1
00:00:03,360 --> 00:00:06,200
After all this time, I finally 
did it. 

2
00:00:08,160 --> 00:00:12,560
I cracked the code. 
I could have been able to do it 

3
00:00:12,560 --> 00:00:16,800
for years, but now I finally 
understand. 

4
00:00:17,520 --> 00:00:22,240
Unlimited paper Bitcoin. 
Pick up all the lambos. 

5
00:00:22,240 --> 00:00:38,280
I can buy my own ranch in Texas.
BlackRock just accelerated the 

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00:00:38,280 --> 00:00:44,120
$2.3 million paper Bitcoin 
attack with this next move. 

7
00:00:46,960 --> 00:00:49,560
The heck is paper Bitcoin? 
Paper Bitcoin has any claim of 

8
00:00:49,560 --> 00:00:51,560
Bitcoin that isn't settled on 
chain. 

9
00:00:51,680 --> 00:00:56,320
So we're talking about Bitcoin 
ETFs, Bitcoin stock plays, 

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00:00:56,320 --> 00:00:59,040
exchange balances, cash settled 
futures. 

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00:00:59,040 --> 00:01:04,239
The CME alone has 680 K of 
outstanding Bitcoin claims that 

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00:01:04,239 --> 00:01:06,840
are all IOU. 
So that just goes to show you 

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that when everyone wants to 
claim that Bitcoin, maybe it 

14
00:01:11,120 --> 00:01:14,160
won't be there. 
I'm sure you all know this 

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00:01:14,200 --> 00:01:15,960
because you watch the news all 
the time. 

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But Blackrock's Bitcoin ETF, I 
bet, became the fastest one in 

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history to smash the $70 billion
assets under management. 

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Retail rush the gates. 
But institutions, they're still 

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sniffing the upholstery. 
Still sniffing the upholstery 

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like I'm a dog. 
Why? 

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Maybe they smell a certain paper
issue. 

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00:01:37,200 --> 00:01:42,360
Check this out. 
Oh. 

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00:01:49,000 --> 00:01:50,080
Check this. 
Out. 

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That's enough. 
What the Pulse said. 

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Please. 
The Black Rock Wealth Advisor 

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came out and said this on live 
television today, which I 

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thought was very interesting. 
So listen on closely to what he 

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had to say about the ETF and 
passing that 70 billion in 

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assets. 
The adoption by wealth advisors.

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I'm curious how far along you 
think we are in that. 

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Are we in the early innings? 
Are we in the middle innings? 

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Are we, you know, I don't think 
we're in the 8th or 9th inning, 

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but you know, where would you 
put it at? 

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Very early. 
I think that what we've seen is 

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a concerted effort by most of 
the largest firms to progress 

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through their diligence and 
their research and their 

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00:02:27,120 --> 00:02:31,120
approval process. 
But as you all know for new ETFs

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it's typically a multi year 
journey to get any sort of 

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approval. 
We've seen that fast tracked by 

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00:02:36,480 --> 00:02:38,120
a number of firms. 
So we talked about fast 

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00:02:38,120 --> 00:02:39,800
tracking. 
We're talking about, you know, 

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quarters, not not months. 
Paper Bitcoin is a hot topic 

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00:02:43,440 --> 00:02:46,920
right now, and if BlackRock is 
posting huge cash inflows in 

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exchange for Bitcoin, then they 
have a responsibility to their 

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00:02:49,800 --> 00:02:52,480
shareholders to hold that 
Bitcoin securely. 

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00:02:52,720 --> 00:02:55,520
Or rather, Coinbase has that 
responsibility. 

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00:02:55,520 --> 00:02:59,400
But there's an incy weensy 
little tiny hiccup brewing. 

