Welcome back everyone. We're simply Bitcoin.
We break down the news. The daily fail mean review.
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joining us today. We've got to fellow bitcoiners
return guest fumble make Bumble and we've got a new guest Margo
also known as jyn erso on Twitter, fellow Bitcoin or
joining us. Thank you both for joining us.
Thanks for having us. Yeah, thanks for having us.
All right, let's dive into the numbers.
Let's do it. Nico.
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Like the nozzle at the time of this recording.
The block height is 737,000 895 the Bitcoin price 29,000 735
chain rewrite day, 757 total public lightning capacity.
Almost 4K, 3911 dot 64, BTC Moscow time, 3363 blocks of
having 102,000 105 and the samurai whirlpool.
And capacity. Samurai Whirlpool is a coiner
collaborative. Spend.
It is not a mixing service and the unspent capacity for that
pool is 4770, 2.90 eight numbers number again numbers again.
Well guys, check this out. Some some things to talk about
during the number segment. We're going to do a follow-up to
you know, the the world economic Forum that's currently happening
in Davos the hypocrisy of the This world.
Deletes the BS. That is the whole ESG stuff
rules for the, I mean, yeah. Rules for the enough for me.
That famous saying, you guys, are you guys know what I'm
talking about before? I got this really interesting
screenshot. And if you want to know, if you
are late to bitcoin, I've seen this, I've seen the shown many
times, right? This is the Bitcoin adoption
curve, right? Don't take this as you know as
factual, but you can kind of get A pretty good feeling of where
we are. And if you think we're still
late, if you think you're late, right, this is the innovators.
I feel like these are the people that got in before 2015.
I would say the early adopters are really people that got into
this in the 2017 cycle. And here's the chasm before the
first early majority gets in, right?
So just just don't be in the laggard section.
Anyways, I just wanted to show that I thought was really
interesting. Anyways, I tweeted this out a
couple days ago. I said they do not care about
Bitcoins environmental impacts. What they want.
Is to get to decide what energy uses.
Okay, and what isn't I'm going to go back to this.
By the way this in the could be the last time I'm going to talk
about this. I'm going to talk about this
during the new segment. I have some more evidence and
here is Elon saying which it doesn't make sense to me.
Write X axon, which is a huge oil and gas company is rated top
10 best in world for environmental, social justice
ESG by the S&P 500. And while Tesla didn't make the
list yes, Jesus cam. It has been weaponized by phony
social justice Warriors. I believe that as well because
how could it be that one of the largest oil and gas companies is
so-called ESG compliant, but Elon musk's Tesla, which is
literally create. He's the one innovating.
He's responsible for this electrical vehicle Revolution
that, you know, is going to help people get off of, you know,
Fossil fuel using cars, which would potentially help the
environment, but he's not awarded and environmental social
justice approval, I guess and more hypocrisy.
Right? This is the UN special Envoy for
climate action, Mark Carney pushes my microphone away,
trying to avoid scrutiny over his blatant hypocrisy and being
a part of such a huge carbon footprint in Davos, right?
Remember, we've showed you videos yesterday.
They're taking private jets. They're taking, you know, gasps
go go. Killing expensive luxury
vehicles. And here again.
Here's more hypocrisy. So this makes you believe,
right? Is, is that ESG thing really is
a form to control people. Or is it really about the
environment this tweet by Elon musk's about Exxon being, you
know, so colds not a more ESG friendly than Tesla even though
Tesla's electric vehicle company and again more hypocrisy from
Davos. Anyways, let's check out this
video Hattie Hattie justify the, how does the UN climate
envelope? Justify the massive carbon?
Today to set this up this, fake City for a week event.
How did you, how did you get here?
Did you fuck you walked? Did you come on a private jet
for some nice. So, how do you justify this?
Look at all of this for one week event.
The carbon footprint is huge dining.
That's a bit hypocritical. Look, there is lots of progress
being made, but look, I'm not doing a stand-up interview.
Okay, so why not? You're walking that way.
Anyways, I think of people around the world, you know,
this. See this are we gaining trust?
I, that's the whole purpose. I do lots of media friendly
media. No, I do like no God, no one's
there to hear invited the I'm doing what I'm doing.
No media. That's when we sit down and I'll
make a time with you and answer some actual tough questions.
You can, you can make a request for a meeting and you can deny
it. Look, as I say, with everyone
has with everyone else, you can do the same thing as, with the
Amazing. He's a good guy, but I'm not
gonna go. I'm sure you're good guys.
Well, all people are good. I've got it's absolutely right,
but but the whole world is looking at least.
Now going to your pack of Hypocrites in your other, you're
at the top of the chaining Hadley.
What would you answer? People?
Just give me one answer to the people?
Okay, sir. So more of what we've been
talking about. This is what Elon Musk is
referencing, right? It's rules for thee, but not for
me. And yeah, look, what does this
have to do with Bitcoin? Because it's a Bitcoin show
after all, remember guys. If you control the energy, you
control people, the whole ESG is an attack Vector on Bitcoins
energy usage. We've seen it used by in you
know by the Democrats in the United States.
We've seen it used by European. Jeans, right.
So yeah, and I'm not the only one saying this.
We also have James Lindsay, which is a predominant.
Conservative commentator, also saying that this whole ESG stuff
as very nefarious, intentions, and I don't think it has
anything to do with the environment and it is a
potential attack factor and they are using as an attack Vector
against Bitcoin. Anyways, Jean.
I know you have some experience with, you know, and especially
working at the Bitcoin policy Center.
What are your thoughts on this? Yeah, well, it's the is the
Bitcoin policy Institute and I'm a fellow there and some of my
comments today will not reflect the Bitcoin policy Institute.
