Welcome back everyone. We're simply Bitcoin.
This is the weekend edition. We break down the news.
The daily fail mean review, software releases Hardware,
releases and the pleb sites. Joining us today.
We've got the CEO and co-founder of LOL e.com.
I'm talking about Alex Adelman, Alex, thank you very much for
joining us. Good to be here.
Thank you for having me. Awesome, yet.
Great way to Kick off the weekend.
Alright, we are diving into the numbers.
Let's do it. Nico number time, brought to you
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time of this recording, the block height is 740, 1189 the
Bitcoin price 20,000 for 420 anyways, chain rewrite day 746.
Total public lightning capacity, 3990 1.16 Moscow, time 48, 97
blocks to the having 90 8811 and the samurai Whirlpool unspent
capacity, Samurai Whirlpool is a coin joint or collaborative
spend, it is not a mixing service and the unspent capacity
for that pool is 4675 Dot. 33, B TC.
Still a stable coin, Nico. Even at this level, I'm still
gonna call it, I'm still gonna say it's a stable.
Quite I know people are gonna hate me for it, but it doesn't
matter. These were the uneventful
numbers my friend. It was a stable coin for quite a
while when Bitcoin was at 30k. Anyways, some signal today.
Listen I think central Bankers are admitting defeat or at least
they're not admitting defeat but at least they are seeing the
inevitable let me make my case. Okay let me make my case
anyways, let's pull this. Bye.
This is an article by Watcher dot Guru.
It says Fabio Panetta, a member of the of the European Central
bank's. Executive board says that the
supply of digital Euro will be limited to a maximum of 1.5
trillion. Why would they cap something?
What is that? What is that sound familiar of?
It looks like to me, they're trying to incentivize people.
Hey look at Bitcoins 21 million off Central bankers.
Do the same. We know that's not true.
As soon as there's a little bit of political pressure, they will
increase that Supply, but it sure he'll is a good marketing
tool. We also had this come out today.
This was a video clip I disclosed on TV.
They do a great job by the way and this is Jerome Powell.
Let's see what he has to say. The Tweet says Powell rapid
changes are taking place in the global monetary system that may
affect the international role of the dollar, a US Central Bank.
Digital And C is being examined to help the u.s. dollars
International standing. Looking forward.
Rapid changes are taking place in the global monetary system
that may affect the international role of the dollar
in the future. Most major economies already
have or are in the process of developing instant 24/7 payments
our own fed. Now service will be coming
online in 2023 and in light of the tremendous growth in crypto
assets and stable coins, we are examining whether a US Central
Bank Digital currency would improve upon what is an already
safe and efficient domestic payment system.
Our as our white paper on this topic notes, a USC.
BDC could also potentially help maintain the dollars
International standing look. These people have never had
competition and you can tell they've never had confidence
hit, but listen, if you connect that with what Powell was saying
and you connect that with what the head or member of the ECB is
saying, right? This Innovation that they're,
you know, the Central Bank, digital currencies to try to
remain the hopes that they try to remain relevant.
This would have never happened if it wasn't for Bitcoin.
So clearly they're feeling pressure here.
I don't think they're going to win, but that doesn't mean
they're gonna, they're not going to try and of course because
their central banks, they're going to have the help of
government coercion. Anyways, Alex from your
perspective, are you seeing what I'm seeing or I might just a
crazy pleb on the internet Both are true.
But I think that most important thing here is.
Yeah, I think I think for the first time ever Fiat has for the
first time in a long time, Fiat money has a competitor, very
formidable, competitor, in Bitcoin and other
cryptocurrencies that are that are challenging it right now.
So I think one of the most interesting things right now is
that everyone is seeing that like in this time of chaos with
Bitcoin provides a source of truth that there are only 21
million dollar only ever be 21 million and in a world of
uncertainty and Chaos, I think it's something that people are
going to be looking towards, especially the more that the FED
prints trillions and trillions of dollars to try to correct.
You know, the things that are happening on the more than
macroeconomic lens. I think it'll just get, it's
going to get even more wild. And I think more and more people
are going to have to learn about Bitcoin and Retreat to bitcoin.
As a stable source of currency. Absolutely.
It it would have, it would have been impossible to manage.
Imagine these people, you know, II feel fear.
Like, that's what, that's what I sense here with the, with the
wording, you know, with Powell kind of like, oh, you know, with
our Central Bank, digital currency, you know, because
crypto payments have been so popular to quote him, right?
That's how we're going to remain relevant.
But look, it's something that Bitcoins will always be able to
do and they cannot write is that Coin won't censor and their
Bitcoins capped at 21 million and that's something that
government currencies will never be able to offer anyways.
But what are your thoughts on on that reaction, that video by
Powell and the ECB saying, there's going to be a one point
five trillion, dollar cap watching, but why do you believe
them? No, and watching him Shake,
while he's reading that it's like holding that paper.
It's you know, you can tell even he's not sure about this but
look You know, just to go back to the original point about the
hard cap, right? Hard cap, Fiat is like stopping
a leak with a strainer. I mean, really, but this is just
Shenanigans its Illusions. It's still centrally controlled
unissued, we haven't removed the human factor.
I mean, look, this is, it's nothing else than a gimmick.
Plain and simple, it is just a gimmick.
And essentially, what's really funny is because I'm pretty sure
that We've had we've had people in the past explain how you
can't have a hard cap currency, you need to continue to print
more money. So all of a sudden because
remember their goal posts, just keep moving.
So now all of a sudden they're trying to, they're trying to
think like, you know what, maybe maybe this is how we get people
to come back in and buy into our system.
