It's all going to zero against Bitcoin.
It's going up. You're against Bitcoin.
You're against freedom. Yo, welcome to another episode
of Simply Bitcoin Live. We are your number one source
for the peaceful Bitcoin revolution.
Recovery, Breaking news culture, Matic warfare.
We will be your guide through the separation of money and
state. Sailor tweeted something very
interesting yesterday. Anything it when it when you
tweet a picture. I really call it a meme, right?
Because memes. Are a form of, you know,
graphics memes. They're they're really what
they're forms of transmitting information.
Transmitting data, Right. So I'm just going to call it a
meme, even though, you know, by the usual definition, it's not a
meme, It's a bunch of statistics, a bunch of data.
But for the sake just to simplify, it was a meme tweeted
a meme about the inflation rates of all Fiat currencies around
the world. And what he said, the tweet that
he said is if you don't have access to dollars, Bitcoin is a
lifeline. I mean, and it's very
interesting because if you don't have access to dollars, thing is
like if you have a bunch of piles of crap, right?
The dollar is the smallest, less smelling pile of crap.
Right. It's still crap, but it is the
least worst of all of them, right?
And what I think is happening, especially in the global S the
developing world, is you are seeing a lot of people adopt
alternatives to state money. But the pattern that you're
seeing is people aren't really adopting Bitcoin per se.
Of course there's a percentage of Bitcoin adopters, but what
you're really seeing? Is people adopting stable coins,
specifically USDT or you know, the USDC or whatever, any
specific type of stable coins that is a U.S. dollar stable
coin. And the thing about those things
is that they provide a false sense of financial sovereignty,
#1 because they can freeze it, and #2 because I think
eventually because due to its centralization they will
inevitably be coopted. And they still have inflation
baked in, right? So like, it's it's a multitude
of factors. But This is why this whole thing
is is going to be multigenerational, right, I
truly believe. And the analogy that I always
always use and I hide and I know it's cliche, the movie, the
Matrix, blah blah blah blah blah.
But this analogy is so useful. Neo was just exposed to The
Matrix. And Morpheus and Neo are in the
construct and Neo goes into denial and he's like, no, this
isn't real. And he goes crazy.
They pull him out, he gets out of the chair and he just
collapses on the floor. And you know, and he just, he
just passes out. He can't believe he can't.
It's too much for him to take. And then the next the following
scene, Morpheus is standing over Neo while Neo wakes up and
Morpheus looks at Neo and he says Neo.
I apologize. After a certain age, we don't
pull people out of the Matrix because it's too much for their
minds to for their minds to handle.
And I think it's a very fitting analogy to the Fiat matrix if
you've lived the majority of your life using paper money that
has faces of old people on it. Or faces of structures, or faces
of things. You're used to stay issued
money, you're used to banking, you're not used to taking self
custody of your wealth. It is a very, very radical idea.
It's not to say that you can't do it, but it's you have to go
through a process of unlearning. And then learning something new
versus what Naim Bukela is doing in El Salvador, where he's
teaching the next generation about Bitcoin right off the
gate. So they it's not a process of
unlearning, it's a process of learning something new now in my
specific career. And I know Opti, I'm pretty sure
I'm pretty confident he's experienced the same thing
before I bring him up. You know, I've been in Bitcoin
basically 1/3 of my life, so. I had no idea about the
traditional financial system and so I started making Bitcoin
content and I thought, you know, when you start making Bitcoin
content, okay, you're just going to talk about Bitcoin?
No, it ends up being this macro geopolitical, you know, cuz
bitcoins fundamentally going to change the world.
That's why we say in the beginning of the show,
separation of money and state. And you have.
You're forced to learn about the traditional financial system.
And holy cow, are you just like in all you're just like.
Do things really work like that? That's absolutely insane, right?
So that's what I got to say is yes, absolutely.
If you don't have the dollar, Bitcoin is definitely the
lifeboat. But that's not to say that
people are choosing Bitcoin. People are used, are choosing
stable coins again, because I think that they've been
conditioned, right. I think that they've been
conditioned to this, to the belief.
That the dollar is very, very strong and in the global sense,
like before Bitcoin. You could have made that
argument and would have been a solid argument.
But I'll ask you guys. It's a very simple question.
If you have a currency that is designed to inflate and lose
purchasing power over time and can also be censored and
confiscated easily by the state, versus a currency that is
designed to increase in purchasing power over time is
censorship resistant. I mean, what, what do you think
people are going to choose eventually?
Incentives matter. And bitcoins, incentives are the
best. And that's truly believe.
That's why I truly believe over the long run, enough people will
wake up to that fact and adopt it.
Right. Anyway, so we're going to talk
about all that today. I know it rambled on for quite a
bit, but I want to welcome my very special cohost, always
optimistic. He had a dream.
You had a dream, bro. You had a very interesting
dream. You know, I started the Chrissy
thing as a joke. I didn't think it was going to
end up here. Yeah, well guys, if you didn't
see my Twitter and I didn't even make this up, I legitimately had
a dream last night that I was battling Christine Lagarde and
she was a praying mantis and Claude Schwab was a locust and I
had to. That was the third one.
I can't remember the third person.
Yeah, I don't remember who it was to be honest, but there was
someone else there and I had to battle them.
That was like a full Mortal Kombat scene in my dream where I
was battling the unproductive parasites at B.
Yeah, I can't make up. This is where my life is,
actually. I mean, I I think it's because I
watched Prometheus again last night trying to unplug and
there's that one scene of like the human spider thing.
Anyways. Anyways, anyways, that's that's
totally not here nor there to your point, Nico.
It's funny that once I looked through the world through the
Bitcoin lens and trying to understand Bitcoin in its place
in the world, you start to learn a lot about the traditional
financial system, global geopolitical macro.
And I think we were even having this conversation yesterday.
It's like being in Bitcoin is just a crash course in how the
normal world works. You know, how how all of the
adult adults in the room see the world and how the financial
system works. And then it's just funny because
we always filter everything through that Bitcoin lens and
you're just like we were saying it to to each other.
It's like Bitcoin changes everything.
And it's so simple and everything's so convoluted and
so complicated in the traditional financial world.
And it's just like, I don't know, fix the money, fix the
world. It it's just so simple.
But it it really gives you a crash course on life when you
start to understand Bitcoin and you and you start to, you know,
understand how Bitcoin works and and why the free up system is
broken. And yeah, it it's just, it blows
my mind that we have learned about the traditional financial
system through Bitcoin and I never learned that before I
found Bitcoin. It just it blows my mind. 100%,
I mean, again, like, it's like we didn't have to in a way, you
know, like, and then I can't even imagine our children.
Like they're gonna be born in a world where Bitcoin has already
existed, right. So it's just it's just crazy to
think. It's like when we think about
our parents like they were born in a world or the Internet
didn't exist. You know, like people still read
newspapers. Is that that blows my, like, I
can't even conceive of like, you know of that world.
But I think the paradigm. Is is going to be so great
because I don't think we've ever lived in a world where the money
wasn't issued by the king or the emperor or the state or the
government, you know, or the, you know, the democratically
elected body, whatever this ruling class of people.
And every single time throughout history, the ruling class of
people manipulated the money to benefit themselves at the
expense of the populist at the expense of the public.
So now you have something like Bitcoin where they can't do
that, right? It kind of levels the playing
field and it kind of changes the power dynamics of the whole
structure entirely. It was very, very fascinating,
the entire thing. But you know what turned from a
joke into a meme ended up an opti's dream.
And I think Chrissy as a praying mantis.
If anyone can make that a I picture of that, that'd be dope.
Please send it to us. We'll put it on the meme review.
Anyways, everybody, let's jump straight into the numbers.
We have a lot to talk about today.
Let's check it out. The Bitcoin numbers.
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At the time of recording, the Bitcoin price is $26,870 sats
per dollar. 3722 Block height 809,899 blocks to having 30,101
having estimate April 21st 2024 Total Lightning Network capacity
4397 Bitcoin Capacity value 118 million Realize Monetary
inflation 1.75% The market capitalization of Bitcoin 500.
