Welcome back, everyone. We are simply Bitcoin.
We break down the news. The daily fail mean review.
Software releases Hardware releases and the plep sites,
joining us today. We've got fellow bitcoiners from
the progressive Bitcoin, ER podcast.
That's right, we've got Mark and Tom mark, thank you very much
for joining us. Tom you as well?
This is gonna be an awesome show.
Thank you so much for having us. Yeah, great to be here.
Thank you. Awesome.
Awesome, let's do it. All right.
Nico. You know what's happening?
We're diving into the numbers. Let's go numb.
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Bitcoin do today at the time of this recording, the block height
is 740 2013. The Bitcoin price 20,000 265
chain rewrite day, 773 total public lightning capacity. 3960
55 Moscow, time 4932 blocks to The Have and a 97 thousand nine
hundred eighty seven and the samurai Whirlpool.
Unspent capacity, Samurai Whirlpool is a coin or
collaborative spend. It is not a mixing service and
the unspent capacity for that pool is 4750 9.73 Nico, the
uneventful numbers once again man.
But uh, Yeah, the uneventful numbers.
There was there was there was a lot of blood, not too long ago.
Anyways so today I want to talk about something that I was
supposed to bring up yesterday, but we ran out of time.
And it's this, this Market contagion, right?
We saw the Celsius collapse. We saw Luna, and we are going to
see block Phi and block. Phi is a huge company, but it
looked like, and just, like, in the Fiat world, right?
It's so the the crypto world and The Fiat world are so similar
just like in the Fiat World, somebody stepped in and they
bailed out block Phi and this case it was the CEO of FTX.
His name is Sam Bank fried. Or is it five minutes freed?
Thank been freed. Thank you fried, whatever fried
free Nico. Can't read.
You guys know the deal. So anyways, this check out this
article by MarketWatch and it gets into a little bit of the
details of it. My name is article is crypto
lender block by gets 250. In bailout from FTX crypto
lender block, fight announced Tuesday.
It had received a 250 million dollar revolving line of credit
from crypto exchange, FTX to help bolster its balance sheet
to quote. Today's Landmark announcement
reinforces with a commitment that block Phi has to serving
its clients and ensuring the, their funds are safeguarded in a
series of tweets Prince added that their deal further
bolsters, our balance sheet and platform strength.
And that the Proceeds of the credit facility are intended to
be contractually. Subordinate, to all client
balances across all types account, all across all account
types. I apologize.
The credit facility comes after ft x.
CEO saying bank man, fried freed told NPR over the weekend that
larger companies such as FTX should help struggling crypto
companies when they can. I do feel like we have a
responsibility to seriously consider stepping in even if To
add a loss to ourselves to stem contagion.
So is it really I lost yourself? It looks like you want to
probably upon a prophet up even if we weren't the ones who
caused it or weren't involved in it.
I think that's what healthy. That's what healthy for the
ecosystem. I disagree by the way and I want
to do what can help it grow. And thrive in a statement
Tuesday, Bank bank been fried said, block phi's team has
always demonstrated a strong bias towards pertinent.
Risk management that's Manhattan.
And that's why they need 250 million dollars.
Protecting customer assets is their top priority which allows
them to operate from a position of strength, look in every
hypothecated, the funds. Yeah.
Yeah it look and and what's terrible is that a lot.
I'm not going to name any names but a lot of predominant crypto
podcasters, I'll leave it at that.
I'm sure a lot. People are going to say
something in the comments, we're advertising this and they were
pushing it very hard, block Phi. And it was bitcoiners that were
saying, listen there, rehypothecation your funds right
there that you, you send your Bitcoin there as collateral and
then they take that Bitcoin and they gamble with it, right?
And that's very different than what a Bitcoin company like
unchain does. For example, when you send their
collateral to them, it doesn't leave the address that you send
it to. Right?
So you could clearly tell you could look at the blockchain and
see, hey this, this Bitcoin is not going anywhere.
In the reason I say that is because there's different ways
to approach this and what's unfortunate of a block phi's
that they're not learning from the Hundred Years of this Fiat
system. They're doing exactly the same
thing in the tragedy of this. Am the CEO of FTX stepping in.
Is that I disagree? This is not healthy at all.
You should let the market do its thing.
Cuz that's how you prop up zombie companies.
And that's exactly what was done in the Fiat system specifically
in 2008, right? The government stepped in and
build all these companies the so-called too big to fail and
you didn't let the market cleanse out, the less efficient
market participants and from from that cleansing.
And from that destruction comes more and new efficient
companies, right? So it's like, we're not learning
from the past, right? And it doesn't surprise prize me
that this is coming from the crypto Camp, right?
Oh man, I don't know what to say, dude.
Like this is just I feel like this is just going to be a
continuation of the old system Phil and crypto.
It's the same freaking thing, right?
And we have a chance as a species to move on to build
something. On top of Bitcoins to build the
new Financial system on top of Bitcoin.
But no, the crypto guys, apparently they just want to
continue it. So what are your thoughts?
Fill the new system a lot like the old system.
Now, I just want to point out in the article that you just read.
There was something very important and I think out of
all, All of that. And if everything you read the
most important piece to me, was the fact that FTX was letting
you know, letting us know that they did the right thing, okay?
Even if it was at a loss to them, okay?
That to me right there is the virtue signal and I mean don't
get me wrong, I'm not saying that's like FTX is all of a
sudden going to go belly-up in like 3 months or something like
that. But it's part of a very
interesting story that God forbid they need help in a few
months. Right.
And they could say well listen you know we took this position
helping out blocked by little you know little did we know that
it was going to affect us this way and of course that's just my
opinion. I have no evidence of this but I
just find it very amusing that that's exactly, you know, that
was exactly the stance that they took and I also want to point
out that I think it was a Jason Williams.
Yeah. Because he's one of the the
cofounders of block fi. He took a very interesting soft
position against else. It's a couple of days ago in a
tweet, you know, explaining that you know, he really hopes that
you know, somebody can help out Celsius and make all the Celsius
users whole again and I'm sorry I wrote back and I said no I go
Celsius should get wrecked now just to expand on that right?
Look, nobody really nobody hopes that somebody else loses money
in financial product or you know a scam or something like that.
That's not the way. Way it is.
But unfortunately, right, this goes back to what we were
saying, if these companies which are not actually providing
proper value, okay? If these companies start to
screw up and they start to go under yes, unfortunately, for
them, unfortunately, for the people that were invested in it,
those companies, their assets should then be sold off.
Go to Stronger players and what's left is a carcass I'm
sorry and and that's, and that's what happens.
I mean, this is that those are free market dynamics.
And, of course, you know, people will always say, well, you know,
it's easy for you to say because you're not the one little
missing out on your paycheck or something like that.
I actually have been in a company where something like
this happened. Okay.
And my position was made irrelevant and yeah, it really
hurts. But you know what happens?
Take some personal responsibility and you say hey I
can still do something, I can still provide value.
I'm going to go and find something else to do because
there will be another place. Another company that is growing
that will most likely need these people's talents or their
capabilities and they will simply go to the place that
serves them best. So look, I I just I don't see
how all of a sudden, free market dynamics.
Just no longer work anymore. I don't get it.
They've worked up. Until well, they've worked up
until now in quotations. But what I'm saying is that we
need to stop this zombification of our economy.
We do need to let the free market dynamics, take place
because we will never achieve any type of Freedom.
If we don't do this and zombie companies, like this are just
going to stick around Forever. This is their whole their whole
purpose is preserving their moat.
Anyways, just just my thoughts. He did.
Phil hate it. So Mark, what are your thoughts
on? I'm very curious as a
progressive Bitcoin or what are your thoughts on that?
Do you think the bailout was justified or do you were, you
are on our camp. Where it's like, let the free
market do its thing, let this thing fail and From the Ashes,
something born in you. I certainly don't think that FTX
bailed out block 5 for any. Altruistic Reason by any means,
and then they garnered something from it.
Whether it's been explicitly stated or not.
