#265 — The Bitcoin Group #265 - Mining Difficulty - Be Responsible - Strike Coinbase - Whitepaper

The Bitcoin Group, the American Original. For over the last 10 seconds, the sharpest Satoshi's, the best Bitcoin's, the hardest cryptocurrency talk. We'd like to welcome our panelists. Man, Eve, the crypto raptor. Open South forever, baby. Martin Wismer from General Bites. Good evening, everyone. Josh Shigalla from Voltoro. Still muted, huh? The hash rates dropping, somebody else. One arc from Ellen Bitts. He's muted too. Adam McBride from the Adam McBride show. Bro, I am not muted. Great to be here. Let's go. All right. And I'm Thomas Hunt from the World Crypto Network, moving on to issue one, issue one Bitcoin faces the largest ever negative difficulty adjustment. The Bitcoin network is expected to see its largest ever negative difficulty adjustment today of over 27% retargeting from 19.9 to 14.4. The retargeting is expected to occur later today, mainly caused by the mass exodus of Bitcoin miners from China. Yes, China finally made good on their, their goal to ban Bitcoin and they banned it. Someone give us a thumbs up right now. Dan Eve, your thoughts on Bitcoin's negative difficulty adjustment. Well, I'm surprised we haven't seen more like mining deaths, viral articles and loads of chicken, looking sky falling down and the kind of general fad. So it's kind of good that we haven't. Like the difficulty reached a high of what 22.77 trillion, currently sat about 18.12. I remember like when I was doing my calculations in 2013 for where the mining would be profitable, the difficulty was like 10 or 11 million. And I started to spreadsheet now. So I think obviously, you know, this is a huge adjustment down. The the task rate went from like 171 exa hashes that reached a sort of low of about or 58.98. So that's like a 65% drop. But and I think the kind of the interesting thing about that is that if if whatever almost saying was true, all they were standing behind their arguments that all the mining in China is coal based, then we've just removed 65% of coal based mining. So we must be getting closer to that 50% threshold of musk and Tesla getting back in the game. And maybe that information on mining outside of China is going to be easier to to assess and analyze and and yeah, and see if we actually are reaching that that 50%. But I say overall, hopefully, you know, hopefully the the the the hash rate obviously is is is you know, back on the way up it reached low of 1558.98 and is back up at about 96.4 lines. So it's nearly, you know, not double, but it's definitely significantly up on its low. So I think we're over this this hurdle. Z. We did it. We saved the environment. Martin Wiesmer, your thoughts. Yeah, I'm not sure if it was all coal based. You see reports of hydro energy plants now up for sale in China because they're blocking that the rivers and generating electricity in the middle of well, basically nowhere. So the electricity has nowhere to go. So there's also lots of hydro power up for grabs now for centralization. I think it's good. We're moving out of China. I'm not sure where it's moving now. Even if it would remain offline, it wouldn't be a big deal. There's plenty of hash rate as Dan already said. And but I've seen reports. People are now moving to Texas to use methane gas, which would normally be flared off or nuclear energy, which is, well, I don't know, it's still nuclear. So our green bitcoins are no longer coming from hydro dams, but instead we use methane gas and nuclear energy to power our blocks. So I don't know if might as well stay offline. I honestly wouldn't care. The network is secure enough. So it's just if it goes down any more, then I'll just start up my own miners again and dust them off and start mining again here in the shed. So yeah, okay, I'm not too worried really. Wouldn't it be great if all the bitcoin mining led to an excess of nuclear waste? And that's finally what did in the species. They're like, they mined this imaginary online currency so much with their nuclear reactors, they created so much waste. They polluted the whole planet and they couldn't continue on. Adam McBride, your thoughts on the bitcoin difficulty adjustment. I think it's wonderful, man. I think it's actually it's taking care of the one biggest risk to bitcoin in my opinion, which was China. Having not the energy, I think Elon actually did his a favor by pointing out the energy thing, even though it was complete fud and not really based on science, it pointed out the biggest weakness to Western governments, which is the energy thing. That was how they were going to try and kill it was energy. I think this takes that off the table and it gets to get those minds out of China, which to me was the biggest risk to the bitcoin network. So Bravo, it's good stuff. Thanks to Wally in the chat. Let's go to Josh Shigala. You know, I got asked by some publications today to in an interview about this question and really it comes down to it doesn't really matter. Like the bitcoin network is so overly protected that people don't quite understand how much hash rate, how many computers are beavering away on this puzzle that is trying to find some zeros in front of a hash. It's so vast that and I did this calculation when it was like one extra hash. It was like that all of Google, if all of Google pointed their hardware at the bitcoin network, it would add like around 1% of the network. So it's impossible. There is no network on this planet that can 51% bitcoin right now. So even if this stays offline, all that happens is the difficulty readjustes, readjustes, the mining keeps on going and eventually the mining hardware will find a new home where it's legal and it's got a secure road to continue its fans blaring off into the night and it'll just come back online. So not worried at all. It's part of the network. It's wonderful. It is what it is and it's actually yeah like Adam said it before that the risk the network that it was China. I wouldn't say China as such if it was in any one country. It's a risk to the network so it's great that it's moving and diversifying and like anything it's trying to find the cheapest hash power. It's trying to find the cheapest energy. So that will most likely be in cooler climates and most likely I mean Greenland some of these countries are just insanely good. They've got a lot of runoff, a lot of energy that's needed to and we've talked about before on this show where power plants are actually started to buy up this hardware and use it to basically store excess power because it's very very hard to regulate in real time by winding down energy production or winding up energy production. So what a lot of them do is they just capture that energy in the form of bitcoin and at nighttime instead of winding down the machines on things like hydroelectricity like or or a thermal you know geothermal power you know the why turn that down just keep it going it's just pushing steam. I know I always feel a lot better knowing that Martin's always got some extra machines in his shed that can just fire it up man. I always that just makes me feel good. I just I go to bed at night and I sleep like a baby knowing the martin zon watchman knowing that a trillion dollar network is secure by mountains usb miners. Don't worry about it. Fence or safe. It will be saved by the usb stick miners. I just want to second what Josh said there and show some support for the bitcoin network. The diva the mining went down 30% yet the networks fine the transactions are still going everything's okay the bitcoin still secure like Josh said you still can't hack it. What an incredible invention what an incredible device right if 30% of the bank servers went offline do you think they'd still be up would eBay still be online. I was just days ago something like cloud flare or something else we don't even know about like flurry or cloudy or something it went down fastly and the whole internet went down right the whole internet went down bitcoin loses 30% no problem and like Josh said when the miners come back online in different countries the difficulty will go back up so we still got lots of time on this Ben argue your thoughts on the bitcoin difficulty adjustment. I mean we were at what 90x ashes in January and now we're back just under 90 so you know bitcoin was more than secure back in January well throughout the past sort of five years so we really don't need to worry we can drop significantly more before we would need to worry as Josh said it's overly secured and this I mean we've just lost the mining pump we had because the price was pumping so you know all these extra efforts were going into increasing that hash rate now I know that the the the the Chinese miners have all turned their miners off but they're shipping them around the world right now those miners aren't going to be idle for long and they're going to find more friendly jurisdictions and probably a more sustainable realistic way of mining bitcoin rather than because it in China it was predominantly government subsidized coal power plants which were which were mining the bitcoin with runoff from prepractically free energy which is completely unsustainable now on that mining we'll move around the world to places where it's sustainable so no we don't need to worry we're just back where we were in January despite a huge amount of these Chinese miners turning their mining off and yep they'll just I'll just find new places to sell shop and then you know when it comes to more sustainable mining of course we've got El Salvador and their volcanoes so hopefully maybe some of the miners will make their way to El Salvador and build out the infrastructure there and stop those miners to those volcanoes limitless power it's interesting Ben I'm reminded of something that Vitalik Booterin said in a speech a long time ago and he said that the minute you finish making an asick or an asick chip you want to plug it in right away so the factory in China you want to walk it across the street to the factory where you mine the bitcoin and there seems to be nothing economically nothing scientific that you could change this whenever you put the miner in a box you start losing money because you're shipping it somewhere and it's not mining well that that was more true back then when miners were being updated quicker whereas now we're sort of putting up against more solar and miners don't change too much now so you can move them around the world a little bit but yeah that's that's a funny one that most most of mine is offered used in China so now there's been a bit out of time. I'm paying the libertarian bell because the only thing that could change that is government intervention the government of China stop their people from being the most convenient place to mine these bitcoin so thank you China there you go and moving on to the exit question building on what Adam McBride was saying if China banning bitcoin finally banning it kicking the miners out really doing it this time we've been through a hundred other China bands if that's the worst thing that could happen to bitcoin and now it's happened and we already went down because the correction and the price doesn't seem to care and difficulty is going back what else is there what else can happen to bitcoin that's bad so give me a bad thing that could happen to bitcoin another country some kind of media attack let's go to Dan Eve crypto Raptor well I think Prof Wally's brought up a good point which is what if they they compel the ISPs to ban port 8333 and just keep on trolling and rebanning the ports like that that would become a wicked game of cat and mouse that's probably quite a potential threat but I think you know China's been kind of on and off for years so it's almost like you could see coming in the market knew about it you know the market kind of shrubbed it off in a way and over and saw the