1 00:00:02,960 --> 00:00:05,280 It's. All going to zero against 2 00:00:05,280 --> 00:00:07,800 Bitcoin. It's going up forever. 3 00:00:15,320 --> 00:00:17,520 You're against Bitcoin, you're against freedom. 4 00:00:22,800 --> 00:00:24,880 Yeah, welcome to simply Bitcoin Live, your number one source for 5 00:00:24,880 --> 00:00:27,240 the peaceful Bitcoin revolution. Cover game, news, culture, 6 00:00:27,240 --> 00:00:30,520 dramatic warfare will be your guide through the separation of 7 00:00:30,520 --> 00:00:32,280 money and state. Ladies and gentlemen, you're 8 00:00:32,280 --> 00:00:36,600 tuned in to simply Bitcoin Live, the most watched daily Bitcoin 9 00:00:36,600 --> 00:00:40,680 live show on YouTube. Rumble NX sit back, relax, enjoy 10 00:00:40,680 --> 00:00:42,520 the ride. We have lots to talk about 11 00:00:42,520 --> 00:00:44,680 today. I'm going to just address 12 00:00:44,680 --> 00:00:49,880 exactly what I wrote in the thumbnail of of today's video. 13 00:00:50,240 --> 00:00:53,040 We're all going to get rich. And the reason for that is 14 00:00:53,040 --> 00:00:55,600 simple. The way that Jeff Booth 15 00:00:55,600 --> 00:00:59,680 explained this, he did it. He he explained it on when he 16 00:00:59,680 --> 00:01:02,840 came on simply Bitcoin IRL. Highly suggest watching that 17 00:01:02,840 --> 00:01:05,000 interview. Literally my mind gets blown 18 00:01:05,000 --> 00:01:07,760 every time Jeff Booth talks. And then I think he recently 19 00:01:07,760 --> 00:01:11,880 went on the Coin Stories podcast hosted by Natalie Bernal, and 20 00:01:11,880 --> 00:01:20,760 he's explaining how we cannot conceptualize a world on a 21 00:01:20,760 --> 00:01:24,320 Bitcoin standard. And he threw out this wild, 22 00:01:24,320 --> 00:01:29,280 wild, I mean wild price prediction of exactly $43 23 00:01:29,280 --> 00:01:32,600 million per Bitcoin. And he explains the reasoning. 24 00:01:32,600 --> 00:01:35,320 And of course, we have the clip for you guys, so stay tuned. 25 00:01:36,040 --> 00:01:39,080 But the general gist of it is something that you guys have to 26 00:01:39,080 --> 00:01:43,200 understand is that the world, the way that the world should 27 00:01:43,200 --> 00:01:46,000 work is it should be deflationary. 28 00:01:46,240 --> 00:01:50,000 And we see this in technology like bigger TV's, they get 29 00:01:50,000 --> 00:01:54,600 progressively cheaper like what it used to cost, like what a 30 00:01:54,600 --> 00:01:57,920 what a what those brick phones back in the 90s used to cost 31 00:01:57,920 --> 00:02:01,320 you. Now an iPhone is like 1/3 of 32 00:02:01,320 --> 00:02:04,600 that cost, even though it this has, this is a lot more 33 00:02:04,600 --> 00:02:07,120 functionality. And the case that Jeff Booth 34 00:02:07,120 --> 00:02:11,039 makes is the reason that that's happening is because governments 35 00:02:11,039 --> 00:02:14,840 being in control of money kind of completely ruins the price 36 00:02:14,840 --> 00:02:18,600 signals like, and they're incentivized to keep this 37 00:02:18,600 --> 00:02:22,480 inflationary thing going. And they do that by this crazy 38 00:02:22,480 --> 00:02:25,080 government spending. They do that by the endless 39 00:02:25,080 --> 00:02:28,440 wars. They're incentivized to do that. 40 00:02:29,160 --> 00:02:32,080 Bitcoin, because it can't be corrupted, because it can't 41 00:02:32,080 --> 00:02:35,760 really necessarily be controlled, is the true price 42 00:02:35,760 --> 00:02:38,640 signal of the world. And if you take a look at 43 00:02:38,640 --> 00:02:41,520 Bitcoin and if you take a look at the the world priced in 44 00:02:41,520 --> 00:02:45,280 Bitcoin, things just get cheaper over time. 45 00:02:45,520 --> 00:02:47,720 So Bitcoin is actually the truth. 46 00:02:47,720 --> 00:02:52,720 Bitcoin is actually pointing out how the world would work under a 47 00:02:52,720 --> 00:02:56,920 sound money standard, and that makes you extremely optimistic 48 00:02:56,920 --> 00:02:58,800 about the future. This is why I put it in the 49 00:02:58,800 --> 00:03:00,880 thumbnail. We're all going to get rich. 50 00:03:01,080 --> 00:03:04,880 I mean, $43 million per, that's insane. 51 00:03:05,120 --> 00:03:08,000 That's unbelievable, right? I think how Finney's prediction 52 00:03:08,000 --> 00:03:11,880 was $10 million per coin, right? So we're going to talk about 53 00:03:11,880 --> 00:03:13,440 that. We're going to talk about what 54 00:03:13,440 --> 00:03:17,560 the world would look like under a deflationary standard. 55 00:03:17,760 --> 00:03:20,800 Jeff Booths has such an elegant way of putting it. 56 00:03:20,960 --> 00:03:23,360 I mean, he wrote an entire book about it called The Price of 57 00:03:23,360 --> 00:03:25,640 Tomorrow, right? I'm going to talk about that as 58 00:03:25,640 --> 00:03:28,160 well. And also this continued trend, 59 00:03:28,160 --> 00:03:31,640 ladies and gentlemen, Bitcoin is entering the political sphere. 60 00:03:31,960 --> 00:03:34,480 Keep saying that, keep beating the battle drums, but I think 61 00:03:34,480 --> 00:03:37,680 it's incredibly important if you live in the United States. 62 00:03:37,680 --> 00:03:41,600 In fact, if you live anywhere worldwide, vote for candidates. 63 00:03:41,640 --> 00:03:44,080 I, I, I believe in the theory from the Sommer individual. 64 00:03:44,280 --> 00:03:47,320 I do believe that Bitcoin will make politics irrelevant over 65 00:03:47,320 --> 00:03:49,000 the long run, but we're not quite there yet. 66 00:03:49,000 --> 00:03:50,920 We're in this transitionary period. 67 00:03:51,560 --> 00:03:55,960 That being said, get involved, take action, take agency. 68 00:03:56,720 --> 00:03:59,680 And yes, I think the most important vote you can make is 69 00:03:59,680 --> 00:04:01,080 taking Bitcoin into self custody. 70 00:04:01,280 --> 00:04:05,560 But the traditional Fiat voting I think still does matter. 71 00:04:05,880 --> 00:04:09,600 If you want to stay in your in your jurisdiction, you want the 72 00:04:09,600 --> 00:04:12,960 politicians, you want the unproductive class to be 73 00:04:12,960 --> 00:04:16,959 favorable towards Bitcoin. And another major milestone 74 00:04:16,959 --> 00:04:20,000 happened yesterday and we have more coverage on that today, 75 00:04:20,399 --> 00:04:23,440 which is the Republican Party. Not only the candidate Donald 76 00:04:23,440 --> 00:04:28,120 Trump, but the entire Republican Party is taking a pro Bitcoin 77 00:04:28,120 --> 00:04:32,800 stance, pro self custody stance, pro right to mind stance. 78 00:04:33,040 --> 00:04:36,560 So it's pretty simple. And in the US, it's a two party 79 00:04:36,560 --> 00:04:38,840 system. You either vote for the party 80 00:04:39,000 --> 00:04:44,280 that is pro slavery, pro CBDC, pro central bank digital 81 00:04:44,280 --> 00:04:48,760 currencies, anti Bitcoin, or you vote for the party that is pro 82 00:04:48,760 --> 00:04:51,720 Bitcoin, pro Bitcoin mining, pro self custody. 83 00:04:52,040 --> 00:04:54,120 It's black and white at this point, right? 84 00:04:54,120 --> 00:04:57,520 And I know that that perhaps could strike people the wrong 85 00:04:57,520 --> 00:05:01,080 way, but that is the reality. And people have to get with the 86 00:05:01,080 --> 00:05:02,560 reality. Anyways. 87 00:05:02,840 --> 00:05:05,000 It's gonna be a great show. It's gonna be me and Opti 88 00:05:05,000 --> 00:05:07,120 hosting it together. I love it when me and Opti do it 89 00:05:07,120 --> 00:05:09,320 together. I feel like it just flows. 90 00:05:09,800 --> 00:05:12,520 Bring Opti up on stage. How you doing, brother? 91 00:05:13,600 --> 00:05:15,360 I'm doing one. Haven't done this in a while, 92 00:05:15,360 --> 00:05:15,680 bro. It's. 93 00:05:15,680 --> 00:05:18,280 Not showing in a minute bro. It's not showing the view count 94 00:05:18,280 --> 00:05:20,840 up, but I think we're streaming everywhere I'm pretty sure. 95 00:05:21,320 --> 00:05:23,360 Yeah, No, let me see. Let me double check. 96 00:05:23,360 --> 00:05:24,720 Let me double. Check anyways, what are we going 97 00:05:24,720 --> 00:05:26,640 to cover during the culture? We are streaming everywhere I 98 00:05:26,640 --> 00:05:27,800 just checked. Yeah, we're streaming. 99 00:05:27,800 --> 00:05:30,000 We're streaming. Yeah. 100 00:05:30,000 --> 00:05:33,160 Actually, before we go in, that before we go in, I want to first 101 00:05:33,160 --> 00:05:37,320 touch on the Jeff Booth thing because it's going up forever, 102 00:05:37,320 --> 00:05:38,920 Laura. Everyone knows that. 103 00:05:38,920 --> 00:05:42,560 So here we are. And actually, I don't know if I 104 00:05:42,560 --> 00:05:45,600 want to say it, Nico, I was, I didn't just come up laughing and 105 00:05:45,600 --> 00:05:48,200 smiling. I I was thinking of a joke here 106 00:05:48,200 --> 00:05:50,640 but I don't know. I don't know if it's going to 107 00:05:50,640 --> 00:05:53,600 translate well so. Maybe I'll save it for Nico 108 00:05:53,640 --> 00:05:56,880 after the show, but what we're going to cover today. 109 00:05:56,880 --> 00:06:00,000 So like I've been saying, we've had guests on the show for, I 110 00:06:00,000 --> 00:06:02,840 don't know, the last 2-3 weeks and I've seen you guys in the 111 00:06:02,840 --> 00:06:07,200 chat telling me and and talking about and asking about UTXO 112 00:06:07,200 --> 00:06:09,320 management. So we're going to do some UTXO 113 00:06:09,320 --> 00:06:11,880 hygiene. Of course, you know our sponsor 114 00:06:11,880 --> 00:06:15,200 Bitcoin. Well, they basically make sure 115 00:06:15,200 --> 00:06:17,560 that you have to do the UTXO management. 116 00:06:17,560 --> 00:06:20,280 So if you've been stacking with Bitcoin well, or rather any 117 00:06:20,280 --> 00:06:24,040 Bitcoin only exchange at this point, like this is something 118 00:06:24,040 --> 00:06:25,160 you're going to have to consider. 119 00:06:25,160 --> 00:06:28,720 And I've been saying for a while when we go over the numbers that 120 00:06:28,720 --> 00:06:31,840 the fees are going down. So right now while things are 121 00:06:31,840 --> 00:06:34,920 calm, you know, before things start getting crazy going into 122 00:06:34,920 --> 00:06:39,000 the bull run, you want to consider about your UTXO 123 00:06:39,000 --> 00:06:41,440 management and the Bitcoin you're holding because you don't 124 00:06:41,440 --> 00:06:44,480 want to get in a position when the fees get crazy again and and 125 00:06:44,480 --> 00:06:47,400 have unspendable Bitcoin. So we're going to go over that 126 00:06:47,400 --> 00:06:50,000 in the culture we are. I am going to read some 127 00:06:50,000 --> 00:06:52,440 articles, give you guys some good tidbits and then Nico and I 128 00:06:52,440 --> 00:06:57,240 will discuss it a little bit. So we're doing some guys, this 129 00:06:57,240 --> 00:06:59,400 culture is going to be probably a little more technical and 130 00:06:59,400 --> 00:07:02,240 boring than usual, but this is some information that you need 131 00:07:02,560 --> 00:07:05,280 to make sure you're thinking of moving forward. 132 00:07:05,280 --> 00:07:07,720 Because there there's some things you have to think about 133 00:07:07,720 --> 00:07:09,960 in Bitcoin that you don't necessarily have to think about 134 00:07:09,960 --> 00:07:12,960 with, with cash or your traditional banking, you know, 135 00:07:13,040 --> 00:07:15,960 debit card and stuff. But hey, we got you covered. 136 00:07:16,480 --> 00:07:18,840 Absolutely, 100%. I'm, I'm excited about that. 137 00:07:18,840 --> 00:07:21,920 I mean, I think that's something that a lot of people forget, 138 00:07:22,080 --> 00:07:24,400 right? You know, if, if you're going to 139 00:07:24,400 --> 00:07:27,560 send these small little transactions to a single 140 00:07:27,560 --> 00:07:32,120 address, you might be absolutely get wrecked by fees later down 141 00:07:32,120 --> 00:07:34,480 the road. So it's, it's a, it's a, it's a 142 00:07:34,480 --> 00:07:38,240 good idea to consolidate every once in a while, just, you know, 143 00:07:38,240 --> 00:07:41,400 put all your UTX OS together. So I'm, I'm happy that we're 144 00:07:41,400 --> 00:07:44,080 hitting that topic because I think a lot of people just don't 145 00:07:44,080 --> 00:07:46,720 understand that part of Bitcoin, but they totally should. 146 00:07:46,960 --> 00:07:49,800 It comes natively to you. Like after you've been in 147 00:07:49,800 --> 00:07:52,320 Bitcoin for a while, all of this stuff like it just becomes 148 00:07:52,320 --> 00:07:54,720 common sense. But especially if you're 149 00:07:54,720 --> 00:07:56,520 getting, it's super. Easy. 150 00:07:56,520 --> 00:07:59,320 It's super easy. It's just you got to think about 151 00:07:59,320 --> 00:08:01,000 it a little bit. Exactly, it might be quite 152 00:08:01,000 --> 00:08:03,600 complicated anyways in the in the beginning. 153 00:08:04,360 --> 00:08:06,400 I do want to give a shout to a lead sponsor of course, and I'm 154 00:08:06,400 --> 00:08:09,120 talking about Bitcoin Well. 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Don't be a schmuck and write it 208 00:10:57,440 --> 00:11:05,640 on paper promo code simply to to get a get a spot 15% count. 209 00:11:06,080 --> 00:11:11,160 Anyways at the time of recording the Bitcoin price is $58,020.00 210 00:11:11,160 --> 00:11:19,080 sats per dollar. 1724 block height 851,567 blocks to having 211 00:11:19,080 --> 00:11:25,440 198,433 having estimate March 31st 2028 Total lightning 212 00:11:25,440 --> 00:11:32,160 network capacity 4984 BTC capacity value 289 million U.S. 213 00:11:32,160 --> 00:11:36,560 dollars Realized monetary inflation 1.53% market 214 00:11:36,560 --> 00:11:42,200 capitalization 1.14 trillion Bitcoin versus gold market cap 215 00:11:42,400 --> 00:11:47,000 7.05% in the grand scheme of things we are just getting 216 00:11:47,000 --> 00:11:50,320 started anyways. I was talking about this 217 00:11:50,320 --> 00:11:55,000 phenomenon, how again, it's it's this Bitcoin is entering into 218 00:11:55,000 --> 00:11:56,960 the mainstream political discussion. 219 00:11:57,200 --> 00:12:01,280 And like I said yesterday, this isn't happening because 220 00:12:01,760 --> 00:12:03,880 politicians are doing this out of the goodness of their heart. 221 00:12:04,120 --> 00:12:07,440 This is happening because politicians need to pander to 222 00:12:07,440 --> 00:12:09,840 Bitcoiners in order to get elected. 