I don't believe sufficient ever have a good money again before
we take something out of the names of governments.
Welcome everyone, we're simply Bitcoin.
We break down the news, the daily fail mean review software
releases and the plebiscites. That's right, got it right
today. First time joining us return
multiple return guest, the founder of swan Bitcoin, I'm
talking about core eclipsed, in is in the house.
We Are diving into the numbers though.
Let's do it. People brought to you by Bitcoin
2022. It's gonna be the largest
Bitcoin conference celebration hosted in Miami Beach, Florida,
guys, it's next week. Get your tickets.
Now, before the price goes up speaker list includes present, 9
bouquet of El Salvador. Michael sailor, say 15.
Adam back Jack Mahler sender. Cynthia, lummis dr.
Jordan Pederson. And Many more awesome speakers
Phil and I are going to be on a panel as well.
We're going to be on the me. Matic Warfare with Greg zags and
be absolutely awesome and good news.
You can take advantage the link down below to get 10% off your
tickets to the largest Bitcoin celebration ever Bitcoin 2022.
At the time of this recording. The block height is seven
hundred twenty nine thousand. Seven hundred thirty five the
Bitcoin price 40 7080 chain rewrite days 741.
Total public lightning capacity a new New all-time high 3620 dot
sixty Moscow time 21:23 blocks to The Happening 110,000. 265.
End the samurai Whirlpool, unspent capacity, Samurai
Whirlpool is a coin Joiner collaborative.
Spend service. It is not a mixing service and
the unspent capacity is 4480 4.60. 8.
Nico the numbers the numbers bro.
Looking good. So I got put in a very
uncomfortable position. And but because Corey coming on
the show, it's perfect to speculate on it.
Someone asked, we usually don't cover things unless they're
confirmed which is why we completely skipped over the
whole Honduras. You know, speculation.
But again, it looks like the rumor mill is you know warming
up. People wanted us to cover it.
So I did just that again I'm not even going to put this in the
thumbnail even though we would do very it would be a very good
video so I'm just going to cover it, okay.
There's a Were right now, right? That apple is going to get into
bitcoiners do something with Bitcoin.
I I this is, I call BS, I think people are bored.
But anyways, why do people think this?
Let me show you why. So, first going to start with
this video? Do you own crypto and any
Bitcoin or theorem would you play around with us?
I do. Yeah I think it's reasonable to
own it as a part of a diversified portfolio and I'm
not giving anybody an investment advice by the way.
All right, so that's the first. Then you know, you have Jack
mahler's tweeting. This stuff you chase has an
apple hat. And then again, he tweeted and
the video starts with, you know, Steve Jobs, Apple logo.
So again a lot of fucking noise, but you know, the plebs want us
to cover this. So we shall cover this Cory.
This is perfect for you because, you know, you have experience
working for one of these big tech companies.
What is the probability of? This is true.
My personal opinion. And I think this is bullshit.
Well, what's the this what do you think this is?
I don't know. Dude is Apple getting into
Bitcoin because I know that they were very hostile.
I know they banned Bitcoin wallets at one point, you know,
back in the day. So I don't know, I don't know
what to make of this. There's there's obviously dozens
of Bitcoin and crypto wallets that are apps in the Apple
Store. So that's not a big deal.
You can use Apple pay to fund Bitcoin purchases using wire
which is So I've been to like thousands of websites.
So if another company plugs into the same thing that wires had
for years, like that's cool. That's awesome.
That program exists, you can do that, we could turn on Apple,
pay purchases for Swan if we wanted to just a matter of like
whether you want to deal with their fees and stuff.
So I don't know. I mean, see if there's news, I
don't know. Phil, what do you feel about
this? Dude, I even want to cover this,
we were in this was requested. Okay, so I'm gonna go with
completely outlandish, random take, that will make no sense.
The was loves the corn, like, what like, what's it called?
Like the walls always talks about about Bitcoin, but I do
know that he has Shield shit coin in the past, but he does
know that Bitcoin is King. And even though that has nothing
to do with apple, I think Tim Cook, sometimes talks to the
Waze. So, anyways, maybe you know,
this is bullshit. Okay, so more serious question,
Cory, what are the implications? Let's say, you know what would
happen, what would it would? Bitcoin game more legitimacy in
the eyes of the big players if this would happen.
Again, I don't know what this is.
That's I've even heard anything suggested that you already.
I don't know what this is, either.
Man, you can use, Apple pay. Buy Bitcoin already.
So if that if again, if that happens more cool, that's great.
I mean, if they did something with their balance sheet, that
would be dope. But, you know, this is, I don't
know. I don't want to speculate on it,
I don't really care. We'll see what happens.
Yeah, well anyways, there there, we told wasn't there supposed to
be some massive announcement, like Monday or Tuesday, like all
weekend, people are saying there's some massive
announcement coming out and see shit.
This is why we don't cover this stuff, but this was requested
by, like, two or three people and I'm like, oh Cory's coming
on the show might ask him, is this is our last show before the
break, you know? So yes.
Anyways, there you go, guys. We sleep between now and your
next show is something absolutely incredible.
Like an announcement about an announcement about an
announcement will have dropped. Yeah.
And and you can cover it when you come back.
So we could either be extremely right.
And we could say we were first to it or we'll just pretend like
we never said anything but anyways.
Phil it's time for the daily fail.
Brought to you by Ember app. Check them out.
Amber dot app. It is the best place to Stacks
at. And at, by actual bitcoiners,
Fair spreads low fees. Smart automation, the link is
down below ammo smart ways, that sense, okay?
