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, Dan Eve, the crypto raptor. Give me another one of them all time highs. Josh Gala from the standard dot IO. Let's go Brandon. Ben Arck from LN Bits. Hello. And I am Thomas Hunt from the World Crypto Network, moving on to issue one Bitcoin ETF. We've talked about it many times before. We've talked about it being confirmed. We've talked about it being canceled. We've talked about it being rejected, but now they say it's finally here. The Bitcoin ETF at long last. According to Twitter, Bloomberg's data's team is in the process of adding the pro shares Bitcoin strategy ETF to the terminal. The ticker will be dollar signed BITO. That's right. Bitcoin ETF a chance for normal people to invest their money easily from the stock market into Bitcoin. I'm being told it's Bitcoin futures this time with pro shares in the lead. Perhaps Valkyrie approved as well. Maybe we'll be seeing as many as two or four Bitcoin ETFs this time next week. Dan Eve Bitcoin ETF finally approved in America. Good for Bitcoin. Well, I think it's certainly going to accelerate it into launch it into the mainstream news again. Obviously, people have been waiting for an ETF for years. Some people hate the idea of it because it's getting that stamp of approval from the existing Yucky infrastructure, which nobody likes. But at the same time, it's lend ingredients to the fact that Bitcoin is a legitimate asset. So it gives the wider public the ability to invest in something that's Bitcoin related without having the Bitcoin themselves. Of course, but that's first baby steps. Baby steps is, first of all, they can own Bitcoin via something else. Then they learn about it. They get their own private keys. They learn about hodling those private keys with their dear life and get into the kind of, well, the general hatred of the general banking system and fractional reserve lending and all the interesting stuff that you learn about once you've actually got some Bitcoin in some way. So I think it's positive news, ultimately, especially for the Bitcoin price. I think it's come at like a pretty good time in between. There's not much fud being around, major fudge recently. So this kind of ETF is going to give it a bit of a clear run. But I don't know if you can, but you're able to share screen quickly because I put a tweet on there and it was from March 2017. I think it was March when the ETF, I was really proud of this one. Actually, it was a me mode I did when the ETF almost got given to us. And that was it. It was like the SEC almost letting us have the ETF and they were like, no, no, but this time the spell has been broken, it seems. And was it POMP's newsletter? He leaked it. Was it where all like, you know, he let people know. But yeah, I think it's fun. I think it's good news overall, right? You know, I think it's going to, it's obviously had a bit of a positive effect on price up 8% today. What a couple of K low, low than the all time high. So we could be hitting it pretty soon. There may even be a mysterious weekend pump. Who knows? Josh Nugala, the title card here says, not your keys, not your coins. Yeah, yeah, now that's a very good point. And actually, what I want to sort of bring forth here is that the SEC is there to protect the consumer. Well, what they've done is protect them from massive profits over the last few years. So thanks, SEC, everyone on Wall Street should give a big thanks to the SEC for protecting them from huge profits because, you know, well done. So yeah, I mean, I think it's, I don't know, I kind of feel like these huge instruments, let's put it that way, that really plug into the beast that is the legacy system. It can be also the devil in disguise because it opens up a lot of manipulation. You're able to make it short. The big players can to try to suppress the price. There's all sorts of jiggery pokery that can be done that you don't even know about out there folks. So yeah, I mean, I'm not here to celebrate that sort of stuff. So I'm here to celebrate when people in countries that really need Bitcoin start developing and picking up lightning network when places that actually need this stuff start getting this stuff. That's what I'm here to celebrate. All these other guys, these big sort of players, yeah, it's good for price. But at the end of the day, I really want the normal people to be able to buy Bitcoin. And that's what it's always been about. I just feel this is another example like where the guy says, here's your claim and here's my claim. And you see, I drill all the way through here. And then I drink your milkshake. We're going to drink them up. This is another way where even professional stock market people are starting to say, the Bitcoin price could go to infinity, which mad Bitcoin set on Twitter long ago. They have a new chart called, I forget what it's called stock to mo mo or something. And it just curves straight upward. It's like a just an S curve, but it just keeps going up. And they're like, yeah, this is what will be like all of the wealth of the old system will be sucked into this Bitcoin. And how will it happen? Things like this ETF, things where you can go with your retirement money. You don't have to learn what coin basis. You don't have to learn what a private key is. You don't even have to learn what an Ethereum is. You can just buy shares of this Bitcoin ETF thing with your stock market money. And if it goes up, hey, it goes up. It's wonderful for all the normal people, all the stock market people. And again, this is how we get their money. This is how we get their investment is. I drink it. I drink it up. Ben, arc. Yeah, I mean, high prices, ultimately good for stability. More liquidity is good for price stability. So then it would make it more useful for people. And there's a point of interest, which obviously quite where all here is for Bitcoin to be a free and upper source money, intergalactic free and upper source money. Anyone can on ramp on to and you don't need permission to on ramp on to it. But these ETFs, they're not really for the likes of us. They're for these retirement funds and these huge investment funds, which can't get exposure to Bitcoin by buying and holding Bitcoin. It needs other on ramps, which are a regulated and SEC approved. So that's why they have to trade these ETFs. I mean, this isn't the ETF we've all been waiting for a Bitcoin back ETF, where they buy Bitcoin and they hold Bitcoin. And then people buy shares of the thing in the ETF. This is still just futures, which you'll be buying your share in the ETF. You're getting exposure to Bitcoin futures and actually Bitcoin, that was that, which they're actually holding. So it's not a full on Bitcoin ETF, but it's definitely a step towards it. And important for those retirement funds and those big players in financial markets to onboard into Bitcoin, is they're desperate to do and they want to do. But a lot of them aren't allowed to because they manage such huge funds. For good reason, they have to have like regulatory oversize set. Managing people's pensions. But then they're saying that I suppose, you know, 2008, they managed to screw anyway. So, yeah, it's good. It's good for those people to be able to run ramp on to Bitcoin. It doesn't really matter for us because we can just buy Bitcoin and then hold our own keys, which is obviously the perfect way to do it. And I think ultimately it's also good for price because it's more liquidity, more stability, more investment, more exposure. And this is all at the time as well. We know a week ago where Bank of America gave a big green flag for Bitcoin. And so it's going to be an important part of the future financial system. So, yeah, very bullish, very good use. I agree with Ben. This isn't the Bitcoin ETF that everyone wants, but we do have to put it on a sliding scale. I think it was just last week we were talking about a foe Bitcoin ETF that was really made up of companies that were into Bitcoin, blockchain companies, mining companies, companies that hold Bitcoin. We were like, that's pretty close, right? Stock market people. You could speculate with that. Now we're getting Bitcoin futures, which is good, but not great. And then eventually, yeah, hopefully we'll get that real Bitcoin ETF, where they actually hold it. Hopefully the ETF will have to buy it. And this will affect the market. So this ETF should have to buy it too. But we'll see how it goes. Moving on to the exit question. As Ben said, we've had so much great news about Bitcoin Bank of America being in favor of it. JP Morgan, Diamond, that guy, all into it as well. Everyone in the Bitcoin. And now in ETF, is this the part where they stop fighting us and they stop laughing at us and they start joining us? Dan, Eve, have we conquered the mainstream financial world? No, not until like, and until they, you know, the bank start pulling a Tesla and being like, yeah, we've got like five billion of Bitcoin on the books, you know, and they come out of the Bitcoin closet. But I think very good point about the exposure for pension funds. Because, you know, a lot of people have got money locked up in a pension and they can't do anything with it. And they can dump it in like, they can keep it in cash, which is obviously a ludicrous idea, because cash is crap. And or now they have the choice to actually put it into a Bitcoin ETF. If their pension provider allows them to have that ETF. So I think that's a very good thing. But yeah, not big, not mainstream like, and unfortunately, I think it's not proper like mainstream until