I don't believe sufficient evidence a good money against
before we take something, almost the names of government.
Welcome back, everyone. We're simply Bitcoin.
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Nico, the numbers. Numbers, bro.
The numbers. Interesting.
Sus weekend, right? Quiet.
Rican stuck in time, right? I'm very proud of the honey
badger. Like, literally in the face of a
possible nuclear. Armageddon little dark joke
right there. Knock on wood dude.
The honey badger again does not care.
So that is bullish. But anyways, Phil I wanted to
talk about this clip that was doing the rounds on.
There this weekend and it really got under my skin.
And now I want to talk about this a little bit.
Okay. First of all, in terms of the
politics about it, you guys know the drill where a political on
this channel. Second thing I want to say, I
empathize a lot with the environmentalist.
I think that there's a terrible to, there's terrible, pollution
and garbage, and all these things in the planet nowadays
that are like making the planet Works.
Look, I live near the ocean. Okay, I live in, I live in.
South Florida, you go to the ocean.
You will find garbage, okay? Like it's a problem.
Okay, I just don't agree with the methods and I don't agree
with bureaucratic coercion, right?
I'm more. So, a fan of free market
Solutions and Bitcoin enables, those free market Solutions,
right? But I'll get to the get to that
in a second, right? Let's anyways, let's hear what
the White House Press Secretary has to say check it out an oil
leases. What this Actually justifies and
President Biden's view is the fact that we need to reduce our
dependence on foreign oil, on oil and general and need to.
And we need to look at other ways of process of having energy
in our country and others. One of the interesting things
George we've seen over the last week or so is that a number of
European countries are recognizing, they need to reduce
their own Reliance on Russian oil it like, anyways, let me
move on to this data before I talk about psaki, okay?
So let's talk about the Renewables, which is what
they're Advocating for okay, so here's the thing right?
Renewable energy, it's 9% hydropower, which is totally
geographically dependent. You can't move a dam in a river
and solar. Right.
Solar is relatively low. Now why is solar solo solar is
low? Because unfortunately, when
solar is most produced is the middle of the day.
When people use the least amount of electricity people, use the
most amount of electricity at night time, okay?
Bitcoin fixes that because during the peak time, right
essentially Bitcoin but becomes the buyer, right?
So instead of the government subsidizing it which is why wind
is so high. Nowadays winds on itself is not
economical right, as much as psaki would like to essentially,
you know, the, the mentality of the current Administration to
essentially Force the economy to consume certain to to produce
certain Out of energy, like they tried to do in Germany which is
why Germany is so reliant on Russia.
They shut down all of their nuclear power plants which by
the way are very green, they don't release, they don't
release any waste, right? You, the the downside with
nuclear energy is that essentially, there is there is
a, after a certain amount of time you have to replace the
fuel for, for the, for the reactors, right?
In that fuel. You essentially have to bury it,
you have to put it away. But in terms of pollution, and
Terms of gas release into the atmosphere, it's very low.
Now what's not talked about solar and wind as well, right?
Is that to going into making the giant windmills, it's very
polite, very polite, elusive intensive, right?
Also, with solar to making the solar panels, also causes a lot
of a lot of pollution, it requires a lot of heavy metals.
So, again, my criticism right to this current Administration is
look, I admire the fact that That you know, they're they're
trying to care for the environment environment.
But I disagree with their methods and I and to be specific
because this is a show about Bitcoin at the end of the day
Bitcoin provides those Solutions because it makes it profitable
right to essentially innovate in the green energy energy industry
without having to rely without having to rely on government,
subsidy, right? So again it's like if the
current Administration really wants to Eight green energy as
much as they say, they do, they should be backing Bitcoin,
right? Because Bitcoin mining facility
facilitates that, right? We had Brian Brooks right the
CEO bitfury. He went on to the senate
committee of the, you know, cleaning up cryptocurrency,
committee and he's essentially making the same argument, even
more relevant than Bitcoins current energy.
Use is the incentive effect. It has on the future production
of renewable energy. Bitcoin miners seek low energy
cost and the lowest cost always Comes from excess capacity which
can include wind and solar energy and energy lost in the
transmission and distribution process among other things.
As just, one example in 2020, in California where I live one and
a half million megawatt hours of solar production was curtailed
meaning wasted because production exceeded demand and
the u.s. grid loses literally. Thousands of TW a year due to
inefficient transmission because Bitcoin miners are easily able
to locate near the source of production.
Ian, these kinds of excess capacity sources can be turned
into economic value through Bitcoin mining and this has the
effect of taking what can be an unprofitable business, for
example, solar and making it profitable, put differently.
If we want more wind and solar in this country with less need
for government, subsidy Bitcoin can be part of the solution,
right? So again, I don't think that
their solution. I don't think that the solution
to this environmental problem is through government, coercion of
energy production. That's making everyone's life
more expensive. It's clearly not working.
Germany is a prime example of that, right?
And now they're completely reliant on a country that the
West is being hostile towards which gives Russia tremendous
amount of Leverage and wealth to invade other countries because
it's one thing it's like, yeah, you know, in the west we're
going to be all green, we're going to pay a lot more for
electricity, but you know, Russia.
They're just going to keep, you know, mining that fossil fuel,
right? So again, It's disconnected from
reality Bitcoin. Absolutely fixes this but only
if they see it and unfortunately, what you get from
the alot of the, a lot of the establishment left nowadays is
there fighting Bitcoin tooth and nail, right?
Even though Bitcoin is the solution to their environmental
issues because it actually makes green energy profitable right
solar and wind. So I don't know, bro.
