The Bitcoin Group, the American Original. For over the last ten seconds, the Sharper's Satoshi's the best bitcoins, the hardest cryptocurrency talk. We'd like to welcome our panelists, Dan Eave, the crypto raptor. Greetings, fine people. Dr. Orangeville from Harlem Bitcoin. Ah yeah, everybody. Josh Shigalla from the standard dot IO. Are you ready? You better. And I'm Thomas Hunt from the World Crypto Network, moving on to issue one. Issue one, US regulatory crackdown sees institutional investors prefer gold to Bitcoin. It says JP Morgan, longtime friend of Bitcoin. Meanwhile, Bitcoin is rallied 76% this year and it appears to have been driven by retail buying and perhaps, ordinals. Dan Eave, what do you think about JP Morgan's timely advice to buy gold, not Bitcoin? Well, they do seem to kind of tune fry, don't they? It's interesting they're saying that it's mainly retail investors now sort of, you know, aping in rather than the institutions. Maybe that's because the institutions have kind of already bought at the 16 K level. If they're, you know, if they're calculations are right that 15 months before the halvings, when like the usually the cheapest price for Bitcoin is so and they're quite a lot of people that started aping in heavy around that sort of time. So that could be one thing. Gold, obviously, it's pretty solid as we know from Voltor and people who are still a bit dubious about Bitcoin, but really want to take their money out of their traditional banking system and other assets related to banking and the kind of text docs and stuff can put it into gold, which isn't it's like kind of pretty much at all time high right now. It's like the gold prices insane. So we can say that it's pretty it's pretty steady and until we start start mining asteroids, right, we're going to have, you know, the gold is kind of finite on earth. So maybe with Starship failing, it made the idea of mining gold even more hardcore and that's what what's made people turn to gold or something crazy like that. Ultimately Bitcoin is there's only 21 million as we know and there's not even if there's 8 billion people on earth now, something crazy like that right there. That you know, you can't not even not even one, not even half of one each, right? So between everyone on earth. So I think I know where my money is stacked, but obviously gold is a good alternative. Plus you can you know, you can hide it away like you can with Bitcoin in case you're worried about, you know, the big government stealing your assets. The one thing that worried me about this article was the whole retail thing being into Bitcoin because we know retail always gets squeezed. I want to be with the smart money, right? I want to be with the banks and the quants and the whatever else they are, but they have been wrong on Bitcoin before. So they could be wrong again. Dr. Orangepill, what do you think about JP Morgan's advice to buy gold, not Bitcoin? Got to unmute yourself. There we go. Yeah, I guess I would I would put JPM advice in the same level in this case as SBF advice. They're highly incentivized to not not want you to get into Bitcoin. You know, gold is finite, like you said, but paper gold is not. And we know that JP Morgan's gotten in trouble for manipulating the market and it's very lucrative. Why wouldn't they want people in there? It's part of the way they make money in America, at least. You get in this kind of case, you can commit as much financial crime as you want. And you're guaranteed to never go to jail, no matter what, it doesn't matter if you break the entire economy, not one person's going to get in trouble. And then if you do get caught, you get fined about 10% of what you stole. So it's a pretty good deal. So I would say that JP Morgan definitely would prefer people to stay in gold for that reason. They also have the coins, the JPM coin and they're working with the Fed. It looks like they're buying banks and consolidating. And you can't really manipulate Bitcoin in the same way. So they don't have an incentive to get in there. As far as the smart money versus I actually think it's a cool thing that the that's mostly if it is mostly retail driven. I think it's great because to me, the longer it takes for institutions to get in, really the better it is actually for everybody else, just from the sense of course it'll make pride. That's a benefit. But at the other time, distribution among the more people to me is like a better, better deal. And if more people can come in more like sort of noobs or regular people like us can start buying now, they're going to be able to stack more sets. I think the institutions will come in, but not till it's like probably at the same market cap is gold. That's when they might start taking it seriously. So I think we've still got a while before actually we legitimately, at least in America, especially with the regulatory thing, but just from the structure of the how being able to even do it, if they wanted to, I don't think they could right now in big institutions. So it's going to be a while before the institutions come in. That's my take on. You know the great thing about paper gold, you can print as much as you want, and it hardly takes up space and it's not very heavy. You can fit a lot of it on a single piece of paper. It's a really cool. Yeah, it's wonderful. Just think how much you can get. Think how much gold you could have. Now I know Josh, disagree here on the paper gold. Josh, you got all what do you think JP Morgan advertising for Voltoro now? No, no, I mean, gold, folks, just get your money out of the gold and Bitcoin. They're working together. I've said it forever. They're both rare assets. They're both assets that can't be minted out of nowhere with interest that doesn't exist in the system at some sort of fractional reserve. We've got to stop battling each other. This is dividing conquer crap. Even forestry, even pork bellies, property, and property, anything to get your money out of those banks right now is probably a good bet, not financial advice, do your own research. But, you know, the good thing about gold, people don't really, I mean, gold, we're sitting at a 13 point, I don't know, like it's like a 13.3 trillion dollar market cap for gold. It's liquidity. It's the second most liquid market under the, under the effects market. It's, you know, if you're, if you're an old school person that doesn't really understand tech, you're going to just want to buy some gold because that's what you get it. It's a block of metal sitting in a high security vault or, or, and I wouldn't, I wouldn't actually recommend storing it at home because you're probably going to get robbed if you tell someone and, and it's hard to sell. There's, there's more of a spread when, when you bring me back your gold. So having an eye security voting facility works, it's fully ensured then as well, which is really important. If you get a proper top tier vote facility, but, yeah, remember, these clowns are just trying to distract you by saying, oh, gold, oh, Bitcoin. And, and trying to build that picture. The real, the real enemy here is fraction reserve banking and CBDCs that are