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Yo, a Bitcoin OG predicted $1 
million Bitcoin by 2025. 

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No, this isn't, this isn't click
bait whatsoever. 

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Something needs to happen in 
order for that to happen, and 

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we're going to talk about that 
today. 35% odds on the betting 

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market, Poly market that the 
United States makes Bitcoin a 

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strategic reserve asset. 
And this Bitcoin OG, also known 

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as Adam Back said that if that 
were to happen, Bitcoin will hit

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seven figures, which is 
absolutely bonkers, but it makes

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sense as well. 
States, according to Dennis 

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Porter, breaking news earlier on
today, are racing to make 

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Bitcoin strategic reserve on a 
state level. 

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So it seems like there's like 
the game theory is playing out. 

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And by the way, this isn't just 
a theory. 

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This isn't just as a hypothesis.
Pennsylvania State 

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representative already 
introduced a bill that said, 

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hey, listen, we should make 
Bitcoin a strategic reserve 

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asset on the state level in 
Pennsylvania. 

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And what we found out from 
Dennis at the adopting Bitcoin 

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conference, when we interviewed 
him for about a six to seven 

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minute interview, he said that 
10 other states are considering 

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to follow suit. 
Also earlier today on Dennis's 

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tweets, Senator Cynthia Lummis 
confirmed that, hey, on the 

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federal level, you know, we 
shouldn't get left behind. 

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So it seems like all, you know, 
the, the states are FOMO ING in 

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on the federal level. 
They're FOMO ING in what happens

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if a if a strategic reserve 
happens in the United States on 

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an international level, all 
these other countries are going 

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to look at the US and say, hey, 
listen, if we don't buy Bitcoin,

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we're going to get left behind. 
And you think that Michael 

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Saylor buying $4.6 billion worth
of Bitcoin is a lot? 

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I mean, imagine when the federal
government steps in when they're

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with with their unlimited money 
printer, it's going to be 

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absolute bananas. 
Anyways, guys, it's going to be 

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a great show. 
I want to introduce my legendary

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Co host Optimus Fields and our 
guest for today, Seth for 

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privacy, Seth is with Cake 
wallet. 

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Seth, welcome back to the show. 
I want to get your thoughts on 

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this before I pull up the tweets
and the articles. 

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The strategic reserve asset, I 
mean, you know, it's been going 

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up. 
Initially, the Poly market odds 

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when Trump announced it in 
Nashville was around 20%. 

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It's up to 35%. 
I mean, it's still not, you know

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what, 50 or 60%, but it 
continues to grow up. 

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It continues to go up. 
And you know, thinking about 

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this two years ago when our 
industry was being attacked left

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and right by the current 
administration that is going out

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of power in on January 20th when
Trump gets inaugurated, we would

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have never have imagined this in
a million years, right? 

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And then Fast forward two years 
later, you have the president 

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wishing a Satoshi happy 
birthday. 

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You know, on on tweets, he's 
saying, I'm going to free Ross. 

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And now he's floating this idea 
of a, a strategic Bitcoin 

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reserve. 
States are saying, no, we want 

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to make St. strategic Bitcoin 
reserves on a state level, 

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nation states are saying, you 
know what, if the US does it, 

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we're going to do it. 
Could you have ever have 

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imagined this, Seth? 
I feel like we've made a lot of 

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progress as an industry, at 
least on the price level. 

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I think from a revolutionary 
aspect, obviously we want 

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Bitcoin in the hands of 
individuals. 

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We don't want Bitcoin in the 
hands of government. 

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Yeah, I mean, that's the that's 
the tricky thing for me is 

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trying to like balance this with
how how we view Bitcoin as 

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freedom money because like the 
financial sense for a government

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to jump in on Bitcoin and use it
as a strategic reserve. 

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It's pretty clear. 
I like, I don't think anyone 

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would argue that cypherpunk or 
kind of number go up normally. 

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There's no real argument there 
that Bitcoin has proven itself. 

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So the financial sense for 
governments to jump in and do 

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this are, are clear because the,
the scarcity and the the 

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benefits of it being digital are
huge for governments because 

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it's, it's much simpler than 
physical gold. 

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It it's proven itself as a story
value. 

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So like, I think all of that 
makes sense. 

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I think just a thing that keeps 
coming back to my mind is like 

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his, how is this going to impact
the freedom money side of 

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Bitcoin? 
And, and hopefully it doesn't 

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it, it doesn't necessarily have 
to. 

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And like you said, I mean, they,
they have the money printer. 

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They don't need to necessarily 
resort to any more extravagant 

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means to to get the Bitcoin that
they want for strategic reserve 

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down the line. 
But that's kind of the thing 

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that that is in the back of my 
mind is, is what will this mean 

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as far as the government's 
attacks or support of Bitcoin? 

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Like you said, these, these last
four years have been rough, very

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rough, especially the last like 
18 months where it's been clear 

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that governments are trying to 
prevent self custody, prevent 

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privacy. 
But now we have the US 

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government leading the way and 
saying that at least as a 

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financial asset, Bitcoin is a 
valuable tool. 

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So I think it's the main thing 
is just keep keep trying to 

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think about what does this 
actually mean for the freedom 

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money sides of Bitcoin alongside
the number go outside of 

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Bitcoin. 100% And that's the way
that people should see it, 

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right? 
There is Bitcoin as an 

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investment and there is Bitcoin 
as the revolution. 

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I think, you know, as as 
millennials and Gen. 

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Z ers that really, really got 
the short end of the stick due 

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to 2008 financial crisis. 
You know, I mean, I think a lot 

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of us are here for the 
revolution, which is of course 

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the inevitable separation of 
money state. 

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Anyways, I do want to get to 
today's news. 

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So first what started all this 
commotion? 

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Adam back. 
Adam back was cited in the 

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original Satoshi Bitcoin white 
paper. 

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He tweeted this out yesterday at
11:58 AM. 

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He said if the US strategic 
Bitcoin reserve happens, prepare

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for seven figure Bitcoin this 
cycle. 

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That's right, ladies and 
gentlemen. 

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He is saying that if the United 
States makes Bitcoin a reserve 

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asset, he's predicting that 
Bitcoin hit seven figures. 

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By the way, it doesn't sound too
crazy. 

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We're almost at $100,000. 
That would be a 10X, right? 

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Essentially, I know the law, the
law of large numbers comes into 

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play. 
It's a lot harder for Bitcoin to

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10X at 100,000 than it was at 
1000. 

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But still, the discussion 
changes when nation states 

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essentially legitimize Bitcoin 
by adopting it as a reserve 

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asset. 
This is something that's already

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happened. 
El Salvador has a public 

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treasury. 
Anyone could see it. 

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They have their they post their 
address publicly. 

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I think they buy one Bitcoin a 
day or something like that. 

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So it's it's already happened. 
It just obviously it would be 

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much more significant if the 
United States did it because the

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United States on an economical 
level and on a military level, 

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it's the most powerful country 
on the face of the planet, 

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right? 
And it would be insane. 

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It would be bonkers. 
So I completely agree with Adam 

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Back, This isn't bull juice. 
This isn't opium. 

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This this is something that 
could possibly happen and here's

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more news. 
So here's Dennis Porter massive 

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breaking. 
I can confirm that BlackRock is 

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now endorsing a a strategic 
Bitcoin reserve. 

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00:07:09,960 --> 00:07:12,920
Now that makes sense. 
Why does that make sense? 

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Because this is what I I always 
talk about aligned incentives in

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Bitcoin Bitcoin BlackRock is 
selling Bitcoin right that no, 

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they're not selling spot 
Bitcoin, they're selling ETF 

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Bitcoin right. 
We, you know, the revolution of 

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self custody after all, but 
still, you know, they're they're

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incentivized for number go up 
because number go up means more 

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people buy the ETF, more people 
buy the ETF, more fees that they

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collect, right? 
This is what we mean by aligned 

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incentives. 
Now it totally makes sense why 

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they would endorse a strategic 
Bitcoin reserve from a Black 

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Rock level. 
Also, another piece of breaking 

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news from Dennis, he says I am 
now in a race to pass strategic 

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Bitcoin reserve legislation into
law before Donald Trump can sign

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a strategic Bitcoin reserve 
executive order. 

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To be honest, I'll probably pass
this law in multiple states 

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before Trump the states will 
lead. 

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Moving on to the next tweet. 
And then you guys are saying, 

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OK, maybe Dennis is, you know, 
like I don't believe him 

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personally. 
Guys. 

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Like I've seen Dennis's proof of
work, you know however you feel 

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about him individually. 
I judge people based on their 

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proof of work, and his proof of 
work has shown me that on 

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multiple states he has 
successfully passed legislation 

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to protect the right to self 
custody and protect the right to

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mine. 
Don't take my word for it, 

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verify it yourself. 
And I know that in Pennsylvania,

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for example, he was a huge 
player in convincing the 

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legislate, the certain 
representatives over there to 

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introduce a bill for a strategic
Bitcoin reserve. 

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This has never happened before. 
And this was Dennis's doing. 

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Dennis, you know, talk to a lot 
of these politicians and was 

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like saying like, look, you 
should definitely do this, 

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00:09:00,840 --> 00:09:02,880
right? 
So this happened, I think it was

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00:09:02,880 --> 00:09:04,760
like last week when we broke 
this news. 

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We broke news on the Adopting 
Bitcoin live stream that we did 

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on Friday and Saturday. 
I had an interview with Dennis 

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and he confirmed that 10 other 
states, that's, that's right, 

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ten other states are looking to 
do the same as Pennsylvania. 

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Now, has this bill passed? 
No, but according to the 

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representative that introduced 
the bill, he said that there is 

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a high likelihood that it will 
pass because Pennsylvania is a 

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high energy state. 
We had the CEO of Bit Farms come

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on the show last week and he 
said that they're expanding for 

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mining capability and capacity 
and Pennsylvania because of the 

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00:09:43,040 --> 00:09:44,880
favorable regulatory 
environment. 

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00:09:45,160 --> 00:09:49,280
He also emphasized that this 
bill by Pennsylvania is 

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bipartisan. 
So you have both Democrats and 

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Republicans supporting a bill 
that would make Bitcoin a 

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strategic reserve in the state 
of Pennsylvania. 

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And it looks like on the federal
level there's a race. 

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Anyways, here's the next tweet 
by Dennis Porter. 

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He says breaking I'm now in a 
race to pass the strategic 

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00:10:09,960 --> 00:10:12,200
Bitcoin reserve legislation to 
law before Donald Trump. 

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The states will leave lead. 
Most importantly, the signal 

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00:10:15,920 --> 00:10:20,480
here is the Bitcoin senator, 
Senator Cynthia Lummus of 

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Wyoming responding to Dennis 
saying so great that we are 

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finally in a race to win the 
future instead of the race to 

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the bottom of the pile. 
It kind of confirms what Dennis 

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00:10:32,240 --> 00:10:34,680
is saying. 
I mean, this is a US senator 

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00:10:34,920 --> 00:10:38,480
responding to Dennis. 
This is not like, you know, just

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00:10:38,480 --> 00:10:42,200
a bunch of bitcoins on on on 
Twitter just talking shit. 

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This is real stuff. 
So, yeah, I mean, this is crazy.

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00:10:45,960 --> 00:10:47,640
I could never have imagined 
this. 

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00:10:47,920 --> 00:10:52,440
This is a total 180 of where we 
were six months ago, where me 

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00:10:52,440 --> 00:10:54,200
and Opti were really talking 
about it. 

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00:10:54,200 --> 00:10:56,680
Like, yo, Opti, should we 
relocate to El Salvador? 

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00:10:56,680 --> 00:10:59,880
Because I think there's a high 
possibility that they'll make 

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00:11:00,040 --> 00:11:02,800
Bitcoin self custody illegal in 
the United States. 

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00:11:03,040 --> 00:11:06,160
Complete 180, right? 
So, you know, the Trump 

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00:11:06,360 --> 00:11:09,000
administration has yet to be 
sworn into office. 

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00:11:09,320 --> 00:11:12,120
They're not in power yet. 
That happens on January 20th. 

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00:11:12,360 --> 00:11:14,920
We'll see what happens. 
He has promised he's going to 

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00:11:14,920 --> 00:11:17,840
free Ross on day one. 
And the last thing I'll share, 

209
00:11:17,840 --> 00:11:22,680
forgot to share this guy's 
because the pin the most 

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00:11:22,680 --> 00:11:27,640
accurate when it came to 
predicting the 2024 United 

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00:11:27,640 --> 00:11:29,720
States election. 
What happened there? 

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00:11:29,720 --> 00:11:34,040
Thank you, Opti, according to 
Polymarket. 

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00:11:34,080 --> 00:11:37,120
Remember guys, the reason that 
the betting odds are so accurate

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00:11:37,280 --> 00:11:40,200
is because polls could be 
manipulated. 

215
00:11:40,840 --> 00:11:45,840
When it comes to putting, you 
know, money behind money behind 

216
00:11:45,840 --> 00:11:48,720
your idea, it's a totally 
different conversation. 

217
00:11:48,720 --> 00:11:52,400
And This is why betting odds 
historically have been more 

218
00:11:52,400 --> 00:11:57,000
accurate at predicting elections
than the so-called polls, right?

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00:11:57,240 --> 00:12:00,360
So according to the betting odds
by one of the largest, you know,

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00:12:00,360 --> 00:12:05,000
betting markets in the world, 
Poly market, Trump will create, 

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00:12:05,000 --> 00:12:10,080
it gives it gives it a 34% 
chance that Trump creates a 

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00:12:10,320 --> 00:12:13,280
national Bitcoin reserve. 
Now I know what a lot of you 

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00:12:13,280 --> 00:12:15,560
guys are saying, Nico, that's a 
let down. 

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00:12:15,760 --> 00:12:18,160
WTF. 
You know, that's not a good 

225
00:12:18,160 --> 00:12:19,840
number. 
I'm not happy. 

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00:12:20,040 --> 00:12:25,560
I mean, if I told you four years
ago there's a 34% chance that 

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00:12:25,560 --> 00:12:29,640
the United States would create a
strategic Bitcoin reserve, you 

228
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would have been like, I'll take 
that. 

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That sounds amazing, right? 
So, yeah, this is insane. 

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Reality is stranger than 
fiction. 

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And boy, has this been a 
complete 180 compared to the 

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current administration that has 
been relatively hostile. 

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One last little bit before I 
pass it on to Seth. 

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It seems like Howard Lupnik, 
again, according to the Poly 

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market odds, has a high 
probability of being appointed 

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to some, you know, position in 
the Trump administration. 

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Remember, Howard Lupnik, not 
only managers, the reserves for 

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Tether in their investments 
counter Fitzgerald, but also he 

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was on the Pompiano podcast not 
too long ago where Pomp was 

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asking him, so you're going to 
buy Bitcoin. 

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He's like, I'm going to buy 
1010s of millions of Bitcoin, 

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then hundreds of millions of 
Bitcoin. 

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So could you imagine that the 
potential future U.S. 

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Treasury is a Bitcoiner that 
holds hundreds of millions of 

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Bitcoin? 
I mean, you can only kind of use

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a little bit of common sense, 
Sofia, to have a idea, idea of 

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what the regulatory environment 
is going to be in the next four 

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years or so. 
Anyways, I'm going to pass it on

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to Seth. 
Seth, I know we we got to 

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emphasize this right on the 
price level, this is extremely 

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bullish on the revolution level.
It's a little bit dangerous 

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because people get comfortable 
with the Atfs. 

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People are like, why should I 
take self custody? 

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00:13:52,880 --> 00:13:55,800
You know, there's a positive 
regulatory environment, but what

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00:13:55,800 --> 00:13:58,720
are your thoughts in terms of 
the the bullish aspect? 

256
00:14:00,040 --> 00:14:03,880
Yeah, I mean, the the most 
encouraging news out of all this

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00:14:03,880 --> 00:14:07,920
honestly is just that so far at 
least it seems that this new 

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administration will be at worst 
just not aggressively anti 

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00:14:13,720 --> 00:14:16,640
crypto and anti Bitcoin. 
And I think that's the, the most

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00:14:16,640 --> 00:14:18,080
important thing that I'm excited
about. 

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Like the, the national reserve, 
like we talked about, I think 

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it, it makes financial sense. 
And I'm not too surprised. 

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00:14:22,760 --> 00:14:26,240
And I think that they, if they 
do follow through on that, they 

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line things up really well to 
make sure that they can keep 

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00:14:30,680 --> 00:14:33,960
the, the onrush of funds within 
the legacy financial system. 

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00:14:33,960 --> 00:14:37,120
I mean, I think the, I don't 
want to say it's a conspiracy 

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00:14:37,120 --> 00:14:39,720
theory or that I'm a conspiracy 
theorist, but the timing of the 

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00:14:39,920 --> 00:14:42,760
ETFs all happening before this 
change. 

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And I don't think anyone knew 
that Trump would be elected at 

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that point. 
But that all being in place, 

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that kind of traditional 
financial system infrastructure 

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to allow people to buy Bitcoin 
but not actually use or hold 

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00:14:54,880 --> 00:14:59,600
Bitcoin themselves fits again, 
it fits well with what the US 

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00:14:59,600 --> 00:15:02,080
government would want out of 
this because ultimately what 

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they want is they want to cement
the supremacy of the dollar and 

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00:15:05,600 --> 00:15:08,240
they want to ensure that they 
continue getting income from 

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00:15:08,240 --> 00:15:10,320
anybody using Bitcoin as much as
possible. 

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00:15:10,680 --> 00:15:11,880
And so I don't see that 
changing. 

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00:15:11,880 --> 00:15:13,720
And I think the ETF's are a good
tool for them. 

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00:15:14,200 --> 00:15:16,640
Unfortunately, like you 
mentioned, they're they're not a

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00:15:16,640 --> 00:15:20,040
tool for revolution in the sense
of actually providing people 

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00:15:20,160 --> 00:15:21,920
freedom to transact how they 
want. 

283
00:15:22,400 --> 00:15:26,080
They can provide financial 
freedom in the sense that they 

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00:15:26,080 --> 00:15:28,280
can be a good investment tool 
that gets you more fee out at 

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00:15:28,280 --> 00:15:30,520
the end of the day, but very 
different than what we're 

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00:15:30,520 --> 00:15:34,280
talking about the the, the 
revolutionary aspects of Bitcoin

287
00:15:34,280 --> 00:15:36,640
as you put it. 
So I think the most important 

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00:15:36,640 --> 00:15:39,960
thing that I, I'm curious to see
what happens with is is there 

289
00:15:39,960 --> 00:15:43,480
going to be any continued push 
back on self custody to try and 

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00:15:43,480 --> 00:15:46,680
get more of the, the Bitcoin? 
If there's, if there is this 

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00:15:46,680 --> 00:15:49,760
rush for Bitcoin. 
And as we all know, it's an 

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00:15:49,760 --> 00:15:51,720
extremely scarce asset that 
seems to be getting more and 

293
00:15:51,720 --> 00:15:54,720
more scarce as more people are 
trying to buy large amounts of 

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00:15:54,720 --> 00:15:57,320
it daily. 
And that's even before Federal 

295
00:15:57,320 --> 00:16:01,160
Reserve or something kicks in. 
Will they take any drastic steps

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00:16:01,160 --> 00:16:04,680
to increase their access to 
Bitcoin or to ensure that anyone

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00:16:04,680 --> 00:16:08,320
who uses Bitcoin does so in a 
way that continues to feedback 

298
00:16:08,320 --> 00:16:11,560
into the governmental system 
through simple ways like 

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00:16:11,560 --> 00:16:14,360
taxation, which obviously that's
not going away, unfortunately, 

300
00:16:14,800 --> 00:16:17,320
or through more advanced ways 
like confiscation or something 

301
00:16:17,320 --> 00:16:19,640
like that, which I don't think 
there's any signs that that will

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00:16:19,640 --> 00:16:22,840
be happening at this point. 
And even in like the, the early 

303
00:16:22,840 --> 00:16:26,680
legislature that I think Senator
Loomis was involved in, it has 

304
00:16:26,680 --> 00:16:30,720
explicit protections around 
lawfully held Bitcoin. 