223 00:12:10,120 --> 00:12:14,520 And we have become such a influential and powerful force 224 00:12:14,720 --> 00:12:17,920 that, you know, you have politicians conceding and 225 00:12:17,920 --> 00:12:20,600 basically saying, listen, if you vote for me, I'll free Ross 226 00:12:20,800 --> 00:12:23,840 because they know that that's something that Bitcoiners care 227 00:12:23,840 --> 00:12:25,800 about. This is how politics work at the 228 00:12:25,800 --> 00:12:28,040 end of the day. If you want to get a lot elected 229 00:12:28,040 --> 00:12:30,400 into office in the US specifically, I'm pretty sure 230 00:12:30,400 --> 00:12:34,560 worldwide, you need a tremendous amount of funding and money 231 00:12:34,560 --> 00:12:36,160 behind you. And guess what? 232 00:12:36,160 --> 00:12:40,760 As number go up does its thing, bit corners become wealthier and 233 00:12:40,760 --> 00:12:43,920 therefore more influential in society, right? 234 00:12:44,040 --> 00:12:48,680 That's just the reality. Anyways, here is Piran. 235 00:12:48,760 --> 00:12:51,160 Piran, I'm sorry if I pronounced that incorrectly. 236 00:12:51,280 --> 00:12:53,720 She's the founder and CEO. Thank you, Opti. 237 00:12:53,920 --> 00:12:56,600 And she's the founder and CEO of Digital Chamber. 238 00:12:56,720 --> 00:13:01,080 She had an interview regarding this topic specifically on CNNBC 239 00:13:01,080 --> 00:13:02,520 yesterday. I'm going to play it and then 240 00:13:02,520 --> 00:13:06,360 we'll talk about it. NFTS, what do you make of the 241 00:13:06,360 --> 00:13:10,560 Republican Party's embrace and, and what's behind it and where? 242 00:13:10,720 --> 00:13:13,720 Where is it your sense that the Democrats in the current White 243 00:13:13,720 --> 00:13:16,720 House stand? Hey, Kintatha, it's great to be 244 00:13:16,720 --> 00:13:19,760 with you. And yeah, as you noted, Donald 245 00:13:19,760 --> 00:13:23,720 Trump has come a very long way in his crypto policy. 246 00:13:23,720 --> 00:13:27,240 When he was president, he said he was not a fan of Bitcoin, of 247 00:13:27,520 --> 00:13:30,360 he was not a fan of Bitcoin or or crypto currencies. 248 00:13:30,360 --> 00:13:34,800 And he's now matured into adopting a pro crypto position 249 00:13:34,840 --> 00:13:41,000 for the entire GOP platform. This is a large result of 250 00:13:41,000 --> 00:13:43,640 education. It it takes time to really 251 00:13:43,640 --> 00:13:46,240 understand the critical importance of Bitcoin and 252 00:13:46,240 --> 00:13:49,800 blockchain technology. Ultimately, blockchains are what 253 00:13:49,800 --> 00:13:53,440 we will use to facilitate transactions in the future 254 00:13:53,440 --> 00:13:56,600 digital economy. And it's in our interest, it's 255 00:13:56,600 --> 00:14:00,720 in the United States economic interest that we are the country 256 00:14:00,720 --> 00:14:04,240 that leads in the development of building this financial 257 00:14:04,240 --> 00:14:07,240 infrastructure. And it's also becoming the will 258 00:14:07,240 --> 00:14:12,360 of the people that who ever is in the White House adopts a pro 259 00:14:12,640 --> 00:14:15,800 crypto policy. So we've come a long way and 260 00:14:15,800 --> 00:14:20,200 this is very much legitimizing the technology itself. 261 00:14:21,440 --> 00:14:23,880 So I mean, look, she said it herself. 262 00:14:23,960 --> 00:14:25,760 I think she used the word blockchain. 263 00:14:25,760 --> 00:14:27,000 Obviously, we're not a fan of that. 264 00:14:27,440 --> 00:14:32,840 But and again something to emphasize too is they're 265 00:14:32,840 --> 00:14:36,600 differentiating and specifically in the documents which we went 266 00:14:36,600 --> 00:14:40,240 over yesterday, they are differentiating between crypto 267 00:14:40,240 --> 00:14:43,120 and Bitcoin. They are saying Bitcoin and they 268 00:14:43,120 --> 00:14:47,480 are saying crypto, but you know, they are taking a pro crypto 269 00:14:47,480 --> 00:14:50,080 position as a whole. And I know that's might be 270 00:14:50,080 --> 00:14:52,360 unpopular with a lot of Bitcoiners, but what I got to 271 00:14:52,360 --> 00:14:56,280 say to those bitcoiners is, dude, you shouldn't, you 272 00:14:56,280 --> 00:15:00,720 shouldn't be rooting for the government to pick and choose, 273 00:15:01,680 --> 00:15:06,760 you know, which quote, UN quote crypto has an advantage. 274 00:15:06,760 --> 00:15:10,240 Like if if we believe in Bitcoin and we believe Bitcoin has 275 00:15:10,240 --> 00:15:13,080 superior incentives and we believe that Bitcoin is better 276 00:15:13,080 --> 00:15:16,440 money, and I think we all believe that, right, then the 277 00:15:16,440 --> 00:15:19,880 reality is simple. Like Bitcoin is going to win on 278 00:15:19,880 --> 00:15:21,280 its own merits. It does. 279 00:15:21,280 --> 00:15:24,120 It shouldn't get a special privilege from the government, 280 00:15:24,160 --> 00:15:26,480 right? I would say let the free market 281 00:15:26,480 --> 00:15:30,400 do what the free market does, you know, and let the best 282 00:15:30,400 --> 00:15:33,040 currency win. Obviously we believe it's 283 00:15:33,040 --> 00:15:34,080 Bitcoin. Why? 284 00:15:34,080 --> 00:15:36,200 Because you can't change the rules. 285 00:15:36,200 --> 00:15:38,680 And with every other cryptocurrency, you can change 286 00:15:38,680 --> 00:15:41,680 the rules other the cryptocurrency did not have an 287 00:15:41,680 --> 00:15:44,400 Immaculate Conception, didn't have a a virgin birth. 288 00:15:44,680 --> 00:15:46,680 What does that mean? That means that when Satoshi 289 00:15:46,680 --> 00:15:49,320 created Bitcoin, he created it as an experiment. 290 00:15:49,680 --> 00:15:51,600 You didn't know it was going to have value down the road. 291 00:15:52,880 --> 00:15:56,600 Every other cryptocurrency that came after Bitcoin, the founders 292 00:15:56,600 --> 00:15:59,200 inherently knew that it was going to have value, which is 293 00:15:59,200 --> 00:16:03,400 why the founders kept such a large piece of the ply to 294 00:16:03,440 --> 00:16:06,600 themselves, right as the case with the Ripple, as the case 295 00:16:06,600 --> 00:16:10,520 with Ethereum. So let the best currency win. 296 00:16:10,920 --> 00:16:15,240 Bitcoin is equal for everybody. Meaning Michael Saylor doesn't 297 00:16:15,240 --> 00:16:17,880 have more influence over the network than you do. 298 00:16:18,120 --> 00:16:23,480 Vitalik and Brad Garlinghouse have more influence over XRP and 299 00:16:23,480 --> 00:16:27,000 Ethereum and they will change the rules to benefit themselves 300 00:16:27,280 --> 00:16:30,240 than everybody else. So doesn't really change like 301 00:16:30,240 --> 00:16:32,360 the crypto, the cryptos don't really change. 302 00:16:32,440 --> 00:16:36,120 They're not very different from the Fiat system, right? 303 00:16:36,120 --> 00:16:39,160 The Fiat system, there's a, there's an elite that get to 304 00:16:39,280 --> 00:16:43,040 change the rules, manipulate the rules, print money to benefit 305 00:16:43,040 --> 00:16:45,000 themselves at the expense of everyone else. 306 00:16:45,360 --> 00:16:47,120 Bitcoin, the rules are set in stone. 307 00:16:47,120 --> 00:16:50,240 You cannot change that. And that what it does is it 308 00:16:50,240 --> 00:16:53,320 protects the middle class and protects the ever the, the 309 00:16:53,320 --> 00:16:57,000 average Doe, the average Joe, the everyday man who's just 310 00:16:57,000 --> 00:17:01,240 there, you know, slaving away in the fields metaphorically, you 311 00:17:01,240 --> 00:17:04,319 know, trying to make a living. It protects their money. 312 00:17:04,319 --> 00:17:06,280 So Bitcoin is money for the middle class. 313 00:17:06,280 --> 00:17:09,160 Bitcoin is money for everyone. I mean, I would say Bitcoin is 314 00:17:09,319 --> 00:17:12,880 money for everyone who believes in freedom and who doesn't 315 00:17:12,880 --> 00:17:15,839 believe in coercion and who doesn't believe in controlling 316 00:17:15,839 --> 00:17:17,839 other people. Because if you believe in those 317 00:17:17,839 --> 00:17:21,800 things, then Bitcoin is not a tool for you to enable that. 318 00:17:21,800 --> 00:17:24,520 But you can make a really strong argument that cryptocurrencies 319 00:17:24,520 --> 00:17:26,800 are. So anyways, all that being said, 320 00:17:26,920 --> 00:17:30,120 I'm very bullish on the fact that now we have a major 321 00:17:30,120 --> 00:17:34,920 political party in the United States who is vocally, they 322 00:17:34,920 --> 00:17:37,120 released the recent released a document. 323 00:17:37,320 --> 00:17:39,360 They're protecting the right to self custody. 324 00:17:39,480 --> 00:17:42,280 They're they're pro Bitcoin. They're protecting the right to 325 00:17:42,280 --> 00:17:44,800 mine. And then that puts the Democrat, 326 00:17:44,800 --> 00:17:48,880 the Democratic Party in a very disadvantageous position because 327 00:17:48,920 --> 00:17:52,160 it's not exactly popular to be anti Bitcoin. 328 00:17:52,160 --> 00:17:56,000 It's not exactly popular to be pro CBDC. 329 00:17:56,240 --> 00:17:59,000 They're hoping that people are just not informed. 330 00:17:59,000 --> 00:18:02,160 And this is where you come in and form the people around you. 331 00:18:02,160 --> 00:18:04,240 Remember, this is not left versus right. 332 00:18:04,240 --> 00:18:07,800 This is not red versus blue. The Democrats created an 333 00:18:07,800 --> 00:18:12,360 opportunity for the Republicans to pounce on this issue because 334 00:18:12,360 --> 00:18:15,600 they've taken such an anti Bitcoin stance. 335 00:18:15,720 --> 00:18:18,160 As a whole. I don't think it will be 336 00:18:18,160 --> 00:18:22,800 politically viable by 2028. But I I will say this elections 337 00:18:22,800 --> 00:18:26,520 do have consequences. And this election, at least from 338 00:18:26,520 --> 00:18:30,720 a regulatory perspective and Ross's freedom will mean 339 00:18:30,720 --> 00:18:32,760 something. It is a meaningful election. 340 00:18:32,760 --> 00:18:36,480 I know a lot of Bitcoiners don't like to hear that because you 341 00:18:36,480 --> 00:18:39,560 know, they're they're an Arco capitalist, our boy Ruston, 342 00:18:39,560 --> 00:18:41,440 right? Doesn't they don't believe in 343 00:18:41,440 --> 00:18:43,600 politics, right? We have a Mclovin. 344 00:18:43,600 --> 00:18:46,640 I hate politics, but I'm definitely for any candidate who 345 00:18:46,640 --> 00:18:48,640 is pro Bitcoin. I think a lot of Bitcoiners fall 346 00:18:48,640 --> 00:18:50,400 into that camp. I fall into that camp. 347 00:18:50,560 --> 00:18:52,920 I think me and Opti were like literally like waiting to the 348 00:18:52,920 --> 00:18:56,320 very last moment until I completely spontaneously 349 00:18:56,320 --> 00:18:59,800 exploded metaphorically when they locked the samurai guy. 350 00:19:00,320 --> 00:19:03,880 Samurai got samurai wallet developers in jails, like what 351 00:19:03,880 --> 00:19:05,760 the what the F happened here, you know? 352 00:19:05,760 --> 00:19:08,960 And then I was like, OK, this is fucked up. 353 00:19:09,240 --> 00:19:10,960 Anyways, Opti, what's your take on this? 354 00:19:10,960 --> 00:19:12,320 Bro? I know we've been talking about 355 00:19:12,320 --> 00:19:15,480 this, but dude, as we get closer and closer to the election, I 356 00:19:15,480 --> 00:19:18,840 think it's our responsibility to highlight this so that if you 357 00:19:18,840 --> 00:19:21,080 are a Bitcoin in the United States, which is the majority of 358 00:19:21,080 --> 00:19:25,480 our audience, like dude, go out and vote because it's on the 359 00:19:25,480 --> 00:19:27,080 ballot. Bitcoin is on the ballot. 360 00:19:27,240 --> 00:19:29,560 Ross''s freedom is on the ballot. 361 00:19:29,560 --> 00:19:32,520 Anyways, Opti, what's your take? Yeah. 362 00:19:32,520 --> 00:19:36,600 So first and foremost, just, you know, talking about that clip in 363 00:19:36,600 --> 00:19:39,640 general, I see everyone in the chat basically saying, you know, 364 00:19:39,640 --> 00:19:43,200 you know, politicians lie and he's just, you know, Trump's 365 00:19:43,200 --> 00:19:45,120 just saying this to, to get votes. 366 00:19:45,120 --> 00:19:47,280 Like, of course that his that's his job. 367 00:19:47,600 --> 00:19:53,040 But without going into like, you know, the murky waters of of 368 00:19:53,040 --> 00:19:57,040 saying that, I'm not going to say saying bad things about 369 00:19:57,040 --> 00:20:01,320 politicians in general. I think if you kind of take this 370 00:20:01,320 --> 00:20:05,640 on like a surface level. And you kind of relate it to 371 00:20:05,640 --> 00:20:08,840 what we've all experienced as becoming Bitcoiners. 372 00:20:08,840 --> 00:20:11,760 You know, you start as a skeptic, maybe you find some 373 00:20:11,760 --> 00:20:14,960 interest in it. You try to debunk your own 374 00:20:14,960 --> 00:20:17,920 positivity about Bitcoin. And then once you learn more 375 00:20:17,920 --> 00:20:21,040 about it, you realize, oh, wow, Bitcoin really might be a 376 00:20:21,040 --> 00:20:22,800 solution to the world's problems. 377 00:20:22,800 --> 00:20:26,600 And so again, you know, taking this on a surface level, surface 378 00:20:26,600 --> 00:20:30,880 level and following this progression, you know, with 379 00:20:30,880 --> 00:20:34,920 Trump in regards to what we've seen in the last, what was it 380 00:20:35,000 --> 00:20:38,600 like a month or so? You know, he was kind of like a 381 00:20:38,600 --> 00:20:41,400 shit coin friendly. We know he's done like some NF 382 00:20:41,400 --> 00:20:44,200 TS in the past and he's just trying to get money, you know, 383 00:20:44,200 --> 00:20:46,880 make sure that his campaign is is well funded. 384 00:20:47,360 --> 00:20:50,600 But now I think after he's had these conversations with the 385 00:20:50,600 --> 00:20:52,840 most important miners in the world and shout out to the 386 00:20:52,840 --> 00:20:56,200 Bitcoin Mag team, I am going to give it the benefit of the doubt 387 00:20:56,200 --> 00:21:01,200 that maybe he's actually seeing there's a, a very, very strong 388 00:21:01,200 --> 00:21:04,840 responsibility to embrace Bitcoin as America. 389 00:21:05,280 --> 00:21:08,960 And so it just kind of reminds me of all of us as Bitcoiners. 390 00:21:08,960 --> 00:21:12,920 You know, you come in, you're kind of skeptical and then you 391 00:21:12,920 --> 00:21:15,440 realize about Bitcoin, you learn more about Bitcoin and then 392 00:21:15,440 --> 00:21:17,720 you're like, oh, wow, like I'm all in on Bitcoin. 