the like, or until the banks actually say. And then it's going to be like one of those, yeah, but yeah, we can see that coming moments. Josh Sugala, have we conquered mainstream finance? Nah, long way from it. Long way from it. But definitely, so Bitcoin is like the gold, but I think DeFi is definitely taking on a big chunk, right the whole. The stuff that's coming out of the space is really amazing. And like I mentioned that a few shows ago, but Coinbase, daring to offer 4% is really scaring the SEC because they know that they'll be a kind of a run on the banks. Everyone pulls their money out of the banks and puts it into Coinbase because they get 4% instead of 0.1%. Then it's a no-brainer. Why wouldn't you do that? And it's effectively a bank run. And they're already having liquidity crunches in the background. We just don't know yet, but it's quite frightening for them. And if you think sex is good, try fucking the system. Ben Arck, they've got a Bitcoin ticker on CNBC. They've gotten Ethereum ticker. They're always talking about crypto. Surely we must have conquered mainstream finance by now. Yes, happened today. You're correct. Good call. It's the new darling of the mainstream, Western finance. So yeah. Yes, we're number one. We're number one. Bitcoin is king. All others are just kind of okay. Hey shout out to the chatroom. I could see you in there. I can see you chatting. Give us a thumbs up in a share. Subscribe down below. We're live again this week. Shout out to Raoul Duke. Apparently you've got a tip in there. I just minimized the chatroom. But thanks so much for the tip. Thanks for your support. And be sure to give us those thumbs up. Moving on to issue two issue two Bitcoin top $60,000. Near's records high. Remember when El Salvador adopted Bitcoin and the price went down and the mainstream media made everyone think that the experiment was over. It's not over. People that got free money from El Salvador are in the black square who invested heavily into Bitcoin in the black. And I hear Tesla's about doubled up on their billions and billions that they put into Bitcoin. The price is up and everything is good from now until forever. Josh Tagala, what do you think about Bitcoin breaking 60k? Again. Again. Yeah. I mean, it's the typical Motors operando of Bitcoin. Shake out the weekends. I really feel that El Salvador moved was to basically punish El Salvador and make them look like idiots. It happened pretty much on the day. But it was at the similar time that Coinbase listed. So I think there was sort of a pump leading up to the Coinbase listing. And then there was a natural market correction and a little bit of probably large banking elite crushing it a little bit too, just to because El Salvador, even though it's a tiny little country, the fact that they are making a legal tender, it's a big move. It's a big move. Even though they're doing it pretty badly, I gotta say it's centralized and you sort of have an IOU of it. It's not the best way of doing it, but it's an initial step. It's a foot in the door. And Bitcoin price always comes back up. It has since day dot, when it went up to 30 bucks and everyone laughed because it went back down to $1 when it went up to 100 and then everyone laughed because it went back to 30. And then when it went up to 1000, everyone laughed and then it went back to 30. It just keeps doing that. And I don't know when people are going to learn. I mean most people, what they do is they get in at the top because that's when all the news and everyone's laughing about it and saying, wow, this is amazing. And they get in the top and then it crashes and then they suffer for a while and they learn about holding and then it starts to cruise up and they hopefully haven't sold because sometimes you have to sell. And so yeah, it's just bound to happen. It's not bound to happen. Then arc Bitcoin 60K again. Yeah, it's just so many different variables. And when the price, when we had that Elon pump and then the Elon dump, like the Elon pump felt very synthetic and it was justified that the huge price gains we made and then the crash, it was like, okay, now we're going to go back down to the sort of level we should be at. But then we had the Al Salvador stuff and now we've got the favourable context from the US which is coming out. So there's just so many different variables which just giving it lots of awkward momentum. And it'd be very hard to suppress it. And I do think as well, like a lot of people, because Bitcoin has pumped hard, like in 2017, like a lot of normal people now have a, I could have bought and I almost bought Bitcoin story. And now they're seeing the price go up and they kind of wish that they did buy and they did hold it. So there's a large proportion of the population now which have more than understanding that, you know, holding Bitcoin is quite adrenaline right. But it's something you have to do for a period of time. They're not just be tricky happy on your buying sales, which is good as well for the price. There's just so many variables. And like if the Al Salvador thing went wrong, you know, and the experiment failed in some way, which it could, I could probably see how, but it could really fail like the calibre and software with all the money. And there'll be some like, you know, some some some for some of the press will be perhaps, I mean, I don't even know some of the press will be like, oh, you know, what do you expect if use Bitcoin as a currency, this is what's going to happen. Some officials just going to run off with all the money because of the bear asset. But I don't think that would bring the price crashing down. I mean, I would have said that it would, you know, when the Al Salvador news first hit, but now with all this coverage from things like the Bank of America thing in the ETF and just like they'd like say with the Tesla and at least big companies holding Bitcoin as well. I don't know, it's just it doesn't feel like one thing could bring it down. It needs you need them to collectively all work together and fund at the same time and it was been the price down. So yeah, we're just going to keep going up and then it's clear skies. Once you break the old-time hike, could go anywhere. I mean, I think the original target was what, 220,000 dollars. And I guess we're still on target for that, you know, before maybe a reverse, it's like $100,000 or something, but that that was the original target. So yeah, that's just going to go up. Yeah, I'm used to Thomas Yamature. I have two mutants. I saw a great tweet that was highlighting an old tweet from a few years ago and the guy had said something like, oh, it's a good thing I didn't buy Bitcoin at $2. It sure went down after that. And then someone had said to him, how's this guy doing? Is he still alive? And the guy wrote back, I'm alive, but dead inside. And I think Ben's right. I think a lot of people have that story now. A lot of people are like, my cousin was in a Bitcoin. He told me about it and I didn't buy it. And they don't mean 2013 or 2010 or what we think of as early to Bitcoin. They're like, oh, no, 2017, 2018. I mean, I heard about that early pandemic. And then now late pandemic, you're saying it's 60K. It's crazy. It's madness. Speaking of madness, I've been able to locate the Bitcoin predictor ball, the source of all truth in our universe. This is the only predicting tool that you need to understand the Bitcoin market. So I heard that you can't just install the tone base and put it inside that little ball and you can shake it and get the price. There's a joke right there and I'm not going to say it. I want to be nice. Oh, I hate that. The joke's right there. You're assuming he had a soul. But anyway, I know it's right there. How can you not? Like it's like, it's a zoom. But let's go down the line. Dan Eve higher or lower this time next week. And then you'll have to predict against the ball, the source of all truth. I'm going higher and I'm going for a nice sexy figure of 69K. Josh, a gole. Dan's going with perhaps 69 420, the most popular number in all of Bitcoin. Hey, 69. I'll go with that too. That sounds that sounds hot. We've got a stack of 69s Ben Ark. Is it going to break that number? 