305
00:16:31,600 --> 00:16:34,000
But the US government has a lot 
of say in what is lawful and 

306
00:16:34,000 --> 00:16:38,040
what's not lawful. 
So again, I, I, I'm not going to

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00:16:38,040 --> 00:16:42,240
put my hope for Bitcoin as a 
revolutionary tool in what the 

308
00:16:42,400 --> 00:16:45,080
US is doing from a Federal 
Reserve standpoint or even what 

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00:16:45,080 --> 00:16:48,480
policy makers are saying. 
But it is helpful to get a gauge

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00:16:48,480 --> 00:16:50,000
of kind of what's the 
environment going to be like. 

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00:16:50,000 --> 00:16:52,760
And it seems like at least we've
been bought four more years of 

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00:16:52,760 --> 00:16:55,960
time to build, to improve 
Bitcoin, to improve the tools 

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00:16:55,960 --> 00:16:58,160
that we built around it, to make
wallets better, to make self 

314
00:16:58,160 --> 00:17:00,880
custody easier. 
And it seems like the this 

315
00:17:00,880 --> 00:17:03,840
administration will be much more
friendly and at least be not 

316
00:17:03,840 --> 00:17:06,480
aggressively anti Bitcoin, which
is a which is a huge win. 

317
00:17:06,480 --> 00:17:09,480
And that is a huge win for the 
revolutionary side of Bitcoin, 

318
00:17:09,480 --> 00:17:11,280
if that holds it, if that 
actually pans out. 

319
00:17:11,800 --> 00:17:15,400
Yeah, 100% and I I think that's 
you know, but I completely agree

320
00:17:15,400 --> 00:17:17,760
with you, Seth. 
Like we just want to be left 

321
00:17:17,760 --> 00:17:19,920
alone. 
That's what it boils down to. 

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00:17:19,920 --> 00:17:25,880
You know, I think for the last, 
what was it, you know, 3 1/2 

323
00:17:25,880 --> 00:17:30,080
years, you know, did an opti was
like, like, I was like holding 

324
00:17:30,080 --> 00:17:35,280
him back, you know, but 
essentially, like we tried so 

325
00:17:35,280 --> 00:17:39,240
hard to just not get into the 
political discussion. 

326
00:17:39,520 --> 00:17:43,960
But I, I remember the episode 
that I broke essentially when 

327
00:17:44,000 --> 00:17:46,960
they arrested the samurai wallet
developers. 

328
00:17:46,960 --> 00:17:52,000
I got so upset because it was 
like, wait a second, hold on. 

329
00:17:52,560 --> 00:17:59,000
Like all these banks, HSSBHSBCTD
bank get fined for money 

330
00:17:59,000 --> 00:18:01,800
laundering. 
But you know, for someone that 

331
00:18:01,800 --> 00:18:06,320
writes open source software and 
he has no control over who uses 

332
00:18:06,320 --> 00:18:09,520
it, they, you know, someone uses
that open source and it's a 

333
00:18:09,520 --> 00:18:11,920
small percentage to commit a 
crime. 

334
00:18:12,360 --> 00:18:15,840
Somehow he's held responsible. 
And I was like, you know what? 

335
00:18:16,000 --> 00:18:19,880
F that Trump 2024. 
And then he goes and he's like, 

336
00:18:19,880 --> 00:18:22,240
I'll protect the right to self 
custody. 

337
00:18:22,240 --> 00:18:24,560
I'll protect the right. 
I'm gonna free Ross and have fun

338
00:18:24,560 --> 00:18:29,000
with your bitcoins and I'll stop
to CDC's and I'm like, yeah, we 

339
00:18:29,000 --> 00:18:32,200
have no choice but to get behind
the orange man because, you 

340
00:18:32,200 --> 00:18:35,840
know, it's like we were forced 
to throw our hat in the ring. 

341
00:18:36,040 --> 00:18:39,200
I don't think any Bitcoiner 
would have, you know, willingly 

342
00:18:39,200 --> 00:18:42,680
got into discussing politics or 
talking about because we weren't

343
00:18:42,680 --> 00:18:45,160
interested about that. 
I think Bitcoiners inherently 

344
00:18:45,160 --> 00:18:47,720
want the separation of money and
state, but we were kind of 

345
00:18:47,720 --> 00:18:51,920
forced into a corner to kind of 
speak up and to say something, 

346
00:18:52,200 --> 00:18:54,080
you know. 
So yeah, I agree. 

347
00:18:54,080 --> 00:18:57,440
I think this is very positive 
from an investment standpoint, 

348
00:18:57,440 --> 00:19:02,720
from number go up standpoint, 
from a revolutionary aspect, we 

349
00:19:02,720 --> 00:19:06,280
should be very, very cautious 
and we have to continue to 

350
00:19:06,280 --> 00:19:10,520
remind people not your keys, not
your cheese, not your keys, not 

351
00:19:10,520 --> 00:19:12,720
your Bitcoin. 
Anyways, Opti, what's your take 

352
00:19:12,720 --> 00:19:14,560
on this before we get to the 
numbers? 

353
00:19:14,840 --> 00:19:18,240
Yeah, Well, first shout out to 
the chat because I, I did just 

354
00:19:18,240 --> 00:19:21,480
kind of verify this. 
It looks like Howard Lutnick is 

355
00:19:21,480 --> 00:19:24,040
being nominated for commerce 
Secretary. 

356
00:19:24,040 --> 00:19:27,280
So that just came out like, I 
don't know, right, Right. 

357
00:19:27,280 --> 00:19:28,920
When we started the show. 
That's nice. 

358
00:19:29,040 --> 00:19:33,240
So you know, not what's it 
treasurer, secretary or whatever

359
00:19:33,240 --> 00:19:38,120
it was, he's commerce. 
But hey, there is the the very 

360
00:19:38,120 --> 00:19:41,680
same signal that there is actual
bitcoiners in the Trump 

361
00:19:41,680 --> 00:19:43,680
administration. 
I think that kind of leads to 

362
00:19:43,680 --> 00:19:47,720
what Seth was saying that at the
very least we're going to have 

363
00:19:47,720 --> 00:19:51,400
four years of having like a 
runway, some cover here versus 

364
00:19:51,400 --> 00:19:52,960
being fought for the last four 
years. 

365
00:19:52,960 --> 00:19:56,400
So obviously that's going to be 
great for the Bitcoin industry 

366
00:19:56,400 --> 00:19:58,480
at large. 
And then just kind of going back

367
00:19:58,480 --> 00:20:04,400
to the Adam Back tweet. 
You know, as as a bitcoiner and 

368
00:20:04,400 --> 00:20:07,760
someone that is constantly bull 
tarted and I'm always you know, 

369
00:20:07,760 --> 00:20:11,120
I, I am like the most bullish 
person always and, and I do 

370
00:20:11,120 --> 00:20:14,320
always get cake on my face. 
You know, it does feel like 

371
00:20:14,320 --> 00:20:16,800
$1,000,000 Bitcoin in this bull 
run does seem a little 

372
00:20:16,800 --> 00:20:19,400
outlandish. 
But again, I know, I know, I 

373
00:20:19,480 --> 00:20:22,360
know, I know. 
Hold on hold. 

374
00:20:22,680 --> 00:20:24,160
On hold on, hold on. 
That's. 

375
00:20:24,160 --> 00:20:25,960
Where I was going, that's where 
I was going. 

376
00:20:25,960 --> 00:20:28,840
Like you know where things are 
right now. 

377
00:20:29,080 --> 00:20:31,880
It looking at the chart to like 
yeah $1,000,000 Bitcoin like 

378
00:20:31,880 --> 00:20:33,320
you, you guys are smoking the 
opium. 

379
00:20:33,520 --> 00:20:37,720
But if Bitcoin does get 
announced to be a Bitcoin 

380
00:20:37,720 --> 00:20:41,520
strategic stockpile or strategic
reserve in America then it 

381
00:20:41,520 --> 00:20:44,200
really is the mean like this 
time is different. 

382
00:20:44,480 --> 00:20:48,520
And when you really look at this
this leg up of the bull run and 

383
00:20:48,520 --> 00:20:50,960
compare it to the old Bitcoin 
bull runs, you know we have 

384
00:20:50,960 --> 00:20:56,520
three of them it is lining up 
very well with 2020 and the 2017

385
00:20:56,520 --> 00:20:59,440
bull run and we all know what 
happened in 2021 with the last 

386
00:20:59,440 --> 00:21:02,360
bull run. 
So if we are entering, entering 

387
00:21:02,360 --> 00:21:08,160
kind of a 2017 S bull run like 
$1,000,000, Bitcoin really isn't

388
00:21:08,160 --> 00:21:11,160
like that far fetched of a 
conversational starter here. 

389
00:21:11,160 --> 00:21:14,640
Like it, it's in the ballpark 
range of what we've seen Bitcoin

390
00:21:14,640 --> 00:21:16,880
do in the past. 
Obviously big numbers. 

391
00:21:16,880 --> 00:21:19,320
Now we're all kind of thinking 
like, oh, it can't run that 

392
00:21:19,320 --> 00:21:21,080
fast. 
But that really goes into my 

393
00:21:21,080 --> 00:21:24,280
last point where, you know, we 
have the heuristic here in 

394
00:21:24,280 --> 00:21:26,680
Bitcoin and Bitcoin price 
movements and what happens in 

395
00:21:26,680 --> 00:21:29,760
Bitcoin that it usually does the
exact opposite of what everyone 

396
00:21:29,760 --> 00:21:31,960
thinks it's going to do. 
And right now all of us 

397
00:21:32,080 --> 00:21:35,440
Bitcoiners are like, dude, it's 
going to hit like 100K200K and 

398
00:21:35,440 --> 00:21:37,680
that's it. 
And that's kind of the consensus

399
00:21:37,680 --> 00:21:39,920
right now. 
So hey, I don't know, it does 

400
00:21:39,920 --> 00:21:41,480
feel like this time is 
different. 

401
00:21:41,480 --> 00:21:43,520
There's a lot of new things on 
the table. 

402
00:21:43,720 --> 00:21:46,800
The conversation around Bitcoin 
has fundamentally changed as far

403
00:21:46,800 --> 00:21:49,720
as I'm concerned, since Larry 
Fink has came into Bitcoin. 

404
00:21:49,920 --> 00:21:52,000
You know, they're buying their 
own ETF, they don't just have it

405
00:21:52,000 --> 00:21:54,240
ETF. 
And now Bitcoin is being looked 

406
00:21:54,240 --> 00:21:57,240
at as a legitimate thing to have
in your portfolio. 

407
00:21:57,600 --> 00:22:00,280
And I think that does 
fundamentally change if the US 

408
00:22:00,280 --> 00:22:04,240
does add a strategic reserve of 
stockpile and then states either

409
00:22:04,240 --> 00:22:06,880
follow suit or front run that 
like this. 

410
00:22:06,880 --> 00:22:09,320
This does feel different this 
time around. 

411
00:22:09,600 --> 00:22:13,080
And again, you know, $1,000,000 
Bitcoin isn't really that far 

412
00:22:13,080 --> 00:22:16,600
out of the realm of possibility.
But you know, what do we know 

413
00:22:16,840 --> 00:22:18,600
it? 
It's only like a 10X from here. 

414
00:22:18,600 --> 00:22:21,200
Bitcoin's done that before. 
So I think I'm going to 

415
00:22:21,200 --> 00:22:25,840
fundamentally publicly switch. 
I'm all for $1,000,000 Bitcoin 

416
00:22:25,840 --> 00:22:27,240
in 2025. 
Let's go. 

417
00:22:27,800 --> 00:22:30,960
Yeah, absolutely, 100%. 
All right, everybody, before we 

418
00:22:30,960 --> 00:22:35,200
get into the numbers, the news, 
we have so much content lined up

419
00:22:35,200 --> 00:22:38,080
for you guys and we're going to 
talk about privacy during the 

420
00:22:38,080 --> 00:22:41,520
culture segment. 
I do want to give a very special

421
00:22:41,520 --> 00:22:44,360
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452
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453
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454
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455
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456
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457
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458
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All right everybody, let's hit 

459
00:24:46,680 --> 00:24:48,200
the numbers. 
Lots to talk about. 

460
00:24:56,160 --> 00:24:59,200
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465
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466
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475
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476
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477
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Bitcoin for the long haul. 
I mean, here is the plate that 

478
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they crushed, they put in water,
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479
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482
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483
00:26:20,320 --> 00:26:22,840
So you know, I'm assuming, you 
know, you're going to have 

484
00:26:22,880 --> 00:26:25,560
grandchildren or whatever. 
Eventually you're going to want 

485
00:26:25,560 --> 00:26:27,440
to pass on your Bitcoin to them,
right? 

486
00:26:27,920 --> 00:26:31,480
You imagine that very 
uncomfortable conversation when 

487
00:26:31,480 --> 00:26:35,000
you're like 80 years old or 90 
years old and your grandchildren

488
00:26:35,000 --> 00:26:38,240
come up to you and they're like 
grandpapa, you know, I heard you

489
00:26:38,240 --> 00:26:41,040
bought Bitcoin AT90K Like are 
you going to pass it on to me? 

490
00:26:41,440 --> 00:26:43,520
And you like tell them you're 
like no. 

491
00:26:43,600 --> 00:26:45,840
And then they're like, why? 
It's like because I wrote down 

492
00:26:45,840 --> 00:26:48,200
my seed words on paper and 
they're going to look at you and

493
00:26:48,200 --> 00:26:49,680
they're going to be like you're 
an idiot. 

494
00:26:49,680 --> 00:26:52,360
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495
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496
00:26:54,720 --> 00:27:00,960
Anyways, time of recording the 
Bitcoin price is $92,780. 

497
00:27:01,240 --> 00:27:10,480
Block height 871,066 sats per 
dollar 1078 Bitcoin market cap 

498
00:27:10,800 --> 00:27:15,000
We are sitting pretty at 1.84 
trillion Bitcoin price and gold 

499
00:27:15,000 --> 00:27:22,640
35.1 oz Bitcoin verse gold 
market cap 10.012% percentage 

500
00:27:22,680 --> 00:27:29,000
issued 94.21% the client from 
all time high -.7% Damn whoa 

501
00:27:29,000 --> 00:27:33,240
whoa whoa we're sitting at 
92,724 Bitcoin. 

502
00:27:34,520 --> 00:27:37,480
What I hope we break all time 
highs man we're so close I feel 

503
00:27:37,480 --> 00:27:38,840
it. 
We could touch it anyways, 

504
00:27:39,120 --> 00:27:42,360
realize monetary inflation 
continuing to take Fiat 

505
00:27:42,360 --> 00:27:47,680
currencies to absolute school 
1.21% the grand scheme of 

506
00:27:47,680 --> 00:27:49,040
things. 
We're just getting started 

507
00:27:49,200 --> 00:27:52,440
anyways, guys, you guys know, I 
love talking about the over in 

508
00:27:52,440 --> 00:27:57,480
window and guys, we have not 
only broken the Overton window, 

509
00:27:57,680 --> 00:28:00,280
we've shattered the Overton 
window. 

510
00:28:01,320 --> 00:28:05,760
The only thing that's missing in
this equation for the full 

511
00:28:05,760 --> 00:28:10,960
circle to complete is Michael 
Saylor joining Joe Rogan. 

512
00:28:11,120 --> 00:28:13,560
That's the only thing that's 
missing because he's men. 

513
00:28:13,600 --> 00:28:17,760
He's done the full circuit and 
he just recently joined PBD. 

514
00:28:17,760 --> 00:28:21,720
If you guys don't follow him, 
PBD is the guy, the entrepreneur

515
00:28:22,720 --> 00:28:27,240
content creator behind the Value
Tainment YouTube channel. 

516
00:28:27,240 --> 00:28:29,200
Great content. 
I love consuming it. 

517
00:28:29,200 --> 00:28:36,120
Very great, very good, amazing. 
But so he joins PBD and Sailor 

518
00:28:36,120 --> 00:28:39,200
said some pretty crazy things 
which are not crazy to us 

519
00:28:39,200 --> 00:28:42,200
bitcoiners, but I have the clip 
for you guys and then we'll 

520
00:28:42,200 --> 00:28:43,200
discuss it. 
Let's check it out. 

521
00:28:43,200 --> 00:28:48,200
Here we go. 
Was a $90 billion asset class in

522
00:28:48,200 --> 00:28:52,800
March of 2000 when I was first 
looking at it and then by August

523
00:28:52,800 --> 00:28:56,200
it was about $180 billion asset 
class. 

524
00:28:56,960 --> 00:29:02,680
And right now, four years later,
it's $1.8 trillion asset class. 

525
00:29:03,240 --> 00:29:06,520
And I think it's going to 18 
trillion, then 180 trillion, 

526
00:29:06,520 --> 00:29:07,880
then it's going to go beyond 
that. 

527
00:29:07,880 --> 00:29:10,120
So I, I think it's a very simple
thing. 

528
00:29:10,120 --> 00:29:13,160
I think Bitcoin is going to grow
from point 1% of the money in 

529
00:29:13,160 --> 00:29:16,560
the world to 7% of the money in 
the world over the next 21 

530
00:29:16,560 --> 00:29:17,760
years. 
And of course, you should just 

531
00:29:17,760 --> 00:29:21,840
go long and keep buying it. .1% 
to you said 7%. 

532
00:29:22,360 --> 00:29:26,320
Yeah, it'll, it'll go from like 
one in 1.8 trillion to $240 

533
00:29:26,320 --> 00:29:29,560
trillion and it'll go up 29% a 
year. 

534
00:29:29,640 --> 00:29:31,840
Arr That's that's that is my 
base case. 

535
00:29:31,880 --> 00:29:34,760
And and I've heard you say that 
in 21 years it's going to be at 

536
00:29:34,760 --> 00:29:37,480
$13 million. 
That takes you to 13 mana coin. 

537
00:29:37,760 --> 00:29:41,000
13 million a coin. 13 mana coin.
At 29 percent. 

538
00:29:41,120 --> 00:29:44,440
Every Bitcoin you don't buy is 
going to cost you $13 million, 

539
00:29:44,440 --> 00:29:46,720
my friend. 
Every Bitcoin. 

540
00:29:46,720 --> 00:29:48,400
So let let me let me let me ask 
this question. 

541
00:29:48,400 --> 00:29:55,800
Your 4 Bitcoin Ferrari is going 
to be a six $55 million thing. 

542
00:29:55,800 --> 00:29:57,200
Let me, let me ask this 
question. 

