It's all going to zero against Bitcoin.
It's going up forever. You're against Bitcoin.
You're against freedom. Good morning everybody.
We are back. It is Wednesday, November 29th.
We got another episode of Simply Bitcoin and I would say some
crazy news is happening. Some huge news just dropped
yesterday. You know, so many people think
and seem to believe that there is nothing being built in
Bitcoin, that there's no advancements to Bitcoin.
But I would argue that this bear market has been an incredible
time for bitcoiners. Building and Bitcoin mining is
one of, I would say, maybe the more mundane topics to be
talking about. Even even though I would say
it's like the most important topic, one of the most important
topics. And it's so few people like to
devour content on mining because maybe it seems over their head,
but we'll do our best to make sure you understand the
importance of what's happening and what is going on.
So just to get the news out of the way, you know Jack Dorsey
invests $6.2 million into a company called Ocean.
To further quote UN quote decentralized Bitcoin mining.
Ocean is being led by a long time OG bitcoiner in my opinion.
Luke Dash Junior who set out and of Bitcoin mechanic who set out
to fix what's wrong with Bitcoin mining in the short term as well
as laying out some long term goals.
Plus we didn't cover it last week.
I believe it was last week, maybe the beginning of this
week. Who knows, in any more in
Bitcoin Time Demands announced that they will be dropping a new
pool that will be using Stratum V2, which allows for greater
flexibility for individual miners to pick what gets into a
block. So TLDR guys, this is good for
Bitcoin mining and very exciting moving forward for Bitcoin
decentralization at large. And there's always so much fudge
surrounding Bitcoin mining that it's very good to sometimes
destroy that FUD. Now we got two new pools helping
to decentralize Bitcoin mining. You just love to see it, love,
love to be a part of this. I really do believe this bear
market has been one of the most bullish bear markets that I've
been a part of. I haven't been to the first one,
but it's looking like we are seeing a perfect storm.
Also guys, in the numbers, I will be covering some updates
about the Bitcoin ETFs. They haven't been approved, you
know, just breaking the ice, but we're one step closer to them
being approved. And again guys, the bull run is
heating up. It's getting interesting out
there. The price is getting a little
frothy. Just love to see it, love to be
a part of this. And of course, of course, of
course I am not alone. We have Sophie in the building.
As you guys can tell, Nico is still was or actually was at the
Bitcoin mining future of Bitcoin mining conference at this news
got dropped. He is still, I think either just
getting home or just getting off the airplane.
So we'll handle the show until tomorrow.
But Soph, how you doing this morning?
I'm doing well. Thank you guys for having me.
This is 3 days in a row in Nico's life.
Let's go. I love this, so I'm really happy
to be here. I'm excited.
Yeah, it's the the, the dog in the burning house.
This is fine. This is fine.
Meme. All right, guys, The the the
chat. You You guys are the goats.
Love you guys. All right.
Anyways, we're not alone. We do have a very cool guest
today. Shouts out to Daniel.
He is. I don't.
Maybe Sophie's better at explaining this considering that
she is in Miami. But a bitcoiner, part of a
Bitcoin Miami scene also goes to the Bitcoin dev Some actually.
Maybe. Daniel, introduce yourself.
Who are I'm Daniel. Yeah, I I work for Bitcoin,
right? Don't we all?
And yeah, I'm originally from New York, but I permanently
moved to Miami three years ago. And this, you know, the Bitcoin
Miami scene is just great and growing.
Although I'm actually coming in from Buenos Aires right now You
know I'm not going to endorse any political candidates but I
am growing out my sideburns let's go yeah was was asking you
why you're down there and and in true Bitcoin fashion you're like
I did not want to trust I am verifying and you know also one
of my friends wine he is also a nomadic bitcoiner and he always
tells me he's like you guys got to get out of the US So Daniel
is living proof of don't trust verify and maybe nomadic
bitcoining is the way. Yeah, I mean there's.
Different people want different things, right?
So for some people, staying in one place and really building up
the local community is is important to them.
And you know, for other people they want to travel and see the
world. And some people just really do
like to wander. Sometimes, you know the most
interesting place in the world moves.
Love it, love it. All right, guys.
Well, we got a packed show for you today, so let's just get
right into it. The Bitcoin numbers.
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Make sure it's indestructible. All right, guys, Of course we
are here. Clark Moody's dashboard.
Let's look at some numbers. In my opinion, probably the most
important number is the block height and we are currently at a
block height of 819,000 and 20, I repeat 819020.
The current Bitcoin price is 37,705 and that means the Moscow
time, AKA how much Bitcoin you can buy for a single dollar is
currently at 2652 sets per dollar.
The total percentage of Bitcoin that will ever be issued is
93.12%. The market cap of Bitcoin and
Fiat terms is 737.4 billion are getting closer to that $1
trillion market cap. The realized monetary inflation
taking Fiat currencies to school is 1.75%.
The Bitcoin Brit's gold market cap is 5.39%.
So much room to run in the hard money gang and you guys are
still bearish out there. Couldn't be me, you guys are
still waiting for 33 K like what's going on.
Anyways, the total public lightning capacity is 5330.8
BTC, the hash rate going absolutely nuclear the last 90
days, 441.1 XA hashes and the pending fees.
Guys, we've been covering this all week.
It seems to have cleared out a little bit, currently at least
two. The man pool that Clark Moody is
connected to is 8.98 BTC. The blocks to halving is 20,980
blocks until the halving and we are still estimate to not make
the meme date allegedly right now April 19th, 2024.
All right guys, so no video today.
I kind of want to do a little recap and I know ETFs all the
rage right now and everyone's like, oh macro, macro, macro.
But this is where we are. And and I did bring up a really
solid tweet by Dylan Leclair and it's something that I kind of
point out all the time, you know, as a Bitcoiner, I always
suggest that you should just buy Bitcoin directly, take Bitcoin
into self custody. But we will emphasize the
importance of the ETF or well, rather the legitimacy, quote UN
quote legitimacy that this will bring to the Bitcoin market.
But anyways, before we get into that, we got James Seifart here
and he is a Bloomberg analyst. He's been covering the ETF news
constantly. Seems like he is waiting for
this to happen as well. Anyways, we got a tweet here and
this one's by Phoenix Trades and it just goes.
SEC delays Franklin spot Bitcoin ETF.
And then to further add some signal to this update, Wow, SEC
went super early on Franklin. They weren't due for another
decision until January the first.
Notably, Franklin is the only issuer who didn't submit an
updated S1 yet. Wonder if that has any impact
here. Any further goes down.
He's going super early, early on Franklin today and potentially
hashtags coming to would set things up for a full wave of
approvals in early January might be the reasoning.
And then he double s down on this and he goes okay.
This delay on hashtag all but confirms for me that this was
likely a move to line every applicant up for potential
approval by January 10th, 2024 deadline.
Again he updated it Couple hours later and he goes.
Franklin has submitted an updated prospectus for the Spot
Bitcoin ETF. Earlier today I said that
Franklin was the only filer that had not yet submitted and
amended S1. It just dropped a minute ago.
And then continuing on this we got Eric Balkanis I believe
another analysis for Bloomberg and he goes, people asking me if
we changed odds. No, we are still holding line at
90% odds of approval by January 10th, AKA this cycle.
The same odds we've had for months before it was cool, safe
what we are watching for now, more amended final filings to
roll in and clarity on in kind versus cache create.
So it looks like we probably won't be seeing, you know, an
ETF in 2023, but if we see in the early weeks of 2024, we can
pretty much say that it was filed, you know, in this cycle.
