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Joining us today fellow Bitcoin or fellow pleb.
We know him from Bitcoin kindergarten, but he's since
left us and become a superstar. That's right.
I'm talking about Jess Taffer. He is the co-founder of am boss
dot space gesture. For what's up, you guys.
Great to see you guys again. Awesome, man.
Thank you so much for joining us.
We are diving into the numbers Nico.
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The block height is 730. 5665 the Bitcoin price 30 1010 chain
rewrite day 727, total, public lightning capacity, 3760 5.11,
BTC, Moscow time, 3223. Oh my gosh, that is a cool set
of numbers. Anyways, blocks to The Happening
104,000 335 and the samurai whirlpool Spent capacity Samurai
Whirlpool is a coin joint or collaborative spend.
That is not a mixing service and the unspent capacity of that
pool is 4624 dot 68 Nico there is blood in the streets and
these are the numbers metaphorical blood in the
streets and these are the numbers metaphorical blood in
the streets and we got a lot of messages.
A lot of people freaking out a lot of pressure and people are
asking why is the price going down?
You guys know the drill we don't we don't speculate on this
channel. We're not going to tell you.
But what I will tell you right is that the fundamentals of
Bitcoin have never been stronger?
Let me make my case and then we'll all talk about this,
right? Yeah, I need some help yumiko.
I mean this isn't really hooked me up like this is really do
anything that anything that anything that shows us why?
Why this is good. Okay, there's nothing wrong with
her. Oh okay, alright so this is um
is good. This is this is fact-based
opium. This isn't any chain analysis
based opium. Okay.
Hey, this isn't some ta based opium.
This is actual hope you and that you can confirm on your own.
This is just information data. So this is Bitcoin.
Archive plebs are stacking hard, right?
This is the amount of distinct entities, right?
That have you know different Bitcoin at how much Bitcoin is
not address. So the amount of Bitcoin
addresses is basically going parabolic, right?
The plebs are stacking hard addresses with .001.
They've never been higher and it continues to go higher and
higher. Right.
So that's a really, really good sign.
I think that's an indication of the growth of the network.
Let's take a look at the amount of Bitcoin notes.
Again, in my opinion, I don't think that the price is
important and fundamentals. What I look at is the hash rate,
the hash rate represents the amount of computational power
that's actively mining Bitcoin. Therefore it's theoretically
harder to attack computationally and the more Bitcoin nodes the
more decentralized it is right and again this is also at an
all-time high, right? Let me move on to the next one.
This is the Bitcoin hash rate. What I talked about earlier here
is the, the famous China banned right at the peak of the China
band, that was an all-time high. We were at 191 x, a hashes that
caused the crash in the hash rate, which in my opinion also
brought down the price. We crash down to 69, exit
hatches. And today we are at 220 EXA
hashes, estimated, there's no way to know the actual hash
rate. It's just an estimation,
everyone estimates a different But according to this website,
it's a 217 exit. Hatch has to be specific and
here is the log scale, right? And this website is awesome
because it puts a little, you know, a little rainbow color to
it and it's really funny how they put the stuff right and
different colors, right? At 34k, you should accumulate
the thing below that is that 26k you should buy.
And at 20K is basically a fire cell also known as sell your
kidney, right? So very good again if you You
actually look at the fundamentals, the fundamentals
of Bitcoin have never been stronger.
I don't know where the bottom is, Phil and I were talking
about this off camera because we're bitcoiners and that's we
do. But again, if you, if you pay
attention to the signal, Bitcoin is a lot stronger today than it
was a year ago. Remember, in the last year
really last year year-and-a-half Bitcoin became legal tender and
two countries. Central African Republic El
Salvador. Also in my opinion, became
better than legal tender and the country of Panama, right?
Also you have come public companies, openly saying that
it's a better alternative to cash, like Tesla like
microstrategy, right? So again if you look at the
actual signal and my opinion the fundamentals of Bitcoin I've
never been stronger but like Phil was saying before the show
sometimes the price does. Don't reflect the fundamentals,
especially if you kind of get into this Mania phase and people
are kind of freaking out because the FED is raising rates.
Everyone's scared man, and I think that the The recent price
action right now. I think indicates that Phil.
What are your thoughts when fire sale?
This is this is what I want to know.
I'm, I'm looking for the fire sale.
See that that's terrible, right? That that some of us think like
that but certain bitcoiners will appreciate that that line of
thought because guess what, we always want to stack and why not
get Bitcoin a little bit cheaper now to continue on what you were
saying about some of the conversation that we were having
before the show? This is exactly right.
Right now, we're getting a lot of Getting signaling from the
FED that they're going to raise interest rates.
We're seeing that, you know, essentially all of the money
printing from from the virus which shall not be named for the
two years that we never had. All of these elements are coming
to fruition right now and people are starting to get really
worried, you're hearing some news that.
Yeah, there's a lot of employment out there, but then
if you speak to specific people, it turns out that it's a whole
bunch of jobs that people don't really want.
So that's not really, you know what I mean?
The It will tout. Oh yeah.
You know, the Employments, you know that there's lots of jobs
out there but at the end of the day this is a lot of work that
people don't want to do. Now what does this all have to
do with Bitcoin? Actually it has absolutely
nothing to do with Bitcoin, okay?
Because Bitcoin network is going to do whatever the Bitcoin
network does. But we are all humans, we're all
emotional and not everybody is going to think the same way.
