The Bitcoin Group, the American original. For over the last 10 seconds, the sharpest satoshi's, the best bitcoins, the hardest cryptocurrency talk. We'd like to welcome our panelists, Josh Gala from the standard dot IO. Well folks, another week, another week. Well folks. I'm Tomas Hunt from the World Crypto Network, moving on to issue one. Issue one. Binance launches proof of reserve system for Bitcoin. Ethereum coming in the near future. Yes, the collapse of FTX and Alameda research might have actually done some good for the Bitcoin industry. Proof of reserves, which we talked about seemingly over seven years ago, has now been implemented by Binance, one of the world's largest exchanges. Crackin, Valtoro and others have already launched proof of reserves. And we expect to see more proof of reserves in the future. Josh Gala, what do you think about Binance stepping up to the plate? And proving their reserves? Yeah, it's a massive step forward. I think it's well done. Finally, it's very late in the game though. They should have done this. And actually, one of the biggest things that I'd like to see that I've seen now is that coin market cap actually has a page dedicated to exchange that list reserve. They haven't even listed Valtoro. Like when we've been there since 2015, but we have Valtoro, really, that was the whole point of launching Valtoro because when we invented the Glassbox protocol, which is actually easier to read than proof of reserves, which is by the protocol by Gregory Maxwell and Peter Todd, it's just easier to read. That just gives you a tick, but if you don't understand Merkel trees and stuff, you kind of just have to trust a tick. So yeah, but anyway, the only issue I see with proof of reserves is that there's no real proof of liabilities. And because an exchange could go off to a bank or something and say, hey, we've got all these assets, can we have a loan? And it's all on paper. You don't know. So this is the issue with proof of reserves. You don't see the proof of liabilities. That's the great thing with decentralized finance, with DeFi. When you lock up assets into a smart contract, you know how many people are borrowing against the asset. You know how much assets are in there. But everything's transparent and in the system and the legals are, it's regulated by code. So I think at the end of the day, people should just head towards DeFi and drop centralized finance altogether. Well, and previously, Josh, there was one exchange that proved their reserves and then transferred the money out the next day. It turned out as a temporary loan put up to prove the reserve. So it's very difficult to say whether they're proving it or if they've proved it just once, as like a magician's trick to like fool you and then keep going. Yeah, yeah, yeah, exactly. And this was the good thing about the Glassbox Protocol. It was real time constant. So anybody could check in real time. And we wouldn't know that they're checking so we couldn't fiddle with the numbers. But when we shifted around to all of these exchanges, they didn't want to take it. And I figured, well, it's because they're in fractional reserve. So let's just build our own exchange. And that's actually how Voltory got started. Yeah. It's good to see that finances doing it at least step in the right direction. I definitely think defies better than C5. It's also difficult for these companies to match any other kind of reserves such as real estate or dollar holdings or anything that's not crypto. It can't be proved in the same way. Martin Wishmer, what do you think about Binance showing their reserves? I agree with you that it shows the crypto reserves, but it might not show the euro and dollar reserves that are on there. And I don't know. It doesn't really confide me with a lot of trust if I see all the shit coins listed. And that gives me this trust. So yeah, it wouldn't work for me. I noticed though that others like Nexo, they've got a third party that does the audit for them. Also, this Merkel tree style proof of reserve. So it's something many exchanges are working on. I think it should be mandatory. So yeah, maybe something good comes out of this whole FDX drama after all. So yeah. And do you also think that it'll lead to people using exchanges like they're supposed to be like an exchange where you go on there, buy something for something else and then take it off there, maybe even putting it into your own home cold storage. I always tell people that an exchange is not a bank. They have a totally different type of company and the exchange, well, often runs away with your money. Well, banks can't be trusted with it either. So the only way is to store it in your wallet on your own, on your own hardware wallets. I mean, if you're buying for hundreds of crypto, then at least spend the first 60 bucks on a proper wallet. It will save you a lot of FDX later. And it's funny because in many ways Satoshi invented Bitcoin because he was upset about the banks and how they'd been managing their money and their mortgages and all the other things they're doing mortgage back securities and so forth. But then of course, the immediately, the immediate thing that humans did is created places like Coinbase and blockchain.com where you could store your keys with them and you can trust them that everything will work out fine. Ben Arck, what do you think about Binats and their reserves? Yeah, it's a separate direction and they're big props to Josh, but trailblazing and then also cracking them for more recently for kind of setting the bar that exchanges should be having these proof of reserve systems put in place, send out planets to follow me soon. And they do also plan to have regular auditing as well, which is good, you know, an outside body coming in and auditing the books. Currently, it's just for Bitcoin, then they're going to try and do it for Ethereum or that, you know, things. But currently, yes, just for Bitcoin and they have half a million Bitcoin, which is quite incredible. So it's like 570,000 Bitcoin, which they can, you know, you can use these medical trees to say, yeah, they do have the Bitcoin, whether they have the private keys, I don't know, so I can't imagine this is this system is all like in a hot wallet. It's a good solution. It's going to be in cold storage. So there is a bunch of things you should go wrong and that's why I suppose you have like a mix of maps approach and then you have some external auditors coming in who also verify the funds of that. But it's just such an eye watering amount of money these people have. And quite incredible. This half a million Bitcoin's of finance right now pull them off people. It's kind