesn't look
good. If you are a shareholder or
someone in charge of this company because, you know, no
one likes to lose money. And even though most of the
shareholders were on board with the initial mission of Bitcoin,
everyone gets tested like you're saying, Nico.
So if they weren't prepared to go through a full cycle, Oil and
now they're feeling the pain of losing money on paper.
You know, they got to do something so that they can do a
PR spin on this and and maybe this is what it is.
Maybe not I honestly, this is not my forte.
All I can say is man as someone that is going all in on bitcoin,
I think this is going to be bullish because if sailor comes
out hard and just starts doing some real real deep diving down
the rabbit hole. All Bitcoin evangelism like it's
going to be so bullish for everyone but also, you know,
hey, I don't know exactly what's going on over there at the
company. I am just a Bitcoin and everyday
Bitcoin. ER, that's he's a billionaire
buying Bitcoin and of course we're always just thinking just
pump our bags baby. There's not too many
billionaires here so would it be bad if he capitulated?
I mean, in the short term? Yeah, we would get cheap sets
and the long-term I don't think it really matters, Honey,
Badger. Don't Give A f---.
AF. So we shall see what this does
for for the public perception of Bitcoin.
Because obviously the normies out there if they see Michael
sailor capitulate, it's not going to do good for for the the
story that we tell about Bitcoin and what we believe.
And like we said, we're not here to speculate about the price
because we know 21 million Bitcoins there.
Seven point eight billion, people just do the 11th grade
math and the more people Stacks at the more number goes, Up and
freedom goes up with it. So does this matter?
Probably not. Is this noise.
It kind of it kind of feels like to me does matter if you're ever
and it does matter if you do against our advice and not stay
humble Stacks at Santiago, yes, I think that's a big Granite
rate it if you're trying to trade it and all that this will
affect you but if you stay humble Stacks at stake, it into
Cold Storage long time, preference that you literally
have nothing to worry about. But anyway, because I think hold
on before you go. I think this just to add to your
point of stay humble Stacks at guys, do you remember how he got
all the Bitcoin? It was a lot of leveraging of
debt and we tell you the individual to stay humble Stacks
ads because you don't want to get in this position eventually
guys. So, just a little tidbit for us
average, bitcoiners out there, do not over leverage yourself
guys because it doesn't feel good.
Even if you know where the prize is going, sometimes you get
overly bullish, and you got to sell Bitcoin.
When you Want to and you don't want to be in that position.
Exactly. So I'm going to read they were
so much signal in the comments. I'm going to read some of them.
This was 8, he says he's not treated his position, he accepts
the volatility. Nobody buys an absolute bottom.
His risk management is absolutely fine.
Look forward to his increase advocacy efforts.
That's a very spot positive spin.
My dude, at the end of the day, he's down but billion dollars,
right? Like we all were when we, you
know, when we obviously know not, Not all of us have a
billion dollars, but we were down relatively to when we
started. Because dude, most people don't
time getting into Bitcoin correctly.
Most people get into Bitcoin when it's in the Mania phase
which is why most people get attracted to it.
Here is clout. Casino says, the magic word,
kids is leverage low. It's a bad word now, real tacos,
he says gamma is a long time. I'll buy Bitcoin and Falls 220k,
but of course he didn't. Yeah, maybe he's just salty.
That's a good point. Here we go.
Narwhal Taco says microstrategy buy Bitcoin to buy.
I don't believe there's any signal here.
Ah that sucks, man. Well I'm sorry, we'll do it.
We'll try to do better. Anyways.
Here is Elaine says, watch Bitcoin mag sailor, output with
the new CEO, CFO and chair of the board and Chief.
And we got Tuck TV. Guy says, I'll take cheap SATs
all day. Gotta build right now.
Awesome, awesome. And here, we got Dwan tison.
He says he has a business Network.
That's the pleb that this pleb does not.
It's true, it's true. Michael sailor has that that
machine behind. Okay, anyways, let's move on to
the next piece of news. Let's check it out again, it's
noise. But if you break it down, it
really signifies what we've been saying right over the last
couple of last couple of weeks guys.
Remember We are number one source for the Bitcoin
Revolution. We are going to try to break
down and cover government's futile attempt at maintaining
control and power over their people through controlling,
through through, having a monopoly on money and
controlling people through monetary policy.