So when you start to see the markets turning red, I mean,
look, if you look at the Dow Jones, you can see that we've
had quite a few down days and, you know, once people start to
That they start to think recession.
Once you start to think recession you start to think I
need to hold my capital and then people right away immediately
what they do is they quote unquote.
So start selling their assets and they start getting afraid.
But guess what people that are selling Bitcoin to hold cash,
the government's printing it. So yeah, it's like we're losing
on like to me. I'd rather just move Bitcoin.
Anyways, that's my logic behind it.
So even though it sucks, even though it's super painful, you
know what bear markets is where, All the building gets done,
right as just a fur was saying before the show, this is where
the building gets done. And this is where the, you know,
the hardened skin, right? The hardened layers of skin are
made and the hod lers are born. Absolutely.
This is where this is where it's the best.
It's the, it's the scariest time to stack, right?
But it's also the best opportunity.
It presents the best opportunity especially when there's blood on
the streets when people are fearful right.
Feel we've been doing this for six years now, roughly six
years. This is, if you look back every
single time you get this type of energy, this type of fear is it
was the best opportunities every single time.
The taught the last time. I remember it.
I don't think it's I don't think it's this bad yet, was when
Bitcoin fell from 6000 had a flash crash to 3000 3500 3400.
People were calling for 1K Bitcoin.
Right? Of course that's not what
Bitcoin did Bitcoin just zoomed up, right?
So anyways, let's See what happens.
Gesture for, what are your thoughts?
Woman thinking back to 2018, when we had that flash crash
that you were talking about like that was the scariest time.
But that was also the time that I had like actually put in the
work to understand Bitcoin and what it is that I was holding
and figure out. OK twice L do I sell and then
everything that I found out was telling me no like no don't sell
because this is the most stable thing out there.
The protocol is is strong and the price.
Really He doesn't matter for any of the effects of Bitcoin, so
it's a bear market, so keep building.
And then when it's time for bull market will be ready to scale
and scale rapidly. Amen.
I could not have said it better myself.
Patil stack hard. If your class of twenty of
twenty Twenty-One of 2020, right?
Like sailor Sailors, new to this, right?
Yeah that you're earning your stripes right?
Everyone pays a price. Ice specifically in the first
cycle but anyways, Phil it's time for the daily fail brought
to you by Swan.com, check them out Swan Bitcoin, it is the best
place to Stacks at DCA. You could d.c. a daily weekly
monthly. It's a stacking app by fellow
plebs and they're gonna have a nap soon which makes stacking
even easier. Anyways, the link is down below.
We've got to fails the first 21 is some some eat garbage that I
picked up today and the next one has to do with.
I think a person that probably doesn't want to be a cheerleader
for Bitcoin but just, you know, by virtue of not being able to
shut up about it in a bad way has exposed so many people to
bitcoin. I'm talking about, no real,
that's right. We're going to dive into what
he's been up to, right? He's been quiet.
It seems anyways. Alright, let's take a look at
this. Here's why the first story a
theory? IAM.
Here's why a theorem to staking is risky and increases
centralization. Since 2009 Bitcoin, validators
have relied on simple proof of work to verify that a minor
deserves the coinbase reward payable, every 10 minutes to The
Miner who properly, hash is a block of valid transactions, the
coinbase is an enviable 6.25 BTC.
These rewards are associated transaction fees, paid over,
fifteen billion dollars to bitcoin miners over the past 12
months, talk about incentives to mine Bitcoin, right?
The largest security budget of any Block Chain in the world,
that is some good signal right there because yes, indeed, the
Bitcoin. Blockchain is the most secure.
That's why we're storing our value in it.
That's one of the reasons, besides the censorship,
resistant properties. Anyways, let's continue.
This is also part of the signal, any common laptop, PC or micro
computer can run a full Bitcoin node and validate all
transactions using proof-of-work.
The cheap cost of operating a Fully validating node has
decentralized. Hundreds of thousands of Bitcoin
nodes across the globe over 15,000 of which are online at
any moment. Okay, I personally I can verify
that number but I'll take it. But the key to this was that any
common laptop or PC can validate transactions.
Okay, now we're going to enter eith 2.0.
Those ideas e 2.0 will reduce Mining and transition to proof
of stake. Bright as we've been making fun
of for many months and that they haven't been able to do in six
years. How much does it cost to
activate a set of validator keys in aetherium to the answer is a
staggering 32 eith, 80,000 dollar some that excludes
billions of people from any hope of ever becoming a validator.
That's right. That on in their staking
protocol, which is inclusive and ultrasound money for everyone.
Apparently not. Everyone is going to be able to
Validate their own transactions. Because only the wealthy could
afford to participate in a theorem to as an independent,
validator everyday, users must pull their funds together and
delegate their votes there for introducing centralization.
Okay? So look.
So I put out a tweet about this today that one of our fellow
viewers responded on and you know, their point I'm not going
to bring up their tweet or anything like that because you
know, maybe they don't want to have their tweet up and they do
you No, they do watch the show. So but for me it was more about
the fact that like look that their point was, if you bought
Etha two dollars, it only costs you $64 to be a validating node,
okay. I don't disagree with you about
that point. But the point is today, if you
decided that you wanted to partake in this shit coin
ecosystem, you'd have to spend 80 grand to validate your own
transactions. Bitcoin back in 2010.