This original tweet was shared by Niko in our telegram group
and we are going to dive into this shit coin, wreck Miss.
Before we dive into something, which I think Going to piss
everyone off thoroughly. I know that I had a hard time
reading through it anyway. So let's dive into this a tweet
by Hot or Not. Nothing to see here.
Just 600 million of shit. Coin, wreck - that's right Ronin
Network, let's dive into this story, very quickly.
Here, Ronan validators compromised decentralization at
work. I see the Ronin Bridge has been
exploited for 170, 3600 eith and 5 million USD see which at the
time of the writing was approximately six hundred
million dollars, Ronan chain. Currently consists of nine,
validator nodes in order to recognize a deposit, even our
withdrawal event. Five out of the nine, validator
signatures are needed the attacker managed to get control
over sky mavis's for Ronan validators.
And the third party validator run by accident.
Do The validator key scheme is set up to be decentralized.
That didn't sound decentralized at all.
Anyways, but the attacker found a back door through our gas free
RPC node, which they abused to get the signature for the axi
Deo validator, the accident of the axi Deo, allow listed Sky
Mathis to sign various transactions on its behalf.
This was discontinued in December 20, 21, but the allow
list access was not Revoked, that's not good.
That means somebody had to manually go in there and revoke
that list. I don't know.
That doesn't sound good. Anyways, once the attacker got
access to Sky Map is systems. They were able to get the
signature from the axi Deo validator nice.
They didn't actually even have to attack the shit coin itself.
They just had to go through a third party validator.
Now, why was the validator threshold?
Only five originally Sky Map is chose the five out of nine
threshold. Is some nodes didn't catch up
with the chain or were stuck in Sinking States.
Moving forward. The threshold will be eight out
of nine. I'm sure that's going to stop
it. Three more, definitely stops
this. I could see Corey knows I'm
right, three more stops. This we will be expanding the
validator set over time on an expedited timeline.
Just gonna keep adding validators.
That's all that was our first fail now.
Look did any of that sound decentralized and why is there a
centralized entity explaining how this is going to roll out
and how they can add validators whenever they want this just
sounds like complete hocus-pocus.
Focus. And again what we've said, time
and time before your money should not be here.
The rug pool is the use case Cory.
Before we move to the next failed, you have any comment on
this garbage. I'm trying to figure out whether
I liked the company. That owns the whole thing,
having four of the nine validators.
I'm trying to figure out if I like that better or you being
such a Bitcoin or that you pronounce the acronym, Bao Deo,
ha ha. I've liked both of those things
are so amazing and just so, so perfect for the story.
So, that's what I have to say about that.
Phil, I think we should rename this part of the show to guess
won't come back on time of the show because every time, do I
just, I'm looking at the guests and I'm like, oh God, oh God, oh
God. And then the Expressions, the
shrug then. What am I?
Why the fuck did I agree to this?
Oh gosh, come, I just come here to hang out with you guys.
If you hit record, that's fine. But this is how this is how we
hang out. Right?
Let's make sure we do this every couple months.
All right, Phil, so I'm scared. What is the next fail?
But wait, there's more. Okay, so everybody remembers
before we share the screen before.
We share the screen yesterday we were we were talking about Chris
Chris Larson or whatever his name is there from from eggs are
P. But now coming to the u.s.,
there's a lot of smart entrepreneurs who know our You
know, creating renewable, energy, mining but I'm sorry
there's no such thing as me my name because it's not necessary,
they should be changing, just like a theory, India.
And by the way, I think the founder of Z cash also
announced. They're switching from proof of
work to a different low-energy protocol hats off to them to,
but the Bitcoin folks need to make the switch as well.
It's unconscionable that right today.
You gobbling up on the order of 70 and depending on price
because it's quite a prize, 7240 trillion Watt hours of energy,
Look at all. That was green energy, that's
not good, because that green energy should be used for green
steel, making green aluminum green concrete and agricultural
usage. Direct are capture green
hydrogen, you name it. I mean there are just so many
battles that are being waged in this war and that green energy
needs to go elsewhere. A big part of getting carbon
neutral is don't use energy. We don't need it.
You don't need it to confirm the state of blockchains just don't
need it. So make the damn code change and
I tell you, I just don't think it's going to happen.
Voluntarily. And that whole nonsense attack
on bitcoin trying to create a Bitcoin proof of stake.
Listen, never underestimate the shit coiners, never
underestimate the shit coiners and their resources.
Why do I say this? Let's say hello to bitcoin piece
of shit protocol. Here we go.
This is just a random tweet here, juice Van, Alden Bitcoin,
replaces Banks. Ripple needs Banks, that's all
you need to know about change the code indeed.
This is true. This is followed up by a From K
underscore Sebastian. BTC POS and this is what got me
right here. I thought it was a joke but here
it is. 5 million wasted. That's right, guys, what you
are? Looking at right here, as we
scroll up, is Boom, Bitcoin proof of stake.
Okay. And the best part about it, the
best part about it. Before we take a look at this
white paper. That's right.
I'm going to make everyone suffer, just a little bit more.
Let's let's take a look here. What they say?
So, Bitcoin proof of stake takes everything, you know, and love
about Bitcoin and makes it faster more rewarding and ready
for real life. Digital currency payments, I'm
pretty What they just did is take everything we know and love
about Bitcoin and make it fucking worse.
I'm pretty sure that's what just just happened.
Okay, let's just take a look at this white paper very quick.
I'm not going to be real. That I love how they copied the
text in the front. Ha ha ha.
When I first saw this, I was like, wait a second.