Just just just some thoughts, you know, I actually saw an
article this weekend from see Then that was or it was a
funeral, like some news clipping.
Anyways, just totally bashing Bitcoin about the energy about
the energy problem, right? And the quote, unquote
ever-increasing energy. So, hold on a second.
I just want to back up to gen sakis comments.
I feel like she was scapegoating there.
Like, I feel like, I don't know, maybe that's the wrong term, but
I feel like she was saying, well, what?
Wait a second, you know, you know, we're not at fault for
the, you know, for these problems because Other you know,
because other people are relying other countries are relying on
on Imports. Also, you know, so it's not just
us we had if I'm not mistaken, the Keystone Pipeline was work,
we had energy, we had used, we had total energy Independence,
okay? But its total energy, in the
past, we didn't rely on another country for energy.
And then this administration because of a political
ideologies, right, decided to shut down things left and right,
which the fossil fuel. But again, what I would I was
showing right during this clip. During this, by the way, it's
data from the government, is that look, she could say all she
wants, right? About shutting down, you know,
moving to Green, but the reality is of it is that 60% of the
energy production in the United States still comes from fossil
fuels. So if you attack fossil fuels,
even though they're responsible for 60% of the energy
production, what are you going to get higher gas prices higher?
Electric bills, which is exactly It's happening, which is exactly
what happened in Germany. These ideas come from a good
place, which is about saving the environment.
But there's there's good ideas and there's economic reality,
right? The good ideas are meeting
economic reality and economic reality is taking them to tout.
Which is why Germany's put in this week place when it comes to
having to buy gas from Russia or else the Germans are going to
get cold this winter, right? Anyways I am just you know what
I can't believe that this is playing out in All time the way
that it is to be perfectly honest.
The for me, I'm just, I'm completely astonished.
And you know what? I don't know if you ever saw
this. Also, but did you ever see you
were talking about the windmills?
Write those things, they, if I'm not mistaken, they don't recycle
very well, they dumb. I recall seeing I recall seeing
an article about fields of these things that they can't get rid
of that, they have to bury. So again, to your point, right,
the great ideas economic realities, they meet that, you
know, this is where the rubber hits the road.
And this is where we actually need practicality, and this is
where we need realism, right? Not fantasy.
So and what's crazy, right? Which is why I wanted to talk
about this because this is just noise in my opinion.
But the reason I want to talk about it which this is signal,
is that Bitcoin actually provides a solution to this
right? Because Bitcoin actually makes
this Niche type of energy production, which is totally
subsidized by the government, it actually makes it potentially
profitable and the same Environmental This are still
fighting Bitcoin which goes on to say, which is why I brought
up this point on Sunday. Are these people really
concerned about the planet? Because I am or they really
concerned about control? I don't know, you know what?
Oh sorry, go ahead. No, you go ahead.
I was just going to say you know to your point as you're
discussing this you're making me think like how much is this
going to incentivize better fuel cell technology like how much
you want to make a bet we see Bitcoin and up incentivizing
better? Fuel cell technology Force?
Our solar to be more practical because to your point, the
majority of it is actually solar energy is absorbed in the middle
of the day, whereas the majority of people are using their energy
at night, so maybe Bitcoin will incentivize that as well.
Yep. Exactly.
Who knows. We'll wait and see.
But anyways, Phil, it's time for the daily fail brought to you by
Ember app. Check them out.
Amber dot app. Low fees Fair spreads smart
automation, it's the easiest way to buy Bitcoin.
The link is down below ammo. Smart, wait, stuck sounds.
We have been asked by several fellow plebs and bitcoiners to
do another episode dismantling hex or Richard Hart.
Coin. Anyways, this is a very
intricate type of shit coin and it has a lot of nuance to it.
And for the people who know who Richard Hart is, you know, that
he's a very elegant speaker, you know, that he can, he can create
stories out of nothing and he can definitely make you feel
stupid. I so look in full disclosure,
right? When I was a shit coiner and I
was moving into Bitcoin, he was one of the podcasts that I I
paid attention to and I used to watch his six-hour Rants and
stuff like that watching him take down you know shit Corner
question after shit coin or question about Bitcoin.
And I was like man, this guy knows so much and he would speak
with this confidence, right? And and being the way that, you
know, being the way that I was and not knowing and not knowing
any better, I was like, wow, you know, this guy really knows what
he's talking about. Anyways, I have to start with
this preface before we dive into this because this project.
Okay, this project Has a lot of Schiller's, okay?
A lot of Schiller's and people for that reason, people seem to
think that because of that noise, it means that it's not a
scam, but it is it's no different than any other shit
coin. If anything, it might even be
significantly worse. I don't know because I have a
hard time distinguishing between dumpster juice and garbage to be
honest. Anyways we're going to proceed.
We're going to start off with this tweet that we were tagged
in by shut a face. Okay.
And here we go. This is Shire hottel.
I'm really getting worried that hex is just a scam
pump-and-dump. Now I advise all hexagons to
reevaluate. The use case, I've sold 95% of
my investment while I do some research, it's not an
investment. It's not an investment.
Anyways, as you guys know, the links to all of our source
material is going to be in the, you know, in the details, part
of the YouTube video. So don't forget to check it out
for the whole entire article. Let's dive into it.
What is hex? Shit coin?
Here we go. Hex is a token on the etherium
networks. You to buy smart contract and
the website advertises itself as a place to earn forty percent
per year. With certificates of deposit hex
has been very careful with the marketing language on the
website and product design features to both appear
legitimate and to avoid legal trouble.
