Um, go live. People don't like Bitcoin. Oh, Bitcoin group, the American original. For over the last 10 seconds, the sharpest sitosis, the best Bitcoin, the hardest cryptocurrency talk. We'd like to welcome our panelists, Josh Gagalla from Voltoro. Howdy ho. Ben Arck from BTC, IOT. Shaman Hello, all. And I'm Thomas Hunt from the World Crypto Network. Moving on to issue one leaked Tai Chi document reveals Binance is elaborate scheme to evade Bitcoin regulators. Binance, the company that used to be in Malta, but the CEO says their headquarters is wherever he is in the world, turns out to have an elaborate plan to bypass regulations and shuffle fees out of their Binance US version into their Binance worldwide. Also attempting to teach all of their users to use VPNs. Josh Gagalla, what do you think about the amazing leaked alleged Binance document? Yeah, I mean, it's alleged. But they've always been really brilliant at regulation hacking. I mean, this has been a game that every crypto business has had to play because it's been so great the entire area you have to constantly be be valuable. Startups are valuable anyway. You should be. Otherwise, you'll go dark. So it's really important to, especially in the Bitcoin space, do that regulatory arbitrage. And they've always played that very, very well. I think it's quite funny to say that, well, the headquarters is wherever I am and I'm moving all the times. It's like the perpetual traveler. We've got the perpetual traveler, which is so they never have to pay taxes because within three months, they're moving to a different country. And there's a whole philosophy behind it. This is like taking to the next level where you have a major corporation, if you could say I mean, by that, so I would consider a major corporation now. But due to their size and revenue is doing the perpetual traveler. That's amazing. Ben Ark. Yeah, I mean, every successful big corporation company plays the regulation tax avoidance game setting up, you know, subsidiaries around the world. Is Binance registered in the Cayman Islands, I think. But yeah, I mean, to me, the article it read like, you know, they're trying to play ball with Binance US. But then there was in this leaked what Tai Chi was Tai Chi presentation. So Tai Chi, I using the opponents weight against them. Yeah, in the Tai Chi presentation, there was mentions of, you know, being able to have some fun finds and, you know, whether the finds if it doesn't impact their, their income structure too much. So yeah, it's, it's just what big companies do is in order to be big companies. I do feel like there's a little bit of, you know, obviously they've come under fire from Coinbase and I think that Max as well have been quite critical of them. I think Coinbase, they hopped out of the, is there the Winkle Voss twins, they have their blockchain consortium block check on what it's called. Which is like a voluntary, we're going to, you know, work with government and be regulated thing. And when Binance joined that, I think Coinbase then, you know, left in a half. So yeah, they're going to come under fire. Because that's successful, they're going to come under fire from all the other exchanges. And I think a lot of that is this. And it sounds to me like, you know, they're ticking all the boxes they can tick, but then still operate a very profitable company. But they continue to innovate. So it will keep the regulators on their toes. I'm sure. I agree with Ben. I think the other exchanges are jealous of Binance and with good reason. Binance is out there doing anything they want to do, not caring about the regulations. I think they started out. They were in Estonia, something like that. There was a big rumor. They were moving to Malta. Then I heard they didn't even officially move to Malta. They moved like Josh was saying to become a perpetual traveler, which is a fascinating idea for a company. But also kind of sounds like a criminal organizer or criminal enterprise, which is I think what Coinbase and others who are spending a lot of time and money following the rules would say about Binance. It's kind of taken the world by storm since their token sale and then having the token as a part of their platform, their international platform, and their success with getting their customers to use VPNs. So it's been very interesting. I think for the exit question, why was this document leaked? I think a lot of companies do this. A lot of companies have strategies that might even be questionable, even allegedly illegal. But they just don't leak. What happened to Binance that this document leaked? Obviously speculation. Josh, go ahead. Josh, you're muted though. Especially if you're an international organization quite decentralized in terms of its directors, board of directors and staff, you have to use a lot of slack or open source versions of slack, communications channels to operate properly and efficiently. And of course, you can anything that's written down could be copied and leaked. So it's not surprising. The more decentralized, you know, if you're all in a central office and you have a board meeting, yes, someone could secretly record it. But, you know, it's bound to happen. Vladimir Putin famously only uses manual typewriter. So does reports cannot be copied Ben Arck, why didn't Binance do the same? I don't know. I think it is. To me, it sounds like an actual proper official. I mean, because sometimes obviously these leaks are on purpose. For some tactical reason, but you know, it read like an in-house sort of counsel brief for Binance and Binance only, which is I think is why it's not being circulated around with the SEC and FBI and IRS and whoever else. But I mean, yeah, it sounded very vanilla, you know, like the sort of document