And again getting some more, some more signal here from Joe
Caller, sorry, he goes, I've gotten about 15 emails about why
I think January is the earliest date for approval of the spot
ETF and it's because some of the comment periods don't end until
January 2nd. It simply wouldn't make sense
for SEC to approve something while they're still soliciting
public comment. And you guys can see up here
some of the dates. We've been covering these dates
for you guys, the next date was January 1st.
It looks like they denied that spot ETF.
So we'll see what happens in the first weeks of January.
But it's looking like we may get an approval very early in 2024,
which would most likely set up for a very, very great 2024 in
regards to Bitcoin. But of course, everyone in the
chat's probably trolling me right now.
It's like, oh, he's talking about the ETF again and it's all
macro, macro, macro. And I've been saying for a while
on the show, look, I don't and I won't hold an ETF.
I don't recommend an ETF. I think people should be holding
spot Bitcoin directly. Of course, taking Bitcoin into
custody. This is the revolution.
But Dylan Leclair did a great write up and and he's a lot more
eloquent than I am on the show. So I'm going to use his words
and it really just goes to show why I think the ETF is so
important going forward. So here we go.
I'm not going to read the whole tweet but you guys can find it
on his Twitter. He goes talk of ETF approval
misses the forest for the trees. It's not just about immediate
reactions or flows, It's about the recognition of BTC as an
institutional asset. Pensions, endowments, insurance,
investment portfolios etcetera will soon be entering the arena
with passive buy side flows for the long term.
Large institutional investors don't purchase something to flip
it the next month. They are constructing portfolios
for multiple decades. The endorsement by the likes of
Larry Fink isn't a sign that Larry is suddenly a Bitcoin
bull. It's a sign that clients are
knocking on black rocks door asking for a vehicle to gain
exposure and then just adding up and closing this out goes the
landscape and profile of the asset has shifted.
It's not about the ETF. It's about the reason why the
ETF is coming. Institutional exposure has been
given a green light. It won't happen all at once, but
understand the shift that is underway.
Bitcoin has been accumulated by individuals and retail for some
time now, while institutions mostly watch the madness from
the sidelines. This is changing.
Welcome. And on that note, guys, shouts
out to every single one of you guys out there.
That front ran the institutions. Of course, as a bitcoiner, A
layman, Bitcoin, an average everyday bitcoiner.
I fundamentally think it's it's super important for just every
everyday people to hold spot Bitcoin, to take Bitcoin into
custody, to own something that cannot be the base, that cannot
be taken. Finally having some property
that cannot be stolen from you because it is what's what sailor
always say, you know protected by a Hornets of cyber Hornets or
whatever the meme is. But it just goes to show, look,
I've been saying this on simply for a while, that the ETF
approval on the one hand Gibbs retail, that sense of
legitimacy, like, oh, the big guys want Bitcoin, maybe it's
safe to invest in Bitcoin. And on the flip side, it just
goes to show that the biggest asset managers in the world are
now going to allocate some of their capital to Bitcoin.
And so on all fronts, Bitcoin is, you know, for better or
worse, being legitimized in the eyes of institutional investors,
in the eyes of the Normies out there.
And look, we knew this was going to happen.
This is all part of the game. So I know there's a lot of
crabby bitcoiners that are like, why do we keep talking about the
ETF? Well, this is where Bitcoin is.
This is where we are in the story.
And Bitcoin is growing up. We're at what, 15 years maybe?
Yeah, 15 years. And soon.
I saw a tweet by VJ this morning, which which I thought
was awesome And he goes, look, in about four or five years
Bitcoin will be 20 years old and there will be people in this
world that have lived their entire lives with Bitcoin being
alive, being legitimized, and they won't know a world without
Bitcoin. And here we're seeing the
biggest asset managers in the world are starting to get
bullish in Bitcoin. Yes, we know this will be an
influx of capital in the Bitcoin and I'm sure the price will
respond, but this just goes to show that Bitcoin is a viable
long term investment for everyone out there.
Whether they're trying to get exposure through institutions or
just you like you and I just taking Bitcoin into custody.
Bitcoin is growing up and you just love to see it anyways
Daniel, and not to Doss you too much, but I know you've been in
Bitcoin for a while, so what's your thoughts on the ETF news?
You know, maybe just in general, what's your thoughts hearing
this stuff? Yeah, So even before I was in
Bitcoin, I worked in commodities trading and, you know, learned a
lot about the traditional financial markets.
And the gold ETF was just a major, major catalyst in pushing
up the price of gold right when the gold ETF, the first real
gold ETF, launched in 2005. So it wasn't that the gold price
immediately went up, it was that it just kicked off this really
long bull market. For the next five years the
price of gold was going way up. And again, gold was just a much
larger market than Bitcoin is right now.
And again, you know, people already in general understood as
gold, as being valuable. Right.
And part of the opportunity in Bitcoin has come from the fact
that still the, you know, very large number of people don't see
it as valuable as we do. They don't really understand the
properties of it. So the ETF is a big deal.
I I like rappers. An ETF is essentially a rapper
you're you're taking something and then you're making it behave
as if it was a stock, even though it's not a an equity in a
company. Exactly so.
For for some people, right, they want the they want the exposure
to the price of Bitcoin without the properties of Bitcoin,
right? They don't.
They don't want the self custody, they don't want to
write down 12 words. They want to see it in their
portfolio next to their stocks, next to their bonds, next to
their other holdings. And that was one of the
catalysts, right, for driving gold.
Of course, right before the gold ETF, could somebody go out and
buy a bar of gold or some gold coins and then just.
Keep it around the house or keep it in a safety deposit box.
Yeah, they could, but it wouldn't be part of their
portfolio. So when when products like that
launched, it just makes it so much easier for people to
include that. And again, right, for regular
bitcoiners, you know you, they're going to want to have
actual Bitcoin because they want the properties of Bitcoin.
But for people who just want to, you know, get some dollars and,
you know, come along for the ride.
They can do that and they end up increasing bitcoins purchasing
power for the people who have self custody.
They end up you know it's strengthening the network
because more miners come on when the price is higher and it
inspires more people to basically pay attention because
as we know the waves of adoption have come from Bitcoin going
well past its previous all time highs.
So as. So the other interesting thing
right is. We have, we're starting to see
some products now with using discrete log contracts where
people can have the properties of Bitcoin, the the self
sovereignty self custody but can avoid having exposure to the
volatility of Bitcoin with respect to the dollar.
So I think it's it's ultimately good for people who want to be
able to have exposure to the price to have exposure to the
price and people who want to have exposure to the properties.
Have that and then you know for those of us who are you know are
fine with both you know we can we can have both.
It's just a it's really a win win for everybody.
I was just going to have before about Moscow time.
What I really want to see is I want to see that, you know,
sats, Sats per dollar go under 2400.
Because the meme is it makes a lot more sense when it's when
it's less than 2400. Wow.
I never even thought about that. But yeah, great, great.
Definitely. Man, they're really gonna have a
heyday with that one. Yeah.
And I like to say, right, It's not a clock.
It's counting down to 0. So that, that's the, that's the
number that I'm really excited about when it just shows 0.
Let's go. Love it.
All right, guys. Now you guys heard a new meme in
the chat, guys, so meme it into reality.
All right, Sophie, let's not talk necessarily about all the
macro implications of ETFs and all that stuff.
But you have been doing on the ground interviews with everyday
people and you've been asking them this question.
So you actually have some hands on experience talking to people
outside of Bitcoin, which probably hopefully most people
don't anymore because all of our friends are Bitcoiners.
So what's your thoughts on this, Sophie?
My thoughts on this are that an ETF is one of the best marketing
like campaigns that we could have.