coming out. Everything else is just, you know, if you're more comfortable with a metal that won't go moaning anytime soon, or little do is protect you from inflation, then if you're happy with that, and you don't have much earning capacity left to lose, you know, I don't know, but you're 50% of the value of your portfolio because Bitcoin shits its ban because of the SEC pulling some regulatory nonsense while buying up in the background. If you can't handle that sort of pressure, then get yourself some gold. You'll be better off in the long term. So that's my take on it. And you can take that to the bank. It is funny, Josh. I thought about gold there as an alt coin and something we should unite against. And we have such an adversary culture in Bitcoin. Everyone's always looking for the next enemy who is the next person to claim that they're Bitcoin and not be it. And I agree, Josh, we should try to do something positive and focus on the just, you know, gold and Bitcoin can coexist. Gold doesn't have to kill Bitcoin. Bitcoin doesn't have to kill gold. Let's move on to the exit question, exit question, predict the price of Bitcoin against the magical Bitcoin predictor ball. Dan Eve will the price of Bitcoin be higher or lower this time next week? I was very rarely right when I said higher by 0.4, 7% apparently. So I'm going to go higher again. Dr Orangeville higher or lower? I have to be a permable. Someone say up. Always up, always up. That's what I've always said until it went horribly, horribly down, used for like years. I was like, how can you go down? It's the greatest thing ever. How can it go down? And you're like in this loop. So go higher or lower? Well, when I draw an equilateral triangle this way and then a line going that way with the isosceles triangle going downwards, I see a whole lot of waves and ups and downs. I do see it going up within the next week. And now does the ball agree will the price of Bitcoin be higher this time next week? Here we go. And decidedly so. Yay. All reluctantly agrees. Moving on to issue two. Fettie raises $17 million in a bid to accelerate the adoption of Bitcoin and lightning. Fettie meant will allow you to create federations where users can set up communities to custody Bitcoin and lightning together. So I think every one of the old loaning societies where people would loan money for the good of the community community lending, other things like this. Well, now they have $17 million to make it happen. Doctor Orange Pill, what do you think about fediment and their sudden raise of 17 mil? Well, first of all, I love, I love Bitcoin lightning. I think that's that is, that's email for money. That, that's the thing. It's the magic. It's here and, and, but it's still like kind of rudimentary. So anything I see is going to help a lightning like get more mainstream. I love the federated ideas. It's quite interesting. It's hard, you know, it's hard for me to think it through. It's like, okay, I could get my first. I said, it's funny. You start with maybe start with your family. Then you get a couple of close friends and you all set you pull your money, your Bitcoin together and you kind of put it in a thing and you're saying, we're all going to, you know, as long as one of your cousins is not a last name is it made off. I think you're going to be fine. But this guy, I would just say like, I'm sure there's going to be all kinds of ways to multi-sig it in some way where some majority would have to be able to get in there to be able to really mess with it. Conceptually, it sounds really, really great. I mean, right now setting up the lightning channels can be a little bit difficult. No, in the tech and even there's only one wallet that I know of wallets of Toshy, where you can just tell stranger to download a wallet and you can at least send them. At least in New York, right? They read you send them Bitcoin right away. So I think it's wonderful. I love it. It does sound like a great idea if you could pull funds together for the good of the community. Eventually, if the funds actually go up in value, you could take off small pieces of that help people pay for tuition, help people get into apartment, things like that, the people can't usually afford on their own. I would be a good example of what a proper fedamant could hopefully do in the future. Josh, should go. What do you think about fedamant? They've got 17 million. Yeah, I think it's really coming. One of the one of the one of the problems I've always had with with the call for governments to accept Bitcoin is that I think it's a really terrible idea because what can happen is that the governments can basically, first of all, they're totally usually inept. So they'll probably lose the private keys. But secondly, secondly, what they can do is they can hold a government at ransom by basically confiscating the private keys of the country's wealth and running off with it as a brain wallet, even like, oh, they, I mean, it's just very, very hard. So then when you try to federate it out and have more multi-segs, the more complex it gets, the more people are likely to screw it up and not be able to come together again and actually release the country's wealth. Whereas gold for a country makes a lot of sense because it's just bars of gold. Like, you can be a dumb as a box of hammers and still understand that gold is an evolving facility. That is one issue, but this looks like it could be something I've always said it would work really well if all the people who was a massive multi-seg and 51% of the people had to vote to do something. There's kind of there's something there, but the multi-segs and schnaw signatures sort of made it a little bit more possible to have vast amounts of multi-segs. But I think if I'm understanding what they're doing correctly. It would be interesting to have a larger community of multi-segs to control the wealth of a community or a city or a country. Although I do think you have to watch out as Dr. Orangeville was saying, if the multi-seg votes turn against you, you could lose horribly and your entire college fund could end up in one of your neighbor's houses, not in all of your neighbor's houses, right? The other thing with multi-seg that's always like sort of what if somebody just doesn't care? What if they just stop caring? What happens when you need that 51% and you can only get 49% and everyone else just quit? I don't know if that would have a big point, but there's just another problem. It's always on my mind when I think about that stuff. Your funds are lost forever. Well, it's kind of a value add to everyone that didn't keep it in that because now Bitcoin has gone up a little bit because there's more lost forever. Another one of those dark triangle theories from the Bitcoiners. They're like, yeah, if you screw it up and you lose them more money for the rest of us. Dan, if you know I had a bad experience with Bitcoin loans at BTC Jam, but what do you think about Fedament and their new plans? Well, I think it's great. It's more money for pushing Lightning adoption. And I think what's interesting about this, we talk about quite often is Bitcoin needing more privacy. And