$23 billion Bitcoin versus gold market cap 4.14% I always say
this every single day. My favorite statistic out of all
this is realize monetary inflation because it's going to
continue to go down and take Fiat currencies to absolute
school. Even if they get back to that 2%
rate, Bitcoins inflation rate is still.
Lower and it's going to continue to go down forever.
And then the second is the Bitcoin versus gold market cap.
Currently it's sitting at 4.14%. Eventually it's going to be 100%
and then after that it's going to be 150% and after that it's
going to be 200% at 100% gold market cap.
That puts the price of Bitcoin at $500,000 per coin.
I think it's going to happen a lot sooner.
Than people anticipate because just Bitcoin is superior.
You know, I I know a lot of gold bugs might get you know their
feelings hurt on that and you know, I understand honestly.
Like and I know this might be unpopular with bitcoiners.
I'm a fan of physical gold. I am I if you ever hold like a
little gold bar in your hand like it feels really really
nice. But I I would rather hold
Bitcoin. Why?
Because of its physical characteristics.
It's physical properties. I could, you know store you know
an unlimited amount of Bitcoin theoretically on a 12 word seed
phrase and I could send that Bitcoin anywhere around the
world instantaneously for pennies on the on the dollar,
right. You can't do that with gold and
and that's his physical limitations, right?
That's not to say you know, you know, gold bar, It feels nice in
your hand and because of its physical characteristics.
The price has been suppressed. There's obviously a lot because
due to this, the centralization of the custody of gold, due to
the fact that they issued, there's a lot more paper gold on
the market than there is actual gold that causes a price
suppression. That's something that Caitlyn
Long said could actually happen to Bitcoin through high
rehypothecation. But The thing is with Bitcoin
has this beautiful, beautiful trait.
Where people could take self custody very, very, very easy.
That's so funny. I love that comment, Kaneda
says. Nikko is an introverted gold
bug. No, I I do.
I don't actually own any gold bars.
I don't actually own gold. Like I'm 100% Bitcoin.
But I'm telling you hold the gold bar in your hand.
It feels good. Like it feels nice.
I don't have anything against that.
I just think Bitcoin is superior in my opinion.
I think gold like paper gold is like it's like same as paper
Bitcoin like it's not the real thing.
Not your keys not your Bitcoin not your physical gold not your
gold I guess would be the meme anyways.
So a lot of the things that happens when the the state.
Has this money printer. They have the ability to create
money for free that everyone else has to work for is the
misallocation of capital and also funding things that
normally they would not be able to afford and fund.
And one of those things, out of the many, many things, are the
endless wars and also the disconnect, the disconnection,
from the political class, the bureaucratic elite that benefit
from that money printer. At the expense of everyone else,
right. So and the the disconnect, it
becomes greater and greater and greater the more the money
breaks, right. And here is Mitch McConnell.
He is the Senate lead for the he's the leader of the
Republicans in the Senate. So the minority senator, Senate
leader and here very interesting comments that this guy had to
say. So let's check it out.
Providing assistance for the Ukrainians to defeat the
Russians. That's the number one priority
for the United States right now, according to most Republicans.
So you have a politician saying that the number one priority for
the Republican Party is sending billions of dollars to Ukraine.
To fight a war that is the priority of the bureaucratic
elite that benefit from the money printer.
At the same time, 61% of Americans say they are living
paycheck to paycheck. And I love the cherry on top of
this article. Even as inflation cools,
inflation cooling would basically mean that.
The prices of things started to go down.
That's not what it means. It means that the prices of
things are not going up as fast as quickly.
And there you have a politician saying our priority is sending
billions of dollars overseas, which they can't afford to do
that the US spends more than a trillion dollars every year.
In deficit spending than it collects in tax revenue.
How are they able to afford that?
They're able to afford that through the money printer the
hidden tax of inflation. And here an article that just
came out very recently, July 31st, 2023.
I think we covered it when it broke. 61% of Americans say
they're living paycheck to paycheck.
But the leader of the Republicans in the Senate is
literally saying the top priority is to send money to
Ukraine. And let's take a look at what
President Zelensky says when he's asked about the US The and
I love how they say U.S. tax money, but in a way it's a
correct definition of what it is, but not in the way that you
would think, because it isn't direct taxation that funds this.
It's direct taxation, but also the indirect taxation of
inflation. So while 61% of Americans are
dealing or living paycheck to paycheck, while housing is
becoming unaffordable for the millennials and the zoomer
generations, the top priority of the politicians in in the
Imperial City in Washington DC is to fund a war thousands of
miles away. This is Fiat that.
This is what Fiat is. And here is Szalinski, the
president of Ukraine, who's benefiting from all this printed
money. And let's take a look at how he
reacts when he's asked some questions about it.
We're firing. All you have to know all these
cases, all the all these cases are not with the help and not
connecting that in the podias not connected with the help of
our partners. So it's not about that.
Weapon of our partners or money for the weapon or money for the
budget to give pensions social support etcetera.
It's in other cases it's not about the partners.
So you see these are Ukrainian. These are Ukrainian cases.
But anyway, yes, but anyway it doesn't matter for me.
Now we will fight and will in the and win in this war.
But again, I'm underlining it's not the money of our partners.
Also, it's important to know. Finally, 600 days of war for you
nonstop work. How are you holding up and do
you get depressed? How are you managing?
No, no, no, I'm OK. So I can live with it.
And I. Sometimes.
Sometimes I don't. I don't have a lot of time, but
sometimes I'm looking on my children.
Yes, they are in Ukraine. They are very Ukrainian, so and
let's take a look at the tweet, says Solinsky gets emotional
when asked about the disappearance of U.S. tax money.
Interrupts A/C NN journalist and says it's no longer U.S. tax
money, it's Ukrainian money. Now you know, and it like I I
don't even know what to respond to that.
And here's the thing. Ron Paul, the legend that he is
correctly identified this back in 2008.
Ron Paul is a legend because he really started the libertarian
movement here in the US The the end, the Fed movement, the
revitalization of the Tea Party movement as well.
You can make the case even though that you can make the
case that that has recently been coopted.
A lot of people like, you know, and This is why we hate talking
about left and right politics and we hate talking about
Democrats and Republicans. Because in reality both sides
really believe in the Church of Fiat and both sides in the way
are collectivists. And I think in the in reality
it's not really about left verse, right.
It's really about collectivist verse individualists, or the way
that we like to phrase it, The party of green, The party of
Fiat, central bank, digital currencies, slavery, nihilism,
poverty, war versus a party of peace, Bitcoin, prosperity,
freedom, optimism, hope. And here's Ron Paul in 2008 just
pointing out, you know, the racket of war that, you know,
the American taxpayer in in direct taxation and also the
indirect taxation is currently paying for out of their pocket
whether they realize it or not. And there you have the you, you
know, you have the Ukrainian president who's benefiting from
that? He's just like, Oh no, it's not
the money of our partners. We're going to, we're going to,
we're going to fight this war anyways.
They wouldn't be able to fund the war without the funding.
The war would end tomorrow. Right.
So anyways, and again, like, look at the softball questions
from the media. They're like asking him about
his kids and shit. Anyways, let's check this out.
Madam Speaker, I have a few questions for my colleagues.
What if our foreign policy of the past century is deeply
flawed and has not served our national security interests?
What if we wake up one day and realize that the terrorist
threat is a predictable consequence of our meddling in
the affairs of others and has nothing to do with us being free
and prosperous? What if propping up repressive
regimes in the Middle East endangers both the United States
and Israel? What if occupying countries like
Iraq and Afghanistan and bombing Pakistan is directly related to
the hatred directed toward us? What if someday it dawns on us
that losing over 5000 American military personnel in the Middle
East since 911 is not a fair trade off for the loss of nearly
3000 American citizens, no matter how many Iraqi,
Pakistani, and Afghan people are killed or displaced?
What if we finally decide that torture, even if called enhanced
interrogation technique? Is self-destructive and produces
no useful information and that contracting it out to a third
world nation is just as evil. What if it is finally realized
that war and military spending is always destructive to the
economy? What if all wartime spending is
paid for through the deceitful and evil process of inflating
and borrowing? What if we finally see that
wartime conditions always undermine personal liberty?
What if conservatives who preach small government wake up and
realize that our intervention is foreign policy provides the
greatest incentive to expand the government?