There's even an entire page on the hex token dedicated to why
the product isn't a scam and generously educates the reader
on what technically constitutes, an illegal Ponzi scheme and a
pyramid scheme. And why Why this, and why this
product doesn't legally qualify. Okay, let's take a little trip
over to the hex website. And here it is.
Hex is not a scam. And here are the reasons why
hexes not a scam, okay. And he gives you a whole bunch
of little concerns that you can click on and it will tell you
why it's not a scam. So here just his main heading is
hex starve scams of resources. So look, this is something, this
is another piece that he's very good at doing.
Okay. This is intentionally what he
does and he's even said this in his videos, okay?
He said this actually to I believe it was Peter McCormack.
Okay, there was a video on Richard hard on Richard Hearts
Channel with Peter McCormack arguing with him about hex and
then and Giacomo Zuko also arguing with him about hex.
We're going to have that in the show notes.
But essentially he explains that he is feeding you information,
okay? This is exactly what he tells
Peter goes, Peter goes, you don't know anything.
He goes, I'm feeding you all the information that You know, and
this is exactly what he does with this product, he is telling
you what the definition of a scam is and what the definition
of upon Z is and he's framing this product, which is you're
going to see majority owned and controlled by him.
How this product is not a scam and it's better than Bitcoin.
Usually legitimate investment products.
Don't need an entire section. Educating you on scams indeed.
This is true. I've actually never seen that.
You go to bitcoin There's on any of the Bitcoin websites.
Right there is nothing about telling you how it's not a scam,
you know. So sorry.
And again, not to say that if something is telling you
something is not telling you that it's not a scam.
It doesn't mean that it's not a scam, but just to say that the
product should be able to stand on its own for what it's doing.
Okay? But this product does not, so it
has to educate you as to why it's not a scam.
Anyways, let's continue the auditing of the hex token.
Hex mentions frequently in its marketing materials.
That three different Auditors have audited its contract,
auditing in the crypto world is where developers who specialize
in cryptocurrency, smart contracts, evaluate the computer
code for bugs, having sound code, doesn't absolve it from
being a scam. If the code is written to be a
scam and here we go. We can see one of the tweets hex
hex dot win. Might be the best opportunity of
your life. Hexes designed to go up 10,000 x
in only two and a half years anybody who Math, for more than
two minutes, can figure out. That this is completely
unsustainable tweets directly from Richard.
Hi, I'm Richard hard, I founded the best asset in the history of
the universe. X.com is up four hundred sixty
six thousand percent in 603 days.
And look, you've got some paid advertising pieces.
This is not difficult to come by, you, pay for these pieces.
How is this legal? Well, because you pay, if he
just, he pays for it, look, you've got it.
Look, you've got even on buses, look, people putting this on
their cars, supposedly in a train station, right?
Lots of marketing, lots of advertising.
What have we told you about all these shit coins?
What have we told you about the marketing machines that are
behind this, who founded hex? The founders, who go the
founder, who goes by Richard Hart for marketing, his real
name is Richard J Schuler. There's nothing wrong with using
a pen name. Except when the point is to hide
a long history of shady businesses involved in Banning
my eye Viagra and anti-aging pills and legal trouble in
Panama here. In 2003.
He offers up that he was a 23 year old multi-millionaire from
spamming and you could see here, Richard Schuler.
I'm a 23 year old, multi-millionaire learn how to
spam millions of people per day. His own blog, documented, other
Shady business such as selling stereo equipment.
He didn't own. This is his blog right here.
What if I put ads in the newspaper for stereo equipment?
I don't know. Yet when people call tell them,
I have a good friend at any electron at an electronics store
and, and that, if they can give me half the money, I can get
them, the equipment that a great price and they can have it that
day. How did Richard Hart make his
money by selling millions of tokens created out of thin air
to poor saps who think that 40% of your returns can just be
invented with the token. Alright let's dive in to the
initial coin offering here during the first years claim
period you obtained hex by sending etherium to the
contract. Address known as the origin
address if you want it. Change your hex tokens back to
aetherium. You'd have to go somewhere else.
Schuller's origin address offers no refunds which again, refresh
has. Why the term certificate of
deposit is a poor naming Choice? He kept everything you sent him
scot-free. And if you want it out, then you
had to find an exchange. You have to find an exchange
offering liquidity in interviews.
He always Dodges the question of who controls the hex origin
address, and this is true. The reason why he will avoid
that question. Is because the I co was deemed a
security by The SEC and he conducted an illegal one for an
entire year, without a filing and registration.
He received an asset in exchange for his own creation.
It's an icy. Oh, without question about 7
million of eith was withdrawn from the hex origin address
about a month after the launch 36.
Transactions of 100. Sorry of 1337 eith, which for
the people that know what that spells.
It spells, leapt backwards, which is something you learned
back in the 90s. It's Old hacker speak during the
first year, there was nothing stopping Richard Schuler from
creating a continuous loop by sending etherium to the origin
address receiving hex than sending the receiving etherium
to a different address. Maybe even through a laundering
mixer to obfuscate this activity and then sending it right back
to the origin. Address for more hex.
He could make himself as much hex as he wanted and he did
since these hex tokens were minted out of thin air and
locked for a year and didn't actually cost him anything to
give them out, but it gave the appearance to Outsiders that
there was a thriving community. Unity with thousands of hex
participants Schuler. Incentivize people to act fast
to get a bonus. This is another typical scammer
move time-sensitive material. You have to act quickly, you got
to do this soon. It's just a very typical not
necessarily just scammer, but salesman move when someone
exchanged aetherium to hex Schuler, got both a copy of the
hex value and also the full eith value.