Anyways, let's check this out. And let me before I do this, I'm
going to, I'm going to preface this with a quote from a
must-read book for joiners and something that I'm going to keep
referencing as clown World continues anyways since it since
it will become obvious that information Technologies.
Facilitate the Escape of sovereign individuals from the
power of the state and the reaction to the collapse of
compulsion will also include a neo-luddite attack on these new
technologies and those who use them that being said, check out
this article UK crypto investors Limit Holdings, Financial
regulator, says investment glasses should be capped with
consumers warmed that they could lose all their money.
Remember guys they are taking advantage of the recent
downturn, the recent blow-ups by those shit, coin companies and
here comes the state saying it's for your protection, but we want
a cap, you with the amount of wealth that you could Escape
inflation. With just very similar language
member connect the dots. Guys, this is happening
everywhere. Remember what Elizabeth Warren
said about the forward 401K a little bit of a warrant
basically wants to say, listen, you're not allowed to invest in
Bitcoin. What is she afraid of, what is
the UK, Financial conduct Authority, really afraid of?
And the beginning, I used to have a benefit of the doubt.
I use this, I just said, look, you know, maybe they just, they
just want what's best for us. But, Max Keiser has this amazing
day? Says Bitcoin exposes they
egomaniacs bit. And exposes everyone's
incentives. And these governments, these
politicians are no different. We want people to be able to
invest with confidence, understand the risk involved and
get the Investments that are right for them, which reflect
their appetite for risk. That sounds so nice.
You know, you like all these people have our back, right?
Of course, when the bull markets going on crickets, you don't
hear anything from them, then they're kind of focusing on it's
for terrorism. It's for money laundering.
Anyways, oh, we got Solomon. He says F the FCA Anyway, it's
where we see products being marketed that don't contain the
right race warnings or are unclear unfair misleading.
We will act and this is what we say that the shit coins man and
their projects and all the scams give Bitcoin a bad name.
Anyways, the signal is literally in the last paragraph qualifying
crypto assets are one likely to be appropriate for consumers as
a small part of a diversified portfolio.
Should only be accessed when consumers?
And the risks involve, the document said, adding the
exposure should be limited to ten percent of net assets.
It's actually really funny because in Russia, you know,
everyone was celebrating psycho. You know, they're passing
regulations but one of the regulations is limit the
exposure that people can get to bitcoin.
They tried to implement Capital controls, it was stuck at 3,000
in Russia in the UK. You start to see the same kind
of type of bargaining. Governments are experiencing the
stages of denial. They don't understand.
They don't know how to make this go away, which is why the
passage from the sovereign individual is so useful because
it covers. What the hell is going on?
Since it was it since it will be obvious that information
Technologies, facilitate the Escape of sovereign individuals
from the power of the state. The reaction to the collapse of
compulsion will also include neo-luddite attack on these new
technologies and those who use them.
Think about the climate the climate fund on Bitcoin mining
energy use think about the kyc attacks.
Think about the framing calling hosted wallet son, hosted
wallets this. Cavallari that was never in the
white paper. Yeah man, this is the beginning.
This is the first ending when it becomes apparent, I'm going to
tie this up, we are talking about with sailor when it
becomes apparent in the next two, three, four, five years.
That El Salvador and Michael sailor made the best move to
stop use to stop holding Fiat, stop holding US Dollars, and
start holding Bitcoin. That is really when the proper
propaganda machine of the nation states, starts to get turned up
to another level. You protect yourself against
that, it's very simple. Take your Bitcoin into self
custody, run your own node, try to trust as People as possible
trust when it comes to finance is a very very dangerous thing.
When you don't have to trust anybody, you shouldn't have to.
And now that Bitcoin exists. Literally, there's no reason why
you have some of your wealth in a bank.
It absolutely makes no sense. Not only do they make you pay
fees, you have to deal with that inflation overall.
It's a bad deal opt out by yourself some Bitcoin Opti.
What are your thoughts brother? Well, first before I go into my
thoughts, guys, to you guys hanging out in spaces, I see
your request. I will bring you up after the
show. Keep your questions in mind and
we will go in this. Once the show is done.
Sorry for that. PSA Nico.
But Keep forgetting anyways. UK Regulators are scrambling for
control and we see this not only from the powers that be the
unelected bureaucrats, but also from the Legacy Media, they are
corralling everyone with the idea that you need protection.
