It's all going to zero against Bitcoin.
It's going up forever. Warren.
You're against Bitcoin. You're against freedom, yo.
What's up? We are back.
We're back for another episode of Simply Bitcoin, and today is
an interesting story. I did have to do some deep dive
for this one, so game theory is heating up in China, guys.
The first reading of Taiwan's crypto bill passes, and
depending on the source, Taiwan might be on the verge of making
Bitcoin legal tender. January 2020.
Fourth, it almost seems like this is happening.
It's almost like it's inevitable.
And Taiwan is embracing Bitcoin. And we all know the saga between
China, that we know that with one China policy.
We've been covering this all year and we know how many times
China banned Bitcoin, they banned mining.
We've seen even Taiwan themselves try to ban Bitcoin.
But of course you can't ban Bitcoin.
You can only ban yourself from Bitcoin.
And even this week, you know, on mainland, Hong Kong has been
mulling over whether they are going to embrace an ETF as well.
So it really makes you wonder. And if you go back for a couple
episodes, Nico and I went over this of the idea of maybe China
is using different proxies to embrace Bitcoin after officially
banning Bitcoin last, You know, the last, the last dip we saw, I
think that was 2021. Now it's all a blur at this
point. Some days they're banning it,
some days they're embracing it. Well, it seems like China or
Taiwan, forgive me, is about to make Bitcoin a legal tender.
And remember one of the IR LS we did, we had a friend come on
here and I'm blanking on exactly which one it was.
But he said basically that what they mean when they say crypto
is really Bitcoin, and they do not talk about what they have
under their mattress. So whenever you're hearing
crypto come out from the Asian countries, from China in
particular, remember that they know what we know.
It is Bitcoin only, and there's Bitcoin, and then there's other
cryptos. Anyways, Bitcoin's global game
theory, chess matches playing out in real time, guys.
And as a bitcoiner, you just love to see it.
The Mexican standoff is continuing to get spicier.
It's continuing to heat up and it's going to be very
interesting to see which countries get left behind, which
countries don't embrace hard money, and also in that same
vein, which countries are fighting their citizenry and as
we always say, forcing them to have fun staying porn Anyways,
Welcome to simply Bitcoin. We are your number one source
for the peaceful Bitcoin revolution.
We cover breaking news, culture and nomadic warfare.
We bring on bitcoins from all around the world, from the
biggest names to the everyday bitcoiner.
We going to mall and we will be your guide through the
separation of money and state. And of course I am not here
alone guys. I am here with Dell the funky
huddle Sapien. How are you doing this morning,
Dell? Good.
I'm dandy. I'm chilling, relaxing,
moisturized in my own lane. Sitting in a a fit 45 gallon tub
of of lotion right now, it feels pretty luxurious.
Absolutely love it. OK.
Well, Dell, what are we going to cover on the culture today?
We're going to cover that. You can't really stop the
Internet. You can't stop things from
happening the way you want it to.
I imagine most of the people that come to this channel are
interested in Bitcoin surviving. That's that's my assumption.
There might be some people that come past by like, oh, what's
this all about? But I get the impression that
the regulars that I see in the chat, your Roman, your Winekiss,
Tyler Durden. What?
I'm not going to try and talk for Winekiss.
He's a, he's a he's a strange cat, that one.
These people let it be in, day in and day out.
They they're people that are they.
They understand Bitcoin to some degree.
They like it to some degree. And they're, yeah, thumbs up to
that Bitcoin thing. But the idea that it could die
or shut down is not something that a lot of us think about all
that much. We're like, oh, it's it, it
can't happen. But like, here, here's a
question for you, Opti. If if you were given a
challenge, let's say let's say somebody comes along, Michael
Saylor, whatever, anybody that you know has the money and say
I'm going to give you $1,000,000 bounty to shut down Bitcoin.
Could you do that? Do you think you could?
Not for a million. There's literally 1/2 a trillion
dollar bounty on Bitcoin. You got to, you got to, you got
to put those numbers up. Well, like, do you think you
could do it at all? Me personally, no.
Yeah, yeah, exactly. And so the the idea that there
is some individual out there or group of people that can shut it
down is preposterous, but yet they're still and we're going to
play this clip. People out there that are
honestly, they're they're relatively smart people in many
fields, and there's a lot of really smart people that don't
understand Bitcoin. It's like shut down, shut down
the Internet. Like, I what what are you going
to do? Go in people.
People are concerned about that Dell.
That is definitely on people's minds.
Well, I get that, but why? Like tell me how that happens?
Like walk me through exactly how how would how that would work
like please? Like if if you can do it.
If somebody can do it. I I truly, as much as I would
like to see tomorrow would like you would like to see somebody
shut down Bitcoin. So we're going to be talking
about that in the culture like it you can't do it.
Like I I I want you to if you can if somebody in chat can do
that by all means go go and do it.
Because we need to know that that that's a vulnerability when
we need to know how that could happen and oh wow, there's a guy
that's in the the simply Bitcoin chat that has the ability to go
and flip a switch and shut off Bitcoin that we should know
about that. And I mean that'd be so funny.
Someone in the chat just shuts it off anyway.
Anyways, side tangent, side tangent.
I mean we even see it and and we hear this all the time.
I hear this all the time. When I talk to my normie friends
out there, they're like what if you know like in 2017 it was
like what if China bans Bitcoin? And look, they did it and it
didn't stop Bitcoin. I am convinced that every three
letter agency around the world, that nation states have also
tried to attack Bitcoin and they continue to try to attack
Bitcoin, but they can't stop this.
They cannot stop digital money for the digital world.
And even if the even if we got like some weird by chant, EMP or
something that shut off all of electricity, we will never go
back to a time without the Internet.
I am fully convinced of that the Internet is something that that
is ubiquitous with the modern world.
It put a pause on things like if if people have talked about
that, they're like, Oh well, what about OK, well, just
imagine if, if things that are escalating over in the Middle
East and then the whole Russia, Ukraine thing, like, imagine
things really take off and they detonate a nuke in the
atmosphere over every country in the world and all the Internet
goes out. What about your Bitcoin then?
Like, do you even hear what you're saying?
Like imagine that scenario and the the the thing that is going
to be on people's minds is food, shelter, is my family safe?
And then probably after the 1st 24 hours where can I get, I'm
just going to say a hand job. What where where are the sex
workers? Like where where can I go and
trade these bullets that have been stocking up for, you know,
a little me time with with old destiny over there?
And I do mean old, because she was in the business for Hockman
and she's looking a little worn out, but she's got the
experience. And that's who you're going to
want to go to. When times are tough, you're
going to want to go to the person that knows how to get you
to that happy place. So yeah, you're going to check
in on Destiny and give her some bullets for some fun times, but
you're not going to be thinking about Bitcoin.
You're not going to be thinking about like cat pictures and trad
wives on Twitter talking about how they're grass feeding their
goats. No, you're not going to be
paying attention to any of that. You're going to be like, what do
I need to survive? That's it.
That is that is it. That's all you're going to be
paying attention to. So this idea that, Oh well, what
happens to your Bitcoin, it's like, come, go fuck yourself.
What are you talking about? Listen to yourself.
Like, is grandma alive and in her nursing home?
Because there's no oxygen on? Like, is it?
What's your first concern if if the nukes go off and there's no?
Internet Opti is it? Well, is is my note still on?
No, it's thinking about people in my local community and can I
survive? Exactly, Exactly.
All right. Well, this is gonna be a spicy
one. I can already tell this is gonna
be a spicy one. Let's get into the show, guys.
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Stamp your scene in titanium. All right guys.
Anyways, we're over here on the numbers.
We're at Clark Moody's dashboard.
Of course my favorite number is the block height.
We are currently at 815,886 take talk next block, honey Badger
don't care. Blocks keep coming in.
We are what, 24,114 blocks away from the halving roughly around
April 20th of 2024. So it's happening in time guys.
We know exactly what's happening with the monetary policy that is
Bitcoin. You would love to see it.
Bitcoin is my stable coin. Bitcoin is stability Anyways,
the current price on Bitcoin is $35,340 per Bitcoin.
The Moscow time, AKA how much your Fiat dollars worth, AKA how
much Bitcoin you can buy for a single U.S. dollar is 2830 SAT's
per dollar. The percentage of total Bitcoin
that will ever be issued is 93.03%.
The market cap in Fiat terms of Bitcoin is $690 billion or
$690.3 billion. The really monetary inflation of
Bitcoin taking Fiat currencies of school is 1.74%.
It's going to get cut in half. Well, I think it's going to
slowly. Is it going to get cut in half?
I think it's cut in half. I think.
I think that's what the halving does to it anyways.
Bitcoin versus gold market cap is currently at 5.27%.
We are only at 5.27% of the gold market cap.
The hard money gang we are coming for gold.
Gold market cap is $10 trillion. Only 5% of that guys and and you
guys are bearish out there. Couldn't be me, can't relate.
Anyways, the total public lightning capacity is 5305.07
BTC. The hash rate has been going
absolutely parabolic. Of course, this is just a rough
guesstimate of what is going on on the Bitcoin network, but
something is happening and people are uploading and turning
on a lot of a six. The last 90 days we are at 420.1
extra hashes, the pending fees. Oh my goodness, it's spiking
right now. 11.44 BTC, at least according to the mempool that
Clark Moody is connected to. We've been telling you for a
while, you wanted to make sure that you are consolidating your
Utxos because things are gonna get crazy.