So, and so to that end, I there's got to be some benefit
to them to have having done this, but I don't know if
there's necessarily A additional Progressive angle to that, which
to look at it. I just think What is block Phi
in my opinion. It's a it's a credit card
company at this point and we all recall, Jason Williams tweeting
the photos of him. Earning two hundred plus
thousand dollars in interest on his Bitcoin, from his deposits
because he was depositing however much and how many people
do that draw in? You know, we all got pulled into
that that enticement and but then as the interest have come
down Noun 1. Like there's no there's no
reason to do that to put your money there, your Bitcoin at is
into I think for many people as they go along their Bitcoin
Journey again the no not your keys, not your coins gets even
more solidified. And so it's the understanding
that one. I'm putting in my Bitcoin at
risk having it on a centralized exchange to it's not it's for a
pittance and reward and not worth the risk in three with
rehypothecation, you know, arguably is a downward price
pressure. And all those things combined,
you know, I think there's been a lot of reflection in people who
have used block by and I've used it, I've used their credit card,
but over time, you realize this thing just isn't worth it and in
the end there's not a lot of value there.
Again. It's a credit card company, and
if it's given me, you know, a nominal, payback and Bitcoin,
like, what are you probably don't deserve to survive, you
know, you need to provide Provide more value than a, some
nominal percent, back on your purchases and Bitcoin.
And so I think yes there will be a greater contagion will block
if I go down, I don't know. But certainly always will, and
they're going to go back to the drawing board, and come up with
better products, better value to provide customers.
And I think you're seeing, we already see that in in Swan and
in a nun chain. And in companies that don't
rehypothecation, you know, they have a different business model.
All in its, it feels so much better more comfortable being
involved in those companies where the value is different,
for the end user. Then what block fire is offering
what I'm getting from unchanged or Swan or these other companies
that are between, only is much more of a trustworthy experience
in a commitment to protecting my Bitcoin.
Then other companies. In the value, there is
magnitudes greater in my opinion than what, our credit card
company can offer you absolutely.
I agree with that Tom Yeah, I think this just takes us right
back to the 2008 financial crisis, right?
Where it's it's incentivizing and rewarding and bailing out,
unscrupulous and risky Behavior, right?
Is they did really risky schemes.
Trying to make another Buck on top of, you know what they're
trying to already do and they they were called out, right?
The market called them out and then somebody came in and bailed
them out and said it's okay. You can do risky stuff, it's
fine. We're just going to be right
here for you. Doesn't matter what you do,
doesn't matter who you hurt, right?
And that to me, is kind of the real crime here is, is it's just
recreating the old system, exactly.
The way it works, which is why Bitcoin exist in the first place
is because the old system is criminal in a lot of ways.
It's you know, it's it incentivizes risky Behavior.
It incentivizes you know, poor choices and it bills out big
time players that, you know, have cornered parts of the
market and and take advantage of people and it's not really
right. Right.
Absolutely, I agree. I think that incense is exactly
you were spot-on. It incentivizes, risky behavior,
and if you bail them out, they're incentivized to do it
again because they know, hey, I always got Sam from have TX.
But anyways, Phil, I was just going to say.
I think it's even a little more nefarious than just risky,
right? Because it's perfectly fine,
right? Because in order to, in order to
achieve Alpha, there must be some risk taken but I think to
Tom's Point like, this is, this is beyond risk.
Like this is actually even malicious because they know or
at least in my eyes these groups of individuals understand that
this is unsustainable. Yep.
No it. Anyways that.
Yeah, just wanted to add that. Oh man, it is, it's interesting
to say the least but anyways Phil it's time for the Daily
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All right, guys. So this is episode 3 of the
progressive case for Bitcoin. We say many times on the show
that we are a political, because Bitcoin is a political And it's
very important to include the entire Community.
Bitcoin is the most inclusive monetary Network.
The world has ever seen. Does in the left or right.
That's just the reality of it. So and we want this thing to be
a bipartisan movement right? And I think it's very important
you guys know Phil and I are Libertarians, right?
So it's it's it's important for us that we bring progressives on
to the show get their Has pick their brains a little bit to
kind of get their, their view of this because that's what
Bitcoins all about. So that being said, first thing
I want to address is something that we covered in yesterday's
episode where we were, highly critical of the likes of
Elizabeth Warren and we've started to notice a very
troubling pattern and Phil and I are in this unique position
where we're at would even say privileged position but less
position. Where we literally get paid to
cover the pick coin, use every single day.
And because of that, you start to see patterns emerge, and what
Phil, and I have noticed over the last year or so is a very
troubling pattern in the traditional Fiat parties.
What we've noticed is that the the strongest vocal opponents of
Bitcoin, and it's not black and white have been left wing,
Progressive parties, all around the The world and that's
something that I wanted to ask you guys about.
Let me pull up some of the receipts so you guys know what
I'm talking about. Let me pull this up.
This is a letter from Elizabeth Warren, Tina, Smith job, Jeff
Merkley, Ed Markley, criticizing Bitcoins, proof-of-work.
This is the infamous Huffman letter that our friends at the
Bitcoin policy Institute, wrote a beautiful rebuttal to and the
Huffman Here, it's all left-wing politicians in there,
unfortunately. And the infamous Norway, the
Norwegian case, because with those cases, you could have made
the argument that listen, they were concerned about the
environment, right? And you could make that argument
and I'm still on the fence about that.
But the reason that I bring up the new region case is because
here in Norway specifically, I'm not going to read this because I
read it yesterday in Norway. For audio listeners.
Electricity 98 percent of electricity is generated by
renewable energies and a hundred percent of the energy used for
Bitcoin mining. Comes from renewable energies.
But Norway's left-leaning parties, including the Socialist
left party, the red party, and the green party still wanted to
ban Bitcoin mining. But if it's about the
environment, why is why did they still want to buy an it if it
came from 100% renewable energy. So again, it's not black and
white, there are right-leaning candidates that are against
Bitcoin and there are left leading candidates that are for
Bitcoin senator. Brand signed up to the
bipartisan crypto bill with Senator Cynthia, lummis.
So I don't want you guys to think it's black and white but
clearly there's a pattern here and this is something what we
talked in yesterday's episode. So guys, why why are progressive
politicians fighting so hard against Bitcoin?
And could you guys explain the Norway thing?
Because for me, for us, it's puzzling.
What's going on there? Mark, you want to go see want to
start first? Sure.
So your question, Is why our Progressive politics?
Why are left-leaning politicians against Bitcoin in general?
Why are, why does it seem why does it seem like there's more,
you know, Progressive or left-leaning politicians that
are against Bitcoin? Like why does it seem this way?
I don't think it seemed. I think they are.
I think that's fair to, I was just trying to be.
I've got to be, you know, a little objective and nice about
it, but I appreciate that. In.
I think the answer is pretty straightforward.
I don't think there's any Grand answer there.
It's probably twofold one. We know there's no secret that
the left as much as the right are involved with incumbent
Industries and you know they're funded by the left is funded by
Bank in as much as the right and they protect a Wall Street as
much as the ride and all that. So that is is what it is.
And so They're protecting incumbent Industries to the
constituents are behind it yet. And and so, I think it's in a
way, a lose-lose situation for most democratic politicians to
come out in favor of Bitcoin crypto a large because because
of those two reasons Don't push back on the first answer, right?
Why is the right? If it's funded by Wall Street,
it's funded by incumbent Industries.
Like you said, why are they embracing it more than the left?
What is going on? Because that's the right again.
Generally speaking is more associated with citing if you
will with banking industry and with Wall Street and so that
perspective is less maligned by conservatives again generally
speaking. And so it's assumed to be a part
of the narrative. In addition, I think you also
have a broader support from constituents That makes sense.
Gotcha, okay. So let's now that we've
addressed that because I wanted I wanted to wanted you guys say,
tell him. Do you want to answer that
question before we move on? Sure.
I guess, you know I think there is a certain amount of number
one the Democratic party is not really a left party, right?
It's really a center sort of right party.
They're very tight in, like Mark said, well, you know, with bank,
Making and with corporations and so they're not really a left
party. And I really think first off the
progressives who are out there on the ground, right?
For example, there's a candidate who just lost her regard, her
runoff election in Texas, Jessica Cisneros, and she's a
Grassroots funded, really like actual left-leaning candidate.
And she was crushed by the Democratic party because they
wanted to keep their pro-abortion Pro, you know, Kind
of Second Amendment person in that seat and they went, and
they put a bunch of money towards him and he won.
And so, in most cases, they're the Democratic party actually
crushes. The left, they crushed
progressives and they prevent them from getting in and only in
rare circumstances to real progressives actually get into
positions of power in the Democratic party.
But I think there's also a certain amount of, you know.
Wow, I hear Democrats hate this, it must be good.