Did they just put their names and left the original Bitcoin
white paper? It looks like it's because let's
face it. I mean, they probably came up
with this last night, anyways? Okay, let's dive into it.
Unfortunately, I could not highlight anything in this.
It wouldn't let me but that's okay.
That's that's going to help everybody here, okay?
Because we don't have to, we don't have to dive into the
great details. But we do have to take a look at
what they start off with the first thing that they do.
Okay. The first thing this shit coin
does and I couldn't figure out who the team was behind this
shit coin. I don't even think it makes a
difference. It's completely irrelevant and
not listed on their site. Okay.
The first thing they start off with is discrediting Bitcoin.
The problem of Bitcoin centralization.
I I'm not even going to go into that we have shown time and time
again between the Her nodes and the mining pools and how the
mining pools. Don't actually own the
individual miners. This is all nonsense.
Okay, the next piece of this which I think is absolutely
hilarious. Is Bitcoin proof of work creates
dependency on electricity. I mean, do these people not
realize that they're actually using either a smart phone or a
computer to power their shit coins.
Do they not realize that this all of this uses electricity?
Anyways, I just, I can't even believe this and this This is my
favorite part. This is how, you know, they just
went and dug up a whole bunch of old fud to create this shit coin
to pump some Bag. Bitcoin, proof-of-work, mining
Hardware centralization. Remember Nico.
When you're talking about this this morning, I mean to be to be
fair. There's no, but hold on, hold
on. Look at what they're referring
to before before you comment on this.
Okay, they're referring to the twenty nineteen fifty, four
percent of Bitcoins total hash rate being in Sichuan province
of China. This is what they're referring
to in this but I'm Are you go go on with what you were going to
say? Yeah.
I mean I think that hash rate has definitely improved
improved. I think it's going to continue
to centralize but in terms of mining manufacturing, you know I
know Intel steps in the game. I know block stream acquired but
Doodles I think is the name of the company and of Jack dorsey's
trying to do trying to get into the Asic manufacturing you.
But I think it is a problem that the majority of a six or
manufactured in a country that is hostile towards Bitcoin.
I would like to like For that to change and I think it is going
to change. But yeah, I mean, that's the
only part, right? That is there's an ounce of
truth. But other than that, I mean,
dude, like, it's just another shit coin, trying to get you to
part way from your Bitcoin and it dresses up.
So look guys, I've done some digging, I dusted off my
reporter skills. I've actually got a notepad over
here. We've done some scribbling of
done some basic math. First off, this is is in the
news now because of that scam, Artist out in San Francisco.
Mr. Larson larceny, I think is his full name, but it turns out
that Bitcoin proof of stake is a Bitcoin piece of shit.
Yeah, that's what I think. Whatever, anyway, it coin, POS
has actually been around since 2019 and actually had a, had a
pump in in the summer of, 2019 up to a hundred eighty seven
dollars a coin. It's now 11.
Sense a coin. So it clearly is a better form
of decentralized peer-to-peer payments.
But nevertheless the world has stood by and watched a decrease
in the value of the new revelation Bitcoin POS of 99.9
94 percent in less than three years like what an opportunity
you guys. Somebody call Richard a heart
and have him, send some direct mail out.
I mean, he should be marketing this, to Boomers, you know,
living on pensions all over the country at this point.
It's clearly undervalued. There's a lot of pump in this
thing. Sounds like the Future Finance.
I think so. Yes, the future of money the
future. Why not the future of money and
the future of Finance both? So, but wait, but wait.
There's more years. No more.
Oh wow. Okay, hold on there's more to
this thing because the next step in this is Going proof-of-work
centralization paves the way for the 51% attack and this is by
far, my favorite chart, they go, and they choose the mining
pools. And they know, I don't think, by
the way, I don't think that. Yeah, no, no, it's not current,
it's ancient. This is my point.
They've gone and they've taken two year old data and shown it
as they haven't updated any of it.
And they've left this old data and simply just recycled this
information to be relevant again.
It's very scary and it really reminds me of it's funny that
it's funny that Corey mention what he mentioned about 2019
because I remember when there were first, when there was
chatter about quote-unquote lightning on bitcoin, the shit
coiners immediately took advantage of that and created
bitcoin lightning which was just some shit Fork that had nothing
to actually do with lightning. Now again, I'm not equating
lightning to bitcoin POS, but what I'm saying is never
underestimate the shit coiners, okay?
Your shit Corners live. Like the shit pointer is like, I
know it's like one group like, is it, is it like a, like a
hacker house for horrible people, like, you know, two
blocks up off the Sunset Strip and I Lala or like, where are
the shit coiners maybe under a bridge?
I'm not sure. Yo, what's up?
You guys were talking about me. What, what's going on over
there? Wait, we have Nico the shit.
Coiner joining us on our segment now.
Have you heard of Bitcoin POS, tell me what your bags, Nico?
What I want to know about the Bitcoin.
POS people is like, how many of them live in the room?
Like I think they have roommates, that aren't, like,
people living in the same house in separate rooms.
I feel like they actually probably live in the same room
is getting like same room roommate Vibes, like bunk beds
or like single beds on the side on both sides of the room, kind
of Vibes, but it's really, Strange right.
You know, we have all of this. We have all of this news, right?
Like all all leading up to this, the ESG narrative, the fund,
Chris Larson, all of this. And now all of a sudden, look,
we're back. We've got a coin for you.
It's just so convenient and so cringe, huh, anyways.
Are you making fun of my sleeping accommodations?
I'm sorry, I forgot you were there.
I'm getting, like Chiang. Mai hostile Vibes.