543
00:29:57,200 --> 00:30:01,080
Let me ask this question. 
So right now your what's micro 

544
00:30:01,080 --> 00:30:03,960
strategy worth today? 
What's the #74 billion, whatever

545
00:30:03,960 --> 00:30:05,920
the number was, right? 
Can you look up micro strategy 

546
00:30:05,920 --> 00:30:08,320
market cap? 
I'm just curious, OK, $73 

547
00:30:08,320 --> 00:30:15,800
billion today, if you're saying 
point 1% today, it's going to go

548
00:30:15,800 --> 00:30:21,880
to 7%, that's 700X, right? 
So if it's 90,000 today, if I do

549
00:30:21,880 --> 00:30:31,640
13,000,000 / 90,000, you're 
expecting to 144 X MicroStrategy

550
00:30:31,640 --> 00:30:39,800
in 21 years. 
If I do 144 * 73 billion, you're

551
00:30:39,800 --> 00:30:42,760
estimating to be a 10 1/2 
trillion dollar company in 21 

552
00:30:42,760 --> 00:30:43,680
years. 
Is that correct? 

553
00:30:44,720 --> 00:30:50,240
Yeah, I guess with that math, 
yeah, Bitcoin goes from 90,000 

554
00:30:50,240 --> 00:30:54,640
to 13 million. 
So multiply 13 / 90,000, it gets

555
00:30:54,640 --> 00:30:56,760
you to a big number. 
You you were given it, you 

556
00:30:56,760 --> 00:30:58,640
would. 
No, but Elon's forecasting 30 

557
00:30:58,640 --> 00:31:01,880
trillion so we're still chasing 
after the robots of the self 

558
00:31:01,880 --> 00:31:05,480
flying cars so. 
Dude, dude. 

559
00:31:05,720 --> 00:31:11,640
I mean, in wild, what is the $10
trillion company? 

560
00:31:11,800 --> 00:31:13,840
That's insane. 
I think the market cap of like 

561
00:31:13,840 --> 00:31:16,040
the biggest companies on Earth 
right now are like about a 

562
00:31:16,040 --> 00:31:18,520
trillion. 
So I mean, it doesn't sound too 

563
00:31:18,640 --> 00:31:20,680
unbelievable. 
I think it sounds unbelievable 

564
00:31:21,000 --> 00:31:25,440
for a company like MicroStrategy
because before MicroStrategy 

565
00:31:25,760 --> 00:31:29,960
changed, you know, they, they 
really like started this kind of

566
00:31:29,960 --> 00:31:34,040
Bitcoin strategy back in 2020. 
I never forget the 2021 Bitcoin 

567
00:31:34,040 --> 00:31:37,480
conference in Miami where Sailor
made his announcement. 

568
00:31:38,200 --> 00:31:41,480
MicroStrategy was essentially 
was going sideways since the 

569
00:31:41,480 --> 00:31:45,200
90s. 
They peaked in the 90s and they 

570
00:31:45,200 --> 00:31:47,000
the stock has just been going 
sideways. 

571
00:31:47,320 --> 00:31:48,960
And then say they even said 
like, I was thinking about 

572
00:31:48,960 --> 00:31:52,200
retiring because there was just 
like no way of of it, like, you 

573
00:31:52,200 --> 00:31:54,320
know, whatever. 
And as soon as they adopted the 

574
00:31:54,320 --> 00:31:58,880
Bitcoin strategy, they have 
outperformed every company in 

575
00:31:58,880 --> 00:32:02,280
the S&P 500, including, I'm 
going to pronounce it 

576
00:32:02,280 --> 00:32:03,720
incorrectly because I'm from 
Miami. 

577
00:32:03,720 --> 00:32:06,040
I don't care, including NVIDIA 
right. 

578
00:32:06,360 --> 00:32:10,840
So like, I mean, bro, like, you 
know, the proof is in the work, 

579
00:32:11,000 --> 00:32:15,240
the proof is in the work. 
And you know, this is I think 

580
00:32:15,240 --> 00:32:17,560
Sailor is going to be one of the
wealthiest men in the world and 

581
00:32:17,560 --> 00:32:19,760
I think Micro strategy is going 
to be one of the largest 

582
00:32:19,760 --> 00:32:22,960
companies in the world just 
because of the amount of Bitcoin

583
00:32:22,960 --> 00:32:25,040
that they own. 
I think, you know, he wanted 

584
00:32:25,040 --> 00:32:30,480
that that 1% of the supply. 
Now he's at 330,000 Bitcoin. 

585
00:32:30,760 --> 00:32:33,360
I think he's aiming for a 
million Bitcoin. 

586
00:32:33,520 --> 00:32:36,520
I don't know if he'll get there,
but with the current infinite 

587
00:32:36,520 --> 00:32:39,840
money glitch that he's using, 
he's accumulating an insane 

588
00:32:39,840 --> 00:32:41,760
amount of Bitcoin. 
He doesn't care that he's buying

589
00:32:41,760 --> 00:32:45,680
at all time highs. 
The last 50,000 Bitcoin purchase

590
00:32:45,920 --> 00:32:49,240
was around this level. 
He doesn't give a flying F. 

591
00:32:49,240 --> 00:32:52,320
He's like I just want more. 
Anyway, Seth, what's your take 

592
00:32:52,320 --> 00:32:55,560
on this? 
Do we do we know if 

593
00:32:55,560 --> 00:32:58,160
MicroStrategy actually does 
anything other than buy Bitcoin?

594
00:32:59,320 --> 00:33:02,440
No one knows. 
Everyone talks about 

595
00:33:02,440 --> 00:33:05,040
MicroStrategy down like buying 
MicroStrategy stock. 

596
00:33:05,040 --> 00:33:08,160
And it's like all the all the 
rage in my my Twitter feed or 

597
00:33:08,160 --> 00:33:09,640
Twitter feed, whatever we call 
it these days. 

598
00:33:10,200 --> 00:33:11,240
I don't really know what they 
do. 

599
00:33:11,240 --> 00:33:14,840
So it's a fascinating case of 
this man found his his market 

600
00:33:14,840 --> 00:33:18,440
and influencer niche and he is 
he's leaned into it. 

601
00:33:19,880 --> 00:33:23,040
Yeah. 
I mean, as I've said before, 

602
00:33:23,040 --> 00:33:25,720
I've been on the show like I'm 
not the the price speculation 

603
00:33:25,720 --> 00:33:27,320
guy. 
So I don't know what to make of 

604
00:33:27,320 --> 00:33:30,120
their wild predictions of what's
going to happen with the price. 

605
00:33:30,120 --> 00:33:34,400
But I think an interesting thing
with Bitcoin is that you can 

606
00:33:34,400 --> 00:33:37,280
benefit from basically doing 
nothing and just buying Bitcoin,

607
00:33:37,280 --> 00:33:38,760
which I don't think it's the 
right approach. 

608
00:33:38,760 --> 00:33:40,960
And I think that everyone out 
there watching this, there are 

609
00:33:40,960 --> 00:33:42,960
ways that you can actually 
contribute back to Bitcoin, 

610
00:33:42,960 --> 00:33:45,720
whether it's just through 
education or talking about the 

611
00:33:45,720 --> 00:33:48,200
benefits of Bitcoin as an 
investment, but also really is 

612
00:33:48,200 --> 00:33:49,800
free to money with the people 
around you. 

613
00:33:50,160 --> 00:33:52,640
And you don't just have to be 
that guy who who huddles and 

614
00:33:52,640 --> 00:33:56,440
talks about price publicly. 
But it's been fascinating to 

615
00:33:56,440 --> 00:34:01,320
watch him basically resurrect a 
zombie company purely by buying 

616
00:34:01,320 --> 00:34:05,240
Bitcoin and contributing nothing
else, as far as I know, via his 

617
00:34:05,240 --> 00:34:07,560
company. 
So it's a, it's a weird setup. 

618
00:34:08,080 --> 00:34:11,000
He's not someone that I 
particularly admire, but he 

619
00:34:11,000 --> 00:34:13,960
makes some some bold claims. 
And financially he's made good 

620
00:34:13,960 --> 00:34:16,159
decisions so far. 
So it's interesting to follow. 

621
00:34:16,719 --> 00:34:18,600
Yeah, I know. 
And, and just kind of a like, 

622
00:34:18,679 --> 00:34:21,440
obviously we don't have the war 
chest and the means and the 

623
00:34:21,440 --> 00:34:24,639
resources that someone like 
Sailor has, right? 

624
00:34:24,639 --> 00:34:27,920
Where he, he, you know, he's 
able to get it. 

625
00:34:28,000 --> 00:34:30,719
Like the, the, I don't know if 
you guys know this, but the 

626
00:34:30,719 --> 00:34:34,320
interest rates that he's getting
to, to borrow all this absurd 

627
00:34:34,320 --> 00:34:37,320
amount of money to buy Bitcoin. 
It's like near 0, right? 

628
00:34:37,320 --> 00:34:39,760
So like we don't have that as 
individuals. 

629
00:34:40,199 --> 00:34:42,480
MicroStrategy is getting these 
amazing deals. 

630
00:34:42,960 --> 00:34:47,600
He's like leveraging the debt 
Fiat system to, you know, just 

631
00:34:47,679 --> 00:34:51,159
to say it's to essentially 
attack it in a way kind of, you 

632
00:34:51,159 --> 00:34:56,040
know, but just a reminder 
everyone, MicroStrategy does not

633
00:34:56,040 --> 00:34:58,000
custody their Bitcoin. 
They have their Bitcoin with 

634
00:34:58,000 --> 00:35:01,040
Coinbase, right? 
So, you know, in a lot, 8 out of

635
00:35:01,040 --> 00:35:03,480
the 9 ETFs, that's the same 
story. 

636
00:35:03,480 --> 00:35:05,160
They all custody their Bitcoin 
with Coinbase. 

637
00:35:05,680 --> 00:35:08,840
That's not ideal. 
That is not a good situation. 

638
00:35:09,280 --> 00:35:12,480
A good situation would be not 
only individuals custodying 

639
00:35:12,480 --> 00:35:15,360
their Bitcoin, but also, you 
know, institutions and companies

640
00:35:15,360 --> 00:35:18,400
custody their Bitcoin as well. 
That's what that's what 

641
00:35:18,400 --> 00:35:20,760
differentiates Bitcoin with, 
right? 

642
00:35:20,840 --> 00:35:24,880
The ability for you to custody 
very large amounts and the 

643
00:35:24,880 --> 00:35:28,720
ability for you to send very 
large amounts as well without 

644
00:35:28,720 --> 00:35:30,120
having to go through a third 
party. 

645
00:35:30,320 --> 00:35:32,240
Anyways, up to you. 
What's your take on this man? 

646
00:35:32,240 --> 00:35:34,440
I mean, this is absolutely 
bonkers. 

647
00:35:35,040 --> 00:35:37,680
And shout out to PBD for having 
him again. 

648
00:35:37,680 --> 00:35:41,600
Like a normie is hearing this 
and they're just like holy 

649
00:35:41,600 --> 00:35:45,200
effing, you know, like what the 
F is going on? 

650
00:35:45,200 --> 00:35:49,360
This is nuts. 
Or they think he's nuts, but you

651
00:35:49,360 --> 00:35:50,720
know, a small percentage of 
them. 

652
00:35:50,720 --> 00:35:54,200
He's making Bitcoiners every 
time he goes on these mainstream

653
00:35:54,200 --> 00:35:57,160
podcasters. 
Yeah, yeah, Well, shouts out to 

654
00:35:57,160 --> 00:36:00,000
PBD, 'cause I think this is what
like the third time that 

655
00:36:00,000 --> 00:36:04,320
sailor's been on the pod and you
can tell that he likes him and 

656
00:36:04,320 --> 00:36:06,280
that's why he's kind of bringing
him back on. 

657
00:36:06,520 --> 00:36:08,120
But I do find it very 
interesting. 

658
00:36:08,120 --> 00:36:10,400
There's actually two points. 
The first one I, I found it 

659
00:36:10,400 --> 00:36:13,720
interesting in that podcast that
PBD like instantly went to the 

660
00:36:13,720 --> 00:36:17,280
micro strategy stock and being 
like, wait, it's going to be how

661
00:36:17,280 --> 00:36:20,000
much, you know, like doing the 
calculations like, wait, maybe I

662
00:36:20,000 --> 00:36:23,160
should buy your stock, bro, Cuz 
like it's going to go up that 

663
00:36:23,160 --> 00:36:25,320
much. 
But like in that conversation, 

664
00:36:25,320 --> 00:36:27,360
he's kind of, I don't know if 
he's relegating. 

665
00:36:27,360 --> 00:36:29,880
I, I haven't watched all the 
sailor PBD podcast. 

666
00:36:29,880 --> 00:36:32,800
So I'm not really sure what PBD 
stocks are on Bitcoin. 

667
00:36:33,160 --> 00:36:35,560
And I think by that back and 
forth where sailors like, yeah, 

668
00:36:35,560 --> 00:36:38,040
you're, you know, 4 Bitcoin 
Ferrari is going to be $55 

669
00:36:38,040 --> 00:36:40,920
million one day. 
Like, you know, every Bitcoin 

670
00:36:40,920 --> 00:36:44,240
you don't buy is $13 million. 
So I think there's probably kind

671
00:36:44,240 --> 00:36:47,240
of some pushback from PBD and 
he's not fully convinced on 

672
00:36:47,240 --> 00:36:49,960
Bitcoin and he's kind of more 
like, wait, maybe I just buy 

673
00:36:49,960 --> 00:36:52,760
micro strategy and then that's 
how I increase my purchasing 

674
00:36:52,760 --> 00:36:54,520
power. 
So I found that very 

675
00:36:54,520 --> 00:36:57,960
interesting. 
And then obviously kind of what 

676
00:36:58,880 --> 00:37:02,840
Seth was saying, like, and who 
knows where the price is 

677
00:37:02,840 --> 00:37:05,880
actually going and who knows 
where these numbers, whether 

678
00:37:05,880 --> 00:37:08,160
these numbers are correct. 
But it is very interesting that 

679
00:37:08,160 --> 00:37:10,840
sailors like, yeah, this is like
my base bear case here and it 

680
00:37:10,840 --> 00:37:14,760
could blow right past that. 
And knowing that PBD is one of 

681
00:37:14,760 --> 00:37:16,440
the biggest content creators 
right now. 

682
00:37:16,440 --> 00:37:20,360
And so by bringing Sailor back, 
there has to be more people kind

683
00:37:20,360 --> 00:37:23,280
of waking up to the Bitcoin 
thesis and being like, oh, maybe

684
00:37:23,280 --> 00:37:26,760
I need to buy some Bitcoin and, 
you know, I need to have it as 

685
00:37:26,760 --> 00:37:29,800
part of my investment strategy. 
Obviously, we think of it more 

686
00:37:29,800 --> 00:37:31,920
than just an investment. 
We think it's the best money 

687
00:37:31,920 --> 00:37:33,200
ever. 
You know, it's the perfect money

688
00:37:33,200 --> 00:37:36,960
as sailors constantly saying, 
and if things are getting as 

689
00:37:36,960 --> 00:37:40,680
worse as a lot of us speculate, 
it's going to be maybe the only 

690
00:37:40,680 --> 00:37:43,840
money if the Fiat currency start
to actually blow up and the bond

691
00:37:43,840 --> 00:37:46,720
markets blow up. 
And so by getting out there, you

692
00:37:46,720 --> 00:37:50,680
know it, Nico hasn't said it 
yet, but by sailor going on PBD,

693
00:37:50,680 --> 00:37:53,480
he is shifting the Overton 
window and you just love to see 

694
00:37:53,480 --> 00:37:55,320
it. 
And then I did see this clip 

695
00:37:55,320 --> 00:37:57,040
this morning just kind of 
scrolling Twitter. 

696
00:37:57,400 --> 00:38:00,360
And personally, when I, when I 
heard this, I'm like, man, I 

697
00:38:00,360 --> 00:38:03,440
could feel the bullish. 
I'm like, OK, like I like these 

698
00:38:03,440 --> 00:38:05,800
numbers. 
Like, OK, keep shilling these 

699
00:38:05,800 --> 00:38:08,240
big numbers out there, sailor. 
Who knows where the price is 

700
00:38:08,240 --> 00:38:10,960
going. 
But if that math does play out, 

701
00:38:11,200 --> 00:38:13,480
like that's absolutely insane 
numbers. 

702
00:38:13,480 --> 00:38:18,840
What, what was it, 144X or 700X?
Like that's just mind blowing 

703
00:38:18,840 --> 00:38:21,000
numbers. 
And I don't think our brains can

704
00:38:21,000 --> 00:38:24,000
fathom what that actually means,
especially as Bitcoiners. 

705
00:38:24,240 --> 00:38:28,440
But I do like that sound bite of
every Bitcoin you don't buy is 

706
00:38:28,440 --> 00:38:31,200
basically costing you $13 
million. 

707
00:38:31,640 --> 00:38:33,480
That's a strong meme right 
there. 

708
00:38:33,480 --> 00:38:35,920
And I think we should push that 
a little harder on a lot of 

709
00:38:35,920 --> 00:38:37,320
people. 
It's like people don't 

710
00:38:37,320 --> 00:38:40,720
understand the opportunity cost 
of not buying Bitcoin right now.

711
00:38:40,880 --> 00:38:43,240
They're kind of just looking at 
on like a year to year level. 

712
00:38:43,240 --> 00:38:46,440
It's like I could have gained 
40% on My Portfolio if I just 

713
00:38:46,440 --> 00:38:48,720
bought Bitcoin. 
But in the long run, it's like, 

714
00:38:48,720 --> 00:38:51,520
wait, I am losing out on $13 
million. 

715
00:38:51,520 --> 00:38:54,480
Like that's some, that's some 
incredible FOMO right there. 

716
00:38:54,480 --> 00:38:58,080
So you know, Sailor, hey, he's 
going out there again. 

717
00:38:58,080 --> 00:39:00,760
You know, as Seth said, and I've
said this in the past and I did 

718
00:39:00,760 --> 00:39:04,280
kind of get some Flack who 
really knows what MicroStrategy 

719
00:39:04,280 --> 00:39:08,960
is doing, you know, and it it is
kind of like MicroStrategy. 

720
00:39:09,040 --> 00:39:10,640
They're a software company. 
They are. 

721
00:39:10,640 --> 00:39:13,040
They're like a they're allegedly
like a business. 

722
00:39:13,840 --> 00:39:17,720
Allegedly, Yeah, allegedly like 
an analytics business. 

723
00:39:17,720 --> 00:39:21,640
Analytics company here, but but 
it is interesting and I, I 

724
00:39:21,640 --> 00:39:23,920
tweeted this before and I think 
I've said it on the show and 

725
00:39:24,120 --> 00:39:26,440
either it just went under the 
radar and no one really caught 

726
00:39:26,440 --> 00:39:27,920
what I was saying. 
But Sess just said the same 

727
00:39:27,920 --> 00:39:30,960
thing where it's like it's 
almost like MicroStrategy was a 

728
00:39:30,960 --> 00:39:33,800
zombie company until they 
started to stack Bitcoin and now

729
00:39:33,800 --> 00:39:36,600
they're what like outperforming 
the S&P 500. 

730
00:39:36,600 --> 00:39:39,960
And so that signal has to be 
spreading for a lot of people 

731
00:39:39,960 --> 00:39:42,400
and they have to at least be 
waking up to this idea that I 

732
00:39:42,400 --> 00:39:46,520
need to add Bitcoin to my 
company portfolio if I want to 

733
00:39:46,520 --> 00:39:48,600
maintain the lead that I 
currently have. 