669. Sloppy 69. And now the ball will the price of Bitcoin break 69,000, which is a funny number next week. Content plate and ask again, concentrate and ask again. The ball is mysterious and does not always deliver. That's a good ball. Still a chance to give us a thumbs up as we move on to the next issue. Check out the WCN clips channel. We've got all kinds of great WCN clips. You could even subscribe. Miami mayor creates Miami coin Bitcoin mixer laundered over 300 million dollars. All kinds of great stuff at WCN clips. Check it out on YouTube WCN clips. Issue three Mark Cuban heralds Ethereum Bitcoin. We always wish that Mark Cuban would get into Bitcoin back in the old days back when it would have mattered. Backed when the head of the Dallas Mavericks and the famous Yahoo investor could have helped the fledgling cryptocurrency. But now Bitcoin's doing just fine. So Cuban has decided to help Ethereum the upstart cryptocurrency and so-called enemy of Bitcoin. Cuban says as an investment, I think Ethereum has the most upside Bitcoin is better than gold. He also said that Dogecoin is a solid entry point to learn about cryptocurrency and shows how communities can impact markets. Sounds like fun. Ben Ark, Mark Cuban, the Dallas Mavericks is finally with us. Buddy's an Ethereum fan. Is he right? It was his doofus. I don't know if this doofus says he's like an American guy. I read that article and I was like, he was like somebody you would speak to just found out about Bitcoin and Ethereum and things and they just say all the right, all the wrong things. And I actually think the quote was that he said that Ethereum is better than gold. It wasn't Bitcoin. I think he said Ethereum. And he also said Ethereum is the best currency on the planet or something. And you're like, what are you talking about? And like you said, the Doge thing. He bought Doge with his son and they learned about cryptocurrency through Doge. It's just to ludicic this guy. It's an idiot. For whatever, like people may on board, they did mention Bitcoin as well, which is good. Ethereum just continues to exist. And I don't know when will people stop using it? When those gas, when what's the price of those gas fees? It's like cigarettes, isn't it? What's that price point where people actually just stop smoking? How expensive do you have to make it? How expensive do you have to make these transactions on Ethereum for people to just start using it? But whatever. Like the guys at Deutha, I'm going to say he'll lose some money, but you won't. You won't. You'll make a fortune. You'll probably write this point more upside in Ethereum. Who cares? It's crap. We're all in Bitcoin. I feel Ben's right with that with the Ethereum. It does kind of beggar the question when you're paying gas fees equal to the item that you're purchasing. Like are you buying cigarettes? Are you in the downward slide? You can say the same for Bitcoin. You can say the same for Unchained Bitcoin. Why is Unchained Bitcoin so cheap to transact at the moment? I don't get it. I was thinking about this today because I was looking because it's going up in, usually when you have a crazy pump and we're going towards a poor near-all-time high, you have crazy fees. But this cheap is like $3 to send a Bitcoin transaction. What's that all about? But I think the peak fee last year wasn't until Bitcoin was back on the descent and everyone was scrambling to get out. On the way up, it seemed like it was relatively, yeah, obviously it was going up, but it wasn't going crazy. It reached all-time high that it suddenly just went boom, fees just went mental, loads of people trying to exit and fath about. I had to pay someone a Bitcoin that was going to complain about the fees and try and get them to pay for it. I was like, why is it cheap? We shouldn't be cheap. That makes sense. Yogi Berra said that place is too popular. Nobody goes there anymore. And Mark Cuban just to recap because everyone's forgotten already. But way, way back in the beginning of the internet, Mark Cuban launched this thing called Broadcast.com. To my knowledge, he illegally broadcast college basketball games on Broadcast.com then sold it to Yahoo for something like $300 million. It gets even more exciting because this was at the peak of Yahoo and Yahoo was worth, I don't know, $187 a share or something. Mark Cuban then proceeds to sell like something like 90% of his Yahoo investment before the dot com collapse before Yahoo collapses. Other people that were with him that were very well off in this deal did not sell lost most of their money in the dot com's. Mark Cuban survives. Then he purchases the Dallas Mavericks NBA basketball team becomes an outspoken basketball person in America. But everyone's forgotten that yes, broadcast.com to my knowledge, illegally broadcasting college basketball games that he had no rights for. And then Yahoo barely even used it. Doesn't even use the domain name anymore. Another one of those horrible dot com purchases that they just had to like is that common knowledge or is that something you're gonna get? Oh yeah, yeah, it's out there. I mean, I don't I don't know the details. I'm there. But yeah, I do believe that yes, he was illegally and I get the time. At the time, no one else was doing it. So it was like they weren't even considering it as a market and he helped them presumably realize how much and how important streaming would be. But it's really the game. Sorry. Well, he certainly got away with more money than Yahoo. Let's move on. Dan Eve, what do you think about Mark Cuban, the basketball man getting into Bitcoin and Ethereum? Well, you know, it's another kind of real world, you know, I say respected but well-known, because obviously some people aren't a fan, but well-known person that's that's that's talking about Bitcoin. So I think it's a big obviously, it's pretty big. So whether we did say that or Bitcoin's better than gold or Ethereum, but Bitcoin is definitely better than gold. I think you could even want to argue with like all the gold mining and all the all the the byproducts of getting some gold out that of the ground that Bitcoin is probably like, I don't know, less pollutant. I don't know if anyone's done a study on that, but gold's pretty bad for the environment. But I think unfortunately that's where Ethereum might have a bit of a a leg up from society at the moment, because everyone's jumping on the you know the the environmental ban wagon. Obviously the recent fund, you know, the last year has all been about Bitcoin mining and boiling whales and and you know and all of that and you know, carbon, you know, carbon emissions because of Bitcoin and obviously Ethereum is moving to to proof of stake, which is poop, poop of stake. And but obviously proof of stake is has less environmental impact. So there may be a kind of you know, a bit of a war with the environmentalists versus the Bitcoiners who are hardcore proof of work versus the hardcore proof of stake. But the fact, yeah, we mentioned about fees a minute ago. So like the the fee at the moment, I think it's what three, it's saying $3.33 at the moment. Dogecoin itself, Dogecoin fees are considering like it's it's Dogecoin, right? It's a it's a joke. The fees still are pretty much a joke. It's like 50 cents to 55 cents to sell some dose, which is actually pretty hardcore. Ethereum on the other hand, if we all remember back, way back way back when when Vitalik laughed at Bitcoin for having like, I can't even remember the amount, but he was like, it was in 2014 or something and he was like, Oh, you know, our Bitcoin fees that internet of money, haha, so to send Ethereum right now will cost you $8.64 to send a token on Ethereum will cost you $26 and to have it like a do a uni swap, but obviously, you know, there's a uni swap. So it's kind of cool. It's all decentralized and all that. $82. So but going back $8.64. So it's nearly three times as expensive to send Ethereum as it is to send Bitcoin right now. And that is why Bitcoin is King Dino Linn and Queen Dino Linn for the gender gender diversity out there. Josh Shagala. What was the question again? Mark Cuban. Yeah, that's right. Bitcoin. Yeah, yeah, cube. The old cube. I love it. These people come out of the woodworks and they're just sort of experts because they made money somewhere else. Bill Gates is an expert in health and Mark Cubans, all of a sudden an expert in Ethereum and you get all these people that just because they've been successful somewhere else, they're really a quate to the being successful elsewhere instantly. You know, saying that obviously it was a clever guy. He picked the top of the of the internet bubble or, you know, maybe he realized, oh, there's a bunch of lawsuits probably coming my way with this basketball deal. Let's just sell those. I don't know. But, oh, maybe he went and got his shoe shine. And the shoe shine boy was talking about getting into the internet and realized that, hey, let's, this is a bubble we're going to pop. Nevertheless, he was pretty clever and he sold at the top and he didn't hoddle because actually, I don't know, would you still be up? How is Yahoo doing compared to the top of the bubble still pretty crap, right? Yeah. But, um, yeah, I don't know. I'm just not a big fan of cult of personality mouthpieces talking about stuff really, I sort of bored me. I do think you're right, though, Josh. Cuban picked a good time to sell and should be celebrated for this. This is a, this is a special skill. You have to imagine he had the money in his hand. He'd never had that kind of money before and he looked at Yahoo and he looked at the internet and he looked at the money in his hand. And he's like, I could do a lot of stuff with that money and he took it off the market. And a lot of us have are unable to do that. We talk about good things like 5%, 10% taking a little bit off. But there's another point where if you hit your number and I don't know what his number was, I think he got, you know, 100 million or 200 million. He got a lot of millions for this, right? But maybe he needed a billion, right? To be happy. And if Yahoo had stuck in there, he could have gotten that billion. But it seems like he was pretty good with the 200 million. I think he bought the Mavericks for cheap. I'm going to screw it up. I want to say 30 to 80 million basketball teams used to be affordable. If that's affordable. But yeah, shout out to Cuban. But I totally agree with Josh. I wish they'd picked someone that was right about Bitcoin to talk about Bitcoin rather than someone that was completely wrong. And then now saying things about Ethereum and Dogecoin and other things, which are very questionable, it could happen. Or it's questionable. Bitcoin gospel is so easy. It's like, oh, Bitcoin's nothing. And it's currency. And it has lightning network now. And it's like, wow, that's pretty rad. Right? Yeah. But, you know, the thing is, I don't see Ethereum as competing with