This will probably cool down a little bit.
I think I did hear that there's some like ordinal BRC 20 stuff
going on right now. So is doing something with
ordinal, Yeah. So that's probably why we're
seeing this spike right now in the fee market.
So once it gets a little cooler, oops, oops, sorry.
Once it gets a little cooler, not wrong though.
Yeah, but not wrong. Once you once you get a little
cooler in the free market, I I suggest you guys take the
opportunity, consolidate your UTXOS, make sure that you have
good UTX hygiene Anyways. All right guys, I'm going to
connect last night's TTO that I did with CJI.
Hope you guys watch that. I do have it up here for you
guys to show you that you need to go watch this.
And I took a little piece out of there, but here we are.
We got Neil Kashkar, and remember who he is.
He's the crazy guy that was coming out when we were going
through the the, you know, the flu pandemic.
And he was telling us that they can print unlimited money.
And they clarified that question and we got the memes of him with
crazy eyes like, wait, so you're telling me you can print
unlimited money? And he said, yes, That's exactly
what I'm telling you. Well, here he is again.
And if you listen to last night's TTO and you will listen
to this this morning, you really start to realize just how
detached these quote UN quote elites are, how detached the Fed
is from reality. You really would ask yourself
what is going on? And again I referenced the white
paper constantly on here because it's literally in the first
paragraph of the white paper. Satoshi was so prescient when it
came to this because he saw the fundamental problem of the Fiat
system. It is.
It's trust based system, inherent trust that you need to
just trust that these people know what they're doing and
we're seeing in real time that people still seem to trust them
and if you look at the data, there is no reason to trust them
anyways. Neel Kashkari in this little
video here goes, I'm not seeing a lot of evidence that the
economy is weakening and he discusses market expectations
for an interest rate cut by the central bank next year.
So let's just listen to him and remember the idea that the only
reason the system is continuing to hobble along as it is, is
because people out there still believe these people in the
suits, that they know what is going on.
Trust the experts, they know exactly what's going on.
Trust the guy in the suit on the television telling you that they
have the economy under control, that interest rates are under
control, that the Fed knows where we're going.
And if you really look at the data, it may be completely
different and telling you a different story.
Anyways, let's listen to this guys.
You said that, people. Want certainty and that you
can't give it to them. And I understand that.
But people don't just want certainty, they also want some
sort of guiding philosophy. Do you think that Fed Chair
Powell has outlined some sort of guiding philosophy on where the
bar is to cut rates on where the bar is?
Raise him further. Well, I think he's, he's
articulated very clearly that we're committed to getting back
to 2% inflation, right. There's been some chatter
amongst economists that maybe we should raise the inflation
target. I think he's done a great job
saying that is not on the table. We're not going to do that.
We're going to get inflation back to 2% and we're going to
let the data guide us. We've moved very aggressively.
We've made a lot of progress on inflation.
We're not done yet, meaning inflation is not back to our
target, and if we need to do more, we will.
There seem to be a feeling in markets that the bar to cut
rates has been lowered over the past week or two weeks that
suddenly not only are we reaching a pause and have we
seen a peak in the in the Fed funds rate, but that also the
Fed will cut next year maybe surgically.
Neil Dutta is talking about that and he's coming up next.
Do you want to push back against that?
Do you think that that the bar to cut is still just as high as
it was? I have no idea where market
participants are getting that. There's no discussion amongst me
and any of my colleagues about when we're going to start
preparing to cut rates. The only thing that's been
talked about at all is that at some point when inflation is
well on its way back down, if we didn't back off a little bit,
the real rates will be getting tighter and tighter and tighter
and that's that's real. But that's math.
But is there enough weakness currently in the market, in the
economy, I should say, to give you that sense at this point?
Look at the last GDP print. I mean, does anybody look at
that and think, Oh my gosh, the economy it we, for the last 12
months, GDP has been very strong.
The labor market continues to be quite robust.
Yes, the unemployment rate has ticked up to 3.9%, but we've
also seen a huge surge of Labor supply, which is really positive
come online. So I'm looking at this.
I'm seeing consumers that are strong.
My air, by the way, my airplane that I came here on was 100%
full yesterday. It's going to be 100% full
today. I'm not seeing a lot of evidence
that the economy is weakening. Oh man, oh man.
His airplane's going to be full. Absolutely incredible.
Anyways, there's there's a few things that that I want to touch
on and and I do have something here from yesterday's show.
The first thing is guys, when you're hearing this, all I'm
really hearing and and I always reference this on the show, it
is the the Dave Chappelle when he's a politician skit.
And every time I see stuff like this, this is exactly the vibe
that I always get. Basically what Neel Kashkari is
saying here is like the people still trust us.
The people still believe that we are doing everything in our
power to control this, that we actually have control in this.
And in between of all that conversation, he's like, I have
no idea what's going on, but like, trust us, bro, we will
figure this out. And then the next thing is in
regards to the GDP and the CPI prints, we've constantly been
covering this on the show. I mean, we know that the CPI
numbers are completely fibbed. We can only imagine what they're
doing to the GDP to continue to show that, oh, the economy is
very strong. I mean, they printed a shit ton
of money. Of course the economy is going
to look like it's strong. You know, like if if more money
is sloshing around, of course it's going to look like it's a
strong economy unless you realize that it's because they
have expanded the money supply. So it means you get poorer
anyways, The thing he said at the very beginning is why we
always bring this back to Bitcoin.
People want stability in the world and if you are following
the Fiat system then you know there is anything but stability.
Yes, it does seem like $1.00 equals $1.00, but in reality you
are getting poorer. And again, I really want you
guys to go watch the TTO I did last night with CJ.
I will show you the screen here. He did a master class on the
true condition of the economy at this moment.
We brought all the charts, we brought all the receipts for you
guys and of course we angled this back into is it a good time
to be buying Bitcoin? Well, yes it is.
But anyways, one of the things that CJ brought up is this graph
here on Shadow Stats and it is the OR the printing of the GDP
and then the Shadow Stats, what they think is the real GDP.
And one of the things that he mentioned was if you get a GDP
print of -10% for 1/4 that is at least historically was an
indication of your economy being in a depression.
And this was during 2020. Again, we all know what happened
in 2020. And then he said further that if
you get. A negative GDP print for more
than 12 months, Then you are officially in a depression and
this is their numbers in red here.
And they're saying that, you know, we're positive 5%, which,
you know, if if you're trusting their numbers, they're showing
like, oh wow, the economy is doing good.
But I don't know if you guys have been seeing on social media
how much outrage there's been from literally every generation
out there besides the boomers that, like, they're struggling
to make ends meet. They can barely buy groceries.
They're they're barely be able to pay rent.
People are working multiple jobs to just survive in the economy.
So on you know a a personal level and it is a bit of you
know just what's what's the word I'm looking to wow I'm blanking
on my diction right now. You know looking looking around
and and making a guess on what other people are saying.
It does feel like in context people are struggling but the
numbers are showing in the real numbers.
If you can have and use real numbers in this economy right
now remember what Balaji said on Marty Bent.
The numbers are all fibbed and you don't even know what's up
from down this next print after this month.
It would if it's still negative, it's going to officially show
that we are in a depression anyways.
Do not listen to me butcher CJ we did a whole hour and a half
of this last night. So if you in my opinion want to
hear a sober take on what is going on in the economy, what's
going on in macro, what's going on in geopolitical sense, the
true condition of the economy. Watch this TTO I did last night
with CJ we go through the whole thing.
We I I tee it up. I even have him explain the
verbiage as as simple as possible and he absolutely
destroyed it. I got the chart for you, visual
learners. We go through it for an hour and
a half, a dense hour and a half. That, in my opinion, is showing
what the true condition of the economy is.
And you know, TLDR, it's not what they're saying it is on the
television. The only game going on right now
is basically them gaslighting the average person out there
into believing that the economy is a lot stronger than it is.
As long as they're fibbing these numbers and showing you, oh, CPI
is almost getting back 2% and the people believe it, emphasis
on the people believe it. That is the most important part.
So do not trust the Keynesians out there.
Of course, if you're a bit corner, you know this.
But for some reason it always hits harder when you show these
people in the suits out there and then you show them in the
right light that guys we've been talking about this on the show
for a long time, they have lost control of the Fiat system and
the only thing holding it together is the trust that
people still holding them. So just remember that this can
change very quickly once that trust gets dropped.
But in the meantime we're just early the party and and I was
even I was even kind of joking with CJ last night once we got
off and like this is like the big short moment where they're
like, I'm not wrong. I'm just early and the guy's
like that's the same thing. You're wrong and it's like, no,
we're we're just early. We we, we have read the data
correctly. The math is what it is.
They have to continue to print money.
All the numbers that they are officially rolling out are
fibbed. And it just goes to show that
that our economy is a phantom economy right now.
And as CJ was telling us last night, we are no longer in a
Republic. We are no longer in a democracy.
We are in the kleptocracy. And the game going on is how
long can they steal from you and how quickly can they steal from
you before the jig is up. So protect yourself, saving
Bitcoin, take Bitcoin into self custody.
This is the way. And then of course, spread that
signal to your friends and family because it could get
worse very, very fast. And it's kind of what we talked
about in the beginning in the sense of like what would what
would be important for you in these times is community around
you. Hence why we always try to wake
people up so they know what's going on.
Anyways, Dale, what's your thoughts on this?