So, that's right. So if you went and claimed a
thousand hex, not only did he get, you're eith.
But he also got the Thousand hex you claimed.
So, you got the Thousand hex and he got the Thousand eggs.
He wins more, no matter what. And why shouldn't he?
He created this. I'm the king of this Castle.
I deserve the most, when someone was referred by another hex
user, he also got a copy of what both the refer and the referee
got. So it's like quadruple dipping.
Each time someone used the adoption method or was referred,
it was further delusionary to the hex token pool by 2x the
claim amount, it should be pretty obvious.
The only significant whale in the hex system is Schuler
himself. No scam would be complete
without advertising. How rich people are getting
along with some Lambo Schilling? This is true 2017.
You'd have people showing you there like that, you know, their
portfolios and stuff like that, with like 60, 70 million dollars
in it. And, you know, showing you
pictures of Sitting next to Lambeau.
So here we go. But with hex the lambo bought
with hex, the main product feature is to lock up your hex
tokens for a chosen period of time with the rewards increasing
along with the lockup period by incentivizing hex buyers to lock
up their tokens for a number of years heavily.
Penalizing them, if they unlock early, it removes selling
pressure and reduces the float. This provides the opportunity
for the marketing efforts to have a more powerful effect.
Since with more buyers than sellers.
The price will be pressured upwards.
And this in turn lowers in additional buyers catching the
fomo bug. The goal of course, is to remove
as many retail Sellers, as possible from the process.
So that the only people who are left to sell are the earliest
investors and promoters who have large bags to dump on new
entrance. How does hex makes money?
It doesn't. This is where we really get to
the Crux of the hex scam with hex.
There's no underlying economic activity happening at all.
It's not even real interest. All the hex contract code does
is New inflationary tokens every year and then distributes the
inflation to those who have agreed to lock.
There's up. This is what I was telling you
about the website. Those who walk up tokens, also,
get half the penalties from those who unlock their funds
early, or get this forget to unlock their funds within two
weeks of the agreed upon period. Richard Schuler, generously
gives himself the other half. So once again, if you forget to
unlock them, he gets paid to the sole purpose of the hex contract
is to redistribute value from some And holders to other token
holders Nico. How does what does that sound
like to you? Yeah, that sounds like some kind
of Communism. So Z distribution of wealth.
Hey with one master at the top, what makes hex effectively a
Ponzi scheme when Ponzi schemes were defined 100 years ago.
Private currency ones didn't exist, so sorry private.
Yeah, sorry, private currency ones didn't exist.
So hex doesn't quite meet the exact legal definition since the
cash flow of new investors. Does Directly cross the table to
another investors pocket. That's where Richard Hart and
his followers, stop the discussion.
See technically it's technically not a Ponzi.
Therefore it's not a scam hex controls its own seigniorage and
it is written into the contract to just mint more tokens over
time and then those tokens are paid out to existing investors
as interest by constantly increasing the supply.
There will always be negative price pressure on the value of
what those tokens. Are worth a technical Ponzi
scheme eventually collapses because the earnings aren't
really being generated and the scheme always needs new
investors flowing in to pay off the old investors in contrast to
hex since the purported returns are paid with additional
inflationary tokens. These additional tokens need to
be absorbed by new investors. Otherwise the token price
collapses. The collapse can be delayed for
years when investors when investors wait to collect their
purported earnings and reinvest them sound familiar, Bernie
Madoff. I'm lasted for decades because
most people just continue to roll their investment again.
And again, this is what makes hex analogous to a Ponzi scheme.
Only that there is one additional step.
We're both new and existing investors are transacting in
directly with each other through a token that is subject to
supply and demand. The average lockup time is about
two years. So there's a long delay before
the impact of the freshly minted tokens takes effect on the hex
Supply in an effort to End that there are more investors than
there. Really are.
Some one guess who sent X2 137,000 addresses in large bass
batches? Mostly small amounts of 102,
101, hex. And the addresses have no
further activity. These are throwaway amounts
since the etherium gas would cost more than the value given
to actually sell it. Schuler loves to brag about how
many unique wallet, addresses have hex.
So there's your reason why. All right, let's dive into the
centralization. Heart loves to talk about how
Bitcoin and other block chains are centralized.
How does hex, how much hex does Richard Hart, own, or control?
Now, see, look in Bitcoin. We've already shown time and
time. Again, this doesn't matter.
It's not about who owns the Bitcoin.
It's about the mining and it's about the validating nodes very
different than this. But when it comes to these types
of coins, it's all about, who owns the most ether scan
provides a tool to look at the top. 500 token holders, almost
all of them were created in blocks on the same day within
the same hour, try to find a single account.
In the top 150 that wasn't funded by The Origin account.
Furthermore, this is a whole block of accounts that all have
the same exact amount in them. Guys, this is this is so cringe.
Really, you're going to tell you know, like this isn't real
activity, this is this is just fraud.
Anyways, these simple observations show that Richard
controls the majority of the entire supply of effect of hex.
So, how much hex does he control in total?
Someone has actually managed to collate the addresses funded
from the origin address and Richards.
Token database shows he controls 88% of all the hex 88%.
What does hex actually do? What's its purpose?
What an ovation does? Hex, add to the table aside from
being a self enrichment? Scam, Bitcoins purpose wasn't to
furnish. Its users with investment
returns which is hexes only purpose.
Bitcoin was invented to facilitate digital payments and
solve a double spending problem for digital money.
Bitcoin was the Genesis of cryptocurrency and it didn't
require sending the founder money to participate in it.
Bitcoin is also disinflationary and has a fixed terminal Supply.