of like man, McDonald's had those signs and it said millions and millions served. They should put a little counter on the corner of finance of how much you trust them. You trust them 500,000 Bitcoin worth. That's an incredible amount of trust that we're extending to a company that doesn't even really have a home address. I guess this is why they put in these things in place because people, you know, we built these amazing tools. Again, like Josh said, we have all this this DeFi stuff and those cryptographic technology. We're barely making use of these tools. I mean, just having the funds being able to order. That's like fairly basic function of what you can do with Bitcoin. You can try to swear coins are. So ultimately people shouldn't be using these centralized exchanges and we should all move to decentralized exchanges at some point. I suppose if people do then having these said they said measures in place, it really helps. But it's quite incredible that we're able to make the same mistakes again with this new technology, which is supposed to prevent those mistakes. Well, you see the same discussions out everywhere. They're like, it's too hard to have a hardware wall is too difficult to learn this stuff. But if you had your money in FTX and you'd bothered like Martin said to buy a $60 hardware wallet, even if you'd only transferred half of your funds out of the centralized exchange, you would get to keep half of your funds. They wouldn't be gone. You wouldn't have to worry every time you read the newspaper or news.google.com. Let's move on to the exit question competing against the Bitcoin predictor ball, the greatest and most knowledgeable predictor of all Bitcoin. Well, the price of Bitcoin be higher this time next week. We did see a little bump upward, maybe a short squeeze, then we went immediately back down. Josh Shigaller, are you optimistic or pessimistic? I'm optimistic. It's been a long, long winter and the weekends of Seoul, unless there's a big, another calamity, which is sort of some sort of contagion, which is highly likely. It's also, but I get even if that happens, like you saw with FTX, FTX, this thing has been so grand of magnificent in its just pickableness. But the price really knocked it down, but it's sort of has been surprisingly just going sideways and that was the end of it. Now it's sort of heading back up. So I think the weekends have left a long time ago. The strong hands are just holding on and that shock in the system was just the last of them and now, yeah. But saying that on a wider macro market, the crypto, it doesn't matter what crypto market, if the whole global market starts to really have a massive disruption, we'll see the good thing is usually Christmas brings spending stimulus. So yeah, a doubt it'll happen this month. Martin, higher or lower? Actually, I think we'll be higher this time next week. I emptied my entire bank account and brought it to the exchange and bought Bitcoin. Then transferred it to my wallet, but yes, I am super bullish this week. Bitcoin will and higher. Incredible optimism. Also I emptied out my centralized exchange accounts and took the losses. So of course, that's another important bottom sign. Ben, ARC higher or lower? I'll go with that one, I'll hire. Although I've got a feeling in my gut that maybe. I sure like we've had that there's a lot of fun. I mean, the FTEX seems obviously awful, terrible, but there was plenty of negative news cycles around it, which we've got people very scared and loosened their grips on them, the Bitcoin and they start selling the Bitcoin. And then I kind of felt that maybe we oversolved them, but I'm kind of feeling that maybe there is still some time of pressure to come, but yeah, I'll go with the one outside. Hi. Incredible optimism. Obviously, we're looking at a huge fall here. Let's see if the ball agrees. Will the price of Bitcoin be higher this time next week? Very doubtful. Very doubtful says the pessimistic ball. And I also want to go with a bonus exit question here because I'm just curious to see what you guys think. To me, crypto has always been a generic term for Bitcoin and other cryptocurrencies. It's like Kleenex or Band-Aids. It's a generic catch all that people use, but lately on Twitter and other places, there's been a movement to separate Bitcoin from crypto. And while I do think that Bitcoin's different than all the other altcoins, I don't think that we can ever separate from crypto, which is part of our brand name. It's part of cryptography. It's part of how the system works. I just want to get you guys opinion really quick. Josh, what do you think about Bitcoin versus crypto? Yeah, I mean, this is the world crypto network. And you guys, this channel specifically has been just mainly about Bitcoin for years. And of course, we cover the bits and other pieces. But yeah, it's ridiculous. This is cryptography is the cornerstone of what made Bitcoin. The Cypherpunks try to use cryptography to have a rare digital asset. And so some people never liked the word crypto, especially cryptographers, because they're like, no, crypto means cryptography. And so yeah, but they're not trying to separate that. They're just trying to separate Bitcoin and crypto. Yeah, I think it's really odd like they're trying to do damage control. And I just don't think they're going to get damage control. And then they're kind of angering all the people who do like crypto and who are interested in more than just one coin, which is up to you, you make your own decisions. I say this crypto and then it's old coins. Exactly. And that's a whole other argument. Maybe we call them other coins. But Martin, which mayor, what do you think about Bitcoin versus crypto? Yeah, well, okay, Bitcoin is the cryptocurrency, the original cryptocurrency. So yes, crypto, but crypto has been abused so often in so many scams that I think in 99% of all the cases where you see crypto blockchain, not Bitcoin, it's like take your money and run. I mean, it's a scam. So I do understand the whole sentiment like, you know, we're not part of crypto. We are Bitcoin. But yeah, yeah, your account is a cryptocurrency. So yeah, yeah, I think we should have been the world Bitcoin network though. Historically, we would have done that if James D'Angelo hadn't gotten to it first. James, who did the Bitcoin Blackboard series, which is a great series. He was a professor and he drew things on a board. It's unbelievable to watch it. Bitcoin's like at 300 and he draws this, you know, S shaped curve. And we're riding the top of it now. But for a couple episodes there, James was calling himself world Bitcoin channel or something like that. And we're like, well, we