Guess what? This is the beauty of Bitcoin.
No Central entity. No central point of failure.
We don't need to trust your hard cap.
We just don't need to trust it. That's the beauty of it.
They still don't get it. They're securing the remote.
They're more scared now than ever.
And to me, this is just entertaining and funny at this
point. Dude, it's it's absolutely
hilarious to watch this meltdown but like an animal trapped into
a corner, that's when the most fish is.
So I suspect the social attacks and perhaps regulatory attacks,
even though that lummis bill makes me optimistic are
definitely going to increase as time progresses and Europe.
It's a little bit more hardcore than it is in the u.s.
So anyways, you protect yourself from this by taking your Bitcoin
into self custody which we advocate for every single day on
this channel. But anyway, Phil it's time for
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Dot-com do you guys remember this?
Of course you guys remember this?
Because we've been covering it a lot of made huge splashes on
bitcoin Twitter. This is the New York is New York
Senate, New York state passed the bill cracking down on
Bitcoin mining. Now our perspective about this
is a little bit more malicious. The reason that we believe that
first of all, because we've been covering it for over a year now.
And in Norway some parties over there, some political parties
over there also Transit try. To ban Bitcoin mining but
interesting issue interestingly in Norway 100 percent of Bitcoin
mining is powered by renewable energies.
So you know, begs the question are these people really
concerned about the renewable energy that Bitcoin uses or are
they saying? This is an unjustified use of
energy? Therefore, we have to ban it.
Now, this I would say this, this groundbreaking report was just
released by Michael Kazakh. Name of the report is called
Bitcoin, crypto payments Energy, Efficiency and does a whole
report. And he says, based on physics
information, science and economics.
We compute and compare the energy consumption.
And Define, what is the Energy Efficiency of both?
The current monetary payment system and Bitcoin crypto
payment system, we demonstrate that Bitcoin, consumes 56, Times
less energy than the classical system and that even at the
single transaction level a proof-of-work.
Transaction provides to proves to be 125 times.
More energy. Efficient here is a coin
telegram, going Telegraph article and it covers more gets
more into the intricacies. The report compiles, almost a
four year, four years of research and suggest a new
calculation for estimating, Bitcoins, proof-of-work energy
consumption in an interview because akka told Cohen Cohen,
laughs Bitcoin lightning and Bitcoin in general are really
great and very efficient technological solutions, that
deserve to be adopted on a large scale.
This invention. Invention is brilliant enough.
Efficient enough and powerful enough to get Mass adoption a
payment specialist who wrote his dissertation is about
cryptography in 2003 and discovered Bitcoin in 2011.
Kazakh also puts the banking sector under the microscope to
efficiently. Compare the two monetary systems
because socket old coin Telegraph, he really It's really
underestimates. Every aspect of the big of the
banking sector and contrary to critics, his report is biased to
the banking system nonetheless, taking to account the creation
of money, Transportation money, physical banking,
infrastructure, energy consumption.
He arrives at a figure of 4, 1981 terawatt-hours.
Rounded up to 5,000. Terawatt hours, is consumed by
the classical payment sector every year.
Consequently banking uses 56 times more energy than Bitcoin.
And he goes on to talk about lightning.
Lightning will allow the Bitcoin protocol to be more transactions
without consuming more energy. The report concludes that the
combination of Bitcoin and the lightning Network allows Bitcoin
to become 194 million times more energy efficient than a
classical payment system. So I actually tweeted this out
about a month ago. I when the initial New York
mining band happened and I was actually attacked on Twitter by
someone send me a DM saying the Bitcoin needs to be moved out of
the country. Bitcoin mining, just crazy stuff
and I was, Hey listen. If you're gonna ban Bitcoin,
mining are, if you're going to hold Bitcoin, mining to a
certain environmental standard, you should be holding the
banking sector to a Stern. An environmental standard.
But as Nick Carter perfectly pointed out in his reports,
right? This is a question of.
Do you see as B? Do you see?
Join as a Justified reason to consume energy or not.
If you if you see it if you don't see it as such it's not
they're not going to see it as such, right?
Why don't we hold the banking system to the same environmental
standard? Why don't we hold hair dryers to
the same environmental standard, right?
So look I I doubt this will be used because it doesn't fit
their narrative, but it's really interesting and it's definitely
a good question, right? And if you're in the United,
It's you have Financial privilege what Alex glycine
always says, right? But if you're in a country like
Venezuela, like Afghanistan like Cuba, and there's no other
option, there's not another alternative monetary system that
you could use well, right Bitcoin.
Really works for you right and stable coins, right?
They really work for you, well, right?
But if you're in the u.s. right and you have financial problems,
you might be looking at Bitcoins.
Like that's just a very inefficient use of energy,
right? And then of course, there's a,
you know, the what we believe but of course we're a little
bit. Bye.
Bias because we're plebs, right? It the malicious attacks, right?
That they don't really care about the environment.
There's more so concerned about control.
Anyways. Alex what are your thoughts on
this? I'm sure you're opinionated
about this because you you do run a Bitcoin company.
Of course I do. I've been very outspoken I live
in New York and incredibly frustrated.
I was incredibly and frustrated with bit license and and have
been frustrated that it stayed as long as it has and with no no
changes. Has its really crippled the
financial Hub of the, of the world being being New York.
We, you know, we had this opportunity to continue the
financial Innovation and financial dominance that New
York has been known for and and due to the like Regulators
incompetence, we have continued to move people out of the, in my
opinion, but I think one of the greatest cities the world's ever
seen. And so the Where we kind of go
in, you know, from here. It's like I thought we were, you
know, Adams was coming in and I think he was talking about
banning the bit license and and doing what, you know, some some
getting to a place where we were, you know, able to be more
crypto friendly place and then this comes out and hi.
