Yeah. Welcome to Simply Bitcoin live
your number one source for the peaceful Bitcoin Revolution
recovered breaking news culture Mirotic Warfare we will be your
guide through the separation of money and state.
That's exactly what we're going through.
Check this out check this out. So this we've been covering this
for a while but I don't think it's escalated to this point so
we're going to explain what Swift is but think about Swift
as one of the largest payment. Mint networks in the world that
Banks often used specifically to send money internationally,
right? Apparently, it came out and
we're going to dive into the details because, you know, of
course, like the, you know, the the clickbait Articles was like,
oh my God, like, by Nan's got cut off from Swift and whatever,
but we're gonna dive deep into that, and apparently they set
limits to over 100k a hundred thousand dollars and that really
leaves out the little guy. So, we're we have the Cells
specifically, it relates to One bank, but if that in itself was
just the news, I don't think it would be that big of a deal.
I don't think I would have covered it but this is just a
continuation of of this pattern that we've started to notice,
right? Which is it's not just Swift,
it's not just specifically, the bank is called Signature, right?
It's not just these two entities.
It's also other Banks as well including Wells Fargo including
Banks of America that Have continuously shut down the
accounts. And I've heard this story many
times on Twitter, maybe, you know, some of you guys watching
have been affected by this, that they've closed down the accounts
of people of Bitcoin businesses that are doing banking with them
and also people that are just buying Bitcoin in general,
right? And that's a very scary pattern.
And now, if you think about it, right?
This is one of the, this is one of the weak points, writes the
the on And off ramps. Right?
So, if you, if, for whatever reason, right, this could
potentially be an issue in the future Banks.
Just don't allow you, which is a crazy concept if you think about
it, right? We the people, you know, that
are holding your money, we don't allow you to use your money in a
certain way, right? So, is this pattern going to
continue? I would make the argument that
it will, and if it does right, I think, you know, it's something
to consider probably the peer-to-peer aspect of Bitcoin,
right? And the peer-to-peer aspect of
Bitcoin you have to understand guys.
That's how most people around the world, right?
They transact in Bitcoin, right? These telegram chats.
You know, bisque is also a really popular one and they
transact Bitcoin peer-to-peer. Obviously you know, we don't
want it to allow to get to that point.
Corey wrote an amazing article. Right?
You know, the race to avoid the war.
This is what the race is all about.
We must have a big adoption of Bitcoin in, you know, in
specifically United States and developed countries specifically
in countries where people are accustomed to using their bank
accounts to grow their stack. Right?
We need this adoption in order to avoid this potentially in the
future but it is a very troubling pattern and then it
makes you ask the question, right?
It makes you ask the Question. Like, is it really your money?
If a bank or government is telling you what you can and
what you can't do with that money?
Now fine, you can make the moral case, you know, buying, you
know, narcotics or buying, you know, illegal things, whatever
you can make the case that, okay, you know, maybe that's
justifiable. Maybe maybe right.
But is it really, really dangerous like, is it really,
really? Lee dangerous.
That is it really really dangerous.
How is it dangerous? How does it affect anybody that
you're using your Fiat money? Your state money that you worked
for, and you're using that money to buy Bitcoin?
Who does that hurt? Really?
This is that hurting anybody? Right?
Like, ha ha, why are they stopping this in the first
place, right? So, that's a very interesting
question. We're going to talk about it but
first, I want to let up my awesome co-host.
How you doing Opti? Are you doing so Nico?
Hello world. How are you guys?
Doing today Another Day in Paradise.
Now the day giving guys signal on simply Bitcoin.
So I'm excited for this one and Men.
Yeah, I'm excited to hear an awesome Nika Jones rant on the
news segment. Today, you already know it's
coming. Like I said anytime Nico gives a
four-minute pretty context to the show.
It's going to be a lit show and on the culture.
Today I think I mentioned this this article that I'm covering
when I told you guys that I read Brains mining pamphlet or mining
book. I forget what the title is.
Well, I found the article online and it's a simple explanation of
what Bitcoin mining is. And I'm just tired of
consistently hearing that the computers are solving complex
math problems in the my energy use and stuff.
So we're gonna we're going to give a very simple simple.
Explanation of what Bitcoin mining is for the new people in
the back. Anyways, let's go.
Alright everybody, let's start
the show. Let's do this.
The Bitcoin numbers brought to you by novel.
At this point, you should be running your own Bitcoin note.
If you don't use your own Bitcoin node, you're trusting
someone else's run your own version of Bitcoin core.
The lightning Network, whirlpool, and Dojo all from the
comfort of your own home. And if your digital Nomad, you
have absolutely no excuse because now you can run a novel
through a virtual private server.
Visit not all Dottie you today. All right, everybody, the
Bitcoin price at the time of recording.
Twenty-two thousand nine hundred and twenty cents per dollar,
4360 67 just changed block height 770 3261 reachable
Bitcoin nodes, fourteen thousand three hundred thirty two blocks
to The Happening. 60 6739 having estimate April 25th 2024, total
lightning network capacity. 5,000 243 capacity value 120
million. U.s. dollars realized monetary
inflation 1.76 percent and the market.
Ization of Bitcoin 441 billion dollars with Abby.
Anyways, during the number segment, I want to talk about
this. So Janet Yellen which is the
current u.s. treasury secretary also former Fed chair, that's
never happened before, in US history, by the way, the, it's
never happened. Where a former Fed chair.
Then becomes the US Secretary because supposedly, or how it's
supposed to work is that the FED is supposed to be Separate,
right? But this is I think another
example of the revolving door in d.c. anyways, so check this out.