And, or it must be, I want to Embrace this because it's the
other side of the issue, right? And I think you see that with,
you know, Senator Obama's is a good example of that, right
where she isn't just I'm a full-on Bitcoin or because I
believe in the system she's kind of more Pro crypto broadly
right. She's definitely kind of trying
to embrace that side of it. Ted Cruz I think is kind of
similar type who seems to kind of understand what's going on
for the most part. But he absolutely is against the
Democrats, I think, more than he's four things overall in many
situations that make sense. So Okay, so let's back up.
Phil we're going to do a round table.
I'm not going to read any articles, we're going to have a
discussion. Okay?
So the reason that we started this series, the progressive
case for Bitcoin is because from my perspective right?
A lot of the progressive causes specifically medicare-for-all
wealth, redistribution, they all require coercion, right?
They all require some type of because at the end of the day,
right? It's a lot easier to well. 03
distribute, especially in the traditional system, right?
But if everyone is holding their own keys, right?
That kind of changes the Dynamics of it, right?
And not to mention the current taxing system, the way it
functions. So what would you say to that?
That how would you have a system?
How would you support a lot of these Progressive causes without
using coercion? Because if it's up to, you know,
voluntary measures, you're going to have half of people saying, I
just don't want to partake in that.
How does that work? I'll go ahead and jump in if
that's okay. I think number one as far as
wealth to be just abusin goes. I watched the episode y'all did
a few weeks ago with gin and fumble and I'm going to repeat
probably some of the things that Jin said because I think they're
really, you know, spot on for this particular thing right now,
there's wealth redistribution up, right?
It's all going up, that's what happened during the pandemic,
right? You saw, you know, basically a
four trillion dollar increase in the wealth of the wealthiest And
you see a four trillion dollar decrease in the wealth of the
poorest. That is wealth redistribution
up. So just eliminating some of
those mechanisms that create that with the Fiat money, the
way that it's basically handed out for free to really wealthy
people. Then they raise prices on things
they buy assets, right? This is wealth redistribution
up, just a limiting that mechanism is wealth
redistribution in and of itself. And so that is a redistribution
down, that's non-coercive, right?
In fact, you're you're getting rid of the coercion so that
people have the The actual ability to earn in a respectable
way, they can, you know, prices can be set more reasonably as
opposed to being mandated by you know a few people at the top
right now. And as far as Medicare for all
the kind of my approach to the progressive case, for Bitcoin is
that The goal is for everybody to have health care.
The goal is for people to have a living wage and not be
struggling. The goal is for people to be
judged equally by the law in every situation.
And so the mechanism is that people put forth like Medicare
for all or the green New Deal to, you know, to try to enhance
renewable energy infrastructure. This is the mechanism that they
think is the right thing. I don't know.
I really think it's the right thing at this point.
I think, if you get rid of some of these, you know, wealth
redistribution up and kind of top-down ways of doing things,
you would actually have these things occur, right?
If people could take care of each other and not have to just
work all the time, just to take care of themselves and that's
it, they wouldn't need a national system of healthcare
for that to happen, but you could organize communities to
take care of each other and you'd have the ability to do
that. If you weren't always being kind
of Zapped of all your money to the top, that's kind of my
thing. I just want to, I'm sorry, I
just want to add to what Tom is saying, because my wife is a
social worker, we were originally, she was a social
worker in Massachusetts or tax statutes.
'It's however you want to call it, but I just want to make a
point about the the rail, the wealth distribution to the
upside because I don't disagree with you in terms of that quote,
unquote, in terms of that market effect.
But I think what's maybe not necessarily But what's not paid
attention to is that. So because my wife was a social
worker, I had some access to not necessarily information, but the
types of situations and struggles, that the people who
don't have anything go through, and I can tell you this, okay,
the wealth distribution, the wealth redistribution, indeed,
the rich get richer, but I can tell you for a fact that the
people who have nothing get increasingly more services and
unfortunately not saying that At every this happens to everybody
but there is a large portion of those people that become
entitled and simply become unfortunately mooches on
society. And if you take a look at who's
actually being squeezed in this whole situation, it's the most
productive class that is being wiped out, which is the middle
class because the middle class gets limited benefits from what
is offered to the poor and does not get the entire benefits
offered. The, you know that the rich end
up gaining. So I think for me what this
becomes because I hate I and I know I'm not going to change the
reality for everyone but all of this left, right?
And all of this stuff, this is this is all bullshit.
All it is at the end of the day is that there are people who are
for wealth redistribution regardless of where it goes and
they're all about the money printer because they can quote
unquote, fix all the issues that they want.
And then there's other people who are proponents of a free
market who understand that. Health care for everyone is
going to be incredibly difficult to do in terms of if you're not
taking away, everybody's money in order to fund it.
So, it becomes a very difficult task.
It doesn't mean it can't be done.
It just means that we are going to have to work really hard to
actually have a valuable solution that a works for its
constituents and be works for the corporations that are
offering these services. But the problem is, we've never
had a proper free market. Dynamic in order to actually
play this out anyway. Sorry amigo, but that's the kind
I think that's the case that Tom was making right here.
Is that if we get rid of the to use your words which I think you
beautifully, put it, by the way, the wealth redistribution that
occurs in the Fiat system which is in my opinion.
It's like the most, the worst tax ever exist that he ever
existed in the history of mankind, it's a tragedy.
Every time they print money steals from the poor, and the
middle class that Have the means to save in real estate and
equities that benefit from asset inflation every time they pin
they print and it's a wealth redistribution from the poor
middle to the upper and the government which is absolutely
terrible. But the case that you're making
which is fascinating to me it sounds like you want the free
market to do its thing. That's that's that's that's the
that's the that's the vibe that I got from you where it's like
you're making the argument that if everybody if you pulled out
that mechanism and I had more money right.
There would be more in. There would be more nut money
enough to go around to voluntarily have health care.
Is that the argument that you're making?
Yeah, basically, that's kind of how I would put it.
I mean, this is not health care, but as an example, okay, that's
it. Exactly.
I'm just using that as an example because that's the,
that's the one everyone talks about, you know, persons like
healthcare for all. No free market, you know, that's
why I'm bringing it up. Look, what just happened in
Texas with the school shooting, okay.
People were trying to go in there and protect those people.
Oil, but they, the state stop them from doing that.
And they caused this thing to occur.
What I've made my point in that is that they have a monopoly on
this way of doing things. They have all the resources, the
police take up tons and tons of resources just like, kind of big
bureaucratic programs take up tons and tons of resources,
right? And if you were able to
basically eliminate those programs and eliminate that
funding in a very narrow way to a much more broad set of
resources. Is that people could actually
Implement in their own lives, then they would be able to take
care of each other and not have to be taken care of in every
situation. Yeah, I agree.
Mark. Love to get your thoughts my
friend. Yeah, so many we touched on very
complex, topics there, which ultimately is a big part of the
discussion. That's complexity.
And what we are failing to see what we are seeing is the
failure of centralized. Seems to be able to handle
complex systems and so my whole the whole point of the podcast
is not to push some ideological political agenda whatsoever.
But rather is my opinion, it's the Tom's opinion and others
that Bitcoin can help the most for those people who need it.
The most meaning, the people who are most disenfranchised, the
people whose savings and wealth. An eroded over the past Century.
And so it's certainly my opinion.
That that's where Bitcoin can help the, most are those
individuals. We actually that we dedicate a
large good amount of episodes to covering Venezuelans Cubans
Afghan. He's right that have been
completely disenfranchised because the US has weaponized
the dollar as taken them out of the Global Financial system.
And it's Awful. Well it's not beautiful their
situation but it's beautiful to the fact that when everything
else fails Bitcoin still there and stable coins so give them
credit even though they pulse they they provide a false
illusion of sovereignty. But yeah.
It sounds like honestly Tom and Mark.
We have a lot of things incompetent.
Amico, that's a Bitcoin though. Bingo no it exactly.
I mean that's my Lofty dream. Is that, for the first time
arguably in history, you've got this one thing.
That we all for the most part, unless you're a chart a list or
enough authoritarian you can find benefit in, you can find
something good in which is more than you could say about any
political system or any sports team or any religion, Bitcoin
can cross all boundaries worldwide in that to me is the
most beautiful. And that's my, you know, hope
for the the distant future is that it can be a uniting force
in that manner where we can, we can see that in each other,
right? You you find Value in Bitcoin in
there for? You have that coming out, you
have that bridge. You have that touch point with
other individuals who may not, otherwise agree with.