What if conservatives understood once again that their only
logical position military intervention and managing an
empire throughout the world? What if the American people woke
up and understood that the official reasons for going to
war are almost always based on lies and promoted by war
propaganda in order to serve special interests?
What if we as a nation came to realize that the quest for
empire eventually destroys all great nations?
What if Obama has no intention of leaving Iraq?
What if a military draft is being planned for for the wars
that will spray out if our foreign policy is not changed?
What if the American people learn the truth that our foreign
policy has nothing to do with national security, that it never
changes from one administration to the next?
What if war, in preparation for war, is a racket serving the
special interest? What if President Obama is
completely wrong about Afghanistan and it turns out
worse than Iraq and Vietnam put together?
What if Christianity actually teaches peace and not preventive
wars of aggression? What if diplomacy is found to be
superior to bombs and bribes in protecting America?
What happens if my concerns are completely unfounded?
Nothing. But what happens if my concerns
are justified and ignored? Nothing good.
And I yield back the balance of my time.
So again, Ron Paul, absolute legend and a lot of the things
that he said, so let's go through it. the US pulled out of
Iraq. It created a power vacuum and
that created ISIS, right? And all the terrible atrocities
that came with it. We remember the pullout of
Afghanistan, right? The people falling out of the
viral videos of people falling off the planes while they were
evacuating the Kabul airport, right?
Not to mention the suicide attack that killed 13 Marines.
And it was very similar. It's very reminiscent of how the
US pulled out of Vietnam, right? And as soon as that ended, as
soon as that ended, the thing in Ukraine started.
That's not a coincidence. That's a racket that that's like
literally a racket. But again, you can identify it
and you can say something about it and like Ron Paul has done
it, but until now we have not had the tool to really
effectuate change. And someone in the chat said
voting doesn't matter. I disagree.
I think voting does matter like like traditional voting, like it
does matter, right? But I think the most powerful
vote you can make is the vote of opting out of Fiat money, which
is the enabler of not only the endless wars, but the enabler of
collectivism. And I think Bitcoin starves
collectivism, and if it's starves collectivism, it kills
Fiat, right. So yeah, man, this is, you know,
I, I really was putting this together this morning.
And I know, I know, it's a little bit deeper than we
usually go, but but when we say, you know, the peaceful Bitcoin
revolution, separate money for from state Bitcoin or slavery or
beauty on says it best Bitcoin or death.
They might seem like hyperbolic statements, but they're 100%
true. You either pick Fiat currencies
in the traditional system and you will continue to have these
endless wars, this endless bloodshed, or you choose to try
something different, right? You choose to use the money that
can't be inflated away. And if it can't be inflated
away, that means that the government is forced to actually
live within their means. Because if they want to spend
more, they're going to have to convince the populace to raise
taxes. And that's very, very unpopular,
right? So the ability to inflate, to
pay for things. Endless war.
And we're just covering war today but it's it's it applies
to like so many facets of society this total misallocation
of capital. And Ron Paul, what a legend man
called it out in 2008. Julian Assange called this as
well. He there's a very famous video
talking about the endless wars. Julian Assange is in, is in the,
you know, he's he's he's in jail basically.
And Ron Paul, you know he spoke at one of the biggest Bitcoin
conferences to date, which was Bitcoin 2021.
That was when Ninebukele made his, his famous famous
announcement that that El Salvador is going to make
Bitcoin legal tender. So yeah man, it's it's a crazy
world. But Bitcoin truly does fix this.
It really really does fix us. So opt out.
Opt out. Don't and also don't like this
whole idea where voting doesn't matter.
That's bullshit. It does matter.
Just the the vote that matters more is the vote that you
choose. What money are you choosing to
use? And more importantly, are you
taking self custody of that said money.
So end of rent. I know it was a little bit long
today, but I went down this rabbit hole last night and I
felt really passionate about it. Anyways, Opti, what's your take?
Yeah, well, first and foremost, we say it all the time.
You know, the only two votes that matters is with your
pocketbook and your feet. And you know, Bitcoin allows for
both of those. But that's a whole another
tangent that we talk about all the time.
And while you were talking, I was just reminded of the idea
that they call us bitcoiners a cult.
And it just it it reminds me that Fiat is the real cult.
They're a death cult. Like they are just on this path
to utter destruction and they don't even care like who gets in
their way, even if it's themselves like they're they're
it's literally like letting blood sucking leeches on your
body and calling it health. Like calling this medicine and
and medical advice and. You know, look, I'm no fan of
printing money. We say it every single day.
Printing money is the reason why we're so broke.
It's the reason why the Fiat racket, the Fiat industrial
complex is able. Military industrial complex is
able to get away with so much stuff because most average
people do not want to rob. And kill people.
And it is not tasteful to go into other other countries on
this path to war so that we that American corporations can
profit. And so if the government had to
ask people for their taxes to go to war, I am sure we wouldn't be
in all the messes that we've been in throughout.
I don't know the history of the United States.
And again, maybe I am politically incorrect when I say
this, but like. Is it wrong to wonder why the US
is giving so much money to foreign countries?
Like they're printing money out of control and they're giving it
to countries that have literally no effect on the American
people. Like.
You know, I I don't, I don't mean to get like collectivists
on this, but like, if they're going to print some money, you'd
think they'd want to print money and give it to the American
people instead of a country, you know, thousands of miles away
like this. Just it literally makes no sense
to me but and and it blows my mind.
But you know what do I know? I'm not a politician.
I don't. I don't understand what you know
for President 2028. It's so simple.
Like, wait, you're printing money and you're giving it to
another country and this is supposed to benefit us?
Like, wait, what? Like, how is this supposed to
make sense? You know, like.
But I'm sure Nico, if I did run on that platform, like I will
print money for you citizen. I'm sure people would vote me
in. But you guys know, you know,
like This is why we're bitcoiners and and This is why
we tell everyone to take as much of their wealth outside of the
Fiat system. Because if you don't, if you
don't believe in this stuff, then by participating in the
Fiat system and of course we have bills, we have rent.
You know, there's not that many, very many producers and
merchants that are taking Bitcoin.
So you need a certain amount of Fiat money so that you can
survive in the world that we live in currently to survive in
reality, but if you don't like what you see in the world.
Then you need to hold on to some Bitcoin that you need to opt out
as much wealth as possible and put it into Bitcoin because it's
the only thing that can't debase.
It's the only thing they can't tax and funnel that money and
redistribute that wealth to things that you don't agree
with. Like This is why we are
bitcoiners. And This is why Bitcoin is a
political and and being a political is a political stance.
And I I know everyone in this in the chat saying like, oh,
Bitcoin political whether you want it or not.
And it's like, yeah, it's because it's apolitical.
And that that stance is the most political stance you can take.
And you take away their power of printing money and you take away
all, well, not maybe not all but most of the atrocities of, you
know, the last 100 years like it.
What's the saying, Nico? It is no coincidence that the
era of Fiat. Central banks is the bloodiest
era ever. Like, there's no coincidence
here and and actually another point that that kind of popped
in my mind while you were talking about what's the
statistic? It was like 63 or 61% of the
American population is living paycheck to paycheck.
Well since that article came out and I think this was last week,
Americans have racked up their credit cards to an all time high
of $1 trillion. That that means like.
Money isn't going as far as it used to.
They're like, everyone is feeling broke.
And I saw some statistics this morning about like rent and
groceries and car payments and it's like just the basic
necessities of life are becoming more or even too expensive for
the average person. And like people are, people are
just supposed to like take it and be like, Oh yeah, this is
normal. This is how things happen.
And it's like, no, they have. Literally destroyed the money
guys. And it's always about the money
and the more they print money, even if it's for your favorite,
feel good cause like it's making you poorer.
Like why do we care about someone on the other side of the
planet when you are getting poorer?
Like you know, hey you need to let your cup overflow first and
you need to have some savings or else you're the one that's going
to not be surviving. Like, it's so simple, but a lot
of times people sacrifice their own well-being for, you know,
the collectivist idea that you're a compassionate.
You know, good person. It's like, yo, I like living.
I I'm not going to apologize for wanting to survive and going to
a grocery store and wondering why my $100 isn't going as far
as it used to. Like it just.