734
00:39:48,600 --> 00:39:52,360
And you know, Sailor, I think is
putting on a master class out 

735
00:39:52,360 --> 00:39:54,360
there. 
Obviously, there is other like 

736
00:39:54,520 --> 00:39:58,120
concerns maybe of just how much 
Bitcoin he is stacking and is it

737
00:39:58,120 --> 00:40:00,200
a good thing that one person is 
stacking that much? 

738
00:40:00,440 --> 00:40:04,880
Obviously, I'm not one here to 
like to watch someone's pockets.

739
00:40:04,880 --> 00:40:08,320
But like, I think that signal 
has to start to catch on. 

740
00:40:08,320 --> 00:40:10,840
And you know, if people want to 
compete, they have to be 

741
00:40:10,840 --> 00:40:13,600
stacking Bitcoin. 
And Sailor, his head and 

742
00:40:13,600 --> 00:40:16,080
shoulders above everyone else. 
He's just winning the game way 

743
00:40:16,080 --> 00:40:18,440
too hard. 
It seems way too easy for him. 

744
00:40:18,680 --> 00:40:21,000
And it's only a matter. 
Time personally that I think 

745
00:40:21,000 --> 00:40:24,360
other huge CEOs and you know 
trillion dollar companies start 

746
00:40:24,360 --> 00:40:27,640
to stack Bitcoin and so the game
the game theory not only on a 

747
00:40:27,640 --> 00:40:30,200
nation state level, but a 
corporate level like it's 

748
00:40:30,200 --> 00:40:33,480
heating up and for us 
individuals for the retail out 

749
00:40:33,480 --> 00:40:37,080
there, it's like, hey, you know 
when the when the tide raises 

750
00:40:37,080 --> 00:40:39,120
all boats like it's good thing 
for us. 

751
00:40:39,120 --> 00:40:42,520
But This is why we have Seth on 
for the culture today, so we can

752
00:40:42,520 --> 00:40:45,520
talk about other things besides 
the price and, you know, privacy

753
00:40:45,520 --> 00:40:49,320
concerns and how we can ensure 
that Bitcoin becomes and 

754
00:40:49,320 --> 00:40:51,800
maintains change the freedom 
money aspects that we really 

755
00:40:51,800 --> 00:40:55,800
love. 100% All right, guys, We 
have tons of content left for 

756
00:40:55,800 --> 00:40:57,440
you guys, so let's get to the 
news. 

757
00:40:57,440 --> 00:41:01,120
We'll be right back. 
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758
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784
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786
00:42:47,720 --> 00:42:50,480
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787
00:42:50,480 --> 00:42:53,640
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788
00:42:53,640 --> 00:42:57,080
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789
00:42:57,080 --> 00:42:59,640
give to people that perhaps are 
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790
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custody. 
Passport does not sacrifice 

791
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security for convenience. 
It makes cold storage Bitcoin 

792
00:43:06,520 --> 00:43:09,840
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793
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794
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using promo code simply. 
Anyways, let's get to today's 

795
00:43:16,840 --> 00:43:20,360
news. 
So this is pretty crazy but 

796
00:43:20,360 --> 00:43:25,360
first I saw some people 
mentioning that they missed the 

797
00:43:25,360 --> 00:43:29,040
meme review in the chat. 
So before I get to that I found 

798
00:43:29,040 --> 00:43:33,280
this absolutely hilarious. 
Posted by Kraken and it says my 

799
00:43:33,280 --> 00:43:36,240
employment contract when Bitcoin
hits 100K. 

800
00:43:44,120 --> 00:43:46,680
All right, Moon on. 
Wow, that was loud. 

801
00:43:46,920 --> 00:43:48,960
Isn't that hilarious? 
Here we go. 

802
00:43:48,960 --> 00:43:55,160
I'm. 
Glad I'm not wearing headphones.

803
00:43:56,360 --> 00:43:58,480
Blowing out the audience. 
Ears. 

804
00:43:58,960 --> 00:44:01,640
I'm sorry guys. 
Anyway, shout out to the two. 

805
00:44:01,640 --> 00:44:04,920
We just broke 2000 live viewers.
If you guys are enjoying the 

806
00:44:04,920 --> 00:44:08,920
show on YouTube on Rumble or X, 
make sure to smash the like 

807
00:44:08,920 --> 00:44:10,760
button. 
Consider sharing the video 

808
00:44:10,760 --> 00:44:13,440
really really helps in getting 
the message out there. 

809
00:44:14,120 --> 00:44:18,080
I found this really, really 
interesting and perhaps this 

810
00:44:18,080 --> 00:44:22,800
might not be very popular with 
our audience because our 

811
00:44:22,800 --> 00:44:26,760
audience is obviously we're 
obviously Bitcoiners, but I will

812
00:44:26,760 --> 00:44:31,200
say that this is extremely, this
is very good for the industry as

813
00:44:31,200 --> 00:44:33,560
a whole, whether you like it or 
not. 

814
00:44:33,680 --> 00:44:39,800
Coin Base is by and large by far
the largest, you know, 

815
00:44:39,960 --> 00:44:43,160
cryptocurrency exchange in the 
on the planet. 

816
00:44:43,640 --> 00:44:48,440
They contributed tremendously 
towards fighting off Elizabeth 

817
00:44:48,440 --> 00:44:52,000
Warren and her goons. 
Also Satoshi Action Fund by 

818
00:44:52,000 --> 00:44:55,120
Dennis Porter and the Bitcoin 
Policy Institute, shout out 

819
00:44:55,120 --> 00:44:58,520
David Zell. 
But Coinbase really, really led 

820
00:44:58,520 --> 00:45:00,480
the charge. 
You know, they spent a lot of 

821
00:45:00,480 --> 00:45:03,720
time and money in Washington 
really trying to educate 

822
00:45:03,720 --> 00:45:06,960
regulators and what not. 
So this is a really, really good

823
00:45:06,960 --> 00:45:10,080
sign to what Seth was saying in 
the beginning of the show. 

824
00:45:10,400 --> 00:45:13,040
We don't want any kind of 
special favors. 

825
00:45:13,640 --> 00:45:16,480
We just want to be left the F 
alone. 

826
00:45:16,480 --> 00:45:20,080
That's all we're asking for 
because by just Bitcoin by 

827
00:45:20,080 --> 00:45:23,920
itself, its incentives are are 
just going to roll today. 

828
00:45:23,920 --> 00:45:26,680
Yes, we might make an all time 
high before the end of the show.

829
00:45:26,680 --> 00:45:30,920
We just broke $93,035. 
You are listening to Simply 

830
00:45:30,920 --> 00:45:32,600
Bitcoin Live smash the like 
button. 

831
00:45:32,760 --> 00:45:36,560
Anyways, here's the Wall Street 
Journal article says Trump to 

832
00:45:36,560 --> 00:45:40,840
meet privately with Coinbase CEO
Brian Armstrong president-elect 

833
00:45:40,840 --> 00:45:43,560
Donald Trump is meeting with the
CEO of cryptocurrency exchange 

834
00:45:43,560 --> 00:45:46,720
platform Coinbase Monday, 
according to people familiar 

835
00:45:46,720 --> 00:45:49,640
with the matter. 
The duo is expected to discuss 

836
00:45:49,640 --> 00:45:52,200
personal appointments for his 
second administration. 

837
00:45:52,520 --> 00:45:55,000
The meeting between Trump and 
Brian Armstrong would mark the 

838
00:45:55,000 --> 00:45:59,600
first time the two have met 
since Election Day and comes as 

839
00:45:59,600 --> 00:46:03,240
Trump continues to fill out his 
Cabinet and other senior posts. 

840
00:46:04,360 --> 00:46:08,200
Trump, formerly a crypto 
skeptic, has turned into a vocal

841
00:46:08,200 --> 00:46:11,960
supporter of the industry. 
And then there's a paywall, but 

842
00:46:11,960 --> 00:46:14,000
you guys get the general gist of
it. 

843
00:46:14,160 --> 00:46:15,680
Send me the link. 
Send me the link. 

844
00:46:15,680 --> 00:46:18,120
Maybe I can bypass it? 
Yeah, here we go. 

845
00:46:18,760 --> 00:46:21,440
Boom. 
But yeah, I mean, this is kind 

846
00:46:21,440 --> 00:46:22,960
of like a continuation on the 
trend. 

847
00:46:22,960 --> 00:46:25,720
And then the other topic that I 
want to bring up on the news 

848
00:46:25,720 --> 00:46:30,560
segment is this one, which I 
find absolutely effing hilarious

849
00:46:31,040 --> 00:46:34,280
because if we did this, but we 
would go to jail. 

850
00:46:34,520 --> 00:46:38,200
So the Pentagon fails 7th audit 
in a row. 

851
00:46:39,680 --> 00:46:41,480
And let's get some more of the 
details. 

852
00:46:41,480 --> 00:46:44,840
The Pentagon on Friday failed 
its 7th audit in a row, with the

853
00:46:44,840 --> 00:46:48,640
nation's largest government 
agency still unable to fully 

854
00:46:48,640 --> 00:46:53,840
account for its more than $824 
billion budget, though officials

855
00:46:53,840 --> 00:46:57,160
stress they're making good 
progress towards a clean audit 

856
00:46:57,160 --> 00:46:59,080
in 2020. 
Hey, could you imagine 

857
00:46:59,240 --> 00:47:01,800
responding to the IRS with that 
response? 

858
00:47:02,000 --> 00:47:05,480
Just like, hey, you know what? 
But we messed up. 

859
00:47:05,720 --> 00:47:12,160
It's an $824,000,000 audit. 
But we promise on the 7th year 

860
00:47:12,160 --> 00:47:15,480
we'll get that right, right. 
Like this isn't, it's rules for 

861
00:47:15,480 --> 00:47:20,720
thee but not for me, right? 
So anyways, you know, this is 

862
00:47:20,720 --> 00:47:24,360
supposedly what Elon and Vivec 
are going in there to fix. 

863
00:47:24,600 --> 00:47:26,760
We shall see. 
They are taking on the 

864
00:47:26,760 --> 00:47:29,920
administrative state, which is 
fueled by the Fiat money 

865
00:47:29,920 --> 00:47:31,640
printer. 
Let's see if they're successful.

866
00:47:31,840 --> 00:47:34,480
But I mean, again, it's kind of 
like a double standard. 

867
00:47:34,680 --> 00:47:38,600
And it feels honestly, you know,
as long as governments have the 

868
00:47:38,600 --> 00:47:42,200
money printer it it's like 
they've taken their populist 

869
00:47:42,200 --> 00:47:45,320
hostage. 
And I'll quote the book to 

870
00:47:45,320 --> 00:47:48,880
sovereign individual because I 
think it's very applicable to 

871
00:47:48,880 --> 00:47:54,360
this specifically the Internet. 
So the the government sees their

872
00:47:54,360 --> 00:47:57,520
citizens as tax cattle. 
The Internet has given them 

873
00:47:57,520 --> 00:47:59,720
wings, right? 
And essentially I think that's 

874
00:47:59,720 --> 00:48:02,680
what's happening. 
We've seen the disintermediation

875
00:48:02,680 --> 00:48:06,480
of information over the last, 
you know, five years or so. 

876
00:48:07,400 --> 00:48:10,240
It's been bonkers, right? 
And look at how much they've 

877
00:48:10,240 --> 00:48:12,400
done to try to fight it. 
Look at how much they've tried 

878
00:48:12,400 --> 00:48:16,320
to censor platforms like X, 
platforms like YouTube 

879
00:48:16,600 --> 00:48:19,600
platforms. 
They've tried to stifle speech, 

880
00:48:19,760 --> 00:48:22,400
which again, you know, according
to the First Amendment is 

881
00:48:22,400 --> 00:48:24,520
illegal, right? 
But look at what happened with 

882
00:48:24,520 --> 00:48:27,960
the Twitter Files. 
It became public that the that 

883
00:48:28,240 --> 00:48:30,920
elements of the US government 
were colluding with private 

884
00:48:30,920 --> 00:48:34,720
companies to censor certain 
types of political speech. 

885
00:48:35,040 --> 00:48:38,280
Right now, imagine if they 
imagine if they get their hands 

886
00:48:38,280 --> 00:48:40,760
on central bank digital 
currencies, are you saying that 

887
00:48:40,760 --> 00:48:44,040
they're not gonna use that same 
power against their citizens? 

888
00:48:44,280 --> 00:48:48,440
And then at the same time, they 
want us to report every $600.00 

889
00:48:48,440 --> 00:48:54,160
transaction, but the Pentagon is
failing $800 million worth of 

890
00:48:54,160 --> 00:48:58,040
audits for seven years in a row.
And their response is we'll try 

891
00:48:58,040 --> 00:49:00,000
better next year. 
We're getting close to figuring 

892
00:49:00,000 --> 00:49:02,240
it out. 
Like, that's a double standard. 

893
00:49:02,440 --> 00:49:05,040
That isn't a government 
represented by the people for 

894
00:49:05,040 --> 00:49:07,080
the people. 
That's a government by the 

895
00:49:07,080 --> 00:49:09,680
government for the government, 
which I would say is the 

896
00:49:09,680 --> 00:49:12,240
definition of tyranny. 
Anyways, I want to get Seth's 

897
00:49:12,240 --> 00:49:15,840
opinion on this and then Opti. 
Yeah. 

898
00:49:15,840 --> 00:49:18,520
I mean, it's, it's just a 
ridiculous example of how the 

899
00:49:18,560 --> 00:49:23,520
military industrial complex that
unfortunately we built in the US

900
00:49:23,520 --> 00:49:28,680
and offloaded to so many other 
countries around the world has a

901
00:49:28,680 --> 00:49:32,360
massive, a massive amount of 
control around the government 

902
00:49:32,360 --> 00:49:35,120
and around the the political 
system as well. 

903
00:49:35,320 --> 00:49:38,120
Because so much money gets 
poured into that military 

904
00:49:38,120 --> 00:49:42,160
industrial complex that they, 
they can just have revolving 

905
00:49:42,160 --> 00:49:44,920
door policies where they keep 
moving politicians into their, 

906
00:49:45,240 --> 00:49:48,280
into their, their businesses. 
They're the defense companies 

907
00:49:48,680 --> 00:49:50,960
that are making hundreds of 
billions of dollars every year. 

908
00:49:51,280 --> 00:49:55,360
And that, that report was $824 
billion budget that they haven't

909
00:49:55,360 --> 00:49:56,960
been able to find for seven 
straight audits. 

910
00:49:57,320 --> 00:50:00,760
And it's, it, it is wild because
especially into this last 

911
00:50:00,760 --> 00:50:03,760
administration, there was a huge
push to grow the IRS because 

912
00:50:03,760 --> 00:50:05,800
they weren't happy that they 
were getting enough taxes from, 

913
00:50:06,480 --> 00:50:09,720
from US average individuals with
things like the ridiculous 

914
00:50:09,720 --> 00:50:12,240
$600.00 limit. 
And, and when we're sending 

915
00:50:12,240 --> 00:50:15,480
money on Venmo or PayPal and 
they're wanting to control every

916
00:50:15,480 --> 00:50:19,840
last dollar and sent that we 
are, we are moving that we are 

917
00:50:19,840 --> 00:50:23,440
sending back and forth that we 
are using to buy used stuff off 

918
00:50:23,440 --> 00:50:25,480
of other people on Facebook 
marketplace or whatever. 

919
00:50:25,480 --> 00:50:28,560
Like these these ridiculous 
platforms where they understand 

920
00:50:28,560 --> 00:50:32,640
that while the Internet is 
supposed to give us wings when 

921
00:50:32,640 --> 00:50:35,280
it doesn't have proper privacy 
guarantees, it actually just 

922
00:50:35,280 --> 00:50:40,680
ends up giving the government 
better, better chains to put 

923
00:50:40,680 --> 00:50:43,400
around us if we don't push back.
And that's one of the one of the

924
00:50:43,400 --> 00:50:46,880
reasons why I think Bitcoin as 
freedom money is so important 

925
00:50:47,120 --> 00:50:50,160
because it it should give us 
that freedom back. 

926
00:50:50,160 --> 00:50:53,720
It should give us freedom from 
really tyrannical oppression 

927
00:50:53,720 --> 00:50:56,240
that we we have right now, even 
though in the US we're 

928
00:50:56,400 --> 00:50:59,000
politically quite free. 
And I, I know that I'm very 

929
00:50:59,000 --> 00:51:01,520
blessed to be in the US because 
we do have a lot of protections 

930
00:51:01,520 --> 00:51:04,360
that other countries don't and a
lot of financial privilege that 

931
00:51:04,360 --> 00:51:07,280
other countries don't. 
But the, the government is 

932
00:51:07,280 --> 00:51:09,880
starting to use more and more of
the tools that they have to, to 

933
00:51:10,520 --> 00:51:14,120
repress dissent and to to get 
tighter control of the financial

934
00:51:14,120 --> 00:51:16,040
system. 
So Bitcoin as freedom money is 

935
00:51:16,040 --> 00:51:19,160
more vital than ever. 
And these kind of tax insanity 

936
00:51:19,160 --> 00:51:22,160
show that because we just, we 
don't have control over the 

937
00:51:22,160 --> 00:51:24,680
government, the control the 
government generally has control

938
00:51:24,680 --> 00:51:28,120
over us, unfortunately. 100% I 
think that will always be the 

939
00:51:28,120 --> 00:51:30,320
case. 
As long as governments have the 

940
00:51:30,320 --> 00:51:33,240
money printer, the incentive 
isn't there. 

941
00:51:33,240 --> 00:51:37,200
The incentive for a lot of these
bureaucrats and politicians is 

942
00:51:37,360 --> 00:51:40,320
to get as close as humanly 
possible to the money printer. 

943
00:51:40,760 --> 00:51:43,080
They don't need to do good by 
their constituents, right? 

944
00:51:43,320 --> 00:51:46,120
But if you separate money from 
state, their only form of 

945
00:51:46,120 --> 00:51:49,400
raising revenue is via direct 
taxation, right? 

946
00:51:50,160 --> 00:51:51,880
And that changes the 
conversation. 

947
00:51:51,880 --> 00:51:56,480
You're going to be a lot nicer 
to, you know, the the asks of 

948
00:51:56,480 --> 00:52:00,440
your constituents versus kind of
finding this sly roundabout way 

949
00:52:00,440 --> 00:52:02,760
to tax them via currency 
debasement, right? 

950
00:52:03,040 --> 00:52:05,440
So very, very kind of 
interesting conversation. 

951
00:52:05,880 --> 00:52:08,120
Anyways, I do want to pass it on
to Opti guys. 

952
00:52:08,120 --> 00:52:12,360
By the way, we are on the verge 
of making an all time high. 

953
00:52:12,640 --> 00:52:15,960
I have Satoshi the Bitcoin 
Chicken ready to clock he's. 

954
00:52:16,040 --> 00:52:19,360
Right next to Miko, I think at 
least Trading View is telling me

955
00:52:19,360 --> 00:52:20,880
we did. 
Just break it. 

956
00:52:21,080 --> 00:52:22,800
We did. 
Is it confirmed? 

957
00:52:22,920 --> 00:52:24,400
It's running. 
I can see it right here. 