Yeah, yeah, I think that's beautifully.
Put and it was something that That I said at the end of the,
when Jim came on the show, I think that fixing the money just
fixing the money is we're going to agree on 95.9 99.99% of
issues but I think that we're so divided.
I mean I think it's honestly for the benefit of the political
parties because it's a lot easier that's a responsibility.
It's like it's the other it's the Republicans know, it's the
Democrats, you know? It's like it's the other guys,
it's not us. So yeah, it's a lot easier to
blame other people than to take responsibility.
And I think that a lot of the suffering poverty, I would even
make the case that a lot of the social issues that, you know,
the country is experiencing, I think that the root cause of a
lot of these problems is the fact that the money is broken.
Like, I think it's causing so many of these problems and the
government specifically nation-states their go-to move
is just divide and conquer, right?
It. Oh, it's the Other guys it's the
other guys and then you have this hatred.
But when as soon as you turn off the Legacy mainstream media
sources he find that you have a lot more in common with these
people than you thought that you did it.
So Phil, yeah, there's just a lot of gas lighting and
end-to-end to Mark's point, right?
The it's all about, it's all about the shelling point.
And this is something that I learned about Bitcoin very early
on there was a really interesting podcast.
Once Upon a Time with Pierre, Richard, he's been on so many.
So good luck to somebody trying to figure out which one it was,
but he made an amazing argument for the shelling point of
Bitcoin. And I believe that that's really
what we need because you see the money.
The money is our language. The money is the way that we
convey value. So with every single or if a
large majority of us can agree on the quality of the money that
we need to have and that we need to use to your point.
We I think that we're going to be able to to come to the table
and actually come up with proper Solutions rather than these
really easy solutions that are easy on the short-term but very
painful as we can see on the long term, okay?
Because think about it, all of these easy solutions is why
we're sitting here having these conversations today.
These easy solutions is what made it.
So the Gen xers were the first ones to earn less and have less
purchasing power than their parents.
And, and them Daniel's are hit even worse than the Zoomers are
hit even worse than them. So I mean look this is what we
are having is the the trickle-down waterfall effect of
poor financial decisions. Yep and look, now we have to
have this discussion now. Bitcoin had to exist, right?
If there wasn't like the other piece that people don't
understand, is if we didn't have garbage money, we wouldn't
actually need Bitcoin. That's the, you know, Bitcoin
was the answer to A problem. And now we all have to kind of
look past our walls, right? We have to look past our, you
know, red and blue and all these different walls that we've
created and we kind of have to all come together and say
alright we accept this shelling point.
Where do we go from here? So something that you said
earlier, mark, it sounds like your podcast is more interested
in the inclusivity aspect, right?
You know, forgetting do Forget the underdog in society and
that's something that we cover tremendously on this show
because I think that's one of the best features of Bitcoin,
right? Let me ask you something.
Do you believe in the free market?
Do you believe in capitalism so to speak?
Or what are your thoughts on that?
Of course I do. I believe in whatever the best
solution is to a problem and The problem with that perspective is
we don't often get the ability to know whether or not a
centralized solution is in fact the most efficacious, that's one
of as I've gotten older here and, you know, initially, of
course, being more left-leaning, I believe that a lot of these
problems could be solved from a more centralized Authority.
But over time, I've recognized that that is not It is less
likely to happen again for again, not only the complexity
issue, but also because there's no, there's no testing of
hypotheses. I'm a physician, I believe in
the ability to test change, your, your, your perspective
based upon that data. And as the data changes, your
intervention should change, right?
But there's some adage and in politics, I want, you know.
A law is implemented. It's never going away.
So, even terrible laws that are still, there's regulations, they
don't get pulled back. Right.
And so again, I'm most interested in what is going to
be the most efficacious solution to Any Given problem whether
that whether or not that is from a government or the free market.
So, the the way that I see it is that the government is
inefficient and the what you said about the laws is because
there's no incentive to change, right?
Whereas in, for example, from a small business, right?
If I don't change that go out of business, if I'm a government,
I'm still receiving taxes or they go to jail, right?
So there's like, the incentives are are not aligned for this
top-down approach, right? Because there's, you're not
getting all this. You're not Millions upon
Millions. Millions of people making their
own decisions about what to buy, what not to buy is a much better
allocator. It's much better, allocating
resources in this top-down approach and I think history has
proved that. So I really I'm glad that you
say that you believe in the free market.
Tom, what are your thoughts? My friend, I see you smiling and
smart. I am sparking a little bit and
when I would play first is that, I am not a capitalist, really,
an anti-capitalist. Okay.
And one of the reasons I say that is because I think that
capitalism cannot exist without the state and being also having
really become anti-state in a lot of ways because of all these
issues. I just you know we talked about
earlier with the centralization of things and how large
bureaucracies ultimately kind of degrade services and they don't
they can't deliver properly for people capitalism is centralized
by Design. Well, I think you're describing
choir. I think you're describing crony
capitalism, which is what we've had for a very long time, right?
Which is like this, this mechanism where like the the
bankers, and the bureaucrats have this crazy power and they
could corrupt the system to their advantage, right?
Whereas in capitalism the way that it should be right?
Which in my opinion, hasn't been tried before.
Right? And I It's funny because the the
Socialist, they say, the same thing.
So real socialism hasn't been tried before, but the reason
hasn't been tried before is because the system's bro, its if
the government controls the money, right?
But you can't really have free capitalism, right?
Capitalism is the the free exchange of goods, right?
So, if, for example, I hire you for your graphic design, you're
going to want to get paid for that.
I'm paying you in Bitcoin, that's capitalism.
Right? The, the other Augustine, the
other, the other Other option would be this kind of communal
thing where it's like you live in a which by the way, works on
a smaller scale where you have like a society.
Right? The in Israel, I forget what the
actual communal. The his he wasn't there called
the keyboards. Yeah, it's right.
So, it's a community and they, there's no money in the
community. They all work together.
And but it's still capitalism because they're still working to
make things. And from working for me, from
working from The Profit that they learn making things, right?
That's how they pay the whole Community.
But on the smaller scale, everything's free because you
know, you go there, you have free, you know, daycare and all
that stuff, but it's not really free because Once still working
to make things so that they could sell those things so that
they could pay for things. Sure, of course, I agree.
That's absolutely right. And so what I would say is that
my take is that capitalism actually prevents free markets
from occurring because what it does is it centralizes
resources, right? People are able to private
ownership of the means of production are able to
accumulate resources in a centralized Manner.
And then what they do with that is over and over as we've seen
throughout history, is they recreate?
The state to control and protect those resources and then they
just govern over people, right? And they actually prevent
markets from being free and so if you want a free market then
you can't have the monopolization of resources in
that way right there has to be a better kind of more natural
distribution of resources that aren't protected, through
coercion and violence. But that, that kind of sounds
like it's leads that that's weird though, because that
totally sounds like socialism and then it sounds like
coercion. Why is it?
Why is that coercion? It just because?
Like, because you were talking about the, the, the piece of
centralization, right? So, people are acting on their,
on their own benefits. Let's say in a in a free market,
but in this case, in this case, it sounds like they wouldn't be,
because they would then have to be forced to Not, how could I
say this? They'd be forced to not go with
their own incentives and I guess you'd say monopolize, like right
now, like let's it's for example, you have a company,
right? You have a company, like a good
example would be like Procter & Gamble, okay?
It's Procter & Gamble. Once Upon a Time, you know, they
made only a few products. And then what happened was was
that they started to be, they started to be able to buy over
companies. So there's the example of the
The increased centralization I believe that you're talking
about on a smaller scale, right on the company scale.
So there's an increase of centralization and barring the
government money. Let's say a business can do
this. That is a free market mechanism,
that allows them to do that because they've offered a
superior product. They've, they've provided value,
which is subjective and they're being compensated for it.
So, in a free market system, another player could come Lon
possibly offering a higher quality product or set of
products, more value, and ipso facto maybe buying Procter &
Gamble over. So to me, those are free market
dynamics. Whereas if we have somebody or a
group of people deciding to make a decision where we say, you
know what Procter & Gamble, you're way too big.
We need to split you up because you're monopolizing resources
that to me just that that to Media evolves into into.
Socialism at that point and that becomes this kind of top-down.
I it's like a made-up term. I'm going to make but this is
like almost like socio capitalism.
Right. Where?