Secretary Janet Yellen said since 1789, the US has always
paid all of its bills, the knowledge that we can be trusted
and counted on to do that. Underlines the foundations of
the entire Global Financial system.
Default would cause widespread damage to the US economy.
Now, here's the thing, that's a lie.
But let's play the, let's play the clip and then we'll talk
about it, and there's some awesome.
Awesome bitcoiners which is this is a power of the internet.
This is the this is when I tell you guys that every single one
of you Has agency every single one of you can contribute to
this fight to this peaceful Revolution, the way that you do
that in the era of the internet. And this weird type of
informational Warfare that we're all kind of living and
experiencing is by tweeting, it's by liking its by engaging
its, by promoting Bitcoin content.
Getting the truth out there. Getting that stuff out there
before, there would be no, there would.
There would have been no ability for the average everyday person,
or Right to actually speak their mind to these very powerful
individuals and that's one of the reasons why, you know, the
the the power without getting into any of the conspiracy
theory stuff by a lot of these powerful continuing are the
continuing are class wants to label a lot of information
misinformation as if it doesn't fit their narrative right?
All of a sudden you're somehow your misinformation anyways.
So let's check out the clip and then, let's, let's fact check.
The fact checkers, Shall we? Just quote that letter that you
are referring to just a little bit failure to meet.
The government's obligations would cause irreparable harm to
the United States economy. The livelihoods of all
Americans, and Global Financial stability.
So, in brief what kind of irreparable harm and
particularly for American households, how would average
American households experience? This United States is a country
that's in 1789. Has always paid all of its bills
and And the knowledge that the u.s. government can be trusted
in counted on to do that underlies, the foundation's
really of the entire Global Financial system US Treasury
Securities are the safest investment on the planet and we
would certainly experience at a minimum downgrading of our debt.
If that happened our borrowing, Owing costs would increase and
every American would see that they're borrowing costs would
increase as well on top of that. A failure to make payments that
are due whether it's the bond holders or to Social Security,
recipients, or to our military would undoubtedly, cause a
recession in the US economy and could cause a global financial
crisis. It would certainly undermine the
role of the dollar as a reserve currency that is used in
transactions, all over the world and Americans with many people
would lose their jobs and certainly their borrowing costs
would rise. All right, so you know that's
what she said. Right?
That the US has never defaulted on its debt, by the way, the the
part of, you know, not being able to, you know, raise the
debt ceiling and all the consequences of that
specifically to the US economy to people's faith in the dollar,
she's absolutely spot on that. But the what the consequences of
that would be right? But the idea that the US has
never defaulted on its debt. Yet, that's not true, right?
Here's Pere Richard. We recently had them last week
on simply Bitcoin iroh big fan since 1789.
The US Treasury has defaulted, at least five times 1792 1834
1862 1933 and continuously since 1971, right?
We all know what happened in 1971, Richard Nixon took us off
the gold standard and basically told everybody at Old the
Community that the US would not would not would not stick to let
me get. So I'm very complex topic so I'm
not going to butcher it. Let's check out the Wikipedia
article says the Nixon shock was a series of economic measures
undertaken by the United States President Richard Nixon 1971 in
response to increasing inflation.
The most significant of which were wage and price freezes
surcharges on Imports and the unilateral cancellation of the
direct International crew Convertibility of the United
States dollar to Gold. Because before 1971, the dollar
was pegged to gold, right? And then here is Walker, part of
the crypto couple says false. The u.s. defaulted four times.
1862 defaulted on demand notes. 1933 defaulted on gold bonds,
1968 refuse to redeem silver certificate, paper dollars for
silver dollars. 1971 refuse to redeem dollars held by Foreign
governments for gold under the Bretton Woods.
Agreement. So what is that?
But not a default, right? So, and again, like this is this
is what they do, right? They they kind of like move the
goalposts and they redefine things.
How is that? Not but a, how is that not a
default, right? And then what happened after
1971 is that look check it out. The US government was kind of
constrained and their ability to print money because it had to be
backed, you know, one to one with gold.
After 1971. All bets were off All right.
And then there's that very famous website, right?
What the f happened in 1971 and what the consequences were of
that. And now why did the United
States do that in 1971 to fund the Vietnam War, right?
And how many endless Wars have? We had since 1971.
We are sending or, you know, the United States government better
said, is sending hundreds of millions of dollars to fight a
war, thousands of miles away in the Ukraine, they would not be
Able to do that, if the dollar was backed 121 by gold, they
wouldn't be able to afford that, right.
The only way that they would be able to afford that is via
direct taxation, try, try, raising the taxes of people,
right, to fund a war, that they might not necessarily agree with
right? They would, they would literally
be riots in the street, but the way that they've been able to do
that, now is through the hidden tax of inflation, right?
So they just print the money and that's how they're able to for
Things. But make no mistake that is
attacks. Make no mistake.
You are getting poor. Make no mistake.
That is a redistribution of ass as a redistribution of wealth
from the lower and middle classes, and it's redistributed
to the government. In the very wealthy that do have
the means to save an assets. Therefore benefit from asset
inflation. So again like I think that there
are some things that Yellen said were true but the idea that the
US has not defaulted on its debt.
That is a lie. That is propaganda.
That is a spin, right? Constantly changing the
goalposts. Getting to a point where hey, we
can't pay for things anymore. You know that Bretton Woods
agreement that we agreed to, you know, after World War Two.
Yeah, the, you know US dollar backed 12-1 by gold.
Well, we can't adhere to that anymore.
That is a default that is a default, you know?
But again, I don't think that they see it that way.