benefits over the down the negatives sides Martin Westmer I'm not too worried about that then I've been running an open port 8333 for years and noticed about a hundred nodes connecting to my note here at home recently I switched to Embrale for my notes software which by default blocks port 8333 and there is only 10 nodes connected but still it's connected to the network and it connects over Thor so any so from an ISP or a government perspective I'm watching a lot of dubious porn on dubious sites or something but they don't know what's happening because everything is going through Thor so blocking port 8333 will only temporarily I think for about 70% if all the countries in the world would do that at the same time for 70% of the nodes would have problem but I think within say a week or so all of them will be running behind Thor right now there's about 30% of all Bitcoin nodes running over Thor of course if Thor has issues then it will affect the Bitcoin network but I'm not too worried about that it is something to consider if you're running an Embrale node by default everything is over Thor I believe other node implementations do the same if you do want to enable access to your Bitcoin core over port 8333 just forward that port from your in your router forward it to whatever internal IP address your node has so then you can still contribute on the open clear network while you do all your transactions over Thor that I do think the biggest issue for Bitcoin in general would be if well that's happening now regulator regulator start blocking on and off ramps so it makes it harder to change your worthless fiat into valuable crypto coins and that is something you're seeing more and more so we'll need more fiat on ramps and off ramps basically that are decentralized I think this is something that really needs work I think business network is one of the few ones that does it now is not the only one all the other ones just all KYC AML senders cover an ID senders yourself a holding a little note it says I want to be verified on bitflex or whatever you know so that that that that is I think the biggest risk to Bitcoin right now but positive side they can't do that everywhere in the world I'll solve for door and other countries will start you know like using it as legal tender so will be impossible to block everywhere at the same time but I think this is this is something that within a few years become more difficult because of the fat the f travel rule and all the other new accounting requirements that are being implemented throughout like the us and europe but we'll see we'll see we'll deal with it when it comes but we're not going to let us them shut down our network well I for one would welcome this kind of attack on Bitcoin it's time to harden up the network and get those ports fixed I even think they should go so bars to ban all QR codes and then we'll do like Andrea said we'll embed them in kitty photos and we'll send around little kitty photos of cats right cat kittens baby kittens thank you but yeah they'll be kitty photos with Bitcoin in them and oh my god how are they going to stop that I also want to give a shout out to umbrill that's a good job software configuring it to use tour by default people don't even know what they're doing if they get it installed it just uses tour that's the way things should be uh atomic bride uh what else would they throw on ramp off ramp is the thing that could happen right now there would be the biggest risk um along with that I would say you know the us if the us um just made it illegal um that would you know crush uh Bitcoin would end Bitcoin but it would crush it uh to a large degree um just because if they made it illegal you know 95% of the US population just wouldn't touch it because they don't want to get in trouble with the IRS right um but other than that uh it seems very very unlikely now so uh I think we're good to go I would also like to see the US that's a good example uh Ben Ark what else could they throw at Bitcoin or Joshua you ready that's um which one I've got a bit that's the yeah that's I think I don't think it's unrealistic to think that the US could ban or try and ban Bitcoin um and make illegal to use Bitcoin they they seem to be ramping up to to start a bit of a scrap with Bitcoin uh as they lose out USD here John had John and me over the central and South American countries which they've controlled for so long um uh yeah and and other countries joining in the fray as well so that I think that that will be the next big battle is uh big nation states trying to ban the use the use of Bitcoin um and they'll use things like the colonial pipeline ransomware hack there's an excuse which they're already you know trying to do now um uh so yeah that I mean I think that's that's that that that would be bad for Bitcoin but it's anti-fragile so uh what's that phrase by thing we bobby that the network sees censorship like and root shroud it was the was the phrase these censorship has damage in routes around it that's the one thank you Thomas let's go to Josh Shagalla go ahead Josh um yeah terribleism basically uh some some terrorist will you know uh do something terrible and uh and then demand Bitcoin for it and everyone will they'll use the uh error could be a false flag you know you never know what they do they just run some old game and then uh and say that it's terrible and then everyone will look at you like what you're in Bitcoin you you're helping the terrorists and uh and you're like oh but there hasn't been any terrorist since we've had COVID um while of a sudden you know and then you can go down a rabbit hole of reasons but I think that's probably what what could could definitely put a dent in uh it's the psychology of people like they don't want to be associated to anything uh terrible and um and this is a typical motorcycle runde of power groups um yeah that they they they associate something with something really bad and then if you're if you're if you stand up for that thing then you're doing something really bad it's like the ultimate stormer uh when really you're you know you could say the same thing for shoes the terrorists wore shoes you also wear shoes so you you know like you can do the same thing but of course that just sounds ridiculous but when it comes to Bitcoin that could sound not very ridiculous you know man Josh you're you're a hundred percent right dude that that actually is a hundred percent right I mean we also saw that coming with um with the green the greenies all coming in and the movement just by a whole swath of people like Bitcoin's evil because it kills mother nature you know you saw that happening and Elon pointed it out and I think that is you know at least been put on the back burner but to Josh's point it's right as rain man imagine if I don't know some kids get kidnapped tomorrow five kids in the United States and the ransomers you know they demand Bitcoin in exchange for the kids good lord I mean you realize it's silly it's stupid to associate one with the other but that's the way human nature is and and our society is completely susceptible to that that's a great point Josh yeah I'm all I'm all it's less dollars for kidnappers and those damn veribonds they're always you know it's the veribonds fault go ahead Dan so Daddy see people out there if you're gonna kidnap or do any crazy stuff use like those coin or something please for the love of God exactly they should just demand dollars hundred dollar bills yeah hundred dollar better the dollar bill well I think it's a preview on it in tether hello preview the next issue there from Josh moving on to issue the US State Department urges El Salvador to be responsible about Bitcoin adoption they're saying the United States is taking a tough look at Bitcoin following a major ransomware attack and suggested that El Salvador take a similar approach yes just as we were saying that when they hacked the pipeline they asked for Bitcoin they didn't ask for dollars therefore all of the people buying and selling tacos and burritos on Satoshi Beach in Venezuela will no doubt be funneling millions of dollars through the taco stand Adam McBride is the United States government correct should El Salvador be responsible and be careful about come on careful about what I mean realistically about what El Salvador I mean if we want to get real I'm I won't even go into the political situation in El Salvador other than to say it's messy right it's a terrible economy it's government involved in every aspect of it very difficult to run a business in El Salvador there's been a huge brain drain of talent from El Salvador because of those reasons you know do I think the president of El Salvador's genius or really cares about Bitcoin I think he cares about himself and you know I it may be good for the Bitcoin community but I think the Bitcoin community also needs to temper it a little bit push pump the brakes a little because remember we're not talking about a well-run efficient great country here so you know temper the brakes pump the brakes a little bit this isn't the perfect country to be adopting Bitcoin for us right so grain of salt hey it's okay we're moving in other countries are accepting it now they're accepting it as currency or they will great but don't Bitcoin nation please don't jump all in like this is a great thing long term for Bitcoin this is a country with a whole lot of problems just leave it at that it's only going to take one small briefcase to let them sneak all the Bitcoin out the back door Joshua I mean yeah you think about it Thomas you think hey this might be just a more efficient way for government officials to get paid could be I was going to go to I'm saying that's happening but it's certainly possible it's so fight you could just fit it on your person and you know we could play the guy leaving the country and he's got this little Bitcoin wallet hidden on his person and just so small I mean do you think 20 15 20 years ago the guys who were running Venezuela wouldn't have jumped all over this all over it the dream dream I mean we talked before about people trying to sneak gold into other countries and you know you put it in the car and it weighs down the car and you put too much of it in the car and it breaks the axles it's so hard to sneak all of your gold out of these countries and especially factories tangible assets vacation homes you can fit it all on one little usb stick with Bitcoin it's I mean you think about the one other kind well one country that is majorly adopted Bitcoin at the national level and it's North Korea like they're very involved in Bitcoin right is that a good thing for Bitcoin not we never talk about it nobody ever goes there they didn't send that tattooed guy to get the picture with the metallic tattoo guy come on we got you know Kim Jong-un wants to support us with the Bitcoin a national team yeah I look we had Dennis Rodman he was pretty tattooed up the tattoo guy I think it's a tattooed representative I'm on board with that I look yeah it's um oh man it maybe the US should have a look at being responsible physically itself I mean what do you know what imagine the really obese guy telling the the the slightly fit person to sort of you know watch what they're eating you know like can you can you have a look in your own backyard you know that that's that's what I got to say about that I mean it's ridiculous be responsible I mean look people of America have a look at your property prices have a look at your oil prices have a look at the wood and and lumber prices have a look at every price index and you'll see it going up yeah maybe some things that are getting mass produced might be going down like I don't know like TVs because they're getting made by slaves in China but the fact of the matter is everything every proper commodity is going up why they're not going up your currency is going down because they're