958
00:52:24,400 --> 00:52:25,040
It's running. 
It's. 

959
00:52:25,040 --> 00:52:31,200
Right, we're at 93,500. 93638 So
that's all we have. 

960
00:52:31,280 --> 00:52:38,920
Broken all time. 
We have broken all time highs. 

961
00:52:38,920 --> 00:52:40,920
I'm going to put it on the on 
the ticker. 

962
00:52:41,120 --> 00:52:44,120
Congratulations everybody. 
You've you've earned your 

963
00:52:44,120 --> 00:52:47,400
stripes. 
Anyways, Opti, what's your take 

964
00:52:47,400 --> 00:52:48,520
on this? 
Yeah. 

965
00:52:48,520 --> 00:52:50,680
Well, First off, I'm going to 
start with the audit. 

966
00:52:50,680 --> 00:52:55,320
Obviously they don't want to 
audit that balance because you 

967
00:52:55,320 --> 00:52:58,480
know, they they do well with the
lack of transparency. 

968
00:52:58,480 --> 00:53:02,440
But when you do compare it to 
kind of what El Salvador is 

969
00:53:02,440 --> 00:53:05,560
doing and you know, you can see 
at least on the blockchain, 

970
00:53:05,560 --> 00:53:10,000
yeah, there there's some, some 
some trust, I guess there that 

971
00:53:10,000 --> 00:53:13,000
they are actually stacking all 
that Bitcoin, etcetera, that 

972
00:53:13,000 --> 00:53:14,600
it's a totally different 
paradigm. 

973
00:53:14,600 --> 00:53:18,480
You know, if America was as 
transparent as the Bitcoin 

974
00:53:18,480 --> 00:53:21,120
blockchain, I think it would be 
a totally different 

975
00:53:21,120 --> 00:53:23,520
conversation. 
And you know, personally, as the

976
00:53:23,520 --> 00:53:26,440
reigning tinfoil hat guy on the 
show, I don't think they want us

977
00:53:26,440 --> 00:53:29,840
to be transparent with their, 
with their audit books. 

978
00:53:29,840 --> 00:53:33,520
And, and there's that, but the 
first, the first kind of story 

979
00:53:33,880 --> 00:53:36,280
about Trump meeting Brian 
Armstrong. 

980
00:53:36,480 --> 00:53:39,240
Like, look, guys, I am not a fan
of Coinbase. 

981
00:53:39,240 --> 00:53:43,080
I, I think Brian Armstrong has 
been actively fighting Bitcoin, 

982
00:53:44,000 --> 00:53:47,040
you know, the, the real Bitcoin 
here for a lot of years. 

983
00:53:47,360 --> 00:53:50,320
And so personally, I'm not a fan
of Brian Armstrong. 

984
00:53:50,320 --> 00:53:54,120
But with that being said, I 
think those conversations are a 

985
00:53:54,160 --> 00:53:56,520
good thing. 
And, and Trump talking to people

986
00:53:56,520 --> 00:53:59,320
within the industry is a good 
thing, though I am a little 

987
00:53:59,320 --> 00:54:01,600
concerned that, you know, 
Trump's probably going to get a 

988
00:54:01,600 --> 00:54:04,280
shit coin shell from Brian 
Armstrong. 

989
00:54:04,680 --> 00:54:08,520
But I mean, hey, you know, 
maybe, maybe, maybe Trump's just

990
00:54:08,520 --> 00:54:13,400
asking Brian Armstrong to to put
what's a world liberty coin on 

991
00:54:13,400 --> 00:54:16,080
on. 
You imagine that conversation 

992
00:54:16,080 --> 00:54:18,160
like. 
All right, Brian, listen, it's 

993
00:54:18,480 --> 00:54:20,520
gonna be amazing. 
Pump my bags. 

994
00:54:20,520 --> 00:54:24,480
Rock coin, trump coin, It's 
gonna be amazing, right? 

995
00:54:24,480 --> 00:54:28,200
Like like for sure that, but 
like I would say this is this is

996
00:54:28,200 --> 00:54:31,000
what I would say like I'm, I'm 
personally a free market 

997
00:54:31,000 --> 00:54:35,160
maximalist and I and I don't 
because I've seen this with a 

998
00:54:35,160 --> 00:54:37,840
lot of the the Bitcoin 
community, which is kind of like

999
00:54:37,840 --> 00:54:40,680
this idea of like thinking that 
the government is going to step 

1000
00:54:40,680 --> 00:54:44,040
in and hoping that they're going
to choose what the winners and 

1001
00:54:44,040 --> 00:54:49,200
losers are in terms of cryptos. 
Like no, no, no, no, like let 

1002
00:54:49,200 --> 00:54:51,320
the free market do what the free
market does best. 

1003
00:54:51,320 --> 00:54:52,960
We don't need government 
intervention. 

1004
00:54:53,360 --> 00:54:56,120
That's my take. 
And perhaps that's an unpopular 

1005
00:54:56,120 --> 00:54:59,360
take and also another unpopular 
take with some bitcoiners that I

1006
00:54:59,360 --> 00:55:02,280
have too, is like, yes, we are 
Bitcoin only. 

1007
00:55:02,280 --> 00:55:04,480
That's what we we are simply 
Bitcoin. 

1008
00:55:04,680 --> 00:55:09,560
However, if you want to buy 
whatever you want to buy, go so 

1009
00:55:09,560 --> 00:55:11,160
be it. 
That's all you like. 

1010
00:55:11,240 --> 00:55:13,080
That is completely your 
decision. 

1011
00:55:13,080 --> 00:55:16,800
You're an adult and you have 
every right to do so. 

1012
00:55:17,600 --> 00:55:20,720
That's another kind of like, you
know, cuz I've seen a lot of 

1013
00:55:20,720 --> 00:55:23,040
Maxis on Twitter. 
It's like you are, you know, 

1014
00:55:23,040 --> 00:55:25,000
stupid if you buy this 
cryptocurrency. 

1015
00:55:25,080 --> 00:55:27,360
Like let people decide what they
want to do. 

1016
00:55:27,360 --> 00:55:29,880
It's their money, right? 
Like that's totally your 

1017
00:55:29,880 --> 00:55:33,400
prerogative. 
So you know, I would say let's 

1018
00:55:33,400 --> 00:55:36,440
let the free market do what the 
free market does best. 

1019
00:55:36,440 --> 00:55:39,720
We believe that Bitcoin has the 
best incentives as the best. 

1020
00:55:40,000 --> 00:55:42,520
You know you know, it's just the
best 1. 

1021
00:55:42,720 --> 00:55:45,280
So let's let the free market 
decide and we'll see what 

1022
00:55:45,280 --> 00:55:46,640
happens. 
Let's see, let's see where the 

1023
00:55:46,640 --> 00:55:48,800
dust settles, right? 
Anyways, guys before. 

1024
00:55:49,480 --> 00:55:51,800
Before you move on, take off the
ticket because we're not at all 

1025
00:55:51,800 --> 00:55:54,360
time high anymore all. 
Right, I'm going to put away 

1026
00:55:54,400 --> 00:55:58,880
it's. 
At 93.3 now so hey it was good, 

1027
00:55:58,880 --> 00:56:00,880
well allowed. 
It was a nice little Wick. 

1028
00:56:00,880 --> 00:56:03,320
It was a nice little Wick. 
Anyways, guys, before we move on

1029
00:56:03,320 --> 00:56:07,040
to culture segment, I do want to
give a shout out to our 

1030
00:56:07,040 --> 00:56:07,880
sponsors. 
Guys. 

1031
00:56:08,200 --> 00:56:10,640
Simply, Bitcoin is powered by 
our sponsors. 

1032
00:56:10,640 --> 00:56:14,480
So the best way to support them,
support, support us is check out

1033
00:56:14,480 --> 00:56:16,600
our partners. 
We're very, very careful on who 

1034
00:56:16,600 --> 00:56:19,320
we choose to partner with. 
So first up, I want to give a 

1035
00:56:19,320 --> 00:56:22,960
very special shout out to Hive 
Digital Technologies. 

1036
00:56:23,240 --> 00:56:26,480
As the first ever public miner, 
Hive's been battle tested 

1037
00:56:26,640 --> 00:56:30,280
through every possible market. 
And as the 1st with an AI 

1038
00:56:30,280 --> 00:56:33,960
strategy, Hive continues to 
redefine the future of 

1039
00:56:33,960 --> 00:56:37,360
sustainable computing. 
Got to also casually drop this 

1040
00:56:37,360 --> 00:56:40,320
in here. 
Hive consistently tops the 

1041
00:56:40,320 --> 00:56:43,160
industry in Bitcoin mined per 
EXA hash. 

1042
00:56:43,400 --> 00:56:46,080
They're lean and mean, they're 
green and clean, and they're 

1043
00:56:46,080 --> 00:56:49,480
changing the game. 
Learn more by following them at 

1044
00:56:49,480 --> 00:56:53,680
Dive at Hive Digital Tech or at 
hivedigital.com. 

1045
00:56:53,880 --> 00:56:56,040
Also check them out. 
They're a publicly traded 

1046
00:56:56,040 --> 00:57:00,280
company on NASDAQ. 
Check out their ticker HI VE so 

1047
00:57:00,280 --> 00:57:05,720
hive anyways guys moving on to 
our next sponsor bit block boom 

1048
00:57:05,720 --> 00:57:08,000
guys. 
This is going to be one of the 

1049
00:57:08,000 --> 00:57:11,240
best Bitcoin conferences of 
2025. 

1050
00:57:11,400 --> 00:57:15,200
It's a pure Bitcoin conference. 
It's going to be April 3rd, 

1051
00:57:15,880 --> 00:57:20,280
April 4th, April 5th, and April 
6th in Dallas, TX. 

1052
00:57:20,480 --> 00:57:24,360
The entire Simply Bitcoin crew 
and team will be there. 

1053
00:57:24,640 --> 00:57:28,560
Dante, Rustin, Nico, Opti, 
Sophie. 

1054
00:57:28,560 --> 00:57:31,640
It's going to be at a Jacob. 
It's going to be absolutely 

1055
00:57:31,640 --> 00:57:34,640
epic. 
It's going to be 4 days of pure 

1056
00:57:34,760 --> 00:57:38,320
Bitcoin signal by pure 
Bitcoiners is going to be 

1057
00:57:38,400 --> 00:57:40,360
incredible. 
You guys don't want to miss 

1058
00:57:40,360 --> 00:57:41,960
this. 
We're going to be live streaming

1059
00:57:41,960 --> 00:57:44,480
it from the Simply Bitcoin 
channel, and we really, really 

1060
00:57:44,480 --> 00:57:49,480
hope to see you guys in person 
in Dallas, TX at Bit Block Boom.

1061
00:57:49,640 --> 00:57:54,280
So get your tickets now because 
the prices do go up as time goes

1062
00:57:54,280 --> 00:57:57,520
by. 
Scan the QR code today, and if 

1063
00:57:57,520 --> 00:58:03,280
you use promo code BBB 21, you 
got $100 off your tickets. 

1064
00:58:03,400 --> 00:58:05,080
All right, everybody, let's hit 
the culture. 

1065
00:58:16,760 --> 00:58:18,320
All right everybody, I do want 
to give a shout out to our 

1066
00:58:18,320 --> 00:58:23,040
sponsor, the Orange Pull app, 
the Bitcoin social layer Stack 

1067
00:58:23,040 --> 00:58:28,840
friends who stack SAT join the 
13,629 bitcoiners that are 

1068
00:58:28,840 --> 00:58:31,800
currently on the app. 
So what is the Orange Pull app? 

1069
00:58:32,080 --> 00:58:35,000
The Orange Pull app is the 
perfect resource for when you're

1070
00:58:35,000 --> 00:58:38,280
on the go or perhaps you're in 
your city and you don't know any

1071
00:58:38,280 --> 00:58:40,320
bitcoiners around you. 
You pull up. 

1072
00:58:40,320 --> 00:58:43,760
The Orange Pull app has a really
clever geographical feature and 

1073
00:58:43,760 --> 00:58:46,680
it will show you the Bitcoiners 
that are geographically close, 

1074
00:58:46,760 --> 00:58:50,960
close to you, allowing you to 
send them a message and to make 

1075
00:58:51,000 --> 00:58:53,720
that connection. 
So if you're traveling to a 

1076
00:58:53,720 --> 00:58:56,520
conference and perhaps you don't
know anything, you don't know 

1077
00:58:56,520 --> 00:58:59,480
what to do that night you pull 
up the Orange pull up, it'll 

1078
00:58:59,480 --> 00:59:02,720
give you the ability to not only
message the Bitcoiners that are 

1079
00:59:02,720 --> 00:59:07,120
around you, but also to see what
Bitcoin only events are 

1080
00:59:07,120 --> 00:59:09,760
happening as well. 
Check out the orange pull up 

1081
00:59:09,760 --> 00:59:13,320
today by scanning the QR code on
your screen or checking the link

1082
00:59:13,320 --> 00:59:15,600
in the video description. 
Anyways, opening up the 

1083
00:59:15,600 --> 00:59:18,920
conversation. 
Want to take advantage of Seth 

1084
00:59:18,920 --> 00:59:23,680
for privacy being on the show 
today, Seth has contributed a 

1085
00:59:24,080 --> 00:59:28,040
enormous amount of not only 
content, but also just work for 

1086
00:59:28,040 --> 00:59:31,080
advocating for privacy in 
Bitcoin. 

1087
00:59:31,280 --> 00:59:35,240
He's also a supporter of Monero 
as well, which is like the 

1088
00:59:35,680 --> 00:59:39,800
quintessential privacy 
cryptocurrency also. 

1089
00:59:40,000 --> 00:59:43,240
So Seth, welcome to the show. 
Happy to have you on today. 

1090
00:59:43,480 --> 00:59:45,800
And you're currently with 
Cakewallet. 

1091
00:59:45,800 --> 00:59:48,120
So guys, if you want to check 
out Cakewallet, go to 

1092
00:59:48,120 --> 00:59:53,240
cakewallet.com today. 
Yeah, man, thank y'all, thank 

1093
00:59:53,240 --> 00:59:54,760
y'all so much for having me on. 
It's been fun. 

1094
00:59:54,760 --> 00:59:58,880
I I, I always just love the the 
light hearted approach here on 

1095
00:59:58,880 --> 01:00:00,400
simply Bitcoin. 
So it's just always an absolute 

1096
01:00:00,400 --> 01:00:02,240
blast to be able to, to stay 
with you all through this. 

1097
01:00:02,240 --> 01:00:04,040
I got to be here for all time 
high. 

1098
01:00:04,040 --> 01:00:07,200
So it's a good, a good day to be
jumping in, but they're really 

1099
01:00:07,200 --> 01:00:09,560
excited to chat more about 
privacy as always. 

1100
01:00:09,560 --> 01:00:12,800
I know it's it's kind of a meme.
It's at this point that whenever

1101
01:00:12,800 --> 01:00:15,560
I'm on something I'm either 
talking about privacy or now, 

1102
01:00:15,560 --> 01:00:18,640
since silent payments have been 
the big thing for me over the 

1103
01:00:18,640 --> 01:00:20,840
past couple of years. 
Everyone just assumes that I'm 

1104
01:00:20,840 --> 01:00:23,080
going to talk about silent 
payments, which I will a little 

1105
01:00:23,080 --> 01:00:24,360
bit, yeah. 
Absolutely. 

1106
01:00:24,360 --> 01:00:26,840
I want to hear about that. 
That sounds like a great idea. 

1107
01:00:27,040 --> 01:00:28,440
So where should we start this 
off? 

1108
01:00:28,440 --> 01:00:29,680
Opti, I'm going to pass it on to
you. 

1109
01:00:29,920 --> 01:00:32,000
Yeah, I mean, Seth just brought 
up privacy. 

1110
01:00:32,000 --> 01:00:35,360
We do have, you know, Seth has a
podcast as well. 

1111
01:00:35,360 --> 01:00:38,280
And there's, you know, a new 
kind of conversation. 

1112
01:00:38,280 --> 01:00:40,960
It's an old conversation that is
starting to rear its head again.

1113
01:00:41,160 --> 01:00:43,560
But let's start with privacy 
first and foremost, since it's 

1114
01:00:43,560 --> 01:00:46,880
already been brought up. 
Seth, as someone that works in 

1115
01:00:46,880 --> 01:00:48,360
privacy, it's literally in your 
name. 

1116
01:00:48,360 --> 01:00:51,320
You know, Seth, for privacy. 
What is the current state for 

1117
01:00:51,320 --> 01:00:53,160
privacy and what and what are 
you concerned? 

1118
01:00:53,160 --> 01:00:55,920
Like what are you watching and 
and where is your head at in 

1119
01:00:55,920 --> 01:00:59,560
regards to privacy on Bitcoin? 
Yeah. 

1120
01:00:59,560 --> 01:01:02,120
I mean, when we when we talk 
about privacy on Bitcoin, I 

1121
01:01:02,120 --> 01:01:07,120
think there's a lot of reasons 
for hope and optimism and a lot 

1122
01:01:07,120 --> 01:01:09,680
of reasons for concern as well. 
So this is, I feel like kind of 

1123
01:01:09,680 --> 01:01:12,200
always where we've been in the, 
in the Bitcoin ecosystem, 

1124
01:01:12,760 --> 01:01:16,400
because there's a broad set of 
people deciding what should and 

1125
01:01:16,400 --> 01:01:19,040
should not be included in 
Bitcoin, A broad set of people 

1126
01:01:19,040 --> 01:01:22,000
developing around Bitcoin, 
researching new approaches that 

1127
01:01:22,000 --> 01:01:25,960
can be taken. 
And so we always get a a lot of 

1128
01:01:25,960 --> 01:01:28,440
different routes that can 
happen, a lot of different 

1129
01:01:28,440 --> 01:01:31,400
paths. 
And we've come to a lot of no 

1130
01:01:31,400 --> 01:01:35,240
pun intended kind of forks in 
the road on what what path we're

1131
01:01:35,240 --> 01:01:37,480
going to take forward for 
Bitcoin, especially when it 

1132
01:01:37,480 --> 01:01:40,080
comes to whether or not it can 
be free to money for the 

1133
01:01:40,080 --> 01:01:41,920
individual. 
And I think when we're when 

1134
01:01:41,920 --> 01:01:46,000
we're talking privacy, the the 
most exciting thing that's been 

1135
01:01:46,000 --> 01:01:50,040
happening recently, Nico hit on 
the samurai wallet shut down in 

1136
01:01:50,040 --> 01:01:51,840
April. 
And, and that we've covered 

1137
01:01:51,840 --> 01:01:53,640
quite a bit today already that 
there's been just kind of a 

1138
01:01:53,640 --> 01:01:56,400
broad crackdown on privacy in 
Bitcoin and the broader 

1139
01:01:56,400 --> 01:01:59,480
cryptocurrency space over the 
last really 12 months. 

1140
01:02:00,160 --> 01:02:03,320
But in the wake of that, people 
have been trying to figure out 

1141
01:02:03,320 --> 01:02:06,080
where, where do we go next? 
And thankfully one of the cool 

1142
01:02:06,080 --> 01:02:09,680
tools that has has happened, it 
was introduced into the into the

1143
01:02:09,680 --> 01:02:12,800
space as a proposal a couple of 
years ago, but it has finally 

1144
01:02:12,800 --> 01:02:14,880
become a reality actually in 
Cakewallet. 