But yeah, I mean, I think it's really interesting with with
these Davos people and I want to be clear that you can care about
climate change and also disagree and see the hypocrisy of the
Davos group as well as I personally do.
And You know, flying around in private jets.
And the reality is that these very, very wealthy leads are
some of the greatest emitters of carbon emissions.
Like they are responsible for like much of the emissions that
we have right now in the atmosphere.
So it is hypocritical. And yeah, I mean there is a
great misunderstanding around energy usage with Bitcoin and
Bitcoin mining what purposes? It serves and I think it really
just comes down to whether or not you value Bitcoin.
If you think it serves, absolutely, no purpose.
If you think it's just speculation, then you're never
going to believe that any amount of energy.
Use any amount of kilowatt hour is worth going toward Bitcoin.
That's the reality. So it's really you have there's
a lot of Education that still needs to happen and it's
unfortunate. Because people like Elizabeth
Warren who have based their career on going after the
banking industry and in particular after the financial
crisis of 2008 that that they completely missed the mark on
bitcoin because it is a critique of this same system that she
claims and others, like, her claim to oppose.
So yeah, it is. It is problematic definitely,
and yeah, in a way it is, it is an attack vector.
Actor on bitcoin visits. It's probably the hardest
narrative to fight. I think it it's just it's one
that never dies. And a lot of people rely on Old
fud that has been completely debunked, including the Murrah
at all paper. That claim that Bitcoin was
going to melt the planet in two years, you know, it would make
Bitcoin. Sorry Bitcoin would make a
global warming hit 2 degrees Celsius within a decade, right?
That was the claim and Other scientists.
There was three papers published in the same Journal.
That said, no. This is the methodology is
really bad. So, yeah, it's a never-ending
battle. But hoping that we can make some
progress and change the minds on this with our work.
So we had Natalie Brunell on the show about a week ago and she
kind of had the same opinion where it's a lack of Education
Phil and I have been covering I'm this subject every single
day and we have come to believe that it's a little bit more
nefarious, than lack of Education.
I'm going to get to that during the news and I would love to get
more of your thoughts. But fumble.
What are your thoughts on these hypocritical?
Elites in Davos burning all that jet fuel, but telling the
peasants. No, no, you gotta do nothing and
be happy and eat your buck. Shut up and eat your bucks.
Yeah. I'm also very Of ESG, I think
it's a tool that's used by The Establishment for their own
purposes. It may be an indicator of how
how connected you are with the establishment where Exxon is top
10 and was Tesla has recently fallen out of favor.
So they're, they're out and seeing seeing the devil's
reminds me of them. I think.
I think it was some climate conference in Glasgow and
scot-free. Last year's.
Yes, and they had, like, people carriers picking up people from
the airport and taking them to the conference and they were all
like, Tesla's and stuff, but they were all like recharge with
like diesel generators around the corner.
So there's, there's a clear kind of like smoke and mirrors.
They like to kind of give this image and and yeah, you know, I
think I think we really lack of nuance from the whole discussion
like, Can both recognize that ESG is a scam and used by the
state to extend their power and as well all acknowledge that
climate change, whether we might, you know, squat about
specific, very specific predictions.
It's an established fact, and and so I do, you know, having
that nuances not, you know, doesn't mean that, you know, we
cut, We can't agree, you know, on certain points here.
And I also wanted to say, like, it's been a long-standing, like
tactic of the fossil fuel industry to fund the the
propaganda to individualize climate change.
The fact that like, you know, I thought I saw a clip of some
going Davos. I think you've already showed it
on maybe yesterday, show about whether it's today about the
using technology to they have an Eventual track of your carbon
so, you know, putting the blame but on two individuals were in
really like there's massive systemic like institutional
level abuses, you know, I saw a tweet from military cross
recently also from the Bitcoin policy Institute and said the
largest US Banks and asset managers responsible for
financing equivalent of almost two billion tons of carbon
dioxide in 2020. Making the US Financial It'll
set of the world's fifth largest emitter if it were a country, so
they're good at, you know, using them their Capital to misdirect
us to blame us, blame. The individual, make us all look
at the plebs and blame them, and to redirect attention to
themselves. Absolutely film.
I was just quickly add that I wrote up an article based off of
this, the report that Troy referenced, and it's called,
it's called Bitcoin versus the bank.
Which is better for the planet and so you can see that on my my
medium account which is linked on on my Twitter profile.
So yeah, so I basically just do a comparison using the numbers
from that report and you can decide based off of what I've
written, whether Bitcoin or the banks are better for the planet.
I know the choice that I made says that it's big boy, but, you
know, someone else might disagree.
Ali. And we're definitely going to
use that as Source material in the upcoming shows.
Thanks for letting us know. And, of course, we will put
jeans all his all her information where you can find
her, download link description. Anyways, Phil closing thoughts,
my friend. Yeah.
I think, I think you guys killed it with the comments.
I think that that was well-rounded.
The only thing that I can add is to quote, the gentleman in the
video. They're doing a lot of good.
Yeah. Just remember that.
Okay, everything's Justified because they're doing a lot of
good. Yeah, a POC receipt.
Astounding anyways, yeah, you eat bugs.
We'll go on fly private jets. But anyways, Phil it's time for
the daily fail brought to you by Swan.
Check them out. Swan Bitcoin.com.
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The link is down below. All right, it's gonna be a
little bit, the change of Gears from the from The climate change
and from the stuff that we're going to be getting into in the
news. Yeah, we are going to dive into.
We haven't looked at some some, some bsv fail in a while.
So I figured. Why not?
