It's. All going to zero against
Bitcoin. It's going up forever.
You're against Bitcoin, you're against freedom.
Yeah, welcome to simply Bitcoin Live, your number one source for
the peaceful Bitcoin revolution. Cover game, news, culture,
dramatic warfare will be your guide through the separation of
money and state. Ladies and gentlemen, you're
tuned in to simply Bitcoin Live, the most watched daily Bitcoin
live show on YouTube. Rumble NX sit back, relax, enjoy
the ride. We have lots to talk about
today. I'm going to just address
exactly what I wrote in the thumbnail of of today's video.
We're all going to get rich. And the reason for that is
simple. The way that Jeff Booth
explained this, he did it. He he explained it on when he
came on simply Bitcoin IRL. Highly suggest watching that
interview. Literally my mind gets blown
every time Jeff Booth talks. And then I think he recently
went on the Coin Stories podcast hosted by Natalie Bernal, and
he's explaining how we cannot conceptualize a world on a
Bitcoin standard. And he threw out this wild,
wild, I mean wild price prediction of exactly $43
million per Bitcoin. And he explains the reasoning.
And of course, we have the clip for you guys, so stay tuned.
But the general gist of it is something that you guys have to
understand is that the world, the way that the world should
work is it should be deflationary.
And we see this in technology like bigger TV's, they get
progressively cheaper like what it used to cost, like what a
what a what those brick phones back in the 90s used to cost
you. Now an iPhone is like 1/3 of
that cost, even though it this has, this is a lot more
functionality. And the case that Jeff Booth
makes is the reason that that's happening is because governments
being in control of money kind of completely ruins the price
signals like, and they're incentivized to keep this
inflationary thing going. And they do that by this crazy
government spending. They do that by the endless
wars. They're incentivized to do that.
Bitcoin, because it can't be corrupted, because it can't
really necessarily be controlled, is the true price
signal of the world. And if you take a look at
Bitcoin and if you take a look at the the world priced in
Bitcoin, things just get cheaper over time.
So Bitcoin is actually the truth.
Bitcoin is actually pointing out how the world would work under a
sound money standard, and that makes you extremely optimistic
about the future. This is why I put it in the
thumbnail. We're all going to get rich.
I mean, $43 million per, that's insane.
That's unbelievable, right? I think how Finney's prediction
was $10 million per coin, right? So we're going to talk about
that. We're going to talk about what
the world would look like under a deflationary standard.
Jeff Booths has such an elegant way of putting it.
I mean, he wrote an entire book about it called The Price of
Tomorrow, right? I'm going to talk about that as
well. And also this continued trend,
ladies and gentlemen, Bitcoin is entering the political sphere.
Keep saying that, keep beating the battle drums, but I think
it's incredibly important if you live in the United States.
In fact, if you live anywhere worldwide, vote for candidates.
I, I, I believe in the theory from the Sommer individual.
I do believe that Bitcoin will make politics irrelevant over
the long run, but we're not quite there yet.
We're in this transitionary period.
That being said, get involved, take action, take agency.
And yes, I think the most important vote you can make is
taking Bitcoin into self custody.
But the traditional Fiat voting I think still does matter.
If you want to stay in your in your jurisdiction, you want the
politicians, you want the unproductive class to be
favorable towards Bitcoin. And another major milestone
happened yesterday and we have more coverage on that today,
which is the Republican Party. Not only the candidate Donald
Trump, but the entire Republican Party is taking a pro Bitcoin
stance, pro self custody stance, pro right to mind stance.
So it's pretty simple. And in the US, it's a two party
system. You either vote for the party
that is pro slavery, pro CBDC, pro central bank digital
currencies, anti Bitcoin, or you vote for the party that is pro
Bitcoin, pro Bitcoin mining, pro self custody.
It's black and white at this point, right?
And I know that that perhaps could strike people the wrong
way, but that is the reality. And people have to get with the
reality. Anyways.
It's gonna be a great show. It's gonna be me and Opti
hosting it together. I love it when me and Opti do it
together. I feel like it just flows.
Bring Opti up on stage. How you doing, brother?
I'm doing one. Haven't done this in a while,
bro. It's.
Not showing in a minute bro. It's not showing the view count
up, but I think we're streaming everywhere I'm pretty sure.
Yeah, No, let me see. Let me double check.
Let me double. Check anyways, what are we going
to cover during the culture? We are streaming everywhere I
just checked. Yeah, we're streaming.
We're streaming. Yeah.
Actually, before we go in, that before we go in, I want to first
touch on the Jeff Booth thing because it's going up forever,
Laura. Everyone knows that.
So here we are. And actually, I don't know if I
want to say it, Nico, I was, I didn't just come up laughing and
smiling. I I was thinking of a joke here
but I don't know. I don't know if it's going to
translate well so. Maybe I'll save it for Nico
after the show, but what we're going to cover today.
So like I've been saying, we've had guests on the show for, I
don't know, the last 2-3 weeks and I've seen you guys in the
chat telling me and and talking about and asking about UTXO
management. So we're going to do some UTXO
hygiene. Of course, you know our sponsor
Bitcoin. Well, they basically make sure
that you have to do the UTXO management.
So if you've been stacking with Bitcoin well, or rather any
Bitcoin only exchange at this point, like this is something
you're going to have to consider.
And I've been saying for a while when we go over the numbers that
the fees are going down. So right now while things are
calm, you know, before things start getting crazy going into
the bull run, you want to consider about your UTXO
management and the Bitcoin you're holding because you don't
want to get in a position when the fees get crazy again and and
have unspendable Bitcoin. So we're going to go over that
in the culture we are. I am going to read some
articles, give you guys some good tidbits and then Nico and I
will discuss it a little bit. So we're doing some guys, this
culture is going to be probably a little more technical and
boring than usual, but this is some information that you need
to make sure you're thinking of moving forward.
Because there there's some things you have to think about
in Bitcoin that you don't necessarily have to think about
with, with cash or your traditional banking, you know,
debit card and stuff. But hey, we got you covered.
Absolutely, 100%. I'm, I'm excited about that.
I mean, I think that's something that a lot of people forget,
right? You know, if, if you're going to
send these small little transactions to a single
address, you might be absolutely get wrecked by fees later down
the road. So it's, it's a, it's a, it's a
good idea to consolidate every once in a while, just, you know,
put all your UTX OS together. So I'm, I'm happy that we're
hitting that topic because I think a lot of people just don't
understand that part of Bitcoin, but they totally should.
It comes natively to you. Like after you've been in
Bitcoin for a while, all of this stuff like it just becomes
common sense. But especially if you're
getting, it's super. Easy.
It's super easy. It's just you got to think about
it a little bit. Exactly, it might be quite
complicated anyways in the in the beginning.
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All right, everybody, let's hit the numbers.
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Anyways at the time of recording the Bitcoin price is $58,020.00
sats per dollar. 1724 block height 851,567 blocks to having
198,433 having estimate March 31st 2028 Total lightning
network capacity 4984 BTC capacity value 289 million U.S.
dollars Realized monetary inflation 1.53% market
capitalization 1.14 trillion Bitcoin versus gold market cap
7.05% in the grand scheme of things we are just getting
started anyways. I was talking about this
phenomenon, how again, it's it's this Bitcoin is entering into
the mainstream political discussion.