1145
01:02:14,880 --> 01:02:17,080
It's one of the reasons why I 
was so excited to jump in and 

1146
01:02:17,080 --> 01:02:20,400
and join the Cakewallet team a 
couple months ago was that 

1147
01:02:20,880 --> 01:02:23,400
silent payments is here. 
And silent payments is one of 

1148
01:02:23,400 --> 01:02:25,480
these beautiful things because 
it doesn't require any changes 

1149
01:02:25,480 --> 01:02:27,160
to Bitcoin. 
And I know we're going to talk a

1150
01:02:27,160 --> 01:02:29,920
little bit about like this 
concept of ossification or 

1151
01:02:30,160 --> 01:02:33,240
potential upgrades to Bitcoin 
later on in the segment. 

1152
01:02:33,240 --> 01:02:37,280
But what's really amazing about 
silent payments is that they're 

1153
01:02:37,280 --> 01:02:39,320
really a user experience 
improvement. 

1154
01:02:39,360 --> 01:02:42,920
They're a, a Bitcoin address 
type that you can use, you can 

1155
01:02:42,920 --> 01:02:45,440
share with anybody. 
You can post on your Twitter 

1156
01:02:45,440 --> 01:02:48,480
bio, you can post in the GitHub,
read me, and anyone can pay you 

1157
01:02:48,480 --> 01:02:52,000
using a Bitcoin wallet. 
And when they pay you, they 

1158
01:02:52,000 --> 01:02:54,400
can't see anything but other 
other payments you've received 

1159
01:02:54,400 --> 01:02:56,000
in the past. 
Contrary to like if you just 

1160
01:02:56,000 --> 01:02:59,080
paste a normal Bitcoin address 
into your Twitter bio, yeah, 

1161
01:02:59,080 --> 01:03:02,440
maybe people can send you some 
Bitcoin, but they also can just 

1162
01:03:02,440 --> 01:03:04,920
copy and paste that into them 
and pulled out space and see all

1163
01:03:04,920 --> 01:03:06,280
of the funds you've received in 
the past. 

1164
01:03:06,400 --> 01:03:07,520
Silent payments work 
differently. 

1165
01:03:07,520 --> 01:03:10,600
So you can have one address. 
You don't have to change it. 

1166
01:03:10,600 --> 01:03:12,720
You don't have to be worried 
about address reuse. 

1167
01:03:13,000 --> 01:03:16,640
You can use that broadly and 
still have good privacy because 

1168
01:03:16,640 --> 01:03:18,720
it makes sure that no one can 
reuse addresses and no one can 

1169
01:03:18,720 --> 01:03:21,280
just quickly copy and paste that
address into a blockchain 

1170
01:03:21,280 --> 01:03:24,440
explorer and see what 
transactions you received in the

1171
01:03:24,440 --> 01:03:25,760
past. 
It doesn't fix all Bitcoin 

1172
01:03:25,760 --> 01:03:28,640
privacy issues, but it's one of 
those rare things that actually 

1173
01:03:28,640 --> 01:03:31,240
is a user experience improvement
as well. 

1174
01:03:31,520 --> 01:03:34,720
Because for those of us who who 
have been in the space for a 

1175
01:03:34,720 --> 01:03:37,440
long time, we're used to the 
weirdness of when you hit 

1176
01:03:37,440 --> 01:03:39,800
receive in your Bitcoin wallet, 
you get a new address every 

1177
01:03:39,800 --> 01:03:41,720
time. 
Or maybe when you actually 

1178
01:03:41,720 --> 01:03:43,800
receive a transaction, you get a
new address the next time you 

1179
01:03:43,800 --> 01:03:46,800
hit receive. 
And that becomes normal for us. 

1180
01:03:46,800 --> 01:03:49,440
But if you hand someone a 
Bitcoin wallet today, what are 

1181
01:03:49,440 --> 01:03:51,800
they used to? 
They're used to PayPal, to cash 

1182
01:03:51,800 --> 01:03:54,640
app, to Venmo, where they have 
this, the static address or 

1183
01:03:54,640 --> 01:03:57,840
username, and they can receive 
funds there if they don't have 

1184
01:03:57,840 --> 01:03:58,960
to worry about it doesn't 
change. 

1185
01:03:58,960 --> 01:04:02,320
It all goes in the same place. 
And this, this user experience 

1186
01:04:02,320 --> 01:04:05,560
hurdle of not raising addresses 
is definitely a big one to get 

1187
01:04:05,560 --> 01:04:07,840
over and one of the ways that 
silent payments really helps. 

1188
01:04:08,040 --> 01:04:09,960
So that's been a blast at 
Cakewallet. 

1189
01:04:10,160 --> 01:04:12,840
They were the first to implement
silent payments and it's right 

1190
01:04:12,840 --> 01:04:16,600
now the only, the only Bitcoin 
wallet that has silent payment 

1191
01:04:16,600 --> 01:04:18,120
support for both sending and 
receiving. 

1192
01:04:18,720 --> 01:04:21,040
So it's a really, really great 
way to try out what is kind of 

1193
01:04:21,040 --> 01:04:24,400
the the latest and greatest tech
in privacy on Bitcoin. 

1194
01:04:25,160 --> 01:04:27,480
As for kind of like that's kind 
of the optimism right now. 

1195
01:04:27,480 --> 01:04:29,560
That's one of the really cool 
tools that's available at the 

1196
01:04:29,560 --> 01:04:33,120
moment. 
But when we talk about kind of 

1197
01:04:33,320 --> 01:04:37,400
where am I more kind of hesitant
or concerned is something that I

1198
01:04:37,400 --> 01:04:40,880
think will segue well into 
another topic of right now 

1199
01:04:40,880 --> 01:04:44,640
there's a lot of hesitancy in 
the Bitcoin space to make any 

1200
01:04:44,640 --> 01:04:47,360
changes to Bitcoin, whether 
those are for self custody, 

1201
01:04:47,360 --> 01:04:50,880
whether those are for privacy, 
There's a, a broad narrative, I 

1202
01:04:50,880 --> 01:04:52,640
wouldn't say prevailing 
narrative, but there's at least 

1203
01:04:52,640 --> 01:04:56,040
a vocal minority that are firmly
against any changes happening to

1204
01:04:56,040 --> 01:04:59,120
Bitcoin and want to say that 
Bitcoin is perfect right now as 

1205
01:04:59,120 --> 01:05:01,520
it is. 
But the the concern for me is 

1206
01:05:01,520 --> 01:05:03,920
that we're really at kind of a 
fork in the road right now. 

1207
01:05:03,920 --> 01:05:07,880
Bitcoin can support the self 
custody of everyone who uses 

1208
01:05:07,880 --> 01:05:11,000
Bitcoin today and probably a lot
more people if we're honest. 

1209
01:05:11,000 --> 01:05:13,240
Most people who buy Bitcoin 
aren't actually using Bitcoin 

1210
01:05:13,240 --> 01:05:14,840
anyways. 
They're using an ETF, they're 

1211
01:05:14,840 --> 01:05:19,360
using an exchange. 
But what what will happen 

1212
01:05:19,360 --> 01:05:22,760
eventually is if enough people 
do come to Bitcoin and they want

1213
01:05:22,760 --> 01:05:25,880
to take self custody, that's 
going to be pretty much 

1214
01:05:25,880 --> 01:05:28,480
impossible because of the way 
that that Bitcoin handles 

1215
01:05:28,480 --> 01:05:30,680
scaling right now. 
Limited block size, which has 

1216
01:05:30,680 --> 01:05:33,400
benefits for fees, which we need
long term for security, 

1217
01:05:34,120 --> 01:05:36,800
ultimately limits what we can do
with scaling. 

1218
01:05:36,840 --> 01:05:40,800
And lightning has not proved to 
be the the self sovereign 

1219
01:05:40,800 --> 01:05:43,400
scaling solution that we 
initially thought it was. 

1220
01:05:44,160 --> 01:05:47,320
And so we're we're coming up 
against this idea of that, that 

1221
01:05:47,320 --> 01:05:49,920
not too far in the future, if 
people actually come to Bitcoin 

1222
01:05:49,920 --> 01:05:52,840
and use Bitcoin not too far in 
the future, it's going to be 

1223
01:05:52,840 --> 01:05:55,480
very difficult to self custody 
and actually hold their own 

1224
01:05:55,480 --> 01:05:57,520
coins. 
Maybe they can hold keys to E 

1225
01:05:57,520 --> 01:05:59,680
cash or something and then trust
a custodian. 

1226
01:06:00,080 --> 01:06:02,240
Maybe they just use a Coinbase 
account, but that's not actually

1227
01:06:02,240 --> 01:06:04,400
using Bitcoin and that's not 
going to enable the censorship 

1228
01:06:04,400 --> 01:06:07,200
resistance and the privacy and 
that the freedom money aspects 

1229
01:06:07,200 --> 01:06:09,720
that people can have. 
So we're we're coming to a fork 

1230
01:06:09,720 --> 01:06:12,400
in the road where self custody 
is something that we need to 

1231
01:06:12,400 --> 01:06:14,840
find ways to improve. 
And it's not clear how to do 

1232
01:06:14,840 --> 01:06:17,240
that without improving the 
Bitcoin protocol itself. 

1233
01:06:17,800 --> 01:06:20,800
And we're also coming to a fork 
in the road where privacy in 

1234
01:06:20,800 --> 01:06:24,920
Bitcoin is extremely difficult 
today, almost impossible. 

1235
01:06:24,920 --> 01:06:27,520
And this has gotten much harder 
in the crackdown on privacy 

1236
01:06:27,880 --> 01:06:32,120
since April of this year, where 
we saw Samurai Wallet get 

1237
01:06:32,120 --> 01:06:34,760
arrested and indicted and all of
their servers shut down. 

1238
01:06:34,760 --> 01:06:35,960
South. 
Samurai Wallet's approach to 

1239
01:06:35,960 --> 01:06:39,360
privacy doesn't work anymore. 
We saw Tornado Cash developers 

1240
01:06:39,360 --> 01:06:42,200
on Etherium who are building a 
very powerful privacy tool on 

1241
01:06:42,200 --> 01:06:44,800
the Etherium blockchain. 
Whatever you think of Etherium, 

1242
01:06:44,800 --> 01:06:46,640
you can set that aside. 
But just think about this was a 

1243
01:06:46,640 --> 01:06:50,320
privacy tool that was actually 
very decentralized and useful. 

1244
01:06:50,640 --> 01:06:52,760
And the developers behind that 
have been arrested. 

1245
01:06:52,920 --> 01:06:55,920
Case still ongoing in the US in 
the Netherlands, one of the 

1246
01:06:55,920 --> 01:06:59,680
developers for Tornado Cash got 
sentenced to a 12 years in jail 

1247
01:07:00,040 --> 01:07:02,640
basically another premise that 
because he knew bad people could

1248
01:07:02,640 --> 01:07:06,000
use the tool at some point he 
was liable for that and so that 

1249
01:07:06,000 --> 01:07:08,240
crackdown has driven people in 
Ethereum to look for better 

1250
01:07:08,240 --> 01:07:10,960
privacy. 
Samurai wallet being shut down, 

1251
01:07:10,960 --> 01:07:14,400
Wasabi wallet shutting down 
their own services as kind of 

1252
01:07:14,400 --> 01:07:16,760
part of the the ripple effects 
of the Samurai Wallet 

1253
01:07:16,760 --> 01:07:19,520
indictment. 
Lightning wallet providers 

1254
01:07:19,520 --> 01:07:21,760
leaving the US, Lightning 
service providers leaving the 

1255
01:07:21,840 --> 01:07:22,840
US. 
Like Phoenix. 

1256
01:07:23,280 --> 01:07:27,280
There's been a big shift that 
made it far more difficult to 

1257
01:07:27,280 --> 01:07:29,400
achieve privacy in Bitcoin. 
And that's been hard for me as 

1258
01:07:29,400 --> 01:07:32,280
someone who deeply loves privacy
and wants to onboard people to 

1259
01:07:32,280 --> 01:07:34,000
privacy tools in Bitcoin as I 
don't have a great 

1260
01:07:34,000 --> 01:07:36,800
recommendation right now. 
And a lot of the solutions to 

1261
01:07:36,800 --> 01:07:39,960
improve privacy on Bitcoin would
require an openness to changing 

1262
01:07:39,960 --> 01:07:42,720
the Bitcoin protocol. 
Now I'm not advocating that we 

1263
01:07:42,720 --> 01:07:46,760
make Bitcoin Monero because a 
lot of the trade-offs that 

1264
01:07:46,760 --> 01:07:49,120
happened with Manero would be 
very hard for a lot of people in

1265
01:07:49,120 --> 01:07:52,960
the Bitcoin space to stomach. 
But there are clear ways that we

1266
01:07:52,960 --> 01:07:55,800
can improve privacy on Bitcoin 
using things like covenants that

1267
01:07:55,800 --> 01:07:58,840
are broad proposal for fixing 
self custody as well. 

1268
01:07:58,840 --> 01:08:02,600
We can build really cool privacy
tools like coin pools with 

1269
01:08:02,600 --> 01:08:05,240
covenants where you can 
essentially share UTX OS with 

1270
01:08:05,240 --> 01:08:08,240
other people but have full 
ownership of your amount of that

1271
01:08:08,240 --> 01:08:10,880
UTXO, where you can always exit 
on chain if you want. 

1272
01:08:11,240 --> 01:08:13,640
But all the payments that you 
make are impossible for anyone 

1273
01:08:13,640 --> 01:08:15,960
to know about except you and the
person you're paying because 

1274
01:08:15,960 --> 01:08:18,279
they're happening within this 
pool or you're paying them. 

1275
01:08:18,279 --> 01:08:21,680
Using this kind of virtual UTXO 
covenants also would improve 

1276
01:08:22,080 --> 01:08:24,600
technologies like Arc and Spark,
which also have some better 

1277
01:08:24,600 --> 01:08:27,479
privacy guarantees. 
So there's there's a lot that 

1278
01:08:27,479 --> 01:08:30,560
can be done, but right now in 
the Bitcoin community, we have 

1279
01:08:30,560 --> 01:08:34,880
to decide what is our end goal. 
Is our end goal to keep Bitcoin 

1280
01:08:34,880 --> 01:08:38,439
as it is because numbers going 
up to focus on institutional 

1281
01:08:38,439 --> 01:08:41,439
investors, federal reserves to 
focus on these number go up 

1282
01:08:41,439 --> 01:08:45,120
aspects or while that's 
happening, I don't think the 

1283
01:08:45,120 --> 01:08:46,880
changes to Bitcoin are going to 
stop that from happening. 

1284
01:08:47,080 --> 01:08:50,000
While that's happening, keeping 
our eye on what do we need to 

1285
01:08:50,000 --> 01:08:53,880
do, whether it's just education 
or whether it's changes to the 

1286
01:08:53,880 --> 01:08:57,640
Bitcoin protocol or whether it's
funding development of better 

1287
01:08:57,640 --> 01:08:59,960
privacy tools around Bitcoin, 
What do we need to do to keep 

1288
01:08:59,960 --> 01:09:03,080
the freedom money angle open for
Bitcoin? 

1289
01:09:03,279 --> 01:09:07,120
And I think that that has to be 
top of mind and we can't let 

1290
01:09:07,600 --> 01:09:10,840
what seems like a more favorable
administration in the US, which 

1291
01:09:10,840 --> 01:09:12,600
usually trickles down into other
countries as well. 

1292
01:09:12,600 --> 01:09:17,439
We can't let that disguise the 
need for freedom money or to to 

1293
01:09:17,439 --> 01:09:21,479
hide the the fact that nation 
states are going to want to 

1294
01:09:21,479 --> 01:09:25,160
prevent self custody and 
financial privacy long term 

1295
01:09:25,160 --> 01:09:28,200
because those two things are the
antithesis to their control. 

1296
01:09:28,359 --> 01:09:30,920
They shut down the levers that 
governments have and they give 

1297
01:09:30,920 --> 01:09:33,319
power back to the individual. 
So I think we need to expect 

1298
01:09:33,319 --> 01:09:35,880
that there will be pushed back 
even if this administration is 

1299
01:09:35,880 --> 01:09:37,439
good. 
Maybe that buys us four years, 

1300
01:09:37,640 --> 01:09:40,399
but we need to be thinking far 
into the future and thinking 

1301
01:09:40,399 --> 01:09:42,160
about how we can make Bitcoin 
better today. 

1302
01:09:42,359 --> 01:09:44,319
And thankfully there are some 
really cool tools like I talked 

1303
01:09:44,319 --> 01:09:47,160
about like silent payments, 
which are invaluable for the on 

1304
01:09:47,160 --> 01:09:48,800
chain side. 
They're up a piece. 

1305
01:09:48,800 --> 01:09:50,840
They don't fix privacy in 
Bitcoin, but they're an 

1306
01:09:50,840 --> 01:09:53,479
important piece of privacy. 
That's something you can try out

1307
01:09:53,479 --> 01:09:56,120
and take wallet today and then 
things on the Lightning 

1308
01:09:56,120 --> 01:09:58,800
ecosystem like Bolt 12, which 
are really, really valuable 

1309
01:09:58,800 --> 01:10:01,120
privacy improvement as well. 
So there are some ways we can 

1310
01:10:01,120 --> 01:10:03,560
improve privacy today and 
broader adoption of those is 

1311
01:10:03,560 --> 01:10:05,800
critical. 
But we also need to be thinking,

1312
01:10:05,800 --> 01:10:08,360
how do we make these privacy 
tools accessible to the average 

1313
01:10:08,360 --> 01:10:10,880
person and how do we build 
better privacy tools that give 

1314
01:10:10,880 --> 01:10:14,280
us better on chain privacy, 
better privacy and Lightning, an

1315
01:10:14,280 --> 01:10:17,080
easier point of access to the 
Lightning network for the 

1316
01:10:17,080 --> 01:10:19,000
average individual without 
getting up custody. 

1317
01:10:19,360 --> 01:10:20,640
All these things are really top 
of mind. 

1318
01:10:20,640 --> 01:10:22,400
So there's there's a lot of 
different things to break into 

1319
01:10:22,400 --> 01:10:24,600
there. 
But that's kind of the the 

1320
01:10:24,600 --> 01:10:27,200
thought process that that I've 
been going through lately and 

1321
01:10:27,480 --> 01:10:30,160
interviewing Lop on the Opt out 
podcast was really fascinating 

1322
01:10:30,160 --> 01:10:33,560
to get his perspective on how he
views this kind of like ossify 

1323
01:10:33,560 --> 01:10:36,920
or don't ossify view. 
But yeah, those are the kind of 

1324
01:10:36,920 --> 01:10:38,360
top of mind things for me right 
now, guys. 

1325
01:10:38,560 --> 01:10:42,760
Incredible, man, it's bro that 
wow, that was that had so many 

1326
01:10:42,760 --> 01:10:45,840
questions, man. 
So and it's all this in the in 

1327
01:10:45,840 --> 01:10:48,520
the chat. 
First of all, all right, Seth, I

1328
01:10:48,520 --> 01:10:50,560
apologize because just ask to do
it. 