Why are we getting poorer? And why should we just take this
like it's a it's a normal thing and it just blows my mind that
more people don't see that it's the money and the more they
print the poorer we get. Like, it's very simple.
Anyways, I see we're here with already 35 minutes and maybe we
should It's a it's a it's a Friday episode so it's the
Friday special. Anyways, guys, I want to give a
very special shout out to our sponsor Bitcoin 2024.
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All right everybody, we got a wine, we got someone asking
someone in rumble. By the way, shout out to our
rumble audience, 50 live viewers.
It's growing by the day guys. You could always catch the live
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breaking 100 likes within the first hour of the stream.
By the way, I made it easy for you guys.
You could scan the QR code on your screen, take you directly
to the Foundation Devices website where you can get by
yourself. A passport hardware wallet?
Not your keys, not your Bitcoin. Anyways, this is what Saylor
tweeted and this is what we wanted to cover today.
If you don't have access to dollars, Bitcoin is a lifeline.
So check this out. It goes through some of those
popular currencies in the world, The Argentine peso.
Compared to the dollar, it's down 98%.
The Turkish lira 92%. The Venezuelan Bolivar
99.999998%. The Russian rubles 6066%.
The Brazilian real 55%. The Japanese yen 34%, Australian
dollar 31%, Mexican peso 25%, Canadian dollar 23%, the euro
22%. Even the Swiss Franc, which is,
you know, known to be one of the strongest currencies on earth
that the the Swiss are known to be extremely disciplined, it's
still down 1.6% against the dollar.
So I completely agree because here's here's a couple things to
break down guys. If you live in a lot of these
countries, like for example, Venezuela, you know, Argentina
that now that the President Meli like, it has a really good shot
at winning, that Javier Meli has a really good shot at winning
the presidency. You know, he wants, he wants to
dollarize the the country. Venezuela has been dollarized.
But just because something has been dollarized, right, doesn't
mean that that you could have a U.S. dollar account, right?
Like as a Venezuelan, you can't do that.
Like you can't do that. Look, as someone in try opening
a bank account with U.S. dollars, it's almost impossible.
So what's what's happened is in a lot of these countries,
specifically the countries that have a tremendous amount of of
inflation is that people have opted out, but they've opted out
into stablecoins, right. So we have a lot of stablecoin
adoption in these in the global South and these developing
countries. Of course, a percentage of that
is bitcoiners, but you have a lot of stablecoin adoption.
But here's the thing guys. This is what I mentioned in the
very beginning, stablecoins provide a false sense of
financial sovereignty #1. Because they can be frozen,
right? It's not your keys, not your
Bitcoin, right? It's it, it you.
It could be frozen. I think they will inevitably be
coopted due to its centralization.
And then not to mention the fact that it's still inflationary.
Here's the rational route and he's replying.
He quote tweeted Michael Swaler's quote posted.
Now that's not called Twitter anymore.
And he responded to the Michael Saylor tweet and he said this is
insane. Especially considering the
dollar has been devalued nearly 50% over the last 10 years.
So I said it in the very beginning.
Like the dollar is the smallest, less smelly pile of crap out of
this massive pile of dinosaur poop.
If you guys seen the movie, the Jurassic Park movie and that
meme that was made of it, you know what I'm talking about this
giant pile of that, that's Fiat. And then maybe, you know, the
dollars. Just, you know, this not so, not
as bad, but still bad, right? And now the eventuality.
And I think what Michael Saylor was trying to really make the
case for this right Is that it? If you've been saving in
Bitcoin, it tells a very, very different story.
Because Bitcoin is better money, because Bitcoin has absolute
scarcity, because it has a cap supply, repurchasing power
increases over time. And let's compare it.
So we we did this comparison not too long ago, but let's compare
it to Fiat currencies, right? So here has the US dollar.
If you've been saving in Bitcoin on a five year scale, the dollar
is actually 75% cheaper. On a three-year scale, the
dollar is 30% cheaper. On a one year scale it's 27%
cheaper. Now if the dollar is 75%
cheaper, Can you imagine how how different these numbers would be
for all of these people in these countries especially like
Argentina and and and and Venezuela and Turkey like
Bitcoin fixes this like we we we we don't say that lightly.
Look, the euro on a on a year time scale is 20% cheaper in if
you've been saving in Bitcoin on a three-year scale, it's 63%
cheaper. On a five year scale it's 77%
cheaper. The Turkish Lira, it's 94%
cheaper if you've been saving in Bitcoin on a one year time
scale. It's 50% cheaper if you've been
saving in Bitcoin. If you've been saving in Bitcoin
on a three-year time scale, the Turkish Lira is 86 percent, 88%
cheaper. And keep in mind, Bitcoin is at
the bottom of a bear market. It's a bottom of a bear market.
So it's like, I get what Michael Saylor is saying, you know the
strength of the dollar. But there's this meme down here
by by Pax B and it says the last 10 years all currencies fall
against USDUSD, falls against Bitcoin.
A sane pace person would try to find the root cause.
And here is that meme pulled up full screen and here is 2011
before. So you could, you could surmise
this is 2010, right. And of course the law, the
dollar just continues to lose purchasing power against
Bitcoin. And that's why Michael Saylor
says it's going up forever. And that's where that mean comes
from. Infinity divided by 21 million,
right. So yeah, man, look, if if the
dollar is the lifeboat for, you know, the developing world, they
seek refuge in the dollar and that's their lifeboat.
Well, there's a lifeboat to the lifeboat because the dollar
lifeboat is sinking, but the Bitcoin lifeboat is just getting
stronger by the day. So yeah, if you're in the
developing world, because I know we have a lot of people that are
listening to us overseas, stable coins are a false sense of
financial sovereignty. They will not protect your
purchasing power against Bitcoin.
They'll protect, They'll sort of protect your purchasing power
against your local currency. But if you truly want to protect
your purchasing power even against the dollar, because the
dollar is losing purchasing power, the only option is
Bitcoin. And it also comes with the
benefits of censorship resistance.
And it also comes with the benefits of being able to to
take true self custody of it without the fear of
confiscation. Easy confiscation from the state
or from a hostile third party. So yeah man.
Anyways, I think Michael Sealer got it right.
I get the point that he was trying to make, but you know,
it's like, yeah, the dollar, it's cool.
It's it's the coolest of the pieces of shit, but it's still
shit. Bitcoin is the answer.
Bitcoin is the way. Anyways, Opti, what's your take?
Yeah, well, obviously, you know, Sats are my stable coin as the
memes go. Stable coins are only stable
until they are not. But it kind of goes back to what
we always say here and and a phenomenon that we've noticed in
the US or first world countries is like we have technically, you
know, the best heard in the room, which is the US dollar.
So. And it has a semblance of
stability because a dollar equals $1.00 except for the
purchasing power of that dollar is constantly devalued, and so
most people don't understand. That they are losing purchasing
power like the dollar seems stable.
And just imagine if you're holding one of these other
currencies that are even weaker than the US dollar, you're
obviously going to look for an alternative.
And it kind of goes into what we say all the time on the show is
that most people know what the problem is.
They just don't know that Bitcoin is the ultimate solution
and it will eventually by steps you know, by degrees of
magnitude, people will start to shift into Bitcoin overtime as
they start to understand. Economic reality of the world
and it's just reminded me of Gresham's Law.
You know what's what's exactly? It's like bad money drives out
good money and that's what we're seeing happening around the
world and and it's really what we say all the time, or rather
what I say all the time. The Bitcoin price is a real time
metric of people's understanding of what Bitcoin is.
And so as we see more capital flow into Bitcoin, you can kind
of just link it in your brain to being like, oh, more people are
understanding that Sats are the stable coin, that Bitcoin is the
risk off asset of the world and it's something that I need to
hold. It is the best money in the
world. And so as these people with
these very terrible Fiat currencies start to understand
like, Oh yeah, first I need to dollarize, I need to hold
dollars. Second, maybe I should hold some
gold. And then eventually they all end
up on the Bitcoin standard. It's like, oh wait, actually
Bitcoin is the best money. I need to hoard that and drop
everything else. And so of course it is a safety
line, of course it is the safety net for everyone around the
world and it just it really. Taps into human psychology
because of course it's not going to happen in in like 1 giant
swoop where people are like okay, you know, I'm a in a
shitty currency. Let me just go all in on
Bitcoin. There is a learning curve where
most people need to kind of be exposed to Bitcoin, be exposed
to the Bitcoin signal and of course like the dollar for as
long as most of us have been alive, is the strongest
currency. But.