And like I said yesterday, this isn't happening because
politicians are doing this out of the goodness of their heart.
This is happening because politicians need to pander to
Bitcoiners in order to get elected.
And we have become such a influential and powerful force
that, you know, you have politicians conceding and
basically saying, listen, if you vote for me, I'll free Ross
because they know that that's something that Bitcoiners care
about. This is how politics work at the
end of the day. If you want to get a lot elected
into office in the US specifically, I'm pretty sure
worldwide, you need a tremendous amount of funding and money
behind you. And guess what?
As number go up does its thing, bit corners become wealthier and
therefore more influential in society, right?
That's just the reality. Anyways, here is Piran.
Piran, I'm sorry if I pronounced that incorrectly.
She's the founder and CEO. Thank you, Opti.
And she's the founder and CEO of Digital Chamber.
She had an interview regarding this topic specifically on CNNBC
yesterday. I'm going to play it and then
we'll talk about it. NFTS, what do you make of the
Republican Party's embrace and, and what's behind it and where?
Where is it your sense that the Democrats in the current White
House stand? Hey, Kintatha, it's great to be
with you. And yeah, as you noted, Donald
Trump has come a very long way in his crypto policy.
When he was president, he said he was not a fan of Bitcoin, of
he was not a fan of Bitcoin or or crypto currencies.
And he's now matured into adopting a pro crypto position
for the entire GOP platform. This is a large result of
education. It it takes time to really
understand the critical importance of Bitcoin and
blockchain technology. Ultimately, blockchains are what
we will use to facilitate transactions in the future
digital economy. And it's in our interest, it's
in the United States economic interest that we are the country
that leads in the development of building this financial
infrastructure. And it's also becoming the will
of the people that who ever is in the White House adopts a pro
crypto policy. So we've come a long way and
this is very much legitimizing the technology itself.
So I mean, look, she said it herself.
I think she used the word blockchain.
Obviously, we're not a fan of that.
But and again something to emphasize too is they're
differentiating and specifically in the documents which we went
over yesterday, they are differentiating between crypto
and Bitcoin. They are saying Bitcoin and they
are saying crypto, but you know, they are taking a pro crypto
position as a whole. And I know that's might be
unpopular with a lot of Bitcoiners, but what I got to
say to those bitcoiners is, dude, you shouldn't, you
shouldn't be rooting for the government to pick and choose,
you know, which quote, UN quote crypto has an advantage.
Like if if we believe in Bitcoin and we believe Bitcoin has
superior incentives and we believe that Bitcoin is better
money, and I think we all believe that, right, then the
reality is simple. Like Bitcoin is going to win on
its own merits. It does.
It shouldn't get a special privilege from the government,
right? I would say let the free market
do what the free market does, you know, and let the best
currency win. Obviously we believe it's
Bitcoin. Why?
Because you can't change the rules.
And with every other cryptocurrency, you can change
the rules other the cryptocurrency did not have an
Immaculate Conception, didn't have a a virgin birth.
What does that mean? That means that when Satoshi
created Bitcoin, he created it as an experiment.
You didn't know it was going to have value down the road.
Every other cryptocurrency that came after Bitcoin, the founders
inherently knew that it was going to have value, which is
why the founders kept such a large piece of the ply to
themselves, right as the case with the Ripple, as the case
with Ethereum. So let the best currency win.
Bitcoin is equal for everybody. Meaning Michael Saylor doesn't
have more influence over the network than you do.
Vitalik and Brad Garlinghouse have more influence over XRP and
Ethereum and they will change the rules to benefit themselves
than everybody else. So doesn't really change like
the crypto, the cryptos don't really change.
They're not very different from the Fiat system, right?
The Fiat system, there's a, there's an elite that get to
change the rules, manipulate the rules, print money to benefit
themselves at the expense of everyone else.
Bitcoin, the rules are set in stone.
You cannot change that. And that what it does is it
protects the middle class and protects the ever the, the
average Doe, the average Joe, the everyday man who's just
there, you know, slaving away in the fields metaphorically, you
know, trying to make a living. It protects their money.
So Bitcoin is money for the middle class.
Bitcoin is money for everyone. I mean, I would say Bitcoin is
money for everyone who believes in freedom and who doesn't
believe in coercion and who doesn't believe in controlling
other people. Because if you believe in those
things, then Bitcoin is not a tool for you to enable that.
But you can make a really strong argument that cryptocurrencies
are. So anyways, all that being said,
I'm very bullish on the fact that now we have a major
political party in the United States who is vocally, they
released the recent released a document.
They're protecting the right to self custody.
They're they're pro Bitcoin. They're protecting the right to
mine. And then that puts the Democrat,
the Democratic Party in a very disadvantageous position because
it's not exactly popular to be anti Bitcoin.
It's not exactly popular to be pro CBDC.
They're hoping that people are just not informed.
And this is where you come in and form the people around you.
Remember, this is not left versus right.
This is not red versus blue. The Democrats created an
opportunity for the Republicans to pounce on this issue because
they've taken such an anti Bitcoin stance.
As a whole. I don't think it will be
politically viable by 2028. But I I will say this elections
do have consequences. And this election, at least from
a regulatory perspective and Ross's freedom will mean
something. It is a meaningful election.
I know a lot of Bitcoiners don't like to hear that because you
know, they're they're an Arco capitalist, our boy Ruston,
right? Doesn't they don't believe in
politics, right? We have a Mclovin.
I hate politics, but I'm definitely for any candidate who
is pro Bitcoin. I think a lot of Bitcoiners fall
into that camp. I fall into that camp.
I think me and Opti were like literally like waiting to the
very last moment until I completely spontaneously
exploded metaphorically when they locked the samurai guy.
Samurai got samurai wallet developers in jails, like what
the what the F happened here, you know?
And then I was like, OK, this is fucked up.
Anyways, Opti, what's your take on this?
Bro? I know we've been talking about
this, but dude, as we get closer and closer to the election, I
think it's our responsibility to highlight this so that if you
are a Bitcoin in the United States, which is the majority of
our audience, like dude, go out and vote because it's on the
ballot. Bitcoin is on the ballot.
Ross''s freedom is on the ballot.
Anyways, Opti, what's your take? Yeah.
So first and foremost, just, you know, talking about that clip in
general, I see everyone in the chat basically saying, you know,
you know, politicians lie and he's just, you know, Trump's
just saying this to, to get votes.
Like, of course that his that's his job.
But without going into like, you know, the murky waters of of
saying that, I'm not going to say saying bad things about
politicians in general. I think if you kind of take this
on like a surface level. And you kind of relate it to
what we've all experienced as becoming Bitcoiners.
You know, you start as a skeptic, maybe you find some
interest in it. You try to debunk your own
positivity about Bitcoin. And then once you learn more
about it, you realize, oh, wow, Bitcoin really might be a
solution to the world's problems.