I don't think that they Define it that way, but that doesn't
mean it's not true. Anyways, Opti, what are your
Thoughts on this. Well, the propaganda strong with
this one and obviously, I think it's kind of fitting that it's
coming from Janet Yellen herself, but I think to one of
your points, you know, the best propaganda is filled with
half-truths and so, hence why there is some truth sprinkled in
there. But I mean, we talked about all
the time, like what the fuck happened in 1971?
Go to WTF happened in 1971.com and just look at the charts for
yourself, like the receipts are there?
And then just to touch on some of the things she said, you
know, us treasuries, the safest investment law.
That is Bitcoin opinion. What else you said not in a
recession like long? Yeah, because you guys redefined
the terms, and then I think the most fitting part is what that
whole little segment was about is her saying the silent part
out loud. Like they're scared of the
dollar being undermined because it literally takes away their
power if they don't have the money printer, and this is what
they what they Really afraid of because as we've been
continuously covering on this show, the unproductive class the
politicians. The central Bankers high-level
parasites a monetary demons, they don't provide any value to
society. And so the only way that they're
able to leech off Society is by continuously having the power of
the money printer. So, you know, if you can
disintermediate that if you can take away that power, then what
are they going to do? They're going to have to
actually provide Ali to society and it's something that they
can't do or else they wouldn't be politicians, like, it's just
amazing. I, I, I'm never, I'm never not
Amazed by the amount of propaganda and clown world and I
say it all the time. It feels like we are peaking
clown World propaganda. And yet again, we see more more
videos like this. That is just simply laughable.
If it wasn't so terrifying, what these people really want to do?
It's, you know, I think, I think I'm dropping a short.
Later today that is is basically of a rant of Nica last week.
It's like what do they want to do?
They want to keep you enslaved on the Fiat system and they're
going to try to frame it in any way possible to maintain that
power and Bitcoin takes away that power if you take Bitcoin
into self custody. So you know it's all connected
and this is why this is why we're in the place that we are
right now is because of these politicians that have
continuously been able to steal from us, as PR, Richard said
five times throughout the history of the u.s. you know of
Country here. So Bitcoin fixes this.
Yeah. And this is like, you know, the
nigger and the reason that she's saying that statement right is
it's all about raising the debt ceiling, right?
This is that's literally what this is about.
It's a political statement and it at the same time it's like
look if we don't raise the debt ceiling, you know, all of a
sudden, you know, the US government won't be able to meet
its obligations. Right.
But at the same time, right? It's really interesting that
they say that because look at the end of the day, the United
It's government. Consistently every single year,
spends more money than it collects has that it collects in
taxes, right? So it's deficit spending how
they able to afford that deficit spending theoretically it's
about selling bonds but no one has the money to buy those Bonds
in the open market. So who ends up buying the bonds?
The bonds were just bought put on the fed's balance sheet.
So it's like this, like weird black magic behind the scenes
and who's the loser of all this, the loser of all, this is the
lower and middle classes. This is I would say even the
upper middle class. If you don't have the means to
save and assets, you are getting poorer if you save and cash, if
you earn in cash, all this spending of which they cannot
afford. Right in the first place is
making, you poor. Are you benefiting from a lot of
these things that they're spending money on?
Are you benefiting? I don't think so.
I think the only benefactors are the continuing are class Are the
class in d.c. that are closest to the money.
Spicket. Everybody else gets hurt man.
So this is all, you know, this is all like it's a circus show.
But this is what Bitcoin is all about Bitcoin gives you the in
debility, the ability, the individual right to opt out of
the system, put your worth your energy, your time your work into
an asset, that cannot be debased.
It can't be easily confiscated, it can't be easily censored and
this is what the Bitcoin Revolution is.
All about. If you're not about that, That
then you then go play in the horse and pony show, right?
This is why we say bitcoiners slavery.
There you go. Participate in that Madness
because it's it, right? That's, that's really, really
what it is. Anyways, everybody, let's get to
the news. Let's talk about it.
Let's check it out. The Daily News brought to you by
block stream. Jade built by bitcoiners for
bitcoiners. It's an open-source Hardware
waller for the cold storage of Bitcoin block stream.
Jade houses. A full-color camera allowing for
fully are gaps. Bitcoin transactions can and
display QR codes directly on the device to sign, transactions and
verify addresses. With ease, use your block
stream. Jade with your favorite wallet
software such as the block stream, green, blue wallet.
Sturm and Sparrow get yourself a block stream Jade today and take
self custody of your Bitcoin. Remember guys, not your keys.
Not your Bitcoin. Anyways everybody takes off
custody do it now. Anyways, everybody, so check
this out. This article drop by Asia
markets.com, exclusive Swift payments network access cut to
crypto exchanges. Let's check out what the Swift
the Swift network is in the first place because then you
know, it kind of doesn't make sense.
So let's give a little bit of context, right?
So first of all, it stands for Society for worldwide interbank
Financial. Telecommunication.
Right is a Belgian Cooperative Society, providing Services
related to the execution of financial transactions and
payments between Banks worldwide, right?
Typically if it's a domestic transfer you don't you don't you
don't really use the Swift system.
But for international banking transactions, you will use Swift
more than like more than likely, okay?
So as of 2018 around, If of high-value cross-border payments
worldwide used Network and in 2015, Swift linked more than
11,000 11,000 financial institutions in over 200
countries and territories who were exchanging an average of
over 32 million messages per day compared to an average of two
point, four million daily messages, in 1995.
So obviously it's a big deal and it's a big system of which, you
know, facilitates a lot of international trade.
Both, let's check out. Happens is an article dropped
January, 21st 2023. It goes on to say Swift payment.