Hex is none of that. And anyone can clone Own it with
a few Mouse clicks, for instance, see, rex on the, by
Nance smart chain. So what does hex do?
It spawns. More hacks.
Which is true, that's literally what it does.
So in summary, the biggest problem with hex is that the
interest is being paid, but the token doesn't generate any
actual Revenue. So the only place money can come
from is other investors, that's a Ponzi scheme, no matter how
much spin you put on it. And man, there is definitely a
lot of spin on this. We just went through it.
Hex is going to need to bring in an average of five to six
billion in capital each year to keep the token price level.
Today's price, the only rebuttal from hex Schiller's about why
hex isn't a scam seems to be because their account balance
has gone up since they bought in, and don't get me wrong.
This is usually the argument from most shit coiners, they
always just point to the number, the u.s. devalue or whatever
live. The local currency is they say,
see, it's not a scam, I made money.
People also thought that they were getting rich with bit
connect which peaked at set at number 7, and still trades and
Bernie Madoff. But only those that sold before.
For the bottom fell out, actually made any real money.
So my friend, this is the entire hex the entire hex scam in a
nutshell. Now look, as I said that lot,
that article is much longer than what I summarized, okay, I tried
to put together all the points that I could, but you can
clearly see here. This is no different than any
other shit coiner creating a shit coin.
We've shown you in past episodes it costs, as little as Dollars
to Mentor shit coin. And then, all you got to do is
spend some money for advertising and and pay a couple of
influencer accounts to pump your bags.
So guys I know I know that the unit bias is I know that the
unit bias is alluring. I know that the Hopi.
Mm is alluring, I know that the numbers are alluring, but that's
all it is. It's just a pipe dream.
He's the only one getting loaded.
Nico. Sorry, I made you sit through
all that bud. No, no, man, we got asked.
Yeah. Give the plebs what they want,
dude. So look what I was reading that.
I think that this whole hex shabak, oh, I think is, is
highlighting. Essentially the problem that all
currencies have had including Fiat currencies, right?
Which is the people that control the monetary policy of those of
those currencies. If the incentive to manipulate
the Monetary policy for their benefit is irresistible, right?
And I think that with this it really highlights like you know
you think aetherium is bad. This is like this is essentially
an example in my opinion of what happens when you don't
successfully separate the monetary policy away from human
beings, right? And there you have essentially a
god-king, right essentially, that's what it is.
That's out what Alex sees himself to write essentially.
By manipulating the money right, you know, completely
shamelessly, I might add to his Advantage, right?
Etherium does the same thing, right?
They're going to manipulate aetherium to benefit the
etherium foundation. Right now what makes Bitcoin
different at the end of the day, all of these coins, all these
shit coins, the crew, the original creators still
involved, right? There's a head honcho with, with
Bitcoin, one of the best things that Beck Bitcoin or Satoshi
Nakamoto did was disappear. He Away, right?
And in fact the Genesis the Genesis block right, the keys to
that Bitcoin. They can't even that even if
they have the keys, you can't spend from that address, right?
And again this is by Design, right?
It's to successfully separate the monetary policy away from
the hands of human beings so that it doesn't get manipulated
to benefit an elite Group, which is what you have in Fiat, which
is what you have in shit coins. And I think this is the most
Exaggerated example, which I think is such a good example
because I think that deep down inside all the shit coin devs,
they might not be as extreme. They might not be as blatant as
this guy, right? But they still do it.
I think it's natural. It's a natural human being
incentive. That's what you got in the Fiat
system, right? As I think that a lot of these
Central Bankers right thinking, it's like, oh, I'm going to, I'm
going to do what's best for the monetary policy.
But in reality, what's best for the monetary policy is really
what's best for them. And everybody gets left out to
dry. And I think this example with
hex is just that exaggerated to like a hundredth degree, right?
So the Innovation with Bitcoin, I'm Gonna Leave You guys with
this. Is the fact that human beings
aren't able to manipulate the monetary policy.
The monetary policy is set in stone at roughly every four
years. The the supply get sir, the
amount of Bitcoin being dumped right on the market gets cut in
half by the happy, right? So yeah, man.
It's absolutely beautiful. It's a feature.
Not a bug and don't let anybody tell you otherwise, because when
someone is advocating for a central bank, digital currency
when someone's advocating for a shit coin, with the really
advocating for, is the money that is controlled by an elite
group. And that Elite group is going to
manipulate that money for their advantage.
Only Bitcoin has been able to successfully solve this problem
because of Bitcoins virgin birth when Bitcoin twin Satoshi Rated
Bitcoin. He had no idea that it was going
to have value every single shit coin that came after the fact,
the Creator knew from the very beginning that that shit coin
was going to have value. Therefore, it was corrupted
right from the root of it. So so yeah, very, very cool
stuff. But anyways, Phil, it's time for
the daily mean, review brought to you by Citadel, 21 is the
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Citadel 21 today. All right, first meme is brought
To Us by fellow pleb and his retweeting, Jason Lolly and he's
retweeting a stork sweet by the Ukraine.
I'll get to that during the news.
But anyways, Outlaw Bitcoin because Russia support Bitcoin
because of Ukraine and the guy is totally confused.
I love that me. Temp.
Next memes brought To Us by mikah, me Taquito huddle
definitely fellow plebe bitcoiners after being declared
terrorists in Canada and you know the you know, the famous
picture from Iwo Jima, the Marines waving the American
flag. This was you know, when Afghan
essentially was retook by the Taliban to kind of mock the
Americans. They arose a Taliban flag but
it's just, it's absolutely hilarious.