can't, we can't steal from this guy. And plus we thought crypto is a level up where we could discuss everything. And I think it's a catch all for me. Ben, Eric, what do you think about Bitcoin versus crypto? Yeah, I'm only speaking for what, you know, crypto is crypto cryptography. That's what it's short for. It's for sure. Cryptographers, let me talk about crypto. Crypto industry is talking about the industry of cryptography. And they have Bitcoin which is a cryptocurrency. And then I think it's like a co option of the word crypto. I don't like it. I think it should be stuck for cryptography. And I think it's these are cryptocurrencies called digital currencies. There's probably more fitting for the wider industry because there's a whole bunch which don't really belong to cryptography. So yeah, digital currencies and then Bitcoin. And then we use crypto cryptography. So when anyone talks to me and they say, oh yeah, I love Bitcoin and crypto. I'm like, and I know they're talking about cryptocurrencies and these digital currencies. It kind of makes me wince. And I was saying, cryptography. I feel sorry for all those cryptographers who, you know, it must really rock them up the wrong way. So yeah, I want to those assholes. Sorry. There are three, three unique skies with long white beards who are cheering Ben's answer. But there's only three of them. Moving on to issue two issue two New York governor signs proof of work mining moratorium into law. Yes, once again, New York leads the way as they did with Benjamin super Nintendo, Lossky and the bit license in banning new technologies. As predicted on this show, proof of work has been separated from proof of stake and proof of work is the enemy. New York says no more proof of work mining because it's dirty. Martine Wishmare, what do you think about New York's stunning decision to be first once again? I got an unmute there. Sorry, the unmute button was gone. Yeah, I think it's really bad. It's probably lobbying by a environmentalist or this ripple pre-mine scam guy that just want to get rid of proof of work. I think it shows that they don't understand what it actually is. On the other hand, maybe they do and they want to get rid of it because traditionally New York was like a finance hub and Bitcoin is more of a sort of finance power play from Silicon Valley. These two don't match very well. Yeah, I think it's ridiculous. Bitcoin will not be censored like this. New York, maybe no New York, but I don't know. Most of the mining is not in New York anyway. I think the really disappointing part is that Adam Back won't be able to visit New York's or essentially denying all of New York state of the wisdom of Adam Back. Ben Arck, what do you think about New York and their POW mining moratorium? It's good. It's a good bill because it's not banning proof of work. It's banning mining, Bitcoin mining using fossil fuels. It's saying quite openly within the bill that they're open to Bitcoin mining with renewables. It's also not a ban. It's stopping issuing new licenses allowing people to set up big Bitcoin mining operations in New York state, larger of the back of a country around things called Greenwich energy generation. They do some Bitcoin mining in some of New York and produce a lot of horrible smells and the locals are complained about it. And these New York senators have reacted as you do from your public opinion. There was a great proposal by the BTC policy folks, the BTC policy.org about a year ago where they suggested, because there's already measures in place for regulating computer data centers and having seen which been environmentally impact. And you can just apply that exact same legislation to Bitcoin and proof of work mining. There's a little bit more nuance and I think that with this bill, though, going for PR peace, it's just a shame that in the PR peace that it just comes across as that banning proof of work which is ridiculous. But absolutely, they can ban companies from using fossil fuels to mind Bitcoin. These are big operations operating in local communities and people can ban them. But it's cool that they're saying open to renewables and I think it will, you know, trash from above on mine, as is probably one of the ways in which a lot of Bitcoin mining industry is going to switch to new sub renewables. So I'm all for the bill. I wish you'd been doing more than you once why in using the suggestions by the BTC policy folks a year ago. But sadly, I don't think that maybe the Senator Kathy whatever name is, you know, read about that work which they've done was very academic, good work. And they went for this kind of PR peace. So whatever this bill, but ultimately, I don't think it's particularly about saying the things probably a good thing and the sort of things, the sort of sort of regulation which needs to come down from government on these mining operations. They're not the site of post crypto anarchists. They're big public entities, you know, using all this energy producing all the sound and noise and he and having to get rid of it. And they can be regulated by by by governments and they they should and it will push people towards mining operations towards using renewables and so just to go back to what I was saying, they're just so corrupt people mining in New York, they can continue to mine. But within this two year period, they're not going to be issued any more licenses, but a license as last for two years. So if they're able to get a license now, then they can continue to mining. So are the businesses two year period. And then they will just stop any new operations if they want to mine with fossil fuels. You do have to be careful with United States and licenses though, when they pass the marijuana stamp act of the 1920s, they said anyone with a license can grow marijuana, but they never gave out any licenses. Josh Shigalo, what do you think about New York and their ban? Yeah, this is the same thing with with the UK and the FCA and their licenses. They say anyone with license can operate, but they don't, you know, they just make it almost it possible. So yeah, I know it sounds like the sort of the don't say gay bill. This is sort of like just pronounced a different word, a different name for a bill when you think, oh, what they're banning mining when really like Ben's spelled out, they're not actually banning mining. It didn't say don't say gays, there's nothing to do with it. It's don't want to emulate children. So, you know, this is the, this is the thing these bills. Well, I don't care. The government's going to, if you think you want to ban something, you know, that's what governments do. They ban stuff. There's a great