As a bitcoiner, we understand that the dollar is still just as
bad as anything else, it just has the world reserve currency
status. Right now it just looks the best
in the room. Whereas as more and more people
start to wake up to Bitcoin being the best, you know, hard
cap, censorship resistant, holding its value through time
and space you know instantly, being able to transport it
across the globe, on the Internet or lightning quick.
Like, people will wake up to the idea that Bitcoin is the best.
And so it's not only a safety net for people in developing
countries, it's a safety net for everyone, because we're all
getting poorer. Every country, every government
in the world right now is either printing money.
Or they are using a dollar that is getting printed out of
control. So we all have the same problem
and it's just a matter of people understanding that they need to
hold some Bitcoin because it's the only thing that cannot get
debased. And again, being an American
public school student I am, the irony has never lost on me that
we were never taught how money works.
And I think this is by design and just, you know, going to the
inevitable result of this. Everyone in the world just
doesn't understand money. And This is why, as a bitcoiner,
we have such an asymmetric understanding of the world and
we're way ahead of the curve. And we are on the Bitcoin
standard so we can protect ourselves.
And as we are protected, more and more people will look to us
and be like, wait, how come Bitcoin is going up?
Wait, how come you guys are holding?
All this Bitcoin wait, how come your purchasing power isn't
getting destroyed? How are you living a good life
when everyone is poor and it's like this is just the inevitable
process and the humans learn through pain?
So if everyone's holding those melting ice cubes well, they
will eventually look for a solution.
And of course Bitcoin is the answer to the Fiat money
printing problem that we all find ourselves in.
So, you know, maybe people that have out of control currencies
will end up on Bitcoin sooner than maybe.
Most people in the West because we are all complacent and we're
load to sleep, but Bitcoin is here for all of us when we're
ready because it's the only thing that cannot get debased.
It's the best money in the world because of these reasons that we
always talk about 100 percent, 100%.
All right, before we move on to the culture, I want to give a
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Oh, are we are we doing Opti and Opti?
No, no, no I'm not. Well I'm kind of ranting but not
really ranting. Ranting like normal last week
I'm I'm I'm reading what you guys are saying in the chat and
I'm I'm trying to answer your guys's questions on the show and
last week we got someone asking about like how to best have UT
XL hygiene and consolidating UTX O's and and what they should be
doing and of course there is no one-size-fits-all here guys and
so. You know, I'm just kind of gonna
give you a framework to think about this so that you can do
what's best for yourself and you can kind of think through this
process of what you want to do with the UTX O's that you have.
Obviously we always recommend you take your Bitcoin off
exchanges as soon as possible, but if you're just buying a
small amount of Bitcoin every single day, and you'll have a
bunch of small UTX O's and of course.
UTXO stands for Unspent Transaction Output.
Guys, it you I'm not gonna go into the whole details of how
Bitcoin works in particular, maybe you guys need to do a
little more research, but basically everything is a
transaction, everything is a UTXO.
And so if you are buying, I don't know say like 1-2, three
4-5 dollars on in exchange. And then you're withdrawing that
to your wallet. Well, you're gonna get a lot of
these Utxos that stack up, and then you're gonna try to do some
kind of payment, and your fees are gonna be ridiculous and
you're gonna be like, what? Like my wallet robbed me or
whatever. And so the best way to do this
is obviously maybe getting some kind of threshold limit on your
exchanges when you withdraw it to your wallet.
So that you don't just have a bunch of ultra tiny UTX O's and
they eventually get lost as dust.
And so I got over here. I'm on Stack Exchange and before
I go into too much details here. I wanted to just explain like
what is Bitcoin dust And so here I'm gonna read this answer cuz I
think it's one of the best answers and it kind of gives you
the basics of what's going on here.
So dust is often used colloquially to refer to any
small amount. UTXL, Bitcoin Core's precise
definition of dust, is used in mental policy to define define a
minimum for output amounts in standard transactions.
Bitcoin Core considers A transaction output to be dust
when its value is lower than the cost of creating and spending it
at the dust relay fee rate. The default value for dust relay
fee is 3000 SAP per. I forget what kvb is.
I think it's. Kilogram or what's it 1000
virtual byte, which results in the same dust value as the prior
dust definition used before Bitcoin Core .15 point OH.
The previous dust definition tied the dust limit to the
minimum relay transaction fee rate and the spending cost of an
output exceeding a third of its value.
So Dust equals input under score virtual size plus output size
times 3 sat per byte at the default dust relay fee of 3000
SAT. I forget what KVB is.
Can you look that up Niko real quick?
Given the size of a PTPKH input being 148 bytes, so P peer to
public key hash. I have it over here being 148
bytes and the size of a peer to public key hash output being 34
bytes. Peer public key hash outputs
worth less than 546. Attoshis are considered dust by
Bitcoin Core for pay to witness public key hash.
You can see over here. Again, pay to witness public key
hash the output. What's it?
Where'd it go? The considers output worth less
than 294 sets. So what is all this saying?
Basically it's saying if you are using traditional or legacy
Bitcoin payments which are paid to public key, hash the ones
that start with one. Then the dust limit is 546
satoshi's. If you are using basically segue
addresses which are BC1 then the dust limit is 294 sets.
OK. That is all to basically say if
you're making transactions on chain at 546 sets.
Individually. Well, not only are you going to
have to pay an extremely huge fee when you try to consolidate
them all, but eventually those UTX O's are going to probably be
unspendable. So the recommended idea is
usually if you are trying to do small payments then use some
kind of lightning wallet, maybe Wallace Satoshi, maybe phoenix,
maybe mutiny so that you can make small payments and and do
that quickly. And on chain is kind of
considered more of the settlement layer.
So you want to be doing probably bigger UTXO's on chain going
into your wallet. So if you're coming out of like
say Swan and you're buying a couple dollars a day, $5 a day,
maybe you don't want to withdraw that $5 every single day.
I think they do it like every Tuesday.
And you might want to wait until there's a certain limit on your
exchange. Maybe it's a million sets, maybe
it's 500,000 sets. You know, personally, you can
make this decision on yourself depending on how much you are
actually buying on these exchanges.
But the idea is, if you want some good UT XL hygiene, and
we're telling you this now because the men pull is starting
to clear out. I was seeing yesterday.
We're almost back to like 8. 8 fee, 8 SAP fee rates.
So we're getting lower and now is the time you want to be
consolidating your UTX O's because when it gets crazy fees
again, you might be overpaying and and This is why we tell you
to do this stuff now when it's calm versus when it gets crazy.
So that's just kind of the the basics of what a UTXO is and
what the limits are. But the question we got in the
chat was like how big should my UTX O's be?
And obviously I don't know what your stack is.
I don't know, you know what your personal holdings are.
I don't know whether you've consolidated before.
And I'm guessing that maybe you just have some Bitcoin.
It's all in your wallet. There's a bunch of different
sizes and and maybe you're using like blue wallet where you don't
even know how big UTX O's are. And that's that's, you know,
some technicals we can get into all that stuff.
But just say you have like 1 Bitcoin.
Say you have. One Bitcoin totaled in your
wallet and you want to consolidate your Utxos and you
wanna get some good UTXO hygiene?
Well, obviously I can't really tell you exactly what to do, but
my thinking would be. And there's there's some things
to to consider here. Obviously.
You know there's the vanity metric of like having 11 Bitcoin
in a UTXL so we can have that level of 1 Bitcoin in a wallet.
It just feels good. You're like, yeah, I got a one
Bitcoin UTXL in my wallet like I'm a Chad.
But there are there are privacy concerns with that, maybe.