Have you have you heard of my pillow token?
Is it back by proof of sleep? No, it's backed by Michael and
l00k. It's the perfect pillow
perfectly legit, though. Yeah, anyways.
Yeah, dude. But, I mean, I hate the way I
have to switch or people are not going to take me, seriously.
I mean, they don't really take us that seriously now.
Anyways, um, but dude, okay, so I hate that they use the pool
thing, bro. Because I think that a lot of
people, especially if you don't understand what you're looking
at, you look at like right now. It's like what?
Five, six, seven pools. But that doesn't mean that those
pools own that hash rate people are just choosing to mine with
those pools to get stability of Revenue.
That's it, that's it right? As soon as one of those pools,
start acting maliciously, people will just switch, right?
So yeah, man. But dude, these shit Corners
will do anything and everything including stab Bitcoin in the
back if it means enriching themselves and it's fucking
disgusting. But anyways, Phil it's time for
the daily meme review brought to you by City. 21.
It's the best Bitcoin culture of zeenat stories, articles Comics,
pure pledge signal in this Zine. Every volume has different
artwork. That is the volume 4, volume 10,
Volume 11 just dropped as well, but get your copy quickly
because there's only 1000 physical copies made per volume,
get your print of Citadel 21 today before they run out.
Alright, everybody, Welcome to the meme review where we review
memes because it's a mean review, the first meme by Corey,
there's Bitcoin. There's crypto, it's just so
good. So good right here.
Bitcoin POS. That's that's that is very good.
I did not actually create this. I jacked it from somewhere, but
don't like it. Don't we?
All we will use the template. Cory was awesome.
Do we so good though? Next one?
Bye. Clown world.
See, shout-out been. So is another been hmm?
Okay, the bed? No it's not.
Forget his native. Think he is a Ben?
Has he been fucking a? Okay?
That is awesome. Is it?
Is it raining? I don't know.
I'm not a mean. Oh my God.
Okay, I get it. I get it.
That's funny. God damn it.
Phil big coin memes, bro. Okay, there's some funny and
they coin memes, Bitcoin memes. It was a good cleaner who sent
it, okay? User privacy Wasabi IRSC, I
okay, absolutely hilarious. Moving on, to the next one, if I
go. Ghost of what limbu okay as
they're ever in his existence of humanity.
Been something so good for Humanity that has been so
misunderstood and attacked. I really don't think so.
This is hilarious. It's like the Family Guy.
God one, oh my God. You finally gave them sound
money. How's it going?
Well, somebody is think it's wasting energy.
Very good, very good. Jesus Phil okay.
Keep your shit coins out of my effing feed.
Keep your shit coins out of my effing feed funny.
Funny. Okay.
This is this is part of the
been, I think it's on. Yeah, what he wants to review
this video. This is totally legit.
It's allowed and it's fantastic that we have Corey on here
because Corey can weigh in on the Benz.
Now I've expressed that here we are, we are been supporters.
I know, I'm putting words in ecos mouth, I'm just saying, I'm
a been supporter that have been maximalism going on here.
So let's let's dive into this this public service announcement
paid for by Tucson and ski. Too many bends.
The opponents of Bitcoin have been successful in diverting all
of your attention toward things, like ESG, regulation, China, and
other silly things. When the real threat is
glaringly obvious, the Council of bands is in the midst of an
attentive 51% attack on the male names in the space.
Oh, there's just way too many bends and Bitcoin this part part
part to many they've got a whole Council, they've got this giant
subversive elements they're trying to 51% attack the male.
The coin and I think I think the big problem I don't like any of
them, I don't like especially been the Carmen and kiwi hottel
don't like them. And I think that a lot of people
are not aware of how big of a problem.
It is a long history of using devious tactics insert their
members in positions of influence and should not be
trusted. Do your part to reject this
attack. I don't know what they have
planned for my Emmy. But I'm certain it is not good
ski five, been speaking at the Bitcoin conference and we here
is simply Bitcoin we support the bends.
Okay. We are, we are it might look at
my fucking face Phil. I knew what was going to come
because of that, David been supporters.
That's right. Okay.
That sounds like some big brother doublespeak right there
too. I also strongly regret having
six bends and the Bitcoin 2022 programming the beat these days
that most of my energy goes into being a I've been active it.
Oh God okay Corey welcome. This is welcome to Simply
Bitcoin. Okay for that.
I'm going to give it apparently these are rare.
Now is a Raspberry Pi for apparently you can't buy these
on Amazon and Phil keeps urging me to sell it.
Phil I sold two of mine. Proudly still a five anyways.
Okay, so for the scores we are going with.
We were you know what, I got the second t-shirt that's actually
my teacher yesterday. I showed Niko's.
Today I'm showing mine. These are from Neil Jacobs foam.
021.com check it out. That's right.
All the models are destroyed. Good stuff that's my score Cory.
What would you give those memes? All of them broadly like as a
collective. Yeah, we could do whatever you
want. I can do whatever I want.
All right, so what do I have here?
So low score is a Tungsten Cube. We talked about this, this isn't
news to you, this is just for your viewers, a medium score is
Swan keychain. This is the keys to the new
studio in Malibu where brekkie and Mike and Andy.
And the whole crew will be shooting shows starting next
month. And then, the high score is this
master Piece from my youngest daughter.
It's like a penguin or a monster or something.
I don't know what's going on with that thing.
Okay. So, broadly overall, honestly,
the memes were pretty good. I'm going to give it like a
medium high. So like halfway between the key
chain and the Penguin, monster thing pretty good, Some solid
stuff in there. Solid scores solid scores.