We're gonna, we're gonna enjoy
some pain here. Let's let's dive into some
paint. All right.
So for the people who hang out on Twitter and have sat in
spaces, you may have run into this gentleman.
Hector Lopez likes to join the Bitcoin spaces, but is a BS V,
ER, and likes to shill the bsv narrative and that's what we're
At today in this tweet. Let's take a look.
There are 1.2 billion people in Africa.
There is 350,000 available transactions on bitcoin BTC
right now per day. If everyone in Africa wanted to
buy one thing using BTC tomorrow, it will take over nine
years to process all of those transactions.
So I look, I am not the best at math.
Okay. I'm really not the best at math,
but I did some really simple math to figure.
Figure out seven transactions, per second, and we're at over
600 and 4800, which is completely irrelevant because
it's the base layer. Okay, the base layer was never
meant for your coffee and your Bubblegum and are garbage.
Okay, that that's, that's complete nonsense.
But anyway, so ha completely omits the lightning Network.
Okay, like, it doesn't even exist, but we're going to go
take a look at the lightning white paper for.
Well, actually the lightning Network website.
Okay, let's just take a look right here.
The scalability of lightning capable of millions to billions
of transactions. Per second across the network
capacity, blows away Legacy payment rails.
By many orders of magnitude attaching payment per action.
Click is now possible without custodians.
And keep in mind, this was written several years ago, B,
A.J. Drita and Joseph poon.
Who are you? Who you are going to see in a
second in a video with Craig, right.
This was one of the rare instances.
Okay. We're we're vitalic, actually
really pulled out a good move and it was, it was actually
pretty epic to see. But anyways, before we before we
dive into, before we dive into that video, Let's just quickly
continue on the lightning Network.
The lightning network is going to change how you think about
Bitcoin and this was written in 2021 Desiree, Dickerson who
we've had on this show. Okay.
She's the CEO of Thunder games like, but at the time she was at
Lightning Lad. And she was vice president of
operations. Who's Loki, genius background
includes a smattering of Endocrinology biophysics
genetics and helping the government launched, the
Affordable Care Act, which made her disenchanted with the
government. Interesting, setting up a
government setting up a government function made.
You disenchanted, who would have thought people say it's two
years out. It's really not their
applications where you don't have to.
Think about nodes. I use lightning every single
day. This was in 2021 people.
Okay, and the bsv. Ours are still telling you that
this doesn't work. Lightning currently has a
maximum throughput of 25 million transactions per second compared
with on chain, throughput of 7 transactions per second.
That's why I used the seven transactions per second to do my
math. I don't know what ha used and it
expects that to increase as the network grows.
She says that lightning Network settlement is instant instead of
taking 10 to 60 seconds on chain.
So you see the shit coin narrative.
Leaf falls apart when lightning comes into the picture.
Okay, and the other piece to this.
Okay. This is what the disingenuous
specifically, the bsv people. What they don't tell you.
Okay, what they do not tell you about bsv.
Okay, this is already back last year, last year alone, bsv was
attacked four times in July alone.
Imagine storing your value on this network.
Now, why, why would you store your value on this network?
You wouldn't. Why not?
Because it has no security and if you take a look, okay, this
is the bsv versus Bitcoin hash rate and you can see it here.
The all-time this tiny little red line that you can barely see
at the bottom of the screen. This is the bsv hash rate.
It is a complete zombie. Nobody is securing this shit
Fork. No one.
Okay, and you've got guys like him that come into the they come
in a Bitcoin spaces and they put out tweets.
The try to scam you into thinking that you need to be
buying this fake shit coin. Now, I'm going to end the I'm
going to end this rant with this this video right here.
Okay. This is I'm not going to show
the whole thing because a lot of the sound at the beginning is
kind of roughed up. So we just need to.
We just need to see the the signal piece.
Okay? The other people instead of The
Selfish minor earning a benefit, the owners minor.
Does that the paper ice cream, cone understand your
presentation? The rest of the audience, I
wrote the lightning paper, and I don't understand what you're
saying. Okay, that says it all.
So the whole point, right? The whole circling point that
I'm coming back to these, people are completely disingenuous with
their intentions, to get you to pay attention to this
ridiculous. Message of bsv is the real
Bitcoin. It is not the real Bitcoin.
It is a shit Fork of a shit Fork.
It is a fork of be cash, KB cache is a fork.
It's complete nonsense. And all they do is they use this
this ridiculous. You swear they choose a couple
of words out of the white paper and say, these words are Bitcoin
only and he is Satoshi. Look.
This guy's been called out multiple times.
We keep showing you over and over again how the network
cannot be secured and it gets attacked multiple times.
Okay. This thing is complete garbage.
Do not pay attention to that type of noise steer clear from
the scammers, like Hector who come into the Twitter spaces and
try to fool you into shit coin. That's my sermon.
Yeah, man, great job, you know, the csw is a fraud just want to
give a shout-out to which we don't, we don't see a lot of
things. We don't agree with a lot of his
methods, but shout out to Peter McCormack for putting up that
good fight, Hot or Not. Isn't that good fight, you know,
in terms of their, their in litigation with csw very
expensive, litigation might add, it looks like Peter McCormack is
almost out of It I know it cost him a lot of money.
I know hot or not. It's going to cost them a lot of
money. So I wish both of them the best
and at the end of this hopefully, you know, the world
could see that this guy's a fraud.
He's a dangerous fraud. He's hurting bitcoiners and you
know, eventually he's gonna get exposed.
The truth is going to come out, you know, unfortunately, he has
a large War chest because of Calvin Ivory or I don't know how
to pronounce his last name. So yeah, this guy is a threat to
bitcoin. He's an enemy of humanity.