And so again, you know, taking this on a surface level, surface
level and following this progression, you know, with
Trump in regards to what we've seen in the last, what was it
like a month or so? You know, he was kind of like a
shit coin friendly. We know he's done like some NF
TS in the past and he's just trying to get money, you know,
make sure that his campaign is is well funded.
But now I think after he's had these conversations with the
most important miners in the world and shout out to the
Bitcoin Mag team, I am going to give it the benefit of the doubt
that maybe he's actually seeing there's a, a very, very strong
responsibility to embrace Bitcoin as America.
And so it just kind of reminds me of all of us as Bitcoiners.
You know, you come in, you're kind of skeptical and then you
realize about Bitcoin, you learn more about Bitcoin and then
you're like, oh, wow, like I'm all in on Bitcoin.
So I'm kind of seeing the same progression and again, you know,
just just giving him the benefit of the doubt on this.
And you guys can throw tomatoes all you want.
Of course, he's a politician. He wants votes and all that
stuff. I am, I am, I'm hopeful that
he's actually being honest and he actually sees the use case
and and the importance of embracing Bitcoin in America.
But going further, what we saw yesterday is it's not just Trump
saying this now, it's not like basically the whole Republican
Party realizing that, hey, if we want to get voted back in, we
need to embrace Bitcoin. And now you're seeing that the
basically part of the Republican platform now is embracing
Bitcoin, which to me is a good thing.
I, I think we should have politicians embracing Bitcoin,
realizing that this is good for the country.
If politicians are still caring about what the populist thinks
about what they're, you know, they're the people they're
supposed to represent, believe and what they want, then they
should obviously embrace Bitcoin.
And, and I think we're starting to see trends on this.
And I, I think at this point it might be OK for me to say my
joke. I'm, I'm probably going to turn
people. Away.
But I'm going to say nonetheless, because, because
I'm here for the entertainment value.
After all, I'm here just to be comedic relief.
So you guys remember Niko's, Niko's famous saying of if
you're against Bitcoin, you're against freedom.
Niko's going to lose it on this one.
I, I already know he's going to give me some backlash on this,
but I'm going to say at this point, if you're not a
Republican, you are anti Bitcoin.
I mean, this is coming from a. Californian, So, you know, like
it doesn't like my mom's going to freak out at me if she hears
me say this, but I dude, I, I don't know it's jokes, but I'm
also kind of serious I. Mean like no, but like like in
all seriousness, it's like they literally, I mean the Democrats
have been like pro censorship. They've been anti Bitcoin,
they've been anti the movement and the the repubs have come out
and they've been pro the movement.
So that's I'm just looking at it from that perspective.
Chat agrees like it like like whether it like it's like like
yeah, like it's like lightning goes.
Oh man, what the fuck? U.S. government owns 20,000 the
chance chats absolutely losing it.
Elaine. I used to vote.
I I would say Elaine, like you should totally vote because it's
definitely, you know, it definitely means something this
year for sure. But yeah, I mean, look, I don't
want to take the side of a political party.
But what I will say is I'm voting for the political party
that is pro Bitcoin because I think, you know, if you fix the
money, you fix the, you fix the world.
And there's a lot of Republicans that are, I mean, no, you can't
even say that anymore. Like literally their entire
statement is like the Republican Party's pro Bitcoin.
Like this is this creates a great opportunity, by the way,
for the Democratic Party to go out and be pro, you know, say,
take a stance on, on Bitcoin and, and it gives them the great
ability. Like that's a huge voter bloc.
Like, why are they being silent? You know, I, I think, I think
the silence is, is, is speaking volumes in my opinion.
And I'll definitely change my mind immediately if they come
out and they say, yo, Democratic Party is pro Bitcoin as well.
Anyways, all right, I do want to give a shout out to the best
party that's coming up in two weeks.
And of course I'm talking about the pleb party in Nashville, TN.
It's going to be a 12 hour open bar from noon to midnight in
Nashville the day before the Bitcoin 2024 conference, so this
is going to be hosted Thursday, July 25th.
Confirmed attendees include Larry Leppard, Preston Pish, the
entire Simply Bitcoin crew, James Lavish, Robert Breedlove,
Mark Moss, puppy Tatum Turnip, Adam O'Brien, and many, many
more. It's going to be hosted in an
amazing venue, a rustic automobile factory from 1910
with brick walls and tons of proof of work atmosphere.
The last Pleb party in Miami was sold out eight days before.
Over 1000 Bitcoiners are expected to attend.
You will will not be able to buy tickets at the door because they
will be sold out. So you want to get your tickets
quickly. You want to get your tickets
now. You could do that by scanning
the QR code or checking the link in the video description.
All right, everybody, let's hit the news.
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So I do want to talk about a very important topic and this
kind of leads me on to the Jeff Booth clip, which is what I want
to focus on today's show. Don't just opt out of Fiat on a
on a financial level, opt out on a spiritual level as well,
right. So what does that mean?
That means that. Like.
Don't engage. Like don't even engage with the
madness because it just gives the madness more fuel.
Focus on you. Focus on your health, focus on
your stack. Focus on you know however it is
that you're mining more Fiat or earning Bitcoin to grow your
wealth. Focus on that and the world will
get better for you. The world will get better for
you. The world will get better for
your family. A lot of the insanity that
you're seeing throughout the world is literally a symptom of
broken money. I was talking to a good friend
of mine, BTC Sessions, and we were talking about this book
based on, you know, what happened during the Weimar
Republic and the hyperinflationary area of of,
you know, the right before the 1940s in Germany.
And essentially what happened was that the moral decay of
society started to accelerate. The politicians were so
disconnected, they couldn't understand that the money
printing itself was the cause of a lot of society's woes.
And the difference between then and now is that now we have a
way to opt out. And when you opt out, I, I've
seen this happen so many Times Now.
I'm now we're seeing on the nation state level as well.
All of a sudden you start to kind of like heal a little bit,
like sanity starts to be brought back.
People start to get a little bit more base.
They start to get, you know, anchored to the truth, anchored
to the universe. And I believe that's because
their unit of account is anchored to the universe, angry
to the truth. I went on Breedlove's show What
is money a couple weeks ago, I think it was over a month ago
now, but he just posted it. And we, we, we were getting
through. We're, we're like going down the
rabbit hole and just kind of exploring these topics.
And one of the things that he mentioned was like, there's this
entropy, there's this decay in society that tends to happen
over and over and over again. And the pattern that I've
noticed is that it might be connected to the money.
So, you know, of course, we've all heard of, you know, the,
the, the, you know, the Roman Empire meme in the Roman
Republic. But if you take a look at what
they did to the, to the Dinaris, which was their unit of account,
their currency, you know what they did, they inflated it.
They, they something called coin clipping.
So in the beginning of the Roman Republic, there is a certain
amount of silver that was included in each Dinaris.
Towards the end of the Roman, Roman Empire, the percentage
turn, the percentage of silver in each coin was very, very low.
So what do they do? They debase the currency, they
inflated the currency and over time, what happened, moral decay
started to set in price controls and then the eventual inevitable
collapse. So I don't know 100% sure, but
what I will say is that I'm starting to pick up patterns and
I'm starting to connect the dots.
And what I will say another thing is that I think that your
unit of account money play such an instrumental role in the
human experience. It is half of every transaction.