I think a lot of people get so hung up on the price movement of
Bitcoin from this thousand to that thousand that they're
they're they're like, you hear the this, the saying, missing
the forest for the trees, you're so focused on this one tree that
you're not zoomed out to see the whole forest and like, oh wow.
There's a lot more going on here.
There's birds and butterflies, and there's a bear over there,
and then there's salmon swimming up the street.
There's a lot happening in this forest.
But you're over here, stuck your face just jammed right in the
crevice of this tree. It's like, whoa, look at the
cracks, look at, look at the bark.
It's all brown. And it may be, oh look, it
changed to a slightly different shade of brown because things
are happening. Yeah, the sun is rising and so
it's getting lighter, and then the sun goes down and it gets
darker. That's how shadows work, your
dingus. And they're also just so focused
in on this one aspect of the total forest.
The people aren't taking a step back and going, oh oh wow,
there's a lot more going on here.
And I think that people need to do that with Bitcoin.
They need to get the research in because they're so focused on.
It went up 100% in the year to date.
It was at six, whatever, 15510 months ago for a little blip
there back in December whenever it was.
And now it's up to 34, blah blah.
It's like just stop, just stop. Once you understand where people
like Jeff Booth is coming from and you start to start like he
talks about this lake house that he bought.
Some years ago, I think it's like four or five years ago,
three years ago, something like that, he said he paid.
I think it was I'm going to maybe get these numbers a little
bit wrong, but it's something like one and a half, $1,000,000
for this lake house. I'm not sure if it's in Canada
where where it is. I think he's out at Canada.
So a one and a half, $1,000,000 for this lake house at that
time, I think it was something like 300 Bitcoin to buy that
lake house. Well, now the same lake house is
something like two and a half million dollars, which is
something like. 50 Bitcoin or whatever, whatever it is in
Bitcoin. So the price in Bitcoin has gone
down. So we're seeing this happen in
real time. The change of dollar in Bitcoin
and the price of things. You can see the price of an
iPhone, you can see the price of this.
And people are so hung up on, is it going to go up this amount?
Is it going to go up that amount?
It's just it's really simple. It's it's really simple.
All that money is meant to do is to buy you the things that you
want to pay for rent, pay for food, pay for the things that
you need and and and want in life.
And one type of money is losing its value because there are
people that can control the flow of that money, and then they can
print and air quotes, print, make as much of it as they want
so that they can get the things that they want.
And they're trying to do that at a rate that we don't notice.
They're trying to steal enough so that we're not going, oh
whoa, this is screwing everything's over.
Because if they were to steal at a drastically higher rate.
Yeah, they could get way more stuff, way quicker, but it would
dump the entire economy. Businesses would go under and if
too many businesses go under, then the people that want to buy
the stuff won't have businesses to buy stuff from.
So they it's this balance, It is a delicate balance.
If they're like, well we we want to steal enough.
It's like a vampire. Imagine a vampire comes up to
you and goes, look, this is my my source of food.
It's two people on an island, vampire and you.
Well, if the vampire just goes on a a feast and just drinks all
of your blood in one. Crazy night of ecstasy.
Whoa, yeah, he got so full off on blood.
Well then now he's dead. There's nothing else to to
drink. No more blood.
That's it. So the vampire has to suck
slowly. He's got to drain a little bit
and has to. You keep on getting weaker and
weaker. And you know the problem?
This vampire and like, oh, just vote the vampire off the island.
Really. That that's not going to work.
Like you and the vampire are the ones voting.
Like you're not going to vote the vampire off the island.
He's staying there. The vampire is staying there
with you and he's going to keep on draining the blood for as
long as he can and sometimes he's going to he's going to get
a little bit more and you're going to feel a little bit
weaker and then sometimes like oh OK, I drew a little bit too
much blood and that that's all that's happening here on a on an
on a year long scale. But yet people are back to my
forest for the trees thing so focused in on oh look there's I
feel a little sting on my neck. It's like, yeah, because there's
a. Fucking vampire draining the
blood from you. You just take a step back and
take a look around. Oh wow, I'm on an island.
Yeah, maybe get off the island, make friends with Wilson and
then try and build a raft to do something.
Yeah, I I really like to think of remember we brought on the
show multiple times Jay Powell explaining why 2% inflation and
he couldn't answer that question and he just basically said, oh
this is just agreed upon inflation rate that you know
that everyone wants to get to. What he basically was saying is
2% inflation year by year is the the minimal amount of theft they
can get away with without people noticing.
This is how you have to frame this 2% inflation every year,
which is the status quo is the most well, the little, the
littlest. They can get away with stealing
from you without people freaking out and people even noticing.
So you got to remember inflation is theft.
They couldn't they couldn't get away with all this stuff if it
wasn't for inflation in the 1st place.
Anyways, shouts out to Bitcoin mag Bitcoin 2024.
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It's going to be a great time. Anyways, let's get into today's
news because this is very interesting going on the Daily
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So this news story came across our our news desk last week and
it was pretty difficult to get an official like article in
English on this. I I came across a lot of stuff
in Chinese, but of course I'm a dumb American school student,
public school student, so I can't read Chinese.
So you could say that this might be some rumor mill stuff.
You can you can say that maybe you know we're we're click
baiting you but it is looking like Taiwan is going to become
the next country to embrace Bitcoin as legal tender.
So the story first broke on the block and the headline here is
Taiwan officially proposes crypto bill was first reading
passed at parliament. And remember the meme here,
anytime you hear crypto coming out of China, what they really
mean? Of course there are some shit
corners out there. We we we can't deny that.
But usually when they use crypto what they really mean is of
course Bitcoin. And they're using shit coins as
the only use case that it that shit coins actually have.
Which is confusing the legislators and the dinosaurs
out there because they don't understand what's going on.
And then they got to regulate all the other shit coins and by
the time they get to Bitcoin, Bitcoin is already out of the
gate and winning. So this dropped October 27th
2023 and I'm just going to read the highlights here and and I'm
going to show you that this like you can find this story on a
bunch of different news sources but nothing official yet coming
across Reuters or like Bloomberg which you know for for better or
worse is still like the official breaking of news.
So quick take special crypto law if passed and enacted would
require all crypto platforms operating in Taiwan to apply for
a permit which is very very interesting.
This law does have very stringent guidelines on people
even like peer-to-peer payments. Of course institutions,
exchanges, businesses. So they are definitely angling
this towards a very like KYC heavy type of legislation.
I I think they even want to get licenses for like individuals to
transact in Bitcoin which is absolutely insane.
Anyways there's no specific time limit for the second reading as
of yet. We did hear that it's kind of
going to happen in November and again depending on your source
you they may have already announced officially that they
this is going to happen. So here we go.
Let's go into a little bit. A proposal to regulate crypto
assets. Pass the first reading at
Legislative Yuan, Taiwan Parliament according to official
records. Like I can even show you the
official record. Maybe you know someone out there
can read Chinese. I I can't, so I don't.
I don't know what's going on. You can translate it here but it
just gives you a PDF. You can see here Virtual Asset
Management Bill. Consider the bill you download
the PDF, it's going to be in Chinese.
So anyways I got some other some other sources here.
This one's BNN dot network. This was a week ago but this one
is very interesting. And of course you know my views
on coin market cap I I say it all the time.
I usually feel pretty dirty when I go on coal market cap but I'm
not looking at the shit coin prices here.
So we have this guest post here by Coins, Telegram English and
it goes Taiwan's historic decision Bitcoin set to become
official currency. So let's go in on this and I
think it's very interesting. And if this happens, I think the
game theory is going to absolutely go nuclear.
And of course, let's not forget there is a one China policy out
there. I know Taiwan is officially kind
of trying to distance themselves from the Chinese government and
of Beijing and Hong Kong is also saying that they are embracing
the Bitcoin ETF. So you're seeing that the game
theory is playing out over there in China.
And we know that China is trying to angle themselves as the hub
for crypto. So we're seeing that in Asia,
whether it's Singapore, whether it's China or I think even Korea
was saying it as well. Everyone is understanding that
the field is wide open in regards to becoming a quote UN
quote crypto hub. So let's get into this.
This article here, our guest post here goes in a ground
breaking development. Taiwan is poised to embrace
Bitcoin as an official currency, becoming the world's second
nation, following in the footsteps of El Salvador.
Technically we do have CAR, Central African Republic, but
they kind of went full ship coin and and they I think they even
pulled back their official Bitcoin legal tender laws, so
that one was a nothing burger. Anyways, this historic verdict
emerged from the Legislative Yuan, Taiwan's unicameral
legislature, after a fiercely contested debate culminated in a
close vote on October 30th, 2023.
At the heart of this transformative shift is the
Digital Currency Legislate Legalization and Regulation Act.
This pivotal legislation seeks to establish publish A robust
legal framework governing the use, exchange, taxation, and
oversight of Bitcoin and other cryptocurrency within Taiwan's
border. Importantly, it formally
designates Bitcoin as a foreign currency for international trade
and exchange purposes. Under the provisions of this
bill, Bitcoin assumes the status of a legally recognized medium
exchange for both public and private transactions within
Taiwan. It also garners recognition as a
store of value and a unit of account.