So if payments network access cut to crypto exchanges, goes on
to say an extraordinary decision.
Involving the global Swift payment Network could have
widespread implications on cryptocurrencies, Asia markets,
can reveal Banks, including New York, Signature Bank Lo longer
process fiat currency transaction to crypto currency
exchanges with a value of less than 100,000 via the Swift
Network. Effective from February 1st
2023. What what the f, right?
Hold on a second, hold on a second.
So, These are the same people virtue signaling that like they
want inclusivity and and you know, equality and all those
things. And you know, words are cheap
actions are real, right? Anyways, the move will thwart
cryptocurrency. Access to potentially thousands
of customers. One of the first crypto Giants
to notify users of the development.
This weekend has been the world's largest exchange by
Nance quote. The banking Partner that
Services, your account has advised, that they are no longer
able to process. Swift Fiat transactions for
individuals of less than 100 thousand USD.
As of February 1st 2023, this is the case for all their crypto
exchange clients at Finance quote.
Please be advised, that until we were able to find an alternative
solution. It's going to be difficult, you
may not be able to use your bank account to buy and sell crypto
with USD via Swift, with a value of less than a hundred thousand
USD. D update, goes on to say, one of
our Fiat banking Partners, Silver Gate bank has advised
that it will no longer support any of its crypto exchange
customers with buying and selling amounts of less than a
hundred thousand. As of February 1st 2023, this is
the case for all their crypto exchange clients, quote as a
result. Some individual users may not be
able to use Swift Bank transfers to buy or sell crypto with for
USD for amounts less than 100,000 growing concerns.
Although Swift is the world's most critical Financial Your
network facilitating trillions worth of international money
settlements daily. It is a somewhat secretive
Belgian base Cooperative right there.
That's the dagger here. That remember they call a
shadowy super coders, remember they say that, what we do is in
the shadows, well, I'm going to say, is there off?
You skating and they're projecting?
What it is? They do themselves, right?
Remember as sweat and says, in the article.
If was in the headlines following the outbreak of war in
Ukraine. Last year, when the United
States and its allies cut off Russia from the network, right?
So obviously Swift is politically controlled who was
behind this decision, but it's not only Swift, right?
Swift is very important, right? We got into the details of it.
It's also domestic US Banks as well, and this has been
happening for quite a while now. JPMorgan Chase shout out Jamie
Dylon reportedly shuts, down bank accounts of Bitcoin mining
firm. It goes.
To say, shout out to chase for shutting down Compass mining
accounts for doing our part to replace the old guard, with self
Sovereign, future-focused supporters of hard money, get
behind Bitcoin or get out of the way, right?
Of course, Compass mining does not have a good reputation but
it's not only you know, Compass mining that you know did some
questionable, ethical things to say the least to put it to put
it gently, right? It's also just the Everett, you
know, the average everyday person says major US Banks
hostile towards Bitcoin Accounts at risk of closure
cryptocurrency, businesses prohibited goes on to say, we
went undercover to try open. This is from an article from
crypto slate for audio listeners.
It goes on to say we went, we went undercover to try and open
accounts that are four of our largest US Banks, telling them
ahead of time that we will use the account to buy and sell
Bitcoin on coinbase. It goes on to say the verdict is
in personal accounts are at risk of being closed and accounts for
cryptocurrency related businesses are all right.
Prohibited goes on to say, u.s. banks of the six US Banks, we
visited US Bank was the most hostile towards opening an
account that deals in crypto currency, you have Bank of
America. Quote, crypto currency exchanges
are digital currency exchanges or businesses.
That allow current customers to trade cryptocurrencies virtue or
digital currency for other assets has Wells Fargo in this
list. Has Chase Bank.
Chase Bank specifically says, quote opening a cryptocurrency
account for businesses is prohibited.
So you get the point that I'm trying to say, right?
This is obviously, you know, the established players are just not
are just not friendly towards the industry, right?
And I think that they're using a lot of, a lot of what happened
with ft x as an excuse, as a justification, for a lot of
these actions. But I think, I think the Swift
Left is a major escalation of those things, right?
So man, I don't know how this ends.
I don't know where this goes. But I don't know.
Opti does this surprise you at all?
Not at all. I mean, it's like what
everyone's saying in the chat, man?
Like they're scared and they're trying to cut off the Escape
Routes. I think though the most
surprising part of that is that hundred K?
Minimum statute there. It's like if you're rich then by
all means, like you can do what you want with your money.
Like this is to protect you little citizen, you know?
Like if you don't have if you don't have money to speculate
then then we're helping you out by it.
Showing that you can't use the, the network.
But I mean, I think this is just what we've been saying for a
while. Remember what Christine Lagarde
said, if there's an escape, people will use it and so
they're just trying to figure out ways to stop the stop, you
know, average citizens from escaping debasement, escaping
the Fiat system. And then also to, like, put some
dots together of what we've been talking about on this show for a
long time. I mean now just think about
these people, these very same, you know, the Very same class of
people that are doing this are the ones that are telling you
that they want to have a global CBC.
And so you already know where they're going to go down like
you already know what path they really want for you.
The average person they don't want you to be using Freedom
money and this is why we tell you guys consistently to take
Bitcoin into South custody use, you know, Pine Moon Breeze, blew
wallet, green wallet, seed signer, cold card, Jade,
Sparrow, Specter, Zeus like you need to use these tools, these
Freedom tools Because we have them at our disposal.
Now you just download them for free or buy yourself a hardware
signing device and then tell other people to do the same
thing because if they are doing this on the Legacy system, just
imagine what they're going to do when they try to usher in a
whole new system that literally gives them complete control over
every single transaction that you make.