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00:02:59,520 --> 00:03:02,680
What if Coinbase isn't actually 
holding the coins that they say 

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00:03:02,680 --> 00:03:04,600
they are? 
What if it's all made-up on 

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00:03:04,600 --> 00:03:08,520
their books? 
Like on paper, Like paper 

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00:03:08,600 --> 00:03:11,160
Bitcoin? 
This potential paper Bitcoin 

52
00:03:11,160 --> 00:03:15,440
attack that Coinbase could be in
cahoots with everybody with 

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00:03:15,800 --> 00:03:18,880
Coinbase essentially addressed 
this since Ryan Armstrong came 

54
00:03:18,880 --> 00:03:21,600
out and said, hey, trust me, 
bro, we're going to be all 

55
00:03:21,600 --> 00:03:23,480
right. 
We're actually holding all of 

56
00:03:23,480 --> 00:03:25,200
this. 
You don't got to worry about 

57
00:03:25,200 --> 00:03:28,360
anything. 
But when we're looking at the 

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00:03:28,360 --> 00:03:34,320
amount of Bitcoin that Coinbase 
has, it's extremely, extremely 

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00:03:34,320 --> 00:03:39,080
alarming when we have Coinbase, 
you know, essentially having 

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00:03:39,080 --> 00:03:43,360
eight of the 11 Bitcoin ETFs. 
And Coinbase essentially just 

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00:03:43,360 --> 00:03:48,720
recently had a major, major hack
under its realm. 

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00:03:49,080 --> 00:03:52,280
This news comes as another 
eyebrow raise happening under 

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00:03:52,280 --> 00:03:55,240
the Coinbase umbrella as recent 
as the moment in which you are 

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00:03:55,240 --> 00:03:58,640
watching me say these words. 
Michael Saylor of MicroStrategy 

65
00:03:58,760 --> 00:04:03,960
Strategy Strategy was asked at 
the 2025 Bitcoin conference if 

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00:04:03,960 --> 00:04:07,160
this company Strategy would 
consider publishing their 

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00:04:07,160 --> 00:04:10,080
Bitcoin reserves. 
His answer will shock you and 

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00:04:10,080 --> 00:04:12,160
then you may have to go to the 
hospital because of all the 

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00:04:12,560 --> 00:04:14,840
shock you experience after 
watching this clip. 

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00:04:15,360 --> 00:04:18,000
So much shock. 
Hey Mr. Taylor, a huge fan of 

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00:04:18,000 --> 00:04:21,240
everything you've done. 
Does Strategy have any plans to 

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00:04:21,360 --> 00:04:23,840
publish their on chain proof of 
reserves? 

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00:04:24,560 --> 00:04:26,960
Yeah, proof of reserve. 
It's an interesting thing. 

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00:04:26,960 --> 00:04:31,560
Let me make the following point.
A lot of people learn stuff from

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00:04:31,560 --> 00:04:34,960
FTS to Mount Gox, but I'm not 
sure they learned the things 

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00:04:34,960 --> 00:04:42,200
that the institutional community
needs to learn going forward the

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00:04:42,200 --> 00:04:44,680
way that the current 
conventional way to publish 

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00:04:44,680 --> 00:04:47,000
proof of reserves is an 
insecure. 

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Proof. 
Of reserves, it actually, it 

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00:04:49,960 --> 00:04:55,480
actually dilutes the security of
the issuer, the custodians, the 

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exchanges and the investors. 
It's not a good idea. 

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00:04:58,840 --> 00:05:02,680
It's a bad idea. 
It's like publishing the address

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00:05:02,960 --> 00:05:06,760
and and the bank accounts of all
your kids and your phone numbers

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00:05:06,760 --> 00:05:09,680
of all your kids and then 
thinking somehow that makes your

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00:05:09,680 --> 00:05:11,720
family better. 
It doesn't make your family 

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00:05:11,760 --> 00:05:12,920
better. 
Shocked. 

87
00:05:13,480 --> 00:05:16,120
Thought so. 
In a post game recap, Mitchell 

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00:05:16,120 --> 00:05:19,240
Hoddle, who initially asked the 
question to Saylor, had this to 

89
00:05:19,240 --> 00:05:22,560
say. 
So I'm a micro strategy 

90
00:05:22,560 --> 00:05:24,080
shareholder. 
Strategy. 