393 00:21:17,720 --> 00:21:21,640 So I'm kind of seeing the same progression and again, you know, 394 00:21:21,640 --> 00:21:24,040 just just giving him the benefit of the doubt on this. 395 00:21:24,040 --> 00:21:25,640 And you guys can throw tomatoes all you want. 396 00:21:25,640 --> 00:21:27,800 Of course, he's a politician. He wants votes and all that 397 00:21:27,800 --> 00:21:30,680 stuff. I am, I am, I'm hopeful that 398 00:21:30,680 --> 00:21:35,280 he's actually being honest and he actually sees the use case 399 00:21:35,280 --> 00:21:38,280 and and the importance of embracing Bitcoin in America. 400 00:21:38,560 --> 00:21:43,160 But going further, what we saw yesterday is it's not just Trump 401 00:21:43,160 --> 00:21:46,000 saying this now, it's not like basically the whole Republican 402 00:21:46,000 --> 00:21:50,000 Party realizing that, hey, if we want to get voted back in, we 403 00:21:50,000 --> 00:21:54,800 need to embrace Bitcoin. And now you're seeing that the 404 00:21:54,800 --> 00:21:59,960 basically part of the Republican platform now is embracing 405 00:21:59,960 --> 00:22:02,640 Bitcoin, which to me is a good thing. 406 00:22:02,640 --> 00:22:06,000 I, I think we should have politicians embracing Bitcoin, 407 00:22:06,000 --> 00:22:07,960 realizing that this is good for the country. 408 00:22:08,160 --> 00:22:12,120 If politicians are still caring about what the populist thinks 409 00:22:12,120 --> 00:22:14,600 about what they're, you know, they're the people they're 410 00:22:14,600 --> 00:22:17,360 supposed to represent, believe and what they want, then they 411 00:22:17,360 --> 00:22:19,560 should obviously embrace Bitcoin. 412 00:22:19,560 --> 00:22:21,800 And, and I think we're starting to see trends on this. 413 00:22:22,080 --> 00:22:25,840 And I, I think at this point it might be OK for me to say my 414 00:22:25,840 --> 00:22:28,520 joke. I'm, I'm probably going to turn 415 00:22:28,960 --> 00:22:30,760 people. Away. 416 00:22:30,800 --> 00:22:32,880 But I'm going to say nonetheless, because, because 417 00:22:32,880 --> 00:22:34,600 I'm here for the entertainment value. 418 00:22:34,600 --> 00:22:36,720 After all, I'm here just to be comedic relief. 419 00:22:37,040 --> 00:22:41,240 So you guys remember Niko's, Niko's famous saying of if 420 00:22:41,240 --> 00:22:43,480 you're against Bitcoin, you're against freedom. 421 00:22:45,920 --> 00:22:47,400 Niko's going to lose it on this one. 422 00:22:47,400 --> 00:22:49,960 I, I already know he's going to give me some backlash on this, 423 00:22:50,400 --> 00:22:55,120 but I'm going to say at this point, if you're not a 424 00:22:55,280 --> 00:22:57,320 Republican, you are anti Bitcoin. 425 00:23:02,320 --> 00:23:05,760 I mean, this is coming from a. Californian, So, you know, like 426 00:23:05,760 --> 00:23:08,600 it doesn't like my mom's going to freak out at me if she hears 427 00:23:08,600 --> 00:23:13,120 me say this, but I dude, I, I don't know it's jokes, but I'm 428 00:23:13,120 --> 00:23:17,040 also kind of serious I. Mean like no, but like like in 429 00:23:17,040 --> 00:23:21,920 all seriousness, it's like they literally, I mean the Democrats 430 00:23:21,920 --> 00:23:26,200 have been like pro censorship. They've been anti Bitcoin, 431 00:23:26,200 --> 00:23:31,560 they've been anti the movement and the the repubs have come out 432 00:23:31,560 --> 00:23:33,680 and they've been pro the movement. 433 00:23:34,360 --> 00:23:38,280 So that's I'm just looking at it from that perspective. 434 00:23:39,640 --> 00:23:44,560 Chat agrees like it like like whether it like it's like like 435 00:23:44,560 --> 00:23:47,120 yeah, like it's like lightning goes. 436 00:23:47,160 --> 00:23:50,440 Oh man, what the fuck? U.S. government owns 20,000 the 437 00:23:50,440 --> 00:23:53,160 chance chats absolutely losing it. 438 00:23:54,560 --> 00:23:55,840 Elaine. I used to vote. 439 00:23:55,840 --> 00:24:00,800 I I would say Elaine, like you should totally vote because it's 440 00:24:00,800 --> 00:24:03,920 definitely, you know, it definitely means something this 441 00:24:03,920 --> 00:24:08,240 year for sure. But yeah, I mean, look, I don't 442 00:24:08,240 --> 00:24:10,200 want to take the side of a political party. 443 00:24:10,200 --> 00:24:13,800 But what I will say is I'm voting for the political party 444 00:24:13,800 --> 00:24:16,920 that is pro Bitcoin because I think, you know, if you fix the 445 00:24:16,920 --> 00:24:19,160 money, you fix the, you fix the world. 446 00:24:19,800 --> 00:24:23,360 And there's a lot of Republicans that are, I mean, no, you can't 447 00:24:23,360 --> 00:24:26,560 even say that anymore. Like literally their entire 448 00:24:26,560 --> 00:24:29,520 statement is like the Republican Party's pro Bitcoin. 449 00:24:30,520 --> 00:24:33,360 Like this is this creates a great opportunity, by the way, 450 00:24:33,360 --> 00:24:39,000 for the Democratic Party to go out and be pro, you know, say, 451 00:24:39,040 --> 00:24:42,320 take a stance on, on Bitcoin and, and it gives them the great 452 00:24:42,320 --> 00:24:44,520 ability. Like that's a huge voter bloc. 453 00:24:44,520 --> 00:24:47,760 Like, why are they being silent? You know, I, I think, I think 454 00:24:47,760 --> 00:24:51,040 the silence is, is, is speaking volumes in my opinion. 455 00:24:51,640 --> 00:24:55,240 And I'll definitely change my mind immediately if they come 456 00:24:55,240 --> 00:24:58,920 out and they say, yo, Democratic Party is pro Bitcoin as well. 457 00:24:59,240 --> 00:25:03,000 Anyways, all right, I do want to give a shout out to the best 458 00:25:03,000 --> 00:25:05,320 party that's coming up in two weeks. 459 00:25:05,320 --> 00:25:09,080 And of course I'm talking about the pleb party in Nashville, TN. 460 00:25:09,080 --> 00:25:12,680 It's going to be a 12 hour open bar from noon to midnight in 461 00:25:12,680 --> 00:25:16,920 Nashville the day before the Bitcoin 2024 conference, so this 462 00:25:16,920 --> 00:25:19,360 is going to be hosted Thursday, July 25th. 463 00:25:19,680 --> 00:25:23,440 Confirmed attendees include Larry Leppard, Preston Pish, the 464 00:25:23,440 --> 00:25:26,880 entire Simply Bitcoin crew, James Lavish, Robert Breedlove, 465 00:25:27,000 --> 00:25:30,920 Mark Moss, puppy Tatum Turnip, Adam O'Brien, and many, many 466 00:25:30,920 --> 00:25:32,520 more. It's going to be hosted in an 467 00:25:32,520 --> 00:25:36,160 amazing venue, a rustic automobile factory from 1910 468 00:25:36,360 --> 00:25:38,960 with brick walls and tons of proof of work atmosphere. 469 00:25:39,160 --> 00:25:42,760 The last Pleb party in Miami was sold out eight days before. 470 00:25:42,920 --> 00:25:45,760 Over 1000 Bitcoiners are expected to attend. 471 00:25:45,920 --> 00:25:48,160 You will will not be able to buy tickets at the door because they 472 00:25:48,160 --> 00:25:50,080 will be sold out. So you want to get your tickets 473 00:25:50,080 --> 00:25:51,360 quickly. You want to get your tickets 474 00:25:51,360 --> 00:25:53,200 now. You could do that by scanning 475 00:25:53,200 --> 00:25:56,160 the QR code or checking the link in the video description. 476 00:25:56,360 --> 00:25:58,080 All right, everybody, let's hit the news. 477 00:26:01,320 --> 00:26:05,200 The Daily. News, I want to give a shout out 478 00:26:05,200 --> 00:26:07,840 to our sponsor Foundation Devices. 479 00:26:08,040 --> 00:26:11,360 It's self custody done right. They built a premium grade 480 00:26:11,360 --> 00:26:14,800 hardware wallet called Passport right here in the US. 481 00:26:14,840 --> 00:26:17,200 It's fully open source and verifiable. 482 00:26:17,360 --> 00:26:20,840 It's the most intuitive Bitcoin wallet designed with the UX 483 00:26:20,840 --> 00:26:24,600 reminiscent of a simple feature phone, so you will know how to 484 00:26:24,600 --> 00:26:26,800 navigate it and use it the moment you pick it up. 485 00:26:27,240 --> 00:26:30,440 Get your Bitcoin off exchanges and into your into your own 486 00:26:30,440 --> 00:26:33,240 hands in just a few minutes. Experience the Peace of Mind 487 00:26:33,240 --> 00:26:35,880 that comes with taking ownership of your own keys. 488 00:26:36,080 --> 00:26:40,640 After a massive sellout during Bitcoin Miami 2023, the Passport 489 00:26:40,640 --> 00:26:43,520 is back in stock at foundationdevices.com. 490 00:26:43,880 --> 00:26:47,560 Bitcoin only open source, verifiable, completely air gap 491 00:26:47,640 --> 00:26:51,520 security model, gorgeous design craft premium grade materials. 492 00:26:51,680 --> 00:26:54,880 If you're thinking about getting your Bitcoin off exchanges, this 493 00:26:54,880 --> 00:26:57,400 is the one for you. Check out the Passport link link 494 00:26:57,400 --> 00:27:00,520 in the show notes below to learn more, everybody. 495 00:27:01,360 --> 00:27:05,880 So I do want to talk about a very important topic and this 496 00:27:05,880 --> 00:27:09,640 kind of leads me on to the Jeff Booth clip, which is what I want 497 00:27:09,640 --> 00:27:14,520 to focus on today's show. Don't just opt out of Fiat on a 498 00:27:14,720 --> 00:27:20,840 on a financial level, opt out on a spiritual level as well, 499 00:27:21,280 --> 00:27:22,440 right. So what does that mean? 500 00:27:22,840 --> 00:27:25,120 That means that. Like. 501 00:27:28,000 --> 00:27:32,360 Don't engage. Like don't even engage with the 502 00:27:32,360 --> 00:27:35,840 madness because it just gives the madness more fuel. 503 00:27:37,880 --> 00:27:41,400 Focus on you. Focus on your health, focus on 504 00:27:41,400 --> 00:27:44,600 your stack. Focus on you know however it is 505 00:27:44,600 --> 00:27:48,640 that you're mining more Fiat or earning Bitcoin to grow your 506 00:27:48,640 --> 00:27:51,840 wealth. Focus on that and the world will 507 00:27:51,840 --> 00:27:54,800 get better for you. The world will get better for 508 00:27:54,800 --> 00:27:55,920 you. The world will get better for 509 00:27:55,920 --> 00:27:58,880 your family. A lot of the insanity that 510 00:27:58,880 --> 00:28:03,400 you're seeing throughout the world is literally a symptom of 511 00:28:03,400 --> 00:28:08,080 broken money. I was talking to a good friend 512 00:28:08,080 --> 00:28:13,280 of mine, BTC Sessions, and we were talking about this book 513 00:28:14,080 --> 00:28:17,600 based on, you know, what happened during the Weimar 514 00:28:17,600 --> 00:28:21,640 Republic and the hyperinflationary area of of, 515 00:28:21,920 --> 00:28:25,800 you know, the right before the 1940s in Germany. 516 00:28:26,600 --> 00:28:33,920 And essentially what happened was that the moral decay of 517 00:28:33,920 --> 00:28:37,600 society started to accelerate. The politicians were so 518 00:28:37,960 --> 00:28:40,880 disconnected, they couldn't understand that the money 519 00:28:40,880 --> 00:28:47,840 printing itself was the cause of a lot of society's woes. 520 00:28:48,680 --> 00:28:53,680 And the difference between then and now is that now we have a 521 00:28:53,680 --> 00:28:58,240 way to opt out. And when you opt out, I, I've 522 00:28:58,240 --> 00:29:00,880 seen this happen so many Times Now. 523 00:29:00,880 --> 00:29:03,480 I'm now we're seeing on the nation state level as well. 524 00:29:04,160 --> 00:29:06,640 All of a sudden you start to kind of like heal a little bit, 525 00:29:06,640 --> 00:29:09,120 like sanity starts to be brought back. 526 00:29:09,720 --> 00:29:11,680 People start to get a little bit more base. 527 00:29:11,680 --> 00:29:14,920 They start to get, you know, anchored to the truth, anchored 528 00:29:14,920 --> 00:29:17,520 to the universe. And I believe that's because 529 00:29:17,640 --> 00:29:20,960 their unit of account is anchored to the universe, angry 530 00:29:20,960 --> 00:29:24,240 to the truth. I went on Breedlove's show What 531 00:29:24,240 --> 00:29:28,640 is money a couple weeks ago, I think it was over a month ago 532 00:29:28,640 --> 00:29:32,640 now, but he just posted it. And we, we, we were getting 533 00:29:32,640 --> 00:29:35,080 through. We're, we're like going down the 534 00:29:35,080 --> 00:29:37,240 rabbit hole and just kind of exploring these topics. 535 00:29:37,240 --> 00:29:42,240 And one of the things that he mentioned was like, there's this 536 00:29:42,240 --> 00:29:46,000 entropy, there's this decay in society that tends to happen 537 00:29:46,000 --> 00:29:49,360 over and over and over again. And the pattern that I've 538 00:29:49,360 --> 00:29:52,720 noticed is that it might be connected to the money. 539 00:29:53,080 --> 00:29:56,120 So, you know, of course, we've all heard of, you know, the, 540 00:29:56,480 --> 00:29:59,360 the, the, you know, the Roman Empire meme in the Roman 541 00:29:59,360 --> 00:30:01,880 Republic. But if you take a look at what 542 00:30:01,880 --> 00:30:06,080 they did to the, to the Dinaris, which was their unit of account, 543 00:30:06,080 --> 00:30:10,560 their currency, you know what they did, they inflated it. 544 00:30:10,720 --> 00:30:12,840 They, they something called coin clipping. 545 00:30:12,840 --> 00:30:16,200 So in the beginning of the Roman Republic, there is a certain 546 00:30:16,200 --> 00:30:18,840 amount of silver that was included in each Dinaris. 547 00:30:19,360 --> 00:30:25,080 Towards the end of the Roman, Roman Empire, the percentage 548 00:30:25,080 --> 00:30:30,080 turn, the percentage of silver in each coin was very, very low. 549 00:30:30,440 --> 00:30:32,920 So what do they do? They debase the currency, they 550 00:30:32,920 --> 00:30:38,160 inflated the currency and over time, what happened, moral decay 551 00:30:38,160 --> 00:30:42,800 started to set in price controls and then the eventual inevitable 552 00:30:42,800 --> 00:30:48,760 collapse. So I don't know 100% sure, but 553 00:30:48,760 --> 00:30:52,760 what I will say is that I'm starting to pick up patterns and 554 00:30:52,760 --> 00:30:54,640 I'm starting to connect the dots. 555 00:30:54,640 --> 00:30:58,560 And what I will say another thing is that I think that your 556 00:30:58,560 --> 00:31:03,640 unit of account money play such an instrumental role in the 557 00:31:03,640 --> 00:31:07,320 human experience. It is half of every transaction. 558 00:31:07,520 --> 00:31:11,760 It is how you you talk to people when you're exchanging 559 00:31:11,760 --> 00:31:14,680 something. You use money like the barter 560 00:31:14,680 --> 00:31:17,480 system works, but it's not viable. 561 00:31:18,120 --> 00:31:21,640 It's not a viable scaling. It's not, it's not, it's not 562 00:31:21,640 --> 00:31:24,040 viable when you attempt to scale it, right. 563 00:31:24,200 --> 00:31:27,360 So you use money, It's, it's, it's, it's all around you. 564 00:31:27,440 --> 00:31:29,840 How did you buy the laptop? How did you buy the phone? 