Yeah, yeah, it was pretty ever had two scores, never had.
Yeah, I was trying to visually represent Resent, you know, in
between like, a two and a half, that's what I was trying to go
for. So Cory, I have, you know, the
moment of truth, this is what everyone's been waiting for.
How do you feel about the bends Cory Cliffs of swan?
You know, I cut just enough of this one to actually know what's
going on because I actually didn't know at all what was
going on with banana bread. Like I still have no idea.
Nobody will tell me. Make no one knows out about it
until now but there's a banana bread like four months ago and
I'm totally It I don't even know where I was that afternoon.
I mean not like me to miss an afternoon on bitcoin Twitter but
I missed that afternoon. But yeah, I'm all over the bends
and you know I actually wasn't aware until recently that there
were other Ben's besides Carmen and and and sessions been parent
but this is troubling it really? But the multiplication the speed
with which their menteng new Benz in the Bitcoin space I'd
smacks of rehypothecation. Nation.
I think that it's very possible that block Phi is involved here
and we should really probably take a look about this.
Yeah it's concerning not going to lie.
It's a little bit concerning. Yeah see Phil.
See what you did taking up? So look, I just want to point
out. The anti been movement is is
getting paid ads, paid attack ads.
Okay. Hey, yeah.
So when been POS, that's what I wanted.
Soon soon. Yeah, I see.
Are you happy to Saint? Are you happy, bro?
Okay, got you done Tucson and Steve.
Oh man. Okay, anyways guys, if you agree
with this Court's disagree, let us know down in the comment
section. Make sure to subscribe to us on
his own. I'll turn it video platforms
like, Rumble.com and our personal favorite Bitcoin
tv.com, and of course, join our telegram group and link us some
dank dank dank Bitcoin, memes to review.
But anyways, feel it's time for the Daily News brought to you by
crypto. Cloaks.com they make the best 3D
printed Bitcoin merch like the famous 3D printed Bitcoin.
Art grenade opens up. You put your favorite Hardware
wallet in there and the famous Bitcoin.
Honey badger comes in three different sizes.
Really cool stuff only on crypto, cloaks.com and you can
take advantage of Link down below to get 5% off.
Anything off the store crypto, cloaks.com.
All right guys, so you're not going to see us for.
I'd go to Panama tomorrow the really not next Tuesday, but the
Tuesday after. So we're really going to take a
Daybreak because of that. Corey had some really good takes
that cover, a lot of things that are going on, and I want them to
elaborate a little bit on that. So first one, we've been
covering this tremendously right?
The attack on bitcoin, whether it's from corporate media,
whether it's from the environmentalists, you know,
World economic Forum, all of all of that stuff.
So Cory, I hear you say, take note crypto Advocates and
lobbyists you are not on the same team with.
Bitcoin. And you were, quote tweeting,
Jason loudly. But the real Attack on bitcoin
is ESG and proof of proof of stake, altcoins, if you've been
paying attention to this channel, leave it on top of
this. People are being taught that
proof of work is unethical. So, drawing attention to
Bitcoins clean. Carbon footprint is a I feel.
What is that word siphon? Is that it siphon?
Is that the word sofyan this? If Ian, there we go, Niko candy.
My right ashtag, Nico can't read Tas, no corners will keep
thinking proof of Work is an unethical waste of energy until
Cory. What the fuck.
Why did you pick that, goddamn? Okay, no, it wasn't you, it was
Jason. It wasn't you Corey.
You wouldn't do that to me. No corners will keep thinking
proof of work as an unethical waste of energy until they
understand its function. Okay?
So, so Sisyphus was the guy that was pushing the rock up the hill
and it can't go any battling down.
Yeah, exactly. So sisyphean task is one where
you basically can never actually win because even if you get it
to the top it just rolls down the other side.
Anyway, so So so yeah. That's what's going on there.
I was too. I just thought that tweet in the
thread was particularly well stated and it also just
confirmed, you know, some things that I've been saying the last
few days, I've squab multiple times with folks from like coin
Center and the blockchain association who claim that they
always have Bitcoins best interest in mind.
But the incentives prove that that's just impossible, you
could be the nicest most Bitcoin Pro fan ever.
But if your funding comes from altcoin projects and altcoin VCS
which it does you're going to be nice to them by definition and
you're going to equivocate. You know like me Raj actually
likes Bitcoin. He does.
He really likes Bitcoin and he'll fight for Bitcoin like you
and Jerry will write position papers.
If there's something like Contra Bitcoin or whatever, but they
also have to play this card of being nice to the altcoin
people. And they have to say like well
those people Can argue, if they want to write, like, they have a
right to Lobby about, you know, their opinion.
They think proof of work is bad. Who are we to say that?
They're not wrong and I'm like, well, it's not true.
So what are you talking about? Like are you a person of
Integrity or have you completely sold your soul and we'll just
like take the money. So I just don't buy it.
I did. I just think that it's a good
thing not that every one of these organizations is going to
be perfect. The ones that just started up in
the last The Bitcoin lobbying groups likes at Center and the
other two or three that are that are up and running.
But at least their Bitcoin focused and Bitcoin only and
they're not going to have their message in their incentives,
diluted by these criminal scam artists that are paying for the
crypto and blockchain Association type lobbying
organizations. Yeah and in there was another
tweet that kind of adds to this because again guys, you know,
part of this shows to kind of paint you Vide you value and
entertainment, almost every day and we try to paint you a
picture and Cory. You put it in a much more
elegant way, you know. I'm a little bit more hyperbolic
but I've been covering this as well, right shit coins need the
state to survive. This is why coinbase and team up
with the world economic Forum. You say it in a much nicer way.