printing far too much of it be responsible what a ridiculous thing to say we teed him off for that one Ben Arck I'll solve it all exactly where it should be where it's necessary it's not necessarily in the US not necessarily here I can make payments I'm banked I can pay my bills easily I don't have to travel for hours and hours and hours to pay cash to pay for bills because I am banked and I have internet access now have all these things which I have access to I'll solve a door I mean the reason that I'll solve a door is such a mess is because of the US's approach to those countries over the past you know 100 years which is completely just destroyed them and it's not they haven't had the environment where they can create successful working currencies and economies so how do they how do they create a successful economy and currency which they can use which isn't controlled by another country like the US well then they have to turn to this for you know a consort money which we've been building so it's exactly why it's necessary it's not necessarily in the US it's one of the main selling points is wiggling out of the US's control of these countries by adopting Bitcoin as well as obviously for the for the average users for the for the people in that country they then have a very socially scalable platform we're saying build all these financial tools which will go on to to leave the world on and the world's markets so it's great that these countries are adopting Bitcoin and they're looking at Bitcoin and this is the this article it's it's by the tone of the it's it's ramping up for an attack on Bitcoin because Bitcoin dissolves the power of the US over these countries and that's what they're really worried about but it's a good thing that Bitcoin does that and we should totally encourage I agree that the Kelly's government is an ideal and a lot of these can just have a lot of problems but it's it's that Trojan horse like you're letting free an open source money into a society you're teaching people how to use it you're empowering them whether you know you have some exit scam on the horizon that you're going to defraud your entire country's wealth put it on a treasurer and leave the country for somewhere else I mean I don't know but it's possible with Bitcoin to for government to be very transparent spending very transparent of where and where its money is and how secure it is but then for the people to have you know complete privacy which is absolutely ideal so no I'm I'm extremely encouraged by the adoption of Bitcoin in ourself and in a couple of other these countries and they totally need it and this is exactly where it's necessary it's not necessary and in a involved economy you know a developed economy such as I will push back a little bit against Ben right there where we kind of laid the blame solely at the feet of the US solely they've had they've had they've had a six and there's like 67 attempted coups in the south and central America 25 which were successful where they placed they had like you know a actual citizens voted for somebody to represent them and that person was taken out by the US government by the CIA because it wasn't in the interests of the American government or they it went against the you know American interest America and the deliberately interests it's all there in the history books not saying not saying that didn't happen let's just let's say that did happen I'm not saying it didn't happen and did it's but if you if you live in Latin America you will realize that the people on a personal level individually lean very very socialist lean that way which is I mean that is not the issue this is this is the problem the US so every time there has been a a south or central American country which has expressed any socially democratic values of bettering their infrastructure which they probably desperately need in order to create more jobs more a more successful environment for their people to be able to thrive anytime that has happened anytime the government is even approached those ideas ideas which in you know in the Europe uh uh we we run with and there's plenty of countries which are far more socialist leanings you would say than any of those governments the US have waded in and of unsabilized the country usually put in somebody who's you know some atrocious leader who's then has gone on to to rape and pillage to its own country uh so the US just used to back off let me and the one we haven't been able to do that with one the US wasn't able to step in and actually get changed Venezuela period Venezuela's run their own deal for the last 20 years and what happened in that country are you sure about that was it not the sex out with venezuela their entire economy was based on the oil which they're exporting to the US and then as soon as as you say a socialist or quote unquote socialist leader got in control the sanctions which will then levied against fun it's just the same as Cuba the sanctions were levied against Venezuela absolutely crippled the country i mean yeah that was that was that the this don't even i was a rich i know a lot of venezuelans and it wasn't the sanctions the crippled venezuela i know a bunch of venezuelans who had their businesses taken from them with the inflated currency just keep printing money i mean it's the same thing we're told you guys are talking about with the US they kept printing money the money devalued everything became worthless if you had a business the prices were fixed you couldn't make profit if you are profit you were evil and what happens it destroys the economy they very much did that to themselves the people of venezuela very much chose that path so do you believe that if you leave if you know venezuelans you know that that happens if you leave all these countries to find their own path and then you know develop as they will do you think they'll all just turn into communist countries and it's the the role of the you know not all absolutely from happening absolutely i live in one that hasn't done that i live in Costa Rica they have not done that but it's right on the fence it's right on the fence and it is a continual battle between free market capitalism and socialism and it's right on the fence i'm not saying it's a continual battle of the US continual battle i believe it's something that interest the people in those countries which can you obviously get caught and coerced by you know people who want to get in power and they use you know altruistic good intentioned socialist you know propaganda to get themselves in power and then they destroy the country they're saying wrong calls non-interventionism might be a good thing i'm just saying that leave these countries alone let them find their own path and let them wiggle out we did it with venezuela basically have done it with venezuela it's basically been left alone and they've run it into the ground in 15 years and people flee have fled completely there's been literally millions of people running from that country for the last three years it's a humanitarian crisis literally people are completely fleeing that country and and now that guy's never going to get out of power now why because everybody with any sense has left they left a long time ago if anybody with money got out everybody left so what are you going to do now now you have a bunch of poor people in that country who will never be able to take back power give the big what are you going to do now that's not all America that is very much a very much a big choice yes it is all the levels from the people of the country how do you know people of that country you know that they chose that they voted that why did they choose that person they voted that in why did they choose that person why because there was a wealthy class that they wanted they they thought there's a bunch a lot of unhealthy people who weren't necessarily rich and they voted in people who get who told them we will give you free stuff get ready you're going to get free stuff you deserve it why should there be any rich people in this country it should all be fair and so what they voted in people who they thought were going to give them stuff period just like that and that slope went really really fast down very very quickly in Venezuela and you have a country that's completely lost and will be lucky if in 50 years they're back to some semblance of normal right now you have millions of people fleeing that country going to any other country they could possibly literally on foot walking out of the country that's not all the US that is not even as well as at all you know it's not only the US I think if you look historically the way the US has acted to all of these countries then you'll see a very strong line of lineage as to why people would vote for an extreme party in the other direction to you know more of a neoliberal agenda such as you know extreme authentic quality I was going to agree with that I was going to say the same thing that perhaps the US by attempting to stamp down all of the anti-communists created this flow of eternal absolutely we agree there I do I don't disagree with that at all the US definitely has a role to play as does every major player look they're constantly in a battle there is a constant there is a war happening right now in this world no no the US the US shouldn't should to be having that battle in these countries do you do you understand the way this you don't understand yes I do understand you don't understand I do not understand these countries these kind of is in every single one of these countries building roads bridges stadiums trying to buy those those leaders in that country trying to buy they are do you want China to be running these countries because if you do get ready and enjoy Venezuela because that's where the way it goes there's a battle between good and evil and I'm not saying the US why they why why they look they certainly have it but if you want to go the other routes good luck you are inviting I don't need to go wrong Venezuela Cuba ideal with these people all the time because they're in Costa Rica people have fled and was propagated and perpetuated by the US's interest of course yeah I'm not in there because of this boogie man of the communists when they just mean when they just mean some the boogie man of the communist it's real there is real people who want real socialism and real communism they're real they exist there's a couple billion of them if you don't wait for real wake up dude there's countries all over this world I mean you don't need to go fall I live in their backyard come down to Latin America and see it see it yeah there's a whole swath of people I'm telling you it's probably 70% of the population who would rather go communists and socialist they would what's real socialism it the rich people don't want to go down this road but if you throw it out there I need to just clarify what real socialism is we're gonna go down this road we're gonna talk about socialism and what's democratic socialism no no no I'm just gonna ask conversation you're saying what you're saying that there's people in this world you want real socialism you're coming down they want everything by everybody everybody gets everything the same there are there's there's literally billions of people who want that don't believe that somebody like yourself or me with anything any sort of any more than they have deserve it and they should be given whatever we have you don't work huge wealth inequality you don't want you don't want to sell your best solution for you wealth inequality the best so if you don't set capitalism period it's the best the best solution is free market capitalism but it's only the show me the option other than free market capitalism to mix get more people wealthy show me them show me the model some of both you know the what I tend to go back to is that the the right the left want more a group