I'm I was I was extremely extremely upset by by this it's
just you read it and you read who's behind it and it's just
gross. Incompetence.
Not only is it is it hurting the people of New York, but it's
like it just it made no sense. There wasn't it?
Had no understanding of stuff. You could just literally Google
that's happening. It's not accounting for flag
theory. That is playing out before our
very eyes of people going to Miami going to Austin like
fleeing starting companies in Texas.
It's like it's like we want all the the smart entrepreneurs that
are trying to build something real in New York.
Art. And we're just saying, hey, you
know, we don't want you here go, go somewhere else to go build
this this technology that's connecting the entire world
through money and commerce. Like that to me is the most
important thing to be built in financial technology.
We all understand what it is, we have some of the smartest people
in the city and we're saying hey go go build somewhere else.
So really really unfortunate doesn't doesn't grasp the beauty
and power of Bitcoin and Mining in particular.
So, you know, one of the one of the biggest things is It says oh
we're trying to find. We're trying to regulate and say
the only way is which you should start Bitcoin, mining companies
in New York is if you if you are filing that that the only
sources of energy are Renewables that are coming in but it
doesn't account for the fact that like, you know, how much
wasted energy and is happening on grid that we could be turning
into money to help save the economy in New York, which was
crippled after covid. So it doesn't it Out for that,
which, you know, it would be an incredible Force for the average
person for companies to be able to make money and turn waste of
energy into something beneficial.
So, yeah, a lot of bad, a lot of incompetence and it's very
frustrating from being a, being a Founder.
Who's building? Trying to build something very
real in New York. I agree with you.
I think I lived in New York for a little bit.
I think New York is the best city in the world, right?
Manhattan is such a unique experience, such a Vibe and
yeah. It's a shame that certain
politicians not only in New York, but around the world are
attacking attacking this Innovation that is going to
provide Financial inclusion to 50% of the planet, right?
It's unfortunate to say at least anyways.
Phil, what are your thoughts before we move on to Lolly?
I think it's I think it's incredibly hypocritical and
maybe and and you know what Alex said, you being in New York,
possibly correct me if I'm wrong but I'm pretty sure that New
York has access. S2 a lot of hydroelectricity, I
know that up in Canada, specifically Quebec.
Well, let's just leave it at Canada.
Has I think the most natural water resources in the world?
And if I'm not mistaken, New York is bordering along there
and also has access to the similar Water Resources.
So the fact that hydroelectricity just seems to
get completely ignored, is I find strange and and just kind
of cringey. I mean, You think that's such a
powerful business Hub, would be all-in, on figuring out how to
get this to go, how to get this to grow, and how to essentially
be part of the next Revolution. And I just I'm, I'm confused.
I am really, I truly am confused with what's going on in New
York, especially as a kid growing up.
Like, you know what people don't realize is that.
You know, a lot of cities will Market themselves right as
Financial hubs as Innovation hubs and stuff like that.
And being, you know, being originally from Montreal, you'd
always hear about New York City, right?
Like if you want to go somewhere, you want to be
somebody, right? You're gonna go to New York,
right? It's the city that never sleeps,
there's all this opportunity and then I you know, we enter
Bitcoin and it just seems like it's a whole bunch of of moats
and walls and like no, no, no, no, we're keeping that out of
here, and it Just seems like this has really nothing to do
with business. And this has to do with
political incentives. But again, I digress.
I'm not a politician. It just doesn't seem like.
This isn't really a business idea.
And this is much more a social control idea.
Totally agree and you're totally, right.
I was just, I knew that New York was a have a lot of hydropower.
I didn't realize how much it's even more than I that I thought
it. This this status pretty fun.
It's the the highest producer of hydropower east of the Rocky
Mountains, so pretty. Pretty wild, it's typically
Seventeen, Seventeen percent of the total electricity is from
hydropower. So that's that's pretty
incredible. And we know a lot of that is
just wasted because there's nowhere for or a lot of it to go
and and also keep in mind that the taxpayers paid for that to
be built which cost billions and billions and billions of dollars
to create that hydropower. And now now the taxpayers can't
put that into arguably one of the best businesses of all time,
which is, you know, being a Bitcoin mining company in a
place that, you know, we paid for so really unfortunate,
really just gross. Incompetence and And yeah, we're
just turning away smart people. I completely agree, it's
unfortunate. But the better is what you said,
the better flag theory is playing out before our eyes and
unfortunately cities and countries that don't adopt
Bitcoin. Or you know what we say the
Pledge. Say are going to have fun.
Staying poor, hopefully Jack, hopefully New York, wakes up to
that. Anyways, let's talk about Alex's
company Lolly, you guys know the deal any company or any Bitcoin
service that we bring on the show.
We've We use ourselves. I used Lolly sometimes to do a
little bit of online shopping. Give some SATs back, which is
always a good thing. So Alex why don't you explain
what Lolly is? Yes so we've created the leading
Bitcoin towards company. We give people free Bitcoin when
they shop online at over 1,000 different.
Merchants we make it, we're trying to make it incredibly
easy to get into Bitcoin and trying to change it up a little
bit. I think when I got into Bitcoin,
there were the only real ways to do it with remaining.
And investing and most of the world doesn't invest, you know,
we can sit here all day and say, go buy Bitcoin, go buy Bitcoin,
go learn about it but in the day you're taking hard-earned money
and putting it into into Bitcoin and it is it is a big leap and,
you know, we're 13 years into Bitcoin and it's still bizarre
to me that every person doesn't have it because it's like of
what we what we know about it. So it's it was a hard task.