Like this is why Bitcoin was created and like, am I surprised
not at all, they're absolutely. I'd because we know that Bitcoin
is continuously winning Bitcoin is going into the mainstream
Consciousness and more people are waking up to the scam that
is the status quo. So, you know, again, Bitcoin is
just a winning. As Nikka says all the time on
this show, the Bitcoin incentives are just so strong
that people are opting out of the system and the trying to
back claw. Any of that control as possible.
So of course they're going to try to stop the leakage from the
That system going into the Bitcoin Network or, you know,
into the shit coin space to to help protect the little guy.
So I'm not surprised at all. Obviously this is terrifying if
you really like lead it down to the logical conclusions of like
oh wait the Fiat system can literally shut me off at will
and this is why we Bitcoin. This is why we show up every
single day to tell you guys to take Bitcoin in South custody.
This is why we continuously counter the Legacy Media flood
because Because Bitcoin is a solution and anyone that is not
telling you to take Bitcoin in the self.
Custody is suspect in my opinion.
So what are we going to do? We're going to continuously tell
people to take Bitcoin and self custody and give you guys the
tools. So hey man am I surprised not
really? As I said we are in Peak clown
world now and how long will that go?
Who knows? But it's going to be interesting
to see because like this is an escalation like the Swift thing
is huge news, right? But we, it's supposedly, it's
Only Signature Bank. Let's see if more detailed like
let's say if it's the Swift thing in general.
And I think that if that's the case that is a major deal
specifically for international users trying to send Fiat 222
you know the shit coin casino which is financed right and and
will that eventually affect other exchanges as well, you
know, potentially Bitcoin exchanges is this something to
keep, you know, to keep on top of and and again, if If it was
just by itself, if this news was just standing by itself, I don't
think it would be that big of a deal.
But the fact that you have a pattern from other Banks, right
was j.p. Morgan.
You have Bank of America you have Wells Fargo that have been
openly hostile towards Bitcoin businesses and people just
purchasing Bitcoin from their personal accounts.
I think is alarming. And I think it's something to
stay on top of and to be aware of.
And guys, this is part of it. This is part of the separation
of money and state. This is part of the peaceful
Revolution. Ian will stay on top of it
because that's what we do at simply Bitcoin.
Anyways everybody let's get to the culture.
The daily culture brought to you by Swan Bitcoin.com, Swan is the
best way to build your Bitcoin stack with automated Bitcoin
savings plans and instant purchases serving clients of any
size from ten dollars to ten million dollars.
We love Swan because they incentivize self custody and
dollar cost averaging. What do you waiting for visit?
Swan Bitcoin.com today. All right guys.
So as I told you in the beginning and I brought this up
in the past, I read the brains Bitcoin, mining handbook, I
don't know what it was like a month or two ago and the intro.
As a headline here is Bitcoin, mining is not solving complex
math problems, a beginner's guide.
I think this is one of the great great illustrations and and ways
to explain Bitcoin mining and there's continuously still a lot
of people that parody the Idea that Bitcoin mining is solving
complex math problems and obviously the Fiat system, the
Legacy Media continuously uses that that description to
denigrate Bitcoin, to energy use and and try to angle proof of
work as being wasteful. And, you know, tried to ensure
that our consensus models get moved, the proof of steak, but I
think it's upon us to continuously try to illustrate
the best Way so people understand what's going on in
Bitcoin and we're continuously hearing the same same meme of
Bitcoin solving complex math problems.
So I'm here on the brains blog. This is also on the Bitcoin
mining handbook that they released and this is where I
first heard it. And then I saw that they
actually release this on their website so I can bring it up to
you guys. So that not only I spread the
signal but more people that are new to the channel, understand
what is actually going on. So again Bitcoin mining is Not
solving complex, math problems. A beginner's guide Bitcoin
mining and difficulty adjustments, explain, and not
non-technical terms using a simple dice analogy and I love
this analogy and this is why I wanted to bring it up to the
show. Like I tell you guys you know I
have friends and family that that watch the show and they're
still all confused again. Going back to some Basics so
hopefully more people can get up anyways, most people
misunderstand what Bitcoin miners actually do.
And as a result, they don't fully grasp the level of
security. Provided by Bitcoins hash rate
and this article will explain proof-of-work encounter the
misinformation about supercomputers and quantum
computers attacking the Bitcoin Network in the future.
So simply put mining is a lottery to create new blocks in
the big point. Blockchain and there are two
main purposes to permanently, add transaction to the
blockchain without permission of any entity and to, to fairly
distribute. The 21 million Bitcoins Supply
by rewarding under to spend real-world resources, IE
electricity to secure the network.
So to understand what is Sleepy happening in this Lottery
system. It's like the simple analogy
where every Bitcoin hash is equivalent to a dice roll.
Imagine that miners in the Bitcoin Network are all
individuals gambling at a casino in this example, each of these
gamblers have a 1000 sided dice, they roll their diet as quickly
as possible trying to get a number less than 10.
Statistically, this may take a very long time, but as more
gamblers, joined the game, the time it takes to hit a number
less than 10 get three. Deuce in short, more gamblers
equals quicker round Once somebody successfully rolls a
number lesson 10 all gamblers at the table can look down and
verify the number. This lucky Gambler takes the
prize money and the next round begins.
Ultimately, the process of mining.
Bitcoin is very similar, all minors on the network are using
a 6 which are specialized computers designed to compute
hashes as quickly as possible. And to compute a hash simply
means plugging in any random input into a mathematical
function and producing an output, more hashes per second.