which would circulate the main members of a big corporation on tactics moving forward. But yeah, it's an actual leak and it just happens, I suppose. Can I just add, you know, you stated before Ben that they're trying to move to different places to avoid tax. I don't think they are. A lot of the jurisdictions that look like tax avoidance jurisdictions have actually got a lot more solid blockchain crypto regulations. So you go where they're kind of already innovating in this space and saying, look, we've got good regulations and you can come and talk to our regulators and we're open to discussion and building this regulation with you. Whereas try doing that in the US or somewhere you just, you know, you're just one of the many that, oh, can I have a go? You know, it's, it's so a lot of the time when it looks like tax avoidance is not actually it's more like well, we're going to go to Lichtenstein or Luxembourg because they're already really setting forth and stepping into the into into a good, into good solid regulations that make sense and back to willing to them work with you. I suppose the last thing you want is ambiguity when it comes to regulations because you can't plan your business then can you because you don't know what is around the corner, whereas if you can go somewhere where there's clear guidelines and you, you know, you have a framework to work within that does make sense. Yeah. And that's definitely been an issue here in the United States where 50 different states have 50 different laws and a company like Kraken or Coinbase has to comply with each one of those states. Buy now so I can see me when they do what they want going back to the document, I think maybe it was maybe it was hacked, maybe it was stolen, maybe an employee there doesn't like buy now or they're just incredibly sloppy because we shouldn't see a document like this on the open market. Certainly Microsoft, Apple, other companies do similar bookkeeping, I think they call it double Irish bookkeeping you deposit the money through Ireland through another country through another country through Ireland somehow it becomes all non tax holders a lot of loopholes it's not unusual for a company to seek these loopholes but it does kind of follow in the Binance story so of course at your own risk if you still have funds on Binance if you want to withdraw them again you hold your own money. And you hold your own keys those are the Bitcoin or the alt coins or whatever that you truly own so we're looking forward to this story in the future when Binance starts an office on Mars Elon Musk recently said that SpaceX will control all of the laws for Mars so I imagine. Zao thinks you can get a good deal with Elon in charge. Moving on to issue to Bitcoin price spikes 5% to 13 and a half thousand dollars shortly after the ECB the European Central Bank stimulus announcement it does look like the price of Bitcoin perhaps has been following the stimulus as well as tracking with the stock market which is down sigma. So it's been significantly in these last few days here in the United States before the presidential election Ben Ark your thoughts on the price of Bitcoin. Well I worry was that it was in fact tracking the stock market at one point so it's nice that it no longer is but I mean there's some crazy bullish day everyone's talking about the sort of 13 thousand dollar resistance so I mean that is 10 thousand pounds. So I spent a good week looking at my phone was on 9,998 and just waiting if it's a tick over to see what would happen to my little widget whether it could squeeze in that extra digit and it did it just made the funds smaller so props to the developers for you know but the often actually with the Bitcoin price you know people forget to look at it in pounds pound sterling and you know pound sterling is still quite important when it comes to financial markets so it was quite a momentous for it to break 10. But with four days away from it being over 10 thousand dollars for 100 days so that's good that's a record you know it's not maintained over 10 to 10 K for such a long period and historically I think it was when it was over 10 dollars for 100 days it then quickly shot up to I think $100 or something can similarly I can't remember the other one I think it was over $1,000 for 150 days and then it shot up then to five digits so bullish very bullish it's going up and it's it's going to go up significantly and we said this for a while I liked the micro strategies guy here to go quote on the 250 trillion dollar asset market and if that ocean was to pour into Bitcoin the pond of Bitcoin then obviously the pond of Bitcoin is going to swell up and I think it's going to be a little bit more Bitcoin is going to swell so I thought it was quite a good way of looking at it but yeah it's it's it's it's very bullish it's very bullish and the very fact that it's decoupled from the stock market is great. So how's it exciting just like to ask everyone at home to give us a thumbs up and a share and if it's your first time here please subscribe down below hit that bell for notifications. Thanks so much the thumbs up really do help with the YouTube algorithm YouTube recommends this video more to other people when it has more thumbs up so thanks for your help Josh Gagala your thoughts on the price of Bitcoin. Yeah I mean it's it's definitely a bullish trend it's it's heading up it's it's you know having it's little down but that PayPal news definitely helped people understand that we're heading up and not out. A lot of people believe it or not I mean we've been saying this forever is you know if you have a massive spike like we did in 2017 and then it crashes but doesn't go to zero and comes back on hovers and slowly it's up you got to think wow