You were able to install the Bitcoin core software in He 22,
we can install the Bitcoin core software same price, same price
to validate exact same price, very low barrier to entry.
Anyways, soup. Beef, are you still need
specific Hardware in order to run the Bitcoin software
download the chain to roughly around?
$300? $300, if you want to do it,
cheaper to build a very cheap, you know, Bitcoin node and
compare that to the eighty thousand dollar barrier to
entry. It's a very big.
Big difference, right? And that was a, that was one of
the that was very contentious issue in the four cores, right?
Because if they would have increased, the block size, it
would have increased the hardware requirement.
Right? So, the reason, the block stayed
the same or a big reason, the block stayed.
The same is so that the barrier of Entry could stay lower and
therefore decentralization, right?
Which is that these guys never tell you this because it's not
convenient to them and their narrative.
Anyways just to for what are your thoughts on this fail?
I think he's muted, he's processing.
He works in life, he's cross-eyed.
Okay. I like yeah we've made specific
decisions just to just to make it easy to participate in
Bitcoin, by setting a barrier to entry, a barrier to a vote in
the East Network at eighty thousand dollars that's out of
out of most people's annual salary.
So like yeah, forget about actually participating or having
a vote in an ecosystem that operates on proof of stake.
And And having such a high threshold where I mean Bitcoin
is not like that at all. It's open to anyone with a with
an internet connection. Absolutely.
No, it's 100% true. That is that is the beauty of
Bitcoin. Anyways.
Fill the next fail is a steaming pile of shit.
Why don't you get to it? It is.
Okay. The hook the hypocrisy is just
it's fascinating, but but first we got we got to build it up,
right? We got it, we got a little.
Let this simmer because we need people to.
There's a lot of people who may not know who knew real is, and
how much of a fan he is of Bitcoin.
So we just need to remind people.
So let's take a look at some tweets.
Late 2017. The bear case for Bitcoin and
blockchain from an Insider in the industry who has invested in
both right back in 2017 again, December 22nd today, Bitcoin
plunging 30% and turning into a shit coin.
All right, comparing Bitcoin Mania with tulip Mania.
The Bitcoin bubble is much bigger. 2017.
So you can see, right? He's he's he's hated Bitcoin for
at least five years minimum five years.
All right. So let's let's continue on more
of more of new reals hate towards Bit Coin and crypto
designed to avoid regulation the real roots of Bitcoin.
No, it has to do with separating money from State and having a
censorship resistant Ledger, that is public.
Okay? So well, technically, okay,
we'll play Devil's Advocate. Yeah.
Yeah we'll play Devil's Advocate but in their perspective that
sounds like avoiding regulation but again it's the details in
the Nuance, right? Yes it's not that, it's it.
It's just it's it. You can't have a political money
if you regulate if you regulate it, it turns it into the system
that we have today. And that's the argument that
bitcoiners make. And now here's another argument,
right? What are the, what have what is
the? Both of these regulations, write
the result of these regulations is that half the planet right?
Roughly half the plan, it is deemed on bankable because of
the place that they happen to be born it.
So what are the what are the regulations?
So called regulations that roubini is advocating for the
Russian people. By the way, have nothing to do
with their government. They got punished by the West
because of the country, they happen to be born in the
Ukrainian. People also got cut off from the
financial system. Venezuelan people.
Ben people Afghanistan, people, you get where I'm going with
this. So yeah, the question, the
question that I have for you guys is that current regulation
whereas in a group of elite bureaucrats also known as
politicians have the power to control who gets to use money or
not. That's the question that I want
to leave to you guys. Someone like nearby roubini to
use, Alex gladstein Zone worlds, he has Financial privilege.
But if you talk to a Cuban, right?
That's using Owing to survive, right?
They're going to tell you a whole different story.
I think that no one, no human being should have the power to
decide who gets to use money and who doesn't?
Yep. Absolutely agreed.
Okay, so this is 20 21. Okay, does Bitcoin is designed
to avoid regulation. Let's move on, here we go.
This is 2018. Bitcoin is the biggest bubble
and bust in history. Biggest as up, 60 x, from three
years before The peak NASDAQ was only for X.
So, tiny bubble versus BTC. Okay?
So you can see right here Bitcoin to him is just terrible,
okay, it's just an awful awful thing.
Here we go. This is a article that he wrote
in 2019. The great crypto, Heist
cryptocurrencies have given rise to an entire new Criminal
industry brand new. It's a whole new Criminal
industry, right? That's what it is.
They're not doing the same old crimes to do.
Doing brand new crimes, right? Drugs is this new thing?
Okay this is crazy new thing that nobody's ever done right
buying buying things. Illegally is new, it's just so
ridiculous. Anyways comprar comprising
unregulated offshore exchanges paid propagandist because we
don't have paid propagandists in the Fiat system.
Never seen a paid product and this inner life anyways and an
army of scammers looking to fleece retail investors.
You mean like Wall Street fleecing investors?
During 42,000 age, mortgage crisis different, dude, because
it look if you're an elite, it's not fleecing, right?
It's just you just you just a good Trader, you're just, you're
just good at what you do, but if you're a peasant, right, trying
to, by GameStop or whatever and the hedge funds kind of, you
know, screw you over, right? That's not allowed, right?
And this is why Bitcoin pisses them off so much is because it
puts everyone on a Level Playing Field.