these federations provide more privacy for the users, both in Lightning and the BTC. Many federations, which is cool. One thing that worries me is what if the family asks into an argument? I can imagine Jerry's like they're on, well, maybe not Jerry Springer, of course, but someone else. All arguing over whether they're going to end up signing to let little Timmy have his college fund or something crazy like that. I think that's the part that we're tomorrow. That's the same as any multi-seed. You've got to trust the parties that go in. And it adds a slight area of trust to the trustlessness. But ultimately being able to push Lightning with a lot more budget as well. I think is definitely a good thing. And it seems to be making waves around the general community. This is a really positive thing for Bitcoin units. So, you know, OBEN is a great leader. And it seems like he's doing a really good stuff with FedEmen. So I think ultimately it's good for both Bitcoin and Lightning. I worry though, Dan, about talk shows of the future getting too complicated. You know, will I really be able to understand Jerry Springer or MoriPoVage? If I have to know what multi-seag is and what encryption is, all this kind of stuff, it's a barrier to entry. I want my talk shows low, right? All right, let's move on to the exit question. I'm going to spring this on you really quickly. What's an example that you can think of of a good federation? What could people use this theoretical idea of the FedEmen for? Dr. Orangeville putting you right on the spot. Oh, thank you. Actually, well, so I'm part of what we call Harlem Bitcoin community. And we're all Bitcoiners. So I think this you were having now is like we want to have events all over Harlem, but it's very expensive to rent places and sort of. You know, we haven't done any fundraising yet, but we just sort of got together as a nonprofit. But like it'd be nice if we could just avoid all that red tape and all the everything we have to do and get a federation of people that want to help out and just support Bitcoin generally. So I would say it would essentially be a charity. So I'd say any charitable cause that you have enough people that you are pretty certain are very passionate about. I think it could work very well. And especially with the value of Bitcoin going up. I know back in the day that the San Francisco Bitcoin meet up. We used to have, you know, a couple of Bitcoin perhaps in the pot, you know, for the pizza and the beer and the event space, the things that we would have to buy. And if we could have somehow saved some of that in a multi sig that would have survived us and we wouldn't have had to upkeep or anything like that. Because all the people I knew from the meet up are gone. All the people who ran it with me. They're all gone. I don't know where they are. But yeah, if we could have passed that down, they could still be eating free beer and free pizza off of our our dime. And that's a lot more difficult to set up in real life. I'm sure that our funds went fine and they were spent on refreshments. But I have no idea where they went. Josh Shagalla, what do you think about fedament? What's your idea of what a possible fedament could be? Yeah, I think like cooperatives and stuff like that. Be sort of good. But also, yeah, just, yeah, I'm there with Dr. Orange Pill with, yeah, of charities. You know, charities are very, yeah, very strong use case. Oh, come on, Josh. Say it with me. You damn hippies. I'm coming. Sharing Bitcoin together goes against the principles of freedom of open markets. No, not at all. I think it's fine. It's perfect. It fits in a capitalist system. It's the other way around that doesn't fit. It's all volunteerism if you choose to donate your money to the fedament to your neighbors or whatever the organization is. That's your choice, right? What's a good fedament? What's an idea you'd have? I think maybe something like a block of a block of flats to run their own management. Like, you know, the maintenance and stuff like that for, you know, I've got plenty of friends that are in flats that have ended up having to like all redo their windows or the UK big things, the cladding redoing the cladding. So, so something like that where there's a community of people that will have expenses to pay, but also need to save for things for the future, which should even be buying out the least hold of a block, for example. So, yeah, that would be a kind of good little savings account, I think. And the same reason I always try to link these things back to music and musicians. So, maybe a low income group could get together, raise funds and buy instruments for students at a larger level, something like a marching band could get together and fundraise the uniforms, fundraise the buses, the trucks, all the things they're going to need. And through this sharing, if they could especially adopt a large donor to come in, as well as the individuals each donating like a hundred bucks or something, I think they could have a great system to manage it. Like a lot of multi-six and a lot of votes, as we've said, there's and people have to want to participate. I think you see that in now with a lot of doubts, people are like, yeah, I'm in a doubt. Well, how often do you vote? What do you read about the doubt? How involved are you really in with these fedamins, you know, hopefully putting their money on the line would get people involved like a local PTA. How you'd want to be involved in your local fedamins. And what do they do they support? What's the word, delegation? Because those are these dials you can just delegate. So you don't even like, I just delegate my vote to someone else and they can decide. I haven't read whether they support delegation or not. It could be a good thing, but also. I'm a liquid democracy. I've always said how I'd want to have my vote given to this senator. And then if that person votes against something I don't like, well, I can't undo that, but I can take my vote away from them the next day. And they don't want my vote for things I don't like anymore. That I just always attracted to me and that's a lot more easier now with computers in the past. That would be a huge pain in the butt to track everybody's little sliver of vote. I think it's doable now we need to reassess based on the new technology. Moving on, check out worldcryptoNetwork.com where we're constantly working on new features to bring you old episodes. I've been working with DJ booth and he's developed a calendar. And this isn't ready yet, but I can confirm to you that we have done a show here on the world crypto network and mad bitcoins. Every single day of the year, including leap day. So that's pretty incredible. And it's it's bad to the point where I thought I might have to go back and fill in some days. It's more like we've done too many shows each day. So like seven, six, five, eight, ten, nine, 12 shows on March 18th. So check out worldcryptoNetwork.com where you can watch all these shows for free. Issue three coin base launches international exchange with Bitcoin and Ethereum perpetual futures. Brian Armstrong puts his money where there's