Bitcoin in the same way. Like honestly, I don't. I do think there's a lot of things competing with Ethereum. And I do think that Dogecoin is more inflationary than most countries. So why would you use that and even have fun? Because is it fun to lose money, Mark? I don't know. Is it? But Ethereum, you know, Ben, you mentioned the high fees. Bitcoin's had high fees as well at really crucial moments. And we all talked about the second layer, the second layer and building on that. And there is a lot of work and a lot of really hard, great engineers working on Ethereum, trying to solve that just the same with layer two. And what I'm seeing is that people are looking at layer two and going back, people that were full on Bitcoin cash people. But they're looking at layer two on Ethereum and going, oh, that makes sense now. And then coming back and going, oh, Bitcoin, BTC was right. You know, it's stick to lower blocks and go with a second layer instead. And because now it makes sense that people are using Polygon Maddick and some of these other layer two solutions on Bitcoin on Ethereum. So there's a lot of work and a lot of engineering, a lot of hard engineering. And really, you can't really do some of the things you want to do on Bitcoin because it's a tax surface. It's very narrow. It's to do one thing. Be good money. Be solid, rare money. And the Lightning Network allows it to be then also currency. So it's good money. It's good currency. That's all it needs to be. And forever more, you know, that's the wonderful thing. But really, when it comes to building complex contracts that aren't controlled by anybody, but the person that holds the keys, that's where Ethereum comes in. And for the same reason, I wouldn't talk about any of the other stuff that's trying to compete with Ethereum because every year, every bubble, people go Ethereum's ghost prices, where the Ethereum killer, where the Ethereum killer, EOS and all the rest. And then the bubble pops. So you think goes down at the end of it, there's Ethereum still. And so it has its place and it's doing something else. And I just want to put that out there because there are a lot of really hard working, people working on that protocol to do other stuff than base money. And some would say that, yeah, but you can do base money on Ethereum too. But it's a very overengineered version. And that's the beauty of Bitcoin and why it's so conservative is that it just is doing that and it does it really, really securely and well. You know, it's taking a cheap dig there Ethereum, which is quite easy to do. I was checking the cheap dig it. Well, I agree with Josh. I don't think they don't really compare that well. But for whatever reason, the only category we have is cryptocurrencies. And we've put them both in there. And every time what they're really competing for is market share of mentions on television, right? People are going to talk about Bitcoin or they're going to talk about Ethereum, depending on the story sometimes both. And I think that's where the real competition is is this popularity contest, which goes on forever. And we also have to keep an eye out because Ethereum has changed their structure recently. I don't know how it's going to turn out, but they are burning fees now. So they might not be so inflationary. They might actually even be deflationary, depending on how much Ethereum they're burning. So the idea of holding it does is a little different now. The networks a little older. It's not vaporware anymore. But then of course, if we bought it when it was vaporware, oh well, that would have been great too. But let's move on to the exit question bonus issue. Surprise to our panelists, but I know they're ready for it because no one cares. Coinbase has stolen so many people's business strategies over the years, whether it was cryptocurrency with the hundreds of altcoins or DeFi and lending and other exchanges with providing that liquidity so that you could have margin and then now loaning. What now? Open C, the popular NFT platform recently lost their man open source Nate or something like that because he was allegedly front running the NFT market. And now he works at Coinbase Coinbase is launching a brand new NFT platform. They're not too late. They're just after Binance, they're just after OpenC, they're just after rarerable and foundation and wax and it does another projects, but Coinbase is here to solve the problem. Dan Eve will Coinbase's latest attempt to copy someone else's business finally bring them happiness will Coinbase's NFT platform be a success. Well, at one point they did they reached the like the numbers one by one spot for a while when the when the coin ticker was launched. So it did reach some popularity. I'm not sure how many people are using now as an app, but you know, they've got a big wide user base. So they've definitely got the market share, right? The first step is getting people in through the doors. The second step is shooting them a product. So you know, it's easy once you've got a huge market share to start to copy someone's project and oh nice mug to copy someone's project and yeah, and I think they've got the user base for it. I go back very quickly because I like to trip back a bit, but so that that that trend that a theoretical, um, Vitalik quote was actually said in 2014. So we said the internet of money should not cost five cents per transaction. It's kind of upset. So although obviously Bitcoin transactions have gone up a little bit since then. Just checked a few seconds ago and one 44, why would give you a transaction fee of $10.44, which is 208 times that five cents that he spoke of in 2014. So obviously, you know, things it fings in flight over time, obviously, you know, fees do a bit, but Bitcoin still killing the fee structure there, I think, at the moment for straight money, hard money sending. I think it was just a really deep joke. Vitalik was being facetious. He should be like the internet should not cost five cents in transaction. It should be more like 50 bucks or 100 bucks. Josh Shagalla coin base and NFTs will this finally be the platform that satisfies Brian Armstrong or will he be doing Bitcoin ATMs next? Oh. This is this is this is typical of of many platforms and it's kind of sad for like Google and stuff do it as well. They just copy Facebook does it Twitter does it, you know, we had we had the the what is it clubhouse and then Twitter just comes out with Twitter spaces instead of, you know, investing in clubhouse or like lifting up these entrepreneurs, they just outright compete with them. That's fair enough. It is what it is. And you but people will have their place and the thing is with with I'm just not sure about the technology behind the NFT system. So the trouble with all NFT systems that I see right now is that it's super centralized. If OpenC was to go down, you wouldn't see your images anymore. There are a couple that that run on on IPFS and stuff, which is pretty cool, but IPFS also needs a bit of work to become more popular. And so yeah, this is the this is the issue and I'm guessing all images would be hosted by Coinbase then. So they are now an art dealer. And it's weird. Like, you know, eBay never really took on Christie's. You know, they were their own thing. And Christie's with you could say that they're competing, but Christie's was very specialized on high-end proper art and verifying it and doing their thing. And so I think it's kind of strange for Coinbase to just jump in and think that they're art specialists as well now. And this was something that OpenC really focused on. They were there and same with Wax. They focused more on the gaming side of things. But yeah, well, let's see what happens. You know, it's a free market to let the games begin. I think eBay's another business model Coinbase could look at also telecommunications. Why not become a phone company? Why not get your phone service through Coinbase? Nobody else is doing it. And it's a great point, Josh, that Coinbase will be hosting all the images. So when Coinbase goes down, like we know happens every time Bitcoin goes up, all your images will be down too. You won't even be able to right-click and save your JPEGs. And Arc, Coinbase, and NFTs, it's like chocolate and milk, some match made in heaven. This is the last business model they'll ever have. It's a good point on Christie's only supporting high-end art works, which is of course, curiote cards. As for Christie's, it was Christie's, wasn't it? They were on. Now also in Sotheby's as well. Wow, that's incredible. So everyone's getting in the NFT game. Why wouldn't Coinbase get in the NFT game? Actually, we'll say that a lot of people stick with the service which they're used to. So people who registered with Coinbase and they didn't have a shitty experience, they'll just stick with it and that'll be the trading platform they use. And actually, when I was a youngster, I had a few jobs working for a couple of local banks. And both of them, during my induction, said that I think there was a statistic that someone's more likely to get to force than leave their bank. AKA customer service could be pretty shitty. And people generally stick with that bank just because it's a pain in the ass to move staff. And it's a little confusing. In the case of an exchange, you don't have to have to then go through doing all the KYC staff and whatever else. So you stick with the service which you know. So there's all these Coinbase customers who haven't got exposure to NFTs because they don't trust something like those other places you