I you hire hash rate is equivalent to more dice rolls
per second That's a greater probability of success, miners
propose, a potential Bitcoin block of transactions and use
this for an input. The block is plugged into a
sha-256 hash function which yields a fixed size output known
as a hash. A single hash can be computed in
less than a millisecond as it involves no complex math.
All that is saying is that these A6 are literally spitting out
numbers and, and trying to, as the showing roll the correct
number on the dice or lower. Third lower number than 10 in
this analogy of a thousand sided dice.
So if the hash value is lower than the Bitcoin Network
difficulty than the minor who proposed a block wins, if not,
then the minor continues Trying by Computing, more hashes, it
successful miners, block is an added to the blockchain.
The miners rewarded with newly issued, Bitcoin for the work and
the next round begins. And here they use a, the analogy
to counter the misinformation about quantum computers.
And supercomputers so assigning the most powerful supercomputers
to mind. Coin would be comparable to
hiring a Grandmaster chess player to move a pile of Bricks
by hand. The job would get done
eventually but the just chess player is better at playing
chess and exerting energy, repeatedly breaks likewise
combining the computing power of the most powerful supercomputers
in the world and using them to mine.
Bitcoin would essentially be pointless when compared to a
sick machines used. Today.
Asics are designed to do one thing as quickly and efficiently
as possible. Whereas a supercomputer is
designed to do complicated tasks or math problems.
Since Bitcoin mining is a lot Hurry based on random trial and
error, rather than complex, math.
Specialization a six, beats General, excellent.
Supercomputers every time. Now, let's get into the
difficulty adjustment and the 10 minute block time.
Now that you understand the randomness of miners, finding it
block, it is important to understand block times and
difficulty and are gambling example.
Imagine that, anybody can join or leave the table at any time.
If one person is rolling 1000 sided die trying to get less
than a 10, it will take them an average of ten minutes to hit
the number. Sometimes, I'll hit in one
minute other 10:34 new person steps up to the table and starts
rolling collectively. It would take them an average of
five minutes for somebody to win around.
If 20 people step up this time is shortened and in order to
keep the game interesting, we want an average winter every 10
minutes. So to do this, we can simply
adjust the dice Target as additional Gambler.
Step up to the table. The rules will change EG
gamblers must now roll number less than 5 to win so that the
average remains 10 minute per am.
As more gamblers, joined the casino makes winning harder.
If gamblers leave, they Make it easier, this is exactly what the
Bitcoin Network, regulates mining to maintain a steady
issuance schedule of new Bitcoin to get to that 21 million
Bitcoins miners compute hashes below the target difficulty,
every 10 minutes on average and every 2016 blocks roughly two
weeks average, for those blocks is calculated and the difficulty
is just to bring back time, block times back to 10 minutes
and this is how we have a truly transparent supplied, the
difficulty adjustment to grat described above make Bitcoin,
the only asset with the truly fix.
Enough supplies schedule. Since Inception, we've known to
things there will never be more than 21 million Bitcoins and
every 10 minutes. More Bitcoin is usually issued
as we approach that 21 million number and every other industry,
the supply fluctuate best on demand.
If demand increases then the manufacturer can increase
production to match the demand and Bitcoin supplies locked in
and cannot change. Therefore, demand and price are
tied more closely than any other industry, our asset classes, and
this sounds kind of dry, but it gets interesting.
When you try to understand what my nerves.
Do with the newly issue coins and the impact of this on the
market. So, I said that all that because
not only is this a great article and this is something that I
think many people are are misinformed about.
I really love the dice analogy and I think if we can
continuously try to illustrate two people, what Bitcoin mining
is is as simple as possible. Then more people will start to
understand why Bitcoin, why Bitcoin is do what they do.
Why Bitcoin miners are hashing Hashes for Bitcoin blocks like
it's a very simple process and more I hear people on the Legacy
Media say that Bitcoin computers are wasting energy because
they're solving complex math problems.
The more you can understand that these people are completely
misinformed and they don't understand what Bitcoin is.
So again, just to use this analogy, I think this is
something that we can, we can continuously help our, our
normies friends, our friends, and family out there by trying
to break down Bitcoin, mining as simple as Possible and I really
like this dice analogy, 1000 sided die and all we're trying
to do is find a number lower than 10.
Like that's the best way I've heard about what Bitcoin mining
is and I think that we can continuously steal this Meme and
spread it out there as far as possible.
So chefs out to the brains team for breaking down what Bitcoin
mining is in a very non-technical way because this
is all we're doing as Bitcoin as we go, more into the mainstream
and more into the the popular Our Consciousness.
We're going to have to continuously tell people the
very same thing as they all, you know, get up to speed of what
Bitcoin is. And again, I just love this
analogy and I saw that they drop this article on their website so
it's not just in a book form. It's out there on the internet
so more people can try to understand what's going on.
Anyways Mika, you are a Bitcoin miner or was a Bitcoin miner and
I don't know what you think about this analogy and and how
How has your orange pill Journey been telling people what it is,
glad that you covered this. Because, like most people, the
reality is, right that they don't get exposure to the
backend infrastructure side of Bitcoin, okay?
Their exposure is mostly As the user side, right?
And because of that people don't have that detail that
appreciation and how unique Bitcoin.
Is compared to basically all the other shit coins, right?
The fact is right that Bitcoins hash rate is like nothing comes
close and like if for example like sense sense sense a theory
a move to proof of stake. The last, the last stat that I
solve this was that, like, I think it's like, 93 or 94
percent of all proof-of-work mining right now is Bitcoin,
right? The hash rate what the hash Rate
represents is an estimation of the amount of computational
power, actively backing, or mining, the Bitcoin Network, and
in the process, right? Securing the Bitcoin Network.