mouth is and moves to the Bahamas. Sorry, no way. Bermuda. That's slightly different. And starts his own international exchange putting on the pirate hat. Perhaps now able to compete with CZ and Binance. Josh, a gole what do you think is Brian Armstrong just continuously following old models or is he going to be the next big variant of cryptocurrency is Brian getting ready to exit scam. No, I think it's a logical move. The US has been absolutely ridiculous in terms of its SEC. Well, I can't even say ruling because there are no rulings. It's just sort of sue people randomly throw throw anything at the wall, see what sticks. Change your mind say one thing at a university, do another thing over here. Like the I mean, you know, Brian said in the beginning, I want to do it in the US because this is where the money is. While everyone was going overseas and you know, and he's done everything by the book. He's handed over all of the all the records of everybody to the the IRS is he's done everything, everything that they've asked for the government yet it's not enough. So I think he's just had enough and he's just going to start working where well, there's a heck of a lot of money in the rest of the world. And well, you know, these perpetual swaps are very lucrative if you've got a if you've got deep enough liquidity. So yeah, I just don't see why he didn't do this sooner actually. Dan Eve Cohen base, have gone off shore. Yeah, I think they they had to do it right there. They're going to missable festival. They want they want to be able to do futures perpetual futures seem like a good opportunity as well. They don't expire right and. And they're dancing with the SEC at the moment, aren't they? They were in this kind of duel. They've just reached this standoff point where I think they've got like the judge rule didn't the judge rule that there's the SEC's got two weeks to decide whether Ethereum is a security. I can say this is quite it's quite an important time right because that would be a very I think it's going to be a very big reaction in the market if if Ethereum well either way right if the SEC says it's a security that we're going to see a big I think a big dump. If obviously if they say it's not security, there's going to be a bit of a bit of a bumpy pump going on. But ultimately, you know, as Josh said, they've kind of abided by the book right why you know why stay in a country where you're doing everything you're trying to do everything by the book you're you're kneeling down to the regulators. You're trying to work with them to help mold the regulation and yet they're slapping you with a stick like randomly on that you know you're just they're sat away like doing their thing and suddenly the SEC comes up for whips and again. They even didn't even chop in the two traders the brothers that were inside a trading so they've even been you know they've even put their own staff in the firing line, which would have put them under scrutiny i'm sure with in terms of insider trading the invest trading the investigation into that so they really really are trying to stay on the right side of regulation and arguably far more than traditional banks are who are still getting their knuckles rat for doing crazy ass like. You know underhand market market market marketplace and tactics so yeah I think it's crazy what I read today as well the biggest what the SEC have handed out the biggest reward for a whistleblower and it was 267 million I think it was dollars for a whistleblower but I couldn't find in the article who they blew the whistle on. So in order to be fine that much surely there's got to be a big bank behind it why don't you know who that bank is and how come someone isn't going down and publicly like going to jail like Charlie Srem was put forward it just seems like crypto is the industry that's very. It's very you know and Bitcoin specifically but quad trading is so early on right that they're just trying to pick these case these case studies these examples to set you know it's kind of like we need to throw the book at them and making it make an example of them and it's just not it's not doing good for for for growing and an industry that's leading innovation right. It just it just blows my mind how. How receptive a company can be to regulators and then to basically just be slammed you know the door slammed in their face many times so I think it's I think it's risky what they're doing you know challenging the SEC but I think it's a it's a bold move and someone needs to do it and they're in the right place because it's not like the SEC can turn around and say you try to avoid regulation at every cost you know they've literally done the absolute opposite. So I think that they're it's risky but they're in a good standing and yeah you're going to drive business of a broad ultimately that's just what's going to happen so and we're seeing that with them with the mining right there's yeah there's the mining in the US is just underscreening again and for all sorts of random reasons so I think that yeah I don't know it's it's bad it's bad you think you need to let an industry grow before you start you know choke holding it right. I agree and I agree with what Josh said they did bend over backwards given to every regulation remember coin base earn or the loan program they had a whole thing ready for that advertising web page marketing all the kinds of things you do and they had to cancel that they had to roll it back they politely did it like Josh said they could have just jump ship then. Doctor Orangefield what do you think about coin base now based in the Bahamas or. So I completely agree with it with everything all three of you guys have said so rather than repeat what you said I'll sort of get I'll come in with the dolly of take where we're just seeing something that's happened many times before but we just haven't seen in our lifetime it happened with electricity happen with cars you know we're we're we're hitting we're a capitalist society. Cap and in America people want to make money and so that's why mining moved here and they can fight it all they want but it's ultimately you know like I don't know the future but it my my strong guess is there's going to be more money in making mining been getting rid of it there's going to be more money and allowing crypto and Bitcoin related. Businesses to be in America in the long run and right now they were in the fight you stage and that's okay it's just you know so you can get mad about it but you can't do anything about it just got to sit back and watch and you know coin bases suing back. And we'll see what happens next maybe left to make a decision in two weeks about a theorem but so it's capitalism versus corporate socialism or you know the bribery machine or whatever you want to call it but it's normal it's a normal cycle we're just going through it. It's just at this time it's it's with with crypto or Bitcoin you know it is interesting I think a lot of people thought that Brian Armstrong and his approach towards regulation would be successful the coin base would be a big winner here and it's not turning out that way they had all