And that's what they mean by fleecing if they're not doing
the fleecing that's a problem. That's right.
So we can clearly see you. Worry, L, hates Bitcoin hates
crypto. It's a scam.
Crypto critics you real roubini
is working on a tokenized dollar replacement.
Oh my gosh, no way. We're surprised were surprised
nouriel, roubini a blockchain Basher who famously called
Bitcoin. The mother of all bubbles is
working to develop a suite of financial products, including a
tokenized asset intended to act as a more resilient Dollar in
the Piece of higher inflation, climate change and civil unrest.
That's right, again, his shit coin is going to fix climate
change. I gotta tell you, I gotta tell
you, I mean, don't get me wrong. Like I threw a whole bunch of
dollars out the window, literally just out the window.
The climate did not change not even for a second.
I think I threw a whole bunch of money.
It did not fix the climate. I you sure.
Dude, it's really sure I dropped out dollars outside just to make
sure it rains that day or something.
If I don't want it to rain I don't take a dollar out.
Everyone says when you throw money at it it fixes the
problem. I just I'm not seeing it
anyways. Okay, so here we go.
So he's working with dubai-based Atlas Capital team which he
joined two years ago as co-founder and chief Economist
to create the new product. So I hate Bitcoin.
I hate shit coins but by my shit coin this is anyone's with
prominent Financial voices, including Bridgewater
Associates, LPS Ray dalio and Credit Suisse AG strategist.
Zoltan pose are having argued the US currency.
Risks gradually losing its Reserve status.
We need to fix this roubini said, in an interview, we
recognize that America's dollar Reserve currency could be at
risk, and are working to create a new New instrument, that's
effectively more resilient than the dollar.
So so they're working to create another centralized shit coin to
replace the dollar. This is, this is pretty much
what I'm understanding your unlike, unlike many
cryptocurrencies roubini stresses that the coin would be
backed by real assets. Ah, well that fixes the problem,
a mix of short-term us treasuries, IE printing money
out of thin air, gold and u.s. property.
So pretty much the gold in the u.s. property of the only two
things that are actually worth anything.
But they don't need a shit coin, representing them because you
can just go buy gold and you can go invest in u.s. property.
Anyways our goal is to create a global store of value that coin
already exists Bud. You're a little late.
This is something akin to a substitute for treasuries or a
digital asset that has payment features in it.
Atlas Capital said it's working with mist and Labs the web three
developer, founded by former. It applied for mink, Facebook
engineers and backed by another another piece of signal,
Andreessen Horowitz. Oh my gosh, no way a 16z in on,
in on trying to create a, a token to replace the US currency
as as the world Reserve. I am so surprised right now I'm
totally surprised. Anyways, they're going to
develop the technology for the United Sovereign governance
gold. Optimized dollar or USG.
Yeah, and here he is the guy who hates crypto himself nouriel,
roubini Schilling, a shit coin. Say It Ain't So.
No. It's so May 9th 2022.
This is our timeline USG will be.
The will be first, an index then an ETF.
And last, a security token backed by real thin assets with
AML kyc features hedge against inflation, Paul, and Geo poll
risks. And with ESG features, guys,
this thing is the Swiss army knife of money.
It's going to do everything. Everything.
But wait there's a kicker to all this.
Phil what platform is this shit coin being built on?
So we went to go take a look at the Atlas Group.
Ha ha ha. I don't think I really need to
say anything else. The proof is right here on the
screen so so look, I am just completely speechless that this
guy for the last five years has ripped into Bitcoin ripped into
this industry as a whole. I mean, obviously, I can't
disagree with him about the shit coins, but then turns around and
is using the scammy, as platform of All the scams number one, and
number two is literally recreating the same crap that
all the shit coin, scammers that he called out.
We're already creating But he seems to think it's different
pure clown, World Nico, pure clown world.
Bro, I mean first of all you did great.
That was an awesome segment. I was highly entertained fucking
roubini man. This, it's so funny because
like, I hate Bitcoin but I'm here to fix it and I could make
a better Bitcoin on aetherium but it's backed by dollars.
Like this guy is such a joke. He's an academic.
He's been if he just shut up and bought Bitcoin when he started
talking shit about it you'd be significantly wealthier today so
it's like Peter Schiff. I think it gets to a point.
We're so much time passes that you've been criticizing Bitcoin
that the price has has done its thing that these people just
look like total dumb asses if they fold, if they capitulate
they get on bitcoin. So what do they do?
They double down but Bitcoin, just destroys egos, man.
That's what it does. You got to humble yourself.
That's that's, that's what it is, man.
Even sailor back in the day, was criticizing Bitcoin but he
realized like, hey, I got a lot to lose if I don't jump on this
bandwagon. And so it's just man, you know,
it's a shame but so be it just let him create a shit coin.
Let him get wrecked. It doesn't solve any issues.
It doesn't separate the monetary policy away from from human
beings. We've as a species, we've done
that many times, we've so-called backed our Fiat are backed our
money with hard assets. Well, what tends to happen is
people start taking shortcuts, right?
Because your incentivized to because it's easy to do that
with Bitcoin you'd literally cannot Right.
That's what makes it unique. But you know, these these Fiat
parasites, that that are financially privilege, they
benefit from the Legacy system, they're incentivized not to
understand this dude. I think she's a professor of
Economics at some school NYU or something.