I really, I really like how you put it in Eco.
The, they have our backs like LOL, I really love that.
That is always the angle that they come at with us.
Just like oh, we need to Tech people, this is for your
protection. This is for your safety, and
we're on the other side is bitcoiners like the reason we
hold Bitcoin is because I don't need your protection.
I have a money that doesn't get stolen from by you.
The people that are there to protect me.
This is why we Bitcoin to separate money from state but
furthermore Nico is this capitulation.
I really like how you put it the five stages of grief it sounds
like they are starting to capitulate and Bitcoin should be
a small part of a diverse exposure and furthermore 10%
what is this exposure for ants? Like come on guys.
Yeah you already know my view, we are all in.
This is the way guys go all in on bitcoin burn the bridges now,
joke, that's a joke guys. Do, what is best for you?
I can't tell you what to do with your money.
This is just what I do and it's cuz I cuz we keep saying the
same thing guys. Opt out of the system, the
system treats you like a slave. Dave and we are here to separate
money and state because the more you give these people power, the
more they will take and the more they want to control you.
So what are we going to do? We are going to opt out from the
Matrix, stay humble and stacks at so protect yourself from them
and buy Bitcoin. Give me 100 100 percent dude.
Woof let's see. You guys.
Take self custody. Let's move on.
We got a he got a huge fail. Opti update.
It's time for the daily fail brought to you by Swan, Swan is
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So on.com Alright guys, so you guys probably know what we're
going to go with. But first before we get into the
mega wreck that happened last night, we're going to cover this
other Mega wreck that happened at the beginning of this week,
and I do have this Bloomberg article.
I'll highlight it for you guys. So I also will get on the
wrecked leaderboard because they did a better break down in my
opinion. But let's go over the Bloomberg
article for a moment and the title is crypto firm Nomad loses
nearly 200 million dollars in. Jack more than 1 billion dollars
has been stolen and Bridge hacks this year, amazing guys.
And Nomad also, I think this is a funny point that I will add to
the put a PIN to the end of this fail.
But no man has recently raised 22 million in the seed round.
Keep that in mind. Let's remember who is investing
in this stuff so no matter Bridge protocol for transferring
shit coins across different blockchains, lost close to 200
million dollars to Software System, was drains the Fun's
over. Hours and a small batches by
various account so they don't know what exactly happening.
An ongoing investigation is happening and Nomads goal is to
identify the accounts involved and get you your money back.
Yes, yes. So personally, guys, I'm not the
biggest shit coiner. I don't even care about shit
going down. I'm a Bitcoin, right?
I so I highly dislike, what is a bridge Bridges?
Our software's that enable different types of block chains
and their respective shit coin to interoperate rather than work
in silos. So To convert one type of coin
into another a bridge service will typically wrap a shit coin
so that it can operate on another blockchain.
The bridge won't need to hold reserves to back the rap coins,
creating a huge pool of tokens for hackers to Target.
Yes honey pots. Mmm.
The complexity of bridge software can lead to errors and
make them vulnerable for explosion.
Exploding exploit Asian security offered at polygon 10, cents,
Bridges control, huge, amounts of assets, and also makes them
in a active Target for hackers. Remember this guy's name and
what company? He's working for foreshadow.
Anyways, the Hat Comes days after Nomad got a 22 million
seed round by Paul each n capital ethereal, Ventures, hack
VC, coinbase Ventures and crypto.com.
Interesting investors guys. Next Nomads protocol had a
software bug that allowed users to withdraw more assets than
were deposited in the bridge. So after the initial hack
upward, 40 other exploiters compromising Mev botched flash
pots and independent exploiters replicated, the attack in a
manner that quickly drained the bridge.
So, as you can see right here, there's a little point.
At one of the exploiters was, also associated with another
exploitation. So I got this article over here
from Wreck news because wreck news is just, you know, they
they are keeping tally of all this shit, coin fails.
So here we go, let's get into this, it'll get a little
technical. I might have to read a little
more than Usual. But, anyways, Nomad Bridge,
wrecked August 2nd 2022. So the vultures had a busy night
Nomad Bridge had been torn apart with 109 million of liquidity
drain. In a Savage, attack lasting two,
and a half hours, and it's the hundredth incident of this
happening on erect leaderboard. Amazing.