the best intentions they were always above board and now they're hanging out in the Bahamas let's move on we're running out of time to issue for El Salvador's Bitcoin cities canceled. But did it ever really exist and yes the price of Bitcoin has fallen so much so that they're no longer acknowledging Bitcoin city powered by a volcano a tax haven where you would pay no taxes in the beautiful country of El Salvador is no longer being discussed despite they had architectural drawings concept art and details about what we're being included in the city. The city plazas the airport the city landmarks and now they say there's neither the Bitcoin city project nor is there knowledge of it Josh a go what happened to the dream the volcano powered dream of Bitcoin. Vaporware you know it's a thing I look you never know price the next bull market someone else will come up with a new a new crazy plan and these sort of Bitcoin cities have been going on for ages you know like we have and cap dreamers like Roger for and even myself you know helping cities start up from nowhere and build them I think start up cities are really cool idea but yeah I think the problem with El Salvador is that no one really wants to move there because it's it's just such a you know high crime rate area of course you hear that about Mexico and then you get friends that go there and they're like this is awesome and here there's no there's fine unless you're like peddling drugs then you're not fine. But yeah so I don't know like it's a shame for me it's a little bit of a shame that didn't work out but it's also I think one of these sort of plans where I kind of feel like no big contracts government corruption all that stuff comes into play I'm like just Bitcoin can stay out of that stuff you know Bitcoin is there it's a stateless money it doesn't need the state any state any government you know if a government wants to buy it like Bickelli did and and and have a reserve hey go for it you know it's wish you all the best but yeah in terms of like all of us hoping for the moon because of something like that I think it's it's we don't need it. It was a real case of volcano where. There we go but yeah Josh we've been through this before I don't know if people are old enough to remember galt's galt's it was a libertarian project people were putting their Bitcoin in multiple Bitcoin tens of Bitcoin maybe even hundreds of Bitcoin I don't know what happened it all blew up somebody ran off with the money Bitcoin topia a friend of mine tried to set up it worked out very badly I don't think he bought the land for the people it ended up in a court case. And so forth and again like Josh that you always want to pick somewhere nice not like the New Hampshire's free state project or Wyoming or whatever but you can never afford anywhere nice with one of these projects so there it's always in the middle of the desert and we're building it all ourselves let's see Dan Eve what do you think about the end of Bitcoin volcano city. I think definitely mining using a volcano is like really really cool but but creating an entire city it sounds cool right but I just I just would be wary of moving there because I think it would make you a target right if it's you know imagine a place where. Anyone could be carrying any crazy amount of money right but they're but they're all there because of Bitcoin and I don't know just it freaks me out sometimes even going to conferences like thinking you know outside the conference as soon as it's over I like you know take off any Bitcoin like hats and stuff like that and get wary about wearing any kind of like crypto. So, you know, Bitcoin merchandise outside just in case someone sees you and things you know your target so it sounded would be like a bit of a there I say goldmine for lack of a better word of potential like victims but at the same time depending on how far it actually I mean if the government documents say didn't get very far than at least it sounds like it didn't go into. You know a bunch of corrupt corruption you know you know it didn't go towards corrupt needs right think you know 4 billion goes in and the money disappeared and they had to give it up right this makes it sound like it they hadn't even started really kind of filing money in which is a which is good thing it's always sad though that that this country's El Salvador is obviously the benchmark of trying to adopt Bitcoin as a currency and we're still seeing like I just the people from the city. And I think it's a very sad side lines who are just hoping for El Salvador to fail I just think haven't you got anything better doing your life like you know usually people like the underdogs right like in every movie the underdog you want the underdog to win and in this situation bit El Salvador's an underdog it's relying on on the US currency which has been. And it's a very devalued and and and it all the big you know it seems like everyone's instead of cheering El Salvador on outside of the Bitcoin community I suppose it's just you know everyone's kind of like well the IMF's like basically hope you get screwed you know you should you should really not you go back on on your Bitcoin decision and it's going to ruin your loan chances blah blah blah blah blah blah you know rather than being kind of supportive and saying hey let's see where this actually goes but yeah all the best to actually building something like that. But I'm not sure if I could I could live there myself because I just feel I'd have a target on my back even though I'm poor. We're not only that my my brother actually had a plate my older brother had a place in the Canaries with his girlfriend Canary Islands and it literally got run over by a lava when that volcano it just let just destroyed the the entire thinker and so like you know not only are you going to go there for the crime of the game. You're there for the crime rate you're going to go there and live on a volcano that might erupt and I don't know so it's a top. I hear the same thing about Puerto Rico everyone's going there for the Bitcoin tax rate but then the native people don't really want you there and that can end badly like they do not want you there and as far as the Bitcoin Citadel idea everyone's always bring you it up but then if you actually think it through and you're like do I really want to live with a bunch of Bitcoiners not just as Dan said for the target out. Just as well like a bunch of disagree of a cool libertarian. Bitcoin or cypherpunks you don't like to talk to anyone or and let's all live together. It's a good plan. Let's go to Jesse doctor bit doctor Orangeville. What do you think about El Salvador's Bitcoin city going away? So yeah, riffing off with Dan said they would after a couple weeks they'd have to rename it mount docs. That the left track. But thank you when I when I saw just a couple weeks ago I saw them I think bouquets was recommitting to the idea and I was looking at the the market actual drawings and kind of like thinking wow this looks incredible. I agree with everything you guys said completely so again rather than I'll just say this I will make a prediction not the official