thing they want the group the the whole lot to be wealthy and and kind and everything sort all the problems sort of for the group and the right want the individual but I see you really need the individual to be in a good place for the group to be lucky so you kind of need to start there and then head towards helping the group because if you're doing well yourself you do want other people to do well around you you don't want to walk out your house and have kidnappings or the schools crappy or people leaving from your local shop you want everyone to do well you do well by lifting yourself first up and then lifting others lifting the individual and then the group that's just my take on it but I also think I think I think we all agree that you need access to opportunity but we can't guarantee you success and that that's a good starting million percent and to blame that everything on the US the thing is that the the voters of the US have never voted for some of this this is very much the deep state as much as that word's been sort of taken by trumpianisms but the deep state is there that this whole notion of the FBI and the CIA and these secret arms of government going in there to with special interests of the oil interests and stuff to to manipulate certain power structures you know really it's always about resources and and no one really votes for this does it just say the US it's more like these secret black opposite sort of dark shadow governments really you know but they are they are acting on the on the guys and the interests of this this crusade in US narrative against communism well they vote for it in their apathy every time that you get to sit back and watch tv and not think about the united fruit company or what the CIA did in latin america in the 70s etc that's the apathy you're getting the benefit of not having to make that choice of course not making a choice is still a choice uh who haven't we heard from on this one uh martin do you have something to say on l salvador and they should be yeah that's uh possible i was amazed how many isms is badly written coin telegraph article uh got out of people but um and i think the issue here is that the many latin american countries are are using a currency they don't control they're using the US dollar you know because well they don't have the infrastructure to put setup their own currency but that also leaves them with a problem because they can't control the money flow of this US dollar so they can't influence their their their their your spending of the government like you know traditionally here in europe before the euro every country had their own uh shit coin basically and they just kept printing it and if the government needed more money they printed more of their shit coins and that's why you had to be a millionaire or pay millions of learass or the satas in france when you went to a supermarket for your for your weekly shopping so because the the country country the latin american country have no influence over this this money printing process but they are becoming a victim of it in a way um because they can't uh you know inflation is everywhere so i think it makes sense for l salvador not not going to the details of whether the go company of the the country is run properly or not or with the crime levels but i think it makes sense if they're they already and have no influence over the over their own currencies or the currency their use so why not select one that will eventually hopefully maybe appreciate in value in the future and that does make a lot of sense because it might also attract some extra capital i sometimes some totally crazy bitcoins will decide to set up shop there even though i wouldn't recommend it with the current crime levels but still you know they they from from that perspective it does make sense and you know that that uh it is not very irresponsible and very irresponsible yeah it's not really responsible but this is like you know it's irresponsible because colonial pipeline was hacked and they demanded um it is just typical coin telegraph artical i think some are words might have some truth in it but they just petted it with extra fluff so it makes no sense at all um the uh the colonial pipeline what i think it was irresponsible is that they were probably running windows xp and never installed their software patches so therefore it was very easy to hack and windows xp xp stands for expired so you shouldn't be using it nowadays especially not if you're running a pipeline company you know wait do you think they might have been running vesta on those machines and probably xp and it wouldn't be surprised if it xp embedded or something like that because in the past a lot of those you know valve control systems and stuff those were those were running on embedded windows and it's like a sort of like windows which runs from from from like a flash drive are from a rom and it's supposed to be unhackable because you can you can update it but it's not running on a hard disk so you can't run viruses on it but if it's vulnerable it remains vulnerable so i've seen a lot of ATMs not Bitcoin ATM which traditional ATMs are also running the old old versions of windows embedded like for example smart meters they're easily hackable and they form a sort of mesh network and the collector of that mesh network runs on some form of windows i believe vista or something later version so there's there's there's the one that's irresponsible here was colonial pipeline and but i think El Salvador is making a good move you know by by opting out of this US dollar they give people an option to you know diversify and maybe put some money aside and put it in in in in the currency that hopefully will appreciate and value at least it has been the best performing asset for the past 10 years so yeah i think good move but the the way that they say they used to be really careful by adopting Bitcoin so almost sounded like a threat so i would cite with Ben there that yeah this this hidden deep state agenda thing that's uh it was there so i don't i think it's a good move i i won't be moving to El Salvador but i think it's it's it's it's perfect for Bitcoin because Bitcoin offers people an option and and especially you know where we are from we don't need this option at this moment but if you have a corrupt government or there's lots of things wrong in the in the country you were you living in then having some Bitcoin might be the best thing that ever happens yeah uh windows xp is the gift that keeps on giving it'll never truly go away and i agree with Martin said especially about how it's interesting for a country or government you don't really want to have control of your own currency because you know what you'll do you'll print the heck out of it and buy a bunch of weapons you definitely don't want what the Latin American countries are the central american countries have which is someone else controlling your country currency because they'll print the heck out of it you can't trust them but now there's this kind of a third option where you trust that bitcoins to toasty developers keep the schedule the same don't inflate the heck out of Bitcoin and use it to buy weapons and it's a whole third option it's a new possibility they never had before exactly dead let's go to uh Dan Eve crypto raptor are you the last one on this i think we've almost made it around i get i'm gonna keep this nice and short and sweet but i you know i can't blame socialism last come on you're gonna i got out my marks and uh you know workers of the world unite you have nothing to lose but in the specter of the world is haunting Europe the specter of communism i just i just think that it's really uh quite well you know maybe but patronizing or or is the word for it but like the quote in there that that that that that that that said to um i can't i can't put the name i go get the name um victorian newland she was like i can just imagine it almost the when i read this i can i imagined how it was said and it was like pointing like very bossy foods it was like you ensure that it's like so so this was what she said to the president you ensure that it's well regulated that it's transparent and it's responsible and you protect yourself against and the line actors you know it does sound very bossy boots like and uh it's very interesting saying talking about responsibility when you've just printed like trillions and trillions and trillions and trillions of dollars it's really responsible to do that so that's that's all i got to say about that all right and let's move on to the next issue running out of time check out wcn clips on youtube just google wcn clips and check it out you could still be one of the first 100 subscribers on wcn clips so check out wcn clips on youtube only Ben could have a keyboard that lab moving on to issue four jack mollors strike rolls out bit coin buys going head to head with coin base until recently all you could buy on strike was lightning satosis but now you can buy real bit coin for no fees at all coin base in comparison charges up to 4% to buy bit coin jack mollors founder and CEO strike says that the company is throwing a grenade into coin bases headquarters calling their fees assing nine as many have pointed out coin base makes most of their money on fees so this would be a major problem if they could no longer collect them or if zero fees becomes the new trend in buying and selling bit coin Josh shagala uh what do you think of jack mollors and his throwing a grenade at coin base i really like jack i think he's a great guy this uh i'm in this with any offense but i like my bit coin exchanges to be very profitable because it's very profitable to run away with everyone's bit coins or to not pay a security well because you're running out the thing is jack mollors is very well funded so this is usually how these sorts of things happen where uh they they they get in venture capital money to basically subsidize uh all all of those costs and then they'll when that when those going to vcs want to get paid um so eventually they'll have to charge something and they'll be hidden costs somewhere and as the old saying goes if it's free then you're the product keep keep that in mind too um look if you're buying bit coin uh anyone that has bought over the last 12 years apart from you know maybe uh since if you've bought before coin base listed basically because that's when it crashed after that but any time before that and you've held you've made a ton of money so that little percentage that you paid the exchange to buy that bit coin don't even worry about it just eat that because it's fine uh i think you know what mollors should really focus on is a beautiful grandma friendly use case charge a little fee and uh and and that's fine because otherwise it's a race to the bottom and it also destroys a lot of the other startups in this space that are trying so um you know uh i i think a little bit of fees okay it keep it make sure that the staff being paid and make sure there's a secure exchange i've seen too many exchanges in this game try the free card and then either get hacked you know which is usually in uh sort of a word for they hack themselves and pull the rug under everyone or they um they basically couldn't afford the the lawyers and the regulators um or they ended up charging way too much because they get to have to take them by VC or they get pulled out but yeah not as uh i'm not a big fan in bitcoin uh of the freemium model then arc i've got a zero fee exchange to sell you um how they how are they i don't know how they how they're doing is it lightning stuff are they doing using lightning to uh i don't know give these free free free fees um if i that that i mean for a long time it's it's been fairly obvious to coin based on that technology technologically competent when it comes to bitcoin um so perhaps there are some much better ways of of