documentary by the way, everyone called the great global warming swindle, which is fantastic. It's actually really good, but like a lot of really top scientists talking about, you know, getting outside of the fear and the mongering and just talking about the actual data. So it's a great documentary. You can find on BitShoot, BitShoot and that sort of thing. But yeah, I mean, Bitcoin mining, we've said it before on the show, a proof of work actually pushes, pushes forward the renewable energy thing anyway, because people need to find cheaper and cheaper energy and there's nothing actually cheaper than water running down a waterfall. It's just there. You just need to stick a wheel on it. Yeah. So it's whatever, go for it in New York, ban another thing. Actually, the trouble is, you know, we're now in a hyper growth of AI and the whole world is going to be, the internet is going to go from 99% bots to 99.999999999999999% bots and you won't know if you're talking to a bot or you're human or anything. The only thing, so I think a lot of the answers to that problem will be proof of work where people will demand some sort of proof of work to talk to me so that I know that you've paid something and if they ban actually ban proof of work, then maybe they'll just be spammed to all hell. Well, very few people know that the NASA scientists in the 1960s, when they sent men to the moon, they based all of their scientists evidence on video documentaries, video documentaries. Let's move on to the next issue. And you have more on proof of work. Go ahead, Ben. No, I was just going to say as well, like, and more pressure on these these big mining operations makes it more profitable for people to mine a home as well. And then also for these, you know, these are the mining operations, which are smaller mining operations using something like Josh Setonth Hydro, which is plenty of good work being done in the thing is Nigeria with the many hydro stations which provide a small grid for like a town or two. And I think it's OB from Fedemint, he's going to do his offering investment and they expanded the energy production operation and they used the mining Bitcoin mining to, as a way of capturing some profit for themselves. They just say, yeah, we'll build, make it bigger for you, but we're going to say this percent of the energy produced to mine Bitcoin. So stuff like that, like that, it makes targeting these big fossil fuel operations makes these more new interesting of Bitcoin operations more profitable, which is good. And it's cold in New York as well. They could use the heat from the mining to heat their homes. But don't think about that now. Moving on, check out the World Crypto Network at worldcryptonetwork.com. We've got more than 3,000 videos. You could watch the shows for three months and 14 days straight, exactly without sleeping. Check them out at worldcryptonetwork.com. We've got podcasts too. Issue three, US Senators, urge fidelity to stop offering Bitcoin 401k retirement plans. Yes, Senators, Warren, Dick Durbin from Massachusetts, and Minnesota's Tina Smith expressed concerned about the crypto markets volatility highlighted by the collapse of the Bahamian Exchange FTX, which was advertised on television by Tom Brady, Giselle Bundren, Larry David, and so many more with no penalties given at all yet. Ben Arck, what do you think about the idea for US Senators to ask fidelity to stop offering Bitcoin retirement plans? This is a way of in which pension funds can get exposure to Bitcoin. I think the main issue I suppose is with a pension fund, it's quite important that you have low risk asset classes, which you can make use of. But you still have like bonus highlights in the portfolio in the pension funds portfolio, that's just a very small percentage, it's like a high risk, high return, you know, for part of your portfolio. So, pension funds can still have that, it's more the actual asset classes, and I suppose, which can't be such as too much of it in your portfolio. So I can see why they're saying this because you want to protect the pensions, and we're uncertain economic times, and the last thing we all want is for Bitcoin to have some part in destroying some of these pension funds. It's like two steps forward, one step back, you know, that's how we are on Bitcoin, and currently we're taking a step back in some of the good work progress we made, just, you know, push this step back, but that's okay because, you know, we need things like FTAX.Tapin again, and this is part of that process. So, yeah, I don't know how I feel about it, I mean mixed feelings, mixed feelings. Well, certainly in the United States, we already have laws against companies using customer funds to pay off debts of other companies. It also seems unlikely that you'd be able to steal the Bitcoin from Fidelity because you can't withdraw it yourself, it's more locked in the system, right? So, it seems very strange. I tied up with the ETF. Why don't we have a Bitcoin ETF? It seems like they're blocking certain people's access to this asset while we've heard larger funds at these companies have been offered Bitcoin access years ago. Josh, Shagalla, what do you think about the Fidelity retirement issue? Yeah, I like, this is the typical thing of governments wanting to control what people do instead of, instead of relying on education and stuff. Like Ben said, anyone worth any sort of financial advisor worth anything would put tiny, risky asset classes are really good for young people because they can afford to earn stuff back. As you get older, you want to diversify that out and minimize risk and have more of a blue chip sort of a strategy. The other thing I don't understand is, let's become Bitcoin, but let's get old people to just press the button on the slot machines all day long. Let's allow them to bet on the horses all day long. Let's allow a lot of games where the odds are ridiculously basically zero. It's such hypocrisy and nonsense and it's such a political move. It's interesting that things we protect and the things we don't protect. For example, Amazon, maybe the greatest company in the world, their stock went down 40% like this year, 40%, which is unheard of in anything other than Bitcoin and cryptocurrency were down much more, of course. But the idea that they're protecting some people, but not others, and all the time, you can advertise whether you're advertising the FTX Bahamas Exchange or if you're advertising your casino where you can buy stocks or if you're advertising a Josh that an actual casino where the odds are even worse directly against the players. I even think they have casinos in New York, New York, maybe they keep them in