one for the end of the show but I'm going to make this small prediction there will be a Bitcoin city in the next five years in the metaverse. And everybody will have an avatar so you don't get docs. Well, and cheaper real estate we don't have to buy anything like that's and you can print your own land that's the kind of place we need. All right, let's move on. No, no, no overrun volcanoes. Well, just like Josh saying, the hurricanes, the volcanoes, the natives don't like you all these sound like great places we should all move there. Let's move on to the next issue issue five. Belagie closes Bitcoin bet with $1.5 million in donation including 500 K for Bitcoin core development as we all remember on the show. Belagie famously who wanted to put Bitcoin miners and toasters then went on to work for coin base. He bet everyone the internet in general that $1 million that the price of Bitcoin would hit $1 million in 90 days 90 days later we are nowhere close to $1 million despite the collapse of federal of first Republic Bank signature bank Silicon Valley bank and perhaps more banks to come. Let's see let's go to Mr or Dr. Orange pill. What do you think? Belagie is this a good he said he did it for the marketing for the advertising 1.5. Yes, I wish I had 1.5 million to just you know make a bet. The funny thing is after he loses the bet and he says that he did it to just prove the idea that there's going to be there's going to be high perflation at some point and you might and you don't know when it's going to happen. So you might as well. But like logically that would be like if I made a million dollar bet that I can beat Mike Tyson in three months and then in two months I just pay it off because obviously I can't but I'm making the point that he's going to die one day and at that point I will be able to beat him. So it's a funny it's just a funny story it's just fun all the way around but it made some news and he paid off what's been for charity. So I think it's kind of cool actually if you had kind of money just basically donate I think essentially probably went into it thinking he was just donating money or maybe really thought that I don't know but it's a fun story. It reminds me of the time where John McCaffey said that he was going to eat his own dick if it didn't rise to a million dollars and the same way McCaffey just wanted the publicity wanted people to talk about Bitcoin but people are always mad at him for not eating his own dick whereas. Well as you went ahead and did it paid out the million dollar for the another point five kind of show off. I think I agree if you had just millions of dollars lying around to like make random bets that you knew you were going to lose. You could actually do something with that money you could say I'm starting the Bitcoin PR agency or I'm going to pay people in Africa or build water wells or whatever it was it's this whole. But I guess you felt this was the best you could do marketing wise with his dollar Josh go the way to think about Belagie's big marketing for Bitcoin. Yeah I totally agree here with Dr Orange feel like I exist the same bloke that wanted to put mine is in light bulbs back in the day. Remember that guy that was actually that I think it was bit fury or one of the yeah yeah that's right. I know Belagie was all about it was called 21 I'm remembering a little bit now because 21.co 21. Yeah. Raspberry Pi that cost more because they made it and it would hardly mind Bitcoin and they're going to put them in everything and everything. Yeah that's right 21. Yeah I mean yeah like like like Dr. Orange feel said you know it's weird to weird better I kind of feel like he was super drunk or something when he made it and then work out. When I maybe I can just make this a charitable thing and whatever. Yeah but wacky you got to be careful with those deals you make while you're drunk you'll end up buying Twitter. I see. And he want to think about Belagie's bet and his callous use of 1.5 million dollars. He must have hundreds right to just throw them around like this. Well when he's where he's obviously has got quite a lot behind him and I think it's definitely as much as I'd love to see Bitcoin be a million dollars like by June. It's kind of a bit unrealistic isn't it you know I think it's a lovely fancy but it's not going to happen. So this is more yeah publicity and also for donate right it's a big amount to be donating especially didn't half a million of it go to like a. Like development Bitcoin developments or funding so I mean that's that's really good right it's not always good in the community so whether it was done as a publicity stunt or not I mean I don't think it's the sort of thing that's big enough to be a market driver although it does create a bit of a buzz and and it's 10X the laser eyes 100k Bitcoin prediction. Yeah see I'd I'd love to see that can be a million dollars before before June but I think it does sound like it's more like a bit of a a drunk sort of a drunk challenge in some sort of way. The fact that he sealed it early and then increased it by 50% as well. I think it's really honorable so really good thing to do and we're always moaning that Bitcoin development doesn't get as much kind of donations and stuff and isn't as cash rich as as these shit coins that pop up in the in the ether as it were out of the ether. As it were you know all the time so it's good to see money being pumped back into Bitcoin into positive causes and such a huge amount as well so hopefully it does some good for general Bitcoin and lightning development. And maybe he only met 100k maybe he just put extra zeros on there because it was late at night and he's had a few. Let's see is there anything else that we could have done with the money moving on to the exit question doctor orange bill anything else you could have done with a million or a million point five. Oh boy anything else. Yeah well you know I mean you could have. I don't even I don't have a good answer I would say you could have just bought Bitcoin. You could have just bought some Bitcoin and then then destroyed the key and then you would have donated to everybody. That's much more libertarian too because that enriches the whole the whole. My easy idea on this is just like the Joker in the original Batman movie just dump it on the crowd a million dollars I'm going to get it out on the street on Tuesday you know 100 bills come get him I'm Bitcoin rich I just don't care. And then that's very drippy too because then people talk about that for years that like man blogs you dumped all the money on the streets way better than the Joker. No Joker never dropped any money like that Josh you call it what do you think what else could we do with 1.5 million dollars maybe we could make a really big stack of ones. Well back in the day who those guys did move move land. They're a band and they burn a million pound on your own there. Come on you know it you know it anyway. I think I just saw that story for some reason it popped up on my feed about yeah a band who burned a million dollars I did see that was that recently or is that a long time ago. A lot of time. In 1994 by a yeah. Yeah