You know you're going to be using your Bitcoin to pay like a
million sets here there, 10 million sets here there, and you
don't want to expose to everyone that you transact with that you
have one Bitcoin in your wallet. So if you have one Bitcoin UTX
O's 100 million sets, I would highly recommend that you break
that down into different UTXO sets if you are trying to
consolidate. And obviously, there's no hard
or fast rule here. This is kind of just something
you might want to do for yourself, depending on how
you're using your Bitcoin or whether you even care about your
privacy. But I'd highly recommend you
should care about your privacy, because you don't want to expose
your holdings to every single person you're transacting with
Bitcoin. So say we have that 100 million
Sats, that one Bitcoin UT XL and maybe it's just the total on
your wallet and you want to consolidate.
What I may be advised, and again this isn't a hard, fast rule,
this is just something to get your head to think about.
Maybe you can consolidate maybe like 50 million sets, do like
half a Bitcoin UTXO that's going to be that UTXO that you don't
touch, that is just there for a long term.
You know, you could always break off here there, use different
wallets that you can break off and not expose your full
holdings. And then you'd have, I don't
know, say what like. 25,000,000 SAT UTXO and two 10 million SAT
UTX OS and a 5 million SAT UTX OS and you breakdown these in
thresholds so that you remember what you want to do.
So like that 5 million Sats, like that's kind of like
whatever my checking, you know I'm going to use this, I'm going
to spread these Sats around. I am not really concerned about
showing people that I have 5 million Sats.
Again, with that 10 million SAT UTXO, you're going to maybe use
that for some bigger payments? And then you can still
consolidate and have like you know 25,000,500 million Sats and
that looks good in in your in your wallet.
You know, it feels good. But this is just something to
think about. Just remember there are some
concerns here. First is like why I started with
the desk limit. You do not want a bunch of UTX
OS, tiny UTX OS because for one you may not be able to spend
them if we get into a high fee scenario and it gets under that
desk limit. So you do not want to have UT.
UX O's that are unspendable. Second, if you go to consolidate
a UTXO, say you have to make like 100,000 SAT payment and you
have what, hundreds of tiny little thousand SAT UTX O's,
well, you're going to run into a really high fee and that's
something you want to avoid. And so and then further, the
last one is, is privacy concerns.
Do you want to expose your holdings to every single person
that you're transacting with? So you just got to remember
these things and consolidate your Bitcoin in ways that you
want to. It doesn't have to be perfect
whole round numbers. Maybe you just look into your
wallets. And again, some wallets don't
really show you your different Utxos, they just kind of add
them together. So maybe this is a reason why
you might wanna use a different wallet over another one.
But you just want to remember that we will be heading into a
high fee scenario and I'm guessing this next bull run is
going to get crazy. We've seen what the Wizards have
done to Bitcoin. We see what all the people
trying to have fun on Bitcoin are doing to the men pools and
the fees can get crazy and I don't want you guys to get
overcharged and then you guys freaking out.
Why You know Bitcoin is so expensive and and or you know
exposing your your UTXO holding your Bitcoin holdings to people.
So again, I know this isn't like a hard and fast rule, and I
didn't really give you like hard and fast rules on what you
should be doing. But I think this is just a good,
good mental paradigm to think about.
What do you want to do with your Bitcoin?
What are you trying to do with it?
What, what is your goals with Bitcoin?
If you're just trying to huddle some Bitcoin and you kind of
want a vanity metric and you want to be a part of the, you
know, the glass node charts of people holding one Bitcoin in
their wallet and be part of those numbers, you know you can
do that as well. But I think it's just important
to remember that there are these different concerns.
You don't want a a bunch of small little UTXO's because they
might not make it past the desk limit.
If you have a lot of small UTXO's and your fees when you
try to consolidate them to make payments, they're going to be
higher than they should be and you know, you don't want to
expose your holdings to everyone.
So again, guys, there's no hard and fast rules, but yes, like
Clout Casino is saying here, I've been doing you to Excel
Management with the fees so low and this is the time to be doing
it. And I'm glad that you guys are
asking these questions. I will follow up if there's more
questions in the chat, just keep asking them and as when I have
time to come up here and talk about the different stuff that I
see in the chat, I will make culture specifically so I can
kind of answer your question. Because if you're asking these
questions and it seems that more people are asking the very same
questions. So this is the point of the
show, give you guys actionable advice.
I know sometimes we don't get lost in the weeds because there
are so many new people and we do kind of get a little more
philosophical or geopolitical on the show.
But every once in a while I'll jump in with some technical
stuff and hopefully make sure you guys are up to speed because
we are getting a lot of new people on the show and our views
are going up. And so we're trying to get
everyone on the same page. But I don't know, Nico, not to
dox you, but what's your thoughts on different UT excel
sizes? Yeah, so first of all.
We hit 199 live viewers on YouTube, right?
So it's a bit of a bit of a tease.
I think we were like on a two week straight streak of 200
viewers, just on YouTube of course, like through all the
platforms, you know. I think Rumble right now we're
at a 79 live viewers, so Rumble continues to go up.
Holy cow, I appreciate all you guys watching make sure to smash
that like button, what is and of course the Twitter live stream
as well. What are my thoughts on UUTXO
consolidation. So yes, it is a high, it's a
highly technical, you know, highly technical discussion
especially for people getting into the space.
The way that I would like to describe it is.
When you take self custody of your money, it not only are you
taking personal responsibility of of not only are you taking
personal responsibility of the custody of your wealth, but it
comes with also other responsibilities.
So if you don't consolidate and let's say you would draw from
Swan, which by the way has free withdrawals, right, So you don't
have to pay a fee or you withdraw from strike, I think
they also have they offer free withdrawals as well.
And let's say you withdraw every time you have like 10 bucks or
something. You're going to send that to a
new address every time by default, right?
If you're doing it correctly. And because every time your
wallet or let's say you, you use like blue wallet on your phone
and you put receive, as soon as that wallet receives Bitcoin,
blue wallet will move on to the next address, right?
And if you're sending Bitcoin? To a new address every single
time. And let's say it's like 10 bucks
every single time, you will have to pay a fee to move that
Bitcoin if it's coming from different addresses.
So what you want to do, right, it's in the name, you want to
consolidate it. So you want to, instead of
sending, you know, $10 every single time to a new address,
maybe wait until you have $500.00 or $1000 and then send
it to that one address, right? So then when the time comes that
you have to spend your Bitcoin, right, you pay less of a fee.
I understand that, you know, we're more of an entertainment
channel. We don't.
We usually go into the technical weeds.
But this is a good discussion. And this is all this all kind of
comes with, with the personal responsibility of Bitcoin.
Now there's there's one no, I was just going to answer this
question. I thought we were going to go
into the mean review, but you continue Nika.
Yeah, So and then one thing I also wanted to tell you guys is,
you know a lot of people are not aware of this is hardware
wallets have limits. They have, they have physical
hardware limits. Meaning if and this happened to
me, like I've learned this from experience where let's say you
don't consolidate and see this happen 1000 times, right?
You don't consolidate, you're just new to Bitcoin.
And you have your little treasure, your, your Ledger or
whatever, you know now the hard way hardware wallets nowadays
like the Passport, like these are bad boys and they they have
the hardware capacity to sign a lot of transactions all at once,
right? But they're limited.
There's a there's a certain limit to how many they could
sign. Like the Ledger you know, try
signing 20 transactions at the same time from 20 different
actresses trying to consolidate into one address.
It's going to take a long time and you're going to look at your
hardware wallet and you'll be like hole is this thing frozen?
Like what happened? It's a little bit of a spook,
right? So you know, it's best practice
to consolidate every once in a while.
In terms of privacy, I know that you mentioned that.
I don't think it's that big of a deal, especially if you run your
own node. If you don't run your own node,
you you are daxing, you know. You are basically doxing your
balances to whoever's running that node.
You can even make the argument that you're doxing your IP
address as well, right? So you definitely want to run
your own node. What I run is the, you know, the
start 9 pier, the they have different tiers.
I run the highest tier. I highly recommend it.
It's an absolute beast of a machine.
I think I'm Uncle Jimmy Gnopti. So yeah man, consolidate every
once in a while. I know that it's a complex
topic. I highly suggest checking out
BTC sessions. I'm absolutely sure he's made a
tutorial about this and if you guys wanna see, go into the
nitty gritty of it. And run your own note like it.