As bitcoiners, who cares really? If other people aren't buying
their own Bitcoin, they can have fun staying poor and getting
screwed by the government. To be honest with you like that,
that's none of my business. I'm just happy that I have my
Bitcoin in self custody. And everybody here, everybody in
this chat, everybody who actually knows.
They're they're going to be okay and and and honestly I'm that's
that's my number one concern. My second concern is number go
up when this ETF gets approved. There is no telling how high the
price of Bitcoin is going to go. And that is actually, I mean the
I call the ETF the best marketing campaign for Bitcoin.
But really what's the best marketing campaign is number go
up. When people start seeing the
price go up, how many of you have gotten that text from your
friends and family saying, hey, so tell me about that Bitcoin
thing because their greed is their incentive.
They just want to make money off of this thing.
And so if they feel like they're, you know, like not
having FOMO and their stock broker, money manager, whatever
is telling them, oh, like we can get this Bitcoin ETF.
And they make it sound super legit and super comfortable for
them. And they feel like, yes, I
bought into Bitcoin. Like, you know what you do?
You eventually when they start to see the other properties of
Bitcoin, they'll be like, oh, I remember I bought some Bitcoin,
I made some money off of it. So now I know that it's not, you
know, this gamble that everybody made it out to be.
It's not like every other shit coin that I've been screwed over
by. It's actually something that I
can store my value in. Let me look into how I can do
this and not have to pay my stockbroker an X amount
percentage of My Portfolio or a monthly fee so that I can
actually do this myself. Wow, I could have done this
myself the whole time. It it starts the process of
falling into the rabbit hole and everybody starts at a different
place. I started, you know, with with
Coinbase, you know what I mean? And I didn't know what self
custody was until I started to learn about it, until I started
to to see what the other properties of Bitcoin were.
And so everybody starts somewhere.
If this is where somebody else's starting point is, I'm not going
to judge them for that because at the end of the day, it's
great for my bag and I already have my Bitcoin in self custody.
So it really is a win win all around, like Daniel said.
And I'm looking forward to this happening and me telling
everybody that I know. I told you so.
This stuff is legit. Yeah, years ago I I told some
somebody when they were asking me what stock should I buy, I
said you should buy Bitcoin. And they're like, oh, what's
the, what's the, what's the symbol, what's the ticker?
And I'm like it, it doesn't have one.
You know, by the time there is, you know, something like that,
the price is going to be a lot higher.
Love it. That's all I get on the The
advantage now is that it is It does take a little bit of effort
to actually think about it, right?
Bitcoin isn't harder than traditional investments.
It's just unfamiliar. So there's there's people
actually have to put in a little bit of effort.
Love it, love it. Great, great tags Daniel.
And and before I move on, Sophie, you're so much more
toxic than Nico. What do you mean?
How am I more toxic than Nico? I rarely hear Nico say have fun
staying poor. And yet, I think you've said
that like 12 times since you've been on the show this week.
Dude, 'cause it's true. You know what?
Bring bullying back. Bullying works when you bully
people. Listen, this is because I'm
Latina and I come from a Latin household where like, they tell
you shit how it is. If you tell people some really
hard truth, they're they're they're gonna be forced to think
about it. It's like when somebody tells
you something about your appearance and you never noticed
it before and you're like, damn, whatever.
And now you're like fixating on it and you're like, damn, it's
true and it makes you do something about it.
This is the same thing. Have fun staying poor.
I'm gonna make you feel bad because I know that I'm right
and you're not, and so and I'm and I'm actually doing you a
favor. I'm causing you some short term
pain for some long term gain and then you will thank me.
Love it. Love it.
As as our friend planet Earth who hangs out in the chat always
says, Bitcoin is for smart people.
You probably don't watch them. It's kind of, you know, who is
it rubbing in the chest? Like it's going to be so hard
not to be toxic moving forward? Yes, it will be.
Anyways guys, before we get into today's breaking news.
Make sure you guys get your tickets to the Bitcoin
conference in Nashville. We're taking over Nashville July
25th and 27th and you can get a discount code using simply.
I know you guys complain about the prices.
This is why we're telling you to get it Now you will FOMO into
the conference that happens every single year and we can't
wait to see you guys. So get yourself a ticket, guys,
and we will be hanging out in Nashville next year.
All right, guys, let's get to the news, the Daily News.
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All right. Anyways, guys, big news, big
news. But before I get to the big news
today, let's talk about the context here.
So. You know I'm going to have to
kind of this might get a little nitty gritty for you guys.
We we try to keep it high level as much as possible for you
guys. So you know don't don't think of
this. It might get a little technical,
but it won't be too technical. So there is a lot of fun and
you've been seeing this reoccur on Twitter about mining
centralization and it might just be that people don't fully
understand what's going on. There is, as you can see.
Here I do. I'm over here on Luxor.
You can see that we have Bitcoin mining pools and actually before
I go in, maybe I need to do a breakdown differentiating
between solo mining, why you would want to use a pool and or
why you might want to avoid using big pools.
So of course, guys, you know, hey, you can plug in an ASIC.
And be a solo miner and you may potentially land yourself a
block. Land yourself a big block
subsidy. Currently it's at 6.25, but
usually if you are mining your you know your S 9, your single S
19, your chances of getting a block are slim to none.
There is huge, huge ASIC farms out there and.
You don't have enough hatch power to necessarily beat them
out or get lucky to get yourself a blocked subsidy.
So most people link up to a mining pool, and you usually do
this because it gives you a consistent payout and if you're
spending money on electricity. You're going to want to get paid
and so people link into mining pools so that they can get a
consistent payout. And as you can see here on this
chart, this over here on Hash Rate Indexes by Luxor, you can
see the biggest Bitcoin mining pools, or rather the most
popular mining pools, and there are a few other ones that aren't
here. I know there's a few new solo
mining pools that are part of this, but you can see that the
two biggest mining pools right here, and Pool and Foundry
collectively have more than 51% of the hash power.
And if you know anything, if you know any rudimentary aspect of
Bitcoin mining, there is a thing called a 51% attack on Bitcoin.
And people have been saying on Twitter that, you know, maybe
collectively, Foundry and Ant Pool, maybe they'll just get
sent a court order. And then they will have to, you
know, by law, by their regulations, you know, by by the
powers that be. Sensor Bitcoin and start to
avoid some transactions and we have seen there's been a lot of
push push towards OFAT compliant Bitcoin mining blocks, Bitcoin
mining transactions. And now we just saw that before
I get into the big news of today of Jack Dorsey leading
investment into oceans, let's talk about DEMAND.
So Demand launched the world's first Stratum V2 Bitcoin mining
pool. We did a whole episode on
Stratum V2, I think it was like 2-3 months ago.
So I'm not going to go fully deep into what Stratum V2 does,
but it does cover this in this article before I get into
today's news. So this pool, built on the open
source Stratum reference implementation aims to.
Usher in a new era for mining by introducing enhanced security,
flexibility and performance. So Bitcoin mining company Demand
has announced today, does this have the date November 27th?
Oh, it was this week, it was Monday.
All right. Bitcoin mining company Demand
has announced today the world's inaugural stratum V2 mining
pool. According to press release sent
to Bitcoin Mag, this pool built on the open source Stratum
reference implementation, aims to usher in a new era for
mining. Introducing enhanced security,
flexibility and performance, the Stratum V2 protocol marks a
significant leap forward from its predecessor, according to
the release, offering a suite of improvements that not only
elevate mining capabilities but also champion a more
decentralized mining landscape, Alejandro de la Torre Demands,
Co founder and CEO, stated. With Stratum V2 and our new solo
mining pool, we aim to make home mining more attractive, which
should in effect help decentralize the Bitcoin mining
ecosystem and improve the health of the Bitcoin network overall.