And I really like this article right here, or this.
This sentence right here, guys, staying true to D5 principles.
This hack was permissionless and anyone could join.
And once the Fatal blow had been struck and the News spread many
began to fight over the scraps across Chain.
Bridge has continued to be a weak point for defy, and a juicy
Target for exploiters. And when they go, it's often a
total collapse and you can see this chart and it's literally
going from 100 to 0 guys, amazing?
So the collateral damage from the unbaked assets.
It's also severely affecting the change that depended on Nomad.
Some other shit. Joined Moonbeam, evm, OS, and
Milko media. So this incident is distinct.
And it's every man for himself nature, but many who exploited
the bug have declared themselves white hat.
Wrecked is looking forward to seeing how much is eventually
returned. So, as you can see over here,
they mention that this is the fifth biggest hack on, Iraq news
leaderboard guys. So a big one, a big one.
Again here's where the readings going to happen.
I'm going to read some of the stuff so you can get a little
more technical of the ideas of what happening.
So following a routine upgrade in June, the bridges replica
contract was initialized with the Fatal security flaw leading
to the incident, the Oxo. Oh, address was set as a trusted
root. Meaning that all messages were
read as valid by default after a failed, first attempt costing
350k and gasps amazing. The original attackers exploit
transaction which was copied by those that followed was able to
call the This function directly without having first proved its
validity. The process function is
responsible for the execution of all cross chain messages and has
an internal requirement Line 1, 84 85.
Sorry to check the validity of the Merkel root of all messages
to be processed. However, the upgrade
inadvertently cause transactions with a messages value of zero
invalid. According to Legacy, logic to be
read by default as 0 x 0 0, which was defined in the upgrade
as a trusted root passing. Validation requirement has
proven this meant any process calls could be executed as
valid. In fact, the more sophisticated
exploiter could have written a contracted drain the whole
bridge for themselves and copycat attackers simply copied
and pasted the same function and the incident quickly proved to
be a chaotic make sure Word of Mouth crowd hacking frantic
White had activity and M. EB M evbot Carnage and like I
said there's one guy that's connected to another hack but I
think there's a funny quote right here at the end and it
goes, what will the future hold for the ecosystems affected by
Nomads collapse apparently the total value locked on these
other shit coins that are associated to Nomad are
dwindling. But this is what we tell you
guys always look at this comment right here, but nomadic
liquidity was has no permanent home.
Users will always Rome to new lands in search of the next big
thing. And we'll continue to get stung.
Whenever vigilance I'm stretched too.
Thin guys, we tell you this all the time, stay humble, Stacks
ads, the more you go playing shit:.
The more risk you have a blowing up.
And this is just a continuous thing guys.
This is happening on like a day to day scenario now.
And, furthermore, it happened it happens.
Because it's none of these shit coins in these D5.
Protocols, they don't solve the, there's trust involved, they're
not defy your trusting a Mark contractor chasing the devs,
that wrote that smart contract, not to add any malicious code or
not to make a bug like, like was just happened here like Bitcoin.
It's not trust list, but it's definitely trust minimize
goddamnit Opti. I'm sorry, I'm sorry, I don't
know what's going on with this camera, boys and girls.
Yeah, we will, we will figure it out.
Looks like I'm gonna have to buy you a new one.
We'll figure it out. All right.
All right, well as you can see. Oh, I sorry, sorry.
Sorry. Sorry we are Messing up this
morning. We gotta go to Solana my friend.
Okay. All right.
Well, I'll just move on but like I said here is the list of
investors Open Sea crypto coinbase polygon a gleam
nauseous guys avoid these shit coins.
So let's get into this one because it's makes an even
better point. So we are into the Solana fail
as you guys probably saw on Twitter.
It made its rounds last night. So let's just get Intuit Solana
wallets targeted in latest multimillion-dollar hacked over
8,000 internet-connected halt wallets have been compromised so
far but the source of the attack remains unknown.
So the Solana ecosystems appears to be the victim of the latest
exploit has to do with connected hot wallet Phantom slope and
Trust wallet. The attack is ongoing they
really don't know what is happening.
But I do love the pr spin that they have to acknowledge or at
least push forward. The exact cause of Tuesday's,
evenings attack remained unclear throughout the night though, it
appears to have predominantly impacted Mobile Wallet, users
the attacker somehow obtained, the ability to sign, I initiate
an approved transaction on the behalf of users suggesting a
trusted third party. Service may have been
compromised in a so-called supply chain attack.