Manatee because if your if your threats of Bitcoin, you're an
enemy of humanity, my eyes, so, you know, hopefully they could
win their their cases. So shout out, Peter McCormack,
and Shout out the space cat. Anyways, Gene.
And I say, right. Jen, Jen, Jen Jen.
What are your thoughts on this? Oh well, so my computer crashed
Montez. I lost a little bit of it, but
I'm back. And I mean bsv Craig.
It's a little bit of a joke, purposely ignoring the benefits
of player. Two applications is pretty
ridiculous. And I'm more likely to believe
that John Nash is Satoshi than Craig great.
To be honest. I most likely to believe that my
dog is so Cho she and Greg, right?
Your dog probably is more Satoshi than a dog is Satoshi.
Anyways, fumble, any closing thoughts, my friend.
Yeah. I mean it kind of wait links the
last segment in terms of like at this point in 2022.
The education is out there like the knowledge is out there.
How can you still play this game and plead ignorance to whether
Bitcoin as a purpose and therefore, you know, its energy
cost is beneficial or like, the, the development of of lightning,
which has been around for a long time.
You know, I think they seem to be To destroy their credibility
long-term clinging to these failed projects that are
extremely centralized. I don't even know how many nodes
bsv has for example, but I can imagine that probably in lying
one house, you know? Yeah.
Exactly, you know, and they you know, they taught at look the
hash rate does not lie. Okay, and and if you want to,
you know, look about how look the Bitcoin hash rate which I've
talked about many times, right? It not only represents network
security, right? Because it would theoretically,
you would have to essentially match or overcome the amount of
hash rate and hash rate represents the amount of
computational power backing up Bitcoin.
The amount of a six currently backing Bitcoin, right?
There's no way to know the actual hash rate has to be an
estimation of course, but it also it also signifies the
amount of capital that's being invested into Mining Bitcoin,
right? If you look at PSV, your if you
look at Bitcoin cash that number has been static.
That means that the real money people to have real money are
not looking into invest in infrastructure, that mind those
coins. Why?
Because they don't believe it has a future.
Look at how the publicly stated publicly traded Bitcoin.
Mining companies have done. Look at Riot, think it's up over
1000% and the last few years some crazy percentage, right?
And that signifies to me. Me, is that big money real money
have faith in the future of Bitcoin, unlike bsv.
Unlike Bitcoin cash. That being said, Phil it's time
for the daily meme, review brought to you, by Citadel 21.
They make the best Bitcoin culture Rosine.
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All right, everybody. Welcome to the Bitcoin meme
review where we review, Bitcoin memes, memes play an essential
role in this narrative, trench warfare, that we experience
every single day in the Battlegrounds of the internet.
If, if tweets are bullets memes are artillery.
Anyways, let's check out this first mean by MF underscore
hottel. Bear markets, great bitcoiners
bitcoiners, create bull markets bull, markets grid.
Shit Corner Shakur's, great, very markets, and the CycleOps
Ali repeats itself. I completely agree, bear
markets, beat your shit coins, get crushed.
And you realize there are there really is one true king with
that. It creates a bull market and the
cycle repeats itself. Anyways, moving on, next mean by
a huddle us Central Bank blowing up the money supply be like
Central. Extruded did it inflation?
Ha ha ha very, very good meme. All right.
Move it on by my boss. We're getting here.
Look, Phil has absolutely been slaying it.
In my opinion. I called filled the Bic, the
shit coin, Slayer him and Cory clips and are going
head-to-head. They're going to have, you know,
a jungle or Mumble and the jungle, whatever The Rumble in
the Jungle one day. And then, hopefully we can put
him in a cage match and we could Decide who is the true?
Should coin Slayer, anyways? Copernicus, which is Phil's
alter ego and he is the Demon Slayer from that, from that
video game. I forgot what it's called.
Oh man. It's such a good video game.
Anyways, Avalanche, Cordon o, XR, P.
Anything on coinbase and Phil is slaying them and the name of the
game is Doom. I just remembered.
All right, moving on. This is Adam back.
He's back. And again, you know just
shitting on this, dude. This this was crazy.
Of italic was just, you know, Reminiscing on, you know, what
things he feels upset about and it just the central planning and
the hubris. And those tweets are absolutely
crazy. I really recommend reading that
thread, we don't have enough time to get to it.
But I am going to read, what Adam back says.
He says, as a sample of one Bitcoin, ER, identify with the
plebs and this is why we love Adam and systematically reject,
the confused Central planning of hubris field self-proclaimed
Elites. And I believe in bottom-up,
robust design basis, that work reject, the master architect
hypothesis, and and honestly, this hasn't worked and the last
hundred years, it always shows that the free market Millions
upon millions of people, making their own decisions on what's
best for them. Does much better than any
Central planning Elite like the world economic Forum.
Anyways, here is Adam back as a Terminator.
He's Bach know that I'm going to read it in.
And I'm going to do the German accent.
He's Bock. I'm a debauch.
Okay. Anyways, next 1 by Rd underscore
BTC and there's a lot of them. Okay.
I'm going to fight these no corners online.
Damn. They're regarded regarded.
There we go. Thank you.
Alright, next one. Bye.
Roth, mus. Dumb F juice.
People that think more regulations and taxes will fix
anything. It's so true, man.
Anyways, last one by brekkie. Shoutout.
Breaky from Swan Bitcoin, awesome company.
Anyways, it's check it out. When you take Financial advice
from rug pull, and real Vision. I gotta back it up.
Here we go. Anyways, awesome, awesome memes.
Wow, Phil bring it in the heat pick some awesome memes.