91
00:05:24,440 --> 00:05:28,480
Strategy shareholder and the two
reasons Sailor gave for why they

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00:05:28,480 --> 00:05:31,440
don't plan to implement proof of
reserves and this he gave 2 

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00:05:31,440 --> 00:05:34,240
points. 
His first point was that it's 

94
00:05:34,240 --> 00:05:36,680
unsecure. 
It's it's a bad security 

95
00:05:36,680 --> 00:05:39,480
practice, which I disagree with 
but I'll come back to it. 

96
00:05:39,680 --> 00:05:43,560
His second point is that proof 
of reserves without audited 

97
00:05:43,560 --> 00:05:47,600
liabilities doesn't benefit you 
and that I agree with doesn't 

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00:05:47,600 --> 00:05:48,680
matter. 
You can, you know, show a 

99
00:05:48,680 --> 00:05:51,880
Bitcoin on chain address, but if
you don't know what liabilities 

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00:05:51,880 --> 00:05:54,800
the company has, if those aren't
audited, it really doesn't give 

101
00:05:54,800 --> 00:05:59,280
you a whole lot of information. 
But on the first point, I mean, 

102
00:05:59,280 --> 00:06:04,520
we've seen Metaplanet and River 
published their Bitcoin on chain

103
00:06:04,600 --> 00:06:07,280
addresses. 
And you know, obviously 

104
00:06:07,280 --> 00:06:09,080
Satoshi's addresses are out 
there. 

105
00:06:09,280 --> 00:06:12,360
So I'm not sure I entirely agree
with that. 

106
00:06:12,880 --> 00:06:18,080
And before I even asked Saylor 
this question, he spoke for for 

107
00:06:18,080 --> 00:06:21,720
multiple minutes about how one 
of the benefits of strategy, one

108
00:06:21,720 --> 00:06:23,800
of the things that makes them 
super successful is their 

109
00:06:23,800 --> 00:06:27,280
transparency. 
So whether you want to long the 

110
00:06:27,280 --> 00:06:30,640
equity, short the equity, long 
the options, sell the ball, 

111
00:06:30,640 --> 00:06:33,400
whatever you want to do, however
you want to interface with 

112
00:06:33,400 --> 00:06:35,320
strategy to get Bitcoin 
exposure. 

113
00:06:35,840 --> 00:06:38,560
You know, Michael Saylor, 
because he's been saying the 

114
00:06:38,560 --> 00:06:41,600
same thing about Bitcoin over 
and over for 4 1/2 years. 

115
00:06:41,920 --> 00:06:43,240
You know, he's not going to 
switch his tune. 

116
00:06:43,600 --> 00:06:46,480
And so that transparency gives 
investors confidence in their 

117
00:06:46,640 --> 00:06:48,880
that their position is going to 
get rug pulled in the sense 

118
00:06:48,880 --> 00:06:52,240
that, you know, you go short 
MSTR because you want a short 

119
00:06:52,240 --> 00:06:54,480
Bitcoin and then say all of a 
sudden is like, hey, actually 

120
00:06:54,480 --> 00:06:56,080
we're not doing anything with 
Bitcoin at all. 

121
00:06:56,880 --> 00:06:59,400
So you don't want that. 
And this is the point he was 

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00:06:59,400 --> 00:07:03,000
making. 
And so as a shareholder of MSTR 

123
00:07:03,000 --> 00:07:06,360
to me to, to reach the full 
extent of transparency would be 

124
00:07:06,360 --> 00:07:08,240
to publish your on chain 
addresses. 

125
00:07:08,600 --> 00:07:11,480
And obviously, you know, you 
can't doing that. 