Where it's this, you know this this government that is now
deciding. Hey wait a second, your business
has become too powerful. But but if, if my business is
the best one and I am offering Superior value to the customers,
do I not deserve to have that like I'm building that.
So usually so you pumps you believe in Monopoly.
Phil, you don't believe it's not that I'd be even.
So that's kind of putting words in my mouth.
It's not that I believe in monopolies I believe that
unfortunately right part of the free market mechanism, is that a
large company or a large group will if they're offering
Superior value to the constituents will continue to
grow. Why would they split up?
Sure, I think I don't know it just and again it's not I'm not
necessarily saying I'm for or against it.
I'm just saying objectively this is what it looks like to me.
You know that. And that's just the way at least
it seemingly going to work until we can find something else.
Sure. I think what kind of rebuttal to
that would be that the reason why I say that capitalism
inherently recreate centralization in the state is
because what happens is, as you accumulate more resources, So
you have a big company and so you're going to open up.
Now, you're going to open up a new headquarters across the
country and you need to have resources over there and then
you're going to open up more, you know, you know, offices all
over the world. You need to be able to defend
those resources in some way from people who want to take them
from you. And so, what you do is you then,
basically, your Lobby or become part of the, you know, you
that's crony capitalism. My friend, what you're
describing is crony capitalism, which is A system we have today,
right? I understand like corporations.
They just buy the politicians to change the laws for their favor
like that's understood. Yeah.
And so but who put that in place?
The capitalist it right. The capitalist put in place the
capitalist have been in charge for a long time and so they
built it up this way, right? It isn't somebody didn't just
come in from over here and make it different, right?
What happened in the USSR as an example, right?
Is when you're talking about extreme centralization of the
state and controlling all corporations, Shins that is
State capitalism, right? They're still doing capitalism.
It's just that one person is in charge instead of many different
people are in charge that's worse, right?
That's way. It's worse than what we have
now. So that's the wrong direction.
What I'm saying is that capitalism has created this
system that we have now, because of the inherent centralization
of it and the need to protect their resources with a monopoly
on violence, using the police, using the National Guard with a
breakup strikes. They break up protests all As of
things, they have you no money to buy influence and then they
influence the state and then they retain their power or grow
their power, right? Let's so, what's the alternative
that you're suggesting? Like, what is the alternative to
capitalism? You made the argument that
China? The USSR that was State
capitalism, what is the alternative to that system?
I guess the alternative to that system.
For me is kind of Brittany. There is a certain amount of
having to break up. Power, but it's you have to
break up the way that the state can control everything, right?
The state picks winners and losers and they ultimately, you
know, set the direction in which we're going to be going and that
is inherently anti-freedom, and it needs to be stopped at the
core. And so, and to me the, this is
actually why I'm such a bit Corners because Fiat, money is
the tool of state of states of capitalism, right?
White people are, who are the capitalist class.
They receive the free money and they're able to maintain and
grow their power. But if they didn't have a system
like that, it would start to erode underneath them because
they wouldn't be able to make the same kind of poor choices
that we talked about at the beginning right with block by,
right? Like you do you use risky
Behavior, you make bad products, you get bailed out you and then
you just keep doing it. And that inherently is what's
causing all kinds of problems. Also, with the Growth of Fiat
money, right? It's destroying the planet and
so that whole system needs to go.
Yeah, that's right. Look, I and I fundamentally
believe it, but I agree with you Phil and I say this all the
time, we must separate money from state for exactly the same
reasons that you're that, you're arguing, but when it all falls,
right? And we hope that it does what
what system do you propose like let's say the the powerful DC.
Cyril government. Its powers diminished because
everyone's using Bitcoin. It's the state governments that
have a little bit more power, but it doesn't even come close
to the DC power. They don't control the money.
These politicians don't have the ability to print therefore pay
for Wars and all that stuff. What what system do you propose
people? Organize themselves around.
First off, I think that like I said, the Beginning, free
markets and capitalism are not synonymous, right?
Markets have existed for a long, long time.
Tourism has only existed for about 300 years.
Maybe 400 and so markets predate capitalism meaning that they can
live after capitalism markets. Are just places where people can
trade things amongst each other in a free manner.
Hopefully, right. That's what a free market is.
And so what I the way I see it is that there'd be more
community control of resources. There'd be more Community.
You know, policing of themselves, there would be trade
amongst communities and there wouldn't be so much of a
centralization and coercion. That comes with the state
dictating how the economy functions, okay?
So let me give you an example, right?
So I've started to companies, right?
I've invested my money. I've risked, my money, my
Capital right into those companies.
I've took the risk. I've had six failed companies.
Right? Where I didn't get my money
back. Now that I started these
companies, Why would I give up control of my company?
If I'm the one that took the risk, do you get what I'm
saying? Why would I give?
Why would I have communal control of my company?
If I took to the risk, why should I give a say to someone
that I hire? If it's my company like that you
get what? I'm trying to tell you?
Yes. Absolutely.
And I think what I'm kind of referring to Millions the scale
right? Where like if you built your
company up to the size of Amazon, then there's would be a
Different conversation perhaps. But it is in a different
conversation. It's just a bigger scale, right?
So let me get, so sure. I built a company, right?
I have, I employ right now in total, between two, like seven
workers, right? So they could, they could pay
their, they could pay their families, they can pay their
health care. I-i'm in Tain them right in
essence, right? And then they give me their time
and their effort and their labor In return, right?
So it Amazon right? Yeah, Jeff Bezos.
Got crazy Rich, right. But at the same time, I'm able
to order something online that comes to my doorstep because of
Jeff Bezos idea, because he took that risk, he quit a hydrant
high paying job in New York City to go.
Start a business in the garage. You always hear about the
success stories, but you never hear about the failures, right?
The millions of people that are failed, that tried to He did not
to mention the fact that he took his public cut his company
public. Therefore any person could buy
into the Amazon success. Do you even trying to tell you
like, when you build a company your it's a kites in the name,
it's a company. So it's all these people that
are benefiting from that company as well as you are.
You just happened to be the one that took the most risk because
you put your money into it. Those people didn't put money
into Amazon Amazon is giving the op giving them the opportunity
to earn money. You get one chance value.
Absolutely. And I think the reason why I
bring up the scale is because the only way that something like
Amazon can grow to that size and the way that your company would
grow to a size like that is because you exploited people by
basically taking a lot of your use that you're taking more of
the value than they're getting back by a significant margin.
Well, it's voluntary, right? Like, they don't have Do it for
me. They don't have to work for me,
they could wait for somebody else, right?
And so right. They're not but they're not
going to do that because I provide a very good incentive
right? Like for them, right?
So they could, for example, they could earn money with me.
I'm not keeping them. If they want to take the risk
with the money that they earned with me and start their own
company, they're totally free to do that.
But again, the key word is risk here, right?
Are they willing to take that risk?
Are they willing? Not to take that risk?
Uuuuuugh sure, I hear that, absolutely?
I think there is, you know, the whole way the whole system works
from the top down is that I, you know, everything has become.
Come on, come become commoditized.
So like housing, food prices, go up.
You know, it's become really difficult to live and you have
to provide your labor, to a really wealthy person or to a
business owner in order to to survive, right?
There's no really other way to do that, and So, I think
eliminating some of the coercive kind of top-down things will
make it less difficult to just survive, right?
This is my main thing is that. It's so difficult to survive.
It's really an unfair system, and it's very difficult for
people at the bottom, to rise up to the top.
There's a, there's an illusion that you can do it.
But what you saw out, of course, more just wouldn't you say
that's because of Fiat money and not necessarily because of the
work, I would say that, as definitely, I think the work
isn't the problem. It's It's the it's the way that
the whole system is run, right? And so you're right.
It is a Fiat money because what happens is people who do the
most exploitative behaviors, who use them?
Use the most exploitation to rise to the top that get
rewarded for that by then having the most money, having the
biggest proof of stake right in the way that the system works
and then they get free money from the government for
basically already being wealthy because they're going to
continue to do this because it also Brings both to the state,
but it has an agenda. Hold on a second.
So I was living on a couch six years ago.
Okay, we're broke as hell. Okay.
I, I worked my ass off and I made, and I took risks and those
risk paid off, right? I'm not exploiting anybody,
right? It's a voluntary transaction,
right? It's like, do they want to work
for me? Do they need to do they want the
income, right? Or do they not want the income?