something's going on here this is quite this is interesting at least that you know that's a pointer so yeah it's it's only onward and upward from here. It might be sideways might be down for a little bit but if you zoom out far enough it's only going to go up. I think the real test coming up is the decoupling of the stock market the stock market is definitely going to be pushing the price down or perhaps up in the next few weeks and it's going to be very interesting to see if Bitcoin follows the stock market as many people predict and as overwhelming forces predict as well if you have to sell to cover all of your losses in the stock market. You're going to have to sell Bitcoin you're going to have to sell something you're going to have to cover those losses especially if you're investing in margin trades things that have to be covered other things like that so be interesting to see how it plays out with the presidential election. A lot of people think if there's a Biden victory the price will go up a lot of people are positive about the stock market alternatively a lot of people think if there's a Trump victory the stock market will go up there's a lot of positivity about that. But right there in the middle is the chance there's going to be a contested election and several months of uncertainty and we all know what the markets hate they hate uncertainty. So the question now. Sorry and the France and Germany. Yes, France and Germany. Yeah, I mean it's not a major lockdown here where we basically can't go to restaurants and stuff that can't serve food but you go to the hairdresser and you can visit all people for some reason. But we're I mean all that I mean we are we are weathering these lockdowns aren't they aren't we so generally. I think the country seem to be weathering them far better than I think a lot of is probably predicted countries would be able to weather them. Yes and no I think there's a lot of really really undercurrent of suffering especially for small business owners especially for hotels cinema owners all these sort of even it goes all the way down to massage and stuff like that where people you know yoga studios all these sort of group activity things or close contact stuff. Is is you know and what do you how can you tell I mean we're in a different bubble where where you know crypto and gold where secured because we've been yelling the collect the skies falling for so long that we've secured ourselves against this sort of thing in a way financially in terms of stacking gold and sats and and even food and all these sorts of things that that preppers generally do. But you know everyone's on a different scale of prepping but I think because of prepping in one way and so it's hard to tell you know when you're living in a different world how much people are suffering. I mean there are some areas in which there's substantial growth you know some markets for you know some areas of the of the economy where there's been quite a lot of growth such as you know building for example you know I'm building a house at the moment and trying to get my hand on timber is really hard because everyone's building stuff so all these timber merchants are making absolutely fortune because everyone's stuck at home they want to extend the house they want to do a bit gardening they want to improve the place they live so. And then companies which you know I'd there is suffering of course but then companies which are sort of diversifying and adapting to things like lockdowns and then the coffee shop which is just doing takeaway coffees and maybe has some outdoor space for people I think all that's good generally for for for resilience and for making stronger companies but yeah it's obviously you know there's some things which you just can't do. When you got a social distance like going to the fair which is real shame and I think it's the loss of the theaters and the restaurants as well as like Josh said the major lockdowns in France and Germany certain parts of the country going on lockdown that's freaking out the finance people right they can't count on this restaurant making money even if it's a good restaurant even if it's a massive chain with incredible advertising and everything that you need moving on to the exit question the price of bit going on. So we're going to be going this time next week higher or lower than our. Hi, I mean we got what is tomorrow it's the white paper anniversary so we've got to be bullish because of that and I think this is an event as well some Bitcoin events which are worth looking up you find details on the one Twitter but then also we have this 100 day 4 days as long as we can stay above 10k for 4 days then you know we should be gravy. That'll be right up against the American election will see if we get your record Josh could go all your thoughts on next week higher or lower. Yeah I think I was like. Having a connection problem with Josh just like they do on the main news but you said higher so I think they high and everything that been said to retweet. Very good I'll agree with higher I usually say higher I think like Josh was saying that you can perhaps you know don't you know it's not doctor but you might be able to hedge your investments in the stock market your investments in cash with an investment in Bitcoin even through the exciting period of the election so again I'm a hotler so I'm going to hedge that and see how that goes so I'm going to hope that it goes higher and that the election is solved. And that there's a clear winner that's the main thing we're hoping for and that you all vote everyone should vote if you're in America and you're allowed to vote. Hey you can vote with your dollars check out the world crypto network store at worldcryptone network dot