565 00:31:29,840 --> 00:31:32,120 How did you buy the TV that you're watching us right now? 566 00:31:32,120 --> 00:31:35,200 How did I buy this microphone? How do we get paid from our 567 00:31:35,200 --> 00:31:38,240 sponsors? How do you get paid from, you 568 00:31:38,240 --> 00:31:41,120 know, your, your place of employment, how you get paid in 569 00:31:41,120 --> 00:31:42,560 money? And then you use that money to 570 00:31:42,920 --> 00:31:45,120 to purchase other things. And then that money is 571 00:31:45,120 --> 00:31:48,920 fundamentally corrupted. And it's psyopped us into 572 00:31:48,920 --> 00:31:52,840 thinking that we have to work harder and harder and harder, 573 00:31:53,040 --> 00:31:57,520 and that somehow it's a law of nature for money to lose 574 00:31:57,520 --> 00:31:59,560 purchasing power as time progresses. 575 00:31:59,720 --> 00:32:01,360 And then that leads me to my other thought. 576 00:32:01,600 --> 00:32:04,680 The natural order of things is for prices to get cheaper over 577 00:32:04,680 --> 00:32:07,520 time. Government's intervention is 578 00:32:07,520 --> 00:32:10,200 what makes things more expensive. 579 00:32:10,680 --> 00:32:15,560 So Bitcoin, all it's doing, because it's sound money, 580 00:32:15,560 --> 00:32:19,400 because it's real money, because it's unconfiscatable money, 581 00:32:19,400 --> 00:32:23,680 because it's uncorruptible money, is that it's allowing 582 00:32:23,680 --> 00:32:29,000 reality to play out in real time the way it should, free of 583 00:32:29,000 --> 00:32:33,800 government intervention. And This is why certain elements 584 00:32:33,800 --> 00:32:38,160 of government and certain political parties are so against 585 00:32:38,160 --> 00:32:41,880 it, because they benefit from the manipulation of money, they 586 00:32:41,880 --> 00:32:45,920 benefit from the controls of money, and they benefit it to 587 00:32:45,920 --> 00:32:49,760 benefit themselves at the expense of everyone else. 588 00:32:49,960 --> 00:32:54,280 Because make no mistake, money is wealth redistribution. 589 00:32:54,480 --> 00:32:58,320 It's taking money from others to give to other people. 590 00:32:58,480 --> 00:33:01,960 Specifically, it's wealth redistribution from the lower 591 00:33:01,960 --> 00:33:05,200 and middle classes that don't have the means to save in assets 592 00:33:05,480 --> 00:33:09,160 back to the government and back to the very wealthy that do have 593 00:33:09,160 --> 00:33:13,000 the means to save in assets. AKA it is theft. 594 00:33:13,400 --> 00:33:17,720 But how things normally should work is that things should get 595 00:33:17,720 --> 00:33:21,680 progressively cheaper overtime. And because Bitcoin is 596 00:33:21,680 --> 00:33:25,160 protected, because Bitcoin is uncorruptible, if it stays 597 00:33:25,160 --> 00:33:29,320 decentralized and secure, it's going to continue to highlight 598 00:33:29,640 --> 00:33:32,480 the the way that the things should normally work, right? 599 00:33:32,720 --> 00:33:35,000 So anyways, I'm going to show you this website that I've been 600 00:33:35,000 --> 00:33:37,280 showing you guys for so many, so many times. 601 00:33:37,560 --> 00:33:41,360 And even with the manipulation of money and how that's just 602 00:33:41,360 --> 00:33:44,960 completely changing things, if you take a look at what happens 603 00:33:44,960 --> 00:33:49,560 when you live on a Bitcoin standard, things over a long 604 00:33:49,560 --> 00:33:52,240 enough time period get progressively cheaper. 605 00:33:52,400 --> 00:33:56,160 That includes housing, that includes the S&P 500, that 606 00:33:56,160 --> 00:33:59,960 includes gold, that includes oil, that includes the dollar. 607 00:34:00,120 --> 00:34:04,640 Things get cheaper when you move to a Bitcoin standard. 608 00:34:04,840 --> 00:34:08,960 And this is what Jeff is talking about when he's throwing out 609 00:34:08,960 --> 00:34:13,440 this $43 million prediction per Bitcoin. 610 00:34:13,639 --> 00:34:16,800 This is what he's talking about. And this is what makes me so 611 00:34:16,800 --> 00:34:21,040 optimistic about the future. Now, Jeff's understanding of 612 00:34:21,040 --> 00:34:24,560 this is much deeper than mine. I have the surface level. 613 00:34:24,560 --> 00:34:28,840 I've read Jeff's booth, Jeff's book, I've spoken to Jeff many 614 00:34:28,840 --> 00:34:31,639 times in person. And of course, he's been on 615 00:34:31,639 --> 00:34:34,159 simply Bitcoin IRL many, many times. 616 00:34:34,320 --> 00:34:38,280 But the way that he explains it clearly he's under, he 617 00:34:38,280 --> 00:34:41,960 understands it. And Bitcoin is a representation 618 00:34:41,960 --> 00:34:43,920 of that. I can't emphasize that enough. 619 00:34:44,199 --> 00:34:47,760 Bitcoin is a representation of how money should work. 620 00:34:48,000 --> 00:34:52,840 And because it's uncorruptible, it's showing you, it's showing 621 00:34:52,840 --> 00:34:56,880 you that this isn't just the theory that things should get 622 00:34:56,880 --> 00:35:00,800 progressively cheaper. It's it's, it's an actuality. 623 00:35:00,800 --> 00:35:03,960 It's showing you that things get cheaper. 624 00:35:03,960 --> 00:35:06,480 This is the way that society should function. 625 00:35:07,000 --> 00:35:10,560 The reason it's not functioning this way is because governments 626 00:35:10,560 --> 00:35:14,440 are intervening when they do the endless wars, when they do these 627 00:35:14,440 --> 00:35:17,760 social programs, when you have Joe Biden basically saying 628 00:35:17,760 --> 00:35:21,960 there's been 0 inflation, but we're going to get involved and 629 00:35:21,960 --> 00:35:24,240 we're going to invest more into climate change. 630 00:35:24,400 --> 00:35:26,120 What they're, what he's essentially saying is we're 631 00:35:26,120 --> 00:35:29,960 going to print more money and printing money is theft. 632 00:35:29,960 --> 00:35:33,240 They're taking money. If you are holding onto dollars, 633 00:35:33,400 --> 00:35:37,040 they are directly stealing from you every time they debase the 634 00:35:37,040 --> 00:35:40,360 currency with Bitcoin, they can't do that. 635 00:35:40,680 --> 00:35:44,360 That's why you have this hostile reaction with Bitcoin. 636 00:35:44,520 --> 00:35:47,720 You know, the, the amount of Bitcoin being mined every single 637 00:35:47,720 --> 00:35:49,320 day. The inflation rate is set in 638 00:35:49,320 --> 00:35:51,960 stone. Not only is it set in stone, it 639 00:35:51,960 --> 00:35:55,160 actually gets cut in half every four years, right? 640 00:35:55,480 --> 00:35:58,480 Anyways, this is the importance of uncorruptible money. 641 00:35:58,480 --> 00:35:59,840 So I'm going to play you guys this clip. 642 00:35:59,880 --> 00:36:02,520 It's a little bit long and then Opti and I will talk about it. 643 00:36:05,480 --> 00:36:09,480 It's muted, Nico. It is it for me. 644 00:36:09,480 --> 00:36:10,520 It's playing. I'm not. 645 00:36:10,520 --> 00:36:11,880 Hearing anything? Let me try. 646 00:36:11,880 --> 00:36:13,360 Rephrase rushing it. How about now? 647 00:36:15,360 --> 00:36:18,120 No, I'm not hearing anything. Maybe it's just me, the chat, 648 00:36:18,120 --> 00:36:21,680 let me know. It is, It is not. 649 00:36:21,840 --> 00:36:24,080 Oh my God, what is going on? Maybe. 650 00:36:24,080 --> 00:36:26,560 It's muted up on the top of the tab, but yeah, I'm not hearing 651 00:36:26,560 --> 00:36:27,720 anything. Let me. 652 00:36:27,720 --> 00:36:30,360 Open another tab and play it again. 653 00:36:33,840 --> 00:36:35,080 And. We're doing it live. 654 00:36:35,200 --> 00:36:38,000 We do this live. All right, let's try that one 655 00:36:38,000 --> 00:36:39,120 more time. Here we go. 656 00:36:41,080 --> 00:36:45,760 I'm still not hearing anything. All right, Opti, you want to 657 00:36:45,760 --> 00:36:47,280 hold it down? Let me see. 658 00:36:47,280 --> 00:36:49,040 Wait, let me see. Send me the link. 659 00:36:49,040 --> 00:36:50,240 Maybe I can pull it up. Yeah. 660 00:36:50,240 --> 00:36:51,720 No sound. Everyone's saying no sound. 661 00:36:51,920 --> 00:36:53,280 Yeah, hold it. Down while I just. 662 00:36:53,600 --> 00:36:56,240 Drop it drop it in the the private chat and let me see if I 663 00:36:56,240 --> 00:36:59,200 can pull it up and you download it one SEC just put it in 664 00:36:59,200 --> 00:37:02,080 private chat or actually I could probably find it yeah I'm. 665 00:37:02,080 --> 00:37:03,760 Downloading it but holding out anyways. 666 00:37:03,760 --> 00:37:08,160 Opti, what do you just explain to me your kind of experience 667 00:37:08,680 --> 00:37:14,960 on, you know, on, on, on all this while, you know, Yeah, so. 668 00:37:15,400 --> 00:37:17,520 Is this something that is? It am I crazy? 669 00:37:17,520 --> 00:37:19,680 Is this something that no, I mean look experienced as well 670 00:37:19,800 --> 00:37:21,840 one thing. I've said before on the show, 671 00:37:22,840 --> 00:37:26,520 like you guys know, my my my God-given name is not optimist 672 00:37:26,520 --> 00:37:29,440 Field. There's a pseudonym that I. 673 00:37:30,320 --> 00:37:33,280 Shows. When I had a 350 person Twitter 674 00:37:33,280 --> 00:37:37,440 account and for some reason ever since and I was doing the same 675 00:37:37,440 --> 00:37:39,000 thing I've been doing here. I was, you know, talking about 676 00:37:39,000 --> 00:37:40,480 Bitcoin. But ever since I put Optimus 677 00:37:40,480 --> 00:37:43,000 Fields on my account, it took a it took a life of its own. 678 00:37:43,400 --> 00:37:46,480 And I've personally felt this exact same thing. 679 00:37:46,480 --> 00:37:49,640 Of course, left side of the wait, left side of the bell 680 00:37:49,640 --> 00:37:53,400 curve here. I, I can't explain it as well as 681 00:37:53,400 --> 00:37:56,400 Jeff Booth does, but I've learned throughout this whole 682 00:37:56,400 --> 00:38:00,520 journey that something about Bitcoin, you know, obviously 683 00:38:00,520 --> 00:38:04,240 relieving financial stress makes you start to think about other 684 00:38:04,240 --> 00:38:06,120 things. Like once you get up the high, 685 00:38:06,200 --> 00:38:09,440 what's it Maslow's hierarchy of needs and you avoid just 686 00:38:09,440 --> 00:38:11,560 survival, you can start to think about more things. 687 00:38:11,560 --> 00:38:15,880 And I think that's what we all feel in, in the world of, of 688 00:38:15,880 --> 00:38:17,320 the, the Fiat culture we live in. 689 00:38:17,320 --> 00:38:19,480 It's like everyone stressed about money because there's like 690 00:38:19,480 --> 00:38:22,040 never enough money to go around. And then you start saving in 691 00:38:22,040 --> 00:38:25,800 Bitcoin and you actually have something to hold on to. 692 00:38:26,000 --> 00:38:28,240 And you start to realize I can focus my energies on other 693 00:38:28,240 --> 00:38:30,320 things. And so lightning guts in the 694 00:38:30,320 --> 00:38:32,680 chat always said that he's been on the show and said it before, 695 00:38:32,680 --> 00:38:36,760 like the way of Opti is the way like this is how we win is by 696 00:38:36,760 --> 00:38:39,320 our optimism about the future. Because on the other side, 697 00:38:39,320 --> 00:38:41,760 everyone's nihilistic, everyone's scared about what the 698 00:38:41,760 --> 00:38:43,920 future's gonna bring. Everyone knows there's some kind 699 00:38:43,920 --> 00:38:47,320 of danger coming down the pipeline in regards to the 700 00:38:47,320 --> 00:38:49,200 status quo culture, the Fiat culture. 701 00:38:49,200 --> 00:38:52,080 But us bitcoiners, we're always thinking about the future. 702 00:38:52,080 --> 00:38:54,000 We're always thinking about, you know, lowering our time 703 00:38:54,000 --> 00:38:55,600 preference and realizing, hey, and it's. 704 00:38:55,600 --> 00:38:57,680 Not just about me. It's about future generations 705 00:38:57,680 --> 00:39:00,360 coming after me 100. Percent and and I think that's 706 00:39:00,360 --> 00:39:02,880 because we've changed our unit of account. 707 00:39:02,880 --> 00:39:04,720 Anyways, I have, I have the video ready. 708 00:39:04,720 --> 00:39:07,920 Let's check it out. Just keep saying like over and 709 00:39:07,920 --> 00:39:11,760 over and over again, the natural state of the free market is 710 00:39:11,760 --> 00:39:14,080 deflation. And once you understand that, 711 00:39:14,200 --> 00:39:17,440 then you understand everything else is stopping it. 712 00:39:18,520 --> 00:39:21,600 And if you think your prices are going up and if you think this 713 00:39:21,600 --> 00:39:25,480 politician and this is going to growth, like listen to 714 00:39:25,480 --> 00:39:27,240 politicians talk about growth today. 715 00:39:28,040 --> 00:39:31,600 They're talking about their productivity growth is faster 716 00:39:31,600 --> 00:39:34,040 deflation. So what they're actually talking 717 00:39:34,040 --> 00:39:37,000 about is we're going to manipulate money faster to steal 718 00:39:37,000 --> 00:39:40,600 more money from you. They're not talking about growth 719 00:39:40,600 --> 00:39:42,680 at all. So just keep the natural state 720 00:39:42,680 --> 00:39:47,080 of the free market is deflation. Then everything that stops it is 721 00:39:47,080 --> 00:39:50,280 a is not a political system, It's not an economic system. 722 00:39:50,280 --> 00:39:53,600 It's a control system. And it's so critical. 723 00:39:53,600 --> 00:39:57,680 Now why that's important in AI is as AI moves faster and 724 00:39:57,680 --> 00:39:59,640 faster, which it inevitably will. 725 00:40:00,680 --> 00:40:05,120 Exponentially. And it merges with robot robots 726 00:40:05,120 --> 00:40:09,040 that can do anything that that you can do way better, faster. 727 00:40:10,280 --> 00:40:15,280 The business that hires that, that bring rings in robots that 728 00:40:15,280 --> 00:40:18,720 you say you won't use because they're removing labor, you will 729 00:40:18,720 --> 00:40:21,680 use because it's cheaper for you, you will use it. 730 00:40:22,000 --> 00:40:25,400 And if a business doesn't use that, they will go broke because 731 00:40:25,400 --> 00:40:28,800 you will choose differently. So if your choices are driving 732 00:40:28,800 --> 00:40:33,080 this to lower and lower prices, shouldn't you benefit in an 733 00:40:33,080 --> 00:40:37,000 economic system that that is is repricing that and sharing that 734 00:40:37,000 --> 00:40:38,840 abundance with all all people on earth? 735 00:40:39,520 --> 00:40:43,560 That's what Bitcoin is doing. So Bitcoin is just, if you just 736 00:40:43,560 --> 00:40:48,160 took kind of $900 trillion balance sheet, which is the 737 00:40:48,160 --> 00:40:52,520 world's balance sheet today and there's 21 million Bitcoin, then 738 00:40:52,560 --> 00:40:56,480 the implied value as long as it stays decentralized and secure 739 00:40:56,480 --> 00:40:59,960 of Bitcoin is about $43 million per Bitcoin today. 