However, it should be noted that the bill places stringent
environments on all individuals and enterprises dealing with
Bitcoin. They must duly register with the
Financial Supervisory Commission, the FSC, the
principal financial regulatory authority in Taiwan, and adhere
to anti money laundering and counterterrorism financing
protocols. We hear this happen all the
time. We even hear this kind of
posturing in the US as well. Notably, the FSC is endowed with
the authority to issue licenses for cryptocurrencies, exchange,
custodial services, mining operations and related
businesses. Furthermore, it holds the
responsibility of crafting the standards and guidelines to
ensure the security, transparency, and consumer
protection of Taiwan's burgeoning cryptocurrency
industry. The bills inception can be
attributed to the coalition of lawmakers from diverse political
affiliations spearheaded by Chain Chi Chen Chi Chung, a
member of the ruling Democratic Progressive Party, Forgive Me
and the son of former President Chen Shui Beyond.
Forgive Me. They expressed the motivation
behind the legislation, stating that it seeks to align Taiwan
with the global trajectory of digitalization and innovation
while bolstering the nation's economic prowess and
competitiveness. And is this just one no okay?
So this is where it kind of gets interesting.
Remember the posturing that we have seen and we covered on the
show from China, from the officials, They're basically
saying like, Oh yeah, we don't like Bitcoin.
Of course we ban Bitcoin, we ban Bitcoin mining.
And then we've seen that officials have been going to
crypto conferences and behind not publicly behind the scenes
saying like, yeah, of course we're embracing Bitcoin.
We see where the world is heading.
So Bitcoin is not merely A technological breakthrough, but
a social economic revolution. By come conferring legal status,
tender status upon Bitcoin, we unlock new prospects for our
citizens, businesses and our nation.
This action also signals Taiwan's leadership and digital
transformation and it's unwavering commitment to freedom
and democracy, asserted Chen Chi Chung during a post bill passage
press conference. The response to this momentous
decision has been mixed, with both proponents and detractors
making their voices heard. Advocates commanded as a
visionary step that will position Taiwan at the forefront
of the cryptocurrency industry, attracting increased foreign
investment and talent as we've seen in El Salvador.
In contrast, critics view it as a risky and imprudent move that
could expose Taiwan to financial instability, cyber threats,
fraud, and money laundering. In addition to these concerns,
the bill has encounter staunch opposition from China, who which
claims Taiwan as its territory has been exerting military and
diplomatic pressure on the island.
China banned all forms of cryptocurrency trading and
mining in 2017 and has repeatedly cautioned Taiwan
against actions that challenge sovereignty or undermine the One
China policy. Chinas Foreign Minister
spokesperson Zali Jean has decried Taiwanese decision to
embrace Bitcoin as a legal tender, labeling it a
provocative and illegal act that poses a grave threat to cross
Strait relations and regional peace and stability.
Zali, Lijan. Lee Hyon.
Forgive Me has also urged the international community to
reject and sanction what he views as Taiwan's separatist
actions. Nevertheless, Taiwan's President
Tsai ING Weng has staunchly defended the legislation as a
sovereign and democratic choice of the Taiwanese people,
pledging that Taiwan will not yield to China's threats or
interference. She also expressed confidence
that Taiwan is well prepared to navigate any challenges or risks
that may arise from adopting Bitcoin as an official currency.
Taiwan is a society that values freedom and innovation.
We embrace change and confront challenges without fear.
We believe that Bitcoin can bring positive transformations
to our economy, society and culture.
It can also fortify our bond with friends and allies
worldwide who share our values and visions, remarked the
Taiwanese president on national television.
The bill is scheduled to come into effect January 1st, 2024,
following a two-month period of public consultation.
In preparation, the FSC has committed to releasing
comprehensive regulations and guidelines for the bill's
implementation by year end. So super interesting.
Of course, I can't fully verify this for you guys because it
wasn't Chinese. I've been doing my best to make
sure that you know, I I got it from as best a source as
possible, but it is seemingly happening that Taiwan is passing
a quote UN quote crypto bill. Of course there is a very real
concern about this, the stringent controls and all the
licenses that people are going to have to jump through.
But nevertheless, it's safe to say that if Taiwan does embrace
Bitcoin as legal tender, as a medium of exchange, as a store
of value, as a unit of exchange, then the game theory is really
starting to heat up in regards to Bitcoin.
Yes, El Salvador embraced Bitcoin.
Yes, they made it legal tender status.
But El Salvador is is a tiny, tiny country and they don't have
the, I don't know what you say, maybe the reputation that a
Taiwan would have. And so if rather maybe I guess
it would be when this goes into practice at the beginning of
next year, it's going to be very interesting to see what happens.
Is this going to give China an excuse to continue to try to
clamp down on Taiwan? Is this China using Taiwan or
even Hong Kong? Because I I do have that ETF
news up here, but seems a little unnecessary right now is them
using them as a proxy so that they can kind of on the one hand
embrace Bitcoin but publicly denounce Bitcoin.
It just really goes to show that we're in a position of don't
listen to what I say, but watch what I do kind of reaction right
now. So this is a story that we will
be watching for you guys, but it does seem officially the first
reading of this bill has passed. I'm sure something else will
come out in November. So it's going to be very
interesting to see this game theory play out.
And again, I know Bitcoin is a global phenomenon and I know we
try to be as as globally minded as possible in this show in
regards to Bitcoin and understanding that, hey, this is
a global game of accumulation. But it just goes to show that
whatever is going on in America, whatever the SEC is doing,
whatever, whatever Gary Gensler is doing and them dragging feet
on why they haven't embraced Bitcoin.
Well, now that game theory is heating up because Bitcoin will
be adopted by necessity. And yeah, maybe El Salvador
embracing Bitcoin is kind of one of those little nothing burgers.
It is is kind of one of those like little gnats and you're
like yeah, whatever you you have you have no economic concern.
But if China by proxy Taiwan is embracing Bitcoin, then this is
it's going to heat up guys. And we know, we know the the
flood coming out of China, we know they banned Bitcoin
constantly. They probably banned it like
47,000,000 times at this point. It just goes to show the game
theory of Bitcoin is happening in real time and you cannot
isolate you from the consequences of your economic
allies, economic enemies embracing Bitcoin.
So we're right again as a Bitcoin, and we've been saying
this for a long time. This is a global game of
adoption and you can't ban Bitcoin, You can only ban
yourself from Bitcoin. So if you fight Bitcoin, you're
only hurting yourself. You're only hurting your
citizens. Yeah, like this is exactly XX.
Maybe Taiwan will want all trade settlement with US and BTC, now
that would be huge. They did say for trade, we don't
know where this is going. Yes, of course we are
speculating a little bit here, but it just goes to show that
people are waking up to what El Salvador has done.
People are waking up to the game that is Bitcoin.
Bitcoin is maturing in real time and this train is unstoppable.
TikTok, next block, honey badger don't care.
Anyways, Dale, what's your thoughts on this?
I think. This just goes back to what I
was saying earlier about people getting lost in the price of
this and that, and people are looking at this country, that
country. But I've heard multiple people
describe investing, getting into Bitcoin, paying attention to
Bitcoin. Kind of like where we're at
right now with Bitcoin, kind of like getting into paying
attention, investing in the Internet as a whole back I I
don't know exactly where we are if we were to try and light lay
those timelines over each other. So before we got to the
Internet, where it was an interconnected network of
computers that could all talk to each other and we could
communicate and share cat pictures and talk about Bitcoin
on an on a podcast here. We had giant blocks that were
the size of university dorm like just huge machines that did very
little. And then as time went on, the
machines got smaller and then they started getting connected
and then we linked them up over long distances and then now the
whole world is connected. You could never at any point
invest in the Internet itself. You can invest in different
companies, IBM, this, Amazon, etcetera that are components.
Of the Internet cloud this and server stack that blah blah blah
company that offering some service Netflix.
But you couldn't invest in the system itself there would that
that wasn't a thing that you could do but you can with
Bitcoin which is one of the many wild wacky things about it.
You can get a piece of that and people are we're definitely very
early. We're not.
So early as like giant block computers but we're probably
around the point where things are just starting to connect.
It's it's we're definitely still in the dial up phase of and
maybe you go to your friend's. House to talk about it and get
on AOL to chat to say, oh look, I can talk to this guy he's over
in France. Oh isn't that so?
Well, it's crazy, but you don't have a computer yourself.
You know somebody and you've heard of people.
Maybe one or two kids in your in your class at school have
computers and. People go to their house to look
oh look, he pulled up a picture of a cat and it's do like
switching back and forth. Oh that's so crazy.
And there's a it's not even video.
Maybe there's some music and you go to this one website and all
it is, is a looping song. We're kind of at that point
right now. It's really rudimentary.
It's really wacky. We've got all these hardware
wallets or signing devices, whatever you want to call them.
I prefer signing device and it's it's still clunky.
It's not real smooth. Grandma isn't getting on an iPad
and just flipping through and oh look, here's my grandson and
grand it's not we're we're definitely not at that point.
And because you can invest in the underlying structure of this
thing, the people that get caught.
Up in like, oh, I missed the boat are the same kind of people
that would maybe be thinking that investing in the Internet,
say you could right now would be a bad idea.
Well, that's if you could invest in the underlying structure of
the Internet itself. Would still be a really good
idea right now because there's so much more to come down the
pipeline. Yeah, we've got Netflix.
Yeah, we've got this, we've got YouTube.
But who knows what the future holds.