New Jersey. And not just that. Bitcoin is literally known for being volatile. That's the only headline you ever see is how volatile Bitcoin is. It's not like that's news to anybody. Let's see what Martín thinks. Martín, what about the US's attempt to start people from putting their retirement money in Bitcoin? I think it's all part of the plan to be honest. I mean, how on earth did they send bankmen, whatever, SPF managed to get all this money, get all the politicians, so the guy from the SEC, everybody got like involved. And then he blew it up and then eventually it just exploded because the Bitcoiners found out there was something fishy going on. I think they wanted to just run this a little bit more, make it really implode big time and then use that as an excuse to shut down every single one of them. While we all know that this what happened has nothing to do with Bitcoin. It had everything to do with this Rob Ross or Bob Ross or whatever. And he's Goblin girlfriend that ran a shit coin casino from the Bahamas. It's day just ripped everybody off. This is a he's doing a Bernie made off. This has nothing to do with Bitcoin. So fidelity shouldn't suffer because the clown in the Bahamas was spending the customary deposits. It is as if this is premeditated plan to shut Bitcoin down. And that is not going to happen. I'll tell you. To me, one of the most surprising things was to learn that FTX was in the Bahamas. I know they sponsored the stadium. I know they took over Blockfolio. Personally, I never thought about investing there. And I got a coin base account or whatever. But it's in the Bahamas. It's like a giant red flag like tax evasion essential. Ben Ark, let's move on to the exit question. Why can't we have a Bitcoin ETF where anyone in the United States would be able to invest. Their stock market money, whether it be retirement or not into Bitcoin. Is it part of these senators fears that perfectly perfectly good company as far as we know, fidelity investments, major company in the United States, not in the Bahamas regulated by US laws. And still these senators are afraid of something happening there. Even though we know fidelity or we can pretty much assume, let's just be careful, that fidelity investments is not being run by a 30 year old in the Bahamas in a polycule with all this other stuff going on. That seems like a one in a million thing that already happened. But why can't we have an ETF, Ben? I mean, this is the problem. It's not a one in a million thing. Is it like it's happened before? Hopefully this is the last time it happened. But you would think that the Bitcoin industry is a little bit more evolved and less subject, you know, a rock pole from some centralized point of failure. And that's what gets people worried. And there's interesting, you know, what marks inside of it with some truth in what you said. Do you start forward one step back? We'll get that. Just going to hold it out. We'll hold out and wait. We'll get our ETF eventually. And then no one will care. It will be like, oh, we're going ETF. It will be eventually. Okay. So we're now in wait. Exactly. Most everyone who really wants to buy Bitcoin could have bought it by now. You don't necessarily need an ETF. Josh, what do you think about the ETF? Why can't we have nice things? Well, first of all, the chat wants to see Ben naked in the sauna, not just sitting here with him. Just saying, just passing out, don't shoot the messenger. Yeah, look, that's because America is full of nonsense when they talk about freedom and free markets. They're just full of crap. In Europe, we've had ETFs. We're free of them. So just saying, I don't know, it's just weird. It's just protectionist racket crap. Martin, why can't we have an ETF where people can buy Bitcoin with their stock market money? I actually, I think it is also done on purpose. They want to block it because they'll know Bitcoin will grow like crazy. And I hoped at the time that eventually, gray scale from with Barry Silbert would confer it to like an ETF instead of just like some stocks or I don't know what they do. But looking at their books now, it doesn't seem like this will happen anytime soon because they're two billion shorts. Well, I know last time with Mt. Gox, a lot of the keys were found underneath Mr. Carpellis's cat. So I suppose the only question left is, where is Sam Bankman Fried's pussy? Oh, jokes. Jokes. Jokes. Probably on spades somewhere. Oh, we're running around like crazy on the streets. We're going to learn and we're going to see so much more from those people than we want to know or see already rumors of a sex tape on the internet. So won't be on this channel. But moving on to issue four Bitcoin addresses holding at least one Bitcoin close in to a million. That right. That's right. That means there's more than one million whole coiners. So at the very least, all of this promotion for Bitcoin or crypto or collapse coin or whatever you want to call it, it's working. It's getting the word out. There are a million one coiners. This isn't like just saying where there's a large exchange moving their money around. These are specific individual accounts may be hold by one person. Maybe someone has more than one coin. My goodness. But yes, a million Bitcoiners. Josh Shagalla, this is a huge celebration for Bitcoiners everywhere. We did it. FTX, so we know one million Bitcoiners. Wow. So who are the one percent and the 99% in this economy? I'm not sure. But you don't actually know like because they're addresses. They're not people. And yeah, it's called. One million addresses. One million addresses. Pretty cool. It's pretty awesome. I mean, that's that's that's solid. I like it. I don't really have much to say about it, but it's a cool statistic. If you had to count to a million, it would take days and days. But will that Mr. Beast do that? Yeah. Markeen Wishmare, what about these 999 99 people that are now joining us? Isn't it great? I have a mixed feelings about this because one, I read it on coin telegraph. So the red flags already start popping up because it's essentially this article. And two, recently people have been withdrawing their funds to cold storage. So if you have all these satoshi's and little stacks and you'll body little bits and they're rolling your wallet on the exchange. You just decide to withdraw them. Then all of a sudden, it might be just a bit more than one Bitcoin. And they withdraw it to a single address. Well, before it was like stored on all these addresses, which were aggregated in your exchange wallet. So it might very well be that it is not a news article at all that these people already had one Bitcoin on the exchange. But it