Shout out to the plebs because these memes would not be
possible without you guys for that.
I'm going to give it the sticker.
That comes with the colds card. The no shit code inside.
And if and this is matching The Branding from the old Intel
things. It would say Intel Inside says,
no shit coin inside. I thought it was clever.
Anyways, Phil. What would you give those memes?
I just I just remembered that there used to be a sticker.
That used to say, Intel Inside, idiot outside.
Anyways, I digress. And I am giving it my extra 3D
printed lightning. That's right.
Shut up to crypto, cloaks. He made these for me, and that's
right. That's what it deserves that
these deserve it. Very, very good score.
Anyways. Jean Jin Jin.
Ah, ha ha, why Jin? Okay, like like like, like the
alcohol gin. Okay.
Now, I know Jin. Like Jen.
Like I'm in and I'm so sorry. I have like, I'm like, say it
right? Say it, right?
Sarah. All right.
Gin. There we go.
I'm gonna get it right this time.
Jin. What would you give those memes?
Give it one of my pencil shavings?
Devices here. That looks like a box cutter.
It, it could be. I use it to sharpen pencils,
looks very dangerous. Yeah, that's resourceful and a
box cutter score. We've done those pencils are
really sharp. And that's for sure.
Anyways, fumble. What would you give?
Those awesome means I've got I've got this onion that's like
sprouting right now. So I'll give that a spray.
Routing onion, awesome. Very good scores for some
awesome memes. Guys.
We want to know, if you agree with our scores.
Do you like the means? Let us know, which one's your
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Alright guys, welcome to the second part of the progressive
case for Bitcoin. We believe it's simply Bitcoin
that Bitcoin is all-inclusive. It's a political by Nature,
right? So we like to get everyone's
opinions from all sides. Remember Bitcoin means different
things to different people and I think that these types of
episodes are very important because of that.
So I'm going to first, start it out with this preface or I'm
going to read a little bit of of jinns.
There we go. I remember the alcohol, I said,
the name correctly Jin's article.
She wrote this for Bitcoin magazine.
The name of the article is progressives and Bitcoin are not
opposed. We believe in that.
Anyways, the article says, the reality is not that Bitcoin
needs to be rear-ended to remand it to fit a progressive
narrative. It is that bitcoiners and non
bitcoiners alike. Need to Realize that while the
Network's Genesis block was a political attack on the central
banking system that this sentiment is not exclusive to
American libertarianism. This is why progressives are in
the Bitcoin space because we know that Bitcoin is for
everyone and we're going to make sure that everyone not just
Libertarians know that there's a way to exit the system and that
Bitcoin could help us find that way.
I fundamentally agree. However, the troubling pattern
that I live at that. Picked up over the last couple
months and I would love to get your perspective.
Gin and fumble, right? Is that when you look at the
political support from the Fiat parties, what we've started to
notice is that there's clearly there's a clear partisan divide.
It looks like the left wing not only in Europe.
Also in the United States. Also in China, right, is
vehemently against Bitcoin, right?
But we agree in the, you know, in the Progressive sense.
That Bitcoin helps the under privileged Bitcoin helps the,
the underbanked, right? So let me go a little bit
through this, right? These are again, it's not black
and white, right but it there's a clear Trend, right?
The Elizabeth Warren Sherrod. Brown Sheldon, Whitehouse Bill
Cassidy. He's a republican Jeff Merkley.
All Democrats, except for one Republican on the pro.
Crypto Bitcoin shit coin Senators.
It's all Republican. We know Cynthia lummis.
We know Ted Cruz. We know Pat Toomey.
So it's a troubling development. Element.
But it's also not in the u.s. It's not also in the federal
government. The US, this is also in a state
level. And again, it's pushed by the
left wing. New York is the latest state to
consider Banning proof-of-work. Mining members of the New York
State Assembly environmental concern conservation committee
voted in favor of assembly bill, that establishes a member
turnerkn. Remember remember Terry?
Mm. Sorry, Phil.
Sorry, guys, you guys know, Nico can't read, but you could read
on the screen on cryptocurrency mining operations that use
proof-of-work. Asian methods to validate
blockchain transactions. Now, I used to have the
perspective that Jin has, right? Maybe they're just not educated
on the matter. However, after covering this,
for a couple of months and seeing the same thing happen
over and over again, we found a nail in the coffin, as we found
the Smoking Gun as why we believe that's not the case.
Anyways, moving on. It's not only in the United
States. This also happened in Europe,
right? A last-minute attempt by
European law. Is to potentially enact a
backdoor soft man on bitcoin filled on Monday and a closely
watched vote by followed by crypto enthusiasts, and guess
who this was pushed by conservative and free-market.
Liberals United to vote down the amendment 32:20, through and
favor, with 6ab stations, stymieing the efforts by the
social Democrats and the greens. Again, it's a left-wing party
pushing and going against Bitcoin.
Now the argument of course could have been I made hey, perhaps,
you know, these parties weren't educated on the matter.
Perhaps they really care about the environment but then we ran
into this article and it really, I don't know what other
conclusion you can come to other than these people are more
concerned about control. Let me make my case, right?
Name of the article is Bitcoin. Mining in Norway, gets the green
light as the proposed man rejected, right?
The proposed, the the proposal to ban.
Bitcoin mining in Norway, was first suggested in March.
This year, by the red Norway's Communist party.
In this week's vote. The Proposal was overturned, as
only Norway's left-leaning parties, including the Socialist
left party, the red party, and the green party would support a
ban on cryptocurrency mining. So left-wing parties in Norway,
left-wing parties in Europe, left-wing parties in the United
States. Left-wing.