1329
01:10:52,120 --> 01:10:55,600
He did break another all time 
high while Seth was doing his 

1330
01:10:55,600 --> 01:10:57,480
thing. 
Satoshi's knocking things over 

1331
01:10:57,520 --> 01:11:01,560
Satoshi the Bitcoin chicken. 
But OK, so Seth, this is this is

1332
01:11:01,560 --> 01:11:04,160
very, very important, right? 
And in terms of scaling all the 

1333
01:11:04,160 --> 01:11:08,760
aspects, what are the what's the
counter argument to this? 

1334
01:11:08,760 --> 01:11:14,160
Like the ossification camp? 
Why are they not on board with 

1335
01:11:14,200 --> 01:11:18,520
what you suggested? 
I think generally the the 

1336
01:11:18,520 --> 01:11:21,280
thought process there, and I 
know you were in the Ghana and 

1337
01:11:21,280 --> 01:11:24,280
you saw you saw Jimmy Song and 
Jameson Lop debate this. 

1338
01:11:24,280 --> 01:11:26,920
So that's a really good video to
go look back on. 

1339
01:11:26,920 --> 01:11:28,920
I don't know if it's on YouTube.
I know that they posted on 

1340
01:11:28,920 --> 01:11:32,800
Twitter at least, but he gave a 
lot of kind of the arguments 

1341
01:11:32,800 --> 01:11:35,040
that are common in the the 
ossification camp. 

1342
01:11:35,040 --> 01:11:37,440
And just as a primer ossifies a 
really weird word. 

1343
01:11:37,880 --> 01:11:40,520
I kind of hate that it's kind of
the term that we use around this

1344
01:11:40,520 --> 01:11:44,840
concept, but basically all that 
means is naturally long term, 

1345
01:11:44,840 --> 01:11:47,520
things like Bitcoin that are 
technologies, and especially 

1346
01:11:47,520 --> 01:11:49,960
things like Bitcoin that are 
technologies that are also money

1347
01:11:50,360 --> 01:11:52,200
are going to get harder and 
harder to change. 

1348
01:11:52,200 --> 01:11:55,040
So there will be this natural 
ossification or this natural 

1349
01:11:55,040 --> 01:11:58,200
hardening of the protocol where 
it's going to get more and more 

1350
01:11:58,200 --> 01:12:00,120
difficult to make changes as we 
go along. 

1351
01:12:00,280 --> 01:12:02,520
We've already seen that in 
massive ways since I got into 

1352
01:12:02,520 --> 01:12:05,280
the space in 2017. 
There seem to be a real appetite

1353
01:12:05,280 --> 01:12:07,960
for making improvements and 
Taproot was one of those, even 

1354
01:12:07,960 --> 01:12:10,920
though it hasn't panned out to 
be quite as much as I think it 

1355
01:12:10,920 --> 01:12:14,240
was initially promised. 
But there was this appetite for 

1356
01:12:14,240 --> 01:12:16,160
changes. 
But even without a prevailing 

1357
01:12:16,160 --> 01:12:18,680
narrative of we should not 
change Bitcoin, it's gotten 

1358
01:12:18,680 --> 01:12:20,720
harder and harder to change 
Bitcoin because it's just so 

1359
01:12:20,720 --> 01:12:24,240
many more people participating 
in the network, participating in

1360
01:12:24,240 --> 01:12:27,240
the ecosystem. 
And so when we look at like, 

1361
01:12:27,240 --> 01:12:31,720
what's the, the main idea behind
the, the Ossify Now camp, it's 

1362
01:12:31,720 --> 01:12:36,680
really that Bitcoin is serving 
this serving this goal of 

1363
01:12:36,680 --> 01:12:39,000
digital gold, which has become, 
I think the prevailing 

1364
01:12:39,000 --> 01:12:41,720
narrative, especially in the 
West around Bitcoin, not 

1365
01:12:41,720 --> 01:12:44,080
globally, but especially in the 
West around Bitcoin has been 

1366
01:12:44,080 --> 01:12:47,760
that digital gold is the key use
for Bitcoin and that it's 

1367
01:12:47,760 --> 01:12:50,000
serving that purpose. 
And that nation state adoption 

1368
01:12:50,000 --> 01:12:54,520
is, is evidence of that. 
And that if it's already serving

1369
01:12:54,520 --> 01:12:57,760
that purpose, we don't want to 
introduce anything that might 

1370
01:12:58,000 --> 01:13:01,160
affect that, that might harm 
that use case as digital gold. 

1371
01:13:01,600 --> 01:13:06,120
And so most of the argument that
I see is essentially unknown 

1372
01:13:06,120 --> 01:13:07,880
unknowns. 
We don't want to introduce 

1373
01:13:07,880 --> 01:13:10,440
anything that might do something
that we don't know about. 

1374
01:13:11,080 --> 01:13:14,000
And so it's this, this concept 
of if there are unknown 

1375
01:13:14,000 --> 01:13:17,840
unknowns, if we can't be 100% 
sure that nobody can use this to

1376
01:13:17,840 --> 01:13:20,720
do something that we don't like 
or that this couldn't affect 

1377
01:13:20,720 --> 01:13:23,600
Bitcoin as digital gold in 
subway, we should never make any

1378
01:13:23,600 --> 01:13:25,440
changes. 
And that's the crux of the 

1379
01:13:25,440 --> 01:13:26,800
argument. 
Obviously that's a little bit of

1380
01:13:26,800 --> 01:13:29,480
an oversimplification, but 
that's the crux of the argument 

1381
01:13:29,480 --> 01:13:32,480
is that we don't want to harm 
this digital gold narrative that

1382
01:13:32,480 --> 01:13:36,160
we have going right now. 
And we want to make sure that if

1383
01:13:36,160 --> 01:13:37,880
we're going to change anything 
in Bitcoin, it's just to 

1384
01:13:37,880 --> 01:13:40,040
preserve that. 
Things like fixing bugs that 

1385
01:13:40,040 --> 01:13:43,280
that are inevitably going to 
need to be fixed in Bitcoin. 

1386
01:13:43,280 --> 01:13:46,400
Things like quantum resistant 
cryptography that we would need 

1387
01:13:46,400 --> 01:13:48,920
to protect the the idea of self 
custody. 

1388
01:13:49,320 --> 01:13:51,440
Those things are the only things
that are usually kind of seen 

1389
01:13:51,440 --> 01:13:53,000
within the realm of like, yeah, 
we should do those because 

1390
01:13:53,000 --> 01:13:55,560
obviously we want Bitcoin to 
continue to exist in a, a post 

1391
01:13:55,560 --> 01:13:59,640
quantum world or in a world past
2140 when this time spent time 

1392
01:13:59,640 --> 01:14:02,640
stamp bug would break Bitcoin. 
But that's the that's the 

1393
01:14:02,640 --> 01:14:04,840
prevailing view. 
And that's kind of the the view 

1394
01:14:04,840 --> 01:14:08,000
to to straw man and the view 
that that I push back against. 

1395
01:14:08,000 --> 01:14:10,920
And I agree with Jameson Lopp on
pushing back against because I 

1396
01:14:10,920 --> 01:14:14,680
think when we just look at 
Bitcoin as digital gold, to me 

1397
01:14:14,680 --> 01:14:17,160
that's not freedom money. 
That's another equity. 

1398
01:14:17,160 --> 01:14:18,760
That's another thing that I can 
invest in. 

1399
01:14:18,760 --> 01:14:21,000
That's another thing for my 
4O1K. 

1400
01:14:21,080 --> 01:14:23,320
And that's great. 
That is a great fitting use 

1401
01:14:23,320 --> 01:14:27,920
case, especially for me as a 
financially privileged Westerner

1402
01:14:27,920 --> 01:14:31,400
where I am, I have spare capital
that I can put into Bitcoin and 

1403
01:14:31,400 --> 01:14:34,040
that I can benefit from. 
But when we look at the scope of

1404
01:14:34,040 --> 01:14:37,240
what Bitcoin can be, I think 
digital gold is this tiny piece.

1405
01:14:37,240 --> 01:14:40,240
When it comes to actual human 
freedom, yes, that's a big piece

1406
01:14:40,240 --> 01:14:43,720
financially, But when it comes 
to actual human freedom, that's 

1407
01:14:43,720 --> 01:14:46,080
a tiny piece. 
And the need much more broadly 

1408
01:14:46,080 --> 01:14:49,080
is not something to put my money
into and hope that it 

1409
01:14:49,080 --> 01:14:50,760
appreciates versus Fiat over 
time. 

1410
01:14:51,120 --> 01:14:53,400
But the need for those people is
that they need money that they 

1411
01:14:53,400 --> 01:14:56,240
can actually use today, that 
their governments can't control,

1412
01:14:56,240 --> 01:14:57,840
that their governments can't 
inflate away. 

1413
01:14:57,840 --> 01:15:00,400
But I would argue that's 
different than digital gold and 

1414
01:15:00,400 --> 01:15:02,520
money that they can use 
peer-to-peer to transact, to 

1415
01:15:02,520 --> 01:15:05,560
build circular economies and 
escape the broken Fiat system 

1416
01:15:05,560 --> 01:15:07,400
around them. 
But escaping the Fiat system is 

1417
01:15:07,400 --> 01:15:10,760
not putting money into a four O 
1K that's in a Bitcoin ETF and 

1418
01:15:10,760 --> 01:15:12,920
having more Fiat at the end of 
the day that feeds the Fiat 

1419
01:15:12,920 --> 01:15:15,560
system. 
So to me that the critical thing

1420
01:15:15,880 --> 01:15:19,280
is making sure that when we're 
talking about like adoption in 

1421
01:15:19,280 --> 01:15:22,040
Africa, we're talking about 
adoption in South America, that 

1422
01:15:22,040 --> 01:15:25,960
these people are actually able 
to use Bitcoin and not just use 

1423
01:15:25,960 --> 01:15:29,520
a custodian, not just use the 
wallet of Satoshi, not just use 

1424
01:15:29,520 --> 01:15:32,320
an E cash where someone that 
they don't know around the world

1425
01:15:32,480 --> 01:15:33,800
is holding their Bitcoin for 
them. 

1426
01:15:34,000 --> 01:15:37,320
But actually be able to use 
Bitcoin day-to-day and use it as

1427
01:15:37,320 --> 01:15:40,440
an escape from, from Fiat 
slavery, from governmental 

1428
01:15:40,440 --> 01:15:44,120
oppression, to use it to fund 
journalists and dissidents to 

1429
01:15:44,120 --> 01:15:45,720
push back on corrupt 
governments. 

1430
01:15:45,960 --> 01:15:49,080
That's the huge thing for me. 
And that's why if we get stuck 

1431
01:15:49,080 --> 01:15:53,160
in this, this digital gold 
narrative, we lose sight of the,

1432
01:15:53,160 --> 01:15:56,600
the human freedom aspects of 
this and to add one more thing 

1433
01:15:56,600 --> 01:15:58,280
and then, and then we can, we 
can move on. 

1434
01:15:59,120 --> 01:16:01,200
It's been fascinating to see as 
I've gotten more and more 

1435
01:16:01,200 --> 01:16:03,960
involved in the Human Rights 
Foundation and talking to far 

1436
01:16:03,960 --> 01:16:06,800
more journalists and dissidents,
talking to more people around 

1437
01:16:06,800 --> 01:16:10,000
the globe on how they're 
actually using cryptocurrency 

1438
01:16:10,000 --> 01:16:12,320
for freedom. 
They're not using Bitcoin, 

1439
01:16:13,120 --> 01:16:15,040
they're not using Bitcoin, 
they're using Tether. 

1440
01:16:15,080 --> 01:16:17,240
They're using things that are 
centralized and controlled 

1441
01:16:17,520 --> 01:16:19,960
because what they need is low 
transaction fees and they need 

1442
01:16:19,960 --> 01:16:21,720
stability. 
And I'm not saying Bitcoin needs

1443
01:16:21,720 --> 01:16:24,200
to be a stable coin or anything 
like that, but just that when we

1444
01:16:24,200 --> 01:16:26,440
talk about freedom money, a lot 
of the things that people need 

1445
01:16:26,600 --> 01:16:30,200
are not being served by Bitcoin.
And I think we're we're in 

1446
01:16:30,200 --> 01:16:33,600
danger of freezing Bitcoin as it
is today, of not making any 

1447
01:16:33,600 --> 01:16:36,440
changes, not making it easier to
self custody, not making it 

1448
01:16:36,440 --> 01:16:40,360
easier to gain privacy. 
And we're opting in by doing 

1449
01:16:40,360 --> 01:16:44,520
that to this future where giving
up custody is the only path to 

1450
01:16:44,520 --> 01:16:48,360
using Bitcoin in many scenarios.
Yeah, and, and, and firstly, 

1451
01:16:48,360 --> 01:16:51,520
that's an incredible kind of 
summary of, of the situation 

1452
01:16:51,520 --> 01:16:53,960
because that is what you're 
seeing in developing countries, 

1453
01:16:53,960 --> 01:16:56,320
right? 
The theory of Bitcoiners was 

1454
01:16:56,320 --> 01:17:00,080
like, Oh no, like, you know, no,
no, no, you're seeing Tether 

1455
01:17:00,080 --> 01:17:02,360
adoption right there. 
There's a percentage of Bitcoin 

1456
01:17:02,360 --> 01:17:04,080
adoption, but you're seeing 
Tether adoption. 

1457
01:17:04,560 --> 01:17:08,680
And I think it, it's an 
educational aspect and it's also

1458
01:17:08,880 --> 01:17:11,240
a volatility conversation as 
well. 

1459
01:17:11,440 --> 01:17:15,320
Now I think my question to you, 
Seth, before we talk about the 

1460
01:17:15,320 --> 01:17:19,400
Cake wallet, because I do want 
to highlight that is how, how 

1461
01:17:19,400 --> 01:17:22,560
would that be possible? 
Because essentially, like the 

1462
01:17:23,040 --> 01:17:25,680
like the the Tucam, the the 
discussion is basically like, 

1463
01:17:26,200 --> 01:17:31,840
how do we, how do we implement, 
how do we scale Bitcoin without 

1464
01:17:31,840 --> 01:17:37,880
introducing a trade off that 
potentially exposes Bitcoin? 

1465
01:17:37,880 --> 01:17:41,480
It it essentially it threatens 
bitcoins decentralization and 

1466
01:17:41,480 --> 01:17:44,360
security, right? 
Like, how do you introduce that?

1467
01:17:44,360 --> 01:17:47,520
And I think, you know, lightning
has tried to do that, Fetty has 

1468
01:17:47,520 --> 01:17:50,240
tried to do that, E cash has 
tried to do that liquid has 

1469
01:17:50,240 --> 01:17:53,160
tried to do that. 
But as you say, right, you know,

1470
01:17:53,440 --> 01:17:55,640
I don't know if I don't know 
about you guys, but like self 

1471
01:17:55,640 --> 01:17:59,320
custodial lightning is not a 
great experience. 

1472
01:17:59,320 --> 01:18:03,000
And I'm a I'm a I'm a 
experienced maxi, right? 

1473
01:18:04,080 --> 01:18:07,240
So you know, it's not a great 
experience and shout out to the 

1474
01:18:07,240 --> 01:18:10,120
Albie guys because they've done 
a great job and it is getting 

1475
01:18:10,120 --> 01:18:12,560
there. 
But most people when they're 

1476
01:18:12,560 --> 01:18:15,760
using lightning, whether it's 
the primal or wallet of Satoshi,

1477
01:18:16,000 --> 01:18:19,480
that is non custodial lighting, 
which is a great experience. 

1478
01:18:19,640 --> 01:18:23,720
But as Seth has said, because 
it's non custodial, I mean, 

1479
01:18:23,720 --> 01:18:26,160
because it is custodial 
lighting, there's a rug pole, 

1480
01:18:26,160 --> 01:18:29,200
right? 
And if you live in a hostile 

1481
01:18:29,200 --> 01:18:32,160
jurisdiction, you know, for 
example, the United States is a 

1482
01:18:32,160 --> 01:18:34,240
great example. 
Wall of Satoshi in Phoenix at 

1483
01:18:34,240 --> 01:18:35,680
peace. 
I'm out, right? 

1484
01:18:35,920 --> 01:18:39,000
So yeah, I completely agree. 
So Seth, that's my question to 

1485
01:18:39,000 --> 01:18:42,520
you. 
How do you propose and perhaps 

1486
01:18:42,520 --> 01:18:45,880
it's there isn't an answer to 
this yet, right. 

1487
01:18:46,040 --> 01:18:51,160
But can you ever see a situation
where you know, Bitcoin can 

1488
01:18:51,520 --> 01:18:56,280
potentially scale to allow this 
new influx of of people, 

1489
01:18:56,280 --> 01:18:59,880
especially from the global S 
coming in getting the benefits 

1490
01:18:59,920 --> 01:19:03,040
of of of of custody of 
custodying their own Bitcoin 

1491
01:19:03,360 --> 01:19:06,680
without sacrificing the 
decentralization and security of

1492
01:19:06,680 --> 01:19:09,600
the network? 
Yes, and we have the technical 

1493
01:19:09,600 --> 01:19:11,920
tools today. 
That's the that's the crazy part

1494
01:19:11,920 --> 01:19:12,920
here. 
It's like when we're talking 

1495
01:19:12,920 --> 01:19:16,360
about making self custody more 
approachable or even talking 

1496
01:19:16,360 --> 01:19:18,720
specifically about making 
lightning more useful. 

1497
01:19:19,200 --> 01:19:22,760
The thing that we need to do to 
make those two things happen has

1498
01:19:22,760 --> 01:19:26,000
been around for years. 
OPCAT is one of the tools that 

1499
01:19:26,000 --> 01:19:29,520
would allow us to essentially 
think of covenants as building 

1500
01:19:29,520 --> 01:19:32,520
blocks that enable wallet 
developers to build better tools

1501
01:19:32,800 --> 01:19:35,760
that allow you to hold on to 
your funds without having to 

1502
01:19:35,760 --> 01:19:38,040
actually own a single UTXO on 
chain. 

1503
01:19:38,280 --> 01:19:41,000
You can share that UTXO with 
other people in a way that is 

1504
01:19:41,000 --> 01:19:44,000
entirely self custodial, does 
not have the risk of you not 

1505
01:19:44,000 --> 01:19:45,320
being able to get those funds 
out. 

1506
01:19:45,600 --> 01:19:49,360
You can always exit back on 
chain with the amount of that 

1507
01:19:49,360 --> 01:19:52,640
UTXOU control. 
But we have really I would, I 

1508
01:19:52,640 --> 01:19:54,520
would kind of narrow it down. 
There's a lot of different 

1509
01:19:54,520 --> 01:19:56,480
proposals, a lot of different 
routes that can be taken here. 

1510
01:19:56,720 --> 01:20:00,400
But I would narrow it down to to
two things that would allow us 

1511
01:20:00,400 --> 01:20:03,840
wallet developers like 
Cakewallet to build solutions 

1512
01:20:03,840 --> 01:20:06,320
that allow people to take self 
custody in a way that is 

1513
01:20:06,320 --> 01:20:10,080
resistant to fee spikes. 
That gives a much better user 

1514
01:20:10,080 --> 01:20:12,400
experience in the Lightning 
Network and that gives a much 

1515
01:20:12,400 --> 01:20:15,520
better user experience when 
we're talking long term storage 

1516
01:20:15,520 --> 01:20:17,720
of Bitcoin. 
And those things generally are 

1517
01:20:17,720 --> 01:20:19,880
called covenants. 
They've been proposed for years.