I worked for. I worked for somebody and I used
that money in order to prop myself up.
Up and give myself my own opportunity.
Sure right. So I agree with you on the on
the top level, I fundamentally agree with you that big
companies are paying politicians in order to benefit them while
the little guy gets ft /. I agree with you and that's
crony capitalism. That's something that I think we
all want to fall as bitcoiners because it hurts it.
You're completely spot on. When you say, it hurts the lower
end, the lower end of the economic spectrum.
From the most, they get hurt the most but I think that's Fiat
money. Anyways, Mark, you're a little
silent. You want to try and chime in, on
this, my friend. This is a great conversation by
the way. Yeah, I think Nico.
Are you getting at like they have the cheat.
They have the choice to work for you or not.
They could work for it. What I'm trying to say Mark and
Tom is that they have a choice, they don't have to work for me,
right? They can go to someplace else,
right? And this whole like aspect of
you know like the the 19th century version of treating your
worker where it's like they go, they work 12-hour shifts, they
have no shoes and it's like a coal Factory and they have like
dirt on their face. It's like no you treat your
workers, nice, right? You, you know, you give them
Healthcare. They're in a problem.
You lend them money, right? You have to be a good person,
right? And I don't think I'm not
arguing against that. You have to be a good person but
that's more so of a moral ethical issue.
Right. I've had my guy come over for
Thanksgiving like that but that's about being a good
person, right? But at the same time, it is a
voluntary transaction. Right?
Why is it a voluntary transaction?
He doesn't have to come work for me.
He's choosing to work for me. He can go work for somebody
else, right? But I know he's not going to
work for somebody else because I treat him really well.
Right. So it has to, you know, it has
to do. I think with being a good
person, are you an ethical person?
And I think that Fiat money because it's so fucking broken
brings out the worst in people, right and specifically with
these giant corporations because here's the thing they're not
incentivised to treat people. Well why?
Because they have protection from the politicians.
They don't need to do jack shit right?
But I'm a small business owner, I don't have that protection.
I don't get those benefits. I don't get a lobbying.
Our right? I have to pay my God damn taxes.
Like everybody else, right? So II agree with you, Tom, in
the sense that yeah, you have to the, the whole crony stuff has
to go away. Whether you want to Define that
as capitalism or not, that's up to you, right?
But I disagree with you, in the sense that I still think that
capitalism the voluntary exchange between labor and a
good. I think that's the best system
and I think that it's taken Millions upon millions of A lot
of poverty and no other system has been able to achieve that,
right? And you could look that I don't,
you don't have to believe me, you can look it up, right?
And then the alternative, right is the Socialist model, which by
the way, works on a smaller scale, and there's this amazing
line that I tell fill all the time, right?
I'm a communist with my family. I'm a socialist with my neighbor
and I'm a capitalist with strangers, and I remember a big
believer in that, right, I give my sister thousands of dollars.
Gave her thousands of dollars to make fill a knife.
The freaking thumbnails for, you know, the first month or two of
the show. I was completely over paying but
it's my sister and I want her to have a good opportunity in
Bitcoin. So I again like I'm Mark, what
are your thoughts? Well I was going to say that.
I think maybe the point is that that choice is becoming
increasingly hard because of the system that were in.
So a person can don't leave their job.
The patients that I see don't want to choose between food and
their medications but they have to and and that's that's that's
a complication of again the system that were that were in in
ultimately I almost refrain from getting in the conversations
about the isms as I call it because I think What the Common
Thread is and into your point earlier, Nico, the Socialists a
well, socialism is that has never been implemented as it
should be. And we don't have perfect
capitalism. We've got crony capitalism, in
my opinion, the Common Thread amongst all those things is
human fallibility and we're never going to have this Utopia
that we desire because of that. I am interested in how Bitcoin
can mitigate that fallibilities Through its transparency in
through ability to provide savings for individuals who
otherwise don't have it now. And how does that change your
behavior over time because If you are struggling, if you're
working two or three jobs and you can't afford your bills, how
does that affect your behavior? How does that affect your
interaction between your family and your neighbors?
And of course, of course you can start pointing fingers and of
course you're going to start being an asshole any of us
would. And so, what I'm fascinated with
is the Possibility that Bitcoin could help mitigate some of
that, not only are fallibilities but also from a behavioral
perspective as well. And in you know I agree with you
that you know, capitalism free markets are have brought many
people out of poverty and we've seen that but now we're also
seeing some of the downsides, right?
And so there's a constant inner eight iterations over centuries
and millennia. Of better and better systems.
And I don't think we have any idea what that new system will
be but the point is that there will be a new system and
hopefully more people are under the umbrella than there were
before. I definitely think Bitcoin gives
us Mark. I think you said that very well
and I definitely think that Bitcoin gives us the best chance
at this. And I just want to you know kind
of add to essentially what Tom and you were saying.
But from what I might My takeaway, my takeaway is this,
right? Definitely, I like to stay away
from all the isms and all of that stuff because it inherently
what it does is it forces people into a corner and it forces us
into these US versus them type of conversations, which usually
don't lead anybody anywhere. It just keeps everybody divided,
right? And this is the beauty of the
money printer, because the money printer can keep us perpetually
divided forever fighting. All these tiny little issues.
When really all that's happening, is that all of us are
being devalued, The exact same way.
But the, the point that I wanted to make was, was that it's
interesting. How with quote, unquote
capitalism, right? You can start off doing
something that really comes from the free market and as soon as a
person because again, this goes back to what you said about
people, right? Then people can't be trusted.
As soon as that threshold of power is crossed, I can't lose
this. Hmm.
How do I keep this? How do I maintain This moat.
But you see if it was really, if we took the ability of the
money, printers out of the equation, then these people, the
only thought they could have is how do I continue to provide
value? Mmm.
It's not about maintaining my moat anymore.
It's really about. Hey, how do I continue to
provide value and how do people continue to perceive me as a
person or as a corporation of value which betters their lives?
So it changes Conversation. But again, I see what you're
saying, Phil, but if the, that's the utopian Vision, right?
That's like the libertarian utopian Vision, because even if
you got rid of the big federal government, you would still pay
those goddamn local fish shoes, to give you to give you a to
give you an advantage. So what this is, why we need
Bitcoin, that's why we need to separate the money from state,
to be fair, okay? I think all of us have a lot of
and let me wrap it. Tup I have, well, I think a lot
of us have a tremendous amount in common.
I think we want to separate money from State, all of us do.
And this is a great conversation by the way.
This is one of the best episodes for the progressive case for
Bitcoin. And I see your guys, this point,
I think that we have a lot more in common that we disagree in.
And I think that again a lot of these problems that our people
are suffering that they can't afford health care, they have to
pick, which is absolutely tragic.
By the way, they have to pick Between food and being health
is, it's disgusting. I think a lot of those problems
would go away if you fix the money.
So that's something that we continue to fight for, and we're
happy to be in the trenches with you guys, so to speak.
But anyways, Phil it's time for the daily fail brought to you by
Swan and check them out Swan Bitcoin.com.
That's right. They've got automated Bitcoin
savings plans, instant purchases.
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fellow plebs. The link is down below.
All right, got got a couple of light, little funny fails before
we dive into the main part of the story.
So we're I'm just going to take you through these really
quickly, you know, as we were talking about block Phi and all
that stuff in the numbers, I just wanted to remind everyone
that crypto lender I said manager, Beau Bell Finance is
renegotiating, its massive, three billion dollar loan by a
balance June 17th. The company suspended all
redemptions and withdrawals. Citing severe Market, volatility
alarmingly, it's conducting an emergency assessment of
creditors, cash demands, and of course, they are prohibiting
withdrawals. So again, not your keys, not
your coin, this is what's happening.
When the market gets weak, all of these services, Has, which
looked so promising. I know the feeling, I know the
feeling in the bull market, you're sitting there thinking if
I just put a little more into this, this could become a
paycheck and then I don't have to go to work anymore.
Everyone else was thinking the same thing to everyone else was
pouring their money in thinking the exact same thing.
But the reality is that this type of shit is completely
unsustainable and you only find out when the wheel start to fall
off, okay? That's what happens.
You will start to fall off. You're like wait a second, this
isn't the safest I thought it was.
Then you start to really realize that all your Sitting on this
platform and you can't do anything about it.
Anyways, Moving On, Moving On. Here we go, let's take a look.
This is a this was we were tagged by psy.