It is how you you talk to people when you're exchanging
something. You use money like the barter
system works, but it's not viable.
It's not a viable scaling. It's not, it's not, it's not
viable when you attempt to scale it, right.
So you use money, It's, it's, it's, it's all around you.
How did you buy the laptop? How did you buy the phone?
How did you buy the TV that you're watching us right now?
How did I buy this microphone? How do we get paid from our
sponsors? How do you get paid from, you
know, your, your place of employment, how you get paid in
money? And then you use that money to
to purchase other things. And then that money is
fundamentally corrupted. And it's psyopped us into
thinking that we have to work harder and harder and harder,
and that somehow it's a law of nature for money to lose
purchasing power as time progresses.
And then that leads me to my other thought.
The natural order of things is for prices to get cheaper over
time. Government's intervention is
what makes things more expensive.
So Bitcoin, all it's doing, because it's sound money,
because it's real money, because it's unconfiscatable money,
because it's uncorruptible money, is that it's allowing
reality to play out in real time the way it should, free of
government intervention. And This is why certain elements
of government and certain political parties are so against
it, because they benefit from the manipulation of money, they
benefit from the controls of money, and they benefit it to
benefit themselves at the expense of everyone else.
Because make no mistake, money is wealth redistribution.
It's taking money from others to give to other people.
Specifically, it's wealth redistribution from the lower
and middle classes that don't have the means to save in assets
back to the government and back to the very wealthy that do have
the means to save in assets. AKA it is theft.
But how things normally should work is that things should get
progressively cheaper overtime. And because Bitcoin is
protected, because Bitcoin is uncorruptible, if it stays
decentralized and secure, it's going to continue to highlight
the the way that the things should normally work, right?
So anyways, I'm going to show you this website that I've been
showing you guys for so many, so many times.
And even with the manipulation of money and how that's just
completely changing things, if you take a look at what happens
when you live on a Bitcoin standard, things over a long
enough time period get progressively cheaper.
That includes housing, that includes the S&P 500, that
includes gold, that includes oil, that includes the dollar.
Things get cheaper when you move to a Bitcoin standard.
And this is what Jeff is talking about when he's throwing out
this $43 million prediction per Bitcoin.
This is what he's talking about. And this is what makes me so
optimistic about the future. Now, Jeff's understanding of
this is much deeper than mine. I have the surface level.
I've read Jeff's booth, Jeff's book, I've spoken to Jeff many
times in person. And of course, he's been on
simply Bitcoin IRL many, many times.
But the way that he explains it clearly he's under, he
understands it. And Bitcoin is a representation
of that. I can't emphasize that enough.
Bitcoin is a representation of how money should work.
And because it's uncorruptible, it's showing you, it's showing
you that this isn't just the theory that things should get
progressively cheaper. It's it's, it's an actuality.
It's showing you that things get cheaper.
This is the way that society should function.
The reason it's not functioning this way is because governments
are intervening when they do the endless wars, when they do these
social programs, when you have Joe Biden basically saying
there's been 0 inflation, but we're going to get involved and
we're going to invest more into climate change.
What they're, what he's essentially saying is we're
going to print more money and printing money is theft.
They're taking money. If you are holding onto dollars,
they are directly stealing from you every time they debase the
currency with Bitcoin, they can't do that.
That's why you have this hostile reaction with Bitcoin.
You know, the, the amount of Bitcoin being mined every single
day. The inflation rate is set in
stone. Not only is it set in stone, it
actually gets cut in half every four years, right?
Anyways, this is the importance of uncorruptible money.
So I'm going to play you guys this clip.
It's a little bit long and then Opti and I will talk about it.
It's muted, Nico. It is it for me.
It's playing. I'm not.
Hearing anything? Let me try.
Rephrase rushing it. How about now?
No, I'm not hearing anything. Maybe it's just me, the chat,
let me know. It is, It is not.
Oh my God, what is going on? Maybe.
It's muted up on the top of the tab, but yeah, I'm not hearing
anything. Let me.
Open another tab and play it again.
And. We're doing it live.
We do this live. All right, let's try that one
more time. Here we go.
I'm still not hearing anything. All right, Opti, you want to
hold it down? Let me see.
Wait, let me see. Send me the link.
Maybe I can pull it up. Yeah.
No sound. Everyone's saying no sound.
Yeah, hold it. Down while I just.
Drop it drop it in the the private chat and let me see if I
can pull it up and you download it one SEC just put it in
private chat or actually I could probably find it yeah I'm.
Downloading it but holding out anyways.
Opti, what do you just explain to me your kind of experience
on, you know, on, on, on all this while, you know, Yeah, so.
Is this something that is? It am I crazy?
Is this something that no, I mean look experienced as well
one thing. I've said before on the show,
like you guys know, my my my God-given name is not optimist
Field. There's a pseudonym that I.
Shows. When I had a 350 person Twitter
account and for some reason ever since and I was doing the same
thing I've been doing here. I was, you know, talking about
Bitcoin. But ever since I put Optimus
Fields on my account, it took a it took a life of its own.
And I've personally felt this exact same thing.
Of course, left side of the wait, left side of the bell
curve here. I, I can't explain it as well as
Jeff Booth does, but I've learned throughout this whole
journey that something about Bitcoin, you know, obviously
relieving financial stress makes you start to think about other
things. Like once you get up the high,
what's it Maslow's hierarchy of needs and you avoid just
survival, you can start to think about more things.
And I think that's what we all feel in, in the world of, of
the, the Fiat culture we live in.
It's like everyone stressed about money because there's like
never enough money to go around. And then you start saving in
Bitcoin and you actually have something to hold on to.
And you start to realize I can focus my energies on other
things. And so lightning guts in the
chat always said that he's been on the show and said it before,
like the way of Opti is the way like this is how we win is by
our optimism about the future. Because on the other side,
everyone's nihilistic, everyone's scared about what the
future's gonna bring. Everyone knows there's some kind
of danger coming down the pipeline in regards to the
status quo culture, the Fiat culture.
But us bitcoiners, we're always thinking about the future.
We're always thinking about, you know, lowering our time
preference and realizing, hey, and it's.
Not just about me. It's about future generations
coming after me 100. Percent and and I think that's
because we've changed our unit of account.
Anyways, I have, I have the video ready.
Let's check it out. Just keep saying like over and
over and over again, the natural state of the free market is
deflation. And once you understand that,
then you understand everything else is stopping it.
And if you think your prices are going up and if you think this
politician and this is going to growth, like listen to
politicians talk about growth today.
They're talking about their productivity growth is faster
deflation. So what they're actually talking
about is we're going to manipulate money faster to steal
more money from you. They're not talking about growth
at all. So just keep the natural state
of the free market is deflation. Then everything that stops it is
a is not a political system, It's not an economic system.
It's a control system. And it's so critical.
Now why that's important in AI is as AI moves faster and
faster, which it inevitably will.
Exponentially. And it merges with robot robots
that can do anything that that you can do way better, faster.
The business that hires that, that bring rings in robots that
you say you won't use because they're removing labor, you will
use because it's cheaper for you, you will use it.