doing this uh and the team the zapt team um mr falter and uh jack marlos and common for the enemies is the ones um they're they're all very capable people who understand bitcoin very well so i'm sure they're able to make a more streamlined service and that's how they're able to bring those fees down well i hope and then you know like josh's worst fear that you then become the product i hope that's not true um but i mean it's it's a good move coin based they've had them and not poly for for so long and again it's a very well josh said you know i do hope that this isn't just an all-fashioned freemium model which we've seen before with exchanges i hope this is something more i need to look into having read up enough on it really um uh but yeah i mean i wish them all the best and and hopefully this will take some of that much away from awful coin base jack marlos is also challenged Brian Armstrong to basketball uh dan eeve do you think jack marlos could take him out well i always like to see like you know jack take on the beat oh no that's the wrong one the he would david and the galaive jack if jack did take on a beanstalk that's also good but no i think i think it's great challenging these larger companies with a huge a you know you want to you don't want to see them monopoly and obviously coin basically i kind of a bit hated in in the bitcoin world um so you know there there is a race to zero free fees as the article said um and uh and competition is good if they can do it technically and you're not the product then then why not do it um it it only made sense i mean and even you know i wouldn't it wouldn't be uh it wouldn't be crazy if it's saying in the uk for example there's uh there's um a stamp duty on stocks and like so it'd be interesting to see if the uk sort of uh i think you know they legalized it and made you play it like pay a stamp duty at the point of at the point of sale and then that would be better than uh but you know even though taxis shit that would be better than the capital capital gains and that sort of stuff but yep zero zero fees would be would be cool as long as you aren't the product well everyone knows you don't have to pay taxes anymore all you need to do is keep two spreadsheets yes two sets of books of our teen waste fair your thoughts on zero fee bitcoin exchanges i personally thought the article was a bit misleading it was listed on the nest act of combat it felt more like an editorial and it was all oh uh strike will not charge you but if you read you know the entire article it will say that they don't strike is not even touching the money so it's all done via this uh what's Nevada based trust company who does everything they touch the money they do all the amlkyyc so it's easy for um strike to say well we're charging zero fees but they're not they're not even they don't even touch the bitcoin i i mean they're just you know the guys shouldn't even haven't been interviewed really they should go interview this prime trust CEO uh Scott Purcell and not not not not not not the the 27-year-old CEO of the payment processor so um i i agree with Josh you know if there's no searching as a free lunch and eventually once uh uh uh what's the Nevada based trust company gets all the transactions they will raise fees it's not that they will remove all fees once they get the major chunk of the market it's like a like Gmail it was for free for a long time until you ran out of space and then it was free for another 10 years and then they started charging you for space so you know i don't believe you free there's lots of costs associated with uh doing all the amlkyyc verifying all the transactions you know all compliance the officers that basically don't add anything to a company they're just therefore compliance reasons so that's that they cost money and you know pretending that it can be all frictionless like bitcoin was intended it's just a bunch of bullshit to be honest can i say that on the show or will we get defended by youtube if we say that it might get bleeped but now it's out of like brides turn to tell us about those rascals and their free services trying to give everyone bitcoin you know this is just all the rustic nonsense nonsense it's nonsense and uh what it actually is it's just smart marketing this is just this is marketing 101 you give it away for free you call out your competitor like your competitors and evil greedy guy and uh you get free press honestly i'd never even heard of strike until this article got started getting passed right i've never heard of it right uh so yeah it's just smart marketing uh you know they're got to find a way to make money later as Josh pointed out look this is they have VC funding they can just go on do it for free for a long time eventually they'll have to make money but i look at it it's just a it's actually it's smart marketing yeah you know when i when i was when i was in primary school and uh the bullies were picking on me and stuff and and a friend of mine's father said Josh you know what you do you go up to the biggest bully and you're smacking right in the mouth and then they'll leave you alone and that's kind of like jackpot going up straight up the coin base yeah i mean we're free there a bunch of ripoffs boom and then you know exactly and i'll challenge you and basketball too you know whatever i'm surprised i'm not doing a cage match you know like i know well jack is a pretty small dude i'm surprised he's basketball but i i like to get in trouble Brian really have you're watching jackpot yeah i i wish you all the best man uh it is it is great marketing it really got the community behind him and he could all wave their flags they love to hate coin base uh so yeah let's let's celebrate that part of it uh but let's move on to issue five issue five a uk court has ruled in favor of a self proclaimed satoshi nakamoto over the copyright for the bitcoin white paper it's interesting how even the headlines are starting to call him a self proclaimed satoshi nakamoto but yes kobra the anonymous owner of bitcoin.org refused to stand up in court and say that he owned bitcoin.org therefore the court decided against him temporarily while they sort this whole thing out meaning that bitcoin.org can no longer display the white paper a major temporary victory for fake satoshi uh but everyone hates to see this uh i don't know that we're that surprised and on imit is a very difficult right to defend in port let's go to ben ark your thoughts on sato on craig writes victory. Thomas just gusting united kingdom the united kingdom i can't believe you almost called him stoshy. it's starting to get paid enough times and it works that's that's the whole beauty of the propaganda just keep cartha go dylenda s and we'll be joining you in a few years. If you if you're going to have a clear net website which professors to represent bitcoin uh then sadly in the stay and age you're going to have a clear net you know persona personality human being somebody who can show up to a court case if you get taken to court otherwise have a dark that you know some sort of tall website uh to host a bitcoin on and that's just the way the technology works um so yeah craig right in the UK um talk uh bitcoin got org to court saying that the white paper obviously that would came under copyright his copyright but that wasn't there wasn't a chance for that to be disprovening court should have very easily been disprovening court uh because cobra uh didn't show to the hearing which i'm sure uh such craig stoshy uh craig stoshy right what am i calling stoshy right craig s right say it enough times that we're going to we're just going to it's christian it's working um uh but yeah so so they didn't show up which meant that then you know by default the court sided with craig right um and uh and and they said that uh cobra has to take the white paper links down and cobra also talk um uh linked to be able to download bitcoin corks he said that there's a copy of the white paper in the lot chain or something you kind of felt like a cry for help almost um and cobra's also been forced to pay i think it's 35 000 pounds which is a decent chunk of change i did initially feel quite sorry for cobra um it sucks that he's been put into this pushed into this corner where he's going to have to reveal his identity i think the biggest problem is that cobra is being quite political in the past and he's hidden behind that anonymity and now if he had to come forward and it was someone we you know it was like you Thomas and well well okay i didn't know you thought that um uh that's suddenly you know yeah it's that so i i i i can see why they're afraid to come out of the shadows but what they they need to do and what they need to do probably quite a while is is hand hand over to somebody else who is willing to fight those battles uh nailed it in the beginning Ben he can't own bitcoin.org and then just pretend he's an anonymous political guy you're an anonymous political guy that owns bitcoin.org you got to get out of there otherwise the attempt to protect your anonymity leads to this kind of failure uh where the court sides with anybody anybody who had lawyers fees to go in there could have claimed they own a copyright to this anonymous paper nobody's going to step up and defend that copyright yes this time is trying to throw the sanks we all know we say we all know your um cobra oh we all could have had a way with it too if you want to keep kids uh let's go to uh Dan Eve crypto raptor your thoughts on the white paper being removed because of the UK courts well i i think looking back actually yeah but i remember we talked about this in a show not too long ago when it first the court case first got announced and and it didn't strike me how uh how strategic it was to take on cobra specifically because of his stance on anonymity so you know theft you know they played that really well um you know it but i don't i don't mean to go there but you know it's it's not necessarily you know it's not an official ruling that he's craved right of course it's kind of a technicality like with Bill Cosby Cosby but uh but the thing is like it you know it's just so uh obvious that it's not not him the amount of forgeries they've been and surely there's a time where on aggregate the number of forgeries and fakes um that that he's tried you know from the BBC to you know to you know why a backtrack and they were the ones that initially broke the story surely on aggregate they'll realise that he's full of crap and and you know and it's just going to be ruled out and and gone with um but uh i just before before i finished my my my favorite little quote from craig rite is uh i do i do love this one it makes me chuckle every time i'm gonna do an awful Australian accent so i apologize Josh but i remember some white paper um back in 2008 it had this section on how identity worked in bitcoin i remember reading it probably when i wrote it when he forgot that he wrote the white paper and ladies and gentlemen craig white and we're very lucky to have a couple of representatives of the united kingdom here uh when the judges made this decision were they wearing powdered wigs because i could only really respect them if they had the powdered wigs and the curls as they do they do that's that's what barristers were so yeah in the uk we have a slister but then they don't go to court the barris they talk to the barrister barrister then represents too okay so they have the power to get this pdf taken down but they did it while wearing white curly wigs so that really kind of gates the whole thing uh let's see uh martine whisperer did you talk about uh satoshi or the uh white paper game taken down um yeah i think it's um um it's a bit um sorry state of the industry if an important website like bitcoin.org is hosted by someone named himself cobra i mean really oh oh bra it just makes no sense i think it's just ridiculous