You know, like this is all part of the Bitcoin rabbit hole.
You know, we made it, see, we made it sound.
We make it sound so simple every single day.
Cuz I really believe we're at more top of a funnel show
because we're more entertain and based.
But yes, the the self custody rabbit hole goes very deep.
You could start talking about multi cig.
You could start talking about geographically separating your
multi cig, right? Self custody becomes a a more
complex technical topic because you start to think about how
you're storing your Bitcoin if you start having a considerable
amount of Bitcoin. OK, how am I going to protect
myself from a $5 wrench attack, right?
Oh, I'm going to use multi cig. I'm going to separate my seeds
in different locations. OK, what if I don't have the
technical know how? To to set this up, what if I
don't trust myself holding all the keys?
So there then there's collaborative custody models
like that's offered that's offered by Casa.
It's offered by Nunchuck Swan is is working on something.
So an Unchained, of course, offers collaborative custody
where they hold one key out of the two of three and you hold
two of them. Right.
So there's there's so many different you know we don't call
the Bitcoin rabbit hole for no reason is definitely good
practice to to consolidate your UTXO's every once in a while.
That's something I definitely do.
You get into the habit of it. But it all comes with taking
personal responsibility of your money, right.
The reason that this the complexity of this has been
removed. From a lot of people's lives is
because they've outsourced that personal responsibility to a
bank, right? Or to you know, or to however
which way you do it. But let's say you're holding
physical gold bars and you are taking self custody of those
physical gold bars. You're stacking them in a
certain way, right? To organize them.
You know, you're you're keeping them organized.
You're not just spreading them all over.
You know you're safe. You I'm sure you're stacking
them in a certain way and you're, you know, you're
organizing them in a certain way.
It's in like that would be like the best physical example.
Yeah, I was just gonna say that's such a good example.
Like, you know, kilo, like a big brick bar of gold.
Yeah. Would be your big UTX OS and you
have little oz and you know you have some gold coins and like
that's kind of how you should think of it in in a physical,
physical sense of what you're trying to do with your UTX OS.
Exactly, except this time you don't have to melt the gold, so
just consolidate into one big bar.
It's just a transaction. It's just a transaction to make.
It easy, but yes, it is definitely good hygiene.
I definitely recommend it. I didn't know we were going to
get technical, but we could do technical.
That's fine. A little little technical.
Anyways, one more thing, because unless you're you're continuing
to get. Yeah, if you guys get lost in
the sauce with this and you guys are totally new to this and I
get it. You know, you guys tuned in for
the, you know, entertainment and the news and all that stuff and
you guys are like, what the F are these people talking about?
Check out BTC sessions. Yeah, I'm 99% sure he's made a
tutorial on consolidating your Bitcoin Utxos.
All right, I just want to get to this question.
I Robert, I'm not fully sure what the question is per se, but
you say what I don't know is if I use my core wallet associated
with my node, do I Payless fees? No, no, it's just like the fees
are dependent on what the what your man pool is reading and
then also how many UTX OS you're consolidating into one
transaction. There's a certain amount of
stats that you will have to pay based on any transaction.
There's a baseline and and I'm losing it off the top of my head
right now. The next one is Johnny Rico.
He says I'm just not going to worry about UTXO management, cuz
I'm never. Selling You totally should.
Yeah, exactly. You will need to worry about
this eventually and now's the time while we're in this low fee
environment. Sparrow, Sparrow, the more
technical wallets like Sparrow, Electrom, Spectre, they'll make
it. They'll list out.
They'll list it out for you, what addresses have how, how
much coins on them. And you know you can choose an
option to consolidate by picking all the coins from a certain
address and consolidating to 1 address.
And then also KYC non KYC concerns as well.
Don't call it consolidate those if you have been coin joining
coins, because then you're just kind of wasting money.
Another one, Opti says advice plans to do test transactions
before actually doing it. Always, always, always do test
transactions guys, because don't send all your Bitcoin at once
and wrecking yourself. And then last thing before we
move on. Hammer Saw is right.
Yeah, Bitcoin technical scare the shit out of newcomers.
At this point. At this point I you you still
test address. I don't care at this.
I'm so used to. I test only when I move to a new
wallet. Like if I'm if I'm moving to new
wallet with an I test transaction with 100% I'll do
that but usually I I it's probably bad but like I I just
barely I, you know barely verify that dress I.
Like, yeah, I copy and paste. I didn't even type it in like
we're good to go. Yeah.
And and then someone brings up a good point, which is Michael
Blast, which is Andreas Antonopoulos talks about it.
Yes, Andreas is a legend. That's one of the people that
originally orange filled me, him and Max Kaiser.
Taking custody of your Bitcoin. Is life changing?
Absolutely. And then going back to one of
the one of the earlier questions and then we'll move on to the
meme review. I know we're running a little
bit long today, but it is the Friday show.
So it is. This is the Friday special and
we broke 200. So that makes me very happy
about the idea that you'll pay less fees if you know you're
running your own node. No.
So the only thing running your own node is it's essentially if
you if you don't use your own node.
But you're trusting someone else's copy of the blockchain,
right? So essentially you're asking
someone else's computer, hey, what is the current state of the
Bitcoin Ledger? I own these addresses.
I wanna know, you know, how much Bitcoin are in these addresses.
Please let me know. And you're asking someone else's
computer by doing that. You're daxing yourself, right?
So if you not only are you are you daxing yourself, but you're
also trusting that other computer that they're not lying
to you, right? Of course, you know that
generally tends to not happen, but theoretically it could
happen. So best practices to trust,
minimize, trust your own copy of the Bitcoin blockchain, trust
your own version of the of the Bitcoin software and when you
broadcast a transaction, especially if it's going through
Tor, right? Your IP address isn't getting
docs whatsoever like that. That thing is just getting, you
know, broadcasted throughout the world kind of anonymous and no
one, no one knows where it's coming from.
So best practices is to run your own node.
You could build one, you can buy one premade.
Highly suggest start nine. They got different levels to,
you know, an entry level, midtier level.
The the pure, the badass. Like, I think it's like a Core
i7 or Core I9 like hardcore computer just dedicated to
running a bunch of other you know, not only Bitcoin Core and
the Electron server, but a bunch of other cool softwares as well.
Anyways, and wait, last thing we said, this isn't simply Bitcoin.
Yeah, this is this is complicated Bitcoin.
This is a technical Bitcoin, but last thing.
Technical Bitcoin Fridays. Yeah, yeah, maybe.
That's a new thing. Last thing I want to say, guys
like, I know, I know. Like Nico said, this is top of
the funnel. So we're trying to get the
newbies to understand exactly what they're doing.
But as you do a little more deep dives into this stuff like this
becomes second nature and you won't even think about it.
It's super simple after you understand the concept.
So we're just trying to help you along A. 100 percent, 100%,
Yeah. So just keep that in mind guys,
right? It seems complicated.
Think about the matrix analogy that I gave you guys in the
beginning, right? I didn't say that analogy
lightly. Once you understand this stuff,
it becomes a lot easier than banking.
I swear to God, I promise you it is a lot less complicated.
It just seems daunting initially because you know you're used to
the Fiat matrix, right? Anyways, everybody, let's go
down to the memes. We got a lot of memes to review.
Let's check it out. The Daily Meme Review Yeah.
Simply complicated, yeah? Straight up, bro, I didn't know
you're gonna pull this. Well, they were.
Asking about it, didn't even know you can cover complex
topics. Yeah, did I try to keep it as?
Simple as possible, but now people were asking about it and
and again back. It's back to the same thing.
If if we have one person asking about it in the chat then
there's got to be more people that are wondering the same
thing. They're just doing that.
Like I am too afraid to ask me. Anyways, you already know the
deal. This is the beam review where
you tag me on Twitter at simply Bitcoin TV or my personal
account at Optimist Fields. Tag your favorite memes.
Meme tag your own meme. I don't care.
I just want memes guys. And of course you can drop them
in our telegram group T dot me slash simply Bitcoin TV.
I look at those every morning as well.
We broke 1000. We have a bunch of people in
there as you guys know. You guys are the frontline
soldiers. We are in an information war.