So Engineers across several networks have found that the bug
isn't connected with the Salona core code but in software used
by several software wallets the attack was inevitably reignite,
a long-running debate around the security of hot wallets which
stay connected to the internet at all times in order to provide
users a convenient way to send storm, receive crypto.
And I highlighted, this little line in here from coin desk
because I kind of feel like this is a fail in itself in the
article. And it goes, cold, cold wallets,
USB drives, that must be plugged into a computer to sign
transactions. Cold wallet is just a wallet.
That's not connected to the internet, right guys?
Anyways, This is the Solana, labs are this is represented
from Phantom. We are evaluating the incident.
Impacting Solano Allatoona working closely with other teams
in the ecosystem, to get to the bottom of this.
We will issue an update. Once we gather more information,
the team doesn't believe this is a phantom Pacific issue at the
time. I really love how all these shit
Corners are trying to pass off the blame to someone else.
So it's not our it's not our Block Chain is a hot wallet
software, but like we tell you guys all the time, If it's in
the smart contract not a hack is just a bad contract.
Anyways it says that maybe it started with nft Marketplace
again. They don't know exactly what is
going on and then furthermore I just wanted to tell you guys in
in Fiat numbers that the estimated damage is over five
point two million dollars from Solana with 7900 Solana wallet
being affected again. The root cause is unclear And it
appears to be a flaw in certain wallet software rather than in
the Solana blockchain itself and then we have this notorious shit
Corner. They're all saying that.
Maybe it's supply chain issues or someone has somehow acquired
access to the private Keys again, guys.
It's not really a hat. When it, you see how it always
happens. Never happens in Bitcoin.
It always happened and they always just come up with fucking
explode. Just like via, it's the supply
Chains. It's not the government that
they printed too much money. It's someone else somebody
else's fault and I actually one more thing Opti, I'm sorry to
interrupt you. I saw a tweet by, I forget who
it was, but it was a great tweet and it said something like this,
they don't care because it's just plebs that are being stolen
from. But if the Deb's got their
accounts drained the way that the way that it happened, the
last two days. Do you really think the devs
would do nothing? And that, that in itself right
there really highlights, the fact that this thing is not to
centralize. It never was remember they
stopped the they read. Did the blockchain that was the
next Point. Nico had glad you got there
because I had to go down memory lane.
And like, hmm doesn't Solana has had more problems in the past
and, yes, I like this article Solana reminds me of my broken
earphones. If I had a dollar, every time
Solana was shut down this year, I'd be able to afford a 500
grams of cashews at a local supermarket, that's eight
dollars. So it's been down eight times
and now it's got a critical hack in.
Smart contracts. And of course, I am the master
of memes. So I have to add some memes into
this. We got Samson Mountain here and
he goes to be fair, they never did.
Say, it was Secure. Here we go.
The Solana Twitter, and it goes the world's most performant
blockchain fast, composable green and globally, distributed
joint, thousands of developers, and building the future of web,
30. And just to make a point, guys,
this is what we do here. We got to make points so that
you guys can get the message. Clearly.
I love this tweet by Maddow shouts out to I don't egos
thousands of compromise. Solana wallet are a good
reminder of the importance of cold storage for your savings.
If your keys never touch the internet, it is significantly
harder to compromise them generate Keys.
Using well-reviewed open source, tools, store them offline,
sleep. Easy guys.
This is the way this is why we continue to tell you to stay
humble and stack SATs, because you do not want to get wrecked
on a shit coin like this. It is crazy out here.
What a day? What a day?
Nico jump in. I know you're going to have to
add some more to sets into this. You muted.
Sorry. Yeah, dude, I think you covered
a great simply Bitcoin live with all the all the bumps along the
way. So yeah.
Look, I men Why is it that it always happens?
Is your coins? Doesn't happen?
A Bitcoin, it's really not rocket science.
You don't have to dress it up. There's no branding, there's no
marketing. You buy Bitcoin.
Take it into Cold Storage. That's that not rocket science
you've been simple. Yeah literally it's simply
Bitcoin as all you got to stick to anyways dude and what a
catastrophe. What a catastrophe?