The Internet is a form of communication in transferring
information between each other, and we don't really know what
the upper limit of that is. All we know is right now we can
do a lot of really cool things, but we don't know what
transmitting information. In ever higher degrees of
fidelity and more data across vast distances, I I don't know
what the upper limit of that is. We can look back in time and see
where it started and how far we've come from 10/15/20 years
ago, 30 years ago and that's been a massive leaps in what we
can do. I mean I'm older than the
Internet. I imagine a lot of people in
chat are older than the Internet.
You remember a time where there wasn't the Internet and where
we're at now and those times that, like the difference in in
then and now is. Astronomical and you can do this
and the same thing is going to be true of Bitcoin.
Even when all of the countries get on a Bitcoin standard, or or
many of them, many more than are now let's say a majority of
them, just like the majority of the world is on the Internet.
Yes, there are certain countries that are sanctioned off and
they're siloed and certain countries don't have much of the
Internet at all. North Korea, but most of the
developed world is on relatively the same Internet.
Generally, we can all go to Netflix or some variation of
Netflix. We can all go to YouTube.
Generally, more billions of people can go to the Internet
than not. And yes, it's I understand it's
different that the government's control.
I get all that. But we have access to this
Internet thing most of the world when we didn't years ago.
And it's still changing. It's still maturing.
It's still becoming. Into whatever that is and will
continue to even when I'm long dead, it will still be changing
and still becoming more and more of this thing.
And the same is true of Bitcoin. So if Bitcoin does hit
$5,000,000 in some, let's say, 36 months from now, there's
going to be people like, oh, I missed out.
Oh I no, no, you didn't. That'd be like looking at the
Internet now and going, oh, I missed out, no, you no, you
didn't. There's still much more, so much
more growth. Yeah, you could get more SATS
per dollar currently. You can right now, then maybe
you can 10 years from now. But that doesn't mean that the
stats per dollar that you can get 10 years from now is going
to be a bad idea. It's still going to be a great
idea then. It's always a a great idea.
Was it a better idea now than it will be then, or is it a better
idea now? I think so.
I don't know. I'm not going to tell you what
what what is going to happen. I don't have a damn clue.
But like. Was investing in Amazon back
when? Was a dollar per share a great
better idea then than it is now? Yeah, yeah, probably.
I I guess so, because you could sell them.
But. And that's a bad example because
investing in Amazon is it? It's back to the Internet.
It's the base layer of what this entire system is built on.
Amazon isn't a base layer of what a bunch of things are built
on. It's different ideas, but
securities have all their the flaws that they have.
And if you haven't watched Sailors. 24 reasons Why
securities are a bad idea is to suggest you do that.
There's a lot of reasons that companies go belly up, and even
when Netflix or this or that doesn't do all that well, the
underlying structure that the entire thing is built on is
still a really good idea to invest in.
And that Sailor talks about that too.
It's like investing on the land as opposed to the the companies
that are built on the land. But this is even more
fundamental than the land, because the land itself is under
control or under. I guess control's a good word of
a governmental jurisdiction. So you might go, oh, it's a
really good idea to invest in this plot of land in Manhattan.
Yeah. But then what if the, the laws
in Manhattan, the mayors and the the governors and the and the,
the, the regulatory structure of that section of land changes to
be unfavorable to what you want to do?
Oh, I've got this great plot of land in downtown Manhattan.
You've got half of the the island of Manhattan.
Now I want to sell it. Oh, nobody wants to buy it
because. It's a terrible place to build a
business and everybody actually wants to, I don't know, build in
the middle of Wyoming and that's where all the money is.
Like, what are you going to do? But if you could invest in
business itself, like just business as an idea, just just
generally invest in business, that seems like a pretty good
idea. It's like investing in math.
Oh, you can invest in you. You could.
You can benefit from all of the benefits that come from math.
Well, I don't think math is going to become more valuable.
Really. You don't What?
What uses math? Oh, I don't.
Just everything so if. If if, if if you have some iota
of hope for everything improving or doing anything, then maybe
investing in the base layer structure of everything.
Might be a decent idea, I I don't know.
That's kind of where I'm at. Maybe it's a stupid idea and
maybe I'll have zero value in in a few years from now because
everything goes and I I don't know.
But it seems like a halfway decent idea to me at the current
juncture. I don't know.
Well, you're not alone. I mean, look, every country in
the world, every Super Bowl in the world is holding, as sailor
always says, melting ice cubes. Everyone is in the same boat.
They're all using paper currency.
And what we're seeing happen in real time is that there is very
real cracks in the system and whether they can or can't
continue to kick the can down the road, the problem remains.
It's like using a cup with a hole in it, and that is Fiat
currencies. And here comes Bitcoin and it's
a cup without a hole. It's able to retain all the
liquid you put in there. And whether Bitcoin goes up
exponentially or not, which I do believe it will be, I I think a
lot of us are being very conservative and underestimating
how big this paradigm shift actually is.
It's just having a stable currency, something that can't
get the base is valuable in and of itself.
Moving forward, the more people save in Bitcoin, the more it
stores your value. It's a very simple proposition,
and the whole world is waking up to one very simple idea.
Oh my God, wait, the US dollar is world reserve currency?
Maybe I need to find an alternative to this because even
they themselves are having trouble continuing to kick the
can down the road. So me and CJ were talking about
this off the show. You know what?
What we did yesterday in the TTL was trying to explain Bitcoin
just for the average person out there so the average person can
understand. And what Saylor is very good at
doing is explaining it the Bitcoin problem to the the
corporate level. What Buchelli has shown on the
nation state level is that it can also work.
And once we get one of these big superpowers to jump in one of
these big economic powerhouses to fully embrace Bitcoin, like I
think we are underestimating how powerful and huge this movement
actually is. It literally is a paradigm shift
and it's it's moving from, you know, from the the horse and
buggy to the car guys, you, you. We cannot imagine how big this
shift will be and you are on the front line.
So it's what we say all the time.
Sorry, shout out the bugle the the last hard hitting journalist
in the world. OK, OK, you.
You can't understand how big this paradigm shift is going to
be. Hence why we tell you every
single day you need to save something.
You need to hold on to Bitcoin for as long as possible.
You need to make it through the auto buyout zone because I think
we are all fundamentally underestimating how high and how
huge this actually is. Once everyone around the world,
once all the nation states, once all the institutions realize
that Bitcoin is that pristine Cal collateral, the game is
really going to go absolutely nuclear.
And I think you're going to be absolutely excited about what
you're holding today Anyways, before I move on, guys shouts
out to the boys at Kaboom racks. Shouts out to Kaboom racks.
Their job is to buy your A six. They will sell you a six.
They will host your A six. They have awesome kaboom racks,
A6 firmware if you have some at home and you want to get the
most out of the a six that you currently have.
If you have a space heater S 9 in your house and you don't want
to make it run as efficient as possible, get in touch with the
Kaboom racks guys. Reach out to my boy Alex.
Absolutely a legend of a human great great guy.
I I love him. He's such a good dude and he you
know, he always tells me and trolls me.
He's like, you know, my job is to sell a six, but what I
usually do is tell people not to buy a six.
So if you are in looking for or even just excited about Bitcoin
mining, go and talk to the kaboom racks guys.
They will give you all the information you need, hang out
in the Telegram group, scan the QR code, go to the website.
They're the goats out there. They they will handle everything
you need to know about Bitcoin mining, about buying, selling,
and they will host them for you guys.
All right, let's get into the culture, because I know we got a
good Dell rant and I think we're running a little late, The Daily
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This one, so this. Maybe you've run into this.
I'm a YouTube premium subscriber person, so I pay and I don't get
ads and it's some sort of family plan.
I don't know. It's worth it to me with as much
YouTube as I watch and my family watches to pay the 20-30 bucks a
month, something like that. And five, six of us can all
watch YouTube without ads. So that that seems pretty worth
it to me. Well, apparently YouTube has
implemented a. AD block blocker.
I guess like you you you can't use ad blocks if you're trying
to watch YouTube videos and I did run into this when I was on
a work computer where I wasn't logged in.
I went to watch a video on YouTube and that sure enough it
said ad blocker. If you don't disable this ad
blocker then you won't be able to watch YouTube videos.
And from what I've heard is once you try and watch 3 videos with
an ad blocker it just shuts down YouTube access forever on that
browser. I don't really like that.
Seems pretty extreme to me. But this video that I'm going to
play here is just a clip and it is a little bit faster.
So if you're watching this after we recorded live, it is, it is
at 1.25 speed. Because I want to play a little
bit more than about a minute that he's going to go on here
and then I'm going to cut to something else.
But let's get into this one here.
Here we go. If you watched more than three
videos and you do not turn off your ad blocker, that they are
going to disable your ability to watch videos on YouTube.
And one of the rules of the Internet tends to be don't tell
the Internet what to do. They will do the exact opposite.
In the early days I would tell people I was sick and tired of
them calling me for repair advice for free if they didn't
have a repair and it just never stopped.
People called in all the time. And then when I created videos
showing people here's exactly how to fix all your stuff for
free. Here's 1000 videos showing you
exactly how to do it. You know, please try and fix it
yourself using all this information.
Don't pay me for IT. People start all these repair
shops, started sending me repairs and being well.
This is one of these things were, for better or worse, on
the Internet, people don't listen to you.
And it takes a particular type of arrogance to order these
mandates and imagine that people are actually going to listen to
you when it comes to stuff like this on the Internet.
And it seems that people are choosing to install different ad
blockers or better ad blockers, or try ad blockers where they
had not tried ad blockers before.