so the KLF there we go that was the one. A left move land. Yeah just I don't know but send it to a burn address. And yeah like Dr. Orange Poole. You just burn it in a big pile. No I think I think I'm honestly I feel that he did the best thing by by by using it for for Bitcoin development I think it's is really that's the way to go there's not enough people sending towards developers. And this place. It reminds me of the creation of counter party where they had all those Bitcoin and instead of using them to develop counter party they burn them. And everyone's like we do now now we got to raise funds which is burned all the money. Dan Eve what else would you like to do with the money other than betting it in a big public bet. I think Dr. Orange Poole is on the right track, but buying the Bitcoin but then he could have like released I don't know point one Bitcoin a month for why why I say we know whatever a month of the Bitcoin for development fund so it could be a slow a slow fund and obviously over the years as that as that slowly depletes the Bitcoin price rises and there's more and more money to. And then you can put into this Bitcoin it's a big coin development so you could have done a slow release. And he could have done a college fund or something like that but really dumping the money in the street all at once is more fun Tuesday at 12 o'clock. Fifth Avenue the money. And then we get to the last issue of the day the kingdom of Bhutan has quietly been mining Bitcoin for years they say the kingdom got involved when the price of Bitcoin rose above $5,000 and when the Chinese started banning miners leading to Bitcoin miners looking everywhere for cheap hydro electric power. Bhutan has this as well as quiet Buddhism Josh Shagalla what do you think about the kingdom of Bhutan quietly secretly perhaps stockpiling a great deal of Bitcoin through hydro electric mining brilliant brilliant absolutely brilliant see this is this is you know the smart to Kelly move just just stop mining it like just start sticking miners on the volcano you know like. Anyway you don't need to make a big song and dance and build a city around it just get it set up but that's great yeah love it I love seeing these these stories as well those some other story where some country you know I don't know had some some Bitcoin and then it turned out it like could forgive the entire country's debt or something like that. So you know something I'm sure is an Eastern European country yeah yeah I wasn't quite sure how they got it they probably stole it off some drug deal but. They see a criminal case and then the question was whether or not they were going to report it to the EU or not and the last I heard on that is that the funds were unfortunately lost see this what I'm talking about this is what I'm talking about with the government it's not going to work because someone in the government just goes I'll have that. And you know but yeah. And much like the US government could have built a Smithsonian Museum in every single US state instead of selling the dread pirate Roberts money. We just don't know what to do with our governments but no I'm excited about this story I've always wanted someone like Bhutan to secretly be mining or secretly be holding Bitcoin from the beginning not someone like North Korea that's angry and has. Missles and tests them but someone that doesn't bother and actually do good with this it sounds like a William Gibson cipher punk story here the future you know where Bhutan is incredibly rich and everyone has to go there and bow down because they have the Bitcoin. So another example I think would be like the black Bitcoin billionaires here on Twitter and clubhouse they're enriching their community telling them to buy early hold long see what happens and if Bitcoin goes up like we think about Bhutan will be some kind of reasonable regional power like this good reshape the world remember Venice a city states used to rule over the world there's no reason it can happen again. Dan Eve what do you think about Bhutan quietly mining Bitcoin. But it's good I mean that but obviously it sounds like they didn't really disclose it to the to the people you know that what what their taxes and their money is is going towards. But it seems to have kind of potentially panned out because I think they said that they started getting into the mining business and actually buying Bitcoin and accumulating Bitcoin as well around the $5,000 market. So things could potentially be good unless they try to day trade it and just end up getting less and less. But the art school is really interesting because it's a full circle and sometimes they're there a bit iffy when it comes to like you know Bitcoin mining and the most points in there where they're like all the Bitcoin mining problem on the environment and it's crazy use of electricity and you're like. Yeah they buy electricity just like other people buy electricity for their business but you don't go like shaking a stick at these people who are using electricity. Regardless of if it's if it's being wasted or not right there's no there's no weekly article about how office lights are on like you go you walk in a high street and there's thousands of office lights on and actual lights in these in these shop windows and stuff that's wasting electricity no one's. And then they're helping at these companies doors you know Bitcoin just seems to get the raw the raw deal when it comes to that and even about that when they talk about in the article the questionable you know environmental impact and then then in this next sentence they go. Brutal which has like 90% electric hydro electricity also it's so you'll say you're going over the environmental impact but then you're going. But they're using clean electricity so you. I don't know it's just one of these one of these things where they've got to slip in as many like digs as possible even if they're completely irrelevant and they're proving their own point wrong in the next in the next sentence. But ultimately you know there's it's a it's a small country and and they're going to get like a lot of stick they're going to be on the radar for like you know encouraging it could be on the surface people are saying it's crazy use of electricity. They're going to be getting the stick from all the environmentalists even though most of it's coming from renewables so and even it again this article actually they talk about how the mining in in like Russia is increasing as well which is going against renewables because it's the cheapest electricity so it's very these articles are so funny because they're so contradictory from one sentence to another. It's almost like why not just leave out the bit that's actually you know that proves your own point wrong or just not bother moaning about the environmental impact if you if you're saying all these stats are really positive about the renewables focus on renewables in Bitcoin mining so I'm all for it right I think it's I think it's good that a country with a lot of renewable energy and a lot of excess energy that's not being used is going towards selling it I think they said that 70% of