Right. Like he's a professor and Fiat
economics, right? Anyways, Jessa fur, what are
your thoughts on mr. Roubini Professor rubinho.
That's right. Professor, professor little bit.
It's very rivini, man. It he's kind of like Resizing
the lack of Regulation yet like when I think of Bitcoin, I'm
looking at it, it's it's hugely regulated already.
I mean we've got and the regulations that we can point to
have to do with capital gains tax and an L KY C which are like
some of the worst features. I mean when I'm introducing
Bitcoin to to new people I have to tell them that they have to
scan their drivers license now like forget about that.
I mean they Introduced the the product of the regulation is
like, these are the worst features of Bitcoin.
And now new, real roubini is embracing these things putting
it on the the scam chain and and on the build back better plan
just to just to bring his her his surveillance token to the
world. So awesome work Muriel.
Yeah, absolutely right. It's so crazy.
Yeah, it was actually Kaiser that said that when he came on
the show, these are just egomaniacs.
They can't stand that. They relate to bitcoin.
All these plebs got in first and they're like, you know what?
I'm just going to build my own. Okay bro do it, you know have
fun. Staying poor will enjoy the
freedom. You do your own thing.
So yeah, I just I can't help thinking that like you know, how
I always joke around that. They they spawn these creatures
out of nowhere and then all of a sudden have them go out.
Yeah. Exactly.
Right. Like Steve hanky-panky.
I am I swear, I swear they animated no real and they're
like, all right. You're gonna be our guy that
like looks really smart and dumps on the shit coins.
We need you to make a token and everyone's going to follow
because thinking. Yeah.
Right. And what did they do?
They credential eyes look, we've got Ray dalio.
You've got Credit, Suisse Credit, Suisse has never been
busted for being scammers, it doesn't matter.
It doesn't matter. It's that when the peasants do
the scamming, that's a problem. When the elites do the scamming,
that's fine. They're just Special.
They're just so good at what they do.
You saw that with the whole game stops debacle, you saw them,
it's like when they lose it's like ah it's like what they when
they win. It's like oh we're just we're
just amazing. You know it dude.
The whole thing's a scam it even applies.
So, when these big Banks fuck up, they it's like the public
has to bail them out. When the public fucks up all?
No, no, it's weird. We live in a capitalist Society.
What are you talking about? Anyways, feel it's time for the
daily meme review brought to you by Citadel 21.
It's the Bitcoin cultures, Enid stories articles Comics by
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This is the latest drop. Every, every volume has
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I put some memes. We have a lot of memes, because
I know a lot of you guys are hurting.
I got a couple of messages already.
We're going to do a little bit extra.
Memes today. Hopefully make you guys feel a
little bit better. Here's now, here's the first one
by basic hottel happening. Soon print trillions taper, Dow
Jones index 30% qe5 print money again I absolutely believe it's
a mean but I believe it's going to be true next one.
Buy Bitcoin. Lolz fact, this is true bear
markets, create strong meme, strong means create bull,
markets, bull markets, great bad memes, bad memes.
Create bear markets, that is great, very well done.
Shout out, she she Bitcoin Sovereign stack, who's Bitcoin?
Seed signers, simply Bitcoin Bitcoin, core Bitcoin,
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Very cool. She's yell like the artwork.
Alright, next one, bye. Wanna kiss.
He's replying to four SS pouliot how it felt for the past three
years. All the NPC's in the Bitcoin.
ER right. Yes, you're all wrong.
Me is feels like that. Sometimes it's very good
representation. Anyways, moving on to know
lizard people base. Babe, please, stop.
You can't just keep stacking SATs into a recession.
Yes, dear. And then he has a thought
bubble, please baby. Please keep stacking SATs.
Alright, next 1 by Rd, their Satoshi make the bear Market be
short. Very nice.
Our next one. Bye.
Jose hottel me and Bitcoins cycle lows then now so good.
So good. Alright, moving on to the next
one. Bitcoin is saving unbothered
moisturize happy in my Lane focused flourishing.
If you take your Bitcoins to Cold Storage, that's how you
feel all the time. Now the best meme of the day
guys Swan bitcoiners class of 2020 one right now, bitcoiners
class of 2017 and a fellow plebe, bit quarters class of
2013, falling asleep, awesome, awesome memes by the plebs,
shout out to you all. And for that Phil, I'm going to
give it a very special score of a Bitcoin pin.
You gotta focus camera. Murrah, there we go.
Anyways, Phil would you give those memes?
All right. Going on the same line as the
stickers, right? We got a new one, privacy is a
human fight. Mighty, nice.
All right, this is this a good score.
Anyways, Jessa fur. What would you give those?
Awesome. Awesome memes.
Let me tell you, I'm feeling extra bullish, ready to plug in
some miners. So right here, I have the cap
from an outlet. Yeah, unplug plug in your
minors. Let's get bullish, plug.
It's a cap to it's the AC cap, right?
The you see cap? Yeah.
Mmm. Okay.
Very night, we're never clip the ground bad idea.
Some people do that though. I go.
No, you know, my plug doesn't have that make clip it off.
Like that's a terrible idea. Ha ha ha.
There's some life lessons from Phil.
Anyways guys, we want to know. If you agree with our stores,
you disagree. Let us know down in the comment
section. Kamek, kamek kamek helps with
the mysterious YouTube algorithm, make sure to
Subscribe to us an alternative video platforms like Rumble.com
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It's a party in there. You could link some means
there's plebs. It's a lot of fun.