You know, that the Canadian government is making those
connections. Anyways it's not hell.
Larry. It's hilarious during a fourth
turning. Okay.
You have to lie either. Either treat life like a comedy
or a tragedy. Okay, I'm the comedy type of
guy. Okay.
Anyways, glass-half-full also on carbon taxes for the pores and
we told the peasants that the tax was for climate change and
then we Exempted private jet. It's so true, dude.
They virtue signal about, you know, the climate, whatever.
And then they take a bunch of motorcades and private jets to
these climate things. It's such a joke because they're
scumbags, and I agree. It's like rules for the where
the elites, we don't have to But you guys do, okay?
Anyways, don't worry, you won't own anything.
Be happy anyways for nobody, nobody truly knows who created
bitcoin. It creates a tremendous
liability for any Financial firm or CEO pushing it if you pay
attention. What I said at the end of the
Durley fail, you would understand why?
That is the biggest crock of dog shit.
They have fiduciary duties. If they actually do, do know who
created bitcoin, it would be the biggest Financial scandal in
history. Look, let me give you an
analogy, okay? Jerome, Powell.
And Richard and Richard Hart, is that his name, Phil, yeah, have
the same function. They do the same thing, right,
Richard Jerome, Powell, because he has a much bigger currency as
usual, or it has a lot more responsibility, but they are
still manipulating the monetary policy for their bent.
Remember, when the news came out and they had to change the rules
that, that a lot of there was some fed people that were
insider trading to their benefit.
This is what I'm talking about. They knew Money was going to be
printed and they bought the certain equities that they knew
that the the Fed was going to inject with cash.
It's the same thing that Richard Hart is doing.
Now are all these people bad. I would say, no, they're just
following their own incentives, Bitcoin, essentially figured out
how to make, how to make create a money where everybody falling,
their incentives makes the money better and stronger.
So everybody wins. We're in those shit coins,
including the dollar these people by following their their
incentives. They're hurting other people.
In fact, they're literally stealing from them.
The article, the article that you read fill it said,
redistribution right. Fiat does the same thing.
It's a redistribution gig from the lower middle class to the 1%
and the state. It's the same scheme, it's just
dressed in different colors. One is hex ones the dollar but
it's the same thing fundamentally anyways.
I know a lot of people are going to disagree with me, guess.
With me in the comments anyways. And then there was you.
Nobody knows who created the wheel using it, with create
tremendous liability for companies.
Nobody knows who invented shoes using them would create and
tremendous liability for Nike. Nobody knows who created
agriculture using it would create tremendous liability for
Monsanto and then this is total con face.
Absolutely, awesome. From Greg, this is the next one
from rally. What you could buy for one
Bitcoin 2011, one Bitcoin in 2011 Burger, some apples bread
loaf? Bunch of potatoes, one Bitcoin
in 2020, Tesla Sport, boat luxury diamond necklace.
Absolutely awesome. And Seth Meister, last one for
me, Maxie Bitcoin plebs, infant QE tyranny, hyperinflation,
cbc's spot on, Awesome Blossom, memes, pick today.
And for those memes, Phil, I'm going to give it a box, you open
the box and you have the F5 key. Focus, there we go.
What are you going to get rid of box?
I love the F5 key. I'm a big fan of F5.
F5 does a lot of good things? Big fan.
Okay, that was a good score. I don't think I'm gonna be able
to top it but I've got something.
I don't think they make these anymore but here we go.
It is they're not mint anymore but still they're in pretty good
condition. These are Macbeth Macbeth skate
shoes. That's right, very cool.
All right, let's write very rare.
Good school. Good scores anyways guys we want
to know. Do you agree with our scores,
you disagree? Let us know down in the comment
section. Make sure to join our telegram
group linked us, some tank tank tank.
Bitcoin means to review and of course, subscribe to us on
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Bitcoin tv.com. They don't censor their because
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So you're starting to see a pattern here and social media
really highlights this. Right?
Every time something goes to shit whether that was in the
Ukraine or whether that's in the country who's invading the
Ukraine, Russia people. As of reaction, one of the first
things that they do is pull the money from ATMs. Now, here's the
thing, why are we talking about this?
Why do we talk about shit coins? Why do we talk about at all
these things on this show? Highlight that Bitcoin fixes all
of this. Anyways, Bitcoin fixes this
completely you don't have to rely on someone else, holding
your money. We have already heard inspiring,
stories of people fleeing the Ukraine, they can't take their
debit cards, they can't access their bank accounts but you
know, what? They can use Bitcoin.
Anyways. Let's play some videos from the
scene. Absolutely Bonkers.
That's just one giant line for people to access the ATM's,
right? And here's another video, right?
Well them come with guitarist. Now, I have a question for you
guys, because this reminds me of a lot of pictures from the 1920s
of the famous Bank runs, you know, right before the Great
Depression, right, do you think that ATM is going to have enough
cash for those people? And here's the worst part, the
cash that there would Boeing is losing value to, it's a double
scam. Anyways.
So why are these Russians scared?
Well, a lot of things happened during the weekend.
Hold on, let me, let me, I'll get to that in a second.
Let me cover this first. So, first of all, this is a
historic moment, right? The historic moment.
Look, you have Bitcoin becoming legal tender in El Salvador,
last year. And that this is a nation state,
a country, raising and Bitcoin and the shit coin, right?
So, essentially, raise money for the war effort to defend Ukraine
sovereignty from the invasion of Russia.