and then not defending himself knowing that the judge will always give you know in this case fake toshie uh you know make him like win the court case because he doesn't even bother to show up it's just wrong he should have he could have anticipated this and at least transfer ownership over to someone or company you know if it's really that desperate then give it to block stream or something you know they can defend themselves against this silly frivolous lawsuits but uh attitude guy that's a toad guy that went to a solvador you know when but yeah it says uh in the article say it says this is an important development in doctor writes quest to obtain judicial vindication of this copyright in this white papers at Simon co-hand seniors so shit that London based on Jay it's just ridiculous they can just like now pretend as if it's like theirs you know as if they were right even though it was just the technicality why why why why they they won and it's wrong and you should have seen this coming this cobra cobra gaga if you're listening i think your next sucks and you should just hand over the domain to somebody that actually cares about the community instead of just like pretending to be this lame tour only irc chat nerd that basically has a domain that is important it's important to the community it reminds me of the bitcoin dot com the backo which turned into a shitcoin dot com type of website after you know the owner decided i'm no longer signing with bitcoin it's ridiculous and it should be you know it should be handed over uh do it for the forty eight thousand dollar whatever charged and pay office fake torches lawyers and then just make sure that at least this domain is secured it's important to have a clear net domain for a billion dollar cryptocurrency so just make sure that it's managed and maintained by someone that actually has the power to defend themselves okay this is all i want to say about it i understand if you want to be anonymous and you want to mix politics and trolling on the internet and the renalia alias as considers it really important and then don't run the domain don't don't don't hand it over please do it good for all of us i'm gonna i'm gonna take the opposite side my team going old school cipher punk there make it fun of his name if you don't have a handle you don't have an identity okay i know g i jow everywhere yeah i jow all right go ahead Josh you i take the office attack good yeah you know the thing is first of all it's it's a dot org so it's meant to be an organization uh there there should be someone that he can like say hey can you represent the organization uh you know really but second all i kind of like big coin has the toshi who's anonymous it's a weird paradigm mirrored paradigm here but kind of like you know it's in the southbound that if he wants to stay anonymous as soon as it's someone in the clear net owns bitcoin dot org then their human faults and flaws and everything starts to you know be influenced saying that i mean it's not like he's just run off and disappeared like stoji did uh he is there and his his political views are there and you know uh i'm still waiting for the thousands of bitcoin that uh we all send him as a community to make another forum actually happens but that's a whole nother story go bruh um no look uh yeah i really think he should have uh step the uh maybe it would have been it it's a nice little chess game that he's playing where he's now you know allowed him to take to win this side only to let some like bitcoin billionaire come in and go right let's go let's finish him off because now if if someone else challenges him uh to that um then he has lied in court and we'll go to prison because now you don't have to prove it totally so now it comes down to the fact that hey you need to prove you're so so maybe this is a a genius move from cobra uh in in that we're waiting for the uh the next case to actually make him force the hand to sign the private key well here's hoping because you know they say a man who represents himself has a fool for a client uh what do they say about a guy who even she wants to stay anonymous uh Adam McBride your thoughts on fake satoshi's quest you know uh it just as i'm listening to this and i'm listening to all the good points everybody's making i'm i start going back to this marketing thing and i think you know it's actually probably in cobra's best interest to lose why because again it shows up in the papers everybody sees his website more people visit his website is that a bad thing he may want to lose these are small nothings this is not $30,000 come on this is nothing uh so from a marketing perspective this is good news for him so i i think cobra may be willing to take losses like this just creates more hype exit question the power of socialism should important domains like bitcoin.com bitcoin.org and the at bitcoin twitter account be taken away from whoever signed up for them first and given to someone important let's go to Ben arc well i mean that's the right properties and it's not you know they're it's not property of production or maybe it is i don't know um but maybe the general public just need to learn that these websites have nothing to do with bitcoin at the protocol i had a friend recently said to me oh i need to buy i want to buy some bitcoin can i do it from the official website and i was like god we're still there so people need to learn that just because it has the name you know in the URL doesn't mean it has any association with bitcoin um all the protocol is a whole and i think that's all we can really do isn't it um and then maybe just urge cobra far as i point because that guy without girl over it is um it's never going to give up bitcoin.org because the best thing that got going from so Dan eaves should we take their domains away i don't know but as you as Ben said never going to give oh it's just suddenly like thought that it was a sort of rick as me like i've never gone to give food up i'm never gonna um no i don't maybe they should just reinstate the bitcoin foundation and give it to that but i'm just just just just kidding no i don't know i think i think having um i think i like i know i got i kind of like the idea that it's synonymous right like a just a tosi's anonymous like i kind of agree i agree with Josh on that front it's like you know it's synonymous with with bitcoin but the problem isn't if you've got like you know Roger Veron bitcoin dot bitcoin dot com and then pushing people towards bitcoin cash you know that's that's equally as bad so um i i don't know you can't take the property away as but as Ben said um you've just got to hope that whoever is in control isn't an ass basically and where do you see what's happening at bitcoin.net martin whisper someone must have sense we need to take these domains away we've got to control them all i'm totally against taking away property from other people and then redistributing it as one sees fit because that that never works but i think you know for for in this case like cobra you know have some sense and i think that it's better for the community if if you know maybe just have it put it at a law firm you know that doesn't respond to any requests unless they get dragged into court and then they bite back so that's uh yeah it's it's the project bitcoin project you know the protocol is important enough to warrant a proper domain and just having the domain and sitting on it it's like it's mine the pressure is mine it belongs to me and i don't refill who i am it's silly it's it's just doesn't fit a billion dollar a trillion dollar cryptocurrency it's wrong and and and and dance joke that we should like hand it over to the bitcoin foundation i think the nice thing about bitcoin is that we don't need a CEO we don't need an official delegation and we definitely don't need any foundation of any sort so so that's yeah it makes it hard who will manage the domain but i think this this this this shows that in some countries if you if you want to stay anonymous then you shouldn't like on a domain because that will give you problems but giving taking it from them and then redistributing as he's fit no that definitely no Thomas that's wrong that's that's like communism jasha gola shia gola so and must think about the children the children going to bitcoin.com will anyone take these domains away. No ridiculous who are they going to give it to it's nuts. No no keep yeah cobra give it to me. I don't realize that cobra don't only it doesn't only own bitcoin or con it's also the subreddit because subreddit is a large part there so yeah it's it's it's tricky with the anonymity thing it's part of the internet it's internet culture you go by your avatar and i mean the weird thing is that the court managed to you know actually find the guy to give the to ask him to come to court i think i'm not sure like how did that work did he did he get asked. Dear mr cobra like what did he hit him up on twitter right yeah it's like mr. krobo we're going to need you in court on friday yeah and and so he said no but uh yeah i really do feel someone else will jump in and and and appeal this because uh yeah there's too many too many people but don't like this outcome. Cobra has also been dedicating to fighting gijos since 1986 knowing is half the about learning is half the battle the other half is killing. Adam McBride surely you would take these domains away and get the internet the way it's supposed to be everything under control. Speaking of cobra by the way little known fact i was in a commercial when i was a kid with sergeant slaughter who was a gijos action figure so that's a small tidbit there um my question is what angels are we going to give the website to who are going to properly maintain this website and only provide factual information i mean come on it's obviously ridiculous um as martin point out earlier he could very easily set up a corporation a foundation and where he still runs it but the lawyers handle everything why wouldn't he do that well probably because he likes this kind of controversy he likes having total control over you know it is what it is i'm not worried about cobra i'm sure cobra is doing just fine and uh you know i don't think there's the need to do anything with this. If only we could talk about him some more i'm sure that's what he really wants moving on to issue five a 41 year old bitcoin mogul died unexpectedly leaving behind a fortune worth billions major bitcoin investor mercia popesco suddenly died perhaps drowning in the ocean off of Costa Rica leaving behind a cryptocurrency fortune reportedly worth two billion dollars many are now wondering what will happen to his fortune i have my own idea but i'm going to wait till the end let's go to or out of order here let's go to dan eave uh what do you think about the unfortunate passing of mr popescoe sorry if i said your name. I think it's i reckon it's per pesco sounds that sounds pretty good to be terrible with this. Well i i must admit you know i don't actually know about um uh per pescoe until until until literally well it can't be entirely died on to 27th i think it was um but you know it's it's but definitely some some great reading if you read his uh his exchange with with the sec oh mr tochi dice shares on on on the mp on the mpx it's just it's just brilliant it's just some of the quotes on there like um it's it as much is also listing private information you'll have to sufficiently establish your authority to do so which includes defeating specific challenges of jurisdiction that on a cursory examination seem to bar the institution you claim to be associated with from making these uh request just everything's like a got chance really good if you if you read it um but it sounds like a you know it sounds like a legend very unfortunate accident um a a a round i think it was a surf spot to saw a a android mentioned about surfing out there and