And if a business doesn't use that, they will go broke because
you will choose differently. So if your choices are driving
this to lower and lower prices, shouldn't you benefit in an
economic system that that is is repricing that and sharing that
abundance with all all people on earth?
That's what Bitcoin is doing. So Bitcoin is just, if you just
took kind of $900 trillion balance sheet, which is the
world's balance sheet today and there's 21 million Bitcoin, then
the implied value as long as it stays decentralized and secure
of Bitcoin is about $43 million per Bitcoin today.
But that $900 trillion because you just 900 trillion / 21
million million, all it has to do is stay decentralized and
secure for in time that to be true.
It's it's repricing the other system.
But $900 trillion balance sheet today has $400 trillion of debt
against it. And that debt is already
insolvent. And if it what if it was
actually marked to market, the balance sheet of the world
wouldn't be 900 trillion. You'd have a cascading collapse.
All real estate prices, banks would fail, everything would
collapse. So the only reason it's 900
trillion essentially what you're measuring the world through and
you're part of that Ledger. The only reason it's 900
trillion is because you think the debt is solvent and you will
vote for somebody who manipulates money unless instead
of allowing a collapse. What does that mean?
That means probably four or five years from now the $900 trillion
balance sheet won't be 900 trillion.
It would be two quadrillion. And then if, if Bitcoin versus
that balance sheet and the cost of living from there was 90
million terminal value of Bitcoin, it would be the same
purchasing power, right? But the more important part is
what I'll say here. Prices fall forever.
So relative to Bitcoin, your $43 million purchasing power and
terminal value today buys more and more forever because prices
will fall relative to it for forever.
So as a general case, if you just say, how much do I own of
the Ledger, the 900 trillion today?
And make sure you own at least that in, in in Bitcoin and then
start. And as you start to understand
this more, you start to understand what's happening.
Start to move some of your time from the system that's Co opting
your attention to the system that's uniting people and and
building to truth, hope and abundance.
And you'll find yourself more happier as you do that because
it's consistent where we are going as a society.
I mean, like beautifully said by, you know, Jeff Booth, he has
an elegant way of, of, of absolutely putting it.
Shout out to Natalie, obviously for, for hosting him.
But yeah, man, I mean, it's, it's absolutely.
I remember when he told me that when he came on simply Bitcoin
IRL. Like it's, it's so hard to
understand because of how much time we've spent in this system
of just things getting progressively more expensive.
It's very difficult to understand and also to, to opt
out because he said it in the, in the at the very end, he's
like, don't even give that system your time, right?
Because that, that, that that's essentially what it's doing.
It's, it's, it's, it's, it's, it's parasitic in nature.
It sucks your attention. It drains your money, it drains
your time. I would see, I would even say
like it drains your spiritual energy in a way, right?
And if you just migrate to just thinking in Bitcoin and building
in Bitcoin and using Bitcoin as your unit of account, like I've
seen my life get better. I've seen Opti's life get
better. I've seen my family's life get
better as I've migrated to a Bitcoin standard.
And I, I, I 100% agree with Jeff Booth in the sense that you know
what, what the total global economy is, the 900 trillion,
whatever that number is. Yeah, I think over time all
things that are inferior stores of value and the bloated stores
of value I think are going to migrate to towards Bitcoin.
That's my take on all this. Yeah.
I mean, Mclovin says the best stop being a battery for the
Matrix. I think that's a very, very,
very good point. Lightning Goat says, yeah, it is
a vampire system. Anyways, yeah, I'm so bullish on
the future. CK says it, you're not bullish
enough. And I think Jeff Booth just has
such an elegant way of just putting it, voicing it,
understanding the concept that, you know, Bitcoin is Bitcoin is
the true price signals on things.
It's not dollars. It's Bitcoin.
Like, you know, when you're looking at housing, at food, in
the grocery store, price your life in Bitcoin, Like look at a
look at how things will change for you.
Because it it it, it's actually showing, it's actually giving
you the benefits of technology deflation versus the dollar.
That the benefits of technology deflation is being literally
taken from the populace, given back to the state.
And then Bitcoin is giving that back to the people.
And This is why the state inherently dislikes it.
This is why the state inherently dislikes self custody, because
they've been operating in a system of theft.
And in a system of theft, coercion is necessary for that
system to function. So yeah, Jeff Booth dropping the
hot fire. Opti, what's your take on this
before I move on to the culture? Yeah.
Well, you know, Jeff Booth has a way of making me feel like I'm
not bullish enough. He's so calm when he does it.
So it makes me feel like, man, I know when I get excited and I
talk about Bitcoin, I get super bullet tardy and I'm I'm just
loud by nature. So everyone's like, oh, he's
just crazy. Write him off.
But when Jeff Booth does it, it's like very calm, collected.
And you realize, like, wow, maybe, maybe he's thought about
this a little more than I have when a lot of us Bitcoiners just
get stupidly bullish and we just throw crazy numbers out.
But when you hear that segment, you're like, yeah, you know, the
world is trending to zero against Bitcoin, and they're
slowly waking up to it. And This is why I know Nico
yells at me all the time. I say it, but Jeff Booth says it
in a way nicer way. I just speak in meme so it
sounds rough but This is why we say it's acidic relationship.
They they literally the the greatest trick that has ever
been pulled on humanity is this idea that we have to use paper
money, something that they can literally print to oblivion.
They can debase our currency. They can pretty much take all of
our wealth, all of our life force, make sure we are stuck in
the rat race. And as long as people don't
understand the mechanism of of inflation or how the Fiat system
works, they're basically able to just sit there and take our life
force away so that they can build all this stuff.
And we all stay poor and we are never able to, you know, rise up
out of our natural born position.
And This is why we love Bitcoin so much is because if you prove
the work, if you work hard, you stack sats, you're responsible,
you have some discipline, like you're able to move up in in
life and become a better person. And This is why I think it is so
important to continue to remind people that this is about living
a better life. Not only is it like a what Nico,
we put in the title of like, you know, you're going to get rich
in the thumbnail. It's about improving freedom on
planet Earth. It's about improving your
personal sovereignty. It's about improving your health
and your wealth and your mental stability here.
Because we've all been stolen from for the last hundreds of
years, ever since we got on to ever since the Federal Reserve
was created. What we've been stolen from used
to, it used to be, you know, coin clipping like from central
banks in the past. It used to be, you know, the,
the, the reason we even got the Fiat in the 1st place is because
we couldn't trust the, the metal or what's it metallurgists, you
know, the, the Goldsmiths out there.
So like now Satoshi has given us a technology that can't be
stolen from as long as you take your private keys into self
custody, as long as you're owning your Bitcoin and not
trusting someone else with it, your wealth will no longer get
debased. And as and if we've seen
anything in the last what, 1020 years since social media and the
Internet age, technology gets cheaper over time.
And I think we've said it on the show before that as much as we
love the Internet and it's giving us all this stuff and
we're all interconnected, I'm kind of leaning into the idea
that the Internet, the sole purpose of the Internet, was to
give us Bitcoin. It just took a little while for
it to actually happen. And now we have this technology
that you can store, that you can hold on for the long term and
your wealth cannot get the base. That's what this is all about.