I think to teach my friends, my family about Bitcoin, the thing
that I was building previously Was a company called Cosmic.
We built one of the leading shopping and payments
Technologies in the world. We were the creators of the
dynamic by button. So what we were sitting there,
we're learning the reward space and I was like, wow, this would
be an incredible way of giving people Bitcoin through a proven
business model that actually attaches Bitcoin to Everyday
Life which was, you know, satoshi's original vision of
making it, you know, P2P payments.
And so, I was like, well, let's let me reframe it.
Like, Rewards are part of payments.
Every time you pay you get something back and we know that
people don't want to pay with Bitcoin because you know, the
volatility and a lot of people don't have it then have ubiquity
yet. And so how do we attach Bitcoin
to every payment? We make it on the rewards layer.
So, so far, we've brought over 550,000 people into Bitcoin,
through rewards. We are us only, we are expanding
internationally over the next year, but yeah, we are working
really hard to bring on as many individuals as Well and as many
Merchants as possible into the Bitcoin space, the obvious thing
is we're bringing consumers to rewards.
The non-obvious thing is, we're bringing incredible amount of
top merchants on board into Bitcoin to kind of give you a
sense of scale and just Trends. We have 1100 merchants on our
platform today of those merchants and you can see it you
know the Nikes and Adidas of the world Sam's Club.
You name the brand. We probably have worked with
them of those Merchants less than 10 of them not Not 10% ten
of them, accept Bitcoin. So the, the, the the rate of
adoption of rewards is has been incredible.
And now we're bridging these conversations of, okay?
They're coming to me. Say when Bitcoin payments when
are we, you know, what are we talking about with Bitcoin
remittance and Bitcoin Treasury and all of these conversations
that that were now bridging, that Gap into?
So yeah, I think it's what we're building is incredibly important
mission for the entire Bitcoin space.
Bringing more people into Bitcoin.
Educating the world on why Bitcoin is so important and
attaching it to Everyday Life. Awesome.
Yeah. So very, very cool.
I love what you guys do but just you know the plums are going to
beat me up. If I don't ask you question a
little bit of a so what's the catch?
The catch is. So you go and you download the
the thing let's talk a little bit about incentives.
What's in it for you? Obviously no one works for free.
So why don't you talk a little bit about that?
Yeah, well it's a funny thing is I think a lot of people assume
that we're doing something like we're it's like how am I getting
all this free money but we're taking existing business model
with a cashback business model so it's the way that the
cashback business model works, is we partner with Merchants.
Those Merchants are willing to pay for customers to come to
their sites. They would normally be paying
Facebook and Google the Behemoth tech companies to go bring you
into the site. And what they're simply saying
is hey if Lolly Is users that want to earn Bitcoin.
Let's go, pay Lolly instead of go pay Facebook or Google and
unlike Facebook or Google that are like selling your data,
we're not selling your data, we're just saying.
All you have to do is use Lolly come in through Lolly and Shop
there, and we are the Loyalty layer.
So instead of paying, you know, the like the people's margins of
40 to 50% to the Googles and the Facebook's, you know, they'll
pay us ten to fifteen percent. We share that the Lion's Share
of it with our users, sending Bitcoin to your Lolly wallet.
So everybody wins the the Merchants get to skirt,
Facebook, and Google. By working directly with us,
they get to save money on acquiring customers, our users
get to be loyal and to our Merchants.
So a lot of times, you know, it means not shopping at Amazon and
shopping at a different Merchants.
One of our 11:00 Merchants to order to in order to have that
like long-term savings with Bitcoin.
And and so yeah, when you shop in the merchants, you know and
love you earned that coin back, you're not selling your data is
the I think we will never sell your data.
We don't make money off of selling data.
We simply make money when people shop these different sites and
apps and stores and it's completely free to the user when
they sign up they don't have to put in their credit card or
nothing. They're just receiving SATs.
If they if one of your stores are included in the checkout and
then you have that awesome little you know the Chrome
plugin. It lights up turns from purple
to Green, right? And let me one last question.
Before I pass it on to fill, do you need to do kyc to withdraw
the SATs? Yes, so we because we're
rewards, we are not a money transmitter, we found a nice
loophole and in the legal system, where we, you know, if
you're buying and selling crypto, you are Whoever has to
be a money. Transmitter Lolly is not a
money. Transmitter, we are a rewards
company that happens to give you Bitcoin, there is some kyc
required, to be rewards, coming in to move, or to, to like, you
know, be a Bitcoin company. But it's the absolute minimum
that we are legally required. Word to take.
So you know name and email as what you do in come in and say
you know who you are and tell us who you are and that's how you
get your Bitcoin awesome. Very cool.
Fill want to tie it up. Yeah.
I think what the I think what the theme is?
Because I do remember interviewing you a few years ago
for fun with Bitcoin and the theme which is still true and
absolutely beautiful is this it is the reduction of friction.
Okay? What We're doing okay, which I
think is, which I think is really great and this is kind of
one of those things in Bitcoin that does get controversial,
right? Because we have all different
factions of bitcoiners, right? We've got the Privacy Advocates,
you know, we've got the, we've got other people that just don't
care. So much about privacy and it's
all about kyc. We've got other people that
think that, if, you know, if you're buying your Bitcoin
through cash app, then you know what you're doing is universally
horrendous, you know, so what I like about the rewards method is
this It doesn't require a person necessarily to get a wallet
immediately. It allows them to take this
Middle Ground step into Bitcoin with a familiar type of platform
that they already understand. People are very familiar with
rewards. People are very familiar with
gift cards. This Bridges a gap and I think I
actually you know what, I'd be very curious.