The key feature of Stratum V2 is its empowerment of individual
miners to construct their own block templates.
Traditionally, mining pool operators related control over
transaction selection, posing centralized risk vulnerable to
potential regulatory pressures for transaction censorship,
which I just briefly covered. Stratum V2 now grants mining
pool users the autonomy to select transaction for block
inclusion, fostering a more decentralized network resistance
to censorship because Bitcoin mining is overwhelming
overwhelmingly done through mining.
Pools transaction selection has become relatively centralized.
Only a few mining pool operators can essentially decide to
collude and prevent that certain transactions ever confirmed
Demand Co founder and Sri project lead Felipo Murli
Apologize Bro said. Strategy two gives the power of
transaction selection back to the individual miners to make
the mining ecosystem more decentralized and Bitcoin more
censorship resistance. Well, this isn't the only news
that dropped this week in regards to decentralizing
Bitcoin mining. We got this news yesterday.
It came out at the Future of Bitcoin Mining conference that
Nico was actually AT and we got this tweet this morning from
Luke Dash Junior and he goes as announced at the Future of
Bitcoin Mining conference. I have relaunched my Allegis
mining pool to help bring more decentralization in Bitcoin
mining. I am calling it Ocean.
And here's the press release. I will cover the press release,
but the old code has already been updated and tested with
support for the latest Bitcoin addresses and mining machines.
As was the case with the legious, Ocean is a non
custodial pool paying miners directly with generated coins,
and it provides the highest level of transparency both in
proof of work contribution and block template construction.
Absolutely love to see. All right, so let's get into
this press release. As you can see, we are over here
on PR Newswire. The I don't know the the the
industry standard for press releases and it goes.
Jack Dorsey leads Seed Round in support of Ocean's mission to
decentralize Bitcoin mining globally, Announces launch at
Future of Bitcoin Mining conference.
So the seed funding will support the launch of Ocean, the first
of many mining decentralization projects for Bitcoin long term.
Bitcoin Core developer and Mamolin Co founder Luke Dash
Junior said the role of mining pools must change for Bitcoin to
exist. As a truly decentralized
currency. Put differently, Ocean is a new
type of pool that enables miners to be truly miners again.
We are launching as the most transparent pool and also the
only non custodial pool where miners are the recipients of new
block rewards directly from Bitcoin.
Traditional Bitcoin mining pools take exclusive custody of block
rewards and transaction fees before splitting them up amongst
miners. This gives them the ability to
withhold payment from individual miners, whether by their own
choice or by legal requirement. Oceans non custodial payouts
directly to miners from the block reward removed this risk
and the pools undue influence over miners.
Oceans Global head of Sales, the synonymous Bitcoin mechanic,
said this. The intention is to
disintermediate to the greatest extent possible.
Pools have become trusted third parties whose permission we have
required for activating soft forks and deciding what gets
into the blockchain, in addition to taking custody of all newly
generated coins. By offering transparency and a
mechanism for minors to be paid directly by Bitcoin itself, we
make the network radically more robust.
The name Ocean intentionally contrasts with the restrictive
permission nature of legacy pools.
Essentially, you know you got to.
You got to play by the rules when you're in a pool, but when
you're in the ocean you can do whatever you want.
So our contribution to ocean comes out of a deep respect for
their mission, says Jack Dorsey. I think it's a phenomenal team.
I know Luke, I've interacted with him for some time and I was
inspired by the vision and most importantly, the execution, Mr.
Dorsey noted. Ocean is solving a problem for
bit corners that I think all of us feel further centralization
of pools and mining pools that can plague Bitcoin and how that
risk a bunch of Bitcoin attributes that we hold dear as
part of the. Launch, Mr. Dorsey noted.
When I see a project that is good for Bitcoin broadly and
that's also good for me and my companies personally, it becomes
a simple decision for me and I'm happy to be a part of it,
Ocean's first customer, Barefoot Mining, said the following via
its Co founder and CEO, Bob Burnett.
In my opinion, this is the most significant new Company
Announcement in the Bitcoin world over the past few years.
A new pool will bring new features and some badly needed
diversity to the mining world. And of course, they made their
announcement at the future. Bitcoin Mining Conference and
here you guys can go check out all of the you know the nitty
gritty on ocean dot XYZ. But as you can see Bitcoin
mining as it was meant to be. Ocean is a new type of mining
pool on a mission to radically decentralized Bitcoin mining.
And a quote from Luke. Bitcoin is no longer censorship
resistant and mining centralization endangers its
security too. It's time to fix that.
You can see it is a rebrand of an old mining pool called
Allegius. I believe it is non custodial.
It is transparent. It is permissionless.
And I do have some notes here for you guys.
So you know, I think this is one of those moments there.
There is some contention on Twitter right now.
You know, people are saying maybe this is just some
marketing like, oh, decentralized mining pool or
isn't mining pools decentralized in general?
Well, as you can see, no longer do you have to trust.
And here let me pull this back up for you guys.
No longer do you have to trust just these.
Minings operators of these pools here you can now basically
construct blocks by yourself and you can see essentially what is
123-4678 about what 12 to 16 pool.
Centralized operators are kind of in in in many ways like the
cantion you know controllers of what gets put into a block.
Well, now with oceans and also demands in general.
Now as a as a home miner, as a as a pleb miner, you have a lot
more flexibility and more control of what transactions get
put to into a block. And also you know you're you're
going to get rewarded for every single hash you you put in to
the network from whatever ASICS you have.
You will be paid out directly from a Coinbase transaction and
there's zero fees for now, which is obviously incentive for you
guys at home. No KYC, you just need to add an
address and point your ASIC to the ocean.
Pool. It's pretty much completely
permissionless. It's literally all you need is
an address, and you don't have to rely on pool operators being
honest. Now you can construct a box for
yourself and also. There will be opportunities for
small miners to be paid out via Lightning, which I would say is
also super bullish. So I think this changes the
landscape for not only smaller miners but larger miners.
And I think this is huge for just further decentralizing the
Bitcoin network. There is so much contention out
there, so much mining flood that like oh, with people that don't
understand what's going on that oh, Bitcoin mining hash rate has
been centralized. There's only 12 miners out there
when they're pointing at these pool operators.
Which you know, like maybe they're kind of right.
There is 12 operators that do control these mining pools.
But hash rate, you know if you have hash rate, it doesn't mean
that you are controlling the network like first people don't
control the hash rate if you are the pool operators.
And now you can pick up and go. That's the beauty of Bitcoin
miners in general that hey, if you don't like what the pool
operators are doing, either you just take it or you move to a
different pool. Well now with oceans you have
direct access, you have a lot more flexibility on what gets
put into transactions. And of course I I would just say
that this is further. Just decentralizing the Bitcoin
network, making sure that hash rate is decentralized and making
sure that there isn't just a small group of people that
control what gets into the Bitcoin network.
Now of course guys, I'm giving you the high level overview of
this because there is a lot of nitty gritty.
I would definitely recommend you go check out Stephan Libero with
Bitcoin Mechanic. He does a great breakdown of
this. Go check out Ocean dot XYZ or
even watch the announcement at the Future of Bitcoin Mining
conference of Luke Dash and. Jack Dorsey.
But I would just say that this bear market has been absolutely
bullish for Bitcoin in general. Bitcoiners are building and you
just love to see it and it's really setting up for a perfect
storm moving into 2024 and 2025. All right, there's my ADIQ high
level view of this. So Daniel, let's get your take
on this. What was your first thoughts
when you heard this, and did you get time to get into the nitty
gritties? Well, yeah, just, yeah, it's all
good news and I'm happy to hear it again.