Altcoin companies and VC's pay for the lives of the people who
work for blockchain and crypto lobbying altcoins must Fudd,
Bitcoin to survive altcoins must seek to Controlled by Banks and
governments to survive. Could you elaborate a little bit
on that from your perspective? Yeah, I mean, game,
theoretically, the only way and unregistered security that is
centrally controlled can survive is to allow itself to be
co-opted by the existing system because it can be attacked by
the existing system. So it must seek to be co-opted
and that's why you see, if they're in foundations, seek
investment from government, seek investment from JPMorgan, like
they're there. Consensus is trying to be taken
over by these people and to partner with them and to
essentially become part of the Legacy Financial system which
makes total sense. Because proof of stake is Fiat,
right? So why it's just more of the
same or not? Inventing shit.
In fact, the whole Vector of what's going on there is that
these defy crypto people, hope for the tokenization of
everything and for everything to be financialized, right?
They want to take us from where we are today which is you know,
the financial industry being, you know, 15 or 20%.
GDP. And they want to take that up to
like 50%. They want everything to be
naturalized. Everybody has to be a hedge fund
Trader. You're gonna, you know, have a
liquid market for literally everything in your life and
that's going to just be like all you do.
All day is like trade instead of be productive, right.
But finances is zero sum by definition.
It's supposed to just be as cheaply as possible with this
few resources as possible, allocate Capital to productive
use and then make real things. Not just rent-seeking, you know,
Arbitrage basically, which is what trading is.
It's just Arbitrage, essentially, and historically,
until until the early 80s, when we really started to financial
eyes, the financial sector was like three or four percent of
GDP. That's the direction we want to
go. We want to chop Bitcoin will
chop 80% out of the finance industry.
That's what we want to see. We don't want to see this defy
crypto vision of tokenize, everything and financial eyes,
everything and all of these records having coins attached to
them and all this bullshit and try to like, triple the size of
that, which is their dream. Like it's a, it's a dystopian
fucking nightmare is their dream.
Absolutely. And in to add to your point.
Parker Lewis wrote a very good article on that topic.
Specifically, it was called the Great D financialization, and he
covers that specifically. Oh, put that in the link
description. Anyways, check this out but I
know you guys are paying attention to but what I'm paying
attention to is the fact that Cory almost wore a suit.
The denim Blazer bro, not for us, just a t-shirt from just
kidding. If he wore a suit, we would have
made fun of him the entire time. They're shout out to Cory.
But personally, Cory, I'm definitely gonna make the
thumbnail about this. I personally plan my company's
finances and my family's finances with a 90% expectation
that we'll see Bitcoin at 1 million dollars by 2030.
What made you, why so bearish? That's what you're supposed to
say. That's exactly what I was
thinking. Yeah, that's what I was gonna
say. Listen, that doesn't mean that.
There's not like 89 percent chance of 5 million.
I'm just saying there's a 90% chance of one man tried to be
reasonable for the, you know, there's a bunch of no coiners
and, you know, Seem to be quieter is normies on head,
guide, fun Stratton Bloomberg and stuff.
So I'm like trying to be reasonable core.
You know, not trying to come in like, like fucking put on a
Blazer. Let's go try to be kind of
reasonable. Oh man.
Yeah, I'm like, I'm not even, I'm not even saying that all the
crypto people are scammers. I'm saying, like, some of them
are Venture bats that best. And, you know, scams that worst
things like that. You know what I mean?
I'm Douglas. Telling you guys all these
shows. No, I mean I'm glad because you
could just be yourself because it's a bit coin show but Corey
what made you come to that conclusion?
What do you seeing that? What are you seeing that?
We're not seeing. I just I just want to add bright
when you were debunking plan. Be rightfully.
I may I might add Phil and I got your back when that happened
because we knew he was full of shit.
So, you know, clear and you have a finance background of course.
So you know what, logic, much more of a That's math background
than I do. Like a hardcore Finance
background even better to see ya even better.
It's just it's just way back in there.
So like it's not enough to do new shit, but it's enough to
call bullshit on bullshit because it's been 20 years but
like I know when something is bullshit.
Okay, so okay. So to that, now, you gave me two
questions. How do you know Plan B was
bullshit? How did you come to that?
Oh my god, dude, honestly, I haven't Like done with it.
Okay. Missing on over it.
Just honestly, you can look it up on Twitter.
There you go. Okay, got my handle and suf on
Twitter, he's talked about it too much.
He's burnt out. Bad energy, Cory.
Yes, I got to that 1 million dollar prediction, bro.
Oh well, I consulted on chain analytics.
In my ass. I asked some teenagers about it
and and they told me from their vast experience, how to read
these charts. It's and that's how I got to it.
No, I mean, I think, you know, the the percentage gains law of
large numbers means that these things should kind of diminish
over time. I think that's kind of what
we're seeing is like the this and that's totally fine.
Like it also just means the the returns are just kind of like
more secure to write with kind of like chopped off the Left End
of the distribution. That's only a 20 x from here.
We're Already up, you know, we went from like 3K to 69k or
something like that in the peak to trough very recently, we're
hanging out just under 50 right now.
Eight years. Do I think we got a 20x and Us
in eight years? Yeah.
Yeah, I do. I do think so, and I'm planning
for it for both my family's finances, and my company's
finances, sat sent parody by the end of the decade.
And that's, that's a much easier bar.
Also when you're thinking about, You know, in nominal dollars, I
usually talk about this in terms of actual purchasing power.