According to this article, Christophe Madras of Ghostery,
one of the more popular ad blockers in Chrome's extension
store, says they've seen three to five times the amount of
installs and uninstalls over the past month, with about 90% of
the users who are installing it citing the software failing on
YouTube. Another ad blocker ad guard said
they usually see about 6000 installations, but that shot up
to 11,000. It wasn't working.
However, the paid version of the extension appears to actually be
working and blocking advertisements on YouTube, and
they say that their user accounts increased, reaching
about 60,000 on October 18th, which is a fairly high number
for them in contrast to pass rates.
So it looks like people are not saying, OK fine, I'll do what
you're going to tell me, but they're immediately clicking off
and experimenting. They're trying new things,
they're trying new applications, they're trying.
So the point here is that you tell people, hey, you can't use
these ad blockers and people go, OK, well let me find one that I
can use. Or as he mentions, he goes into
a little bit greater detail. There are people that didn't
even know that ad blockers were a thing.
They had no clue. They just assumed.
If I go to YouTube and I click on a video and an ad plays,
there we go. That's just how it is.
Well, some of those people, when this message popped up, like if
you're using an ad blocker, blah, blah blah blah, blah,
maybe they saw it or they heard about it.
They're like, wait, I'm ad blockers?
I can block ads? I had no idea that was a thing.
And then they go and look into it, they find something and now
they can block ads. So it seems as though this whole
idea has kind of backfired on YouTube to some degree.
And there are almost guaranteed going to be people and
developers out there looking for work around some something, some
new extension, some this, some some whack a do work around
that'll allow them, the developer and then the people
that they service to get around watching ads.
And the reason I'm mentioning this is because we hear about
China banning Bitcoin. That's a large country that
that's 1 1/2 billion people and they tried to ban Bitcoin.
Well, all they did is they banned themselves from Bitcoin.
The hash rate moved somewhere else to a more favorable
jurisdiction and Bitcoin kept on going.
This ties into something that I said at the beginning, that a
lot of people don't understand Bitcoin.
They have no idea what they're talking about.
Apparently this video is a little bit older and it's from.
I don't know when exactly, but this is Dave Ramsey.
You may have seen this pop up over the the week talking about
Bitcoin. Again, I'm going to play this in
1.25 speed and it I don't know a whole lot about Dave Ramsey, but
he seems to know some things like he's he's a he's a boomer.
He knows some stuff, He knows some things about finance.
And from certain videos I've seen, he's got some pretty
decent ideas. Like that is not all that great,
You can use that, blah, blah, blah, whatever.
I'm not going to get into it because I don't know a whole lot
about the guy, but my point is that he knows some things about
finance. All right, let's watch this clip
here where he talks about his his deep knowledge of Bitcoin,
that there, and. And here's what.
You have let me tell you what Bitcoin is.
It's WWW. It's the wild, Wild West.
You're back to the Western banking system.
Because all of the sudden one. Of these computer nerds just
flips the switch. The whole freaking thing's gone.
Boom. Just gone.
There's no value. They just got completely ripped
off and it. Took them down.
And so the little hipster techie guys are sitting in front of the
building with a sign that says, where's my money?
Well, honey, you never had. Honey, it's not real money
because it's not got it's not a stable currency that has any
kind of a system that backs it, that has any kind of a system
that protects Well, I made a lot of money in Bitcoin.
You can make a lot of money trading dirt to somebody else
from trading dirt until people catch on.
That dirt's not a good idea to trade.
You can trade gravel out of your.
Driveway as long as you can get away with it.
And OK, so apparently this is a little bit older, but people are
saying in Twitter that he still has these same views.
And and he's got this kind of old timey.
I'm your pal. I'm, I'm, I'm Uncle Jim.
I'm, I'm, I'm your buddy. It's the WWW.
It's the Wild West. And you know what they say in
the Wild West when you go into a saloon and there's three ducks
sitting on the counter. But that's a bad Saturday and
bad Saturdays are a sign that you have got to get out of your
Bitcoin. Because those hipster nerds,
they got their fingers on the switches and they can click
clickity, clackity, boom. And there's no more Bitcoin and
it has no intrinsic value. Dave, you don't have any
intrinsic value. The only reason people value you
is because you're delivering something that they want.
That's it. You have found an audience.
You you're not. A no human has intrinsic value.
But he's got this old timey way of speaking.
He's got this accent. I'm not putting him down for it.
My point in mentioning that is that when people have a certain
I'm just your pal, I'm just your Billy and I'm just, I'm just
here to help you out. Hey, I'm a I'm a good follower
of doing the right that I'm an American patriot and you can
trust me to listen to this voice that a voice like this doesn't
talk like this if I I don't have your best interests are I'm a
good, good guy, and I'm just looking out for you and I don't
want you to get screwed over. You know who else sounds like
this? Snake oil salesman.
That's exactly what that voice reminds me of, People that don't
know what the hell they're talking about.
Dave Ramsey has done some stuff. He's made well for himself.
He he probably lives in a home that he's quite comfortable.
He probably drives. He probably doesn't really worry
about the price of gas all that much.
He pulls up to the gas station and that's a little bit more
than I would have liked. But whatever I've got and I'm
not checking my bank account balance to make sure.
Can I fill up this week, can I not?
He doesn't care. He's profiting off of whatever
it is that he's selling to people.
But he is so entrenched in the system, like Charlie Munger,
like Warren Buffett, that he isn't paying attention.
I don't even know if he knows how money works.
I don't even know if he knows what money is.
He might I I truly don't know. I have no idea.
I haven't watched him enough. All I know is that this take,
even if it was from a year, 234 ago, it's completely wrong.
And if it's not wrong, I would love to be proven wrong.
I would love it. I talked to Preston Pitch at
Pacific Bitcoin for, you know, 5-10 minutes and I said, does
this bother you? Does this, does this, does this
bother you at all? And like what?
And I said all the Kool-aid drinking all of this, just like
everybody's just like, oh, Bitcoin, Bitcoin, Bitcoin.
Bitcoin. Bitcoin.
Does anybody stop and question? And he's like, well, I think a
lot of the people have stopped to question this before they got
here. They're like, OK, fair enough.
But the thing that bothers me sometimes about the Bitcoin
space is that I don't see a lot of people questioning it at the
time. I do see it before they get into
Bitcoin. Like, oh hang on, they got put
up a lot of questions. But once you're in Bitcoin, and
I don't know, the reason I mention this is because I don't
know. I've said this time and time and
time again, I don't know if Bitcoin fixes the world, I truly
don't. But what I do know for a fact is
that the current monetary system is utterly fucked beyond prepare
as far as I can say. I don't know if it's unfixable,
but I'm pretty sure it's unfixable.
It's completely fucked. And you and I, the normal people
that have to go and put in work to get our time turned into
something that we can trade is so ass backwards.
It is completely bojangled to the moon and back that I'm
utterly convinced of there. I don't think there's any person
on the planet that could come along and be like actually let
me pull out these charts that I've got tucked up my ass and
prove to you don't mind the smell.
And that's where I keep them. I don't know why that everything
is actually working as intended is actually to your benefit.
I don't think that person exists.
I don't think those charts exist.
I don't think that that that could possibly happen.
Is Bitcoin the answer to all of those things?
I. Don't know.
I truly don't know. But it is the best thing that I
am aware of. It is the only thing that I know
of and is the only thing that I am confident putting my, my, my,
my money, where where my mouth is.
There was somebody in chat earlier said, oh, Amazon's
actually a good idea. No, it's not.
You know why Amazon's not a good
idea? Because it relies on people.
It relies on somebody keeping their finger on the switches.
It relies on choices. It relies on consumer
confidence. It relies on a number of factors
that could all go tits up at a moment's notice.
Bezos could go, you know what? Actually, I'm done with this.
I'm moving to Miami and I'm going to put all of my holdings
into this other thing over here. And yes, there are stop gaps.
There are checks and balances in place for a large corporation to
fiduciary duty, blah, blah, blah.
I understand that. But businesses die.
That's what they do. There are very, very few
businesses that have lasted for dozens or hundreds of years.
There is only one business, two, I'm sorry, 2/2 that I know of
that are more than like 150 years old.
One is Nintendo. They started out as like gift
cards, trading cards like like welcome to graduation, whatever
and they've transitioned into this massive technology company
that they are now. And the other is Beretta, the
the weapons manufacturer they started in Italy back in like
1652. So they've been around for going
on 400 years now, something like that.
They're an old company, but that's that's two, that's two.
Most of the companies on the S&P 500 will die after 18 years.
Like they have a a worse life expectancy rate than a coal
miner. And in 1815, like these, they
die. Businesses die.
The entire SMP is propped up by like 10% of the company's 8%.
It's basically nothing. All the others are doing
terrible and that's all that that's SMP 500.
This is supposed to be the best of the best.
So no, Amazon is not a good idea.
Anything that relies on people making choices is a really
fucking bad idea. And that's why Bitcoin doesn't
include all those things. It's not why it's it's why
Bitcoin. It's why I am convinced at this
point that Bitcoin is the best answer.
Because it doesn't rely on people.
It doesn't rely on somebody flipping switches.
Despite what? Anyway, just a couple of
switches and the guy down in Bourbon Angader, he's going to
flip those switches in Silicon Valley and your money goes to
nothing. Well, OK, either Bitcoin's going
to 0 or it's going to, who knows what Millions of dollars, as
Sailor said. And it hasn't gone to zero.