126
00:07:11,480 --> 00:07:14,480
We, we can't take it. 
It's not like, you know, from an

127
00:07:14,480 --> 00:07:16,360
individual standpoint, you 
wouldn't want to publish your on

128
00:07:16,360 --> 00:07:18,560
chain addresses, right? 
Because if you send the Bitcoin,

129
00:07:18,560 --> 00:07:21,360
if you spend some, you know, you
don't want people to track and 

130
00:07:21,360 --> 00:07:24,200
see how much Bitcoin you have, 
But strategy is already being 

131
00:07:24,200 --> 00:07:25,600
public with how much Bitcoin 
they have. 

132
00:07:25,640 --> 00:07:28,880
And it's not sailors personal 
Bitcoin stash. 

133
00:07:28,880 --> 00:07:32,160
It belongs to the strategy 
shareholders, right? 

134
00:07:32,160 --> 00:07:36,000
So I don't necessarily agree 
with that point, but I'm going 

135
00:07:36,000 --> 00:07:38,560
to continue to hold MSTR. 
Again, I'm a huge fan of Sailor 

136
00:07:38,560 --> 00:07:41,000
and I think they're one of the 
most important companies in the 

137
00:07:41,000 --> 00:07:42,920
world. 
But as a shareholder, I would 

138
00:07:42,920 --> 00:07:45,680
love to see proof of reserves. 
But I also understand, you know,

139
00:07:46,120 --> 00:07:49,320
I, I'm not as smart as Sailor. 
So, you know, let him leave the 

140
00:07:49,320 --> 00:07:50,640
company. 
He's done great so far. 

141
00:07:50,640 --> 00:07:53,760
They're up over 1000% since they
got on the Bitcoin standard. 

142
00:07:53,760 --> 00:07:56,720
So I trust his vision and I'm 
going to continue to hold some 

143
00:07:56,720 --> 00:07:59,160
MSTR. 
After seeing this clip, I've 

144
00:07:59,160 --> 00:08:04,560
decided not to post my own 
Bitcoin address of 43,677 

145
00:08:04,560 --> 00:08:07,880
Bitcoin for security reasons. 
It's there. 

146
00:08:07,880 --> 00:08:10,520
Trust me bro, I don't have 
anything to prove to you. 

147
00:08:11,200 --> 00:08:21,320
Now let's say that I didn't have
43,337, I mean 43,677 Bitcoin 

148
00:08:21,320 --> 00:08:24,240
that I claim I do. 
How would I go about making 

149
00:08:24,240 --> 00:08:26,800
everyone believe that I did? 
But before I go to that. 

150
00:08:27,800 --> 00:08:31,280
After these messages, we'll be 
right back. 

151
00:08:32,720 --> 00:08:34,720
Do you want a mining partner 
that's aligned with you? 

152
00:08:35,000 --> 00:08:37,880
I know I do. 
SAS Mining only earns when you 

153
00:08:37,880 --> 00:08:41,280
do, as in mining as much Bitcoin
as possible. 

154
00:08:41,280 --> 00:08:45,840
SAS Mining handles the hosting 
hardware and power so you can 

155
00:08:45,840 --> 00:08:48,880
mine Bitcoin straight to your 
own wallet with 0 maintenance. 

156
00:08:49,040 --> 00:08:51,560
Start stacking stats quietly and
live your life. 

157
00:08:51,640 --> 00:08:55,160
It's non custodial, easy to set 
up, and honestly there's nothing

158
00:08:55,160 --> 00:08:58,240
more satisfying than stacking 
stats straight from the source. 

159
00:08:58,480 --> 00:09:01,120
Book a call with one of their 
expert team members and start 

160
00:09:01,120 --> 00:09:06,120
mining today at SAS mining.com. 
One, I create an ETF whose 

161
00:09:06,120 --> 00:09:10,560
inflows generate IOU layers 
instead of withdrawals 2. 

162
00:09:10,560 --> 00:09:15,520
My custodian, whomever that may 
be, pools coins but the internal

163
00:09:15,520 --> 00:09:19,640
Ledger says that everyone is 
covered. 3 price rallies because

164
00:09:19,680 --> 00:09:23,080
NGU is inevitable brah. 
But then the whales come up for 

165
00:09:23,080 --> 00:09:25,880
air and request a payout. 
Uh oh. 