The links down below. Tyler Graham.
Yeah. Anyways Phil it's time for the
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online store. All right, everybody, check this
out. We told you we were actually
calling this. We said that was a either a
month ago or two months ago that the average purchase price of
big of micro strategies Bitcoin was at 30,000 100, we told you
that if Bitcoin went below that and it dipped a little bit below
that today. Michael sailor is going to start
at like he's gonna start earning his Badges and I think that that
time has come definitely a lot of pressure.
His stock must be doing not so good right now, you know and
remember this is a guy that went on Tucker Carlson.
He was basically saying the stock did so amazing doesn't
look so good, right now, a lot of the naysayers are jumping up
and down, jump A up and down. Enjoy, but remember, what was
your first year in Bitcoin? Like, right, it usually unless
you got very lucky and you got you nailed your entry, right?
A lot of us got wrecked our first year, it's only after a
couple years in Bitcoin. My opinion takes about three or
four years of full cycle for you to start feeling comfortable
with your stack, right? So Michael sailor, definitely
earning a strikes right now. Stripes.
Moving on the absolute degenerate of nine buchelli,
there's a lot of degenerates in Bitcoin.
The president of El Salvador, El Salvador, just bought the dip
500 coins at an average USD price of thirty thousand, seven,
hundred, forty four. And when I say degenerate, I'm
speaking of myself. That's what pubs are we
regenerates? And it's only in Bitcoin.
When something goes down, 50, 80 percent that people still buy
it. So, yeah, because we know, we
know that we're not just investing in something.
We know that we're opting out and we are buying some Freedom
money, right? So that's the benefits of
Bitcoin. That's why in Bitcoin people
celebrate, when it dips, right? Because they know they're going
to be able to stack more corn. Anyways Phil what are your
thoughts on Michael Sailors are better said microstrategy's
average buying price and I'm bouquet lays stack the dip.
Yeah I was I was waiting. I was waiting for one of these
Michael sailor announcements that come out and be like hey
we're finally below his price. Don't get me wrong.
The last time that we dipped, we So we're like looking more like
what price was he in at because because look it's a true.
It's a true test, right? It's a true test for the hollers
you know that like when it hits your your prize and then it goes
below you know like for those of us who know exactly what it's
like to be sitting on - 80 % you know like it's extremely painful
it's extremely painful to sit there and see that and have to
retrain your brain. On the other hand, on the other
hand, I don't I don't see Michael sailor, having such a
hard time he just he is so overly bullish.
I mean his bullishness just makes just makes it all better,
but either way, that's that's for him.
I have no Heroes. We have no Heroes, we're okay
with that. That's his business, but
hopefully, he's not sweating it out.
The other piece to this is for for a night.
But Kelly, He's he's got some balls man.
He's the president of a country and he's just like he's like,
no, I can't believe that. This is what we're living
through now. It is never, you've never seen
this stuff in like in the stock market.
Look i-i've been watching stock since I was like 17 years old.
Like I never saw anything like nobody ever nobody ever cared
you know what I mean? Like you'd see.
Like this is a The thing about Bitcoin that's very different
and like I understand there's no community and all that shit
that's perfectly fine. But the culture of Bitcoin, the
way that it is you just don't see this in traditional Finance,
okay? Like traditional Finance doesn't
have the hearts and minds of people for some reason.
This money does. Anyways, no, you're absolutely
right. Jess Taffer.
What are your thoughts on this? My friend I really love the the
bitcoiners because the bear markets kind of just like expose
who they are. And for these two, what I've
seen so far is unshakable conviction.
Like even with when microstrategy is like below
their average by price, I'm betting that they're going to
double down on this and already. Like I'm bullish on
microstrategy just because they do have Bitcoin on the balance
sheet like that. It is a tremendous asset for
their company that's going to help them out in the in the
years to come very excited about El Salvador and naive Kelly
making this huge bet on bitcoin. Heck yeah.
Stack that dip stack that dip? You heard it from jaystepher
himself. Anyways check this out guys.
Today we have we have a very special guest.
He let me give you guys a little bit story, background of Jesper.
We actually became friends during the bear Market.
This is I usually became friends with bitcoiners, you don't make
friends in the bull market, that's when all the grifters
come in, you make the closest friends during the bear Market.
That's when the true bitcoiners stick around and you would
during that pain, right? Especially the first cycle is,
when you build these tight friendships, right?
That's how Phil. And I met, you know, that's how
jessa4 met just for actually started a Bitcoin kindergarten.
If you guys remember Optimus yesterday, he's the host of that
show and he actually left to fight.
Found find found is I don't know what, Do you found a lightning
company? Very cool.
So you know the name of this episode is going to be an update
on the lightning Network. So before we get into that just
for in you in an eloquent way, why don't you explain what the
lightning network is and what's it for The lightning network is
payment rails for Bitcoin. I think in the past we've heard
that Bitcoin transactions are slow and that's not the case
anymore because the lightning Network exists and it has
Partnerships between nodes on the Bitcoin Network.
That can update a little Ledger entry, and can make a payment
just as simple as that. Just talking to another peer on
the Bitcoin lightning Network just by That we can create a map
of all of the, the lighting Network nodes and be able to
report statistics on those very, very cool.
So, let's take a look at some of those stats.