Psy tags Us in everything. Thank you so much psi.
Here we go nft NYC in seven seconds, you're not missing
anything. This is a tweet from autism
capital and I got to tell you Miko.
This is very reminiscent of a video that I saw of a theory and
putting on a dance spectacle back in 2018 or 2019, something
some coordinated weird aetherium dance anyways.
So let's take a look at this, right?
Keep in mind, you don't sell the steak.
You sell the sizzle, we wonder to be huh.
I'm not like them. Man, but when he comes, there
you go. So you got the guys rolling out
on the one-wheel, he's doing fantastic, you know, and and hey
Buzz, word decentralized. We all want it to be
decentralized, right? Like your decentralized and FTS
all sitting on the centralized Open Sea platform.
You know, it's fantastic. Okay?
Anyways, just wanted everyone to get a little laugh out of this.
No comments needed. I think the video says it all.
Well, if you're buying this crap, I'm really sorry.
This is not going to be money. This is not an investment.
We've said this before, you are buying the digital Beanie
Babies. Okay.
You are buying them. I just a side note because that
kind of reminds me of the Segway.
It's completely unrelated, but it's a fun fact.
Okay, he's got a light up one wheel.
Nico, what isn't there? Not to like about this.
You guys know that the guy that invented the Segway Do you know
how he died? No, he fell off a cliff riding a
Segway. What?
Yes, I did not know that. Did he did he lean forward and
step back? I don't know laughing.
I shouldn't be laughing because he died my Clash very sad, but
like many ways, it just reminded me of that because the guy was
riding a one wheel and I was expecting him to fall off the
stage but he didn't, well don't get me wrong, that kind of would
have been par for the course with NF tease, you know?
Okay, okay. Oh, all joking.
Aside, let's get into the serious part of the fail.
The serious fail. Okay.
Exactly. Okay, good.
You know what? You know that we had to do this,
you know, that we had to do this.
Okay, so look that's right. It's been a while since we don't
always pick on bsv but when we do, it's always comical.
So here we go. This is an article featured on
coin geek which by the way is owned by Calvin Eyre.
Who is We'll use right-hand man. And in my opinion the person who
funds all of the bsv shenanigans.
I know the people like to think that Craig is Rich.
I think it's just a load of crap and I think it's all Calvin
Eyre. That is my opinion, I digress.
Okay so this article sir Toshi with women of bsv Education
quintessential for Bitcoin and you'll notice with with the bsv
years, they never talk about Bitcoin SV.
They only talk about Out BTC Bitcoin, but they're really
selling you bsv because they've created this.
Insane. Drug-induced illusion that bsv
is actual Bitcoin, even though it's a fork of a fork.
But again, I digress and we continue on into this article.
And, again, says nothing to do with the whole thing about
women, my and what they're trying to convince people of
what this has to do with is the messaging.
So let's dive into the Messaging that's being given from Sir
Toshi. Here we go.
Mentioned in his interview that he did extensive research about
who Satoshi Nakamoto was and discovered that it was obviously
dr. Craig s.
Right? Interesting interesting,
understand the context, hold on. So dude, it's just a
essentially, it's an interview, it's an interview with the women
of BS, V the women of BS, VBS Satoshi AKA Amos.
So where do we making fun of Soto Sheamus defender of of
Bitcoin, right? Okay, yeah, yeah.
He's look it's just that look, dude, it's a shit coiner and
they're having an interview and he's explaining why bsv.
Okay that that's all it is. It's okay, the context is
nonsense because this shit coins nonsense, they're all nonsense,
does it matter? We're just making fun of it.
That's all. So here we go.
The fundamental, the fundamental value is how neutral it is
because the money has to be neutral, so people can trust the
network where know, One has any control over their money.
Okay. So keep in mind, the two points
that have been made. Craig Wright is definitely
Satoshi and the fundamental value is how neutral the money
is. And that people can trust the
network. Keep in mind, actual Bitcoin is
trust minimized, keep in mind satoshi's multiple quotes about
minimizing trust in money. So it's interesting that Craig
Wright, who is Satoshi? Is talking about trusting the
network and not only that but the point of bsv is that we
should be able to trust the network.
Anyways, according to the Bitcoin, white paper, there is
no central point of Authority or control, which means it could be
manipulated, which means it could be manipulated to be
controlled. But if you do that, you
manipulate its value. I don't even understand what I
just read to you. That doesn't make any sense to
me whatsoever. I this is mind-blowing so
somehow if it's deep Centralized and has no central point of
authority. It could be manipulated and
controlled because it doesn't have a central point of
authority, but the authority would manipulate and control, it
doesn't matter. Everyone's confused, I'm
confused as well. So all these BTC people have
done talking about us, by the way, the, the Bitcoin maximalist
that the people that are sticking to the original chain.
Anyways, all these BTC people have done, is they segregated
the signatures which means they centrally control the network.
I'm You these people are smoking.
Crack projection bro. These projections mean, it's
projection, okay, they've turned BTC into a security.
That's a matter of opinion. Bitcoin is not a security.
There was no initial public offering there was no initial
coin offering. Anyways this means they are now
not accountable to anybody. But he just said that it was
centrally could be centrally controlled has no fundamental
value. As And that means all it has got
is the speculative price. Certo she pointed out.
So this is the education that is being given to the quote-unquote
women of bsv. People do not realize this right
now but when education catches up with speculation it's
speculative price will soon match.
It's fun value at 0 and it won't be able to economically sustain
the network that it's support. That is a very interesting point
sustaining the work that it supports.
But Anonymous Network and crypto have no value as money because
nobody knows who are their creators, and who has control
over their money. So one of the great points about
Bitcoin is that there is no Central Authority and that we
don't know who Satoshi is, it's fantastic.
We've taken the human factor out of the money which leaves us
with simply the network. Now, let's dive into some
interesting stuff, right? Because if Craig is indeed
Satoshi, then back in 2020, this couldn't have happened.
Craig Wright called a fraud in a message signed with a Bitcoin
address. He claims to own.
Oh my gosh. No way the credibility of Craig
Wright, the Australian Tech entrepreneur.
Who controversially claims to be Bitcoin pseudonymous inventor,
Satoshi Nakamoto has taken another blow in that was two
years ago. Two years before this garbage
interview was had okay two years before this terrible article was
published after a list of Bitcoin addresses, right?
At provided as being his Holdings in an ongoing Court.
These were briefly and inadvertently made public by
plaintiffs on, May 21st, 145 of those addresses were used to
sign a public message. Both calling write a fraud and
making it plain that he does not.
In fact, own or control them shots fired.
Okay, well, let's continue on, right?
So there was another piece about the network sustaining its
value, right? We're talking about the network
sustaining, its value, okay? Well let's let's let's take a
quick look over here. Alright, let's go over here and
we're going to take a look at the hash rate history.
So does it pulls up? This is Bitcoins hash rate.
Okay I'm just going to scroll up so everybody could see that.
Yeah I'm not making this up. This is Bitcoin trust pool.
Cool little site and take a look at this.
This is the hash rate of Bitcoin.
So clearly the security and the energy and the and the funding
that's going into Bitcoin is ever increasing.
Ipso facto making the network more Here and allowing the
network to grow by contrast. Let's go.
Take a look at bsv for a second. All right.
Take a look at bsv. Let's go.
Take a look at bsp's hash rate. History here for a second.
Or not. Maybe it doesn't even pull up
who knows? Maybe I have to hit refresh and
go to the next one. Phil go.
You could you see the oh they're weak.
No, no no, I was trying to get, I don't know.
Maybe I'll here we go. Okay, now it's actually going to
pull up. Okay sorry about that.
There we go. And here is BS.
V's hash rate That doesn't look like the network is being
secured. Now, this is just a small
Snapshot from 2019. Why Don't We compare the two
which we've done in the past. Okay, we've done this in the
past and we've shown you. So take a look in blue.
Is the Bitcoin hash rate in red is the bsv hash rate and you'll
notice it is completely a flatline.
No one is securing this network. Now, the other piece To this, I
just want to draw attention back to this.
Let's take a look at some of the centralization of these mining
pools, right? So you've got SPI crypto that
owns 27.4%. Of the hash power for bsv.
Sorry, they control or 27.4% of bsp's.
Hash Power is coming through that pool and now you've got
this other one towel.com 24.4%. So just these two pools alone.
Alone can go and dominate, the bsv, hash power, that's actually
pretty scary. If you contrast that back to
bitcoin It's a very different story.