said before. I can't remember the names of because I have no idea about NFTs. And now they'll be able to buy NFTs and use NFTs. But it's an absolute cracker of a point that Coinbase does always go down every time the Bitcoin price breaks at all time high. So they're going to have to stop that because people then won't be able to see the the pictures of whatever RarePapays or whatever. Curing cards on Coinbase if that happens. So that would be a shame. But yeah, it just, I think it's giving Coinbase customers a little bit of exposure to NFTs. I think it's forgetting on it. I think it really shows like a lack of you know, like this is the point that Thomas was saying is that it's a lack of creativity on Coinbase as part because NFTs have such a broad spectrum of use cases. And you know, linking it to art is one. Is one use case and it's a wacky use case too. It's a very, very strange use case. And we'll see if it long-term holds up because it's still a major experiment. But there could have been other ways that Coinbase used NFTs. And you know, they should be innovating. They should have an innovation. I'm Google used to allow people, I don't know, short if they still do, but like one day was a full day, I don't know, or half a day a week. 20% time is a day a week. 20% time. It was a day a week to like work on their own project and build something cool. And you know, this is where innovation came from in the beginning. But you know, that would be cool because I'm sure a lot of the employees at Coinbase are thinking up really cool ideas, but can't because they're you know too busy reporting everyone to the IRS. I'm also curious to see what kind of art Coinbase puts their stamp on. Remember, this is the company that said they are not political and that they would fire any employees that wanted to discuss the race issue that was going on in the United States about a year ago. Are they going to be banning nudity? Are they going to be banning political art? How are they going to judge these works? Is it like a Disneyland style process? Are they going to have approval? It's very questionable. Like Josh said, for them to get into this art business. Right. There's lots of entity businesses, tickets, other things that they could easily be involved with which would fit more to their finance style rather than hosting art, which is also a copyright issue. What if you don't own that art? What if you're selling it? What if you sold it? You took the money and it's gone. The same way Coinbase helped other companies launder their funds after the fact because they didn't know. So it's very interesting. Like Ben was saying, people don't switch their banks. Back when I was at purse, we had a Bitcoin ATM and we kind of surveyed the people that were using it. Most people kept their Bitcoin in, wait for it. Local Bitcoins. That's right. Local Bitcoins wallet. They had no idea there were other Bitcoin wallets. They didn't know about hardware wallets, paper wallets, phone wallets, web wallets. They knew about local Bitcoins wallet and they weren't moving. So Ben does have a good point with Coinbase. Perhaps people are waiting on there for an NFT offering and they'll be excited to buy it just like the Binance one. And it's just curious. Once again, I just think Coinbase doesn't work with the community. They could have done a deal with OpenSea who's also a billion dollar company. They could have worked something out. They could have listed the NFTs. They could have picked one of the smaller markets and helped propel them up. They could have done an investment in them as well. But Coinbase is a lot more like Apple in this way where Apple keeps going after these programs that help you know that minimize the windows or a program that darkens the screen. And they just copy it and they run the program out of business. So it's a very strange thanks to everybody for giving us a thumbs up. Let's keep that going. And we're moving on to issue four. Issue four, Ted Cruz, Greg Abbott and the magical thinking about Bitcoin's ability to fix Texas's energy grid. We like to say that Bitcoin fixes everything. Well, maybe not this thing. Senator Ted Cruz from Texas is saying that Bitcoin miners would help fix their unregulated and disastrous energy grid by having power that you could turn on and turn off at the drop of a hat. Cruz is obviously not paying attention to the amount of money that Bitcoin miners make and that they would want to be paid during that time that the power is off. And it's curious to see how adding more power hungry hardware would fix an already broken and decentralized distributed and broken energy system that they have in Texas. Let's see Ben arc. I guess we're going back to Dan. Let's go to Ben arc. What do you think about Texas's plan to fix their energy grid with how our hungry Bitcoin miners? Yeah, the, you know, Parvus harnessing excess energy or, you know, being able to offer out peaks and troughs of your energy production and sales through using excess to mind Bitcoin or something as part of your business model. It's a very sexy concept but it's the ice bollocks. But you know, just make any real financial sense in the most circumstance, most scenarios. It was probably someone probably told him the idea of dinner and used Asperin opinion or to speak on Bitcoin mining in Texas. And he says that they want Texas to be like a Bitcoin friendly state so maybe it's in that vein. And he's just having an opinion on something, quite a shallow opinion on some things. Ecclely I've done too much research into but yeah, I mean, mine is, I mean, I'm pretty sure that they're not developing at the right they were. So you can, an older miner is profitable to not, you know, you can still have it profitable not running all the time. But I sort of think we're quite at the point where you can flip them on and off and it make any sort of financial sense. But hopefully hopefully we will get there. I suppose the only time maybe it would make sense is like with geothermal or something maybe where you've just got access to free, you know, energy in the ground. And then somehow, you know, have that work with energy usage in some way. But then he's still piring down miners and losing money. So yeah, no, it's not. I don't know too much on it, but I mean, I did, it sounds like a pretty ill informed statement from the governor there. Yeah. It's likely he means that Texas is geographically big. So it'd be great for mining, thinking in the old fashioned way where you dig into the ground for. But now as you'd rather have a working power grid, right, if the power grid shuts off in the middle of winter and people are freezing to death, adding Bitcoin miners to the solution is hard to see that as a as a solution. Dan, Eve, what do you think about Texas's plan to fix their energy grid with Bitcoin miners? Well, it's a good point you make about the heating, right? Because if the miners were to continue running, yeah, hear me out, hear me out. And they continued mining Bitcoin, yeah, then they could funnel the heat into people's homes in some ninja way. That's one way, right? Because there's a heat, I still know I hit Sydney, we'll see the heat swimming pool recently. There was a Twitter tweet, I can't remember who it was, but they tweet about a heat in a swimming pool using Bitcoin miners. So there's obviously that recycling of energy, I think that could work. Maybe they could pair up with some sort of energy storage thing. I know that there's all sorts of stuff, bit like gravatory batteries and pumping water back up hill. So even though the miners could still continue going, but they could take some of the excess energy that's even from the miners and gradually put that into storage in either, I don't know how effective they are, but you know, gravity batteries and all that. There's loads of different stuff. There's even like deep sea, like balloons that they are looking at, you know, pumping up with water and this, the electrostatic pressure and all of that. There's pretty of ninja things that they could do. Maybe they've got the idea because obviously there's boca chica, boca chica and SpaceX. So maybe Musk has been rubbing shoulders with them and talking about the old Bitcoin mining. But yeah, I think very good point raised about the fact that it would be hard for someone to turn off their Bitcoin miners. Imagine Bitcoin pumps to like 250k and they're like, there's people who are really cold and you're like, oh, Bitcoin's 250k. We can buy them some blankets. Let's just buy them some blankets and then we keep mining the Bitcoin. We give blankets out for free. Maybe give people some of those hand things that you crack open and it keeps their hands warm for a little bit. I don't know, they can come up with stuff. Maybe they might actually, you know, write into some form of contract if you're a Bitcoin miner and you're using, you know, you've got a contract so that you have to supply X amount of electricity during downtime and therefore it would force their hand into creating some sort of storage backup, etc. Maybe even something crazy. Well out there, Tesla and their new batteries, the solid state batteries, there's iron batteries now. I don't know. Maybe there could be something, some sort of synergies there where the excess energy could be stored in sort of Tesla's batteries. I don't know. I think there's lots of opportunity. We don't want to write it off. It does seem like a semi-politically charged article obviously. But all part of the fun makes some very good points and yeah, I think let's all make make friends