so he got sort of taken away with the currents um but you know it's it's very it's very sad i think there's a bit controversy um where a few people pump uh it's specifically uh to delete a tweet because uh i think um it kind of sounded like he was like saying well that's a million bitcoin off the market hey yeah that's uh that's kind of good to everyone yeah i think you put you drew back on it a bit but then said he didn't mean it but no it's definitely going check out i i'm really more and more about now and and going going to read um for vesicles uh uh exchange with the sec because it's really quite it's just really quite funny um and uh yeah um it sounds like a very interesting character the father of bitcoin toxicity um and yes definitely my my weekend's worth of reading um for sure so r-i-p martin wismair um he was definitely one of the bitcoin OGs because when Eric sold his Satoshi dies project i don't know why he did it he i think he uh felt like you know he was landing into trouble trouble and and went on with i believe coin up pulled um then per pesco per pesco i don't know how to pronounce it either he he bought it and well even though at first it was an enormous party that bought it uh i did read these uh these securities uh exchange the SEC uh um corresponded it was kind of funny because he was basically he was just trolling them and this is somebody that just honestly didn't give uh you know didn't care at all and he would just went went head on into it so yeah but it said it's always said if somebody dies and described like you know in his prime of his life you know like what 41 well it's so that uh it's said uh musinkostareka so it must be near edams or maybe edams saw him somewhere in the local beach bar or somewhere i was out surfing with the dude i wasn't a very strong swimmer oh maybe two sands you have the bitcoin so the series in all seriousness we we were actually at the beach uh just south of where he was i don't know a couple days before his uh tragic accident and the waves were huge uh they were huge i was at a beach that that isn't really even a great surf beach and the waves were completely massive i had to be you know very careful with you know my kid and friends of ours who had smaller kids i wouldn't even let him go out you know pass their knees because the rip was huge and so he was at a spot that's kind of famous called pli harmosa um famous for its big barrels huge crashing waves and if he was a not you know if he was medium to non expert uh it's very easy to you know panic and and die i mean that happens i mean we lose i don't know hundreds of people a year here in kosarika from you know drowning and it's just a matter of you know the guy's panic guys panic they lose their energy and then they drown it's it's sad um yeah it's it's a tragedy always what what do you think that he took proper care of his bitcoins or does everything was like in his own fault i can either confirm nor deny that i went out and looked for his treasure uh treasure wallets uh in the in the waves uh no i don't i i would i would you would think you would think you know somebody with that level of wealth would have contingency plans for his you know family i mean you would think but then again you hear these stories in bitcoin where you know guys got it all in a uh you know one safe in their house or something or uh written on a piece of paper or you know so who knows right i mean at the end of the day we've all heard enough stories to know that it's very possible that those bitcoins are lost but uh my gut says no my gut says he he was smart enough to to take care of his family for this for a special uh uh subject i i'm writing my uh world crypto network treasors don't flow yeah all the yeah all me that's a great one if people want to have their own treasors don't flow t-shirt just go to the shop world crypto network in the website and get yours might miss a bit tight but it's not because it shrinks it doesn't shrink it's top quality but uh i just got fed her during the time uh happened to all of us have it all of us let's go to Josh shagala uh your thoughts on the unfortunate passing yeah man really unfortunate uh amazing deal back then i was always already blown away back when it happened uh the deal was way different so she dies i was like wow that's a lot of bitcoin and uh what was it was it not it was 120 000 bitcoin wasn't it i think yeah yeah it was a lot man it was a lot and uh poor yeah i mean and he must have had some leftover but uh so to shagala just really really cool invent you know and uh i only use it a few times for fun but i really liked some of the concepts and i think it was pretty forward thinking to to to have bought that off of Eric and but man uh yeah unfortunately i don't know if he has family i'm not sure but at 41 you kind of feel you're still invincible unless you've had some sort of surgery or you've had someone close to you die where you start to see and understand that you are uh fallible and you can you can be brought down a lot of people they haven't had that yeah so it depends if that has happened in his family if if he has touched tragedy before then he might have made contingency plans if he hasn't then he's donated a little bit of value a lot of value back to uh basically air droplet to everybody and that's holding bitcoin yeah it's uh it's really unfortunate man i hope you rest in peace and uh see you on the next level and arc i think he saw think you fallible when you're a self-made billionaire such an early age so and then also i do notice some of these OGs they do kind of keep their all security models and don't update them but hopefully you know you did have a contingency plan i can't imagine that you i think he claims to have a million bitcoin at some point but i think that's probably something of an exaggeration we're a couple hundred thousand by now um i've been pulled up by a writ before and it's like it is absolutely terrifying i've told i spent you know a decade telling my kids to just swim left just in my right gale side of that rip and then swimming sure you know on a diagonal but actually when you caught in it and you're being pulled out that fast you know when i got caught in it i think i spent 45 minutes just swimming straight for the shore ignoring all that you know advice i'd give my kids for a decade and it is exhausting and you can see how you can tie especially if the waves are big um so yeah rest in peace nasty way to go but i suppose you know he was doing something he loved and he's a cool neck of the woods and he'd lived a pretty exciting life um i didn't know really much about the guy maybe heard his name mentioned once before but i mean i wouldn't profess to know anything else about him really um but yeah it's always sad to see a bit coin to go and um yeah so we had it backed up for his family despite the entire panel's hatred of communism and socialism i do want to argue not the inside panel oh yeah me and Ben me and Ben and everybody else but i do want to argue for the idea of community here and if you do make a billion dollars from bitcoin you could support the community we could have heard of this guy's name all the time he could have been oh it's that bit coin or supporting bit coiners again or it's oh it's that bit coin or helping people or oh is that bit you know it's all these things he could have done with the money uh but instead it seems like he was swimming in Costa Rica so i just a little bit of a pushback for you mean you mean sinking in Costa Rica thinking yeah well that's oh it's too soon now i just always feel that you know bit coiners with their great wealth could do something with it and this is another missed opportunity to do something with that wealth and i think that blends well into the exit question which is Adam then we're already talking about what's going to happen with his money i'm going to be cynical and i'm going to just go straight out i think it's never going to be found i think it's going to be all locked up and it's going to be one of those nightmares and his family and his children and everybody they're fighting over if they want it they want control and then they get there and they're like ah the keys don't work or the keys aren't there or like this four looks like an m or some problem uh so let's go to Adam first uh do you think they'll find the money uh if they're going to find the bitcoin i get you know it's the type of thing i'll ask the other people in the panel who know more about him than way more than i do because i'd never heard of this before the acts i'd never heard of him before the accident um do people know his addresses that that's my question do they know where his his bitcoin are i'm not sure not sure and if you did if you did buy a large amount like they're saying for the 120,000 to buy stotish dice that would have been on the the network so that would have been visible but if you used a a clean account to send that from they wouldn't be traceable uh but it would be fun if you could go right up the chain i think it it would probably be very sad like we'd be like oh my god this saying i don't think they're known this is why the article was like billions are lost but then if you read on it says by the well it might not be a million bitcoins it might be ten thousand so and ten thousand is not a billion it's two hundred eighteen million which is still enough to go you know surfing in Costa Rica but uh not enough to like you know buy a country or something if you're in early enough everyone's resume is the same they're like yeah i spent you know billions of bitcoin on that hotel room and that airplane flight and that thing and just you know it adds right up uh soon they're all gone and the media is like oh he had so much and he's like oh i went on some nice flights uh josh segala will they find the money uh probably not uh this is a great time to remind everyone of hamela morgan's great book she's uh she's a really great uh mouthpiece in this industry that talks about estate management uh when it comes to crypto how to deal with your estate um and how to how to you know how to do it in a way that works because you don't want anyone stealing it while you're still alive but you don't want them fighting about it when you're dead and there's there's really structured ways in a book how to do it just look up pamela morgan crypto estate management and um and she'll she'll she'll help you do with that because you know there's no one in the west there's a big problem in the west now i'd like to talk about death um you know in year old england and Shakespearean times they did they that's why they had the skull on the table because they'd like to be reminded every day that death is around the corner so seize the day seize the moment and but nowadays we just black it out no no death doesn't say i promise you i will never die you know that's sort of one sense to quote uh team america there uh it's uh you know it is something that will happen to each and every single one of us um unless you're lengthening those telemias like crazy but uh it will happen like great uh so so get you get you shit sort of because imagine imagine that it happens and your family doesn't have access to um to your well your your daughter your son your loved ones can't can't have some of that ease of life brutal and uh what are the simplest suggestions from that book is even if you just write down on a piece of paper where your accounts are what you want to be done with your funds you sign it and you date it that's a good start to a will if they find that they will attempt to follow it whereas if they find nothing they're not going to know where your accounts are they're not going to know where your treasure is and then the passwords and everything it's uh it's a it's a long gone so it is much better to try to pass it down everyone should check out that book oh let's go to Ben Ark will