Certainly you have one player Foundry digital at 23%, but none
of the others you've got. You don't have another player
that you can combine that can go in cause any kind of problems.
And the other piece to this is, is that on the Bitcoin Network,
you have the validating notes, okay?
So at the end of the day, you've got the mining Network and you
have the validation Network. So if the Bitcoin core, if the
Bitcoin core software, if you don't choose to Great it to
something else to a fork or whatever.
It is then, guess what? Nobody can do anything.
It's all up to you. And this is one of the reasons
that we tell you that you need to run your own node and just
the the last piece to this K. The last piece to this bsv
nonsense which I thought was absolutely hilarious to tweet
from Peter, Scott Morgan. So it looks like another company
has taken bsv off of their exchange.
So here we go. Block chair.
We are not supporting bsv anymore.
B SV Y, block chair. It's just 99% unprofitable junk
and let's just take a quick look at the screenshots, okay, so
here we go, this is from block chair, please note, we're going
to be dropping full support with guaranteed data consistency for
Bitcoin, SV in the coming weeks. Please use another Bitcoin SV
data provider. If it's crucial to your
business, the announcement will be made through our API.
Versioning system. And a follow-up to that.
The reality is is that 99.99% of Bitcoin SV, transactions are
junk Bitcoin SV constitutes only 0.3% of our visitor numbers.
If you have to buy 10 racks of servers to validate the
blockchain, but you only have ten clients paying trading fees,
you will go bankrupt. So It's a very dangerous
narrative, okay? That these shit coiners like to
spread and especially the bsv crowd, it's incredibly
disingenuous, it's very dangerous.
We just showed you how everything that Certo, she said
in this article to the women of bsv is completely false and
these people have absolutely no, shame, no, shame whatsoever.
It just never stops. There's even one person that
claims to be a Bitcoin historian.
Just not even credentials for that.
There's nothing. None of that is real.
And yet, these people in their illusion, just completely ignore
reality, ignore facts, and just keep going on and on pretending.
And by doing this, they're hurting individual that they're
hurting individuals. Okay.
And believe it or not, they're not only shooting themselves in
the foot. They're also, they're also
actually causing problems for Bitcoin because this creates
confusion And this confusion turns people off.
Anyways, I just had to go through that, I'm sorry, it's
just, I saw that article and it just had me spinning, man.
It had me spin. So another thing right that the
Bitcoin cash, sorry, yeah it could be because maybe bsv
whatever. It's all the same strategy we
got 51 percent attacked because that's how.com it was funny
because we called this A day before it happened, it was like,
it was like 50 percent, they controlled 50% of the hash rate
at one point. And I called that they perform,
like they're gonna get 51%. And that literally happened the
next day it's garbage and he's just projecting and that that
inner in that interview, it's just, it's man, it's despicable,
he's attacking hob, not, it's disgusting.
Yeah, this guy's an enemy of Bitcoin.
Therefore he's an enemy of freedom and Humanity.
Anyways Mark, what are your thoughts?
Give me a, give me an L, so many of the projects outside of
Bitcoin. Start adopting Bitcoin
narratives. We've seen that over the years
like even after we launched a podcast you started seeing Emma
and of tease you know for social justice and cryptos for social
justice etc. Etc.
And etherium you know, again with with their desire to be
claiming What they always end up doing is trying to say that
they're better at the property. Is that Bitcoin is?
And so it's the same same storyline with all these other
things is they try to become better, they don't they don't
try to say that they're better in some unique manner.
But rather the things that Bitcoin is they say that they're
doing better when obviously that's not the case.
But to your point. Yeah, it's deeply destructive
for Bitcoin and And which means its destructive for the people
who are not in Bitcoin because they get scammed out of
everything. Absolutely Tom, what are your
thoughts? My friend, it's morally bankrupt
people trying to make people regular bankrupt very well said,
that's what I got. That's like signal right there.
My crop. But anyways, Phil it's time for
the daily meme review brought to you by sea.
L21, it's the best Bitcoin cultural Zine it's stories
articles Comics by actual bitcoiners is artwork for
volume. Attend is artwork for volume 2
and this is artwork for volume 11.
Volume 2 is almost sold out because there's only 1000
physical copies made per volume. So get your prints of Citadel 21
today before they run out. All right, everybody Welcome to
the Bitcoin review review Bitcoin, memes.
Memes on a plate, in a central role in, not only Bitcoin
culture, but in this Narrative trench warfare that we fight
every day on the Battlegrounds of the internet.
Anyways here's the first mean by Rasmus.
It's the Lord of the Rings template for any for audio
listeners. Inflation.
Stop Printing spending money, destroy it.
Republicans and Democrats know, I chose this one on purpose.
All right. Next one by the Beats
coordinator, you will lose everything, Infinity divided by
21 million. That's right.
Bitcoin is the Lifeboat. Next one, bye Nico bit because
son anyways, simply Bitcoin corn, Acres disguising himself,
driving into the garbage coins, narrative, hiding observing,
preparing to strike and exposing them with one swift blow made
myself a ghillie suit for when Woolworths restarts and I have
to be near Seattle. Know, why did you pick this one?
Right fuckers. Because because I thought it was
hilarious. Manny dressing up and shit
coins, but he's okay. Next one.
Bye. Bye.
Giggles were plebs waiting for the supercycle.
I did sell I thought this dip. Oh man Samuel bringing out the
guns. All right, next one up.
Documenting be quit. Unfortunately deleted the Tweet
but the meme is still there as he watched the price fall from
69,000 to 18K, Joseph was cathartic.
Thanks to his above-average IQ. He was successfully avoided the
Bitcoin scam, since it was only three dollars hahaha.
Alright next one. Bye then delay.
I don't understand why I'm poor. Did you invest in shit coins?
Trying to prove bitcoiners wrong the hug and he's holding a
theory of absolutely. Awesome means for those awesome
memes. I'm going to give it this
awesome score of descriptive. Cloaks graffiti sticker.
That came with the painting that I bought.
What about you feel? Very nice.
Very nice crypto, graffiti does amazing work and I also love his
t-shirts. Good shirts there anyways.
Or the score. I am going to give it this new
ripping dips, Tipper sticker pack, ripping dipsticks, not the
same one as the last sticker pack.
Tom, what would you give those memes?
I'm gonna give those memes my fountain pen right here.
Good one down is mightier than the sword.
This is true. Mark, what would you give those
memes? You made it.
There we go. Memes are only fit fitting for
PAW Patrol. PAW Patrol bag.
All right, I feel feels jealous because he likes all that.
Stuff. Anyways, guys, we want to know
if you agree with their scores, you disagree, let us know down
in the comment section. Make sure to subscribe to us on
alternative video platforms like Rumble.com.
My personal favorite Bitcoin, tv.com and join our telegram
group. It's a party in there.
Yeah. And if you're listening to the
audio version of this show, make sure to stay after the show for
a live Q&A. Anyways Phil it's time for.
No, it's not time for anything. There was an open source
software released today. What is everybody about it?
Software releases brought to you by Cipher safe, check them out.
Seifer safe dot IO papers dead. It's not the right way to store
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If you're streaming SATs you are most likely E using Fountain.
They've got a new version. The link is down below and guys,
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Only platforms Apple podcasts Spotify and anchor.
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You could stream assets to Breeze.
Awesome, thank you for all right guys, that was our show before
we going to give a very special shout-out to our clothing.
Sponsor, represent LTD.com Phil and I wear the hoodies every
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He's making simply Bitcoin marriage, it's comfortable its
Style. Check out represent LTD.com and
take advantage of the promo code down below to get 10% off.
Also, check out fellow plebs. Awesome blog.
It's called The Bear Market Diaries where he interviews
plebs about their bear market experience especially if this is
your first bear Market. You definitely want to check
that out. Also want to give a very special
shout-out to our awesome guest Mark and Tom, definitely go
check out their podcast and their Twitter account.
The Twitter account is the progressive Bitcoin ter.
Check out their pod CAD podcast the fountain, I'll put the
fountain link below. Anyways guys, that was our show
if you enjoyed the show, you know, it's due course if you can
see me during the Bitcoin use from the Polly Platt
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consider subscribing. So you simply Bitcoin and we'll
see you tomorrow guys for a brand new episode and a shorter
one to quote, our awesome, one of our awesome guest morally
bankrupt. People making regular people
bankrupt.