740 00:41:00,760 --> 00:41:05,280 But that $900 trillion because you just 900 trillion / 21 741 00:41:05,280 --> 00:41:08,240 million million, all it has to do is stay decentralized and 742 00:41:08,240 --> 00:41:11,120 secure for in time that to be true. 743 00:41:11,560 --> 00:41:13,320 It's it's repricing the other system. 744 00:41:14,320 --> 00:41:17,840 But $900 trillion balance sheet today has $400 trillion of debt 745 00:41:17,840 --> 00:41:21,080 against it. And that debt is already 746 00:41:21,080 --> 00:41:22,840 insolvent. And if it what if it was 747 00:41:22,840 --> 00:41:25,560 actually marked to market, the balance sheet of the world 748 00:41:25,560 --> 00:41:28,680 wouldn't be 900 trillion. You'd have a cascading collapse. 749 00:41:28,720 --> 00:41:31,280 All real estate prices, banks would fail, everything would 750 00:41:31,280 --> 00:41:33,680 collapse. So the only reason it's 900 751 00:41:33,680 --> 00:41:36,960 trillion essentially what you're measuring the world through and 752 00:41:36,960 --> 00:41:39,880 you're part of that Ledger. The only reason it's 900 753 00:41:39,880 --> 00:41:43,360 trillion is because you think the debt is solvent and you will 754 00:41:43,360 --> 00:41:46,720 vote for somebody who manipulates money unless instead 755 00:41:46,720 --> 00:41:51,960 of allowing a collapse. What does that mean? 756 00:41:52,600 --> 00:41:56,840 That means probably four or five years from now the $900 trillion 757 00:41:56,840 --> 00:41:58,800 balance sheet won't be 900 trillion. 758 00:41:58,800 --> 00:42:03,160 It would be two quadrillion. And then if, if Bitcoin versus 759 00:42:03,160 --> 00:42:08,320 that balance sheet and the cost of living from there was 90 760 00:42:08,320 --> 00:42:11,760 million terminal value of Bitcoin, it would be the same 761 00:42:11,760 --> 00:42:16,520 purchasing power, right? But the more important part is 762 00:42:16,520 --> 00:42:20,040 what I'll say here. Prices fall forever. 763 00:42:20,240 --> 00:42:24,520 So relative to Bitcoin, your $43 million purchasing power and 764 00:42:24,520 --> 00:42:29,880 terminal value today buys more and more forever because prices 765 00:42:29,880 --> 00:42:32,200 will fall relative to it for forever. 766 00:42:32,680 --> 00:42:37,600 So as a general case, if you just say, how much do I own of 767 00:42:37,600 --> 00:42:41,400 the Ledger, the 900 trillion today? 768 00:42:41,880 --> 00:42:46,760 And make sure you own at least that in, in in Bitcoin and then 769 00:42:46,760 --> 00:42:48,800 start. And as you start to understand 770 00:42:48,800 --> 00:42:51,440 this more, you start to understand what's happening. 771 00:42:52,240 --> 00:42:56,000 Start to move some of your time from the system that's Co opting 772 00:42:56,000 --> 00:42:59,520 your attention to the system that's uniting people and and 773 00:42:59,520 --> 00:43:01,400 building to truth, hope and abundance. 774 00:43:01,760 --> 00:43:05,600 And you'll find yourself more happier as you do that because 775 00:43:05,600 --> 00:43:08,840 it's consistent where we are going as a society. 776 00:43:09,720 --> 00:43:14,560 I mean, like beautifully said by, you know, Jeff Booth, he has 777 00:43:14,560 --> 00:43:17,200 an elegant way of, of, of absolutely putting it. 778 00:43:17,200 --> 00:43:19,720 Shout out to Natalie, obviously for, for hosting him. 779 00:43:20,720 --> 00:43:23,720 But yeah, man, I mean, it's, it's absolutely. 780 00:43:23,720 --> 00:43:27,400 I remember when he told me that when he came on simply Bitcoin 781 00:43:27,520 --> 00:43:30,320 IRL. Like it's, it's so hard to 782 00:43:30,320 --> 00:43:35,280 understand because of how much time we've spent in this system 783 00:43:35,280 --> 00:43:38,440 of just things getting progressively more expensive. 784 00:43:39,320 --> 00:43:42,960 It's very difficult to understand and also to, to opt 785 00:43:42,960 --> 00:43:45,400 out because he said it in the, in the at the very end, he's 786 00:43:45,400 --> 00:43:49,520 like, don't even give that system your time, right? 787 00:43:49,520 --> 00:43:52,080 Because that, that, that that's essentially what it's doing. 788 00:43:52,080 --> 00:43:55,320 It's, it's, it's, it's, it's, it's parasitic in nature. 789 00:43:55,760 --> 00:43:59,600 It sucks your attention. It drains your money, it drains 790 00:43:59,600 --> 00:44:01,280 your time. I would see, I would even say 791 00:44:01,280 --> 00:44:05,200 like it drains your spiritual energy in a way, right? 792 00:44:05,680 --> 00:44:10,440 And if you just migrate to just thinking in Bitcoin and building 793 00:44:10,440 --> 00:44:16,200 in Bitcoin and using Bitcoin as your unit of account, like I've 794 00:44:16,200 --> 00:44:18,840 seen my life get better. I've seen Opti's life get 795 00:44:18,840 --> 00:44:20,760 better. I've seen my family's life get 796 00:44:20,760 --> 00:44:23,640 better as I've migrated to a Bitcoin standard. 797 00:44:23,640 --> 00:44:29,440 And I, I, I 100% agree with Jeff Booth in the sense that you know 798 00:44:29,440 --> 00:44:32,480 what, what the total global economy is, the 900 trillion, 799 00:44:32,480 --> 00:44:38,080 whatever that number is. Yeah, I think over time all 800 00:44:38,080 --> 00:44:43,200 things that are inferior stores of value and the bloated stores 801 00:44:43,200 --> 00:44:51,960 of value I think are going to migrate to towards Bitcoin. 802 00:44:53,280 --> 00:44:55,920 That's my take on all this. Yeah. 803 00:44:55,920 --> 00:44:58,520 I mean, Mclovin says the best stop being a battery for the 804 00:44:58,520 --> 00:45:00,560 Matrix. I think that's a very, very, 805 00:45:01,160 --> 00:45:03,240 very good point. Lightning Goat says, yeah, it is 806 00:45:03,240 --> 00:45:07,840 a vampire system. Anyways, yeah, I'm so bullish on 807 00:45:07,840 --> 00:45:11,080 the future. CK says it, you're not bullish 808 00:45:11,080 --> 00:45:14,160 enough. And I think Jeff Booth just has 809 00:45:14,160 --> 00:45:18,240 such an elegant way of just putting it, voicing it, 810 00:45:18,320 --> 00:45:23,120 understanding the concept that, you know, Bitcoin is Bitcoin is 811 00:45:23,120 --> 00:45:25,040 the true price signals on things. 812 00:45:25,960 --> 00:45:28,120 It's not dollars. It's Bitcoin. 813 00:45:28,360 --> 00:45:31,920 Like, you know, when you're looking at housing, at food, in 814 00:45:31,920 --> 00:45:36,440 the grocery store, price your life in Bitcoin, Like look at a 815 00:45:36,440 --> 00:45:38,120 look at how things will change for you. 816 00:45:38,600 --> 00:45:43,680 Because it it it, it's actually showing, it's actually giving 817 00:45:43,680 --> 00:45:50,440 you the benefits of technology deflation versus the dollar. 818 00:45:51,000 --> 00:45:56,520 That the benefits of technology deflation is being literally 819 00:45:57,760 --> 00:46:02,120 taken from the populace, given back to the state. 820 00:46:02,760 --> 00:46:07,280 And then Bitcoin is giving that back to the people. 821 00:46:07,840 --> 00:46:12,160 And This is why the state inherently dislikes it. 822 00:46:12,360 --> 00:46:17,040 This is why the state inherently dislikes self custody, because 823 00:46:17,040 --> 00:46:19,680 they've been operating in a system of theft. 824 00:46:20,040 --> 00:46:23,760 And in a system of theft, coercion is necessary for that 825 00:46:23,760 --> 00:46:28,840 system to function. So yeah, Jeff Booth dropping the 826 00:46:28,840 --> 00:46:31,000 hot fire. Opti, what's your take on this 827 00:46:31,000 --> 00:46:33,320 before I move on to the culture? Yeah. 828 00:46:33,320 --> 00:46:36,600 Well, you know, Jeff Booth has a way of making me feel like I'm 829 00:46:36,600 --> 00:46:39,960 not bullish enough. He's so calm when he does it. 830 00:46:39,960 --> 00:46:43,720 So it makes me feel like, man, I know when I get excited and I 831 00:46:43,720 --> 00:46:46,760 talk about Bitcoin, I get super bullet tardy and I'm I'm just 832 00:46:46,760 --> 00:46:49,200 loud by nature. So everyone's like, oh, he's 833 00:46:49,200 --> 00:46:50,600 just crazy. Write him off. 834 00:46:50,840 --> 00:46:55,200 But when Jeff Booth does it, it's like very calm, collected. 835 00:46:55,560 --> 00:46:59,560 And you realize, like, wow, maybe, maybe he's thought about 836 00:46:59,560 --> 00:47:02,320 this a little more than I have when a lot of us Bitcoiners just 837 00:47:02,320 --> 00:47:04,640 get stupidly bullish and we just throw crazy numbers out. 838 00:47:04,640 --> 00:47:07,640 But when you hear that segment, you're like, yeah, you know, the 839 00:47:07,640 --> 00:47:11,800 world is trending to zero against Bitcoin, and they're 840 00:47:11,800 --> 00:47:15,400 slowly waking up to it. And This is why I know Nico 841 00:47:15,400 --> 00:47:17,880 yells at me all the time. I say it, but Jeff Booth says it 842 00:47:17,880 --> 00:47:20,080 in a way nicer way. I just speak in meme so it 843 00:47:20,080 --> 00:47:24,280 sounds rough but This is why we say it's acidic relationship. 844 00:47:24,280 --> 00:47:27,800 They they literally the the greatest trick that has ever 845 00:47:27,800 --> 00:47:31,840 been pulled on humanity is this idea that we have to use paper 846 00:47:31,840 --> 00:47:35,200 money, something that they can literally print to oblivion. 847 00:47:35,200 --> 00:47:39,400 They can debase our currency. They can pretty much take all of 848 00:47:39,400 --> 00:47:42,040 our wealth, all of our life force, make sure we are stuck in 849 00:47:42,040 --> 00:47:45,520 the rat race. And as long as people don't 850 00:47:45,520 --> 00:47:49,280 understand the mechanism of of inflation or how the Fiat system 851 00:47:49,280 --> 00:47:53,880 works, they're basically able to just sit there and take our life 852 00:47:53,880 --> 00:47:56,120 force away so that they can build all this stuff. 853 00:47:56,120 --> 00:47:59,600 And we all stay poor and we are never able to, you know, rise up 854 00:47:59,600 --> 00:48:01,800 out of our natural born position. 855 00:48:02,120 --> 00:48:05,800 And This is why we love Bitcoin so much is because if you prove 856 00:48:05,800 --> 00:48:08,520 the work, if you work hard, you stack sats, you're responsible, 857 00:48:08,520 --> 00:48:12,280 you have some discipline, like you're able to move up in in 858 00:48:12,280 --> 00:48:16,360 life and become a better person. And This is why I think it is so 859 00:48:16,360 --> 00:48:20,080 important to continue to remind people that this is about living 860 00:48:20,080 --> 00:48:22,840 a better life. Not only is it like a what Nico, 861 00:48:22,840 --> 00:48:25,040 we put in the title of like, you know, you're going to get rich 862 00:48:25,040 --> 00:48:29,200 in the thumbnail. It's about improving freedom on 863 00:48:29,200 --> 00:48:31,360 planet Earth. It's about improving your 864 00:48:31,360 --> 00:48:33,920 personal sovereignty. It's about improving your health 865 00:48:34,120 --> 00:48:36,960 and your wealth and your mental stability here. 866 00:48:36,960 --> 00:48:40,600 Because we've all been stolen from for the last hundreds of 867 00:48:40,600 --> 00:48:43,680 years, ever since we got on to ever since the Federal Reserve 868 00:48:43,680 --> 00:48:46,680 was created. What we've been stolen from used 869 00:48:46,680 --> 00:48:49,560 to, it used to be, you know, coin clipping like from central 870 00:48:49,560 --> 00:48:51,960 banks in the past. It used to be, you know, the, 871 00:48:52,000 --> 00:48:54,680 the, the reason we even got the Fiat in the 1st place is because 872 00:48:54,680 --> 00:48:58,680 we couldn't trust the, the metal or what's it metallurgists, you 873 00:48:58,680 --> 00:49:00,600 know, the, the Goldsmiths out there. 874 00:49:00,880 --> 00:49:05,400 So like now Satoshi has given us a technology that can't be 875 00:49:05,400 --> 00:49:08,400 stolen from as long as you take your private keys into self 876 00:49:08,400 --> 00:49:10,640 custody, as long as you're owning your Bitcoin and not 877 00:49:10,640 --> 00:49:13,640 trusting someone else with it, your wealth will no longer get 878 00:49:13,640 --> 00:49:15,520 debased. And as and if we've seen 879 00:49:15,520 --> 00:49:20,680 anything in the last what, 1020 years since social media and the 880 00:49:20,680 --> 00:49:24,240 Internet age, technology gets cheaper over time. 881 00:49:24,240 --> 00:49:28,520 And I think we've said it on the show before that as much as we 882 00:49:28,520 --> 00:49:30,880 love the Internet and it's giving us all this stuff and 883 00:49:30,880 --> 00:49:34,640 we're all interconnected, I'm kind of leaning into the idea 884 00:49:34,640 --> 00:49:37,320 that the Internet, the sole purpose of the Internet, was to 885 00:49:37,320 --> 00:49:39,720 give us Bitcoin. It just took a little while for 886 00:49:39,720 --> 00:49:43,000 it to actually happen. And now we have this technology 887 00:49:43,240 --> 00:49:46,720 that you can store, that you can hold on for the long term and 888 00:49:46,720 --> 00:49:49,400 your wealth cannot get the base. That's what this is all about. 889 00:49:49,400 --> 00:49:52,720 The Fiat system is literally stealing from you, and it does 890 00:49:52,720 --> 00:49:56,960 it so silently and so subtly that most people aren't aware of 891 00:49:56,960 --> 00:49:59,680 how this works. And This is why the traditional 892 00:49:59,680 --> 00:50:03,320 financial system is so murky and complicated in the first places 893 00:50:03,320 --> 00:50:06,160 because hey, you're too dumb to understand how this works. 894 00:50:06,160 --> 00:50:08,440 Trust the experts, trust the money managers. 895 00:50:08,440 --> 00:50:11,880 We know what we're doing. And now Bitcoin has, you know, 896 00:50:11,880 --> 00:50:16,080 decentralized or using another D word, you know, democratize 897 00:50:16,080 --> 00:50:18,840 money in the sense that you don't need to go with the other 898 00:50:18,840 --> 00:50:21,240 people. You just need to save Bitcoin 899 00:50:21,560 --> 00:50:24,560 and your life gets better. And again, This is why we 900 00:50:24,560 --> 00:50:28,000 started this bit with it. It has, you know, I know the, 901 00:50:28,000 --> 00:50:31,440 the spiritual world word is a little, you know, woo woo to 902 00:50:31,440 --> 00:50:37,240 people, but it has a intangible improvement on your psychology. 903 00:50:37,240 --> 00:50:40,280 And I, I like, I think it was loco in the chat, he said, like, 904 00:50:40,280 --> 00:50:42,440 I've never met an unhappy Bitcoiner. 