Obviously China only has one party.
Now, here's the Smoking Gun. Quinn, Telegraph, previously
reported that Norway is a green Oasis for Bitcoin mining
boasting, abundant hydropower and low energy prices
particularly in the North. A hundred percent or almost 98
percent of the electricity generated in Norway is generated
by renewable energies. 100 percent of the energy used by
Bitcoin mining in Norway is by renewable energies.
So if it's not hurting the environment, why are they still
against it in the first place? So, it's only let us to believe.
And again, I'm biased because I come from Venezuela, right?
I come from a neck, socialist company country and I happen to
have the privilege to be able to migrate to the United States.
Right? I believe, it's because it's
something they cannot control. So really sucks.
I know that, of course, this doesn't represent all
left-wingers. It doesn't progress represent
all progressives, right? But you cannot deny that the
establishment. Circle left wing parties, have
it out for Bitcoin and that article from Norway pointing out
that 100% of Bitcoin. Mining is powered by Renewables,
makes you ask why are they still against it?
If it's not bad for the environment.
What's going on here? Jen?
What are your thoughts on this? Okay, so it has to be clear
about a few things here. First of all, the Democratic
party is not a left-wing party. The Democratic party is really a
Center corporate party. That is governed by a lot of
corporate money and much of the democratic party in the United
States is really about presenting an identity politics
framework and not really a class framework.
So for them, there are reasons to be opposed to bitcoin.
I think are different from what you will see in the European
Parliament and I'll touch on that in just a moment.
But in the United States, right, I think that A lot of the
concern over Bitcoin is around, energy usage and environmental
impact. And as we've discussed at the
beginning of this show. There's this is a major attack
Vector against Bitcoin. So in a way, these people are
also being played because they're only reading what they
what they see in the news in New York Times or whatever.
And so for them, this is like I care about the climate and
you're telling me that this is going to be Not the fun at this
is awful. It has to be stopped the other
thing. Now for people who identify as
some form of socialist, or somebody who cares about social
welfare or who is skeptical about markets is going to see
only the front face of Bitcoin, which is the training that
happens on the central exchanges.
So for them and all the shit coins that are surrounded that
Bitcoin is surrounded by and so for them what they're seeing is
is Nation, and for anyone who identifies, as anti-capitalist
it to any degree is going to be opposed to speculation because
for them and I think that we can generally agree.
The speculation is is very destabilizing even in a free
market, even if you're are for a free market, so if they're only
interaction with Bitcoin, is to see speculation, they're going
to be opposed to it and they're not going to find any value to
bitcoin. So I think That's why looking at
Norway and looking at in the European Parliament and seeing
the parties that are opposed to bitcoin.
Even if the energy sources are 100% renewable.
They will oppose it because they see it as a tool of the
capitalists and they see it as a tool of speculation which is
only destabilizing economic systems.
And that is why they will oppose it.
And this is why it's really an education thing and it's really
that for people who come from these back.
Rounds. You have to actually say, no.
It's not really about speculation.
There's something else going on with Bitcoin and then you really
have to drive home. The Narrative that Alex
gladstein is pushed through, check your financial privilege.
And that I think cuts across towards people who are on the
left because it get it points out that actually, Bitcoin can
help people, especially in situations where you're living
under a repressive government that Is stealing from the wealth
of the people. And so that is the narrative
that I think is missing in a lot of the discussion, especially in
the news. So if you only see the only two
things you see, when you read the news about Bitcoin is that
the bubble is bursting. Its tulip Mania and its melting
the planet. You have no incentive for the
last four people on the right or Republicans in the United
States. The immediate thought is like,
oh, this is great because it's taking the power away from The
central banks and I'm all for deregulating.
Let's deregulate those deregulate.
I mean part of that fits into the neoliberal narrative and so
for them like this is great. It makes it a little bit easier
for them to see the appeal of Bitcoin.
Although I don't I also don't believe that they necessarily
fully grasp the benefits of Bitcoin, but it's it easy a
little bit of an easier path for them to get into Bitcoin.
Now, there are some Democrats who do like So in general, like
Cory Booker, for example and row Kana, he's in the House of
Representatives Cory Booker's in the Senate.
So and there are there is like a congressional cryptocurrency
caucus that at least, I think half of the members are from the
Democratic party. So it's not exactly true that
there is a full divided across party lines in this case.
So I don't think it's necessarily that nefarious.
I think it's just that the narrative that needs to reach
this particular group. Is not as mainstream as it
should be. In terms of the content that is
produced around Bitcoin, beautiful answer and I really
appreciate your perspective. It's awesome to hear this
perspective and yet no I perhaps I should have emphasized it in a
little bit more. I did say it's not black and
white right? There are Republican Senators
that are posed to crypto and Bitcoin.
And there are Democratic senators and Congress woman in
Congress, men that Do support it.
But they're the trend is though is that the majority of senators
and congressmen and women that are against, it happens to be on
the left hand side and the ones that are for it happened to be
on the right hand side. Anyways before I get fumble and
and more of your thoughts, Jen. I wanted to get to a little bit
more parts of this awesome article that you wrote.
Again. The name of the article is
progressives and Bitcoin are not opposed and I also agree with
that. Anyways.
Have some highlighted Parts, Progressive is really an
umbrella term that lumps together.
Meant many left-leaning political ideologies, under a
set of Demands that we deemed to be inalienable rights of any
human. These are Education, Health
Care, and living, wage and housing.
Okay, Jin, how do you propose to do that without wealth
redistribution? How do I propose to that without
bail? Freedom.