The Fiat system is literally stealing from you, and it does
it so silently and so subtly that most people aren't aware of
how this works. And This is why the traditional
financial system is so murky and complicated in the first places
because hey, you're too dumb to understand how this works.
Trust the experts, trust the money managers.
We know what we're doing. And now Bitcoin has, you know,
decentralized or using another D word, you know, democratize
money in the sense that you don't need to go with the other
people. You just need to save Bitcoin
and your life gets better. And again, This is why we
started this bit with it. It has, you know, I know the,
the spiritual world word is a little, you know, woo woo to
people, but it has a intangible improvement on your psychology.
And I, I like, I think it was loco in the chat, he said, like,
I've never met an unhappy Bitcoiner.
It's like, yes, a lot of the things we talked about is doom
and gloom because we see what's going on.
We're very pragmatic of, of the situation we're in.
But when you start talking about Bitcoin and what it does for the
future, it's hard not to get hopeful.
It's hard not to have hope and be happy and looking forward
towards the future that's coming.
It's hard not to be optimistic when you are a bitcoiner.
And This is why we love Bitcoin. Amen to.
That Amen to that All right everybody, before we move on to
the culture, I do want to give a shout to our lead sponsor and of
course I'm talking about Bitcoin Well.
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The Bitcoin wishing well is a little kind of like raffle
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Support self custody by default. Bitcoin on ramps Also want to
give a shout out to the orange pull app.
The orange pull app is the Bitcoin social layer stack
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the Orange Pull app and it will literally show you the
Bitcoiners that are near you. It's a great way to connect with
fellow bitcoiners. It's the best way to reach me
directly. If you want to contact me for
whatever reason, download the Orange Pull app, pull it up.
You can send me Adm and I will get back to you.
So download the Orange Pull app today, scan the QR code or check
the link in the video description.
All right, everybody, let's hit the culture.
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To get started, scan the QR code or check the link in the video
description. Alright everybody, we're going
to talk about UTXO management, something that is incredibly
important. There's a fly in my room.
It's going everywhere and something that a lot of
bitcoiners, especially people that are just going in, don't
fully appreciate. So what is the UTXO management
option? Yeah.
All right, so first though, I'm
going to start over here on Men Pulled Out Space so you guys can
check for yourself. You know, I know for the last
couple of weeks people are like, oh, the fees are never going to
go down. Ever since the halving there was
all this crazy what ruins and ordinal stuff that made the
halving block an incredible amount of money.
But you can see here I'm on Men Pulled Out Space.
You know the mempholes seem to be clearing out six SAT's fees
is pretty reasonable. Will we ever get back to you
know one SAT fees? Who knows, but six SAT fees is
it's a pretty good time to be consolidating your UTX OS.
This is why I've been wanting to bring this up for you guys is
because right now is as good a time as ever to consolidate some
UTX OS. So I do have some reading here
for you guys. I actually will drop this in the
description for you guys after the show.
So if you want to go back and read this whole thing for
yourself, it'll be in this the description once the show ends
right now. I forgot to do that before, but
anyways, I'm over here on a lot blog.
I actually have two posts here that will kind of elaborate on
what's going on. So this one is titled
economically unspendable Bitcoin Utx OS and the to UTXO
management guidance for avoiding shooting yourself in the foot.
So going into this a little, a little bit, you know what is a
UTXO? Someone in the chat asked what a
UTXO is. So a UTXO is an unspent
transaction output or in a layman's terms, a deposit that
has been made into your wallet. Every time you receive a Bitcoin
deposit, a new UTXO is created that will later need to be
spent. Just think about it this way.
It's all UTX OS, all the quote UN quote Bitcoin that you own.
It's only UTX OS. It's UTX OS all the way down.
Everything that you are quote UN quote holding in your wallet is
just an unspent transaction output.
And every time you send a Bitcoin, you know a transaction,
it turns into another unspent transaction output.
It's only UTX OS. That's how Bitcoin works.
Again, not getting you lost in the weeds here, but let's go
into kind of what you should be doing.
So an economically unspentable UTX OS, a UTX O that cost more
to spend than it's worth. And a lot of times when you hear
new entrants into Bitcoin, they, you know, they may have been
stacking small amounts of Bitcoin.
Then the fees rise and they're like, Oh my God, Bitcoin doesn't
work. Like this is broken.
This is trash. And it's like, no, it just you
don't understand how the Bitcoin network works in general.
So the Bitcoin network has always grabbed with the concept
of dust, which is the creation of UTX OS that have basically no
value but are undesirable because they increase the size
of the global UTX OS set. And right now I'm pretty sure it
actually depends. And this is what the next
article is going to be. I'm not going to cover it all,
but you really don't want any UTXO under, I think depending on
if your address is 1, it's under 546 SAT's I believe.
And it kind of varies depending on the other receiving Bitcoin
addresses that you get anyways. Why should you care?
A recurring pattern, like I said, with Bitcoin wallet,
someone starts using Bitcoin during a bear market, the fees
are dirt cheap. They may get into mining, you
know, they're stacking the activity results in daily or
weekly deposits into their wallet.
Or if you're stacking with our sponsor, Bitcoin, well, every
time you buy Bitcoin, it sends you a UTXO and you probably have
a bunch of Utxos in your wallet and you don't really know how
this stuff works. And so if the fees get crazy and
you're buying small amounts of Bitcoin, it might become
unspendable in the future. Sure.
So let's just go down again. I'm not going to get all into
this, but was there a portion in here?
I thought this was the one. OK, it must be this next one,
this one on Bitcoin magazine to dust.
You shall return an analysis on different free rates and the
consequences that has on the economics of spending UTX OS of
different values. Actually, let me let me show you
this picture here so you can think of it this way again in
mean forms. What we're doing here is so say
you received 11 UTXO one Bitcoin transaction and right here it's
.000018 and then you receive a second Bitcoin transaction of
.025 to a different address. Well, now in your wallet you can
think of it like having a bunch of bills in your wallet and you
know it could be like a think of it like a $1.00 bill or a $5.00
bill or maybe like $0.99 and you want to turn it into a dollar.
That's kind of how you can use a framework here.
And all you really have to do guys, is just pick your UTX OS.
If you have a like Sparrow or Electrum or a lot of phone
wallets will also allow you to pick UTX OS.
But some of the wallets kind of make sure that you don't know
any of this complexity. And all you got to do is
basically just send a transaction with a big chunk of
your Bitcoin to a new address in your wallet and that will
consolidate your UTX OS. So again, OK, here we go.
This is the one I was looking for.
So this is on BTC sessions. How to consolidate UTX OS?
It's super easy if you're using a wallet like Sparrow Wallet.
You can select specific UTX OS to consolidate or consolidate
all at once. The process involves selecting
the UTX OS you wish to consolidate or if you're using
one of those smartphone wallets, just send a transaction of a
good chunk of the total Bitcoin in your wallet to a new address
in your wallet and you're consolidating UTX OS.
So again, you just send them to another address in your in your
Bitcoin wallet, label the address so you can easily
identify it and all that good stuff.