store you can get the world crypto network mug the treasures don't vote t-shirt Bitcoin not bombs the 2020 special edition or world crypto network the store the shirt. And that's it at worldcryptone network dot store moving on to issue three micro strategy CEO personally owns 240 million dollars in Bitcoin and he's telling people about it. Josh go go is this a good idea has the micro strategy guy gone a little bit crazy is he putting too much of his money into Bitcoin and I think more importantly is he talking about it too much. No I mean this is this is perfectly sane in an insane world. Yeah we used to say don't put I think I've said it before on this show but don't don't put. Only put as much in Bitcoin as you're willing to lose and nowadays people are saying only put as much in the bank that you're willing to lose because as all these businesses go broke you don't know like are they paying all the debts that they're owed are they defaulting on it as they're going to be a domino effect people are scared of this sort of thing I mean so they should be because the the state can only. bail out for so long before you start having massive sort of inflationary effects and this is what's happening with the ECB this was happening the US we will see more I mean the rent here in Berlin for instance rent everyone's blaming greedy landlords and it's ridiculous because the rent and the property prices are so ridiculously skyrocketing. For the last five years it's almost like a double it's silly it's gone over the top so I think if you have a large amount of money I think you know this guy it's obviously got some risk not isn't very risk a version of us you know obviously you want to diversify into other rare assets like land and and other sort of things that people want pork bellies and you know is. Gold but but generally I think it's a good idea to get the hell out of out of fiat for sure. Well certainly I welcome him to Bitcoin and I'm glad that he has such excitement for it but I agree with the chorus of people on the internet who say what about the five dollar wrench attack this guy has lots of money has lots of security but 240 million in Bitcoin especially if you can market down on a square and say okay has that now. What's he gonna have in a few years and so I worry about him for the future I hope he does well I'm excited. That he's talking about Bitcoin and though at the same time I do think he's pumping his own and his companies massive investments which recently paid off for them they did well already. But again I'm a bit wondering why didn't they do this you know seven years ago five years ago they could have just watched mad bitcoins and they would have known what to do so they're little. Late adopters but I'm glad to have them and their millions which of course I invested all of my millions into Bitcoin then I hear thoughts on the 240 million dollar Bitcoin man. Well I mean the glorious thing is that they're not late adopters are they so you know we always spoke about. I mean it was obvious like five years ago that people around us were in Bitcoin before Wall Street had flooded into Bitcoin. But it still hasn't flooded into Bitcoin a few firms have started buying up some Bitcoin you know what micro strategy being what and that will you know the profits of astronomical so I think my strategy they they made think was 78 million over three and a half years as a tweet about it and in the past two months they made a hundred million on their Bitcoin holdings although they haven't obviously you know sold any of that so it's a double they've still made a hundred million so they made a lot of money and all their friends are going to be seeing those sums and they'll be one in a piece of the pie so this is this is this is the moment this is the domino effect when they all start pining into Bitcoin but you know on something like the housing market Dominic Frisbee the guy wrote the excellent Bitcoin the future of money great book should read everybody he he did a little video on death destitution and divorce and how the some of the societal issues around covid will really heavily impact the housing market in death destitution and divorce will cause a lot of houses to supply and demand double more properties on the market to buy and that will affect the so that the housing bubble will will pop so I'm not sure we should will that to happen but hopefully people would have diversified some of their portfolio into Bitcoin so they they can buffer the impact of that loss but no it's it's he's done well and maybe is just pumping his bags but you know as it said before it's it's it's we're upon and there's this huge ocean of assets which of capital which could flood into Bitcoin so yeah it's you know well done is a good play on that on their behalf and it was it was you know is it was calculated it wasn't just an impulse by they they they he he'd been a critic of Bitcoin in 2013 and then he's seen Bitcoin continue to survive you know the only budget doesn't care and and then he'd he'd look seen that you know the u a s f staff and and how we got the segment in and the the the ecosystem growing and I think now they just think that also it because he was openly a critic it does maybe you know the pishiffs of this world will see that you'll this this microstrage go lead by example and the critics of Bitcoin that went for so bad if they turn on a car okay whatever maybe I was wrong and I bought some Bitcoin and it's not the end of the world you know it's so hopefully who will inspire lots of other capital investors to put money into Bitcoin and not be scared of going back on their previous stance that Bitcoin was you know some bubble or fire or whatever and I think that leads well to the exit question many companies