I'm going to pull up ambos. I'm going to pull up some
lightning stats. So this is first Bitcoin
visuals, right? This is the lightning network
capacity. This is the nodes the channels.
It's all going parabolic, right? And this goes back to what I was
talking about earlier on, in the show, right?
What are the fundamentals of Coin, write the node network is
going, is is increasing the lightning network capacity is
increasing. The number of channels is
increasing. The hash rate is increasing.
The only thing that isn't increasing is the price, right?
So again, it goes back to what Phil was saying.
There's a lot of emotions right now, I think a lot of people are
freaked out with the hawkish Fed so to speak.
Anyways, this is ambos. This is the website and the
company that that that gesture for founded.
This is the lightning Channel. Is very cool.
Jaystepher. We got a lot of requests.
What is this? What is this place?
Why would people want to use it? So am boss.
That space is the lightning Network Explorer.
So you can look up any of the nodes on the network.
They each have their own profile page.
What you're looking at right now is our latest product magma,
which allows you to buy and sell channels on the lighting at
work. So if you want to provide
liquidity to the lightning Network.
Why why just open a channel randomly when you can actually
go and sell that liquidity? What we're seeing early numbers
so far since We launched it just last week is that people are you
can buy a channel for 2.25 percent APR.
So hey, like that's a that's a strong offering.
And if you're on the sell side of that channel, that's a
potential yield that you can experience on your Bitcoin
without giving up custody, you don't have to trust the platform
in order to get exposure to some of the yield on your Bitcoin.
So that's what makes magma really special and you don't
need to be a complete wizard. You just need to be able to make
one lightning payment and you can get a channel open to your
non-custodial, Bitcoin, lightning node, what type of
yields could people expect? And I actually want to give a
shout-out to this one, it's called got polio which means
shit chicken in Spanish. Leave it up to the bitcoiners to
come up with funny ass names. What type of yield?
Because I know a lot of people are curious, what type of yield
could you get from your Bitcoin, a You do offer liquidity in
terms of percentage terms? Yeah, I have to be really
careful on this front from the marketing piece because I can't
offer security. So I'm not going to give any
estimates on the yield of people can get, but basically you can
post an offer and if it gets accepted, you'll have an idea of
how much you would make you set the prices.
It'll just be like Craigslist. So yeah, you're selling your
chairs and whatnot. You're asking.
Dollars and if someone picks it up, then boom, that money is in
your pocket and and we can make that happen with Magma.
Awesome. So where do you see, what would
you say the current state of lightning is today compared to
where it was two years ago compared to when you really
started? Because I know you were always
curious. That was always your know I
would be into mining. I would talk about that.
You would be into into lightning.
So what it what would you say is the current state of the
lighting up Yeah, it's good to keep in mind that like you never
work is 4 years old so that was back in 2018 when it started I
was playing around with it in late, 2018, early 2019 we've
watched it transition from really only developers in there
too. Now we've got this you can call
it the umbrella effect, we're just regular people plebs are
getting connected. Hooked up to the lightning
Network and we're watching the cost of nodes drop down.
So we're watching not Leto, come out, not all one of the sponsors
have a Bitcoin lightning node for under two hundred dollar
price point, which is a really, really accelerating Factor.
If you wanted, you could also spin up a note on voltage and
then and that's that's for a small monthly fee.
So that's not your Hardware, but it's still Still not custodial.
So like we're watching a whole bunch of the barriers to entry
disappear and the and the transactions are just a fraction
of the cost of what you would pay with a domestic Visa card
transaction. So it's going to be, it's wicked
cheap, it's super fast and it's not custodial and no one's
spying on your transactions. So let's talk a little bit about
the downsides, right? Because this it sounds very
awesome but one of the things that it Like you said,
Lightnings very young. I think that this is going to
all get fixed as time. Goes by the analogy that I
always want to put in. People's minds is remember how
the internet was and, you know, the early 2000s late 90s is
clunky. It's ugly.
You're like, what the hell is this?
You know, people were like, this isn't going to go anywhere
lightning, in my opinion is kind of there, right?
So one of the bars to entry and what I see, a lot of people
complain about and I know that mun wallet has done this.
Incredible job, they have this kind of self semi I custodian
solution where they don't have. It's like, they hold one key.
You hold one key. They use something called a
submarine swap, its really awesome.
They kind of solved it, but it is semi custodial.
One of the things that one of the issues I have with lightning
is that it's hard to set up, right?
It's not as easy as just downloading a Bitcoin wallet.
You know, some wallets give that functionality as you just make a
password, you don't have to write down a seat, but with that
enables is it Nate, is it? It makes a very easy user
experience especially for someone who's transitioning.
From the Fiat world to the Bitcoin world right?
In my opinion, I think the Fiat system is much harder to
understand but because people grew up with it right there,
just accustomed to it, right? And now you're teaching them a
whole other alternative system that the foundation of that
alternative system is based on something called self custody.
That might seem very aliens of people.
So that's one of the concerns I have.
That's one of the issues that I had to because it's like, yeah,
I could run my own, whatever, but it's like, I'll just use the
main chain, because it's just so much easier, right?
Right? And then mom came out, I was
like, oh great, I could keep a couple hundred dollars on here,
I don't have to worry about it. What is the status of that who's
working on it? How long until that?