was in all these little bits of wallets. A few sets here, a few sets there. And now that they withdrew it to their own wallet, now it shows them as whoa, a whole coiner. So I think that's what happening. I don't believe the thing that people are suddenly starting investing now the price has dropped because they never do. They always buy them and the price is up and they sell when the price is down. So I don't know what's happened. But I think this is what happening. Well, a friend of mine back in the day, I don't want to say his name and get him in trouble. But he used to have to take his paper wallets and make them into smaller paper wallets because they were getting too big. So that same thing could be happening here. And as Marcian said, coin telegraph might not be the best. But check out that incredible art. Never before have you seen a Bitcoiner look so cool. Look at him with the hat and the Bitcoin shirt and everyone's looking at their all just like that guy has a Bitcoin. Whoa. The illustrator I must say is amazing. And I think they have been very consistent in always having a nice drawing with the article. I think there's like two of them with my picture in it. And I was amazed how quick they just created it. So yeah, good good. I was on that. Yeah, they make make up for usually very fast written and sometimes inaccurate articles. But yeah, the graphics look stunning and yeah, super. On one time, they even drew a couple pictures of mad bitcoins. That was pretty neat too. Mad Bitcoin. Then, Arck, what do you think about a million addresses full of one Bitcoin? Well, mine was saying it's interesting actually. These people pulling their funds out of exchanges. And maybe that's partly prompted the Binance move. They seem like an exodus of users funds. And they're worried that people, because obviously I'm going to get you, if you haven't made your money on the exchange, you're less likely to press the buy and sell, but I know they less likely to get their fees. Because it's a pain to get the cold storage. You've got an hardware wallet kept someone to save for something. Look at it out plug it in. Move the funds onto the exchange. You're less likely to make rash decisions. So it'd be interesting, of course, from the FTX stuff. If there's a side effect of people pulling their funds into cold storage. But I think it's just the broadening of a fund distribution. I think all of us knew or know people who had thousands of Bitcoin on Spongebob and then they've birthed through it. They have worked. They bought fancy things and they made bad investments. You know, that classic anecdote of someone who just comes easy-come money, then easy-go money. People come into money quickly and they tend to not spend it wisely and they tend to party to your margin. And they just spend through that stack. There's a couple of bit price volatility. They try to do a bit trading. That's a mark out for them. And before you know they've taken those thousands of Bitcoin and they've just got a handful left. So as they've done, those coins have been huge. They've all these new participants. Some of them people would be fast stacks like the Micro-Straggie guy. But in bear markets like this, those guys lose their grip and then they start to sell off Bitcoin as well and done their Bitcoin. So I think it's just a broadening of distribution of funds. And obviously, et al. Coin telegraphs are so... Could be completely fiction. They're in their special Coin Telegraph universe. I remember Vitalik's picture when they did a Vitalik article. And they made Vitalik, he looked so handsome. He's all big and buff and he had like a big square jaw and he was like, in this great picture. And that's why he likes their pictures because they make it look good. Oh, it's only a matter of time before Ben Ark and the Ellen Bits get a Coin Telegraph picture. And he changes his tune entirely. For the exit question, let's do another round of hardware wallet tips and tricks. Everyone's out there saying, I can't do a hardware wallet. It's too hard. Josh Shagallo, what would you tell people about hardware wallets? Stick with the ones that have been around for a while. Go to their actual website. Don't click on an ad on Google and buy it from them, not on Amazon. And yeah, and then use it. But I still like paper wallets. I think paper wallets are really cool for Bitcoin only. I like them. I think they're I don't know. People have issues with them, but I think they're all right. You do have to be careful sometimes the JavaScript randomizer is not as random as it's supposed to be. It's a complicated math issue, but that's what I've heard could be the problem with people. Yeah, I mean, hardware wallets are great. Just just make sure you don't follow ads or links or some just, you know, try to go to the address, see it, type it in. Because that's where they'll get you. That's where they'll get you. One of the things I like to say about hardware wallets and I'm getting bored of it because I say it all the time, but you can buy more than one. You could buy two or three or four. If you're investment in Bitcoin or altcoins or whatever gets larger, you could put it in multiple places and split it up. And that way, if say this exchange dies or that exchange dies, you still have your hardware wallet. And if you have one in the, you know, safe deposit box, one in the other safe deposit box and that bank burns down, but this bank survives, still got some of your funds. If you bury one under your house or leave it at somebody's house or bury it somewhere else, whatever it is, it's just you could spread your money around. And it might seem like not that much money right now, but maybe in the future, point one Bitcoin is 100k or something. And if you've managed to hold on to just one of those wallets through a more complicated system than putting all your eggs in one basket, which I think is a common failure, it's better to have more. You can buy two treasures or two ledgers or whatever you like. I'm Arteen Wishmare. What do you think about hardware wallets? Immunity again. Okay. Okay. That's like, it's really simple. If your misses or your girlfriend likes to buy a Birkin back for what? Thousands. And she makes an issue of you spending well under 50 dollars on a fancy Bitcoin wallet. Then there's something seriously wrong with your relationship. If you want to be cheap, go for a treasure one. If you think they're ugly, no problem. You can use a ladder, fix it into ladder, make it a bit more chic. This one, I think it's awful, but I'm also totally going to ice it out with rhinestones over the over the Christmas period that it will look better than that rapper's ledger. If