It hasn't been killed. If you can kill it, if anyone
can kill it, please do. No, seriously, I truly mean that
to the core of my being. Truly, I would rather cut off
one of my toes and watch Bitcoin die than see it die 10 years
from now. I don't want to keep on throwing
money at this thing, trading my time and energy for this thing.
If it's going to eventually die. I'd rather I'd rather know who's
going to die now. So if I could trade a toe to
know, or even multiple toes, actually, I don't probably need
all of them. I could probably do without a
few of them to know for a fact what was going to happen to
Bitcoin. Even if it was, I lost
everything. I would gladly know that.
I would gladly trade my toes. And the loss that that that
incurred. Not just the loss of my toes,
but all of the money that I'd lost, all the time that I
invested into it, all the time that I've invested learning
about it. I would be happy to do that
because I'd rather look into something else.
OK, maybe I should get into gold.
Oh, maybe I should get into dirt.
Maybe I should get into gravel. Maybe that's a good idea.
Maybe I should start trying to grow roses and sell roses,
because that's providing value to the hopeless romantics.
I don't know. My point here is that if Bitcoin
can be killed, show it. Prove it.
Do it, Dave. Go flip the switches.
Anyone. Please, please, honestly, try
and kill it. China couldn't kill it.
Like what? Come on, If an entire country,
one of the largest, one of the most powerful controlling
countries in the world, couldn't kill it, then put the You think
some nerd can. I don't care.
What switch does this nerd have? Where's this switch?
Where's this magical switch that it can do this?
Opti, get in here. I'm losing my mind.
Well, so much to unpack there and I just want to hit on a few
things. Obviously, just leave it packed.
Yeah, exactly. I'll just hit on some points
that were kind of percolating in my mind while we were doing
this. First and foremost, I find it
incredible that people really still don't understand the
Streisand effect. I don't know about you guys.
But anytime someone tells me not to do something, I just
inherently I It's like a beacon. I'm like a moth to a flame.
I just like, OK, you don't want me to do this.
I don't even know if I want to do this, but I think I'm going
to try it just 'cause you told me not to.
That's just the type of person I am.
I know a lot of people are like that as well.
And also, you know, the Internet is always undefeated.
Like, the Internet always wins. And if you're going to try to
stop people from doing things on the Internet?
It's going to usually be a rude awakening.
And even though we're seeing, of course, we're seeing very a lot
of attempts from these dystopian, tyrannical people out
there to stop people, you know, or stop information freely
flowing on the Internet. They're they're trying to stop,
stifle conversation. So we're seeing that these
attempts are happening, but the Internet will always find a way,
and entrepreneurs will continue to find ways to rat around
people stopping them from doing stuff.
This is like the. The theme of the Internet since
its inception. OK, next thing on to Dave
Ramsey. I forget exactly what Dave
Ramsey is, but I am, I'm, I'm betting, well, not only that I
I'm pretty it pretty safe to say that you know, he's selling his
bags. You know he's talking his bags.
And of course, he probably hasn't done too much education.
Into Bitcoin. He's probably kind of skimmed
over it and thought it was a bad idea.
When everyone, when you know this clip came out, I think they
said it was $400.00 at the time and what we're at $35,000.
So obviously there's that sunk cost fallacy where he's just
sitting in there and like, Nope, you're wrong.
I think the other clip that I saw of him.
Circling around recently was him shitting on Bitcoin and
basically telling millennials to buy houses.
And then because he's. Heavily invested in real estate,
so he's basically trying to find a greater fool to dump his
houses onto. So you know, of course This is
why we don't go to the everyday Fiat boomer out there and ask
them about why Bitcoin is the next thing on the block.
You know we're we're seeing the geriatrics out there as well.
Clamoring to try to understand what is going on in the world
and someone in the chat dropped a a great comment and they're
like I am bullish on the boomers confidence on what is going on
in the world and they. As as bad as it sounds like,
they're they're confident arrogance that we are just
stupid lazy millennials that we don't know what is going on.
Stupid zoomers. You guys are kids.
You don't know what's going on in the world.
Let the adults handle it from here.
That's what makes me just so bullish.
Just understanding. Look.
They're going to get rug pulled so hard.
And then and then to his point that everyone in the chat's
losing their mind about the meme of like they'll just turn a
switch off and turn Bitcoin off. It's literally like the Nintendo
meme. Like did you unplug it?
Did you unplug the computer again and put it back in?
That'll solve the problem. Like, did you blow into the
Nintendo cartridge? Like this is the the type of
computer illiteracy we are dealing with.
But he can. I jump in there for a second.
So I I you might not be familiar with this because you're not
much of a video of a video game player, Opti, but you you still
might get it. OK, Steam is a platform.
Steam is a place on your PC. It is probably the most popular
place where you can go and download games.
You can buy them. Many of them are free.
Whatever. There are thousands of games.
There's there's full on porn games on there.
There's Apex, there's boulders gate there.
The variety of games on there is probably topped only by the
number of different crypto offerings.
Actually, there's probably more games on Steam.
There are different crypto offerings, but your mom doesn't
fucking know the difference between this developer and the
developer doesn't know that. Bethesda is run by Todd Howard,
who's a fucking hack and a piece of shit liar that is continually
shilling his garbage bullshit games on a regular basis,
bamboozling thousands of people into buying the next latest heap
of trash that is Starfield or Fallout or whatever the fuck
people playing the next iteration of Skyrim through the
3000 goddamn time. But then there's also 1000 other
developers and publishers on there, and each of those are
comprised of teams that are anywhere from a single person in
the case of certain things, all the way up to hundreds or
thousands of people working on a game like the next Modern
Warfare. It is all over the place.
But your mom is just like that's the video games.
Grandma doesn't know the difference between all those
things. So this bucket that the boomers
think that video games are is all of these things.
But if you talk to somebody that actually knows games, they're
going to go, oh, Boulder's Gate 3 is a thing unto itself.
It is completely different from some heap of trash.
Like, well, I don't have any trash games on on my account,
but I don't know the Modern Warfare or or or or the the
tell. What's some garbage game?
Garbage game 123I, I don't know. I don't play garbage games, but
there are thousands of them out there.
Some Honka junk, some Starfield. There we go.
There's a heap of shit right there.
Or No Man's Sky. When it first came out, I said
for a long time, like this is not going to work.
This is not going to fucking work.
You don't give people an endless.
It's generated on this randomly generated worlds like a kid with
nothing to fucking do. That's why they had to go back
and rebuild the whole goddamn thing from basically the ground
up to make it actually a game. Surprise, surprise.
Anyhow, boomers think it's all the same thing.
It's all video games. It's all the same.
It's all run by game Newell over in in Bellevue.
No, no, it's not. It's an offering.
It's a thing. It's a whole lot of things.
And people like, Oh well, you can't invest in Steam or you
can't invest in this. What if you can invest in the
entire thing that the thing was run on?
What if you can invest in electricity itself?
So this is what, what, what David Ramsey doesn't understand.
He thinks that that Bitcoin is like one of those games and some
nerd can shut down the development of the that game.
But that isn't what Bitcoin is. Bitcoin isn't even the developer
that is making multiple games or a publisher that's publishing
multiple games. It's not even Steam that the
games are on that. That would be your Coinbase,
That'd be your Binance, It'd be your, I was going to say Swan.
But Swan has one thing. It's not even that.
It's the electricity that all of these things are using to
operate. So like that David Ramsey
doesn't understand. This is .1 where you just go,
oh, you're an idiot. Moving on to the next video, you
just don't know what you're talking about.
It's like having having a toddler tell you a story.
Who are you going to listen to tell you a story?
Dave Chappelle, who's one of the greatest storytellers of all
time on stage, like in person, storyteller or a toddler.
And Billy had three ones and red one.
And we were at the park and he climbed up.
It was so hot. But Jamie said no, because we
wanted the boots and turned around and like jumping Robin,
tomorrow would be cookies. Like the fuck did you just say?
That's not a story? Get the hell out of here.
Anyhow, I'm ranting. I'm raving.
My wife is not happy. Yeah.
You you lost me with the video game stuff, and you're really
not helping us separate ourselves from the nerds.
I think Dave Ramsey was right. But before, before I forget my
point, I go into the meme review.
There is something there to the idea, you know.
This is why we are simply Bitcoin.
This is why we try to separate Bitcoin from crypto as much as
possible and any chance possible.
Well, if you are invested in a crypto project like there is
probably legitimately a switch that they can turn off and rug
pull you. Hence why Bitcoin is different.
It's a totally different beast. There is Bitcoin and then there
is crypto. We like to call them shit coins.
And that they are not the same. So Bitcoin is entirely
different. It's head and shoulders above
the rest. There is wait, wait, wait,
what's the second best? There is no second best.
There is Bitcoin and then there's everything else.
Everything else is trying to be Bitcoin.
So you know, to David Ramsey's point or credit, he's kind of
not wrong. When he's talking about all the
other crypto projects out there that are rug pulling you left
and right. There is probably a switch they
can turn off to your favorite. Crypto project out there.
That is my new decentralized project.
And anyways, I I really it. Really.
It's never lost on me. The irony that people do not
understand how the Internet works.
They don't understand the Streisand effects, They don't
understand network effects, They don't understand how computers
work. I barely understand how computer
works. But my saving grace is I put
enough effort into understanding Bitcoin that I understand you
can't turn Bitcoin off with a switch.
But hey, you know, if you're getting your financial advice
from Dave Ramsey and he's doing all this complicated stuff, then
you then you got to, you know, you got to put on your suit and
tie on the television so that people can trust you.