I don't know if you can share these numbers and it's okay if
you can't. But what what is the I guess
your your average Of user. Do you even?
Are you even able to gather that data have have you even tried to
gather that data? Because I'd be very curious to
see I've I feel like you'd be maybe in the like the 30 to 55
range because there's you know, I think that those people are
much more averse to the the gift cards and maybe a little bit
more skittish to go and get a hardware wallet and whatnot.
But anyways, let me know what are your thoughts on that?
So a lot of our users are brand new to bitcoin and that was One
of the things we know we saw very early on, we definitely
have a lot of Hardcore bitcoiners that that love love
Ali. I mean one minimal kyc to
dedication of privacy and security might meet on my team
and I we built a payments company before.
If you think being Bitcoin privacy and security stuff, like
try tried being a PCI level 1 compliant company and the amount
of Regulation you have to go through to ensure security.
Privacy of your users data and payments.
So yeah, we've taken those principles and protocols and
apply them to to Lolly are real customers like 18 to 34.
Actually, so much younger demographic.
So when rakitin so rockets and bought my last company records,
the biggest cash back company us.
Many parts of the world. When I was there.
I think we had over 12 million customers and then honey has 20
million customers. So you know, whether you You
like, you know, Bitcoin Rewards or not or whatever your deal is
fact, is it's incredible way to onboard people.
People are going to do cash back.
Anyway, whether you like it or not, and if you can give them a
better money and teach them about better money and he's on
bitcoin. Like, you know, we don't care
what you think. It's like, I'm giving I know I'm
giving people better money and I'm educating them on on
bitcoin. And that's incredibly important.
We're taking something that people do already and we're
making it way easier. You can sign up in.
Less than a minute and start earning Bitcoin.
There's not another platform out there that gives you that sort
of ease that you can send it to your mom, your dad, your
friends, your family. And just say, hey, I know you're
not going to go buy Bitcoin, go try, earning it for a few months
and see what happens getting off 0.
I remember used to be a huge piece of the narrative that I
think is, you know, kind of lost now because everyone all these
hardcore bitcoiners are, like everyone has.
It's like, no go. Like we talked to Brenda users
every single day, like, no one has it.
It's we're still On day one, and we need to distribute it to more
people and teach people about Bitcoin and the Bitcoin is
already going to have more Bitcoin.
They're already going to keep accumulating.
Like we need to get to the masses and we need to really
penetrate the like as many of the of the the masses as
possible and make it a part of their life.
Like the biggest thing and you know the price gets talked about
a lot of like, you know, the the joke that you're forever of like
one Bitcoin. He goes one Bitcoin is when
you're talking to someone who is Ever talk to touch Bitcoin
before. They are hyper fixated on the
price when we first launched Bitcoin is was at 4K 5K and that
range. We launched and and it continues
to go up and it skyrockets those were our biggest growth ever and
our users still to this day. That, you know, joined us in the
early days even though the Bitcoins at 20K, they're still
at 4 x 5 x. What they were earning and
Bitcoin because price taught them price gave them the best
rewards platform that they had ever seen.
Because Cuz when you earn five dollars in cash back from
rakitin you know your you get your coupons or whatever like
121 your five dollars is now what four dollars and fifty
cents with inflation over those last two years whereas your
Bitcoin is now 45 x what it was. So you aren't you aren't you
know 10% or like $10 back on your purchase you know how 40 40
to $50 back you got you got half off your purchase because you
chose Bitcoin so we are basically like forcing the
orange pill down people's In like the nicest way possible and
just saying, look, this is better money and we're going to
show you just an all you have to do is shop as you normally
would. Yeah it really the gift that
keeps on giving. Yes, exactly.
I like that. The incentive is very strong and
and the thing about that is that, you know, one day, if
that, that purchase that you made it might be a hundred
percent cash back, right? So that's the power of a
deflationary currency like Bitcoin.
It's the best savings technology.
The world has ever seen. Seen.
But anyways, so it's time for the daily meme review brought to
you by Citadel 21. It's the best Bitcoin cultural
Zine stories articles Comics by actual bitcoiners toxic plebs.
It's great. This is artwork for volume 10.
This is artwork for volume to his artwork for volume 11.
Their scarce is only 1000 physical copies made per volume,
so get your print of Citadel 21 today.
All right, everybody first meme is by fellow play Bach.
Metallica hot. Oh my God.
All right swear. I swear this has never happened
before. For Laura.
All right. Moving on my Lena.
She's, we don't pick the memes. The plebs, join our telegram
group, they link us in there, and we included.
Anyways, by the legendary Lena. She she makes the memes herself,
so she is a legend. Anyways, no Corner.
Please go down you Corner. Please go up Bitcoin.
ER, please stay low until I get my next paycheck.
Ha ha ha. All right, by Allenby Watson.
Another fellow pleb yield Farmers, it ain't honest or much
for anyone that doesn't understand or our European
users. There's, you know, there's the
the farmer line, right? It's on it, it ain't much, but
it's honest work, right? It's a little play on words
another. Another pleb Auto row, block
Phi, will undergo a liquidity crisis by the end of 2020 to I
don't know about that block. Phi has already lost sir
substantial amounts of money in 2022.
Here's a meme, Luna USC Celsius, three arrows Capital block, fi
it look the bear Market. This happens every time.
This is why we advocate so strongly on the show takes have
custody of your Bitcoin. Anyways, next mean, by Rasmus,
I'm sure things will go back to normal by July July.