I want to say gets fixed, but where someone creates this very
intuitive in like makes it very easy, what the user experience,
what is the status of that? I think that user experience is
like, as you said, starting with very clunky, it's still pretty
clunky, but it's getting there. It's getting to the point where,
you know, no one needs to know needs to code in order to be
able to run a lightning node if you can spin up a Bitcoin node
like you're in business. Like this is, this is really all
that's required and I think the technology is getting is rapidly
improving. Things that I'm watching,
include green light, which allows you to not even have to
manage the channels manage the node at all.
But yet still be able to sign individual transactions.
So you control your money. But I mean, all of this comes
with trade-offs, of course. So it won't be your Hardware.
You won't be able to control the uptime, of course block stream
as a pillar of the Bitcoin. Community.
I'm sure they've got some really awesome Solutions in their back
pocket. But yeah, it's continuously
developing you can you can compare it to like buying a
clover setup for your business to accept credit card
transactions. Yeah.
You're probably going to blow $400 on one of those Terminals
and instead, you could have a completely self, Sovereign,
Bitcoin lightning node set. And be able to receive
dollar-denominated payments. If your pavement, if your
customers want to pay with strike, this is this is
something that yeah, we're just moving things one.
Step forward at a time. What happened?
What has you the last question? What?
How and then I'll pass it on to fill?
What has you the most exciting excited right now about the
future of lightning? Sorry.
I missed that bit wise. You what has you the most
exciting about the future of lightning?
I think tarot, so this is going to be other assets.
That would be issued on the lightning Network and what's
special about tarot compared to all the other proposals for
stable coins on lightning is that the any changes happen at
the edges. So in order to add another asset
on to the lightning Network everybody that is already
participating in a lighting network, doesn't need to Inch
yet. They only participate when it
comes to transferring value. So one person can transfer
dollars at one end. It switches to the next note
it's at it gets routed through the lightning Network to someone
else in another country that wants to receive pesos.
So this is, you know, there's there's no mental change needed
to happen to understand deeply Bitcoin, like, like we do all
they need to understand is you know, the Stable coin that
they've become familiar with which is the shit coin of their
Nation instead, they'll be using the lightning and work just
because it's fast, it's cheap. And it has final settlement,
that's very, very, very fucking awesome.
Phil, would you have any final questions before we wrap it up?
No questions. But there's some let's move on.
No question. I'm just kidding.
Thank you for playing. No, but that just just some some
final comments to add on to what just aforesaid.
Right? Because I think I started
messing around with lightning around the same time as him and
just to give people you know, some further perspective to his
point three years ago you couldn't set up a node without a
command prompt. The only node that you could was
the chasm note and that note was I had one.
It was very limited, very limited in its functionality.
You couldn't really see anything that was going on.
You couldn't do any types of configurations.
Nations, it was very cut and dry.
Okay, so we have come Leaps and Bounds from that point to see
the development that we have an especially this is all not one
giant Corporation. These are all individual
entities, all working on the same protocol, okay?
This is really cool stuff. Well, three different protocols,
but still like, if we look at everybody that is building on
lnd, they're all building separately in their building
amazing stuff. You know, between start9 between
lightning labs and Anyways, the other piece that I was the other
piece that I wanted to mention had to do with the user
experience, right. People don't like to feel change
and what just a was just talking about with tarot.
Okay, this is huge because one of the main issues that a lot of
people, a lot of older people will tell you with Bitcoin is
that like all of a sudden they feel that they have to switch
their mind to something else to start thinking differently.
But when we can actually do this kind of magic, Right in the
background and they can just see something that is familiar to
them, but they can take advantage of the benefits of the
Bitcoin Network. That's beautiful.
Anyways, awesome stuff man, I love what you're doing at am
boss. This is huge.
This is necessary. So thank you.
Okay, absolutely bullish. So remember guys, after after
this crazy day with the price in the volatility, all that shit.
Look at all the bullishness, right.
If you ignore the noise and you pay attention to the signal,
could it be more bullish. But anyways, feel there was an
open source software released today, wanting to everybody
about it software releases brought to By Cipher safe, check
them out. Cipher safe, dot IO.
The best place to store your Bitcoins seed, papers done, it
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store your seat in the Cipher wheel or the all new Cipher
grid. They both come with a
tamper-resistant wire but the grid comes with a punch tool.
All right? We've got join Market version.
0.9 0.6 that was released its Down Below in the show notes.
Don't forget to check us out on our audio.
Oh, Only platforms Apple podcast, Spotify and anchor.
If you want to stream assets, you can do it through Fountain.
FM using Breeze. Awesome!
Thank you for all right, guys. Before we going to give a very
special shout-out to our awesome clothing.
Sponsor. Represent LTD.com Phil and I
wear the hoodies every single day, Phil has the new Bitcoin,
Merce. He's going to come out with more
Bitcoin merch as well and simply Bitcoin marriage.
It's coming. You could take advantage of the
link down below to get 10% off. Anything off the represent
LTD.com store. I also want to give a very
special shout-out to her. Awesome.
Dear friend of the show, we
survived the bear Market together, the legendary Jessa
fur. He co-founded ambos dot space.
It's a lightning. Explore.
Go check it out. Awesome.
Dude. Cool stuff.
He's working on guys. That was show.
If you enjoyed the show you what to do.
Smash smash it, of course you want to continue here in the
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For a brand new episode, the Bitcoin, Builders are building,
that's all that matters.