So if progressives right deemed to have inalienable rights of
any human, and those inalienable rights are education Healthcare,
a living wage and housing, how specifically education and
health care. How do you propose to implement
that without some sort of some form of wealth redistribution?
For example, in Europe, the way that they are able to fund?
For example, a lot of Europeans have large.
Social welfare programs, right? Like, you know, free healthcare,
but it's actually funded through taxes or, you know, free
education. Also funded through taxes
Bitcoin, makes wealth redistribution, very, very
difficult. So perhaps, you can convince
half of society to go along with and, you know, go a long with
the taxes to fund those programs, but there's going to
be a big portion of society with the benefits of Bitcoin that
are, just not going to go along with it.
So, How how does that work? So I would first argue that we
already have wealth redistribution in this society
and we can look at it in a couple of ways one.
We can look at it, from the perspective of rent-seeking.
We can look at it from the perspective of that and we can
look at it from what the Federal Reserve has done with
quantitative easing by inflating assets, which the majority of
Americans don't hold. Right.
So if your most of your labor and the payment that you receive
from your work comes from actually engaging in - efforts
in society, like by creating things or working, you know, in
services or exchanging goods like that, that doesn't accrue
interest. But if you're somebody who makes
money just by holding someone else's debt, or being a landlord
or whatever. Then that's, you know, that's
that's a form of distribution of wealth in a way that is actually
Lysing to society. And we see that in particular
through financialization, which is happened.
Actually, since we came off the Bretton Woods, right?
We have seen an increase in financialization, where Finance
has become a greater part of our national income or a GDP.
And that can only happen through increasing interest, right?
And then inflation ends up coming into this, right?
As a sort of a silent tax. And if you look at it, I was
just looking at this actually today.
A totally unrelated to the conversation but the the bottom
income earners in the United States in 2021 had felt the
worst effects of inflation because their wages did not
increase fast enough, even though they did increase, they
started from a farther. They started below way below in
terms of their wages. So that increase really wasn't
even enough to sustain in comparison to inflation.
Whereas, if you made a hundred thousand dollars a year, or more
you're doing, Okay, because inflation is in energy, is a
smaller portion of your total income.
Right? So, this is all a redistribution
of wealth as it is. So we have an unfair system that
has very bad incentives. And we talked about this in
Bitcoin a lot, like bad Fiat incentives and, and they harm
people. So, in a way switching to a
different monetary system is actually a redistribution of
wealth in a Right Way, in a way that is not as coercive.
So I think that it can happen but you have to change the way
the monetary system works and it doesn't necessarily have to be
through taxes. And then the other thing is that
you also don't necessarily need a central government to provide
these things for you. Okay, you can do that within
your own Community, through, mutual Association, or through
mutual Aid. And I think that people have
forgotten this little bit that you don't have to expect.
Fact, the government to do all these things, but at the same
time, the government has to allow you to have the power to
make these choices within your own community.
And so what I would argue is like you could have many
societies, let them do what they what they deem is best for them.
Let's decentralize that power and the ones that I think
provide the best in terms of well-being are the ones that
most people are going to want to participate in and Bitcoin.
I think is just one way to get us out of this.
Horrible system and into another one because it deflationary
currency is an opposition to that, right?
Yeah, no. Reasonable person will want to
engage in alone with 10% interest knowing that you can
easily calculate what, you know, what?
Your purchase power will be with that money later on, right?
It would be very hard to pay that back.
So I think that we have to kind of re frame The Narrative around
this, in terms of what is well, what is the distribution of
wealth and and how the existing? System actually distributes well
in an in a very unfair way. Absolutely.
And wow, we have, we and this is what I've always said.
And Phil, we've always said this right is that we have a lot in
common and at the end of the day, I think a lot of the
conflict comes from the fact that this money is stealing from
you, inflation is stealing from you and you're absolutely right.
It inflation is catastrophic to the lower and middle classes
that don't have. The means to benefit from asset
inflation. Don't have the means to save and
equities or the stutter or stock.
They make their money in cash and they save in cash and then
they get completely stolen in clash.
And it's, you're absolutely right.
It's a wealth redistribution from the lower middle classes
back to the top 1% and back to the government.
So 100% so fumble, what are your thoughts on?
And and I'm going to kind of pass you on something that Jin.
Said, Do You Believe In coercive?
Well, through distribution. Do you believe in?
Some type of redistribution that needs some type of coercion in
order to fund some type of, you know, Medicare for all or
education for all. What are your thoughts on that?
Fumble? No, I don't.
Absolutely. No, I well work speak for this
speak for Jen but I would say that we're alone both lean more
anarchists then statist as I mean, I think Jin nailed, nailed
it with what she's just saying, you know, I think that When
things are kind of redrawn to bitcoin kind of cards out a
world in which we can make our decisions and organize some and
more voluntary basis, who can carve out those things and
often. It's the state that actually
gets in the way. So, you know, I sometimes see in
the examples in America of, you know, people that get punished
for collecting rainwater or, you know, like people made an
initiative to build some build some little Shacks.
Like a nice wooden homes for homeless people and then the
state comes in and destroys it. I find that actually, the state
is the one, the the force that makes these things difficult and
fosters a dependence, so that we're always looking to that
Central Point. So no, I don't, I don't think we
need that kind of coercion and and on the redistribution from
like again, Ginger nailed it like I see the state as
redistributing. Poor to rich and from the
taxpayer to private hands, you know, so I think I have a faith
in humanity that most people are good.
And yeah, you get some bad apples.
I think generally like there's there's a sickness in society
partly from from from fear and in my opinion party from
capitalism and and a lot of the kind of pressures that are on
society and I'd like to think that if we have, if everyone has
a more solid base, Then we can form those networks.