you think Bitcoin hardware wallets are complicated, don't buy a ledger. They're very French. Also, the hell is structure and stuff. It's super annoying. Get a treasure. I'm not paid to say this, but over the years, I've been trying them all. And I really keep staying back to my treasure. It's nice. It works. It's not too complicated. Yes, the screen is a bit small, but it also allows you to just take it everywhere. The only thing you have to remember is that you generate the seed. If you buy it from a third party, don't do it as just said, buy it from the original manufacturer. That is never a seed. You create a seed. If you want to have multiple wallets, you can reset it back to factory settings. As long as you keep the seed, you can generate another seed. You can even generate multiple wallets on the single wallets. There's plenty of options. I always advise you to toy around with it. Feel comfortable using it so that when you actually put Bitcoin on it, it's not as scary as you normally think, oh, the Bitcoin's are in this machine. Keep those seed words safe. There's plenty of ways. You can put them on a metal plate and then burn it in the garden. I'm not sure if that's bleeding clever because you can use a metal detector. You can just find them. You can use like ultraviolet invisible ink and write it in a book, maybe a certain book. And then when you use UV light, you will be able to see those words. But do remember those ink thingies don't last forever. It's like the George's thermal paper prints for the paper wallets. Eventually they go. Make copies of it. Make sure you, in addition to the seed, you also create a password and a pin. And you don't forget the password. That's very important. And it'll be fine. It's not that complicated. Use a rainy Sunday afternoon to learn about it and make sure that your family also knows how to how it works. And then you'll be okay. You will be Bitcoin instead of just using Bitcoin. You will be Bitcoin and you own it. Your own Bitcoin. This is very important guys. And you don't have to worry when you read those headlines about such and such an exchange in trouble. You're like, oh yeah, my Bitcoin are locked up in a safe place. And as Andreas has said many times, we're great with physical security. Things like safe deposit boxes and banks and other things are very complex. And we've figured them out. We're not great with cyber and digital security. It's relatively new. All kinds of things could happen, especially if you have a wallet that has Bluetooth or Wi-Fi or something like that. That could be a problem in the future. But writing down your words, keeping your words safe. These are very important things. And like Martín said, trying it out is a great idea. Ben, what are your ideas on hard wallets? Go ahead, Martín. Yeah, one thing I'm talking about wallets. I got this one Bitcoin in Miami. It's an unknown safe UX brand. I don't know. Maybe it's really good, but the software isn't open source. So I can't check the software myself. And since it's this limited edition Bitcoin 2022 wallet, I'm not going to use it for my Bitcoin. So I, as Jo said, go for the wallet with the most streetcar crats. In this case, it's probably a treasurer. One time I did a test of a bunch of other wallets and I put a small amount of Bitcoin in there. And then I put them all in like one bag. And my question will be which one of these wallets will work in the future. And unfortunately, probably not many of them. The software is very tough to keep up to date. And it's pretty neat. I know Martín's leather-covered wallet there. Originally, he would carry that around with him and somehow attach it to his Android phone and be able to hold his own keys even when he was spending for sodas and beers and stuff. But then we got him the the nice leather case to protect against any future scratches and damage because it was a, it was a weather war in treasurer there. It had seen some action. So Ben, what do you think about hardware wallets? I agree with Martín either the treasurer is just, it's just growing out of the first hardware wallet, right? And they do such a great job. And you just don't want it to break. And then of course, if it does break, make sure that that seed is somewhere safe and that you have, maybe a couple of copies, you have a copy which you secure yourself, you know, you've written a few pages of splits up and then written into a book or something and then hidden away or you also have your tricep, probably somewhere safe. Like buy a safe, get a joint one, but back to the future when when he has the armoured back and he turns around to the bif, the bif, you need to say so if you've got a safe put the same safe and the bif, you use the same got a safe, just buy a safe, buy a safe, the safe is a buy a safe is one of the most important things you'll do, you can put your passport so you never going to lose them again, put your driving license and you never going to lose it again and then put your hardware wallet. If you have like a significant amount, like I would advise having it a wrench at a moment on a hardware wallet. So if someone you know kidnapped you and you could point them out how I want it which has some bit going on, it's going to sting you but you're starting to be like all your stash. Also having it hard to get to I think is like your main stash stops you from making rash decisions particularly if you kind of use Bitcoin which you probably are if you think about buying hardware wallet and you like these like rash decisions when you price see prices go up and down and those rash decisions usually end up you know not benefiting you because they have been thought out properly, you should always make those decisions so but so your main stash if you put a lot of money in Bitcoin significant amount in Bitcoin I would say make it you know a day or two day event actually get that seed that seed together and to be able to rebuild that that cold storage Bitcoin but yeah I try so hard for data don't use the engine for medium amounts, a large amount as well then yeah user try so just also make sure that the seed with a try so hard that really the seed is the most important part because if the treasor breaks you can always restore your your Bitcoin from that seed so just make sure you write them down and then you make a couple of copies give some to some family members say here you are here's you know four words keep them really say for me you here's another four words make and then make sure you've got like two versions of the backup and you should be all right but yeah treasor's great I highly recommend it and uh oh in in other books we have an eight dollar hardware