Absolutely Bonkers. Now, here's the thing eith and
USD T, we know that usct has already censored certain
transactions, right? So e, right also right we've
covered this many times. The node network is sanch
centralized because it's so resource intensive most of them
run on AWS servers, right? So again theoretically they can
be Insert the most unsensible currency here is Bitcoin so and
I suspect as Bitcoin and shit coins continue to grow up in
value and they start to steal or take away power from
governments. When more of this happens in
people wake up to the fact that the power that they have with
the technology current that currently exists, which is
Bitcoin. Governments are going to start
cracking down on the lowest hanging fruit, which are shit
coins because they are centralized, right?
So again, this is a temporary Thing as time goes on, you'll
start to see that it's mostly Bitcoin because one of Bitcoins
best features right? Is the fact that it's hard to
censor. Anyways, historic moment Phil
this is historic right? And this is a big middle finger
to all the banks and all the IMF and all the government's that
are saying, hey, you need us to bail you out.
It's like they're you have people from all over the world
and is soon on Thomas way donating to the cause that they
want without having to deal with any middleman, that's extremely
freaking powerful but of Just give it to the politicians,
always jumping on, always trying to be the party pooper.
This is a Ukrainian politician saying I'm asking all major
crypto exchanges to block addresses of Russian users.
It's crucial to freeze, not only the addresses, linked to Russian
and Belarusian pulses. But also to sabotage ordinary
users. What the fuck is wrong with this
guy? Like this is such Fiat
mentality, if you want to know why people, why Ukraine did this
is because the fact that It can't be stopped by governments.
The fact that it can't be censored, so he's shooting the
hand that fucking feeds him. He's shooting the technology
that fucking feeds him. Listen, I don't agree with
Russia. I don't agree with what Russia's
doing but I don't think that the u.s. government anybody has the
right to censor what Russia is doing.
Because a lot it's like you're going to censor the Russian
government but there's also going to be the collateral
damage of Names of Russian citizens that are also going to
be hurt by the sanctions. The same thing happens in Cuba,
the same thing happens in Iran. It's like you censor the
governments of Iran. You censor, the government of
Venezuela, you censor the governments of Cuba, but you
also starve and sensor Millions upon millions of people there.
We, we showed you, we talked about the F in the example in
Afghanistan, where essentially the US government cut
Afghanistan from the Legacy Financial system.
And people were literally Starving in Afghanistan.
You know, the only thing that worked Bitcoin and this is by
Design because as long as there's somebody in this goes
tie this in with what I was talking about during the fail,
as long as there's human beings that are able to manipulate the
money, they're gonna want to censor the party that they
politically disagree with. You got to take that power away
from people. So this is just it's hypocrisy
at its finest. It's only not only me saying,
this is also a lop, you never know when where why or how a
politician may call for your assets to be seized spot on and
this is the only isn't happening to a Ukrainian politician asking
to happen in Russia. This is also happened in Canada.
Recently, your Canadians their accounts were frozen because
they date they supported Protest and it was a retroactive meaning
when they supported that processing wasn't even illegal.
This problem is going to keep happening.
And it's again, it goes by to a goes back to incentives.
As long as there's the incentive, as long as people has
the power to be able to freeze their political opposition in
the Quest, for remaining in power.
People are going to take that option.
Bitcoin removes It Anyways. Moving on to the Big Daddy news
of today. This is right a YouTube and
certain Russian Banks from Swift paralyzed assets of the Russian
Central Bank and Freeze all assets of oligarchs to see what
the head of the European Union. Has to say, we commit to
ensuring that a certain number of Russian banks are removed
from Swift. This will ensure that these
banks are disconnected from the International Financial system
and harm the ability to operate globally.
Swift is the world's dominant global interbank payment system
cutting Banks off. Will stop them from conducting
most of their financial transactions, worldwide, and
effectively block Russian exports and imports.
Okay, so the, I've talked about this concept, many times with
you, guys unintended consequences, okay?
You have a very powerful country with the very high GDP, and
essentially, you have The Europe and the United States.
Essentially saying this second, we paralyze the assets of
Russia's Central Bank, this will freeze his transactions and it
will make it impossible for the central bank to liquidate its
assets. Okay, a couple things here,
okay? First of all, if they could
freeze Russia's assets, they could freeze anybody's assets,
which we just saw during the Canada protest.
So, how long until they disagree with what your political
ideologies of your pillow too. Ideas and they freeze your
assets to and now a second thing.
Do you think that Russia is just going to lay down and take it,
which is what I was talking about the unintended
consequence. If Russia is forced to look for
another solution, they will find another solution.
And now here's the unfortunate part, which if you look at the
game theory, this might play in, they have an alternative and
that alternative is Bitcoin. Now, if Russia uses Bitcoin,
that is a hell of a good, excuse for Western governments to kill
that really nagging thing that nagging cancer that continues to
grow. So I don't know how this is
gonna play out. But if you think Russia is just
going to sit down and take it and allow their economy to Be
hurt because of this, they're going to look for Solutions and
one of those Solutions might be the on the only unsensible money
on the face of the planet, which is Bitcoin.
And if that happens, that is ammunition to the central
Bankers that want to kill Bitcoin in the west.
So, let's see how this plays out, but it's fascinating, it's
fascinating because even with all of this happening, the
country that Russia invaded is using Bitcoin to raise funds.
Russia potentially might use Bitcoin.
Tus curtail the Swift Banning and El Salvador is using Bitcoin
to save money and remittance fees abroad, and the Kingdom of
Tonga rumors, right? That they're going to make
Bitcoin legal tender to also save on remittances.
Next year in 2023. Bonkers, no politics, no,
nothing it just facilitates speech and transactions between
people on Earth without judging and being political.