and their corporate boards are investing in Bitcoin as a reserve currency they're storing part of the company's money in Bitcoin which company or in Bitcoin or industries of companies will be next to store their funds in Bitcoin Josh congola PayPal. Pay pals and excellent guests I would go with Apple computer Ben Ark governments man governments are gonna start you know asking for taxes in Bitcoin and they'll they'll start accumulating Bitcoin so I suppose then it will be okay Wall Street said but you know government still haven't piled in yet Paul Dignette and then that will pile in. Governance is a good answer. Governance and Microsoft moving on to issue four. John Nash Satoshi Nakamoto, Bitcoin.com has published another in their series of articles about whether or not John Nash, famous mathematician and economist, could be Satoshi Nakamoto. There is circumstantial evidence and not much more. But what do you think Ben Ark is John Nash Satoshi Nakamoto? Oh, I didn't know you're going to slip this article in. This is really getting much use just flowing now. I love the idea of John Nash because I mean, this is the founder of Game Theory or using Game Theory to try and predict what was going to happen in the Cold War when he was working for John Nash and what's your beautiful mind, the film? Then read what actually happened to John Nash. In a beautiful mind, it has a schizophrenic breakdown and then he gets all duped upon all these antiscuits drugs, which means he can't do maths. That's why I didn't do maths for however many decades. However, in reality, what happened was John Nash became obsessed by money. He did have, he was schizophrenic, but he ran away to Switzerland and his family had to go get him from Switzerland. He was there for about two or three years because he said that's where the best money was. That's where the people who understood money were. And that was during the 70s. So he was always interested in money and then he later, I mean, towards the end of his life, he started doing tours and talking about this concept of ideal money. And for why I can gather an ideal money would be, it wouldn't be something like Bitcoin, but it would be the results of something like Bitcoin existing in the countries and other money, fear currencies would have to compete with Bitcoin. And then they would make much sort of stable occurrences. People could rely on them, that would kind of be an ideal money. So game theoretically, the best play, if you know that this thing's going to happen, would be to make the thing happen. And then accumulate a lot of it to begin with and then store it and then wait for that thing, the Bitcoin to become very successful. And then look, he then got, so John Nash as a patriot and as someone who, you know, he did love his country, maybe not towards the very end of his life, but for much of his life when he worked for the US government. It does make sense that, you know, game theoretically, sit down and he said, okay, well, this thing's going to happen and other things going to happen. Let's have a hand in making it and then let's accumulate lots of Bitcoin, store it, stash it, lock it up. And then when Bitcoin is successful, you know, and the US can then turn around and say, here we are, we've got, you know, all of Satoshi's coins. So that I think there's a good case that it's John Nash. He would have known about, you know, the Cypher punk, he was a cryptographer and he worked in cryptography. So it makes sense, it makes sense that he would have been aware of what was happening with, you know, Bitgold and Xabo's stuff and why dies, you know, papers and he was had an interest in it, had a, and when you watch a beautiful mind, when you actually read what happened to John Nash, it almost seems like a beautiful mind to film is a piece of propaganda to say, okay, he didn't produce any maths for this period because he just gets foreign accounts on drugs. In reality, John Nash, and he'll admit this in interviews, he never took drugs. He thought his way out of schizophrenia. He refused to take drugs to deal with his medical condition. So it's a fascinating contrast of fiction and fact. And then why was this piece of fiction put out there? And what's he working for all those years, but just not publishing, which is I think much more likely? Josh Gagala, your thoughts on John Nash, Satoshi Nakamoto. Man, I feel like I'm Chuck Berry coming out after, after Jerry Lewis burning the key piano. How can you, how can you, how can you come on after that? That's, that's, that's pretty hard. But you're right, Matt, all I want to see is Russell Crowe, the second Australian being Satoshi Nakamoto, that would be pretty cool. For those that don't know, he played John Nash in the movie. I, yeah, I mean, I would, I would be injured. And I definitely love the thought because I love the thought that he's now passed away. And yeah, we don't have any more humans to like point the finger out and go, oh, look at evil. That person is or this person is or look at his faults or her faults. I really like that Satoshi is just this avatars, this thing that isn't really there and isn't attached to a human with faults. But yeah, I, I, I, I sort of doubt that he would be good enough. I mean, I don't know, I, I, I don't know what a sort of programory was. So I would like to see his skill set on coding if he ever coded much. Yeah. I mean, Satoshi wasn't the best coder. So. And I think that blends well into the three Satoshi theory that I'd like to bring up again. Perhaps we have no idea, no one knows this. Perhaps Satoshi Nakamoto is more than one person, just like the Holy Trinity and all that. There's three Satoshi's. There's the old Satoshi who had all the ideas and the wisdom, the young Satoshi that wrote