So the next question, because the process is easy, literally
just send a Bitcoin transaction to yourself with the UTX OS you
select or say you have, you know, say you've been stacking a
million sets for the last 50 weeks and in your wallet it says
you own half a Bitcoin. But in reality you have 50 UTX
OS in your wallet. All you got to do is say, you
know, I don't know, create like a 10 million transaction.
And send it to yourself and you're good to go.
That's literally the process. But there are some
considerations and again, I'm not going to read this whole
article, but my boy Joe Rogers at Bitcoin Magazine broke it
down completely. Again, I will drop it into the
description so you guys can read this yourself.
So the key takeaways is thus thresholds is lower than you
think, especially in high transaction fee markets.
When withdrawing BTC from exchanges, consider waiting
until your balance is above a million SAT's or .01 before
sending to your storage. If you have many small under
.001 or 100,000 UTX OS, you must consolidate them into larger UTX
OS while fees are low. So this isn't this isn't a
necessary science here, but what you want to be doing is just
consider the amount of Bitcoin you have.
If you're stacking, if you're part of ADCA program and you're
stacking say like $100 every week, then over time you're
going to have to consolidate your UTX OS.
And again, it's literally literally just taking an amount
of those UTX OS and sending it to a new address within your own
wallet. And that's consolidating your
UTX OS, consolidating your Bitcoin.
And so the real discussion here that I think we should have
Nico, is what size UTX OS should you have?
As I said, and you guys could read these articles for
yourself. You know, a lot of people say
like a million SAT is probably the lower end that you should
have if you're trying to hold this Bitcoin for the long term.
If you're just spending this Bitcoin like, you know, whatever
it's, it's your, it's your money of choice right now.
And you're like, I really don't care.
I'm spending this Bitcoin as it comes in.
I have a good savings and then I'll consolidate, you know, in a
couple of days when I know I have extra profits.
Totally, totally agree with that.
But if you are a Bitcoiner that is probably been stacking for
the last 2-3 years and you know, maybe four years in this bear
market and you've never done any UTXO management and you're just
like, OK, my wallet says I have 50 million sats in here, but
I've never consolidated and I've been buying Bitcoin at $100
chunks this whole time. Then you're going to have to
consolidate or you will fucking. Wreck yourself or you will.
Wreck yourself. And so, you know, a lot of
people will have different choices on this.
I think you can kind of think of this like having a $1.00 bill,
$5.00 bill. We should.
Like like OK, $10.00 bill. $20 bill, $100 bill, except you guys
are. Using Sparrow or Electrum.
I like Electrum because it gives you more information.
I understand people are going to be like this Electrum, Nico,
that's fucking crazy. But that's just my first wallet,
So that's what I'm used to. If you go, both those wallets
give you the ability to check out your coins.
So check out your, your balances and it will show you how many,
how many transactions are associated with a certain
address, right? And if you've been just
withdrawing from wherever, if you've been mining or you've
been sending people the same address for like $100
transaction, they will reach a point.
If you're sending $10 Bitcoin transactions to a single
address, you will reach a point unfortunately, where you might
like just paying the fees will wreck your like it will be an
unusable UTXO because either you won't have enough money to pay
for the fees or the fees themself are just going to
basically cost you the amount. And you don't want to put
yourself in that situation, which is we're getting to a
point where Bitcoin is getting expensive enough where you
should really be kind of picking and choosing the size of the
transactions that you're sending.
So you want to be sending like minimum at this point like $100
at one point if you on chain, if you're you shouldn't be sending
$10 on chain to yourself custody wallet every single time because
you will have to pay a fee for every single and the fees.
Add up and the fees. Add up and there was a point
when the halving was happening that the fees got all the way up
to like 3050 sixty dollars. And if you're sending a $10 UTXO
and the fees are $5060 now they're like a dollar.
It's fine. That's an unspendable.
That's an unspendable UTXO. Like, yeah, you have that
Bitcoin, but you can't use it. So you have to consolidate and
then you have to be kind of wise a little bit.
I know this is probably scaring the shit out of people, but it's
just, it's just the reality of like, I mean, by the way, by the
way, five years from now, fees are going to get to a point
where they're going to be very expensive for most people, for
the vast majority of people. Like if you're a class of 2024,
like you are at the very, very end of Bitcoin being used for
small expenses. This is exactly what Lightning
is for. Lightning is great at this
point. Like if you don't have like
strike in the US as phenomenal Bitcoin well has a feature.
It's so freaking cool that you can literally send Bitcoin via
lightning to a Bitcoin well, lightning address and it will
literally sell it for you automatically and deposit the
dollars into your account. Like Lightning has come so far
and Lightning is meant for those smaller transactions.
But for those bigger transactions, $100, a thousand
dollars, $10,000 on chain is still viable.
You just have to be kind of Fred like you have to be wary.
Like I, I would think I would say anything under $50, I would
be wary. I would just be like like kind
of think about it and stuff. Just 'cause you can wreck
yourself if you're not aware of it one. 100% Hey Nika, let's
respond to this question here. So Mikko goes, UTXO management
is only necessary for people who store Bitcoin in cold wallets.
If you save on exchange, which is not recommended, you don't
have to worry about UTX OS true or false.
So answering this question, yes, every single person in this chat
should be concerned about UTXO management because you are
taking your Bitcoin into cold storage.
With that being said, exchanges have to manage their UTX OS.
So they're basically they're doing it for you and you know
whenever you withdraw, they'll send you however much Bitcoin
you're you're withdrawing to your your address.
So like it's one of those things, like I said, UTX OS,
it's all UTX OS, like that's all it is.
So you're going to eventually have to get to the point where
you manage your UTX OS, make sure your hygiene is good when
it comes to UTX OS because you don't want to get in this
position to get wrecked. So going back to the analogy and
I know not everyone's here, but just to like think about this
easily. If you kind of relate this or
correlate this to dollar bills in your wallet, you know we have
different size of dollars, 15102050 a hundred.
Well you can kind of break that down for your UTXO.
This is how you should be thinking of it.
So if you have one whole coin, you can do, you know, you can do
a one one 100 million SAT UTXO. So you have one coin on in your
wallet. So you're part of the metrics.
You're like, yeah, I'm a whole coiner.
This is dope. Probably not recommended if you
are planning to spend that Bitcoin because then if you do
what, a million SAT transaction, everyone's going to know that
you have a whole coin, which is, you know, privacy concerns.
That's maybe something you should think about.
So I think the way to kind of think about this again, say you
have a whole coin, 100 million SAT and maybe you want different
size UTXOS and you can think of these different size UTXO's like
your savings and the coin that you want to spend.
So maybe you want a 50 million sat UTXO to 20 million sat UTXO,
the 10 million sat UTXO or you know, you can you can kind of
play with that if you know that like that 10 million SAT I'm
going to spend. So you can break it down into
smaller portions. So this is just how you should
be thinking about it. But I think the the best thing
to think about for long term storage, you probably shouldn't
have a UTXO under a million SAT. I would probably say higher if
you're stacking, if you got some good, some good Bitcoin out
there, you know, good bag, you should probably get higher than
1,000,000 SAT. I know a million SAT right now
to some people is a lot of money.