they find the bitcoin this is why they had um you know maps and puzzles and all sorts of things when people used um about our set like gold uh to store their wealth for the exact same reasons because you want your daughter or your kids or your son or your whatever to have um access uh to your bitcoin or your grand children to have access to some time be out some somehow be able to find your bitcoin one day in the future so you leave all these little breadcrumbs includes for them to follow but now I mean yeah I imagine this guy he's got vast wealth the he'll have a whole load of other assets such as houses and buildings whatever businesses and stocks and shares and I imagine he's got a wider portfolio than just bitcoin so his family should be fine without even if they don't have the bitcoin and I imagine they'd access to some of the bitcoin maybe not all of it uh but yeah we was just speculation as if we don't know but yes absolutely um make contingency plan for your bitcoin anyone you can get struck by lightning at any point um but uh yeah just hopefully he did have a contingency plan and in the end they just put the sled in the fireplace Dan Eve will they find the money I'd like to I'd like to think that you know that it's a recoverable when it goes to a good cause that's that's the main thing um you know I'm not I'm not one for kind of for celebrating and being like yeah that's less supply of other uh you know um sensor um so I think that I think yeah it'd be good if they do find it and it does actually go to you know some good causes whether that's his you know his own family and uh or other good causes um you know if he was a hard call bitcoiner then I'd imagine that you know he would want to support bitcoin in in the afterlife and and you know help it proliferate around the world and just one final quick thing on on on that article that's really funny about his exchange with the SEC well first of all they wanted a phone call and he was like no no no no why don't you connect via free node and then we can you know we can we can talk by that and we weren't having it uh then they asked for for uh a certain request and he had to define what legal request wasn't what wasn't and he says in this sense asking someone to pick up your daughter from school is a legal request as far as as far as I know of the rapidly deteriorating legal environment in the US at any rate however asking them to pick up your daughter and throw her off a cliff is an illegal request the whole exchange is just incredible so you've got to what you've got to read it it's written it was quite a character um Mira Marisia Pope's Goo dead at 41 in Costa Rica rest in peace and our thoughts to his family and uh I hope they find that money I'm sure he's been waiting till now to donate to the world crypto network we'll be looking for that check any day soon uh let's uh we're running out of time we're way over time we fought about socialism and capitalism we got everything solved today uh let's go to predictions or a story of the week uh Martine are you ready with a prediction or a story of the week no real prediction no stories of the week just like Monday and Tuesday it's a public holiday in Prague so our office is closed that's all very cool a nice long weekend Dan Eve a prediction or a story of the week go ahead my prediction uh is is that uh says toshi so since we're on the message of old Bitcoin is to show signs of message calling great right forward and uh and they're happy at happy ending that's sometimes it's gonna happen soon never too late he could come back at any time is he back now is he back now Adam McBride of prediction or story of the week go ahead no predictions no stories i i i do apologize if i made fun of the the poor guy drowning uh and i we're getting that in the chat i apologize that's on me it's nobody in the in the group of me who's making a little fun of that that's just my nature i apologize for that that was uh that was a little on uncool um and i you know i think band hit the nail on the head with that the ocean is a monster and then it'll drag in and a friend of mine was on a houseboat he fell off and it just you don't know what happens everyone be careful with the ocean where a life jacket i don't know i just think yeah i mean i think band hit it on the head it's like you get i mean i was the same way when i was younger you you believe you're invincible to a degree and i'm telling you the waves were massive and he was probably like oh there are guys out there there were guys out there like expert surfers and he might have been a mid surfer you know it's pretty good thought he could handle it and like band says dude the rips i'm telling you the rip currents here in kosherica i've gone 300 meters directly sideways on a beach in 15-20 seconds like it's can get crazy and if you start swimming that's actually the the thing you're not should do you should just float and just dive under the waves like that's the word of advice for the day because if you can float you can't drown and give it 20-30 minutes and then start swimming in because it can take you literally like in kosher here like a quarter mile down the beach it can be crazy and so yeah it's a it's a it's a bit of a tragedy that's for sure i almost didn't i almost say i remember people would always talk about rips and i think i'd say rips of bollocks because i never actually experienced one and then when i did it wasn't even that big the waves by just hit the water at the right point and well if i won't pour bloke i've been arc prediction or story of the week go ahead um not much did uh got some um customizing capability in uh what have i done right there i might have to it's so confusing uh can you see you can see by screen or you've got like it you've got like a thing in front of it what's what's this what's this let's get rid of this i shouldn't be there right there we are um uh bag by pardon um using gallon bits so here we go so these are all the tips we've got for this for the show which is pretty sweet um and then obviously you know with streamer copilot we get rewarded with the little animation but what we did add to anom bits this week is the ability to have different themes which is quite nice and uh for the al-salvadorian so we've got an al-salvador for theme we've used the blue there from there from there flag um and then we've got my favorite which is flamingo which looks lovely in dark mode so uh but yeah we added some themes and we also made it really easy to customize it so you know replace all the titles with your own titles so you could turn it to your star blocks coffee shop and then all the al-salvadorian bits things will get replaced by star blocks coffee shops and the title is comic sands oh we haven't gone that we haven't we haven't gotten that far yet but i expect it's probably imminent because people like the garrish um css and they're bit of comic sands and some um yeah glittery effects and uh what's the supposed flippin gradients on the buttons all that stuff eventually we'll have all that but for now we've just got a few different choices when it comes to theme in which i think it's quite cool all right for the audience out there i challenge you to go find your your favorite twitcher tell him about elin bits and we'll promote the show on the next uh the next show with the channel for the gamer if he's using this because this needs this needs to be used it's amazing i love it okay let's make let's make now let's make three uh vouchers and then your own vouchers no i don't want to use your mic you know and you got to explain what it does so what's been saying during the show you've been able to scan um you've been able to scan away but you've been able to scan a QR code and then pay a tip um and then that tip has gone into this wallet here and now oh well there's another tip which has gone in great thank you um and now things appear on the screen it makes things to say on the screen and now i'm making a what's called an elin you are with draw which is the ability for you to scan a QR code with your phone uh with your um lightning wallet and then your pull uh 500 sets out of the screen so you're able to pull back some of those sets which you've given as as a tip so i think i'd be able to get a discouraged people from tipping because we're just keeping the sets back pretty good though yeah it's fun yeah yeah yeah anyone could use this uh streaming software elin bits uh streaming software thing on their videos and they could make different things pop up right yeah they learn more about that oh many masphic i'm with this thing um uh just go yeah just go tellin bits.com all the elin bits get up if people find it confusing to install their own notes and elin bits i found the easiest way to get started with elin bits is just start yourself an umbral note you can do that on the raspberry pie i will cost you almost 40 euros but then you've got your own notes at a hard disk install umbral on it and then within a few clicks you got not the latest version but the very recent and automatically updating version of elin bits it's it's super cool i recommend every all the viewers at home to have a look at it if you're interested in developing for bitcoins or just you know creating a jukebox a paywall a faucet a tipping thing you know there's so many extensions you you you'll have enough to toy around with for at least a month it's super cool that's too used to well the thing is elin bits is installed and then it will be available via tor if that's an issue then just punch a hole in your router uh to whatever port elin bits is running on and then you'll be able to access it in clear net Ben correct me if i'm correct exactly right yep um blitz or so the raspberry blitz or so you can have run over tor and these alin URLs they run tor as well if you if you're wallet you're lightning wallet on your phone it's running through tor which you can do with the bitcoin lightning wallet you can do also do with blue wallet as well i think you need to install all box which is like a tor thing which then sends all your requests through tor so yeah you can have you know yeah pretty damn good privacy via a lightning wallet on your phone through tor and then you'll have an bits through tor as well all right very cool Dan Eve prediction or a story of the week oh do i get i get another one so first of all i was get so she's going to sign a a message my second one is that a huge twitcher is going to use ln bits fiii i just you know this is going to happen i don't know it doesn't cryptokobane he's got like a switch he's a twitcher that would be cool i'm sure he'd be cool quick into it so maybe if anyone knows cryptokobane yeah this please a gala prediction or a story of the week we got at the standard menu project the standard io got a thousand people in the telegram group so join us on t.me slash the standard underscore io and and join us out it's it's it's it's community's building and it's it's fun project all right very cool check out the standard also everyone check out shop.worldcryptonetwork.com it's where martin got his treasures don't float t-shirt let's see we all see it's a dance got or i'll switch to the white there you go dance got the t-shirt i've got the mug martin's got the t-shirt we're we're pinned to in the merch all over the place here so if you guys want to get your own merch and it helps support the network at shop.worldcryptonetwork.com so everyone to give us a thumbs up subscribe down below if you haven't already dip for the fewer stormers if you're like a little bit bulky like me select color black because it will make it mmm you know what i mean otherwise it's slimming it's slimming and get a bigger one the the covid sizing sign is on i think a extra large instead of a large is a good idea so but we're running out of time they're starting to turn on the drills thanks so much for joining us until next time bye bye