I would like to live in that world because the internet works
that way. Do you, do you open your phone?
This is what the world economic Forum would want to happen.
But do you open your phone and it's like, I'm gonna text fill
on Signal and signals like do you lean left or right?
So essentially that's what they're trying to do with money
bro. So And I'm not saying with
Russia's doing is okay, but I don't think anybody should have
the right to censor anybody speech.
I don't I don't think it's right, there's gonna be bad
people that use it. Just like, there's bad people
that breathe oxygen and there's going to be the good people that
use it. Now, one last thing before I
shut the fuck up, Phil The benefits from an open monetary
Network completely outweigh the cons from a, from a kyc,
censored, monetary Network. How do I know that 50% of the
planet is on bankable? How do I also know that it took
less than two or three months for El Salvador to have more
Bitcoin wallets than traditional banking wall?
A traditional bank accounts? Which tells me that the Legacy
system with all KY seat up, its ass has absolutely fucking
failed and this idea that you could buy Bitcoin and you could
spend it and you can send it to things.
Listen, you still live in meatspace, okay?
You still are going to buy things, you're still going to
buy properties. You're still going to buy items.
Are you going to buy a property from R under laundered, Russian
Bitcoin? They're gonna catch that?
That's the whole point. I think the world would be much
better and it's not only me speculating and theorizing that
it has already proven it. The world would be much better
if human beings were allowed to transact freely in an open
monetary Network. They're going to make you try to
believe that the world would burn down an evil.
With people would take over that has yet to be seen.
We've done the research. We've had the evidence, we had
Ron Paul here. We've proved it to you or we've
made the case at least. So, anyways, Then be interesting
to see how it plays out. Phil, I think I think you just
helped solidify the case for Bitcoin being the money of
enemies. I definitely think that that you
did that now. Okay, let's go back to the, the
you don't have to show it but Ukraine, accepting donations
right for their war effort. So, look, I think that a
separate conversation as to whether people agree or disagree
with that is, you know, is going to be something, is going to be
something different because I, you know, I personally wouldn't
Donate to anybody's war effort. So to speak just because I, you
know, I think war is awful, right?
But that's the beauty of Bitcoin, right?
Like you see the fact that I don't have to donate it like
that that means my government, right?
They don't get to go and print a whole bunch more Bitcoin and
then donate it to Ukraine, right?
The people that support Ukraine and decide that they want to
donate to them. Absolutely can.
Right? That's the beauty of Bitcoin and
right there is one of the most Four cases of the money of
enemies. The other piece of this is
Swift, removing Russian Banks last week.
I said that that would be highly unlikely or that that wouldn't
happen and I was completely wrong and I didn't realize I
just wasn't aware of essentially.
How could I say this? How badly the European Union has
decided, they want to shoot themselves in the foot?
I do think that, that is shooting themselves in the foot.
I don't think they Realize how dependent they are on Russia's
energy and I think that what Nico said is exactly exactly
right you want to cut them out of the transaction system.
Very well they are going to go find the path of least
resistance and now here we go. This goes back to the point of
Bitcoin being the money of enemies.
You've got Ukraine asking for donations providing a Bitcoin
address for donations in BTC and you've got Russia, possibly be
Having their arm Twisted into looking for another solution
which BTC may be able to offer and as Nico pointed out, you've
got El Salvador. So this is, this is hilarious.
I honestly, we were talking about this kind of stuff.
I remember hearing Pierre, Richard talked about these
geopolitical events that would possibly play out when we were
back in 2018. And I'm like, oh man, we're like
a decade away from that me to bro, we look at this angle.
We were saying that we're like ah this is gonna happen, it's
like everything is coming so soon.
How did they do that? I mean I but again right this
goes back to our ability to perceive you know, short-term
events, and long-term events, you know, and incorrect about
it. We're living through a time
where decades are happening in years, right?
Usually there's years and nothing happens, right?
When there's a year that decades are happening, we're living
through it. But anyways to tie it up to end
it with this. It's not just you it's not us
speculating with our favorite Economist, Steve hanky who also
hates Bitcoin the Right in front of him, but he can't see it.
Anyways, he says Phil why don't you do the honors?
Here we go. I love reading Steve, hankies
tweets. All right, let's do it
weaponizing. The Swift International payment
system might cut rush off. But risks eroding the dollar
demonic denominated Global Financial system.
Indeed, it will give rise to Alternative systems developed by
China and Russia. Just another example of why she
sanctions are counterproductive unintended consequences and When
this comes from politicians, benefiting from the dollar being
the global Supremacy and essentially weaponizing the
dollar and by weaponizing the dollar, you're essentially
incentivizing other countries to look for other options.
But why do they think that the other commie option is the
answer? Like, like it's actually I find
it so strange, you know, like I said that it's because of their
incentives, right? I think I treated, I too.
This dude governments would rather remain in power than
seeing their citizens flourish. It's all about power and a fiat
currency that the citizen. This is the psychotic apart.
They see themselves their Elites bro.
They don't see themselves as such but anyways, Phil awesome
new segment it's time for. No, it's not.
There is an open source off early today.
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Only don't forget to check us out on Apple, podcasts on
Spotify and on anchor. Awesome.
Thank you. Phil guys, if you liked our
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if you enjoyed the show Smith and of course if you wanna
continue hearing the catastrophic fails from the
shit, coiners Central Bankers, all the above and the bitcoin
news from the plead pleb perspective.
Definitely consider subscribing to Simply Bitcoin and we'll see
you tomorrow guys. For brand new episode are War
efforts really being financed by Bitcoin.
Are we really at that point in the timeline?