Dude? Could you imagine man?
You have your savings just are you're like yo I'm Sovereign
have my money in so called crypto.
It's look the next day, it's gone.
What was the point? What was the point?
So anyways, Thanks, Becca.
I appreciate that. Oh God.
All right. That that put me in a bad mood
so much failure in one day. It's time for the daily meme
review brought to you by Citadel 21 it's the best Bitcoin culture
is Enid stories articles Comics by actual bitcoiners is artwork
for volume 10. This is the artwork for volume
11 and this is the artwork for volume 2.
Volunteers, almost sold out because there's only a thousand
physical copies made per volume. Guys.
Get your physical Prince of Citadel 21 today before they run
out. All right, guys, I know you're
going to love this Nika. There is no music here, but
shout out to Sherlock hot old, and he goes, Solana roadmap
looking good right now. And for those guys listening, we
have a video of it looks like a drone going over a frickin
destroyed Highway. Ha ha ha you can't drive on it,
but yes, Solana roadmap looking good right now.
Literally, a highway falling. Off the cliff, the side of a
mountain, amazing. Okay, let's continue on again.
Shout out to my boy rub. Oh, before I forget guys, put
your score in the chat and we will review some of these scores
before it is over. So, shout out to rope, we got
play stupid games, wind stupid prizes, hashtag Solana hashtag
Solana hack, and it's a guy on the phone.
He goes, yeah, man, I got wrecked by the Solano hack, but
it's okay, they will roll back the chain, and besides salon,
No.2 is where the real Innovation will be.
And then his dog is putting a pillow over his head because he
is an idiot. Anyways, continuation on the
same theme of today, hot oil and don't trade.
We got Lena. See Chey, she's killing it on
these little hard ler, comic book memes and we got one little
hard liquor. He's chilling with this Bitcoin.
He's got that Bitcoins and he's on the beach.
He's got a little Margarita. He's just chilling.
Enjoying the Sun. Looks like he's signing his
under, his undergarments are under his undergarment.
Anyway, there's this guy stressing out over here and he's
trying to trade. He keeps looking at the price he
keeps looking at the chart. Remember, we tell you guys don't
look at the Bitcoin price, you just buy every single day.
Anyways, we got a little hot learn who's got his Bitcoins and
he's, you know, he's hot in this Bitcoin.
He's just cooking a good meal. He's eating well making sure
he's going to survive and then we got the dude trading and he's
burning his food because he's stressed out.
Not paying attention to life. He's looking at his phone,
trying to get the right. Right trade and now look Bitcoin
are just sleeping. So soundly at night because we
know that our money is secured. Our money is safe.
As long as it's in Cold Storage, as long as it's not in a hot
wallet, your SATs will be safe at night, but look at this guy.
You still trading on his exchange and he's sweating, he
can't sleep. Remember those days when you
were shit corner and you were trading and oh my God, that I'm
get PTSD. Just thinking about it right
now. And the last Square, we got the
little hot. He's just chilling.
He's having a good time. And then we got another
Hollywood is your grandpa okay, he looks a bit stress and and on
his trade you got liquidated thanks for playing.
And of course I had to do a little throwback today because
Michael sailor put out a meme and I think it's just perfectly
fitting for us today guys and it's sailing.
He goes Monday morning, it's time to get back to work and
it's a meme of himself working at McDonald's.
No no. I'm not saying He's working at
McDonald. All I'm saying is it seems like
he's for the culture, he gets it man.
We all say the same thing, we are going to work at McDonald's
two stacks ads and hey man was this a premonition did he know
has he been talking about this for a while?
Maybe he's been looking to actually?
Can go full Bitcoin evangelist for a while.
And then like I said, in the beginning of the show we started
the numbers about the deflationary aspect of Bitcoin.
And like I always say sometimes, A picture paints a thousand
words. So shout out there at charts BTC
and he goes Bitcoin on this date to 2011 $12.80 2012, 10 dollars
eight to twenty. Thirteen ninety, seven dollars.
A 2 2014 $592 I'm not going to read them all but we can go
eight to twenty. Twenty eleven thousand two
hundred eighty two eight to twenty.