So that's actually my prognostication since 2020 or
2021, so thinking about it and uninflated Away dollars.
Wow, that's man. Yeah, right.
So you actually only probably need to hit like six or seven
hundred K in in real dollars because you'll be at A Million
nominally, by the end of decade. So that man, that's great.
Corey. So, I So I think all bitcoiners,
you know, I mean, you know Phil, quit his job.
I've been full-time Bitcoin really for a couple of years
now. Yeah.
I mean, we're all putting your fucking hopes and dreams in the
orange coin. I think we made a good bet,
Cory. I know a lot of people are going
to take their going to interpret this or gonna bite on this
specially, people getting into Bitcoin and that's usually who
are show is for when you mean one.com.
Yeah, we're gonna kill it at the end, so no, it's Nots one.com
Swan big. In.com snowman coin, it's /.
What exact one.com. Simply Bitcoin works too.
That works too, okay, bro, we're gonna put it down, you know,
you're gonna have a beautiful link down there scrolling
through the screen, it's gonna get above Cory's head, but can
I, can I get one of you guys to throw up the swan?
There you go. By the way, you can only do it
with one. Only one arm if you do to its
cultural appropriation because that's the cue dog, okay?
Yeah, you know, okay, there you go, not they'll do it, right?
So you're going to want to do. Ooh, one bill, we could touch
her. We could touch that.
Yeah, exactly. Wait, am I touching your beak
Phil? No, I'm next to you facing your
way. No, no, but it my screams me,
okay. I know what?
Mine boiler. Way back on track, man.
Focus it coin. There's a Will Smith joke in
there. Somewhere, there it is.
Okay, Corey, so you said diminishing returns.
I know a lot of people are going to interpret that.
I like I'm too late to bitcoin. What would you say, hmm.
Not a now because the like the risk/reward is just so insanely
good. I mean, it's gonna I think it's
just going to keep on charging up for centuries and it's never
going to zero and the, you know, the troughs are just I just
don't think you're going to be seeing like 80 85 % drops ever
again. So I think we're kind of getting
shedding ourselves of the illusion of Cycle Theory which
was never real. It was just one data point and I
was always skeptical of that and you know my Trader friends and
Esther friends from outside the space always insisted that it
would be a random walk because we got too many people in it.
It's to institutionalized really, just bring the CME and
the market in 2018 was enough to guarantee that there would be
enough, you know, sort of institutional money, to sort of
avoid, you know, anything related to having effects or
something like that. So, I think we're just on a
random walk up. It's still going to go way up.
You're still going to get crazy Euphoria over like, you know,
two or three nations getting Into it or you know, six
multinationals, buying Bitcoin or some kind of crazy new tech
Innovation that you know makes layer 3.
Super dope and 2024 22:29 or something like that.
Like not 2024, but 2029 maybe. So there will be, there will be
God Candles, there will be crashes and we'll get out over
our skis and stuff like that, but I just don't think it's
based on the calendar. I mean, there's too many people
with too many different uses for Bitcoin and ways to think about
it using it in there for Folios using it for their business.
Like, all these different ways and reasons that people have to
buy at different times in different sizes.
Like it's a proper market now, is there still and I get this
question a lot and I think it's a perfect question for you,
Cory. Is there still a hundred X in
Bitcoin? Yeah.
Just going to take a while.
It's gonna tell ya while but that's that's 5 million.
That's what, that's a, five million a coin.
Yep, 100 trillion market cap. That's like 25 percent Or 20,
it's 20 to 25% of the market for which Bitcoin is the best tool
for the job. Yeah.
Right. Bitcoin stores value, the better
than anything else. That's 400 to 500 trillion
dollars in purchasing power today, you know.
And so you're just saying, like, do you think it'll capture 20 or
25% of the market for which it's the best tool for the job.
And then over what time frame is that going to happen.
Yep, man. You're making me bullish.
All right guys, so you guys know we've been telling you, To take
a break. So we kind of have to get a
little bit serious on the news. We covered this on Sunday to
give you guys a quick refresher the EU because of the AML and
kyc regulation, essentially, what they're going to what,
they're not going to ban self custody directly, but they'll
make it incredibly difficult for for companies to keep up a
regulation and they're voting on that in the next 48 hours.
So it's a very scary stuff you know, we're hearing you know
what what I call framing which on hosted wallets self-hosted
wallets Bitcoin. There is no difference in
Bitcoin. But again you know, from the old
world, why are they doing this? You know, the same reason that
the environmentalists are attacking Bitcoin for the first
time in human history, people have a chance to save and money
that can't be debased, you know? And that's the reality that
takes power away from To be able to manipulate their population
through monetary policy and they feel threatens, right?
So, they're using, you know, the regulatory Motes that they've
used to, you know, kill all competitions to the banks.
For, I don't know how long and it looks like they're trying to
kill one of the best features in Bitcoin, which is self custody.
I know Swan is a huge advocate of that.
So I don't know if, you know, the u.s. is a little bit
different because of how its structured the individual states
have A lot of sovereignty. Texas is a lot of skin in the
game so it is Wyoming. So I don't know if that would
come to the States but it's definitely very, very scary
stuff. The fact that you know, self
custody through kyc exchanges in Europe, could potentially be
banned now, you know, before you start panicking, right?
We've known in countries like Nigeria countries like China,
right? What happens when they ban
Bitcoin? It just pushes it underground
and you have a rise in those countries involved.
I'm of peer-to-peer transactions, I suspect the same
thing will happen in Europe but Corey from your position.