So, if you wanted to computationally attack Bitcoin,
you would have to match its hash rate.
And that hash rate continues to reach all-time highs even after
the Chinese Communist party Band.
Bitcoin mining within its borders.
Even after right? This Market downturn, people can
Can you to mine Bitcoin and the more they minded the higher the
hash rate, the higher the hash rate the theoretically the more
secure the Bitcoin network is the more secure.
The Bitcoin network is the higher.
The value proposition of Bitcoin.
This thing is Unstoppable. You can't stop the honey badger.
It's meant it's designed to be attack attacked.
So bring it on baby. Bring it on.
Bring it on, Bring it on. And now here you're not needed.
Here is like an Interesting type of game theory, you know, Game
Theory type of thinking behind it, right?
Which is Even if let's say a hostile government accumulated,
you know, enough hash power right which you know, very
difficult to do that because of the centralization of Bitcoin
miners, it would just be more profitable for them, just to
mine it than, to try to attack it.
That's the beauty of Bitcoin. The incentives are aligned, and
I'm really glad that you covered that.
And shout out to the brains teams, huge fan, right for
making that very easy, to very easy to read.
For the average everyday Bitcoin ER that perhaps you weren't
exposed to that side of Bitcoin, right?
The reality is it like I said earlier the reality is that most
people get into Bitcoin as a user right?
They buy Bitcoin. They stack Bitcoin right?
The very few actually try to mine it but I do recommend it
like even if you think that you're not going to even if you
think it's not going to be necessarily very profitable,
right? Or that you're the eat because
you shouldn't approach it that way.
You should approach it as a learning experience, right?
Because that's really what that's you're not going to make
money mining. The first time has an extremely
high learning curve, right? But approach it from a, okay,
let me learn something about it. Start with one S9, the very
cheap, right? Plug it in and see how it feels.
You're either going to love it. You're going to be like this
isn't for me, but I do, try it out.
Give it a go, you're going to learn something about Bitcoin
that most people don't know about.
You're going to have an appreciation of Bitcoin.
That most people just never see and you're going to understand
that Bitcoin is backed by the largest decentralized Computing
Network in the world. So when someone tells you that
Bitcoin isn't backed by anything clearly clearly, they don't know
what the after talking about now, you know.
Now you know you should send them that Article 2 is great for
those Thanksgiving discussions. Anyways, Opti, let's get to the
moon review, let's check it out. The daily meme review brought to
you by Kaboom racks. I get this question all the
time. Nico.
Where should I buy Bitcoin? Miners to answer is Kaboom
racks. It's the best place to buy
Bitcoin miners. That's where you're going to
find the best deals and the best prices start.
Your mining Utopia today to check out their racks.
You got to go to T dot me, slash Kaboom racks.
Join their telegram group and start your mining Journey today.
Kaboom racks. Oh Man.
Kaboom right. All right, guys, you already
know this is the mean review. This is your favorite portion of
the show continuously tag Us in the memes.
I will put them on the show tweets or the bullets mean for
the artillery. This is an information War.
So all the content creation out there.
I think it's a putting your hat in the ring.
And, you know, most most people on Twitter, they just absolutely
love the memes, but continue to get the cause of actions out
there. Continue to put truth to our
That more people understand what's going on in Bitcoin and,
you know, a lot of people have ADD out there so that they need,
they need the meme form, they need the memes out there.
So first one is by at BTC Delica and he goes Bitcoin, not your
keys. Not your coin points down and
goes. Excuse me sir.
Did you withdraw your Bitcoin from exchanges and it's his dog
sticking his head through a little cat door.
Okay, this is this is what would this is all we do every single
day. Next one.
Shout out the Maxis club and he goes to 84.
No. One and we got a mom and a son
or a child. At Story Time, Goes mom, tell me
a scary story and the mother goes Fiat is backed by nothing
and no one cares. Absolutely terrifying.
That's the scariest thing I've ever heard.
And this is why we Bitcoin this next one.
Shouts out to our friend, Mike whole Barb AKA dr.
Doom. And this is a George Orwell
quote from 1984. And this is, I think, you know,
Is have to reiterate these kind of messages, because this is
where we are right now, football beer and above all gambling,
filled up, the horizons of their minds to keep them in control
was not difficult. This is the uphill battle that
has bitcoiners are continuously dealing with in everyday life.
It's very hard to convince someone to go into hard money
when they are following the bread.
And circuses next one by Ghost of MTC and he goes terrible
choice. But here We are and it's the
meme of this. Usually it's a super super hero
guy about the pick which button and it goes Embrace sound money
or hard for Humanity. And of course they want a hard
for Humanity and I forget who this guy is anyways, old rich
guy in a suit. This is this next one is by at
Bitcoin wisdom he goes I can't stop educating myself about
Bitcoin and we got Lisa early in the morning, drinking some
coffee. The coffee is titled Bitcoin
podcast, Bitcoin, Twitter, and Bitcoin books.
And it's just me already all in continuously devouring the
Bitcoin content. This next one shuts out the
Copernicus at Copernicus. Son, 6 on Twitter and we got a
guy with a think he's bleeding. He's got a hole in his back and
it's got a Bitcoin logo and it goes I love you with all my SATs
and his girl goes, huh? What?
And it goes heart. I love you with all my heart
Savage. All right, there's next one,
Allenby W, Nogales BTC a portal to a better world and I
absolutely love this meme. You know, it's a it's a guy
walking through a digital landscape and the door going
into the galaxy is the Bitcoin logo.