I don't, I don't like to see, you know, two pools over 51%,
you know, even though, again, if there's there's only so much
that can be done with a 51% attack, right, They can't, they
can't steal your bitcoins, but they can cause problems for the
network overall. And I don't want to, you know,
think that, you know, one phone call could potentially, you
know, lead to coordination between pools and cause trouble
for Bitcoin. So it's always great to see
anything that means more decentralization, new mining
pools, stratum V2, giving individual miners more control
within the pool, but also just hash rate can and can and does
move very quickly between pools. So even though they're right, a
pool shows, hey, you know that it's got 2530%.
The question is right, how much of that hash rate is under their
own control, and how much of it is external and can move pretty
much immediately? There was a mining pool that I
believe ran into some financial issues last year and you could
see as soon as that was, as soon as that was clear, that the the
payouts were interrupted to minors, 40% of the hash rate
evaporated pretty much immediately.
And actually, yeah, if you see the statistics on ocean dot XYZ,
you can see that their hash rate since the announcement is just,
you know, skyrocketing, right. So it's great that miners can
redirect at hash rate as necessary if they disagree with
saying a pool is doing or you know, a pool isn't in some way
you know, malicious or so that that really helps act as a check
on that. So yeah, I've been excited about
Stratum V2 for a while. Obviously it's been, it's been
years of work to build this and not only, right.
Yeah, there you go. Not only does that help in terms
of reducing the power of the mining pools but it also means
more bandwidth efficient. It prevents like man in the
middle attacks against minors if someone's trying to steal their
hash rate for example. So there's a whole host of
benefits in there. So I think that will help you
know provide incentive for the pools to adopt it And also the
pools have to compete with each other for external hash rate.
So staying there in stratum B2, it is, you know, means they're
on the latest standard and it also is a is a nice
differentiator and shows that they're I think good actors for
the network. I also just want to appreciate,
you know, say say how much I appreciate Luke's contributions.
You know, there's only a handful of people that that are
technical that have been contributing a lot since like
that that time period, you know, that he started like 2010 and a
lot of other people have you know, burned out or or left or
rage quit and so on. So to to see someone
contributing you know for now well over a decade from the
early days to the present is is quite impressive.
Also fun fact St. Eligius is the patron St. of
coins, so it's not a not a random name for the for the
original name of the pool and the Mummolin however you
pronounce that is actually a St. that was the successor to
Eligius in in his role as Bishop.
So just little Easter egg there. Interesting.
Luke Dash Junior doesn't disappoint with the naming of
his company. Very, very true to form.
And yeah, just to comment on Luke, I I would say he's one of
the true O GS of Bitcoin and you know he's not one of these guys
that's more like me that is just always bullet hearted.
He is very critical of a lot of stuff going on in Bitcoin.
So to see him be at the helm of this, I think it's absolutely
not only just bullish, but just like a a beautiful
synchronicity. Moving forward and and truly
will be a bulwark for the Bitcoin mining space in general.
And let me answer one of these questions right quick, Roman,
yes, the pool is already operational.
So you can, you can put your hash rate to oceans today if you
want to, if you have a six out there, All right.
So I know we're getting technical here today, but Nico
was a miner, so maybe you do have some, some views on this.
What's your thoughts on this? So this is definitely more his
lane than it is mine. I don't know much about hash,
hashing, hashing, Oh my God, mining.
But I do know. Obviously the decentralization
is good. As you were explaining it, I
understood. I did.
First of all, I was today, years old when I learned about what a
mining pool was. I had no idea that different
miners could band together to censor people's payments.
I had. Literally no idea that that
could even happen. So it's it's really good that,
you know, the base foundation of Bitcoin is decentralization.
Because if it weren't for that, then solutions like this
wouldn't be possible. If this was a shit coin where it
was controlled by a company or an individual or you know, a a a
couple of people, then you're already starting off wrong.
But. Bitcoin is established in such a
way that you can create solutions like this.
And it seems that no matter which way Bitcoin gets attacked,
they're they always find a way. And I think it's interesting
that they named it ocean, because the ocean is very fluid,
but it also always finds a way to get through rock, so.
Yeah, I mean, I I don't have many thoughts on it.
I think decentralization is always good.
And I and I also, I want to give a a shout out to Bob Burnett,
'cause I love that man. So anything that he's involved
in, I love. Let's go love it, love it.
OK. Guys, before we get into the
culture, I think we're going to have a good conversation in the
culture. Shouts out to the boys over at
Kaboom Racks. Look, we're talking about
mining. So if you have been thinking
about getting yourself some a six, go to over to
kaboomracks.com, get yourself in touch with my boy Alex over
there. He will probably convince you
not to buy a six, but if you do want to go to Kaboom Racks, buy
a six there, sell your A6 to them, and they're also have a a
hosting program that they have just released a couple of.
Months ago, So fully endorsed the boys over at Kaboom Racks.
I think they are one of the best in the business.
So let's get into the news because I'm super excited for
this conversation with Daniel. Or rather culture.
Sorry the. Daily Culture.
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All right, well, you guys know the culture.
You know what we like to do with the culture And Daniel.
Not to put you on the spot and you told me in the IT would be
the pre show that we don't want to get too into the details of
your rabbit hole story. But people love.
So happy to. Yeah.
I know.
Everyone wants to.
Everyone wants to ask. Right.
So. So.
So I know. You know I go to you know
Bitcoin conferences Bitcoin meet ups bit devs and people ask oh
you know how many years ago did you did you first hear about
Bitcoin And you know, which is a good question but what I started
asking me was, you know how many years were you waiting for
Bitcoin before you heard about it.
Right. So for for me this was something
that I, you know, I was waiting for somebody to build it for a
long time and I wasn't entirely sure it was possible.
And then when I first heard about Bitcoin I was like OK
that's that's pretty neat you know.
But who knows, right. It's just it's just a wild
experiment and you know have to have to see where it goes.
But I, you know, I immediately liked the idea, especially the
idea of mining because if you if you've seen the the 19, the
movie from the 90s, the James Bond movie, Goldeneye, the the
bad guy has this this lair in the jungle that's just this
giant like satellite dish basically.
And that is a that is a real place in Arecibo, Puerto Rico.
And a number of years ago, I went to to go see it, and they
built that to try to be able to, you know, get signals from outer
space. And they were getting all this
data and they just simply couldn't process it, right?
They they were getting so much data from outer space, all these
these radio signals, and they didn't have the supercomputers
that could actually look to see if they're repeating patterns
that could suggest aliens trying to communicate with us.
So in the 1990s, they came up with this idea.
SETI at home Search for extraterrestrial intelligence at
home, where they would basically break that these data into
chunks. And then enthusiasts where their
computers at home could download each of these chunks and have
their computer use its processing power to try to find
aliens. So, you know, I I, when I heard
about that, I was like, OK, cool.
You know, I and the computer's not doing anything while I'm
sleeping. And I can try to.
I can try to find aliens. And, you know, unfortunately, I
never found any aliens. Right.
It would have been exciting, but whatever.
But then I heard about Bitcoin. It's like, OK, yeah, I can
actually just try to, you know, turn this, you know, electrical
power into some kind of, you know, Internet currency and and
see where this goes. And, you know, one point I had a
few ASICS, you know, my apartment and I I had them going
in the kitchen while I was sleeping.
And then as soon as I woke up, I would unplug them all, move them
over to the bedroom and plug them back in and close the door.
And, you know, sounded like a couple hair dryers going.
And you know I'm lucky there was nobody in the apartment with me
at the time or they would have been very, very angry and they
would be like what is this sound You know this is unbearable
droning. And then they're like that's the
sound of money being made. You know, so can't complain
about it And you know, then then over time, you know I, I slowly,
I slowly learn more And again, you know some of the, you know,
we don't have Learning about Bitcoin back in the day was was
definitely harder. There were less people there.