the code and the others Satoshi who was smart enough to know not to put their names on any of it. I think if you put them in the three positions, perhaps John Nash as the older one, Peter Todd as the young one, maybe Nick Scavo, Adam back, somebody else as the third kind of smart person to round out the Trinity. But I like this idea of more than one person as Satoshi. I think it's more interesting to think about and expands the idea of this being just a one person project to being a team project. Like most things are. I mean, it was a team, you know, if you, sorry, Tindra, it was the whole paper. All the technology was there. It just, it was like a good poem. The words were already there. It's just Satoshi really made the beautiful poem out of it. And that's what you got to remember. There is the other candidate who I really hope it is because there's something very useful about thinking they could just smash all these different technologies together in a way which other people hadn't dared to do. And then and then actually make Bitcoin. And there's something, I don't know, there's something quite youthful about that, that just that the courage to do that. And also the way how Finney spoke to Satoshi, it's very much like, obviously it was a mentor type figure, but very much like he was speaking to a young person. And there's that crazy like Peter Todd thing where Satoshi went away, wrote his last post. And then it was literally about two days later, Peter Todd's like, oh hi guys, I'm back from, you know, I can studying fine art or whatever I was doing. And I would love that if it was Peter Todd, because just because of the way he is, like if he is Satoshi, he then spends the rest of eternity just trolling all these Bitcoin conferences just sat in the background as a computer. But I think I think Peter Todd is a good candidate just because of the just the gumption that youthful energy that that courage to actually try and build this thing. But yeah, I don't know, there's so many candidates. And then Peter said a couple of times, or especially I remember once saying, I can't believe I didn't think of this. It's obvious. And there's also a big question. And anger that he didn't invent it. Because he was, he was about on the Siphon book mailing list before Bitcoin and he was pro-comming stuff. Yeah, and then there's these weird like, if you go and I think it was on his GitHub, there's like some very dumb basic like Python projects from when he was younger, which were like way below his ability, you know, and he was the first, but he did write the first Python Bitcoin, sorry, yeah, Python Bitcoin implementation, I think as well. But yeah, no, I hope it's him. I hope it's Peter Todd. I did want say to Peter Todd actually in conversation, we were talking about something like, I don't know when Bitcoin was creating and I said to Peter Todd, I was like, well, why did you do that, Peter, when you made Bitcoin and he sort of looked a bit shocked and scared. I don't know whether I just asked a really weird question or whether, you know, I'd foiled his, foiled his cover. Mark, do you think it's Peter Todd, leave a comment? We'll have to see. And that goes well into the exit question is John Nash Satoshi Nakamoto, Ben Ark. Where else is Satoshi Nakamoto apart from obviously Craig Wright's a decade? Josh Kagala. We are all Satoshi Nakamoto apart from Craig Wright. I like the three Satoshi's let there be three Satoshi's and as for Peter Todd, he told me he was studying ceramics very, very believable, very believable. Oh, that's an interesting mistake to make. Oh, wow, it killed it. Okay, so I have to see how that works. I think we're still on. Still good, everybody? Yep. All right. Moving on to issue five Bitcoin hash rate drops as China's rainy season ends mining Bitcoin in China is a profitable business due to cheap hydroelectricity at least for as long as it rains. Is this true? Josh Kagala is the end of the rainy season in China, really having such a major effect on the Bitcoin hash rate. It definitely could, could have, yeah. I mean, the hydroelectricity is is one of the major things powering the Bitcoin network. I actually always found it fascinating because people would say, oh, but you know, it's so much carbon going into the air. You're using the same electricity as a single country and you're like, actually, you know what? People need to find cheap renewable energies to do this because everything else is too expensive. Hydro is so cheap because it's just constantly going. They can't turn it off. So you just sort of tap it into something else. But yeah, it definitely could be, yeah. Ben Arck. I like this because it was like before we had all those dream, we used to have all those stories about all the the coal power plants. Powering the hash rate in China. And now it's hydroelectricity. It's great. And then also this idea that it's it's it's it's not a stable energy source. So a lot of these Chinese miners are actually looking to move to place like North America where they can be guaranteed cheap cheap energy cheap. You know renewables. So it's great. It's exactly what we were saying a few years ago about how actually encourages chasing renewable sources of cheap electricity. But yeah, I mean, I mean, I imagine a lot of the I was kind of thinking about this. I can't remember the name of the region in China, but I imagine if it's wet, then it's probably mountainous and then it's the Chinese energy infrastructure. They haven't got like a national grid. They have like a plants which then service, you know, a bunch of towns or cities or whatever within the sort of region. And it's disconnected from other parts of China's massive obviously. So whether it's more a fact that, you know, because these