What's a million SAT? Like a 600 bucks or 580 bucks or
something like that. So just just just so you know.
Guys like Bitcoin is on the verge of, and I and people are
going to be very upset when I say this, but I'm going to say
it anyways. Bitcoin is on the verge of not
being usable on chain for the vast majority of people.
Most people, I would say the vast majority of people when
they come in, they're going to be using lightning, they're
going to be using second and third layer solutions just
because of the fact that it's unviable to be transacting using
the main chain because of the fees.
And it's not happening now. Like we're like it's still in
that era. But 5-10 years from now, most
people are going to be using fettiments or lightning or
second or third layer solutions to interact with Bitcoin.
And then of course, if you have a sufficient amount of Bitcoin,
then you'll be migrating to on chain Bitcoin.
But yeah, I mean, it's, it's it's, you know, that's the
reality of it. You know, congratulations for
anyone who's in the chat right now, you can get still get a
single Bitcoin at 57,538. Me and Opti were doing episodes
when or I was still do a million.
Sets of $100 doing episodes when?
When, when, When Bitcoin was at 3500 or you know, 4000.
So you know, we've obviously come a very long way since then.
But yeah, you know that that's the reality of, of of Bitcoin.
Lightning is going to be incredible.
Fediments is incredible. So it's not like second, third
layer solutions are bad, but if you are using the base layer,
you got to be, you got to pay attention to UTX OS because you
can and will get wrecked. Also, you're your own.
Bank on. Another on another, which comes
with responsibility on another type of conversation, not with
the Passport hardware wallet, but with other hardware wallets,
you will be limited in terms of how many transactions you'll be
able to sign for. So like for example, like a
Ledger, for whatever reason, you're still using a Ledger.
I've seen it in the past and you will wreck yourself because the
Ledger, the little computer inside the Ledger doesn't have
the computing power to sign, you know, multiple UTX OS that it's
going to have to sign for if if you're spending for it.
So you want to consolidate over time and maybe we should do like
a like a in air tutorial if you guys want, if you guys want to
see that kind of let us know in the chat.
Maybe we actually bring BTC sessions.
He's actually. Going to come on soon, but we're
going to talk about how to live off Bitcoin, so maybe we can add
that too. Yeah, so.
And we'll do like kind of like a live in air tutorial of that.
Anyways, Opti, we are getting to the top of the hour.
Do you have any final thoughts for the audience other than
scaring them shitless? Yeah, that's literally what I
was going. To say, guys, it's it's really
not that complicated. Just send a Bitcoin transaction
to yourself. It's just something you need to
think about if you are. And the really the reason we
brought this up is because we love Bitcoin.
Well, we love Adam. I mean, I saw you guys in the
chats like what does Bitcoin well do with my like what is
their UTXO management strategy? And they're basically the
strategy is you have to do it. They don't want to hold your
Bitcoin. So depending on how much Bitcoin
you're buying is just a consideration to have.
If you're doing you know what, 10 to $100 DCA plan with them
every week or whatever. Like you will be receiving small
UTXO so overtime they'll build up and you got to consolidate
them and it's literally as easy as you're sending yourself a
transaction, your wallet. Yeah, exactly.
Your your wallet will your wallet will do it for you.
Yeah, let me show you kind of like what that looks like here.
I pulled up a great kind of Scott of what this would look
like in there you go. So like this is a, this is an
example of a consolidation, right?
So this person owned all this Bitcoin and all these separate
addresses, right? And what they did was that they
just sent all of that Bitcoin to a single address.
Therefore they consolidated it, right?
That's, that's literally as simple as that.
It's fancy. Words.
It's fancy words to say yourself some Bitcoin.
So because every. Time you send, you receive
Bitcoin. You're receiving it to a new
address. Your wallet will automatically,
if, if that wallet has been used, it will give you a new
address, right? What you want to do is
especially in the smaller amounts is you want to
consolidate that. So you want to send all that
Bitcoin that's in all those different addresses and you want
to send it to a brand new address.
And what that does is it consolidate all of that Bitcoin
into one UTXO. And you want to do that?
It's called UTX Management. I highly suggest it.
It seems way more complicated than what it is exactly.
One last thing Nico, cuz there's a good comment in here.
I gotta take advantage of the low.
Fee environment. So every time that's why I'm
saying it are low. Every time fees are low right
now I don't know what the fees are I.
Was just checking it was like 6. It's like 6.
So every time fees are low, yeah.
So yeah, look, you want to take advantage of it right now
because high priority right now is $0.48.
So this is a low fee. It's in.
Bitcoin, it's in SAT, so it's six at six at so.
You want to take advantage of low fee environment because in a
high fee environment it's not going to be $0.48, it's going to
be like 30-40 dollars and you will absolutely get.
Get a OK last thing before we know.
Copernicus is just an absolute troll, bro.
No, that's not in docs bro. That's literally a post from
Twitter for now. He's so like, he's so like, all
right, so. Dynasty as Should I consolidate
Utxos that are already in cold storage?
Is this a problem if I don't or haven't done that?
Yes, This is why I'm telling you this now, because if you have
just been DCA ING to cold storage on small, you know UTX O
sizes say it's like $100 and it's just going straight into
your cold storage. Well, if you huddle that for 10
years from now and the Bitcoin network gets as popular as we
think it's going to be, a lot of that Bitcoin, those UTX OS are
going to be unspendable. This is why I'm telling you this
now and thank you for the question.
So we can clarify that This is why you want to consolidate your
UTX OS, put them in the larger chunks so that if you're holding
them for the long run, you know you are going to be able to
spend your Bitcoin eventually. This is why we're here to
protect you guys. Make sure you guys have good
UTXO hygiene. Make sure you guys are taking
your Bitcoin into cold storage. We tell you guys to always take
Bitcoin into cold storage. And this is part of the
responsibility of being your own Bank of of owning your own
money. These are some of the
considerations. Again, it's not that
complicated. Like I know we're using some big
words, but it's literally just sending yourself a Bitcoin
transaction within your own wallet.
That's all you have to to do. You know, you the only part of
it that's an art is just you asking yourself how big do I
want these UTX OS? How long am I going to hold this
Bitcoin? What am I trying to do with this
Bitcoin? If I'm going to spend it, you
know, a year or two, a million sets is probably good, 10
million sets is probably good. But if you want to consolidate
your Bitcoin again, if you have a whole coin, think about adding
and and adding them together to bigger UTX OS and you'll be good
and protect yourself for the long run.
All right, Nico, I think I think we I think we hit him with way
too much. I think we hit him with way too
much. We're gonna do what we're gonna
do next is. We're gonna do like a live on
air tutorial of doing this so you guys could kind of see it.
Let us know down in the comments what wallets you guys use and
then we'll make sure to use those wallets and we'll kind of
give you an example of what a UTXO consolidation looks like so
you guys can get I think I. I feels like I, I feels like we
can keep talking about UTXO management for people.
So so if. You guys use Sparrow Electrum
blue wallet. Let us know down in the comments
and we'll use those wallets. We'll use those wallets on the
show anyways. I'm your host Nico is my Co host
Optimus Fields. This is simply Bitcoin for July
10th, 2024. Seems like you guys liked
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