How do you feel about this? I think it's absolutely
disgusting. Oh, you're on you.
Well I mean I can be on you because I was going to repeat
what Nico said. Yeah, I mean, it's gross.
It's I mean KY caml is stupid in the first place.
It just ends up in these, these honey pots.
That just make it super easy to Target people.
It's so easy to hack. Those things when you aggregate
all that information in one place over and over and over
again. You see that?
There's just massive government overreach.
But what else do you expect like Europe has just been kind of
like Ring and to irrelevance because of too much bureaucracy
for so so long. I don't see that coming to the
u.s. I really hope that it doesn't.
I feel like there will be enough challenges and enough people.
You know, across the political spectrum that still care about
freedom and property and privacy enough to get in the way of
something like that. So even if you saw something
like an executive order, I feel like it would just get repealed
as soon as you had like a new friendly.
Ian, something like that. So I think, I think the
combination of Bitcoin being so well aligned with kind of
founding American ideals, and a still having enough enough power
with elected officials and versus the sort of career Burke
bureaucracy. Like it's bad here.
It's way worse in Europe. Like the unelected career
bureaucrats have way more power over there than they do here so
I think we should be able to avoid it.
I've seen Shots of it like what it looks like on some of these
exchanges because I think maybe Switzerland past some kind of
law want to say it was Switzerland.
But yeah, it's ugly men. You know, certifying that you
own the address and you know giving over your information and
your idea and stuff to a blockchain address.
Like so nasty and counter to the whole point of this thing.
Yeah. And and you know, and a lot of
people are, you know, because we see it in gladstein has an
excellent book where he talks about the financial privilege
aspect. What we don't understand right?
Is that this KY caml system. Essentially has deemed half the
world on bankable because of the place they happen to be born it,
right? So when you advocate for that
type of system, you're advocating for a system of
exclusion, right? And you know, look at the
consequences look Afghanistan look at men as well aware, you
know, I'm from like you know, people literally don't have
access to the financial system or to receiving money from
overseas. Because they happen to be born
in the wrong country and the only thing that still does not
care his Bitcoin right now. I know a lot of people are using
stable coins but they're getting a false sense of security in
those stable coins because they're centralized.
We know that tether freezes addresses, right?
If you know the government bureaucrats knocks on their
door. So yeah man, it's a very scary
time but I'm I'm optimistic on America as well as you are Cory.
So let's see how this plays out. Phil, you have any closing
thoughts? Just that I Echo the same
sentiments as you guys, you know, I mean, having grown up in
Canada and, you know, understanding that, you know,
Europe like Canada, much more socially, you know, socially
minded socially, so to speak run as a result.
I think that people over there are much less inclined towards
the quote unquote, Freedom Technologies, right?
And I think that that's something that we still have.
You know, we still have that Spirit that's vibrant in in a,
you know, in the states which, you know, to a certain extent.
Yes, has definitely, you know, taken a hit, you know, let's say
over the last few years, you know, where maybe even decades,
so to speak. But at the same time, where else
are you going to find that freedom?
There are pockets of freedom and they are here.
So you know what, I think that even though the EU may end up
doing something like this. It's like you said, you're going
to see the peer-to-peer markets, just go through the roof and
you're just going to see people circumventing this because all
it's going to do is show everyone in plain sight.
Hey, Okay, we are trying to pull the wool over your eyes and this
is and this is the real thing right here, Bitcoin.
And we want to make sure you don't get to it and all its
going to do is help sell our Point.
Yeah, I agree. I agree but I filled it wasn't
open source software released today.
Why don't you tell everybody about it software releases
brought to you by Cipher safe? Check them out.
Cipher safe dot IO. Look storing, your seed on paper
is just completely Reckless store your seed in the safest
place possible. The Cipher wheel or the all new
Cipher grid, they both come with a tamper-resistant wire but the
grid comes with a punch tool. All right?
We've got Mercury wallet version 0.6, not 5.
That was released its Down Below in the show notes.
Guys, don't forget to check us out.
We release our episodes on audio.
Only platforms Apple, podcasts Spotify, and anchor, and if you
want a stream of some SATs Fountain dot f m--.
Awesome. Thank you for.
All right, guys. Before we going to give a very
special Special shout out to our hoodie.
Sponsor rep heart.com, represent LTD.
You can take advantage of a link down below to get 10% off.
Anything off the represent LTD.com score.
I also want to give a very special shout-out to the
legendary Corey clip. Stood Swan.
I got it. I got a quick Announcement, by
the way, since you brought up Fountain you will very soon.
Be able to purchase SATs through your bank account, straight to
your lightning wallet inside of fountain.
Using swan We go, wow, nice blush bullish.
So you guys can follow Quarry at core.
Eclipsed in on Tweeter, definitely go check out Swan.com
simply Bitcoin sign up today. For one of the best places to
buy the corn guys. That was our show.
If you enjoyed the show, anyone serious, man.
Of course, if you want to continue here in the bitcoin
news, from the Polly Platt perspective in the catastrophic
fails that make everyone feel uncomfortable.
Definitely subscribe to Simply A coin will see you tomorrow.
Get no. We will not see you tomorrow.
We will see you in 10 days because we're taking a break.
Is the longest break. You guys are going to have to
endure, but we'll post will try to post clips and we'll post
stuff from the conference as well, and things.
Yea, So La Vita Zane, bye guys. Say bye.
Phil direct to see us for a while.
Alright, so here's the quote, to quote, our most, excellent
awesome guest. Do I think there's a 20x and
Bitcoin in the next eight years? I'm planning my family's future
around it.