166
00:09:26,080 --> 00:09:31,000
But the most devious part of my 
hypothetical plan #4 stage and 

167
00:09:31,000 --> 00:09:34,440
exchange hack. 
State seizures are implemented 

168
00:09:34,760 --> 00:09:39,120
for your safety which creates A 
liquidity crunch #5 shred all 

169
00:09:39,120 --> 00:09:43,400
documents and burn them. 
I mean do do this with your 

170
00:09:43,400 --> 00:09:44,840
hands. 
What do you think? 

171
00:09:44,840 --> 00:09:47,600
Do you think strategy should be 
posting their on chain addresses

172
00:09:47,600 --> 00:09:50,640
and sort of clear up the air 
about this paper Bitcoin? 

173
00:09:50,640 --> 00:09:51,920
Let us know in the comments 
below. 

174
00:09:52,200 --> 00:09:54,240
If you like what you're looking 
at. 

175
00:09:55,520 --> 00:09:56,720
Let us know in the comments 
below. 

176
00:09:57,320 --> 00:10:00,000
If you like this content and you
want to see more, subscribe to 

177
00:10:00,000 --> 00:10:02,200
the simply Bitcoin channel. 
We're putting out content like 

178
00:10:02,200 --> 00:10:03,880
this every single day of the 
week. 

179
00:10:03,920 --> 00:10:05,200
You can also hit that like 
button. 

180
00:10:05,600 --> 00:10:08,400
It's right down there. 
Go for it, I dare you. 

181
00:10:08,800 --> 00:10:10,520
Thank you all so much for 
watching. 

182
00:10:10,800 --> 00:10:12,880
But real quick, if you're 
anything like me, are you 

183
00:10:12,880 --> 00:10:15,000
thinking about building out your
own sovereignty stack? 

184
00:10:15,120 --> 00:10:17,720
You know, sovereignty isn't just
about holding your own keys, 

185
00:10:18,200 --> 00:10:21,160
it's also about keeping that 
signal when everyone else has 

186
00:10:21,160 --> 00:10:23,640
lost theirs. 
When the grid goes down, which 

187
00:10:23,640 --> 00:10:26,320
has been happening a lot, most 
people go dark. 

188
00:10:26,720 --> 00:10:30,920
But with a satellite phone from 
Sat 123, you can stay connected 

189
00:10:30,920 --> 00:10:34,400
no matter what, whether you're a
prepper or a wannabe prepper 

190
00:10:34,400 --> 00:10:36,520
like me. 
Maybe you're a rancher or just, 

191
00:10:36,760 --> 00:10:38,320
you know, someone who's paying 
attention. 

192
00:10:38,400 --> 00:10:40,320
There's a lot of crazy stuff 
going on in the world, am I 

193
00:10:40,320 --> 00:10:42,240
right? 
Now is the time to be prepared. 

194
00:10:42,400 --> 00:10:45,800
Stop the last moments of this 
episode right now and go to 

195
00:10:45,840 --> 00:10:51,320
sat123.com/simply Bitcoin. 
Or if you are more familiar with

196
00:10:51,320 --> 00:10:56,360
a phone, you can call 
866-621-9477. 

197
00:10:57,040 --> 00:10:59,320
You can mention simply Bitcoin 
over the phone, or you can use 

198
00:10:59,320 --> 00:11:02,120
the promo code simply for 15% 
off. 

199
00:11:02,600 --> 00:11:05,960
Stay connected, stay 
independent, and most 

200
00:11:05,960 --> 00:11:08,880
importantly, stay sovereign. 
This is beyond Bitcoin. 

201
00:11:08,960 --> 00:11:11,160
I'm Oceans. 
Thank you so much for watching 

202
00:11:11,160 --> 00:11:13,160
and I'll see you in the next 
one.