We didn't have the kind of podcast and educational
resources we have now and and it was just very, very easy to to
lose Bitcoin as well. And you know, the the price goes
down on a bear market and you think, well, that's it, It's
over, you know. And in this, in this bear market
it didn't feel like it's over, right.
You can see some of these exchanges going under, some of
these other lenders that overextend themselves, some
miners that overextended themselves.
And it's like, yeah, they they made a mistake.
But Bitcoin is is definitely, definitely here to stay at this
point and really on a pretty amazing trajectory.
So it's been, it's been a really cool experience, you know,
meeting all these interesting smart people in Bitcoin as well
as trying to help regular people just get into Bitcoin, learn
about it right. Because there's no one place to
go, there's no company, there's no official website.
So you kind of have to hope you find somebody to onboard you who
is a, who is a real bitcoiner and will point you in the right
direction. So people say to me, do you mind
repeating yourself and I'm like, no, not to different people,
only only to the same people, right.
So it's always really exciting when they get someone new who
actually wants to learn and and then they just see a click for
them. Although sometimes we end up
going down the mining rabbit hole for a long time because it
is interesting. But you know, right now it is
not really the best way for the average person to to try to get
into Bitcoin, simply because it's it's become very, very
competitive at this point. So unless you have that edge,
right, unless you're getting free electricity or super cheap
electricity, unless you actually need that heat already anyway to
heat your pool or you know, hot tub or something, you know, your
house or something. I mean, I like projects like Spa
256, someone's heating their hot tub with a six and think it's
extra satisfying to to know that that's how it's being warm.
But generally, for most people, yeah, they're better off, as
they say, Fiat mining, doing whatever it is they're actually
good at, and then buying Bitcoin with it.
Love it, love it. And we did kind of talk about
earlier before the show you mentioned it kind of here.
It's very. I I'd hate to say it's very easy
to lose your Bitcoin, but if you don't do it properly, there is a
real risk of losing your Bitcoin and someone that's been around
for a long time. What would you recommend to
someone new? What do you think is the best
way for people to store their Bitcoin?
It does depend on the person. It depends on the amount of
Bitcoin, It depends on their level of technical proficiency
and their and their budget, right?
But, but certainly one good hardware wallet and a steel
backup is a is a really good option for for a lot of people,
right. There's it's becoming easier and
more practical to do multi sig where you can actually have
these essentially partial keys and then some of those keys
could be held by you in different locations, could be
held by friends or family, could be held by companies that are
specializing in this, right. And as as that becomes more
practical I think that will eventually become the default
way to do it as it's both more secure and more forgiving when
done properly. Right.
But that's that's the key there And I've I've helped people who
are new go through this process of just you know, creating their
twelve seed words, write it down on a piece of paper, write you
know use set up the hardware wallet And you would think that
this is people think oh this is very easy.
Yeah well people write down the words wrong.
They just write down a different word.
They misspell it. Their their handwriting's, you
know, unreadable. Or they they write them out of
order. Or they write them on a piece of
paper, then take a picture and then put it on the cloud.
And without necessarily realizing, you know, instead of
them, OK, no, you you that you weren't supposed to do that.
And they said, OK, I deleted it. Like, no, no, it's not enough to
delete it. You're going to have to do the
whole thing from the beginning again, right?
These, these can never be on a general purpose Internet
connected device. And yeah, so so we're we're
getting there and the custody is getting better, right?
Because again years ago there weren't, there wasn't 12 seed
words you had to back up individual private keys to
addresses. It was, it was definitely a mess
and your backup would need to be updated.
Now it doesn't need to be updated.
I actually have a video made from a PowerPoint presentation
I've given called Losing Bitcoin.
And while I was making this, I kind of scared myself because I
ended up coming up with over 200 ways people can and have lost
Bitcoin. And you know, hate to say it,
but I've done at least five of them and that includes, you
know, swapping your Bitcoin for the next Bitcoin and then it
ceases to exist. You know that that includes, you
know, failing to do the backup properly.
And you know or or simply you know, you know, the computer,
computer or phone failing or just using one of the bad
wallets. Because often the the people who
are deep into Bitcoin or in culture or Bitcoin development,
they're not necessarily talking to regular people that much,
right? And it's it's great if they can,
because if you look at the wallets that regular people
actually use, those are the ones that series bitcoiners would
never recommend to you. So there's there's a big gap
here, right? And it's great to be able to
build a great tool, but then you actually have to get people to
use it to, or it doesn't have the real benefit that it
potentially could. Yeah, I love it 100%.
And. And the part where you said most
bitcoiners don't talk to normal people is that I think that
might be like the truest statement about the whole thing
that you just said, but great insight.
And actually on that point, what is your, you know, standard, I
don't know, I guess, pitch for Bitcoin to an average everyday
person. If you just meet someone and
they're like, what is this Bitcoin thing?
What do you usually tell them? Yeah, people I've, I've had
that. I've gone to parties where
everybody was a normal person and they'll say to me, hey, oh
you're into Bitcoin. Can you explain that to me in 5
minutes? And I'm like, no, like I can
explain to you in 5 minutes why I can't explain it in 5 minutes,
right? I I have a, you know, 3 hour,
you know, Bitcoin 101 presentation, right?
Not only scratches the surface, there's basically Bitcoin is at
the intersection of a lot of topics that you could major in,
right? So you you can spend as much
time as you want learning about it.
But the most important point I try to get across to people is
that Bitcoin is worth taking the time to learn about and to
recognize that there is more to it than that, that they're not
going to, you know, have all the pieces figured out in 5 minutes
or in 30 minutes. So, but what I do try to do is I
don't give a generic pitch for Bitcoin.
I try to figure out, well, how is this person?
How do they connect with Bitcoin, right?
Do they have family in another country that they send money
back to? Do they travel all over the
world? Right.
Do they, you know, trust the Federal Reserve's monetary
policy? Have they noticed things getting
more expensive and did why do they think that might be right?
So for different people, it appeals to them in a different
way, right? There's people who, you know,
love open source software. So I explained to them how
Bitcoin is open source software, right?
And for other people, they know Bitcoin is like a community.
It's a fun club. They get to meet other
Bitcoiners, right? Or again, if somebody you know
met people, where they, they had a warehouse where they're, you
know, storing clothing and they realize that they're, they're
paying a lot of money for the warehouse and that includes all
this electricity that they aren't using.
So for some people, it's it's just, it's just simply a tool.
And for other people, it's a lot more than that.
I've been working on a a book for quite some time now, which
is actually getting into that how different people see Bitcoin
as different things, the the different metaphors for Bitcoin,
but ultimately the metaphors are, you know what Bitcoin
really is. Love it.
I constantly tell people the same thing and I stole it from
Dale Carnegies book How to Win Friends and or How to What's It
How? To How to How to make friends
and influence people. Yeah, yeah.
And it's a simple meme that I say it all the time, you know,
it's like bait, the hook for the fish you're trying to catch and
and people always. Kind of push back.
They're like oh so you're, you know you're you're doing some
shit coin marketing. I'm like, no guys.
It's about you know, asking people certain questions so you
know where they're coming from. And then obviously Bitcoin fixes
it all. So you can always angle it into
a way that people are interested in.
And and I think few people do that.
They always have like this, you know, I don't know, verbal
diarrhea, shill about Bitcoin. And they just bombard people
with so much stuff that they're just like.
The person they're talking to, their eyes glazed over, and
they're like, yeah, that sounds cool, bro.
Did you hear about the game last night?