make Bitcoin great again and keep the Bitcoin miners pumping. And people will. Dan reminds me of this great Pete Davidson joke where he says, I leave the air conditioning in my apartment on all day long all the time. But don't worry, I'm into global warming. I leave the window open. I'm doing my part. Josh Shagalla, or on this exciting story about Texas's energy grid being fixed with miners. Yeah, the thing is like I'm all for everything Bitcoin. Yeah, cool Bitcoin use case. Yeah, yeah, awesome. But there's some things that just don't make sense. For like years ago, there was some company that want to make light bulbs Bitcoin miners and it just made zero sense. I mean, light bulbs get hot. But the last thing you want is a hot thing to have more heat. And it just made zero sense. It was just weird. And then they went into making toasters or something and it was also like didn't make any sense because you're like, what? What? Yeah, I mean, it made a bit more sense because they could get so hot that you then grill the toast. But weird companies name was bit fury that's going public valued at $1 billion. Wow. Wow. Amazing. Well, they never ended up making the light bulb miner, which is the wackiest, weirdest thing. And just like this, it's kind of a strange. Like it makes sense if you if you have vast amounts of energy that just is sort of getting wasted. And instead of because it's quite hard to turn down energy production, just like it is hard to turn off Bitcoin miners. So you can sort of sit in there in the evening and it just sort of consumes them. Be interesting to see. You know, that sort of thing makes sense. But yeah, I'm not quite sure where he's going with this. Yeah, I definitely, you know, the thing is, you know, my brother is on Pimer that on the Canary Islands there that's exploding. The volcanoes are going crazy. And when you sort of sit there for a second, just looking at those images streaming, you just think, man, you know, the whole world is sitting on this molten lava like this massive amount of energy. So I'm, Australians are pretty good at digging, pretty deep. And so a Texans pretty good at digging deep. Like can you just dig a little deeper because I'm pretty sure once you dig farther far enough, you can just pour some water down there and steam will come up the other answer. I don't know. It seems like the energy thing is so charged with profit motives that it's kind of some of these obvious things. I don't know. I'm not a geo engineer and of course, but seems kind of obvious. Dig a little bit deeper. Free energy. It is interesting to see these things when a child or a politician gets a little piece of information. And then they try to apply it to everything. And they're like Bitcoin is good for energy grids. Therefore, it'll fix our deregulated, unconnected mess of an energy grid. And just, you know, not political here, but in a scientific fact, the Texas energy grid is not connected to the rest of the United States. They have their own energy grid. And within that energy grid, it's all deregulated. So each one's running like a different kind of power and they're not sharing it and they're not connected. And that's the problem. Right. No amount of Bitcoin miners is ever going to fix that. You need a connected energy grid. You especially need something that can get power from the outside and send power to the outside when you don't need it. And these are very large issues that are going to take a lot of money to solve. And Texas doesn't want to spend that money. If we look at the power crisis that they had during the winter a little while ago, that was because these companies didn't invest in the winterization procedures needed to withstand a very bad winter because they're like that probably won't happen. And we'll make tons more money if we don't buy those winterization procedures, which is again, why you don't want to have a deregulated for the most profit energy grid. This is the thing that runs your hospitals. It runs your heaters and your coolers. It's very important. And again, the idea that Bitcoin is good for some energy grids, like we say all the time, how hydroelectric dams, perhaps that geo-thermo plant, they're trying to build an L-savador, places where you have infinite energy. And at these hydro dams, their batteries get full. You have limited batteries, infinite energy. That's where Bitcoin miners can help an energy grid. Not when you have deregulation and a complete nightmare. That's a whole another issue. But let's keep moving. We've got another bonus issue here. Just announced this morning, tether has settled with the CFTC. It seems like the end of an era for tether, FUD and the beginnings of a new era of growth. We don't seem to have the details on if they had to pay or that kind of thing. Settlement does imply payment and admission of wrongs. It seems like tether, their reserves, their tokens were not fully backed at all times. The reserves were not all in cash and all in a bank account titled in tether's name at all times. As tether represented in the order, it has always maintained adequate reserve and never failed to satisfy a redemption request. Let's go to BenArk. What do you think about tether's settlement with the CFTC? Where we write all along, does it matter? Is this just great for Bitcoin going forward? Because another one of the potential problems. We're talking about it. It's a week, weren't we? Yeah, it's funny because you got the press release from tether then. They were saying that it was always backed once. Was they saying the opposite? They say it was not always backed. That's the CFTC. The public always said they were backed. It works. It's backed. In the tether's screenshot of a bank account. But in the tether statement on this topic, they say that it was always backed. In the CFTC thing, which the statement was for, they said it wasn't always backed. As others said on the channel, last time we spoke about tether, Bitcoin has gone up in so much and they held an amount of it in Bitcoin. They're fine. They're very liquid. CFTC doesn't have to panic and worry. It was amazing that Janet Yanem was freaking out about tether because it could impact the US economy because it's the same size as if we were a bank, it'd be in the top 50 banks in the US and could potentially if it did collapse. This is why there's a lot more eyes on it. But yeah, you're right. It's another potential thing which could go wrong and break. It's now taking care of some more reason for Bitcoin to go up in price. Buys a little bit more time for people to work on. Extra alternatives, such as our colleague Josh and the standard IO. So hopefully, more people will move from this centralized hacky solution, which they came up with early on to solve this problem. Then now we have much more clever, complicated solutions where you can proveably not have it break. You're less likely for it's a break up for the funds not to be there and be backed by the deal. So, Black with the standard IO. So hopefully now before tether does implode if ever does, then there'll be better solutions which people would just get onto and use. Dan, Eve, no more tether troubles. Everything's good from here on out. I was kind of hoping there was the next question to the last one and it was like, how many people does it take to change a bit fury Bitcoin mining like well? For a question. Anyway, yeah, I think, yeah, I think it's, you know, this kind of comes with a, this tether news, you know, the settlement seems like a bit of a, you know, it's very well timed on. There's no conspiracy there but it's just coincidence. But you know, it's well timed with the ETF sort of news and you know, when tether gets going Bitcoin gets going, it does seem to happen. I just like tracking like Bitfinext and it obviously, actually Bitfinext is still going. What he they have picked up on, he's he they have picked up on it. It's, but what it's picked up on is a, I don't know, all of them in one is the fact that they used a spreadsheet. So remember last time the article said like we proved it, it said, you know, it said like tether proved it by having a, a slideshow, a slideshow with a pie chart that said, well, they've backed it up because not only they'd have PowerPoint, but they also have a manual spreadsheet that was, was used to track all the assets which I, which I think's pretty cool. But I think that it's, you know, this is paving the road for definitely, you know, I don't know, seeing it as a definitely, that we're going to see 100k. It's going to happen and 69 by next Friday, 69. Everyone bring your love hearts with you. Spoiler alert, a spreadsheet is Coinbase's plan for managing NFT technologies. Don't tell anyone. And Dan also reminded us of that classic joke from Yakov Sviernaf in Soviet Russia. You don't change light bulb. Light bulb changes you. Josh Shagalla, your thoughts on tether finally being settled. No more controversy. Everything's good from now on. Yeah. The, the thing is, I was never quite sure why the CFTC really had a big tether. Because they're there for, you know, futures, swaps and, and options. And certain derivatives, it's like derivatives markets. I guess, I guess because tether is a derivative of cash, maybe, that's why. But yeah, and nevertheless, it's, it's, you know, tether, tether is one of these, one of these beasts that I think will, will, will end up going down because they're trying to become more and more legit. And when you go more and more legit, you open yourself up to the reason why Satoshi created Bitcoin was in the first place was