905 00:50:42,640 --> 00:50:44,720 It's like, yes, a lot of the things we talked about is doom 906 00:50:44,720 --> 00:50:46,920 and gloom because we see what's going on. 907 00:50:47,160 --> 00:50:50,120 We're very pragmatic of, of the situation we're in. 908 00:50:50,320 --> 00:50:52,480 But when you start talking about Bitcoin and what it does for the 909 00:50:52,480 --> 00:50:54,360 future, it's hard not to get hopeful. 910 00:50:54,360 --> 00:50:57,640 It's hard not to have hope and be happy and looking forward 911 00:50:57,640 --> 00:50:59,280 towards the future that's coming. 912 00:50:59,280 --> 00:51:02,120 It's hard not to be optimistic when you are a bitcoiner. 913 00:51:02,120 --> 00:51:04,360 And This is why we love Bitcoin. Amen to. 914 00:51:04,360 --> 00:51:06,840 That Amen to that All right everybody, before we move on to 915 00:51:06,840 --> 00:51:10,200 the culture, I do want to give a shout to our lead sponsor and of 916 00:51:10,200 --> 00:51:11,360 course I'm talking about Bitcoin Well. 917 00:51:11,360 --> 00:51:13,560 Bitcoin well is the best place to build your automatic self 918 00:51:13,560 --> 00:51:16,840 custody Bitcoin stack. And by the way, if you're an 919 00:51:16,840 --> 00:51:20,360 existing customer of Bitcoin Well, every time you buy Bitcoin 920 00:51:20,360 --> 00:51:23,720 on Bitcoin well, you earn Bitcoin well points and you 921 00:51:23,720 --> 00:51:25,960 could redeem those points. You could use those points 922 00:51:26,200 --> 00:51:27,880 towards the Bitcoin wishing well. 923 00:51:28,080 --> 00:51:31,200 The Bitcoin wishing well is a little kind of like raffle 924 00:51:31,200 --> 00:51:34,640 contest thing. Basically you toss a coin into 925 00:51:34,640 --> 00:51:38,440 the Bitcoin wishing well and you have an opportunity to win up to 926 00:51:38,480 --> 00:51:41,560 1,000,000 satoshi. So I'm going to do 2 top two 927 00:51:42,040 --> 00:51:45,080 tosses today. First person to scan the QR code 928 00:51:45,240 --> 00:51:48,920 gets the 500 sats. We're going to toss another coin 929 00:51:49,480 --> 00:51:51,920 up to you can win up to 1,000,000 Satoshi's. 930 00:51:51,920 --> 00:51:58,840 Let's see see what happens. One more toss and 500 SAT. 931 00:51:58,840 --> 00:52:04,200 So first person to scan those QR codes gets free Satoshi's again. 932 00:52:04,280 --> 00:52:08,600 If you use the promo code simply BTC, you get 3 tosses into the 933 00:52:08,600 --> 00:52:11,960 wishing well for free. And you can only do this 934 00:52:11,960 --> 00:52:15,840 obviously on Bitcoin Well, also their sell, but their sell 935 00:52:15,840 --> 00:52:18,360 feature was just released. So for whatever reason you want 936 00:52:18,360 --> 00:52:21,520 to sell your Bitcoin, you could do it through bitcoinwell.com as 937 00:52:21,520 --> 00:52:24,800 well. So head over to bitcoinwell.com. 938 00:52:24,800 --> 00:52:28,600 Support self custody by default. Bitcoin on ramps Also want to 939 00:52:28,600 --> 00:52:30,560 give a shout out to the orange pull app. 940 00:52:30,560 --> 00:52:33,640 The orange pull app is the Bitcoin social layer stack 941 00:52:33,640 --> 00:52:38,440 friends who stats stats join the 11,178 bitcoiners that are 942 00:52:38,440 --> 00:52:41,320 currently on the app has a really cool geographical 943 00:52:41,320 --> 00:52:43,080 feature. So if you move to a new city, 944 00:52:43,080 --> 00:52:46,600 you're traveling, whatever it is you're doing, you could pull up 945 00:52:46,600 --> 00:52:48,880 the Orange Pull app and it will literally show you the 946 00:52:48,880 --> 00:52:52,280 Bitcoiners that are near you. It's a great way to connect with 947 00:52:52,280 --> 00:52:55,160 fellow bitcoiners. It's the best way to reach me 948 00:52:55,160 --> 00:52:56,920 directly. If you want to contact me for 949 00:52:56,920 --> 00:52:59,840 whatever reason, download the Orange Pull app, pull it up. 950 00:53:00,080 --> 00:53:02,440 You can send me Adm and I will get back to you. 951 00:53:02,560 --> 00:53:05,320 So download the Orange Pull app today, scan the QR code or check 952 00:53:05,320 --> 00:53:06,680 the link in the video description. 953 00:53:06,800 --> 00:53:08,280 All right, everybody, let's hit the culture. 954 00:53:10,400 --> 00:53:18,960 The daily Culture give a. Shout out to Kaboom Racks. 955 00:53:19,280 --> 00:53:22,640 Kaboom Racks is the most trusted place to buy, sell and host 956 00:53:22,640 --> 00:53:24,880 mining equipment. You got to check out the racks 957 00:53:24,880 --> 00:53:27,080 today. You could do that by checking 958 00:53:27,080 --> 00:53:29,280 the link in the video description or scanning the QR 959 00:53:29,280 --> 00:53:31,760 code that will take you directly to their Telegram marketplace 960 00:53:32,000 --> 00:53:33,800 where you can connect with a member of their sales team. 961 00:53:34,040 --> 00:53:36,640 They make purchasing their products easy and transparent. 962 00:53:36,640 --> 00:53:38,720 You could also sell your mining equipment with them. 963 00:53:38,920 --> 00:53:42,040 Access their vast network of domestic and international 964 00:53:42,040 --> 00:53:45,080 customers when you sell your mining equipment with Kaboom 965 00:53:45,080 --> 00:53:47,120 racks. Also check out their special 966 00:53:47,120 --> 00:53:50,080 deal that's going on right now. They're offering instant hosting 967 00:53:50,240 --> 00:53:54,040 for an S19K Pro. Your hash rate goes online after 968 00:53:54,040 --> 00:53:56,440 your payment is confirmed. You own the miner. 969 00:53:56,440 --> 00:53:58,080 This is not a hash rate contract. 970 00:53:58,240 --> 00:54:01,840 To get started, scan the QR code or check the link in the video 971 00:54:01,840 --> 00:54:03,480 description. Alright everybody, we're going 972 00:54:03,480 --> 00:54:06,680 to talk about UTXO management, something that is incredibly 973 00:54:06,680 --> 00:54:08,320 important. There's a fly in my room. 974 00:54:08,320 --> 00:54:12,200 It's going everywhere and something that a lot of 975 00:54:12,320 --> 00:54:15,160 bitcoiners, especially people that are just going in, don't 976 00:54:15,160 --> 00:54:18,280 fully appreciate. So what is the UTXO management 977 00:54:18,280 --> 00:54:18,600 option? Yeah. 978 00:54:19,040 --> 00:54:21,280 Yeah. All right, so first though, I'm 979 00:54:21,320 --> 00:54:24,040 going to start over here on Men Pulled Out Space so you guys can 980 00:54:24,040 --> 00:54:26,040 check for yourself. You know, I know for the last 981 00:54:26,040 --> 00:54:28,440 couple of weeks people are like, oh, the fees are never going to 982 00:54:28,440 --> 00:54:30,280 go down. Ever since the halving there was 983 00:54:30,280 --> 00:54:34,640 all this crazy what ruins and ordinal stuff that made the 984 00:54:34,640 --> 00:54:37,160 halving block an incredible amount of money. 985 00:54:37,440 --> 00:54:39,560 But you can see here I'm on Men Pulled Out Space. 986 00:54:40,080 --> 00:54:43,320 You know the mempholes seem to be clearing out six SAT's fees 987 00:54:43,320 --> 00:54:46,000 is pretty reasonable. Will we ever get back to you 988 00:54:46,000 --> 00:54:49,640 know one SAT fees? Who knows, but six SAT fees is 989 00:54:49,800 --> 00:54:52,240 it's a pretty good time to be consolidating your UTX OS. 990 00:54:52,240 --> 00:54:55,240 This is why I've been wanting to bring this up for you guys is 991 00:54:55,240 --> 00:54:59,440 because right now is as good a time as ever to consolidate some 992 00:54:59,440 --> 00:55:02,400 UTX OS. So I do have some reading here 993 00:55:02,400 --> 00:55:04,400 for you guys. I actually will drop this in the 994 00:55:04,400 --> 00:55:06,160 description for you guys after the show. 995 00:55:06,160 --> 00:55:08,200 So if you want to go back and read this whole thing for 996 00:55:08,200 --> 00:55:11,480 yourself, it'll be in this the description once the show ends 997 00:55:11,720 --> 00:55:13,760 right now. I forgot to do that before, but 998 00:55:13,760 --> 00:55:16,360 anyways, I'm over here on a lot blog. 999 00:55:16,360 --> 00:55:19,800 I actually have two posts here that will kind of elaborate on 1000 00:55:19,800 --> 00:55:22,400 what's going on. So this one is titled 1001 00:55:22,400 --> 00:55:26,160 economically unspendable Bitcoin Utx OS and the to UTXO 1002 00:55:26,160 --> 00:55:29,240 management guidance for avoiding shooting yourself in the foot. 1003 00:55:29,560 --> 00:55:32,200 So going into this a little, a little bit, you know what is a 1004 00:55:32,200 --> 00:55:34,160 UTXO? Someone in the chat asked what a 1005 00:55:34,200 --> 00:55:37,000 UTXO is. So a UTXO is an unspent 1006 00:55:37,000 --> 00:55:40,600 transaction output or in a layman's terms, a deposit that 1007 00:55:40,600 --> 00:55:43,680 has been made into your wallet. Every time you receive a Bitcoin 1008 00:55:43,680 --> 00:55:47,080 deposit, a new UTXO is created that will later need to be 1009 00:55:47,080 --> 00:55:49,200 spent. Just think about it this way. 1010 00:55:49,200 --> 00:55:52,360 It's all UTX OS, all the quote UN quote Bitcoin that you own. 1011 00:55:52,360 --> 00:55:55,440 It's only UTX OS. It's UTX OS all the way down. 1012 00:55:55,720 --> 00:55:59,280 Everything that you are quote UN quote holding in your wallet is 1013 00:55:59,280 --> 00:56:01,000 just an unspent transaction output. 1014 00:56:01,080 --> 00:56:04,040 And every time you send a Bitcoin, you know a transaction, 1015 00:56:04,040 --> 00:56:06,760 it turns into another unspent transaction output. 1016 00:56:06,760 --> 00:56:09,040 It's only UTX OS. That's how Bitcoin works. 1017 00:56:09,280 --> 00:56:13,080 Again, not getting you lost in the weeds here, but let's go 1018 00:56:13,080 --> 00:56:15,160 into kind of what you should be doing. 1019 00:56:15,160 --> 00:56:19,120 So an economically unspentable UTX OS, a UTX O that cost more 1020 00:56:19,120 --> 00:56:22,840 to spend than it's worth. And a lot of times when you hear 1021 00:56:22,840 --> 00:56:25,960 new entrants into Bitcoin, they, you know, they may have been 1022 00:56:25,960 --> 00:56:27,480 stacking small amounts of Bitcoin. 1023 00:56:27,480 --> 00:56:30,120 Then the fees rise and they're like, Oh my God, Bitcoin doesn't 1024 00:56:30,120 --> 00:56:31,520 work. Like this is broken. 1025 00:56:31,520 --> 00:56:33,920 This is trash. And it's like, no, it just you 1026 00:56:33,920 --> 00:56:36,920 don't understand how the Bitcoin network works in general. 1027 00:56:37,280 --> 00:56:40,280 So the Bitcoin network has always grabbed with the concept 1028 00:56:40,280 --> 00:56:43,560 of dust, which is the creation of UTX OS that have basically no 1029 00:56:43,560 --> 00:56:46,480 value but are undesirable because they increase the size 1030 00:56:46,480 --> 00:56:50,560 of the global UTX OS set. And right now I'm pretty sure it 1031 00:56:50,560 --> 00:56:52,320 actually depends. And this is what the next 1032 00:56:52,320 --> 00:56:53,840 article is going to be. I'm not going to cover it all, 1033 00:56:53,840 --> 00:56:58,760 but you really don't want any UTXO under, I think depending on 1034 00:56:58,760 --> 00:57:02,200 if your address is 1, it's under 546 SAT's I believe. 1035 00:57:02,200 --> 00:57:07,160 And it kind of varies depending on the other receiving Bitcoin 1036 00:57:07,160 --> 00:57:09,560 addresses that you get anyways. Why should you care? 1037 00:57:10,360 --> 00:57:12,680 A recurring pattern, like I said, with Bitcoin wallet, 1038 00:57:12,680 --> 00:57:15,320 someone starts using Bitcoin during a bear market, the fees 1039 00:57:15,320 --> 00:57:17,760 are dirt cheap. They may get into mining, you 1040 00:57:17,760 --> 00:57:20,200 know, they're stacking the activity results in daily or 1041 00:57:20,200 --> 00:57:21,880 weekly deposits into their wallet. 1042 00:57:22,240 --> 00:57:25,600 Or if you're stacking with our sponsor, Bitcoin, well, every 1043 00:57:25,600 --> 00:57:29,160 time you buy Bitcoin, it sends you a UTXO and you probably have 1044 00:57:29,160 --> 00:57:32,600 a bunch of Utxos in your wallet and you don't really know how 1045 00:57:32,600 --> 00:57:36,360 this stuff works. And so if the fees get crazy and 1046 00:57:36,360 --> 00:57:38,880 you're buying small amounts of Bitcoin, it might become 1047 00:57:38,880 --> 00:57:40,440 unspendable in the future. Sure. 1048 00:57:40,800 --> 00:57:44,320 So let's just go down again. I'm not going to get all into 1049 00:57:44,320 --> 00:57:46,360 this, but was there a portion in here? 1050 00:57:46,360 --> 00:57:49,400 I thought this was the one. OK, it must be this next one, 1051 00:57:50,280 --> 00:57:52,640 this one on Bitcoin magazine to dust. 1052 00:57:52,640 --> 00:57:55,760 You shall return an analysis on different free rates and the 1053 00:57:55,760 --> 00:57:58,960 consequences that has on the economics of spending UTX OS of 1054 00:57:58,960 --> 00:58:01,240 different values. Actually, let me let me show you 1055 00:58:01,240 --> 00:58:05,520 this picture here so you can think of it this way again in 1056 00:58:05,520 --> 00:58:08,680 mean forms. What we're doing here is so say 1057 00:58:08,680 --> 00:58:14,600 you received 11 UTXO one Bitcoin transaction and right here it's 1058 00:58:14,600 --> 00:58:19,680 .000018 and then you receive a second Bitcoin transaction of 1059 00:58:19,680 --> 00:58:23,200 .025 to a different address. Well, now in your wallet you can 1060 00:58:23,200 --> 00:58:26,560 think of it like having a bunch of bills in your wallet and you 1061 00:58:26,560 --> 00:58:30,000 know it could be like a think of it like a $1.00 bill or a $5.00 1062 00:58:30,000 --> 00:58:34,040 bill or maybe like $0.99 and you want to turn it into a dollar. 1063 00:58:34,480 --> 00:58:37,000 That's kind of how you can use a framework here. 1064 00:58:37,240 --> 00:58:41,280 And all you really have to do guys, is just pick your UTX OS. 1065 00:58:41,280 --> 00:58:46,120 If you have a like Sparrow or Electrum or a lot of phone 1066 00:58:46,120 --> 00:58:48,480 wallets will also allow you to pick UTX OS. 1067 00:58:48,480 --> 00:58:51,840 But some of the wallets kind of make sure that you don't know 1068 00:58:51,840 --> 00:58:53,720 any of this complexity. And all you got to do is 1069 00:58:53,720 --> 00:58:57,200 basically just send a transaction with a big chunk of 1070 00:58:57,200 --> 00:59:00,120 your Bitcoin to a new address in your wallet and that will 1071 00:59:00,120 --> 00:59:03,560 consolidate your UTX OS. So again, OK, here we go. 1072 00:59:03,560 --> 00:59:05,000 This is the one I was looking for. 1073 00:59:05,200 --> 00:59:09,400 So this is on BTC sessions. How to consolidate UTX OS? 1074 00:59:09,480 --> 00:59:12,280 It's super easy if you're using a wallet like Sparrow Wallet. 