And it's just like guys just work on the pitch a little bit,
tailor it a little bit to the people you're talking to, and
it'd be much more effective. Well, that's why the CTF thing
is so good. It's such a positive move
because it's doing that heavy lifting for a lot of us, a lot
of people that are like, oh, Mer stocks, Mer bonds, Mer,
whatever. Like.
They're gonna, they're gonna feel like, oh, like Bitcoin, oh,
somebody else can buy it for me. Somebody can make it
comfortable. I'm gonna buy this now and and
that's also why I wanna bring more women into Bitcoin more.
Like the fun, sexy cool that we're trying to bring into
Bitcoin. Because it's like Opti said, you
have to bait the the hook for the fish that you're going to
catch. And if you bring more women,
more men will come. If you make it fun, sexy, cool,
then like all the people who are into the sports ball games and
like going out on weekends and just, you know, doing stuff that
you know, bitcoiners are like, we're not thinking about because
we're thinking like on this level.
They'll they'll come and and do it too.
And yes, don't buy the ETF. Buy actual Bitcoin.
I repeat, buy actual Bitcoin. The ETF is marketing for the
normies. Let the normies do that stuff.
At the end of the day, it's going to benefit your bag too.
But don't do it. Don't do it.
If you're listening to this, buy it and take it into self
custody. Sophie, I think you just bake
the hook for the audience out there and you basically said,
guys, you're going to get girlfriends soon, so you'll be
good to go. All right.
I was interviewing these girls the other day while I was on the
interview. And I was like, how could we
make bitcoiners less annoying? And they're like, just give away
all your Bitcoin. Just give it to sugar Mamas.
Like, literally, like, like you should just give it to ma to to
to women. And because women deserve
everything. And I was like, OK, but will
that make you look into Bitcoin? Yeah, maybe.
Because then how am I going to spend the Bitcoin?
So like, there you know, there you go, everyone.
Everyone has their. You're definitely in Miami, so
let on that point, Daniel, you did mention that you are a part
of the Bitcoin Miami scene. You know Sophie and Nico, have
we, we talked about actually stream live from Bitcoin Grove.
You were mentioning that Miami has a bit devs as well.
So maybe what's your thoughts on the overall scene?
And I know you talk at them and you're a speaker sometime.
So how's it going down there? Oh, I think you're muted.
Yeah, it's incredible to see the the progress that's happened in
the last year and a half because Miami again had had this
reputation of just, well, you know, scammers of people who who
don't really work or, you know, post on Instagram or whatever.
And and then naturally there's a whole, you know, crypto scene
caught on there and it was harder for Bitcoin to really
differentiate itself. And I, I think in the last year
and a half. We've seen that the the Bitcoin
specific community has emerged now and for example, you know,
Pram has been doing a Bitcoin brunch every Sunday for for
basically I want to say maybe two years now, which has been a
great way for people to just come by and just casually chat
with other people about Bitcoin and related topics.
And again, Ross and Liron and others have been.
Building the Bitcoin Grove with like a Co working space as well
as a place to host other Bitcoin events and maybe incubate
Bitcoin businesses and and also Ross started the Miami chapter
of bit devs and I've been helping Co host that that's once
a month where it's it's following the format of the
original the the New York bit devs where.
You know spend like 2 hours going over the technical details
and updates in in the Bitcoin space with sometimes the people
giving presentations on something cool that they're
building or working on. And the unfortunately for that
you know it's hard to promote it because the following the New
York bit desk convention, you're not supposed to take pictures or
record it. So you know, but it has its own
way of attracting the right people to it, right, Because
it's more technical. And you know certainly you know
some people want to come to it and some people don't.
It's been it's been pretty amazing to see how how big devs
is now basically spread all over the world even in some places
that don't have as as big a tech scene there's there's still,
there's still something happening there every month and
there's really really smart people coming together to learn
about that. I think for a for a lot of
people in general, they don't realize.
How much work is happening in Bitcoin how much innovation
there is unless you actually try to keep up with it then it's
it's overwhelming now you know certainly in the last year I've
been trying to edit down the topics to fit into two hours so
that's so so that's that and also yeah the the the city and
and the state has has been really I think supportive of
innovation. In tech in general and support
of a Bitcoin, the Bitcoin white paper is on the city of Miami's
website, so, so things like that.
I think it's on a it's on a really good trajectory.
And again, it's important for people who are new, especially
to have a physical place to go to, to talk to real bitcoiners
and learn that way. Love it.
Couldn't agree more and and shout out to Lauren, a good
friend of not only the show but us personally.
Love Lauren. All right, before we move on to
what everyone's waiting for, the meme review.
Daniel, is there any last two sets you would like to get
across to the audience? Well, yeah, yeah.
I I try to follow the the style of Satoshi that Satoshi had a
way of. Writing that was clear concise
and correct right He he wasn't wasting time with with people
but he also wasn't being rude to them either.
So I I do I do try to be to the point and and not not mean and
and that's all you know and and you know my DMS are open really
so happy to happy to talk to anyone whether they're trying to
learn or you know have a comment or or something else to say.
Love it, love it. Well, it's because of, I would
say, O GS like yourself that any of us even got a Bitcoin message
in the 1st place, so doing Satoshi's work for real.
All right, guys, let's get into the meme review, because that's
the only reason why all you guys are sitting here, The daily meme
review. All right guys, you know the
deal. This is the main review where
you guys tag me on Twitter at simply Bitcoin TV or drop them
in our Telegram group. T dot me slash simply owners
that hang out on Telegram. Make sure you at the very least
give me a noster link. I'll bring those on the show.
Specifically, give me a Twitter so I can give them their credit
for their memes so we're not just, you know, stealing memes.
Even though memes are supposed to be stolen and propagated, you
already know the deal. Tweets are the bullets.
Memes are the artillery. We are in an information war.
It's upon all of us individuals to continue to get the cause of
actions to people. Make sure they understand why we
Bitcoin. Make sure you ridicule the
corporate press. And of course, make some funnies
so your friends. Head stay in the game.
All right this first one I did get tagged on a different plan
Marcus mean but I wanted to put this one on because it just
seems so fitting and and actually after the conversation
with Daniel it's even more fitting.
I I think I'm like the little the little the little cub here
and Daniel is the actual full blown lion here.
But we got plan, Marcus, he goes hashtag Bitcoin makes you
stronger and we got a baby cub. We got Simba over here and it
goes 1 bear market and he's grown up.
He still looks tough. And then three bear markets in a
full blown Lion King over here. It it really does this, you
know, Bitcoin changes you. You don't change Bitcoin and the
more cycles you go on, the more hardened you are.
Can we peep the 2 bear markets? What that one?
That's like the awkward stage. Maybe that's me.
That one is. So good.
Oh, it's literally me. All right.
Next one is by Ben Jeshman. The bands are taking over
Bitcoin. Let's not let it happen.
And he has a totally other conversation.
Ben Jasmine goes and and you know go supporting him.
Penny Lane wine guys. If you want some wine made by
big corners Benz your man. He goes all caps, but who will
build the roads? I.
This one is like the funniest meme to me because I constantly
get the same same response but my roads.
Anyways, we got some founding fathers here and it goes give me
liberty or give me roads. It really feels like this is the
conversation you hear with everyone out there.
It's like wait, do you want freedom or do you want your
roads made? And it's always like guys,
someone will make the roads. Why is it always the roads?
Anyways? Ben, you should have put some
laser eyes on him. That would have made it perfect.
OK, the Bitcoin therapist. He goes, there's no second best.
And he goes hashtag BTC. And this one's hilarious.
This is literally going to be all you guys.
Someone said it's going to be hard not to be toxic.