wallet which is a bit more technical and advanced but you could do batch transactions taproot and you can you can like create care species you can a little bit more about how transactions built and made and then you sign it from the device and and then broadcast it from the site in there we don't really have to sort of that we assume but uh but yeah for general use so definitely a treasor and we all think it's a fun idea to have a brain wallet but that won't work out very well if someone smashes your brain or as your brain gets older and older you're likely to forget your words even if you sing them as a song every morning it's still a bad idea and remember none of this is financial advice obviously all of us learn the hard way that treasors don't float and we lost all of our keys in a boating accident so do not take your private keys on a boat your treasor does not float uh we're almost out of time Josh Shegolad you have a prediction or a story of the week go ahead um story of the week is we went to nbx which is like next block expo here in Berlin and uh it was epic it was really big it was tall we served glue vine for all the folks out there and um told them about the big event on monday which is uh the launch of the astero so check out the standard iio there's a really awesome yield farming opportunity uh for the first people that get in there um it's it's a liquidity base so the more liquidity comes in the less that this can't becomes and um and then the private vault to be launching soon too so yeah it's all very exciting i'm mega tired i've done like so many podcasts and and stuff lately i've just been on tour on virtual tour um but it's been really fun too meeting a lot of people and um yeah so that was my story and um yeah i i i really actually it showed me how much i kind of missed uh events i haven't gone to an event in like two years apart from the one in my orca um so yeah it's uh it was it was nice it was nice that's very cool Josh everyone knows during the bear market people keep building and you can probably get a good opportunity if you get there early to the standard.io like josh is saying providing liquidity for the standard could actually make you money the earlier you get there the better chance of that happening uh not financial advice blah blah blah absolutely not make your own decision and so forth uh martin wish mayor prediction or a story of the week a story of the week we went for uh we was used to success and we had through customs in time which also highlights one of the problems there um um i don't know if i got last time but we launched a conversion kit for the gen mega genesis coin eight so if you're using a genesis coin and you're not happy with the fees you're paying or with the software features that are like limited and only any more that is few hundred bucks you can get a conversion kit and turn it to a flashy new general bites ATM um at the price we kept it low on purpose so this way if you find some dingy old ATM somewhere it's the universal kiosk not even be a big coin ATM it could be universal kiosk that gen mega makes then uh get in touch order yourself one of those conversion kits and with the gm conversion kits you'll have a general bites ATM in no time and yeah the reason i'm selling is is they're going faster there's already a backlog of of hundreds of uh hundreds for uh i it's uh sorry 100 orders so we'll take some time so you know i get get in touch with us as opposed to see if it before christmas i think the real story of the week is martian's internet connection but it is a great program where general bites will let you upgrade your old ATM from another company with brand new general bites software that's secure and safe and let's you do all kinds of things that you probably couldn't do with your old software a lot of the story of his life a lot of these old ATMs the company abandons them and there's no new software updates you can't get the new stuff so general bites is filling in that hole and giving an option to make your old ATM into a new one so that's very cool uh bent arc prediction or story of the week go ahead uh so after being on the last show i spent like 24 hours traveling and then did a bunch of tests on the way because you know uh got stuck in London because of the strikes and then had spent the night and i spent the night just thinking how to tell wake up woke up feeling funny got on the train came home did it test before i entered the house and then test a positive for the COVID so i've been just hanging out outside living in living in my my camp of ad and my shed and that's also why i'm broadcasting for my sauna as well um uh today so that that was that that was the week but i thought it was great so then i did mention last week was it's great i bumped into a couple of couple of audience members so that was a real privilege um such as rap as well so high-growing throughout um and uh yes that was that was great um also we launched a shot for Alan Bitts so it's a way to try bring some fun so we can like hire some bits and pops to be done um um i think that's it yeah it's a real european problem there i had to broadcast from my sauna yes like good good to have you back then and glad you got to do some traveling i don't really have a story of the week or anything this week it's Thanksgiving here in the us so we had a nice meal with the family uh you just have to avoid talking about politics and at least this year avoid talking about bitcoin i saw a great chart uh on the internet was on my twitter account and the guy had past it out where uh his family every few years they think he's a genius but most of the time they think he's an idiot because the price of bitcoin is usually down from its heights and i saw a lot of great gifts and other graphics people have made where it's like not talking about bitcoin with the family and embarrassing gathering after you pumped it hard last year so this is one of those down times where we seem like an idiot but uh hopefully the havining will save us in 2024 and so on and so forth the the core things about bitcoin that you invested in are still there it's just the price isn't there right now so embarrassing to the family but uh thanks again for everybody for joining us be sure to give us a thumbs up down below thanks to everybody for chatting in the chat it's good to have you guys with us live it's black friday a lot of sales out there at amazon and other places so enjoy your shopping maybe get some uh bitcoin hats from a bitcoin hat guy on twitter he's been providing my hat since 2013 might buy them but he provides them and uh it's great stuff out there so thanks for joining us until next time bye