Tweets of the bullets memes of their artillery continue to get
the calls of action out there. Continue to ridicule the
corporate press. Continue to make the funnies to
keep your friends heads in the game.
Anyways, the 1st meme is by the BTC therapist and he goes
hashtag. Bitcoin is programmed to go up
and it's a simple question. It goes, Are you bullish yet
with the Bitcoin logo? And I'm guessing these are all
of the old cycles. So we have the first one and
what was it 2011, 2020, 10 cycle and it's it's not it's in the
it's in linear chart. So it's not log chart but I
can't wait till the God candles come back.
Anyways, you can see here here is the crab market, we'll call
it crab market 365 days and then it finally went nuclear and it
just going straight up we're going to get those one day again
and then the next one 539 days crab market and then it starts
going nuclear 518 days and then it starts getting nuclear.
Well, here we are at 532 days and we have yet to go nuclear
and we have yet to break that all time high.
So we're going to crab which means you can stack but one day
soon we will be getting the God candles on the linear chart and
I'm here for it. OK.
This next one is by Ludacris Speed aka Mach 9D.
And we got the news yesterday we've been covering or actually
we covered Gary Gensler getting absolutely grilled yesterday and
then after the show we got the ruling or the decision that the
Black Black Rock Spot Bitcoin ETF decision was delayed.
So we're like there's one more in next month October I think it
was the 17th ish around there where we'll get one more
decision on the deadline. It's looking like we're not
going to see it until 2024 at the earliest.
Anyways Ludacris speed dropped a meme here and it's Larry Fink
and he goes, Gary, they keep front running us keep delaying
the spot Bitcoin ETF so we can stack our bags.
You guys know the playbook bud. Bitcoin stack your bags embrace
Bitcoin profit. All right.
This next one is by our boy run the banks AKA at empty under
score banks. And he goes, good morning and we
got Leota here. I'm pretty sure they're good
fellas and he goes as far back as I can remember.
I've never seen a Bitcoin cycle as dumb as this one is the
sentiment on Twitter. Man.
Everyone is going after each other.
Everyone's going full regarded on Twitter.
This is just part of bear market things.
You can tell we are in the depths of the bear market by the
sentiment on Twitter. Anyways, next meme is by Rd.
under score BTC and I absolutely love this one bro.
I I think this is such good framing and like I've known this
inherently. Intrinsically, if I could use
those words, but it I just I've never used this meme on someone
and I think this is a great one. I'm going to be dunking on
people all the time anyways. He just goes hilarious with some
laughing emoji, he goes hashtag, feed out money, hashtag Bitcoin
and it goes to them. Bitcoin has no intrinsic value.
Me and you think paper money does LOL.
And you got a person, a little kid sitting here with a stack of
paper laughing, Oh man, it's such a good one.
Anytime people tell you Bitcoin has no intrinsic value, pull out
some paper money and you're like, and you think this does
you literally believe in fairy tales that this paper money has
value. And on that point, you know,
sometimes you just got to meme yourself, put yourself in memes.
And Max Kaiser here just drops literally the meme that is all
of us. We got a MPC Wojack crying and
goes, everyone in crypto hates Bitcoin maxi.
Then maybe there is something wrong with you and not something
wrong with everyone else. And then we got a picture of
here. Max Kaiser, smiling, goes, if
you're a Bitcoin maximus, you know you're a hated figure
because nobody wants to face the fact that they've been dead
wrong their whole lives about something so basic as money
bars. OK, next one is by Wojack
Bitcoin, he goes. Literally, me and we got the
stressed out, dying woe Jack here.
And it goes. I will have enough Bitcoin when
I reach my goal amount. And then we got the Woe Jack.
Laser eyed Bitcoin, it goes. Reaching my goal amount only
made me want more Bitcoin. This is a vicious cycle.
You're like, I'll be good once I meet my goals and then you meet
your goals and you're like wait, I can stack more.
Why am I going to take my gas off the my foot off the gas.
All right, Nico, this next one you asked for this one.
All right, You literally asked for this one at the beginning of
the show. So if we got to censor him,
we'll censor him. But an Opti Chrissy Lagarde
praying mantis meme, and it's Copernic as he goes ask and ye
shall receive. Chrissy, Brian told me you're
into choke play now come over here, baby, And it's me
attacking the Chrissy Lagarde Praying mantis.
Could you like that? Oh man, there you go bro.
Your dream just came. You just you just manifested
your dream into reality, which is absolutely hilarious.
Dude. That was literally my dream
last. Night, Copernicus slowly
redeeming himself. I told him too.
I'm like maybe you might need to make this one a little more PG.
Anyways, anyways, drop your me there.
You score on the chat. Blind Copernicus Okay You went
all the way. On the other side of that the
other day. Okay okay meme.
You score in the chat. In the chat.
Yeah, in the chat. So it is Friday.
My level of relaxation is is shade level 2.
I'm gonna increase it to shade level three.
Wow, look at you, dude. You look so relaxed.
You can just tell his face gets more relaxed.
Yeah. All right, guys, this is great.
My meme review score, and I'm honestly surprised no one said
anything about it, because the anything I do on the show,
everyone everyone makes a point of it.
My retired old glasses. I got a new prescription so your
boy, your boy can actually see the computer now.
Anyways, let's get in. Actually, actually actually
support support us. Get yourself some simply Bitcoin
merch shirts, hoodies. I will get you guys hats.
We've been talking about getting you guys some some other new
merch ideas. Let us know what you'd want from
us. And of course we do have in the
works some simply Bitcoin themed artist collaboration.
So we will get you guys a bunch of cool stuff we want to
provide. As cool as stuff as as possible.
We want to give you guys value, but also, you know, support us,
keep us on this channel, keep us as independent as possible.
Get you a shirt. The hoodies are goaded shouts
out to everyone that's bought something.
And I think we have some scores in the chat, Nico, so let's get
this going. I do have the music ready.
Where to go? Where did the first one go?
Get some merch. Get some merch because if not
wine murder us. Wait, is this can I say this
one? Yeah, yeah, yeah.
No Opti scores. Troll them until the censorship
dies. Today I drink to victory.
The next one New bitcoiners find out.
It's about money, but it's also about changing the world.
Bitcoin will end forever. Wars.
Let's go. You got to lift up the volume on
the on the. It's loud on my end.
All right, Cloud casino. I give the memes one Dianne
Feinstein RIP crab dance celebrate good times.
Come on. OK, OK.
Very nice. Very nice.
All right. Next one BTC truth score 10
million Bitcoin Utxo's. OK, OK.
Roman stacks that show meme review pronounced nuclear.
Okay, okay. I like that.
Okay, I like that. We're going long.
There's one more, and it's auto coin trolling us.
Okay, okay guys, thank you so much for sticking around.
Thank you so much for singing around for Simply Bitcoin Live.
We appreciate you guys. Thank you so much for tuning in
and. Have an amazing weekend.
Next week is going to be a little bit crazy because of the
Pacific Bitcoin Festival. We are going to be doing a live
show from there which should be a lot of fun.
So the China, the times should be a little bit different than
usual for the Friday episode. We might miss an episode next
week due to traveling and all that.
We'll try to be stay consistent and either Opti and I will be
out and in and all that. I'll definitely do an episode
from LA, so that should be a lot of fun.
But anyways, guys, we love you all.
We appreciate you. Thank you so much for tuning
into Simply Bitcoin Live. If you enjoyed the show, make
sure to smash that like button. Consider subscribing if you feel
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Be inclusive. Share it all.
Don't share shit coin content. That's counterproductive.
No spaces Today we're going to take a break.
We have a very, very long week of traveling and just.
Moving all the equipment and all that stuff ahead of us.
So we're going to take a break on the spaces today.
I know you love the spaces. Stay in, stay in for next week
because we're going to be some special edition episodes from
the conference floor from the conference.
Hopefully we get some special guests and some interviews.
I think Opti and Dell will be able to manage that from the
Pacific Bitcoin floor. Wherever we get set up.
So this should be, should be a very good week next week.
I'm really, really excited for it and I'm your host, Nico's, my
cohost Opti. We are simply Bitcoin live.
Love you all guys, enjoy your weekend and we will see you next
week. Peace out, y'all.