Yeah, this is probably like the most toxic part about it when
you just start shilling it to everyone and your grandma.
Anyways, we got Leonardo DiCaprio here from Wall Street,
Wolf Wall Street. He goes when the bull market is
near and this is the scene when he's on the phone, you know,
flipping, flipping his penny stocks.
He goes, Listen, Grandma, this has huge upside potential.
You with very little downside risk.
Oh man. I man flashback to me shilling
Bitcoin extremely hard last bull run to my friends and I'm I'm
going to do my best not to come across like Leonardo DiCaprio
flipping penny stocks. OK next one is by Maxi Club
Nicos 591 Pro and we have a a turd in a suit here and it goes
shit corners and you can see here it goes short.
Expert this one all. All coiners are telling me.
Anyways guys, next meme is by sorry I got a text by Nico.
We have RDBTC and it goes Bitcoin having cycles don't
repeat themselves but they often rhyme and you can see the old
cycles 2012, 20/16/2020 and now and it's almost like we are
going. To repeat a cycle here.
So love to see it. Let's go.
All right, guys, that is the meme review.
Hold on. I guess Niko's telling me my mic
isn't using. Let me see.
Sophie, what's your meme review score?
So my meme review score is all of these clips that I have on
Niko's desk. They're little hair clips to
pull your hair back for, you know, and it doesn't create a
crease like these specific ones. So I'm going to give it a score
of all the little clips that I have around the house.
All right, guys, my meme review score is Bitcoin is Venice.
I got all the Bitcoin books here now, so you already know.
All right, Daniel, what's your meme review score?
Yeah, I I got here 500 Argentine pesos, 1000 Argentine pesos and
100 trillion Zimbabwe dollars. Wow.
Love to see it. How much is the Do you know what
What is the What is the exchange rate right now in Argentina?
So so currently this is about $1.00.
And what is it, 1000? Yeah, that's yeah, that's 1000.
But again it it changes, right. So, so you know if you you know,
wait a few days and you may have to may have to check it again.
Incredible. Incredible.
Well guys, drop your mean review store in the chat.
Can I just say shout out to Toxic Sophie for being the the
worst version of me on this chat.
This is amazing. All right guys, you already know
the deal. Stack Sats first.
But we appreciate all your support.
We do have some merch. We have some T-shirts.
We have some hoodies. I'm going to get you guys the
hats. We'll get you the mugs.
We have a special shirt coming out with a Bitcoin artist.
Sophie, we'll get you guys, the women cuts, scan the QR code.
We really appreciate all the support.
And on that note, let's get to the meme review guys, because.
There is some that got through. Hold on, let me see, let me see.
Let me get to the top one. Okay.
First we got Nigel Lowry and he goes meme review Miami Diggers
for everyone until they find your decoy wallet.
Oof. Oof.
Okay, let's never tell him. Is Elaine Lowe when it goes
score? Time to tell your UN corner
Friends. The time is now.
The bull is snorting and scratching the dirt by Bitcoin
today, friends. Let's go, OK?
I call them pre coiners. Pre coin?
Exactly. Toxic selfie score.
Bullying my unborn child by making her listen to safety and
humiliate shit corners just so they know the kind of family
they're joining? Yes, yes.
OK, Tora Paddle Meme Score FOMO. Fuel explosion.
Yes. OK, next one.
Everyday Walking with Christ Meme review score.
All my cipher mining stock. Caitlyn Long is on their board.
Let's go. OK, next one is rape elevator
score for the memes seeing a Bitcoin ATM in front of a mall
Santa Charlotte, NC OK, actually, let's go.
All right. Next one, Phil.
See, I give these memes a little dent on the monger grade.
No, that's don't dance on people's grades.
Don't do it. Don't do it.
OK, over here on Rumble, John Pleb.
My score. A dead fuck a day before 100.
Still waiting on zero. I don't know what that means.
OK, Narwhal tacos mean score equal 5 because those memes were
mid. OK, now I'll do better.
Send me memes and tag me and memes.
OK, more ran score. Congrats to Nico and Sophie's
new expected decentralization. OK.
And last one. Is by UTXO score purple glasses
inspired by Max Keiser. OK, love it.
Love it. All right.
Well Soph, thanks for filling in all week.
Nico should be back tomorrow. Hopefully.
We. I don't know.
I I'm. I'm the last one to know as well
so I think he'd be back tomorrow.
But if not, go check out Sophie on the YouTube and Twitter
timeline. Hell yeah.
Thank you guys for having me. It's been a great.
Week. Let's go.
All right, Daniel, before you go, thank you.
First and foremost, thank you very much for showing up on the
show, spreading that wisdom. I I think it's very insightful
for for newer bitcoiners to get that signal from the OG.
Older bitcoiners that have been around for a while, maybe a
little more wise in the ways they talk about Bitcoin.
But is there anything you want to plug?
Where? Where can people find you?
Yeah, the you can reach me on Twitter, right?
It's right there. DKA 218.
It's the best way. As I said, my DMS are open and
you know I can always point people on the direction of
others other things that I that I may have done or or will do
from that point. And yeah, I I just like to say
right, you can either learn from your own mistakes or from
someone else's. So you know, please, please
learn from my mistakes. And I just want to say again,
you know, recipes to Charlie Munger, right.
There's some bit corners. I think he's he's the enemy
because he was anti Bitcoin, but he he's not right.
And if you actually look at some of the things he said, he said,
you know you're you're looking for a mispriced gamble.
That's what investing is. And he said, you know, the idea
of excessive diversification is madness and the big money is not
in the buying and selling but in the waiting.
So if he was born later, he would have been a bit corner,
right. You have to understand when
people in their 90s, they're not necessarily.
Interested in learning a totally new thing when what they already
know has been working very well for them that that's all.
So I'm sure you know and when we're all in our 90s we'll we'll
be a little perplexed as to what's happening at the time.
That that's it. And you can learn a lot from
people who might, you know, vigorously disagree with you as
well. So so that's it.
Yeah, you can connect me on Twitter and that and I really
appreciate being on the show. This was a lot of fun.
Now I appreciate it, Daniel. Wise words from a bit corner
that's been around, you can tell there is a no longer the, you
know, the the ecstasy of being a new bit corner.
You're like a sober bit corner. It's like I've been around guys
like don't be assholes. It's it's pretty simple, man.
It's way easier. What's the saying?
It's way easier. Catching flies with honey than
shit or something. I don't know, bees with honey.
I forget what the meme is. Yeah, yeah, yeah, exactly.
Catch. Catch with, you know, honey,
then vinegar or something like that.
Yeah, something like that Anyway.
Anyways, thank you for coming on, Daniel.
Really appreciate it. We'll bring you on again, let me
know, let us know, we'll we'll schedule you another time and we
can talk about whatever you want to talk about.
Absolutely. We'll be great all.
Right. Awesome.
All right, guys. Well, you're another deal.
Like subscribe, share, all that good stuff, share all Bitcoin
content. It's about spreading the signal.
It's about making sure more people understand why they
should Bitcoin, why they need Bitcoin.
It's about incepting the ideas of freedom into people.
And at times kind of like what Daniel said, you know, you bait
the hook for the fish you're trying to catch and then don't
just bombard people with everything you know about
Bitcoin. I know we get excited, but
sometimes asking them some pointed questions is the best
way to Orange Pell. Anyways guys, we will be back
tomorrow of course for our Daily Show.
Make sure you're checking out our YouTube.
We we're dropping content constantly and you know signing
off guys, Get outside, cut some grass, eat some good food, hang
out with people you love. This is the way it's all about
becoming a better person. On that note guys, peace out,
it's your boy Opti. I will see you tomorrow.