Well, Street Silver summary of our situation, seventy five
pieces, why it's hit Play either.
Great means jack, dude. Jax behind web five.
He's been absolutely killing it. Nah, and it's web 3.
And this is the famous meme, the knee.
It's, you know, the like saying like it's like a Russian Soviet
Union propaganda, right? Anyways.
Really good stuff last but not least by coin.
B, be patient and DCA smashed by every single price dip at least.
I thought I thought about it very good.
Awesome, awesome memes by the fellow plebs.
Thank you guys, really appreciate it.
Anyways, Phil for those awesome means I'm going to give it an
empty bag of plantain chips. What about you brother?
Big fan of the big fan of the plantain chips?
Very crunchy. Very crunchy plantain.
It's it's like a banana but it's not.
It's better. It's better better.
It's a plantain but you never hear anybody cheering about the
plantains, right guys, I'm Justin and they don't live in
Miami, bro. We're all plantains here.
Real fun things. Okay, so look so for this, I am
giving it this awesome Cipher wheel box but there's more than
just a Cipher wheel in here and I'm not going to tell you what's
in there. Hmm.
Is it a note? Unfortunately, unfortunately,
it's not in me and everything that's in there is not meant
Alex. What would you give those memes?
I am going to give it a gently used Tabasco.
Yeah, very spicy memes today. Very spicy but very, very spicy.
Anyways guys, we want to know if you're grew their scores, you
disagree. Let us know down in the comment
section. Join our awesome telegram group.
It's a party in there and make sure to subscribe to us on
alternative video platforms. Like Rumble.com and a personal
favorite Bitcoin tv.com. Anyways Phil it's time for the
daily fail brought to you by Swan.
Check them out Swan Bitcoin.com. That's right.
It is the best way to build your Bitcoin stack with an automated
Savings Plan. They're serving clients of any
size from ten bucks to ten million dollars.
They've got an app coming out. It is a Bitcoin stacking site
and soon app by fellow plebs check out the Link down below,
you know, how I like to bring in different versions of fail
story. So this is just a light kind of,
you know, something for us to think about right documenting
Bitcoin. Shout out to this account.
Great account after such oh laughter Satoshi.
Nakamoto posted this 12 years ago today 35 thousand seven
hundred tons of gold have been found thirteen trillion dollars
have been printed and yet there is still only 21 million
Bitcoins. Very true, very true.
And this kind of goes back to nicko's.
Number segment, right about the hard cap of the of the new
digital Euro. It doesn't matter.
They can tell you all, they want that.
There's a hard cap. Look, the dollar was pegged to
Gold until it wasn't. Why?
Because humans this is why we need to be removed from this, we
clearly suck. Anyways, before I dive into the
Actual story of the fail. Alex, do you have any comments
on on this right now? It's just, it just fax.
It said, I mean there's there's nuts.
Plain, and simple, love, love to mockumentary, bitcoin always,
always good to see the memes. Yeah, I am.
I've nothing to say other than it speaks for itself, you know,
you kind of mentioned it before. But like, we're we have this
time of economic crisis of Chaos.
We have no idea how much more that you know our, our Central
banking system is going to print.
We have no control of it. There's no democracy in in what
we print and yet we're incredibly Reliant and are
getting hurt by it. So you know, I think I think if
you're if you're looking at Bitcoin, we every 10 minutes,
the exact same thing has happened for the last 13 years
and so it's only safe to say that over the next 13 years,
Same will be true and it gives me Comfort.
And I think there's a lot of people comfort knowing that the
rules are the same for everybody, for four and a half
billion people with internet connection, and eight billion
people all around the world, everybody has the same exact
rules and knows exactly how much Bitcoin is in existence and will
be in existence. And yeah, I think people are
looking for truth. Totally agreed.
Absolutely. All right, Phil what is the
fair? What is the big deal?
Is a big story? What is the big story, bro?
All right, let's take a look. At this, this was actually I
think dropped in the telegram by optimist.
So that's right. Optimist, I'm just going to
randomly blame you for this one. Okay this this one's your fault.
Here we go. Very interesting and kind of
anyways kind of weird Jay-Z's Bitcoin School met with
skepticism in his former housing project I don't have money to be
losing. Now we're going to read through
this and then I'm going to give the the framing that I think is
really important what the signal is, okay.
Not going to go through the whole article.
We're just obviously going to choose out some specific pieces.
So, here we go. Okay, they interviewed some
people from the Marcy project, where Jay-Z, originally grew up,
and let's dive into this article.
It's kind of late to be doing that when people are trying to
hold on to their dollars, and everything is so expensive.
People don't want to be investing money knowing that
they might have a chance of losing it.
That's right. Because essentially what's
happening is that It's not free. No, it's not free.
It's the oh wait, wait, we're going to talk about free in a
second. But essentially, right there is
a he's doing a Bitcoin course, okay?
That he partnered up with Jack. Dorsey, were talking about
Jay-Z, the rapper partnered up with Jack Dorsey to make a
Bitcoin course and there's to quote unquote, Bitcoin Educators
that are involved in it, one of them being Lamarr Wilson bigmar.
But anyways, this has nothing to do with him specifically this
has to do with the framing, okay?
Okay, and we are going to dive into this a little further.
So they interviewed people from the project, from the projects
where he grew up and wanted to get their take on quote,
unquote, Bitcoin education. So, here we go.
Every dime I get. Gotta go to rent, phone TV and
internet. I don't have money like that to
be losing. If I did, I would try to invest
in something that's more reliable, like the basketball
game last night, you know, I'm gonna win something from that.