regions aren't connected as much to other parts of China that they have a lot of surplus energy. Or whether it is just this rainy season thing, I don't know, but that's great. It's great that that tracing renewables. I agree with Ben. It's great that we're mining some Bitcoin with some renewable energy. And a lot of times these hydroelectric plants, other plants like this get too much power and they can't supply it all to the grid. They don't have enough batteries. And there's nothing to do with this power. So it's much better to use this power to mine Bitcoin filling up a battery full of Bitcoin's instead of a battery full of electrical energy. That you might not be able to move down the line might just stay there or just letting it go. A lot of these hydro plants when they reach their capacity, they just let the extra energy go because batteries are so expensive and Bitcoin miners, presumably cheaper. Moving on to the exit question, is it a weakness though? Is it a weakness for this power to be concentrated in China? Do we need to distribute this power to hydroelectric plants all over the world? Josh Kagall? Yeah, absolutely. We should. And I mean, we should the market will. All of a sudden it'll be rainy somewhere else. So they'll try to shift these these basics somewhere else. It's definitely definitely not only that you're looking at in Greenland, they've got surplus energy. But the thing is they they ship it because there's so many other country they can ship it elsewhere. So they pipe energy from thermo geothermal energy over to Russia down even to other parts of Europe. So yeah, we'll see if they actually use it for Bitcoin mining, but I think that's surplus energy when people just there was an article that was two weeks ago that South Australia was the first country first state in the world, first geographical state to be totally running on solar for an hour. So that's amazing. And we're going to see more and more renewables around the world take off and renewables are renewable. So you just, you know, if there's any excess power, you plug a Bitcoin miner in Ben arc. Yeah, I think partly why there was a lot of mining in China to before was because that the they were subsidized because they thought it'd be good for the Chinese economy. And then there was a paper released which said that actually it makes up such an insignificant proportion of the economic output of China that the Chinese then stopped subsidizing the Bitcoin mining, which is probably also why we've had more of a move just into the renewable game. But the other reason that miners were predominantly based in China as well is because that's where the AC chips, where's where the mining equipment was made and transporting this stuff takes time by the time you're transported that you've lost a whole bunch of money. It made sense to kind of, you know, make them and then fire them as quickly as possible. So do do that, you know, actually in the country in which you're making the miners. But I think now that we've hit that law. What's that law called where you can't like increase the it's harder to increase the productivity of the computers. I can't remember the name of the law is what's it called you guys know more as law. More law there we are. I think we sort of button up against more law with the with the mining equipment now they have a longer lifespan. It's not true. I know I might be fake news. I just be speaking about it. I think I'm right. But I think they have a lot of life. Yeah, definitely. But the other the other reason which you missed is that a lot of these power plants are in these ghost cities where China built these huge cities with electric power and everything and these power plants were begging miners to come because it's like we have all this power has been created. We need to show something so let's make us some money. And so miners were taking up in these ghost cities that literally cities with skyscrapers and no one living there or a few people amazing. Those are crazy. I've seen videos of those ghost cities. They're amazing in China. All right. Let's move on to predictions or story of the week. Go right back to Josh. Joshy ready with a prediction or a story of the week. Well, the story of the week is definitely that tomorrow is the birthday of the white paper. And we shall. I hope maybe we can do something on the work group network and celebrate that moment. Bitcoin will be 13. I think that right. 13. And yeah, it's old enough for Calvin air. All right. Ben arc and we should definitely try to celebrate something on the world crypto network tomorrow. We don't really have anything planned so far. But if anyone out there wants to join us, maybe we'll pick a good time in the middle of the day. Maybe do a reading of the white paper. Just talk about it. Something like that. Be good. Maybe get the audience in Ben arc story of the week or prediction. Oh, yeah. I kind of forgot to mention it in the previous topic, but I guess it could be a story of the week is the stress testing Bitcoin, the mempool size. And all these transactions. We shall get and confirmed. There was some tweets from Pavalex, I think in John Cavallo on. While it's like blue wallet and electron making easy to cancel transactions. And now that's a problem. What cancel transactions user replaced by fee to cancel the transaction. And then that's sort of filling up the mempool with these transactions, which aren't, you know. People are committed to actually making these transactions and there's some. That's a big enough. I double stand up often. That's not orphaned. I mean, that's that's, you know, that's the feature. You know, the replace by fee is a feature like it. I spent this week trying to shift my hosting and domain services, which I use to