And I think this is a super super cool view, right here.
Love this art piece. Think he just put the Bitcoin
logo on another art? Peace, but I love it.
She's out to you Alan watch. Okay okay let's see.
Oh yeah I got my meme review. Score chat right here but drop
yours in the chat so that we can cover it live on the show.
I've been holding onto this one. Remember, I told you my sister
bought me a gag gift of a bunch of Bitcoin sticker.
So this one is I told you so with the Bitcoin logo and also,
it kind of has that like The Obama change branding on it.
Be the change. You want to see in the world.
Okay. Okay.
Alright Nica what is your mean? Boo scored my mean review score.
PTC pins presents limited edition.
Father, hold it higher. Hold it, higher, you zoomed it
all. Look at that.
Shout out BTC pants. That's that's my that's me.
That's my meme review score. Anyways guys this is simply
Bitcoin live, I know, right? This is simply Bitcoin live so
while you guys drop us the meme score so we can read them live
on air. I want to give a shout-out to
our awesome clothing. Sponsor represent.
LTD.com I'm wearing the simply Bitcoin Merchant.
This hoodie is already sold out. You guys were, you guys were
late, guys were late. You can take advantage of the
promo code, simply Dash Bitcoin Opti, show off the decentralize.
The centralized hoodie that you're wearing.
Only a representing tv.com. You can use the promo code
simply Dash Bitcoin. Get a 10% discount.
Anything off the store. Don't forget to look at that.
It's beautiful. Awesome.
Awesome merch. Anyways, Opti, let's get to some
of these scores are Opti Netflix and chilling with Janet Yellen,
louder watching, Charlie and the Chocolate Factory while she role
plays an Oompa Loompa. I know how to say it now.
Haha, next one, the p man. Van I give the memes.
Christine, lagarde's Fiat, Prince eatable untrue.
Yeah. All right last one.
No, we got two more scores and then the buzzer by Jasmina.
I give the memes five chicken, tenders.
Very good. That's it.
That's my favorite. Chicken, 10, DS and E's and fill
see, says I give the memes one SBF, I'm sorry.
And then I'm sorry the buzzer guys, check out the written
version. I'm so sorry show.
We're dropping hot fire. Check out.
Simply Bitcoin unfiltered W dot simply Bitcoin dot news.
Also check out Simply Bitcoins telegram telegram group has over
700 people in their www.misnylaw.com plea, Bitcoin
TV, every Sunday. Also shout-out Darth is throwing
a Twitter spaces, but on telegram.
So it's I think it's called a telegram spaces.
Anyways, if you guys need your fix of Simply Bitcoin jet,
definitely check out the telegram spaces, every Sunday,
shout-out Darth for Holding it down.
Anyways, everybody. We got a pub site.
Let's check it out. Websites brought to you by
Cipher safe, don't be that person that loses their Bitcoin
seed. Due to fire damage water damage
dog. Attacks back up your
generational Bitcoin wealth on steel and there's no better
place to do it then the cipher grid by Cipher safe and now
check out their new Bitcoin art the Bitcoin rulebooks triangle
only on Cipher safe dot IO. Oops, forgot to bring it up.
Alright guys, so today's site is the Bitcoin Vortex.com.
So it shuts out the Neko. He hit me to this one but join
and represent yourself in the south Florida, Bitcoin Community
As We Gather for our first Bitcoin more Tech.
They Confluence a Bitcoin meetups highlighting the
expanding efforts to bring education adaption to the future
of money. So here's a bunch of the event
for the Bitcoin Vortex and and the Bitcoin Vortex and all
participating event exists, due to the efforts of the South
Florida, Bitcoin community. So I think Nico will probably
show up at some of these, right? Like this is this is your neck
of the woods. So if you are in South Florida,
I got check out the Bitcoin Vortex.com or if you're going to
travel down to Florida, check out when these dates are and
when these events are, maybe you can hang out with me comb
person. May be a next time.
I'm down there, we'll have to maybe make it 100% speaking of
events guys. You don't want to miss bit
block. Boom.
You don't want to miss on confiscated bubble.
Definitely go check out bit block.
Boom.com, awesome, Bitcoin, Event in Austin, Texas.
Don't want to miss it promo. Code simply Bitcoin.
Get a big discount to that event and also the unconference
skateable event and poker tournament in Las Vegas.
Nevada promo code, simply 10. Get a big discount to though to
those tickets of course, opting. I will be there as well.
Well, guys, we love you all. Don't forget to check out the
audio version of Simply Bitcoin anchor Spotify.
Apple Fountain Opti pulls up the fountain.
In fact, the pleb site, segment or the software.
What are you up to you? We should we should we should
leave it on the pups and the flipside segment, we will be
reading out the fountain comments that you guys are so
kind to drop us over the week. So definitely check that out
guys. We love you all.
Thank you so much for joining us.
Another episode of Simply Bitcoin live.
You enjoyed the show notes, do smash that.
Like button, consider subscribing and share this
content fact, share all Bitcoin content, push the peaceful
Revolution forward. The party will continue all the
way to 2 p.m. Eastern Standard.
Time Opti will be holding down the spaces with our friends.
Over at Swan, Bitcoin.com best place to Stacks at with the one,
the only legendary producer Jacob.
Anyways, guys, love you all will see you tomorrow, 12:15 p.m.
Eastern Standard Time. Keep an eye out.
Because our buddy Ruston is dropping some awesome Clips as
well. Keep an eye out for that one but
we'll see you tomorrow. 12:15 p.m.
Eastern 12:15 p.m. Eastern Standard Time for
another episode of Simply Bitcoin live.