because the Fed doesn't like competition. The Fed has to put up with Bitcoin because there's no way to shut it down. But tether, can be shut down. Same with USBC, USDC, same with all of the other USBC, same with, same with all of these other centralized stablecoins. You don't really need to, the government doesn't really need to do much. They can just say, no, it's illegal now and stop all trading on it and it would really crush. And the other, the other problem with these centralized things is especially big, big problem is that once you get so big with billions on the balance sheets, whether it's, you know, cash, but also a whole bunch of different assets, it's very, very hard to pivot quickly into a more friendly jurisdiction. You know, that, that's extremely hard. There's all exit taxes and all sorts of stuff. So I'm not sure where tether is keeping all those assets or where they register and this is the other thing. But I would, yeah, I'm thinking that this is definitely not the end for tether. I think as the CBD sees or the central bank, you know, shit coins that they'll end up producing. As soon as they do, they go in and put their foot down on that. The other thing is, of course, I mentioned last week with the negative interest rates heading into the US. If anyone's keeping an eye on that, it'll, it'll happen. Like it's, it's only a matter of time. Like it is here in Europe. And that's the reason we don't have a Europe stablecoin because of the negative interest rates. It kills the whole business model. There's so many USD stablecoins because they don't have negative interest rates. So once that happened, these, these, these business models, they suffer a lot now. Some would say that tether now because the, I'm guessing the moment that they weren't backed fully was the moment when they bought Bitcoin on the dip. And it was a huge dip. I think it was after 2007, after it went down like crazy. And then they bought it right down near the bottom. Absolutely genius move for sure. But extremely reckless, extremely reckless. And if they had had tether run at that moment, they wouldn't have been able to cover everything. And, and that would have been it. But they did, they did it. It went back up as Bitcoin every time does. And now they're way overcladderalized. I'm guessing because they're not very transparent. But at the end of the day, you're still trusting that central authority to run a good business. And that, that's very dangerous because they control the vast amount of the entire decentralized crypto industry. Whether the, whether that's on the, on the Ethereum side with all the defile or the NFT side or the Bitcoin side, or everything has a part to play with the amount of volume that tether's doing, especially with the arbitrage markets. So it's an existential threat. It always will be unless people move over to the things like decentralized algorithmic stablecoins like what we're building at the standard, like Ben Zed or or or or maker die and stuff like this. These, these are really interesting ways to solve that problem. Because I think there is a use case for stablecoin. Of course there is. That's why it's so popular. That's why it's so popular. And so it's something that the, the markets need to head towards. And I'm hoping that there's enough people that that are actually in it for the right reasons to make the judgment on what stablecoin they use and say, right, I'm going to use the standard or I'm going to use maker because I want to, I want to do something right for the entire ecosystem and slowly get away from these centralized stablecoins, which are, you know, in the long run, just, just very dangerous and a huge attack factor. So yeah. I think Josh is right. I want to agree with them. They're the original idea of tether is that they were holding a large bank account full of USD. That was really simple. One tether, one USD. Like Josh said, maybe somewhere in there, we don't know, but they're like, maybe we should invest some of this money. And that's where this incredible paragraph from their settlement press release comes in. Ben and I were arguing over what the meaning of this were. So I wanted to go through it a little bit. As it says here, as to the tether reserves, there is no finding that tether tokens were not fully backed at all times. So that means if tether is, say, a hundred million dollars, they have a hundred and a million dollars in value to back that. Now here comes the next, the next line, which is great. I would have used however here, but simply is a brilliant, brilliant choice. They say simply that the reserves were not all in cash and all in a bank account titled in tether's name at all times. So that means that these reserves that were supposed to be one tether to one dollar were in some other form than cash. Go to the review. I find the guy. What are the CEOs bank accounts? Yeah, we could have been the steel. Somebody else's name. It was like, yeah, they couldn't buy enough Bitcoin under the tether name. They had to use another account. They had some kind of a, which is a huge security problem if you're a bank and you're like, you have assets like, it's not just like, oh, we started in Joey's garage. It's like, you stored clients money in Joey's garage. What are the security procedures of Joey? His phone, we don't have no idea. Has he done any training? But yeah, it's a brilliant, brilliant sentence there. Very, very, very, very well-loyored. But yeah, simply that the reserves were not all in cash and all in a bank account titled in tether's name at all times. So they got away with something here. Who knows how much they paid, but just like the stellar thing, where a stellar paid them and moved on or maybe it was ripple, it was a license to operate. Once you get your license to operate, you get your ticket checked, you pay your penalty or whatever. Hands of free butter, the company. You know what I find funny though, in a weird tragic way is that all you need to do is buy a banking license and you can just go as much fractional reserve as you want. Then it doesn't matter. Then the FTC doesn't really care. You can just, I don't know where, how much of our clients got hold it and how much of we got the balance sheet. It doesn't matter anymore. Zero reserve. It doesn't matter. So it's weird. It's weird that mainstream banks can go into as much fractional reserve. I don't think there's a limit anymore in fact in the US. And yet they'll go after, so it's just a strange, strange world. I'm not saying that they shouldn't, but it's maybe they have to see should have a look at normal banks. It's just like dogburt said about diplomatic immunity. It's a license to kill and steal. There is an infinite amount of cash at the Federal Reserve. All right, I think we're running out of time today. We're going to head towards predictions or a story of the week. Dan Eve, are you ready with a prediction or a story of the week? No, he says he's not ready. Let's go to Josh Gale. You're ready. You always got something to report on the standard. Well, Dan. Yeah, actually, we've got some big giveaways coming up soon. So a lot of Apple products and stuff to join the white list and this, so keep an eye on there. But we've got five tickets to give away to the big conference that's happening in Moscow called Blockchain Life. And so if you're around that area, it doesn't include flights or accommodation, but they are the tickets. And we got them to give away to you. So all you have to check out the Twitter on the standard.io and you'll see the details there. It's going to be like ticket after ticket, comment, grab them. It's going to be a really great conference. And do they get hats? They get hats. They sure do. It's hats all the way. You can choose from a CypherPunks right code from the standard or the initial Satoshi block reward out of those two. Well, that sounds great. I like the CypherPunks right code once. Very good. So check out the standard.io. Ben Arck, do you have a prediction or a story of the week? Go ahead. This is Sir. Block Life. It sounds quite gangster. It's a, it's a, it's a block. It's like a C and K. Block Life bitches. And that's a very hardcore movement. If we could just make a K out of these two here. It's a big LL block life. Ben, no bad neighborhood in Wales there. It's like not so good. No, not a lot really. I didn't get a little bit about this Moscow conference because I was once going to Moscow. And only if Stefan Sniper of his going there from a specter wallet because he's, I know he's back and forth to Moscow. He's always good. He's going to work shops when he goes to a conference. So I'm just wondering if he's doing workshops there. Yeah, I think Tony's going. Tony base. Okay. Yeah, he's going. So he can speak with the link. Oh, yeah, yeah. I was really blown away all of a sudden. Tony's not speaking Russian. I was like, what the hell? Yeah. Just getting ready for the ourselves with our stuff. Oh, big, a big shout out to Stefan and Tal. They're working on. So with Alan Bits, we've got a fast API branch, which is where we're switching out the backend framework used for our server to fast API just to make it because we have this really annoying bug when you serve a scale. Occasionally just trips up and you need to restart your server. And it's even to the point where people have written little scripts to like, because I take a second to restart the servers. But by this, by switching to fast API, I would get rid of that bug and squish it. And we may even be able to come out of these to us well. But anyway, there's just