1075 00:59:12,280 --> 00:59:15,960 You can select specific UTX OS to consolidate or consolidate 1076 00:59:15,960 --> 00:59:18,640 all at once. The process involves selecting 1077 00:59:18,640 --> 00:59:21,000 the UTX OS you wish to consolidate or if you're using 1078 00:59:21,000 --> 00:59:25,480 one of those smartphone wallets, just send a transaction of a 1079 00:59:25,480 --> 00:59:28,360 good chunk of the total Bitcoin in your wallet to a new address 1080 00:59:28,360 --> 00:59:31,240 in your wallet and you're consolidating UTX OS. 1081 00:59:31,320 --> 00:59:34,320 So again, you just send them to another address in your in your 1082 00:59:34,320 --> 00:59:37,360 Bitcoin wallet, label the address so you can easily 1083 00:59:37,360 --> 00:59:39,760 identify it and all that good stuff. 1084 00:59:39,760 --> 00:59:43,400 So the next question, because the process is easy, literally 1085 00:59:43,400 --> 00:59:47,360 just send a Bitcoin transaction to yourself with the UTX OS you 1086 00:59:47,360 --> 00:59:51,280 select or say you have, you know, say you've been stacking a 1087 00:59:51,280 --> 00:59:56,320 million sets for the last 50 weeks and in your wallet it says 1088 00:59:56,320 --> 00:59:59,600 you own half a Bitcoin. But in reality you have 50 UTX 1089 00:59:59,680 --> 01:00:02,040 OS in your wallet. All you got to do is say, you 1090 01:00:02,040 --> 01:00:06,840 know, I don't know, create like a 10 million transaction. 1091 01:00:07,480 --> 01:00:09,720 And send it to yourself and you're good to go. 1092 01:00:09,720 --> 01:00:12,160 That's literally the process. But there are some 1093 01:00:12,160 --> 01:00:14,280 considerations and again, I'm not going to read this whole 1094 01:00:14,280 --> 01:00:18,320 article, but my boy Joe Rogers at Bitcoin Magazine broke it 1095 01:00:18,320 --> 01:00:21,640 down completely. Again, I will drop it into the 1096 01:00:21,640 --> 01:00:24,640 description so you guys can read this yourself. 1097 01:00:24,840 --> 01:00:28,280 So the key takeaways is thus thresholds is lower than you 1098 01:00:28,280 --> 01:00:30,600 think, especially in high transaction fee markets. 1099 01:00:30,760 --> 01:00:33,480 When withdrawing BTC from exchanges, consider waiting 1100 01:00:33,480 --> 01:00:37,120 until your balance is above a million SAT's or .01 before 1101 01:00:37,120 --> 01:00:40,360 sending to your storage. If you have many small under 1102 01:00:40,360 --> 01:00:46,320 .001 or 100,000 UTX OS, you must consolidate them into larger UTX 1103 01:00:46,320 --> 01:00:50,200 OS while fees are low. So this isn't this isn't a 1104 01:00:50,200 --> 01:00:54,320 necessary science here, but what you want to be doing is just 1105 01:00:54,320 --> 01:00:56,280 consider the amount of Bitcoin you have. 1106 01:00:56,280 --> 01:00:59,960 If you're stacking, if you're part of ADCA program and you're 1107 01:00:59,960 --> 01:01:03,800 stacking say like $100 every week, then over time you're 1108 01:01:03,800 --> 01:01:06,480 going to have to consolidate your UTX OS. 1109 01:01:06,480 --> 01:01:08,800 And again, it's literally literally just taking an amount 1110 01:01:08,800 --> 01:01:11,760 of those UTX OS and sending it to a new address within your own 1111 01:01:11,760 --> 01:01:14,480 wallet. And that's consolidating your 1112 01:01:14,880 --> 01:01:16,960 UTX OS, consolidating your Bitcoin. 1113 01:01:17,240 --> 01:01:20,160 And so the real discussion here that I think we should have 1114 01:01:20,160 --> 01:01:23,400 Nico, is what size UTX OS should you have? 1115 01:01:23,640 --> 01:01:25,840 As I said, and you guys could read these articles for 1116 01:01:25,840 --> 01:01:28,160 yourself. You know, a lot of people say 1117 01:01:28,160 --> 01:01:31,280 like a million SAT is probably the lower end that you should 1118 01:01:31,280 --> 01:01:34,280 have if you're trying to hold this Bitcoin for the long term. 1119 01:01:34,440 --> 01:01:37,120 If you're just spending this Bitcoin like, you know, whatever 1120 01:01:37,120 --> 01:01:39,800 it's, it's your, it's your money of choice right now. 1121 01:01:39,800 --> 01:01:41,400 And you're like, I really don't care. 1122 01:01:41,400 --> 01:01:43,480 I'm spending this Bitcoin as it comes in. 1123 01:01:43,680 --> 01:01:46,560 I have a good savings and then I'll consolidate, you know, in a 1124 01:01:46,560 --> 01:01:48,960 couple of days when I know I have extra profits. 1125 01:01:49,320 --> 01:01:50,880 Totally, totally agree with that. 1126 01:01:51,080 --> 01:01:54,920 But if you are a Bitcoiner that is probably been stacking for 1127 01:01:54,920 --> 01:01:58,120 the last 2-3 years and you know, maybe four years in this bear 1128 01:01:58,120 --> 01:02:03,480 market and you've never done any UTXO management and you're just 1129 01:02:03,480 --> 01:02:06,880 like, OK, my wallet says I have 50 million sats in here, but 1130 01:02:06,880 --> 01:02:10,000 I've never consolidated and I've been buying Bitcoin at $100 1131 01:02:10,000 --> 01:02:12,560 chunks this whole time. Then you're going to have to 1132 01:02:12,560 --> 01:02:15,760 consolidate or you will fucking. Wreck yourself or you will. 1133 01:02:15,760 --> 01:02:18,240 Wreck yourself. And so, you know, a lot of 1134 01:02:18,240 --> 01:02:20,560 people will have different choices on this. 1135 01:02:20,760 --> 01:02:24,560 I think you can kind of think of this like having a $1.00 bill, 1136 01:02:24,600 --> 01:02:26,080 $5.00 bill. We should. 1137 01:02:26,200 --> 01:02:29,960 Like like OK, $10.00 bill. $20 bill, $100 bill, except you guys 1138 01:02:29,960 --> 01:02:32,680 are. Using Sparrow or Electrum. 1139 01:02:32,720 --> 01:02:35,600 I like Electrum because it gives you more information. 1140 01:02:35,640 --> 01:02:38,280 I understand people are going to be like this Electrum, Nico, 1141 01:02:38,280 --> 01:02:41,640 that's fucking crazy. But that's just my first wallet, 1142 01:02:41,640 --> 01:02:45,400 So that's what I'm used to. If you go, both those wallets 1143 01:02:45,400 --> 01:02:47,400 give you the ability to check out your coins. 1144 01:02:47,400 --> 01:02:52,920 So check out your, your balances and it will show you how many, 1145 01:02:53,640 --> 01:02:56,480 how many transactions are associated with a certain 1146 01:02:56,480 --> 01:02:59,560 address, right? And if you've been just 1147 01:02:59,600 --> 01:03:02,680 withdrawing from wherever, if you've been mining or you've 1148 01:03:02,680 --> 01:03:06,160 been sending people the same address for like $100 1149 01:03:06,160 --> 01:03:08,800 transaction, they will reach a point. 1150 01:03:09,120 --> 01:03:13,000 If you're sending $10 Bitcoin transactions to a single 1151 01:03:13,000 --> 01:03:19,240 address, you will reach a point unfortunately, where you might 1152 01:03:19,400 --> 01:03:24,120 like just paying the fees will wreck your like it will be an 1153 01:03:24,120 --> 01:03:27,840 unusable UTXO because either you won't have enough money to pay 1154 01:03:27,840 --> 01:03:31,600 for the fees or the fees themself are just going to 1155 01:03:31,920 --> 01:03:34,840 basically cost you the amount. And you don't want to put 1156 01:03:34,840 --> 01:03:37,600 yourself in that situation, which is we're getting to a 1157 01:03:37,600 --> 01:03:42,040 point where Bitcoin is getting expensive enough where you 1158 01:03:42,040 --> 01:03:48,560 should really be kind of picking and choosing the size of the 1159 01:03:48,560 --> 01:03:50,040 transactions that you're sending. 1160 01:03:50,360 --> 01:03:55,400 So you want to be sending like minimum at this point like $100 1161 01:03:56,000 --> 01:04:01,440 at one point if you on chain, if you're you shouldn't be sending 1162 01:04:01,440 --> 01:04:05,760 $10 on chain to yourself custody wallet every single time because 1163 01:04:05,760 --> 01:04:09,040 you will have to pay a fee for every single and the fees. 1164 01:04:09,040 --> 01:04:13,320 Add up and the fees. Add up and there was a point 1165 01:04:13,320 --> 01:04:16,400 when the halving was happening that the fees got all the way up 1166 01:04:16,400 --> 01:04:21,200 to like 3050 sixty dollars. And if you're sending a $10 UTXO 1167 01:04:21,200 --> 01:04:23,840 and the fees are $5060 now they're like a dollar. 1168 01:04:23,840 --> 01:04:25,120 It's fine. That's an unspendable. 1169 01:04:25,640 --> 01:04:28,120 That's an unspendable UTXO. Like, yeah, you have that 1170 01:04:28,120 --> 01:04:31,560 Bitcoin, but you can't use it. So you have to consolidate and 1171 01:04:31,560 --> 01:04:33,640 then you have to be kind of wise a little bit. 1172 01:04:33,640 --> 01:04:36,440 I know this is probably scaring the shit out of people, but it's 1173 01:04:36,440 --> 01:04:39,680 just, it's just the reality of like, I mean, by the way, by the 1174 01:04:39,680 --> 01:04:45,800 way, five years from now, fees are going to get to a point 1175 01:04:45,800 --> 01:04:50,680 where they're going to be very expensive for most people, for 1176 01:04:50,680 --> 01:04:54,040 the vast majority of people. Like if you're a class of 2024, 1177 01:04:54,240 --> 01:05:01,040 like you are at the very, very end of Bitcoin being used for 1178 01:05:01,440 --> 01:05:04,240 small expenses. This is exactly what Lightning 1179 01:05:04,240 --> 01:05:06,760 is for. Lightning is great at this 1180 01:05:06,760 --> 01:05:09,280 point. Like if you don't have like 1181 01:05:09,400 --> 01:05:13,560 strike in the US as phenomenal Bitcoin well has a feature. 1182 01:05:13,560 --> 01:05:18,120 It's so freaking cool that you can literally send Bitcoin via 1183 01:05:18,120 --> 01:05:22,240 lightning to a Bitcoin well, lightning address and it will 1184 01:05:22,240 --> 01:05:24,600 literally sell it for you automatically and deposit the 1185 01:05:24,600 --> 01:05:27,760 dollars into your account. Like Lightning has come so far 1186 01:05:27,760 --> 01:05:31,920 and Lightning is meant for those smaller transactions. 1187 01:05:32,160 --> 01:05:35,160 But for those bigger transactions, $100, a thousand 1188 01:05:35,160 --> 01:05:38,160 dollars, $10,000 on chain is still viable. 1189 01:05:38,440 --> 01:05:41,760 You just have to be kind of Fred like you have to be wary. 1190 01:05:41,760 --> 01:05:46,600 Like I, I would think I would say anything under $50, I would 1191 01:05:46,600 --> 01:05:49,000 be wary. I would just be like like kind 1192 01:05:49,000 --> 01:05:52,720 of think about it and stuff. Just 'cause you can wreck 1193 01:05:52,720 --> 01:05:56,560 yourself if you're not aware of it one. 100% Hey Nika, let's 1194 01:05:56,560 --> 01:05:59,920 respond to this question here. So Mikko goes, UTXO management 1195 01:05:59,920 --> 01:06:02,960 is only necessary for people who store Bitcoin in cold wallets. 1196 01:06:02,960 --> 01:06:05,440 If you save on exchange, which is not recommended, you don't 1197 01:06:05,440 --> 01:06:07,600 have to worry about UTX OS true or false. 1198 01:06:07,600 --> 01:06:12,960 So answering this question, yes, every single person in this chat 1199 01:06:12,960 --> 01:06:15,720 should be concerned about UTXO management because you are 1200 01:06:15,720 --> 01:06:17,600 taking your Bitcoin into cold storage. 1201 01:06:18,160 --> 01:06:21,680 With that being said, exchanges have to manage their UTX OS. 1202 01:06:21,720 --> 01:06:26,160 So they're basically they're doing it for you and you know 1203 01:06:26,160 --> 01:06:29,040 whenever you withdraw, they'll send you however much Bitcoin 1204 01:06:29,040 --> 01:06:31,720 you're you're withdrawing to your your address. 1205 01:06:31,720 --> 01:06:35,160 So like it's one of those things, like I said, UTX OS, 1206 01:06:35,160 --> 01:06:37,600 it's all UTX OS, like that's all it is. 1207 01:06:37,600 --> 01:06:40,480 So you're going to eventually have to get to the point where 1208 01:06:40,480 --> 01:06:44,160 you manage your UTX OS, make sure your hygiene is good when 1209 01:06:44,160 --> 01:06:46,040 it comes to UTX OS because you don't want to get in this 1210 01:06:46,040 --> 01:06:49,960 position to get wrecked. So going back to the analogy and 1211 01:06:49,960 --> 01:06:52,600 I know not everyone's here, but just to like think about this 1212 01:06:52,600 --> 01:06:57,160 easily. If you kind of relate this or 1213 01:06:57,160 --> 01:07:00,400 correlate this to dollar bills in your wallet, you know we have 1214 01:07:00,400 --> 01:07:04,040 different size of dollars, 15102050 a hundred. 1215 01:07:04,400 --> 01:07:08,200 Well you can kind of break that down for your UTXO. 1216 01:07:08,200 --> 01:07:09,760 This is how you should be thinking of it. 1217 01:07:09,760 --> 01:07:13,920 So if you have one whole coin, you can do, you know, you can do 1218 01:07:13,920 --> 01:07:19,440 a one one 100 million SAT UTXO. So you have one coin on in your 1219 01:07:19,440 --> 01:07:20,960 wallet. So you're part of the metrics. 1220 01:07:20,960 --> 01:07:22,160 You're like, yeah, I'm a whole coiner. 1221 01:07:22,160 --> 01:07:25,800 This is dope. Probably not recommended if you 1222 01:07:25,800 --> 01:07:28,920 are planning to spend that Bitcoin because then if you do 1223 01:07:28,920 --> 01:07:32,320 what, a million SAT transaction, everyone's going to know that 1224 01:07:32,320 --> 01:07:35,320 you have a whole coin, which is, you know, privacy concerns. 1225 01:07:35,320 --> 01:07:36,760 That's maybe something you should think about. 1226 01:07:37,120 --> 01:07:40,000 So I think the way to kind of think about this again, say you 1227 01:07:40,000 --> 01:07:43,120 have a whole coin, 100 million SAT and maybe you want different 1228 01:07:43,120 --> 01:07:47,560 size UTXOS and you can think of these different size UTXO's like 1229 01:07:47,560 --> 01:07:50,720 your savings and the coin that you want to spend. 1230 01:07:50,720 --> 01:07:56,000 So maybe you want a 50 million sat UTXO to 20 million sat UTXO, 1231 01:07:56,000 --> 01:07:59,960 the 10 million sat UTXO or you know, you can you can kind of 1232 01:07:59,960 --> 01:08:02,640 play with that if you know that like that 10 million SAT I'm 1233 01:08:02,640 --> 01:08:04,760 going to spend. So you can break it down into 1234 01:08:04,760 --> 01:08:07,200 smaller portions. So this is just how you should 1235 01:08:07,200 --> 01:08:10,120 be thinking about it. But I think the the best thing 1236 01:08:10,120 --> 01:08:13,320 to think about for long term storage, you probably shouldn't 1237 01:08:13,320 --> 01:08:17,600 have a UTXO under a million SAT. I would probably say higher if 1238 01:08:17,600 --> 01:08:20,640 you're stacking, if you got some good, some good Bitcoin out 1239 01:08:20,640 --> 01:08:23,680 there, you know, good bag, you should probably get higher than 1240 01:08:23,680 --> 01:08:26,080 1,000,000 SAT. I know a million SAT right now 1241 01:08:26,080 --> 01:08:28,160 to some people is a lot of money. 