1518
01:20:19,880 --> 01:20:23,000
OP CTV, which is another really 
important one, I believe was 

1519
01:20:23,000 --> 01:20:26,200
proposed in 2020 and it's been 
thoroughly vetted since then. 

1520
01:20:26,600 --> 01:20:31,040
OPCAT was created by Satoshi and
was only disabled because he 

1521
01:20:31,040 --> 01:20:34,240
didn't have a, he didn't 
understand how to fix a denial 

1522
01:20:34,240 --> 01:20:36,560
of service attack that was 
possible with OPCAT at the time,

1523
01:20:37,000 --> 01:20:38,840
so he disabled it. 
But the functionality of OPCAT 

1524
01:20:38,840 --> 01:20:42,160
is very simple, very well 
understood, and a combination of

1525
01:20:42,160 --> 01:20:45,000
something like OPCAT and 
something OPCTV, which again, 

1526
01:20:45,000 --> 01:20:47,640
you don't need to memorize the 
names, but it just allows wallet

1527
01:20:47,640 --> 01:20:50,840
developers or people building 
protocols like the ARC Network, 

1528
01:20:50,840 --> 01:20:53,880
which I'm sure many people have 
heard of recently, or Spark, 

1529
01:20:53,880 --> 01:20:57,240
which is another kind of layer 2
approach. 

1530
01:20:57,480 --> 01:21:00,920
With these covenants, these 
tools get immensely easier to 

1531
01:21:00,920 --> 01:21:02,800
use. 
They get much cheaper to use. 

1532
01:21:03,520 --> 01:21:06,960
The user experience of 
developers building on these 

1533
01:21:07,200 --> 01:21:09,960
would be drastically better. 
And the self sovereignty 

1534
01:21:09,960 --> 01:21:12,400
guarantees get better as well. 
We can build things like 

1535
01:21:12,400 --> 01:21:14,880
trustless bridges where when 
you're bridging into and out of 

1536
01:21:15,200 --> 01:21:18,840
something like Arc or Spark or 
more complex things even like 

1537
01:21:18,840 --> 01:21:20,920
thinking Liquid, you're bridging
into and out of these. 

1538
01:21:20,920 --> 01:21:24,080
You can do it in a completely 
trustless way rather than having

1539
01:21:24,080 --> 01:21:27,840
to trust that one out of a set 
of operators are legitimate or 

1540
01:21:27,840 --> 01:21:29,440
that a threshold of operators 
legitimate. 

1541
01:21:29,800 --> 01:21:32,680
And these two things are very 
simple, very well understood, 

1542
01:21:32,680 --> 01:21:37,320
possible to today, completely 
achievable and fix some of the 

1543
01:21:37,320 --> 01:21:40,440
critical issues that I see us 
coming to a crossroads in 

1544
01:21:40,440 --> 01:21:42,640
Bitcoin. 
The only issue right now is just

1545
01:21:42,640 --> 01:21:44,360
a social issue. 
We just need people to 

1546
01:21:44,360 --> 01:21:47,480
understand that the self 
custodial approach to lightning 

1547
01:21:47,480 --> 01:21:51,680
is very painful right now and 
covenants like OPCAT and OPCTV 

1548
01:21:51,680 --> 01:21:53,480
would make that drastically 
easier. 

1549
01:21:53,880 --> 01:21:56,520
We need to understand that 
actually holding your own UTX OS

1550
01:21:56,520 --> 01:21:58,960
on chain is not something that's
going to happen forever because 

1551
01:21:58,960 --> 01:22:02,600
fees naturally have to increase 
for Bitcoin to remain secure. 

1552
01:22:03,360 --> 01:22:05,160
And we can fix these two things 
today. 

1553
01:22:05,160 --> 01:22:08,200
We have the tools, the code is 
there if they're well 

1554
01:22:08,200 --> 01:22:10,720
understood. 
We just have to get people to 

1555
01:22:10,720 --> 01:22:14,160
agree that we need these 
improvements and then find 

1556
01:22:14,160 --> 01:22:16,840
exactly the path towards 
actually activating something 

1557
01:22:16,840 --> 01:22:18,800
like that on Bitcoin. 
We're not talking about hard 

1558
01:22:18,800 --> 01:22:19,920
fork. 
We're not talking about some 

1559
01:22:19,920 --> 01:22:21,920
extremely complex thing on 
Bitcoin. 

1560
01:22:21,920 --> 01:22:23,880
We're not talking about making 
Bitcoin Etherium. 

1561
01:22:24,240 --> 01:22:26,720
These are just very simple 
building blocks that allow 

1562
01:22:26,720 --> 01:22:29,360
people like Cakebot, allow 
people like Arc, that a lot of 

1563
01:22:29,360 --> 01:22:31,440
people like Spark, that all 
people like Lightning, 

1564
01:22:31,440 --> 01:22:33,920
Developers, Phoenix, etcetera. 
Your favorite Lightning wallet, 

1565
01:22:34,200 --> 01:22:37,160
all of those get better with 
these building blocks and they 

1566
01:22:37,160 --> 01:22:40,800
don't open up risk to Bitcoin. 
They're extremely simple, 

1567
01:22:40,800 --> 01:22:44,040
they're extremely well 
understood and the the downsides

1568
01:22:44,080 --> 01:22:47,400
are not really existent at this 
point because these things are 

1569
01:22:47,400 --> 01:22:50,120
so simple and so specific. 
They're to do very specific 

1570
01:22:50,120 --> 01:22:53,760
things and have very specific, 
well understood trade-offs. 

1571
01:22:54,320 --> 01:22:59,040
Beautiful man that's you guys go
go check out Seth for privacy 

1572
01:22:59,280 --> 01:23:02,200
stay on top of this. 
He has a podcast. 

1573
01:23:02,440 --> 01:23:06,520
It's called the opt out pod. 
I'm going to drop a link for it 

1574
01:23:06,520 --> 01:23:10,560
for you guys, a chat. 
So you guys could stay basically

1575
01:23:10,560 --> 01:23:12,920
in the vanguard of this 
discussion, right? 

1576
01:23:12,920 --> 01:23:16,200
Because I think it's incredibly 
important the topics that Seth 

1577
01:23:16,200 --> 01:23:19,400
is bringing up in terms of yes, 
Bitcoin is for everyone. 

1578
01:23:19,560 --> 01:23:22,360
How do we do this? 
Seth is making the case that it 

1579
01:23:22,360 --> 01:23:25,160
is possible. 
We hear a lot on Bitcoin Twitter

1580
01:23:25,160 --> 01:23:27,560
that it isn't possible without 
breaking Bitcoin. 

1581
01:23:27,760 --> 01:23:30,040
Seth is making the case that 
that isn't the case. 

1582
01:23:30,280 --> 01:23:32,480
So stay, stay up to date with 
Seth. 

1583
01:23:32,720 --> 01:23:35,880
Go give him a follow on Twitter.
Go check out his podcast. 

1584
01:23:35,880 --> 01:23:37,880
I'm sure he's having these 
discussions. 

1585
01:23:37,880 --> 01:23:40,240
His latest episode I believe is 
with LOP. 

1586
01:23:40,680 --> 01:23:43,000
So I'm I'm going to go hear that
after this. 

1587
01:23:43,200 --> 01:23:45,840
Anyways, I do want to talk about
the Cake wallet. 

1588
01:23:45,840 --> 01:23:49,160
Seth, this is the recent company
that you joined. 

1589
01:23:49,160 --> 01:23:53,480
You're the VP of operations. 
What is the Cake wallet? 

1590
01:23:53,480 --> 01:23:56,000
Who's it for? 
Yeah, absolutely. 

1591
01:23:56,000 --> 01:23:57,760
Thanks for thanks for giving me 
a little bit of time to 

1592
01:23:57,760 --> 01:23:59,920
highlight this. 
So, yeah, I jumped over to 

1593
01:23:59,920 --> 01:24:02,880
Cakewell a couple of months ago 
as VP of Operations like you 

1594
01:24:02,880 --> 01:24:05,800
mentioned, because really I 
wanted the opportunity to be on 

1595
01:24:05,800 --> 01:24:08,600
the cutting edge of privacy in 
Bitcoin, to be on the cutting 

1596
01:24:08,600 --> 01:24:10,200
edge of user experience in 
Bitcoin. 

1597
01:24:10,760 --> 01:24:13,880
And I have long been a 
passionate Monero user. 

1598
01:24:14,320 --> 01:24:17,760
Monero, I think is an invaluable
tool, especially when we're 

1599
01:24:17,760 --> 01:24:22,560
talking payments that you can 
make payments very cheaply with 

1600
01:24:22,560 --> 01:24:24,840
fantastic privacy, the best in 
the space. 

1601
01:24:25,560 --> 01:24:27,720
And so I've been a user of 
Monero actually longer than I've

1602
01:24:27,720 --> 01:24:30,040
been a user of Bitcoin. 
And it's, it's really the Monero

1603
01:24:30,040 --> 01:24:32,840
community that got me interested
in understanding of personal 

1604
01:24:32,840 --> 01:24:35,640
privacy. 
So Cakewala, our, our core focus

1605
01:24:35,640 --> 01:24:38,920
is really bringing privacy to 
the, the average individual. 

1606
01:24:38,920 --> 01:24:41,200
We want to try to make it as 
easy and approachable as 

1607
01:24:41,200 --> 01:24:43,760
possible. 
Monero is a huge part of that 

1608
01:24:43,760 --> 01:24:46,960
where it's, it's simplest in 
Monero because the the protocol 

1609
01:24:46,960 --> 01:24:49,760
in Monero enforces default 
privacy for every transaction. 

1610
01:24:50,120 --> 01:24:51,800
But we're talking about Bitcoin 
as well. 

1611
01:24:52,440 --> 01:24:55,000
Like I said earlier on, we were 
the first to implement silent 

1612
01:24:55,000 --> 01:24:57,240
payments and still the only one 
that allows you to receive 

1613
01:24:57,240 --> 01:24:59,360
silent payment transactions 
directly into Cake. 

1614
01:24:59,720 --> 01:25:03,600
And that ability to be on the 
the cutting edge and to build 

1615
01:25:03,600 --> 01:25:07,000
stuff that I see is immensely 
important to human freedom has 

1616
01:25:07,000 --> 01:25:09,000
been really awesome. 
So Cake wallet to, to give the 

1617
01:25:09,000 --> 01:25:11,680
TLDR, it is a multi 
cryptocurrency wallet. 

1618
01:25:11,840 --> 01:25:13,560
We have things other than 
Bitcoin in there. 

1619
01:25:13,560 --> 01:25:16,960
It started as a Monero wallet, 
but our heavy focus lately has 

1620
01:25:16,960 --> 01:25:20,440
been Bitcoin and will always 
continue to be Monero as well. 

1621
01:25:20,880 --> 01:25:23,200
And we have exciting things that
we're working on right now. 

1622
01:25:23,200 --> 01:25:26,400
We're working on the the new 
Bitcoin usernames proposal bit 

1623
01:25:26,400 --> 01:25:28,680
353. 
I have some exciting ideas on 

1624
01:25:28,680 --> 01:25:31,360
how we can use that within 
Cakewallet to let you do things 

1625
01:25:31,360 --> 01:25:35,080
like send money to Seth at Seth 
for privacy.com using Bitcoin, 

1626
01:25:35,080 --> 01:25:38,080
using silent payments under the 
hood and Bolt 12 under the hood.

1627
01:25:38,800 --> 01:25:42,240
And then we also are working on 
pay join support within 

1628
01:25:42,240 --> 01:25:44,680
Cakewallet, which is essentially
a way where when you send or 

1629
01:25:44,680 --> 01:25:46,760
receive payments, you can work 
together with the person that 

1630
01:25:46,760 --> 01:25:50,280
you're paying or receiving funds
from to make the transaction 

1631
01:25:50,280 --> 01:25:52,080
together. 
You can think of it kind of like

1632
01:25:52,080 --> 01:25:53,840
a coin join, but it's not, it's 
not the same. 

1633
01:25:54,160 --> 01:25:57,360
But what it does is it is it 
breaks this concept of if these 

1634
01:25:57,360 --> 01:25:59,880
two inputs are spent on the same
transaction, they must be owned 

1635
01:25:59,880 --> 01:26:02,480
by the same person. 
And instead it hides the amount,

1636
01:26:02,480 --> 01:26:05,760
it hides what the true input is.
And it provides another bump to 

1637
01:26:05,760 --> 01:26:08,720
Bitcoin privacy without actually
looking like a privacy tool on 

1638
01:26:08,720 --> 01:26:10,240
chain at Bitcoin. 
So I'm just looking at the 

1639
01:26:10,240 --> 01:26:11,800
transaction. 
Can't tell that you were 

1640
01:26:11,920 --> 01:26:14,760
choosing to gain more privacy it
just looks like a standard 

1641
01:26:14,760 --> 01:26:17,600
payment and it breaks all of the
heuristics people or a chain 

1642
01:26:17,600 --> 01:26:20,760
surveillance companies are used 
to for very simple things like 

1643
01:26:20,760 --> 01:26:22,360
the common input ownership 
heuristic. 

1644
01:26:22,920 --> 01:26:24,520
So those are the things we're 
working on right now. 

1645
01:26:24,680 --> 01:26:27,080
We try to make it as simple as 
possible, like I said, to to 

1646
01:26:27,080 --> 01:26:31,040
gain privacy on these chains 
like Bitcoin, like Monero, as 

1647
01:26:31,040 --> 01:26:35,680
well as swapping back and forth.
Kind of my, my thesis for a very

1648
01:26:35,680 --> 01:26:38,880
long time on how Bitcoin and 
Manera would be symbiotic is 

1649
01:26:38,880 --> 01:26:40,920
that Bitcoin has proven itself 
as a store of value. 

1650
01:26:40,920 --> 01:26:44,560
We've talked all episode about 
that today that it's proven that

1651
01:26:44,560 --> 01:26:46,720
that is happening. 
It is a fantastic place to store

1652
01:26:46,720 --> 01:26:49,880
wealth, but the it's not the 
perfect tool for payments right 

1653
01:26:49,880 --> 01:26:52,320
now, especially with self 
custodial lightning being very 

1654
01:26:52,320 --> 01:26:55,760
difficult with on chain payments
having no privacy by default and

1655
01:26:55,760 --> 01:26:58,240
they're not being clear privacy 
tools to gain that. 

1656
01:26:58,520 --> 01:27:00,360
Monero is a fantastic tool for 
spending. 

1657
01:27:00,360 --> 01:27:02,560
And so a lot of the thesis that 
I've always had is that people 

1658
01:27:02,560 --> 01:27:05,360
would store value in Bitcoin and
that they would spend Monero. 

1659
01:27:05,400 --> 01:27:07,720
And that has been playing out in
real time, especially over the 

1660
01:27:07,720 --> 01:27:10,920
last 12 months, we've seen a 
massive growth in Bitcoiners 

1661
01:27:10,920 --> 01:27:14,440
starting to use Monero, swapping
from Bitcoin into Monero just a 

1662
01:27:14,440 --> 01:27:16,720
little bit, like enough for a 
month spending and then spending

1663
01:27:16,720 --> 01:27:19,560
from there. 
And that's a A use case that we 

1664
01:27:19,560 --> 01:27:22,680
explicitly work to serve within 
Cakewallet to make it as easy as

1665
01:27:22,680 --> 01:27:26,280
possible for you to do that. 
So that's the TLDR. Fully open 

1666
01:27:26,280 --> 01:27:28,840
source, of course, I wouldn't 
touch anything that was a 100% 

1667
01:27:28,840 --> 01:27:31,800
open source that didn't have 
permissive licenses that anyone 

1668
01:27:31,800 --> 01:27:34,600
can clone it, can build whatever
they want on it, can open pool 

1669
01:27:34,600 --> 01:27:36,360
requests for features that they 
want. 

1670
01:27:37,040 --> 01:27:40,240
But fully open source privacy at
the core of everything we do. 

1671
01:27:40,240 --> 01:27:42,920
No analytics, no ability for us 
to see what you do in your 

1672
01:27:42,920 --> 01:27:45,720
wallet. 
We try to provide ways for you 

1673
01:27:45,720 --> 01:27:48,080
to easily add your own nodes, 
like when you're using Bitcoin 

1674
01:27:48,080 --> 01:27:50,640
or Manera or other 
cryptocurrencies, you can just 

1675
01:27:50,640 --> 01:27:53,680
scan AQR in your Umbrel or 
something like that to connect 

1676
01:27:53,680 --> 01:27:54,960
directly to your own Bitcoin 
nodes. 

1677
01:27:54,960 --> 01:27:56,840
So the Cake wallet doesn't learn
anything about your Bitcoin 

1678
01:27:56,840 --> 01:27:59,080
wallets. 
That's at the, the, the core of 

1679
01:27:59,080 --> 01:28:02,000
everything we do is financial 
privacy and user privacy. 

1680
01:28:02,240 --> 01:28:04,200
So you can be sure that 
everything that we do is going 

1681
01:28:04,200 --> 01:28:06,720
to be focused heavily on making 
sure that we learn as little 

1682
01:28:06,720 --> 01:28:09,160
about you as possible and that 
you reveal as little about 

1683
01:28:09,160 --> 01:28:10,720
yourself to the world as 
possible. 

1684
01:28:11,160 --> 01:28:13,440
Unless you opt to reveal more, 
which is really the crux of 

1685
01:28:13,440 --> 01:28:13,960
privacy. 
Awesome. 

1686
01:28:14,800 --> 01:28:18,560
Well, ladies and gentlemen, this
was simply Bitcoin Live for 

1687
01:28:18,560 --> 01:28:23,080
November 19, 2024. 
I'm your host, Nico, as my 

1688
01:28:23,080 --> 01:28:26,080
legendary Co host, Optimus 
Fields and our guest today, 

1689
01:28:26,080 --> 01:28:30,560
Steph for privacy with 
cakewallet.com and you can go 

1690
01:28:30,560 --> 01:28:36,160
follow his podcast Opt out pod. 
You recently just had Jameson 

1691
01:28:36,160 --> 01:28:39,400
lop on, so highly recommend 
checking out that episode. 

1692
01:28:39,560 --> 01:28:41,600
Anyways, guys, if you enjoyed 
the show, you know to do smash 

1693
01:28:41,600 --> 01:28:44,680
the like button, consider 
subscribing if you feel like 

1694
01:28:44,680 --> 01:28:46,960
we've provided you value, but 
the number one thing you could 

1695
01:28:46,960 --> 01:28:50,360
do to help push the peaceful 
Bitcoin revolution forward is 

1696
01:28:50,440 --> 01:28:53,000
share this content. 
In fact, share all Bitcoin 

1697
01:28:53,000 --> 01:28:54,680
content. 
Remember, we got to take over 

1698
01:28:54,680 --> 01:28:57,440
the culture and the way that we 
do that is one step at a time. 

1699
01:28:57,440 --> 01:28:59,400
All right guys, love you all. 
We'll be back tomorrow for 

1700
01:28:59,400 --> 01:29:02,880
another episode of Simply 
Bitcoin Live. 

1701
01:29:04,720 --> 01:29:07,800
Brought to you by 
bitcoinwell.com, a Bitcoin only 

1702
01:29:07,800 --> 01:29:11,000
platform on a mission to enable 
financial independence.