I've been watching the commits going in on that branch from Stefan and Tal. It's amazing how much works they've been doing on it. So it's a huge shout out to them. And then hopefully that'll be done soon in the next couple of weeks. And then I'll switch.com across to and we'll do some testing on there. And then hopefully other people will be able to might go across to it. So that's going on in the background. And then looking forward to the El Salvador conference. There's we've got a couple. If anyone's going to that conference, by the way, there's a couple of good Telegram groups. There's one for the because we have a big hack space. Like a third of the conference is going to be like workshops and hacking stuff. And we've got a couple of Telegram groups for that. So you know, probably probably gets those via the adopting Bitcoin website for their well worth joining. So yeah, just just, feeling very bullish. We're all enjoying the nice pho-moe atmosphere, a frothy pho-moe atmosphere and some good stuff coming up too. Hopefully we won't get kidnapped by MS13. Could do. So yeah, just looking forward to all that stuff, which is on the horizon. You just need to get your your block life. That's true. I could do a block life thing. I was going to be some taxi. Just make some face tattoos and start mumbling. Yeah, I like Allie Cheat up and I just I'll pretend that one of the MS13 guys. And then I might join them and then kidnap a, you know, Richard Jim Bitcoiner holding for ransom. Yeah. Some bits. If you can throw signs about like that, I don't think you have to worry about MS13. You'll just be like, you know, don't be worried about me, won't they? If I do that, I'll show them. They know all this a little few of the way. All right. So I have a story of the week too, because Dan's waiting shout out to Dennis who I think is this D11N. He's apparently done some incredible work over at Tallycoin. My man, DJ Booth put up a bounty and it looks like Dennis is taking it home. He's getting Tallycoin Connect ready for Get Umbrell and Raspberry Pi Blitz. He's received the lion share of the $2 million. Sats $2 million. Sats bounty. So shout out to Tallycoin, which is tally.co.in. It's a great fundraising platform. You can bring your Bitcoin address, start a fundraiser. They don't take any percentage of your fundraiser. They give you a nice web page with a like a chart and a graph and it shows you how people are donating. And it's great to link to people and they're working on a new version right now. I think it's going to include the Lightning Network and it's going to have Tallycoin integrations for Get Umbrell and for Raspberry Pi Blitz. Thanks to Dennis. So great work. Dennis and DJ Booth and Tallycoin. So keep it going. Well done. And now Dan, are you ready? The story of the week. I hope you've you've all been waiting for it now. I've kept you in suspense. So okay, it's not a story of the week. It's and it's not a prediction. It's it's but it's something that's happening in the future. And at one point, after it's happened, it will be a story of the week. And that's the coinfest is 25th to 28th of November in Manchester. So it's been long awaited because usually it's in like April and it got put off obviously last year because of the Covid and then it was November and then the Covid still happened and then the eight minutes, the Covid still happened. So now it's at the Covid still around but it's it's the 25th to 28th of November. So if you edit free, it's completely free. There's some cool workshops, there's some cool talks and stuff and it's in Manchester. So get yourself ticket. I think it's the biggest one so far. There's like 2500 tickets already. So get involved. Manchester UK 25th to 28th of November 2021 and see there or see Square. And shout out to Adam, the organizer of coinfest. He's been he's been sick lately and I hope that Adam gets better and it feels well and our thoughts are with his whole family and everything. It was a great convention. I got to go there a couple of years ago. It's so funny you guys. I only seem to travel in bitcoins down and everyone's super depressed and no one cares. So I always go to these things when they're small and everyone's like last year we had so many more people and dance telling you that this year there's going to be so many more people because it's free, right? Anyone can go to coinfest in Manchester and the same thing for a bit brum and Birmingham when we went there and the same thing they're like, yeah, you're just picking the wrong years to travel. It's crazy big. You come it's small and it's crazy big the next year. So shout out to everybody in the UK. I hope they have a great time. Well, I thought when you travel for the price, the price goes up. What the community is down. We're always like just coming off of a down or something I think. Yeah, you need to go to coinfest to almost the answer. That is not if you're not seeing it busy before. I'd like to but unfortunately it's timed right up with American Thanksgiving. So it's really hard to get. It's one of the big holidays. Christmas and Thanksgiving and then and then the tighter it gets you like, well, I guess I'll just stay home and it's like I think it's home last year. I'll stay home this year and hopefully next year will be better. It's about time for you to do some thanks taken. We're doing all right. We're doing all right. But yeah, the price of Bitcoin right now, refresh the web page. Oh, it's down a little bit. $61,838 Ethereum's at $3,864. So up 7% in the last 24 hours Ethereum up to and a half percent Bitcoin up 14% over the last seven days Ethereum up 8%. So incredible time for crypto currency. You probably think you're the smartest person alive. You made an investment last week and you're the greatest. So it's still still good to take some profits. But like everyone says, we're going straight up forever. So we'll see how that goes. Anything else you guys want to say before we head towards the end of the show? That's sort of percentage price bump. Doesn't it just show again how illiquid Bitcoin is and how it could very well, you know, quadruple in price. But especially when the when the the fees are so low, it means no one's moving them. Yeah, it's bizarre. Well, and the stock to flow model is really just about the supply of Bitcoin. That there's less and less Bitcoin all the time. And then now if you take into fact the one ETF or perhaps multiple ETFs that are being announced, I don't know if they've purchased their Bitcoin yet, but one of the things hopefully to be a real ETF is to hold a bunch of Bitcoin and to buy it and hold it. So if they haven't done that yet, they're going to do that. Additionally, the rest of the market knows what an ETF is about. They've seen it happen with gold, with diamonds, with other industries, these ETFs. And well, we'll just have to wait and see. It could be just a complete supply shock. People more people want Bitcoin than there are Bitcoin available, causing the price to go up. And once we break the all time high, there's there's nothing to hold us back until we go back down again and that happens with markets. But yeah, crazy time. Everyone's bullish. That probably means we're doomed. But who knows, we'll see check your charts and everything. Talk to tone. But we're running out of time today. I think we're going to end the Bitcoin group. So thanks again to everybody that gave us a thumbs up. Still a chance to subscribe to this show. Maybe post it on your Twitter, all those kind of things. This is episode 279 or almost to 300. And we've also still been replaying some of the old Bitcoin group episodes that check those out on the World Crypto Network. Those have never been on WCN before. It's before I used to win the Bitcoin Group Hadits own channel. Also check out Ben's work. Ben tell the people about what you built. It's a Lightning network POS. That means point of sale. That's where you buy and sell something at a store. And how does this work, Ben? You built this thing and you built a how-to video right here on the way. I don't think it's the best quality one. I mean, it's just all right. It's like a workshop tutorial. They take a long time. These videos. So it's like a quick overview of how to build like the one that the sort of hacky version. But they've also got like a nice laser cut version where a laser cut some acrylic cases out. One behind you there, right? No, I gave no there. These are all like these are R&D, the R&D shelf up here. I actually ended up giving them away in apparently Polis because I've got the acrylics so I can just make some more. I was going to make a whole bunch for the I'll save it. And also for CoinFast as well, we'll be bringing the workshop there. So I need to probably do some follow up tutorials on the LNUROPOS thing. But yeah, check that out on the WorldCraft Network. It's a public workshop, a tutorial on Sunday or think on one day. It seems to be like well received, but I think it could be better. So I might do like another follow up one. Well, I think it's fantastic then. I love your work with the Lightning Network and LNBits and all the stuff that's happening. Fiat Jeff, everybody else that's involved. It's just great stuff. Great open source software and it's the kind of thing where it's just going to sneak up on you and then pretty soon some big store will start adopting Lightning Network with LNUROPOS. And stuff like this. It's just going to it's going to quietly happen. So yeah, great fun stuff. All right, we're going to end the show. We just like talking. So until next time. Bye.