services, which accept lightning Bitcoin over lightning. Because I don't like paying making on chain transactions. I hate it. In fact, because I think why should this transaction for some hosting like now be verified forever as a single transaction on the Bitcoin blockchain seems like a complete race waste of resources on the topic of energy consumption. It seems like a complete waste of resources to me. I don't want to do that. I just want to pay over lightning for hosting or for for a domain name or whatever. And I tried using bit clouds, but there's some issues and I tried using Kato miners host for coins.net. But he also had some issues at the same time. So for much of the week, there was literally no services on the planet for hosting Bitcoin. Sorry for hosting, you know, for paying for a host using Bitcoin over lightning network, which is insane. So that's why we've got a full mempool people are using the Bitcoin blockchain for wrong for the wrong thing. And I hope that with the stress testing lots of people flooding into Bitcoin that will drive more people to do their stupid mundane transactions off chain. You know, it is, lightning is secured by Bitcoin blockchain. But you know, the details of that transaction don't have to be stored forever because it's a mundane thing. So the stress testing, which is happening at the moment and the delays in people having transactions confirmed will hopefully encourage people to not use the Bitcoin blockchain and Bitcoin transactions for such mundane ballaks and use it for more important things. Like opening channels, for example, to, you know, to the lightning network and things like channel factories and whatever else and all the great stuff we've got kind of come around the corner. So hopefully you'll encourage development in that area and scaling as opposed to as opposed to just sort of winging us to why Bitcoin won't work for, you know, me sending on chain transactions to somebody else for some small amount of money. In the early days when Satoshi Dice first came around Satoshi Dice was a cool little game where you send some Bitcoin to an address and you would have odds of winning and it would provably fare through some amazing math that you could check afterwards the odds. And if you won, it was binary. If you won more Bitcoin will come back if you lost your lost your Bitcoin. It was Eric Voorhees. Anyway, a lot of people said, this is spamming the network. This is spamming the network. You're using Satoshi's because people would like bet Satoshi's, you know, or like 10 Satoshi's and stuff. And this is spam and everyone's like, whoa, that's an interesting topic in the spam transactions. No, there's no such thing as a spam transaction because if you pay for the transaction, then it's not spam and all this stuff. But a lot of people said, no, it is spam and that term stuck around your spamming the blockchain. But now as the blocks are getting full and full, your now stating Ben that a coffee or paying for hosting would be considered spam in your eyes because it shouldn't be on there. It's just a useless transaction that shouldn't be stored forever. We should be opening a lightning channel. Yeah, absolutely. This is quite cool. I should have a sign of scaled up the spam. So what would be spamming will, you know, buying a house on the Bitcoin blockchain, we consider spamming at some point in the future. You know, yes, exactly. Pretty crazy. Well, my story of the week is the same story of the week is last week. The American president, the actual election is on Tuesday. We're going to get to see what happens in the first phase of the exciting new events. If it's a landslide democratic, it probably won't be challenged in the courts and the state legislators. If it's close, it will be challenged in the courts and the state legislators. It's even possible that the brand new Supreme Court justice gets to decide who wins the election just like the founding fathers always said it would be. So everyone please vote vote safely wear a mask vote by mail drop off your ballot. It's too late to mail it in, but you can still drop it off at a polling place. Vote be safe by some extra food. I don't know about the stock market and the Bitcoin with all this happening. There's a lot of uncertainty. So we're going to see how that goes and it's going to be very exciting on Tuesday. I hope you have a smooth democratic democratic transition of power. That's what I mean. It's a miraculous thing, which a lot of people underestimate. I hope it's a smooth transition of power. I really do. It's happened a lot of times, but usually the president doesn't owe so much money. So it's very important if you owe a lot of money to stay president. So we'll see how important that is to him. Josh, do you want to say anything else? Yeah, I mean, I just hope I just can't wait to not see Trump and Biden. I'm super excited about that. That's the reason why I quit Facebook when he was running the first time against Hillary Clinton. I just got so sick of seeing their faces and people arguing. I was like, oh, quit Facebook. And I never went back. I like to say, but quite often I like Google Trump news, you know, pretty much daily. I'll write Trump news because I just want to see what the buffoon said. He's getting a certain event's taming also tragically sad as well. Just like they said in apocalypse now, you know, someday this election's going to end someday this election's going to end. So we'll see how it goes. Thanks so much, everybody, for watching us. Give us a thumbs up and a share. Did you like the show? Give us a comment down below. Say something in the chat room. Follow us on Twitter, all those kind of things by a t-shirt. Thanks so much for watching, until next time. Bye bye. Bye bye.