1242 01:08:28,600 --> 01:08:32,240 What's a million SAT? Like a 600 bucks or 580 bucks or 1243 01:08:32,240 --> 01:08:37,800 something like that. So just just just so you know. 1244 01:08:37,800 --> 01:08:41,920 Guys like Bitcoin is on the verge of, and I and people are 1245 01:08:41,920 --> 01:08:45,160 going to be very upset when I say this, but I'm going to say 1246 01:08:45,160 --> 01:08:49,479 it anyways. Bitcoin is on the verge of not 1247 01:08:49,479 --> 01:08:53,279 being usable on chain for the vast majority of people. 1248 01:08:53,640 --> 01:08:57,399 Most people, I would say the vast majority of people when 1249 01:08:57,399 --> 01:09:00,279 they come in, they're going to be using lightning, they're 1250 01:09:00,279 --> 01:09:03,680 going to be using second and third layer solutions just 1251 01:09:03,680 --> 01:09:09,800 because of the fact that it's unviable to be transacting using 1252 01:09:09,800 --> 01:09:12,640 the main chain because of the fees. 1253 01:09:13,640 --> 01:09:17,359 And it's not happening now. Like we're like it's still in 1254 01:09:17,359 --> 01:09:21,960 that era. But 5-10 years from now, most 1255 01:09:21,960 --> 01:09:25,359 people are going to be using fettiments or lightning or 1256 01:09:25,359 --> 01:09:29,240 second or third layer solutions to interact with Bitcoin. 1257 01:09:29,560 --> 01:09:32,760 And then of course, if you have a sufficient amount of Bitcoin, 1258 01:09:33,560 --> 01:09:36,520 then you'll be migrating to on chain Bitcoin. 1259 01:09:37,160 --> 01:09:39,880 But yeah, I mean, it's, it's it's, you know, that's the 1260 01:09:39,880 --> 01:09:42,840 reality of it. You know, congratulations for 1261 01:09:42,840 --> 01:09:45,760 anyone who's in the chat right now, you can get still get a 1262 01:09:45,760 --> 01:09:51,520 single Bitcoin at 57,538. Me and Opti were doing episodes 1263 01:09:51,520 --> 01:09:54,400 when or I was still do a million. 1264 01:09:54,400 --> 01:09:56,520 Sets of $100 doing episodes when? 1265 01:09:56,520 --> 01:10:00,920 When, when, When Bitcoin was at 3500 or you know, 4000. 1266 01:10:00,920 --> 01:10:04,000 So you know, we've obviously come a very long way since then. 1267 01:10:04,760 --> 01:10:08,760 But yeah, you know that that's the reality of, of of Bitcoin. 1268 01:10:09,040 --> 01:10:10,720 Lightning is going to be incredible. 1269 01:10:10,720 --> 01:10:13,960 Fediments is incredible. So it's not like second, third 1270 01:10:13,960 --> 01:10:19,280 layer solutions are bad, but if you are using the base layer, 1271 01:10:20,000 --> 01:10:22,760 you got to be, you got to pay attention to UTX OS because you 1272 01:10:22,800 --> 01:10:25,440 can and will get wrecked. Also, you're your own. 1273 01:10:25,440 --> 01:10:28,280 Bank on. Another on another, which comes 1274 01:10:28,280 --> 01:10:32,160 with responsibility on another type of conversation, not with 1275 01:10:32,160 --> 01:10:34,880 the Passport hardware wallet, but with other hardware wallets, 1276 01:10:35,920 --> 01:10:39,200 you will be limited in terms of how many transactions you'll be 1277 01:10:39,200 --> 01:10:42,480 able to sign for. So like for example, like a 1278 01:10:42,480 --> 01:10:45,040 Ledger, for whatever reason, you're still using a Ledger. 1279 01:10:46,120 --> 01:10:49,760 I've seen it in the past and you will wreck yourself because the 1280 01:10:49,760 --> 01:10:52,720 Ledger, the little computer inside the Ledger doesn't have 1281 01:10:52,720 --> 01:10:57,840 the computing power to sign, you know, multiple UTX OS that it's 1282 01:10:57,840 --> 01:11:01,320 going to have to sign for if if you're spending for it. 1283 01:11:01,320 --> 01:11:06,560 So you want to consolidate over time and maybe we should do like 1284 01:11:06,560 --> 01:11:10,240 a like a in air tutorial if you guys want, if you guys want to 1285 01:11:10,240 --> 01:11:12,800 see that kind of let us know in the chat. 1286 01:11:12,800 --> 01:11:15,320 Maybe we actually bring BTC sessions. 1287 01:11:15,520 --> 01:11:18,160 He's actually. Going to come on soon, but we're 1288 01:11:18,160 --> 01:11:20,960 going to talk about how to live off Bitcoin, so maybe we can add 1289 01:11:20,960 --> 01:11:21,800 that too. Yeah, so. 1290 01:11:21,800 --> 01:11:25,480 And we'll do like kind of like a live in air tutorial of that. 1291 01:11:25,480 --> 01:11:27,880 Anyways, Opti, we are getting to the top of the hour. 1292 01:11:27,880 --> 01:11:30,560 Do you have any final thoughts for the audience other than 1293 01:11:30,560 --> 01:11:32,960 scaring them shitless? Yeah, that's literally what I 1294 01:11:32,960 --> 01:11:34,680 was going. To say, guys, it's it's really 1295 01:11:34,680 --> 01:11:38,680 not that complicated. Just send a Bitcoin transaction 1296 01:11:38,680 --> 01:11:40,720 to yourself. It's just something you need to 1297 01:11:40,720 --> 01:11:43,240 think about if you are. And the really the reason we 1298 01:11:43,240 --> 01:11:46,000 brought this up is because we love Bitcoin. 1299 01:11:46,000 --> 01:11:48,440 Well, we love Adam. I mean, I saw you guys in the 1300 01:11:48,440 --> 01:11:51,920 chats like what does Bitcoin well do with my like what is 1301 01:11:51,920 --> 01:11:55,680 their UTXO management strategy? And they're basically the 1302 01:11:55,680 --> 01:11:58,600 strategy is you have to do it. They don't want to hold your 1303 01:11:58,600 --> 01:12:00,960 Bitcoin. So depending on how much Bitcoin 1304 01:12:00,960 --> 01:12:03,360 you're buying is just a consideration to have. 1305 01:12:03,360 --> 01:12:08,760 If you're doing you know what, 10 to $100 DCA plan with them 1306 01:12:08,760 --> 01:12:12,200 every week or whatever. Like you will be receiving small 1307 01:12:12,200 --> 01:12:15,840 UTXO so overtime they'll build up and you got to consolidate 1308 01:12:15,840 --> 01:12:18,200 them and it's literally as easy as you're sending yourself a 1309 01:12:18,200 --> 01:12:20,680 transaction, your wallet. Yeah, exactly. 1310 01:12:20,680 --> 01:12:23,680 Your your wallet will your wallet will do it for you. 1311 01:12:23,760 --> 01:12:29,240 Yeah, let me show you kind of like what that looks like here. 1312 01:12:29,240 --> 01:12:32,600 I pulled up a great kind of Scott of what this would look 1313 01:12:32,600 --> 01:12:36,280 like in there you go. So like this is a, this is an 1314 01:12:36,280 --> 01:12:38,560 example of a consolidation, right? 1315 01:12:39,080 --> 01:12:43,160 So this person owned all this Bitcoin and all these separate 1316 01:12:43,160 --> 01:12:45,920 addresses, right? And what they did was that they 1317 01:12:45,920 --> 01:12:49,760 just sent all of that Bitcoin to a single address. 1318 01:12:50,080 --> 01:12:52,400 Therefore they consolidated it, right? 1319 01:12:52,400 --> 01:12:54,240 That's, that's literally as simple as that. 1320 01:12:54,240 --> 01:12:54,880 It's fancy. Words. 1321 01:12:54,920 --> 01:12:57,680 It's fancy words to say yourself some Bitcoin. 1322 01:12:57,840 --> 01:13:00,280 So because every. Time you send, you receive 1323 01:13:00,280 --> 01:13:02,600 Bitcoin. You're receiving it to a new 1324 01:13:02,600 --> 01:13:05,800 address. Your wallet will automatically, 1325 01:13:05,840 --> 01:13:09,040 if, if that wallet has been used, it will give you a new 1326 01:13:09,040 --> 01:13:13,080 address, right? What you want to do is 1327 01:13:13,120 --> 01:13:15,400 especially in the smaller amounts is you want to 1328 01:13:15,400 --> 01:13:17,720 consolidate that. So you want to send all that 1329 01:13:17,720 --> 01:13:21,280 Bitcoin that's in all those different addresses and you want 1330 01:13:21,280 --> 01:13:23,120 to send it to a brand new address. 1331 01:13:23,360 --> 01:13:26,480 And what that does is it consolidate all of that Bitcoin 1332 01:13:26,720 --> 01:13:29,640 into one UTXO. And you want to do that? 1333 01:13:30,480 --> 01:13:33,280 It's called UTX Management. I highly suggest it. 1334 01:13:33,520 --> 01:13:36,480 It seems way more complicated than what it is exactly. 1335 01:13:36,520 --> 01:13:39,200 One last thing Nico, cuz there's a good comment in here. 1336 01:13:39,440 --> 01:13:40,840 I gotta take advantage of the low. 1337 01:13:40,840 --> 01:13:42,800 Fee environment. So every time that's why I'm 1338 01:13:42,800 --> 01:13:45,720 saying it are low. Every time fees are low right 1339 01:13:45,720 --> 01:13:47,680 now I don't know what the fees are I. 1340 01:13:48,080 --> 01:13:50,240 Was just checking it was like 6. It's like 6. 1341 01:13:50,240 --> 01:13:53,000 So every time fees are low, yeah. 1342 01:13:53,000 --> 01:13:55,200 So yeah, look, you want to take advantage of it right now 1343 01:13:55,200 --> 01:13:58,080 because high priority right now is $0.48. 1344 01:13:58,400 --> 01:14:00,280 So this is a low fee. It's in. 1345 01:14:00,280 --> 01:14:03,080 Bitcoin, it's in SAT, so it's six at six at so. 1346 01:14:03,080 --> 01:14:05,600 You want to take advantage of low fee environment because in a 1347 01:14:05,600 --> 01:14:08,320 high fee environment it's not going to be $0.48, it's going to 1348 01:14:08,320 --> 01:14:11,560 be like 30-40 dollars and you will absolutely get. 1349 01:14:12,120 --> 01:14:14,600 Get a OK last thing before we know. 1350 01:14:15,120 --> 01:14:17,360 Copernicus is just an absolute troll, bro. 1351 01:14:17,400 --> 01:14:20,600 No, that's not in docs bro. That's literally a post from 1352 01:14:20,600 --> 01:14:22,720 Twitter for now. He's so like, he's so like, all 1353 01:14:23,160 --> 01:14:25,080 right, so. Dynasty as Should I consolidate 1354 01:14:25,080 --> 01:14:27,640 Utxos that are already in cold storage? 1355 01:14:27,840 --> 01:14:30,280 Is this a problem if I don't or haven't done that? 1356 01:14:30,480 --> 01:14:34,560 Yes, This is why I'm telling you this now, because if you have 1357 01:14:34,560 --> 01:14:39,080 just been DCA ING to cold storage on small, you know UTX O 1358 01:14:39,080 --> 01:14:42,080 sizes say it's like $100 and it's just going straight into 1359 01:14:42,080 --> 01:14:45,280 your cold storage. Well, if you huddle that for 10 1360 01:14:45,280 --> 01:14:48,360 years from now and the Bitcoin network gets as popular as we 1361 01:14:48,360 --> 01:14:51,400 think it's going to be, a lot of that Bitcoin, those UTX OS are 1362 01:14:51,400 --> 01:14:54,160 going to be unspendable. This is why I'm telling you this 1363 01:14:54,160 --> 01:14:55,520 now and thank you for the question. 1364 01:14:55,520 --> 01:14:58,600 So we can clarify that This is why you want to consolidate your 1365 01:14:58,600 --> 01:15:02,120 UTX OS, put them in the larger chunks so that if you're holding 1366 01:15:02,120 --> 01:15:05,480 them for the long run, you know you are going to be able to 1367 01:15:05,480 --> 01:15:07,800 spend your Bitcoin eventually. This is why we're here to 1368 01:15:07,800 --> 01:15:09,720 protect you guys. Make sure you guys have good 1369 01:15:09,720 --> 01:15:12,640 UTXO hygiene. Make sure you guys are taking 1370 01:15:12,640 --> 01:15:15,560 your Bitcoin into cold storage. We tell you guys to always take 1371 01:15:15,560 --> 01:15:18,360 Bitcoin into cold storage. And this is part of the 1372 01:15:18,360 --> 01:15:21,800 responsibility of being your own Bank of of owning your own 1373 01:15:21,800 --> 01:15:23,120 money. These are some of the 1374 01:15:23,120 --> 01:15:25,160 considerations. Again, it's not that 1375 01:15:25,160 --> 01:15:27,880 complicated. Like I know we're using some big 1376 01:15:27,880 --> 01:15:30,920 words, but it's literally just sending yourself a Bitcoin 1377 01:15:30,920 --> 01:15:32,680 transaction within your own wallet. 1378 01:15:32,960 --> 01:15:35,920 That's all you have to to do. You know, you the only part of 1379 01:15:35,920 --> 01:15:40,000 it that's an art is just you asking yourself how big do I 1380 01:15:40,000 --> 01:15:42,400 want these UTX OS? How long am I going to hold this 1381 01:15:42,400 --> 01:15:44,000 Bitcoin? What am I trying to do with this 1382 01:15:44,000 --> 01:15:45,960 Bitcoin? If I'm going to spend it, you 1383 01:15:45,960 --> 01:15:48,880 know, a year or two, a million sets is probably good, 10 1384 01:15:48,880 --> 01:15:52,080 million sets is probably good. But if you want to consolidate 1385 01:15:52,080 --> 01:15:55,480 your Bitcoin again, if you have a whole coin, think about adding 1386 01:15:55,480 --> 01:15:59,640 and and adding them together to bigger UTX OS and you'll be good 1387 01:15:59,800 --> 01:16:01,240 and protect yourself for the long run. 1388 01:16:01,440 --> 01:16:04,040 All right, Nico, I think I think we I think we hit him with way 1389 01:16:04,040 --> 01:16:05,640 too much. I think we hit him with way too 1390 01:16:05,680 --> 01:16:07,120 much. We're gonna do what we're gonna 1391 01:16:07,120 --> 01:16:09,360 do next is. We're gonna do like a live on 1392 01:16:09,360 --> 01:16:13,320 air tutorial of doing this so you guys could kind of see it. 1393 01:16:13,840 --> 01:16:17,800 Let us know down in the comments what wallets you guys use and 1394 01:16:17,800 --> 01:16:20,480 then we'll make sure to use those wallets and we'll kind of 1395 01:16:20,480 --> 01:16:24,680 give you an example of what a UTXO consolidation looks like so 1396 01:16:24,680 --> 01:16:27,680 you guys can get I think I. I feels like I, I feels like we 1397 01:16:27,680 --> 01:16:30,840 can keep talking about UTXO management for people. 1398 01:16:31,280 --> 01:16:34,680 So so if. You guys use Sparrow Electrum 1399 01:16:34,680 --> 01:16:37,280 blue wallet. Let us know down in the comments 1400 01:16:37,280 --> 01:16:41,160 and we'll use those wallets. We'll use those wallets on the 1401 01:16:41,160 --> 01:16:44,200 show anyways. I'm your host Nico is my Co host 1402 01:16:44,200 --> 01:16:46,960 Optimus Fields. This is simply Bitcoin for July 1403 01:16:46,960 --> 01:16:49,520 10th, 2024. Seems like you guys liked 1404 01:16:49,520 --> 01:16:51,960 today's episode so smash that like button. 1405 01:16:52,200 --> 01:16:55,160 Consider subscribing if you feel like we provided you value. 1406 01:16:55,320 --> 01:16:57,840 We'll be back tomorrow for a brand new episode of Simply 1407 01:16:57,840 --> 01:17:02,240 Bitcoin Live. Episode was brought to you by 1408 01:17:02,240 --> 01:17:06,120 bitcoinwell.com on a mission to enable independence.