Anyway, let's get in the meme review.
This is the only reason why Winekas is here, The Daily Meme
Review. All right, Boys and girls.
Girls and boys. And everything in between.
Yes, this is the meme review where you tag me on Twitter.
Simply Bitcoin TV. Drop them in our Telegram group.
T dot me slash simply Bitcoin TVI.
Look in there every morning to get you guys the memes for the
show. I also check to Twitter, tag
your favorite memes, tag your favorite meme or tag your own
memes. I don't, I don't really care.
We just need memes for the show anyways.
Tweet to the bullet memes of the artillery.
You are in an information war and as you can tell we are still
early to the party. People still don't understand
why we do what we do. People are still miss educated
and misinformed in regards to why they need to hold some
Bitcoin moving forward. Anyways 1st meme is by the
Bitcoin therapist and it goes history in the making Hashtag
BTC. Now this one, you know, I don't
know. Maybe.
Maybe this feels like, I don't know, I don't think sacrilegious
is the right word, but maybe this seems like a parody here.
But it really does feel like there's some time as a
Bitcoiner. And it goes, we're just getting
started and it's got the Bitcoin logo and it's, you know, old
time. You take on the founding of
America and we got Dorian Nakamoto, AKA Satoshi Nakamoto.
We have Naive Bukele and we have Michael Saylor.
And it is them riding the new rules to the road, boys and
girls. This is where we're moving into
a new place. I'm reminded of Carlos Carlos
Matos on Big Connect. We are no longer in the world he
wants to wear. It's a new world.
Only you 2017 bitconners will get that one right.
Next one is Alan B. Watts, AKA Alan B WT on Twitter
and he goes saving Bitcoin and everything becomes more
affordable over time. And we got a person here with
laser eyes. He's in his nurse bed.
He just got out of a coma and he goes nurse.
You've been in a coma for 21 months and you the Bitcoin that
woke up from a coma goes, oh man, how many dollars is my
bill? And then there's GOES dollars.
Sir, your bill is 2534 SAT or. 253 bits.
Whatever your favorite way to denominate Bitcoin, that's the
future we're going for. I, I.
You know, that'd be amazing. 21 months.
Your your your medical bills only 2543 sets.
That'd be epic. All right.
Next one by Roman Castro shouts out to you in the chat and he
goes that feeling when you add to your Bitcoin stack and take
it into self custody. Hashtag orange pill hashtag
legend hashtag Bitcoin only stacks at show.com.
I I don't know what that website is.
Not fully endorsed yet Roman. Anyways, we got this kid here
with a big old smile and he's walking with two big bottles of
wine and the wine is your bitcoins.
Take your bitcoins into cold storage.
OK, next one is Maxi's Club on Twitter and it goes 573 rabbit
hole and we got two Wizards here, not those kinds of
Wizards. Tomb 2 meme Lord bit corners
over here and we got a person walking away with the Internet
of money book. This is literally me.
And he goes, the the female bit corner goes, will he come back?
And the other big corner goes no, he has just started studying
Bitcoin. There's a long rabbit hole.
You may never hit the bottom, but your life will improve as
you go down it. Anyways, next meme is by not
that Elon Eggplant. under score Elon.
And it goes, Good morning. And here's a picture from
Breaking Bad. And you know the young kid.
I don't know the name. I never watched Breaking Bad,
but I know what's it. Jesse Pinkman.
Jesse is hugging Walter, I know that much.
And you. The bit corner is Walter White
and Jesse's looks. He's looks like he was going
through some stuff here. And he goes they lost his
girlfriend here. Like she died from an overdose
or something, I think. OK, perfect.
Great reference. And it goes.
The friend who finally researched how Fiat money works
and he's crying and hugging you and you're just, you know,
making sure he takes his Bitcoin into self custody.
OK, next meme is by stamps. He goes, which way, Western man.
And this one's pretty funny. This one's a little Meadow, so
I'm sure actually you guys probably didn't see.
But anyways on Twitter I guess bored a NFT club or something
had like a rave or like a party or something.
It was like epic. There was like very cringy
videos going around of people, people dancing and like they're
trying to do like a mosh pit or whatever.
And apparently they use the wrong black lights and they use
UV ray lights and they basically blinded and burnt people's skin
at the party. And here's here's a tweet.
Here it goes. Babe board Ape Yacht Club goes
full laser eyes and allegedly blinds Ape Fest attendees.
This is the headline and here's someone on Twitter with a dot E
that goes anyone else. Eyes burning from last night
woke up at 3:00 AM with extreme pain and ended up in the ER.
I saw a couple just trying to figure out if there was a common
thread. So apparently they used the long
the wrong light for the rave and they were blinding and burning
people's skin. Wow.
Absolutely incredible. And these just people.
All right. Anyways anyway then on the
bottom it's the which way Western man.
We got the meme factory here and the Bitcoin supply and inflation
over time. And I'm thinking this isn't a,
you know, just a a sly nod to the having party in El Salvador
in March. And on that note, check out the
having Party MF on Twitter And he goes Bitcoin doesn't care.
Don't do a wee and here's a coin that goes.
You know them? Isn't Bitcoin down 50% from its
all time high? And me?
Yeah, why? And it's just like a little
ducky on a swing with the smile Duck is adorable.
It's like me. I don't care, you know.
I just. I don't care.
This is a game of accumulation. I'm playing Hungry Hippo.
I want as many sets as humanly possible.
This is the way anyways. Drop your meme reviews going in
the chat as we cover ours live. And we will cover yours live as
well. I'm.
I'm getting the music ready. All right, all right.
Mine is all right. You ready for this one?
Mine. Is I I think they're called shoe
trees for leather shoes to keep them in shape and to keep keep
their form. What you guys know about that?
What What you sneaker heads know about that?
All right. Anyways, Dale, what's your main
review score? McDonald's.
Coffee wrecked McDonald's makes me.
Happy. I don't care what people say.
Wow, Whinakiss, You better troll him in the in the chat because
he gives me so much shit for enjoying a Big Mac.
Actually 1/4 pounder with the Big Mac you smash.
Next level, Next level. OK, all right.
Hence Whinakiss is in the chat. Scan the QR code guys.
Support us. Get yourself some simply Bitcoin
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I literally looked at some designs this morning from one of
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We are working on something for you guys.
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merch, so maybe we can not have so many ads so that we can do
this every day and pay our whole team.
It's much more than just Nico and Dell and Ruston and I and
wine and every and soph like that.
We have a whole team here and we're trying to make this into
something that we can survive on.
So get the merch, guys. It really means a lot.
Keep us as independent as possible.
OK, anyways, let's get into the meme review scores.
OK, OK, let me see. I'm going up.
Let's find the first one.
OK, OK, first score. BBC is true score, not those UV
rays. Yes.
Next one, Elaine. Score.
Bitcoiners use love to bring boomers into the bright orange
light. Yes.
OK, Next one is J Dub, the Laker 21 mil goes mean score.
Dale doing an entire show, and Dave Ramsey voice.
OK, Bitcoin. Bugle my score.
My eyeball. Because it's not blind.
Because I'm not a shit coiner. Yes.
OK, Mclovin meme score. Jerome Powell will have a total
mental breakdown on live television in the near future
and tell everyone to buy Bitcoin Hammer saw.
I give those memes a helmet. Yes.
OK, let's see. Do we have some?
All right, we have some meme review scores over on Rumble
UTXOI. Give the memes a pair of shoe
tree brand last for Opti's shoes.
Yeah. See we got a man of culture over
here. OK, John Platt meme score.
Dell attacks for 2D20 plus one D4 for hair.
I I I'm done for that video game.
I I don't. I don't.
OK, Winekis score. Dell pointing his hair to
number. Go up direction.
Dale pointing his hair to number.
Go up direction. OK.
All right.
Is there another one? OK, It wasn't that we were out
of scores, it was that there was no Oh, Matthew.
OK, OK, Matthew J. Meme score one Bitcoin hat.
Yes. We will get you the hat soon.
Meineke's you. You're seeing it here.
They want the dad hat and the snapback.
They're constantly trolling me about it.
OK, All right. Anyways, thanks for filling in
Dow. Appreciate you.
I don't know. Tell the people what are you
working on. I'm going to make a video
breaking down inflation and deflation and why number go up
is bad in terms of prices and inflation And why is my rent
more expensive and oh, I got a raise.
Isn't that a good thing? No, it's not.
You only got a raise to keep up with the prices because if you
don't keep up the prices, you're going to go and find another job
where you are. That's the only reason.
Yeah. So, yeah, about inflation and
deflation. Perfect.
All right.
Yeah. Well, thanks for filling in
anyways, guys. This is our show.
As you can see, it's going a little longer than usual.
But like, share, subscribe, all that good stuff, spread all
Bitcoin content. This is the way it's really
about planting the seeds into people's minds and spreading the
Bitcoin signal. This is all we can really do as
we continue to stack SAT while people don't understand how
stupidly cheap Bitcoin is. So make sure you're stacking
Bitcoin, taking it into custody, this is the way.
Anyways guys, we will see you tomorrow for our number show.
Nikko will be back. Until then, have a good rest of
your day. Get outside.
Eat some good food. Hang out with your loved ones.
This is the way. This is how we continue to build
the Bitcoin community and make sure we are soldiers ushering in
the bright orange feature. All right, peace out.