So just just think about the way that these people are viewing
Bitcoin. So here we go, the 12-week
Bitcoin Academy course will be taught by Lamarr Wilson, who
runs the website black Bitcoin, billionaire and Naja, Jay
Roberts, founder, and CEO of a brick-and-mortar crypto School
in California called crypto blockchain plug.
The simple goal is to provide people tools to build
Independence for themselves and then the communities around
them. The academy also plans to Grant
students a small amount of Bitcoin worth around 20 to 25
dollars, after they learn to set up their own digital wallets.
The spokesperson said an open house event that Marcy over the
weekend, drew a large and eager crowd of mostly seniors and
young people but younger Marcy house.
Tenants who spoke to the guardian were unenthused.
Yasha Figaro, a 24-year old resident who plans to work as a
caretaker for mentally. Challenged people said the
Bitcoin Academy seems unhelpful to residents.
Half the people that's going to go to that class, probably just
gonna go to the class for the $25 that you get the other half
of the people. They'll probably take what they
learn and forget it down the line.
Figura said that Bitcoin class signified.
How out of touch the rapper was with his former home.
If you want to do something, fix this place up.
She said, we have a basketball court with no Hoops are.
Park is broken up in here. Should be doing more for his
community, not know Bitcoin Academy.
The only thing I could say he really did for us was the
Christmas stuff, every Christmas he would come around and he
would give out free toys to the kids or like pocketbooks
perfumes and little MP3 players. That was good.
The Bitcoin ain't One, Marcy resident.
Luis Rivas did Express enthusiasm for the class saying,
I would like to learn how they became a millionaire and learn
what to trade and what not to trade Revis.
Who is unemployed said, he had been acquainted with Jay-Z when
they were both teenagers. Now, he's a billionaire and I'm
still living in the F and ghetto since it was announced last
week, the Bitcoin Academy has faced criticism from Tech
commentators who have accused the project of preying on.
Eventually vulnerable people, some have compared to marketing
of crypto. To how predatory lenders,
targeted, people of color with subprime loans in the run-up to
the 2008. Housing crisis 2021 research
paper. Commissioned by the New York
city-based crypto currency exchange, Gemini argued that
cryptocurrency could benefit unbanked populations in Mexico.
India and Indonesia. Citing centuries-old informal.
Latin American financial institutions.
The paper are Gue the cryptocurrency companies can
build upon and digitize practices that assist in the
creation of wealth for poor communities and allow them to
thrive in locations deemed unprofitable by traditional
banking standards, Gerald a Brooklyn resident with friends
and family. Living at Marcy, runs a small
charity that gives people Bitcoin but even he said that
financial literacy wouldn't solve Marcy's.
Biggest issue which is a lack of capital, a lack of resources and
a lack of funding for our Communities teaching someone
about Bitcoin that doesn't even have $100 in their savings
account, is not helpful on the surface.
It looks like folks want to help but once you start peeling back
the layers, you realize nobody really cares.
Okay, so look, there is a lot, a lot to unpack here.
Okay, so I'm going to, I'm going to start off before it before I
kick it over to Alex because this is not cut and dry this Is
not black and white, okay? The fact that people we're
seeing a disparity here. Number one, we're seeing what I
believe this. What I believe this article
illustrates the most is the lack of financial education and don't
get me wrong. I do believe that these people
are correct that many of these areas do not have the resources.
Do not have the proper communities in order to try to
build security and to try to Let's say, quote unquote, bring
back vibrancy and wealth to those communities.
It's very difficult. Once something falls into quote
unquote poverty. Okay.
So I do believe that the education is missing but
something that really scares me, okay?
And this has nothing to do in any way shape, or form with
color. My wife is a social worker.
Okay, I myself, when I was back in Montreal, I used to do, PC
repair for people. So that were on welfare and that
we're getting social assistance. This has nothing to do with it.
The point is, is that handouts do not help and I understand
their point about wanting certain things, but at the end
of the day, an MP3 player is not going to help somebody get back
on their feet, and figure out how they can produce a better
life for themselves and their family and all those Financial
literacy will not help on the moment.
Bitcoin is a long low time, preference tool.
And I believe, I'd like to believe that Jay-Z and Jack
Dorsey are attempting to introduce some low time.
Preference thought into these communities to help raise
themselves. Now, the other piece that I was,
you're criticizing the, how, the, how the Legacy Media framed
that article? Yes.
Okay. Because I was a bit confused.
I was like, okay, are you at Jay-Z Jack dorso.
No. Are you criticizing the thing?
Because I agree with you. I think that, I think that
that's a noble goal. I think that a lot of the
poverty comes from the fact that the money is broken, right?
So look, I was sleeping on a couch six years ago, okay?
So like Bitcoin completely changed my life, right?
So I really believe like even if you're you know, very poor.
I think that if you start earning in Bitcoin, right?
I think it's going to help you. I think the benefits of the D of
deflation. Missionary currency are
undeniable not only from a financial standpoint but also
from a psychological standpoint as well, right.
I think that Bitcoin makes you hopeful about the future whereas
in a fiat currency man, inflation is terrible, right?
You're constantly like working harder and harder for less
money. That's my take.
Yeah, and I man, I definitely, I definitely agree in the one
piece that I just wanted to add before we before we pass it
over. Alex is this I think that
unfortunately, it needs to it needs to be very clear that
there is a very big difference between Bitcoin and should coins
okay. And without going into, you
know, attacking people personally for the things that
they shill okay, or don't chill, I think that what's very
important because I saw that comment about, hey, you know,
like the way that the, you know, that certain people were taken
advantage of in the mortgage crisis This is why people need
to understand the true difference between Bitcoin and
shit coins. Because if these people really
do, if all people really want to empower themselves, they really
do need to be looking at Bitcoin.