Twenty One, thirty nine thousand five hundred and forty three and
eight to twenty. Twenty two, twenty three
Thousand and thirty five dollars guys I'm in Texas now and this
is just reminded me of a two-step dance, you know, two
steps forward one step back Bitcoin is to stepping out on
there and number is continuing to go up and then shouts out to
Jose as bam in the simply Bitcoin telegram group.
Because he posted this me mean by our friend Darth.
I think it's Darth coin. Sorry for butchering, your
actual telegram name. But he goes never let a
government to Manage your Bitcoins.
It will fail. Always never in the whole
history of mankind. A government did something good
for the people. Shout Out, Darth coin, he kills
it. You guys should check out his
wet, his sub stag. I'll put a good meme up on here
soon so you guys can check it out and see what he does.
Anyways, Nico, what a what a day in the memes and for my meme
score, I'm going to pull out my gadgets and I got this.
U.s. black USB. Electrical output, very good.
Apparently it didn't live up to what you were expecting from it.
It is different one, Nico different one rate, the meme
yourself in the live chat and forced me an opportunity to read
something that makes us feel uncomfortable.
Or you could just make our lives easier and just write something
normal for that. I'm going to give it a reef a
coral reef thing. Yeah, they always have these in
like Island hotels, you know, makes you feel tropical.
When you go just stealing meme review scores from the hotel, I
love it because I've been in the room, there's so many objects
around me, makes my life easy. Anyways, Norwell gives it.
I give those a new bridge I created so you can all invest
your Bitcoin and those memes Moon.
Oops, Bitcoin lost. All right.
Next one is by Becca my memes. Score is a set of jumper cables
and a car. A battery for rope.
Okay, very good. Becca, wow.
How very in-depth opt? He's dying.
I'll give the memes a broken drone sitting on a desk.
Next to me for that Solana roadmap.
Look, okay, good one and Andrew a wooden leg.
Okay. Okay, very to the point.
I love, the simple scores. All right, next one TC pins
irate those. Oh yes!
I have one shutout sweet. Oh she sat out sweet Toshi.
He'll be back next Bull. He let he knew he knew He left
before the bull market. What a legend, bro.
All right. Next one irate those memes.
Cold card. Okay, okay, good scores, good
scores, good scores today, anyways.
Alright guys, if you're in the Twitter Version audio version,
make sure to stay until after the show Opti and Jacob from
Swan are going to hosts going to be awesome.
Join our telegram group, you could link us some mean.
Aims to review its literally free the links down below.
You click it. It will take you to the telegram
group right there. It's easy.
You could link us pick one, meems to review on the meme
review. But anyways, Opti I think there
was a software release today. Let's check it out.
All right, before we get to the software release, I want to give
a very special shout out to our sponsors.
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That stores their seed on paper. Paper is prone to water damage.
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it, check out Cipher safe dot IO anyways Opti what do you have
for us today? As we have version, 5.0 .6 from
coin kite. There was a vulnerability on on
the MK4. So if you have the MK4,
definitely go update that software it fixes the virtual
virtual disk feature, and it's got a bug fist bug fix that
addresses, some security problems.
So again, update to version 5.0, point, six shots out to the good
guys over at coin kite. We love the cold card anyway.
Is guys, make sure you guys listen to us on Apple on Spotify
on anchor. And of course, check us out on
Fallon. If you like what we're doing
over here and you appreciate the the signal we give you stream of
some SATs and we will continue to do what we do.
Providing you the value and the fire every single day.
Anyways Nico, let's roll this one out boom.
All right guys, before we go I want to give a very special
Shout out, we save it for last because you could literally see
what Opti and I are wearing the entire show if you like the
hoodies and the shirts, let me show Opti because he's wearing
the shirt. If you like what we're wearing,
you could visit represent LTD.com love the merch, he makes
Bitcoin stuff too, he's making simply Bitcoin merge, it's all
custom design, its high quality, I literally wear this
everywhere. If you see me in the airport, I
will be wearing a represent hoodie.
And the fuck is they Amy is because I actually find them
super super comfy. So definitely go check out
represent LTD.com guys. That was our show If you enjoyed
the show, you know what to do, smash that like button.
I also want to give a very special shout-out to our
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research. His name is Hans.
You can go give them a follow on Twitter on pleb signal Bitcoin.
Yeah, so definitely go give him a follow as that.
Was our show. If you enjoyed simply Bitcoin
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We will see you tomorrow for a brand new episode which we live
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See you guys tomorrow.