Those communities and we can, you know, really, you know, if
we want it. I'm sure voluntarily everyone
would want to make sure that we don't have people dying on the
street because they don't have a basic, you know, Healthcare
something. Yeah, it was.
So, so one last thing and I know this is a big, big aspect of the
political layer is the the aspect of wealth inequality,
right? How do you propose to level that
playing field without coercion, without some type of tax scheme
to take from one group? Take it from the productive
class and give it to, you know, the less fortunate and what not.
How do you put, how do you propose we do that without some
type of coercion without some type of state in order to
enforce that. I think these are very difficult
questions to answer at least in a very short form because
they're this can happen one or two ways, right?
It could happen in a gradual way, in a transition from one
Society or one system into a different system.
Or it could have been in a very abrupt way in which you
effectively have an economic collapse and you're forced
ultimately to rebuild from these ashes and and in that sense you
kind of start from a clean slate.
But it's a tumultuous and it will be very painful one.
And I think that the latter is more likely right now because I
don't see our government actually changing trajectory or
having the ability to do that. If that if they could they would
certainly have to be some types of reforms.
I think and changes in the way that money works and there's
there's some ideas around that. I think ultimately switching at
least Towards Bitcoin would be useful because a city for
example, could acquire Bitcoin Miners and they could use those
Transit transaction fees to invest into their Community into
public works. And that I think is very
empowered powering and a very unusual thing that doesn't come
around too often that sort of sort of effectively, I mean, You
can think of the transaction fee almost like attacks on using the
network, right? I mean you the the fees that we
pay when I sent, you know, when I send something to Fumble, you
know, I sent him a few SATs, right?
I mean those fees, then go towards the people who are
mining and they're mining. They're serving a purpose.
They get the blocks of City because they're securing the
network and the preventing, the double spend, and excetera Etc.
Right? So in a way, it's like a toll,
I'm paying a toll to use the road.
Okay, that's fine. I agree to it.
I said I agreed this this makes sense, but I could benefit from
that too. If I'm also Mining and then I
can use that to the benefit of my community.
So I think that's one way, that's one possibility with
Bitcoin to do that. I just don't, I don't see.
Government's wanting to let go of the power to let things like
that happen too easily. I think that's the issue.
Is that governments are have consolidate power so much and
have such of a monopoly on violence that they're not going
to be very willing to let much of that go.
I mean you can see what they did to Ross and and to into Julian
Assange and Chelsea Manning for for stepping up and showing the
truths of government. So this is this is the reality
is I don't think any of this will come very easily.
Progressives. They look towards government.
They see it's there. They see the power that exists
there and they think well, there's so much power to change
things there if I could only reform it so that it would
benefit people and minimize this inequality.
Then that power could be used for good.
But the problem is, is that this power switches between players,
right? Every four years.
And then on top of that like, there's so much money in
politics now, especially after the Citizens united.
That is it's really hard. It's really hard for people to
actually get milk, any good out of the system.
So I think progressives have to realize that maybe you need to
just completely change the system.
And I see that a lot in with, with the climate movement.
A lot of climate activists are starting to realize that and
they're like, you know, we just need a full system change.
They just don't yet fully grasp. What that means is that it's
actually you have to start at the economic level or the
monetary. Level, of course, you fix the
money fix the world and what you said was so true.
And look, I fundamentally believe this.
I think that the left, the way that the left views.
The world is a whole lot better than the way that the right
views the world. The the right though is a little
bit more based in, you know, tangible reality in the left is
like a more idealistic and, you know, that that's and that's
where the Clash happens, right? And look.
If you look at communism, just the idea of Communism on paper.
It's beautiful, right. The problem is that you need
someone to enforce that equality and that usually, you know,
requires coercion, that usually requires violence that usually
requires guns, right? That's why it doesn't work.
And you guys are absolutely right.
Capitalism is not a perfect system.
It, I just happen to believe that it's the best system that
we do have. And hopefully, Bitcoin fixes,
the crony, capitalism aspect of Of it that hurts everybody,
right? And hopefully that's where it
goes. But anyway, we're running out of
time field. You have any closing, thoughts,
my friend before you move on? Yeah, just quickly.
I wanted to go back to a point. The gin made about the other
miners. The miners transaction fees.
I thought that was a very good point, right?
We pay these fees for a specific quality of service and for
transaction finality, right? Like we end up paying we end up
paying fees when we do the transactions on the Bitcoin
Network and that helps ensure that our Transaction ends up in
the next block and that we get the transaction finality, which
is interesting because the government interestingly enough,
if you've ever gone through multiple government services,
okay, and I am from Canada. So I have gone through the
Healthcare System both in America and Canada and I can
tell you that, there's a serious lack of quality of service, you
are paying a fee but you are not getting what you are paying for
and that's kind of part of the problem.
So I do agree that yes in the Bitcoin space, we are closed.
Unquote, paying that tax, but we're actually getting what we
pay for it. Whereas in the real world.
We are paying way more than our fair share and we are not
getting the value for it. Anyways, just my phone.
Absolutely. I'll wrap it all on that.
Hope you guys enjoyed the episode.
This is part 2 of the progressive case.
For Bitcoin. We're going to do a series where
to get more and more progressives on the show.
Ask them some questions, Riff on this a little bit.
But anyways, feel there was an open source software released.
Today, want you to everybody about it software releases.
Brought to you by Cipher safe. Check them out.
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On our Audio. Only platforms Apple podcasts
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I love having like I said, Bitcoin is a political.
It's for everybody. Love having progressives on the
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This is a peaceful Revolution and it includes everybody.
But anyways, guys, I was our show, if you enjoyed the show
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