Only everything else in the space is an affinity scam.
Has a head to chop off is not Bitcoin was created with the
intention of profit. They are all trying to imitate
Bitcoin anyways. Alex, any thoughts on this?
My friend. Yeah, I think you guys hit the
nail on the head. I think the one of the biggest
problems with the world right now is the lack of financial
education, you know II felt like I was even had a particularly
good education studied economics in college and I left college.
And and you know, when I started to learn about Bitcoin I was
like, oh my God, what was I doing?
What did I learn? The the amount of like
brainwashing that we have in the US and probably Many parts of
the world about money, it's just not real.
You know, you don't you don't you don't learn about what's
actually happening. And so I even I feel like, you
know, people that were that are growing up in Marcy project.
The frustration is that it, you know, in seeing those remarks
I'll be at anecdotal and probably like, you know, picked
out and a little bit out of context of pain, Bitcoin in a
negative light and a little bit of food.
There is I would say that like the rebuttal there is like look
you don't have to be a part of this.
Like there's there's a there's Outreach to try to educate this
this group of people on bitcoin. And like I think that the
principle is that Bitcoin and stills are net positive, whether
you you agree with them or not. I think it's incredibly
important to learn about how money works, and then make your
own decisions. And you know, when you talk
about like, you know, shit coins, I don't think people give
are able to without learning about Bitcoin first.
The principles that Bitcoin and Sills.
I always like, you know why we're Bitcoin first company is
Bitcoin. Only is I think it's incredibly
important that people's on-ramp be Bitcoin.
We can't control, you know, the free market and and you know,
people are going to want to earn and do whatever they want to do.
And you know, they're there will most likely be a time where we
have to expand into other currencies and and that will be
just you know, the the Necessary part of it based on the the
demand, the piece that I will always hold true and that I
strongly believe in is that you need to educate people about the
importance of Bitcoin and the end of the day, everything will
flow into Bitcoin. Bitcoin will suck up every
currency in the world because it is that powerful.
And the sooner that you realize why it's going to take over the
better. And if you're started, learning
of like these like false principles on other, these are
trying to make a quick dollar. Those are the things to be
scared of. Those are the things that are
like chasing chasing a dollar like the next nft scam.
The next pump of some shit coin to get rich or Ponzi scheme or
whatever. It's like, that's not what
Bitcoin was built on bitcoin was built out of the financial
crisis to, to solve the inequalities that are that are
existing broken Financial system.
You know, brought about that was hurting those people in the, the
Marcy Projects and still is hurting Today.
So how do we break, break them, free of that?
The only way to do it is to see the truth and to see like the
holistic picture of money and then let them decide.
Absolutely useless. I agree, and real quick, Phil, I
hope that this is free. I hope that, you know, Jay Z and
Josh decided to be if it's free then I applaud them.
I think it's a good thing I agree with Alex.
I think the world needs more financial education and
hopefully some of those people, you know, they start earning it
Bitcoin, right? And to get out of the, to get
out of the Rat Race, so to speak and to get out of poverty,
because It's terrible. And look, I think that by fixing
the money, I really do believe. We'll fix the world and I think
a lot of the poverty in today's world is caused by Broken money.
Right? Because that's what Fiat has its
wealth redistribution from the poor and middle class that don't
have the means to save and equities and real estate and its
wealth redistribution to the wealthy that benefit from a
sand, flea asset inflation and the government.
Right? But anyways, feel there was a
website by please. Why don't you?
Why don't you show everybody websites brought.
To you by Cipher safe. Check them out.
Cipher safe dot, IO papers dead. Don't store your seed on paper
store, your seed in the Cipher wheel or the all new Cipher
grid. They both come with a
tamper-resistant wire and the grid comes with a cool blue
punch tool. All right guys, we've got a site
from fellow bitcoiners mr. Crown and Max by bit or Max bit
by bit. Definitely check them out.
These guys are great content creators.
They've got an awesome Website called ungovernable Misfits.com.
Yes, it's not just selling, it's not just selling clothes,
they've got their podcast listed here.
They've got articles, they've got documentaries, so it's not
just clothes. It's also an education portal
and these guys put out some of the best Bitcoin signal.
So definitely check them out. Ungovernable Misfits.com, the
link will be in the show notes and guys, don't forget to check
us out. Out, on our Audio, Only
platforms Apple podcasts Spotify and anchor.
If you want to stream a SATs. Check us out on Fountain.
Dot f m--. You could stream assets through
Breeze. Awesome.
Thank you for your guys before we going to give a very special
shout-out to Pirate. Beach Bums, new writing stuff.
I think we're going to do something together, check it
out. The bear Market Diaries is in
the link description. Also want to give a shout-out to
our clothing. Sponsor represent LTD.com Phil
and I wear the hoodies, every Gold.
A heat David is making Bitcoin merge and simply Bitcoin merch
very soon. Stay tuned.
Also want to give a very, very, very special shout-out to our
awesome. Guess you can give them a follow
on Twitter. Alex app, Alderman, Alderman.
I totally butcher the pronunciation.
I'm sorry. Alex.
Anyways, go check out LOL. E.com, earn free rewards at.
1000 top stores. 2,000-plus top stores, earn up to 30%, back in
Bitcoin or Or cash. Anyways guys, that was our show.
If you enjoyed the show, you know what to do?
Smash of course, you want to continue hearing the Bitcoin.
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New episode lower your time. Preference zoom out.
It's time for Bitcoin.