it gets sold to it. If it gets sold to India for example so why not and selling it to India like mine Bitcoin and make even more money like on that so it's a logical like business deal to to make with with with you know with Bitcoin mining so yeah I think it's fantastic. It is true the waterfalls just keep on going you just put more turbines on them a certain point you can't fit more turbines but so they reach that point doctor orange but what do you think about the feel good story of the day bouton mining Bitcoin. It is a feel good story it's wonderful you know it in the Bitcoin world there's like this Buddhist style saying that you find Bitcoin at the right at the price you deserve and I guess this Buddhist country founded at 5,000. The two things in the article that I found more interesting I say additionally interesting in what we've already discussed they were using the Bitcoin I guess I had to sell some of it and they were using it to offset the cost of the citizens for their electricity bill so generally everybody was benefiting because they're paying less for electricity. But even the Buddhist can get wrecked because it did say in the article they put they put they had their money in block sign and a Celsius so they may be in 10 years they will be the you know the citadel of that area for because they're financially secure or maybe they got wrecked so you know I'm going to see what happens. But they're still mining so it will they can start over again as a good Buddhist would just keep just say that's what happens needs keep going. It's sad but I think the most Bitcoin story out of this would be Bhutan saying if only we had held our own keys we would be incredibly rich but we lost it all in FTX and Celsius and all these things which yeah that is why we know about it it is pretty crazy. But you know you're like we said before government you're going to trust the private keys to some vault to some computer guys probably smarter than you anyway I'm pretty sure Josh would agree all those bitcoins will leave and you know somebody's briefcase but we're running out of time we're going to move on to exit questions or predictions Dan Eve are you ready with a prediction or a story the week go ahead. I predict that I'm always put on the spot and never think of this beforehand so what are the articles going to do because we're going to I think we're going to get an answer maybe before even next week show it won't be a nail by to from the SEC about their decision on on Ethereum and I think that personally I think that as much as lock up lots of Bitcoin is going to be a lot of money. But lots of Bitcoin is would like it for some reason to swing in the way of regulate isn't say that Ethereum is a security I think they're going to say Ethereum is a security I'm going to I think it would be too crazy to call it a security I know I know that yeah that's probably going to raise a few eyebrows but yeah that's that's my prediction. It's been it's been around too long it's too big to fail a doctor orange bill prediction or a story the week go ahead. Sure first of all before I wanted to show you this is so hard to see but I wore specifically for today my it says Bitcoin Bitcoin what me worry this is my Bitcoin t-shirt but I wore it out so you can barely see it anymore so I can't walk down the street in orange pill the community but my my prediction is a little bit personal because I live here in Harlem. So I work I work for TV and there's a writer strike so I I'm not going to be work I'm not I don't write but I my TV show got canceled so or postpone so anyway I'm not working for the next three I got the summer off this summer in New York City I'm going to host a comedy event called the bit pro comedy show we're going to pay all the comedians in Bitcoin for performing on stage and it's going to happen sometime in the next three months so that's my prediction keeping an eye out for it on the you know the noster Twitter's tick tox of the world. Awesome. Awesome. I think really fun. I wish I was in Harlem. I'd love to come. If we if we're smart enough we'll figure out a way to live stream or something and if not then well I'm sure we'll post a little bit of it on YouTube or something. It's close to Harlem in Amsterdam. The original Harlem were named after the Harlem and you know it was New Amsterdam initially New York was New Amsterdam and then before it was New York. Yeah and there was a lot of that. Yeah. Even the word stoop you know like that's that's from and that's a word from the Netherlands. So a lot of words we use here in in the city or just the things are come from that. So yeah there is a connection between us. And the original central park used to be four times its size just like an Amsterdam New York could have been beautiful but they built over a lot of it. So you know the original Harlem prediction or a story of the week go ahead. Yeah well story of the week is we finally we've got the the NF to you know for those that don't know what the standard what we're doing is allowing people to collateralize debt in smart contracts. And the cool thing is what we're really focused on is collateral management. So you don't need to give up private keys or anything like that but you can manage your collateral. So if you're getting close to liquidation you can trade to something else like tokenized gold or another crypto. But you can also sell your debt and collateral as an NFT. So we're starting we're really working sort of trailblazing the dynamic NFT space. So we're using it for artwork we're using it for defy. So it's really it's really great seeing it's come together it's all working in the test net. I'm just super stoked with that and today came at the artwork for it because the there is artwork for it. It's just it shows you what's in the what's in the actual debt. So if you're buying so if you're selling a debt you can chuck it on open sea. And you can sell the collateral and the debt and you can see what's exactly in there in the collateralized debt position and how much debt that's got. And you can buy that collateral so it's it's super cool and super fun. So I'm just can't wait to show everyone what that looks like. That sounds great and people can learn more at the standard dot IO. Yeah, yeah, the standard IO. Very cool for my prediction or whatever today I just want to talk about a book I read that was actually good. So I found this book at the bookstore it's called quality land a novel all my German friends are laughing at me they're like oh we read that years ago. But now it's been translated into English it was going to be an HBO show created by. Beavis and but had Mike judge but they've canceled that so probably because of the whole HBO max merger thing where they just canceled everything that was good. But this is a book kind of like infinite jazz 1984 and the hitchhiker's guide you're thrown into a future world where the country has changed its name to quality land. It's full of quality people. There's a company called the shop they know everything that you want before you need it so they just deliver it straight to you. You could get matched up by a dating service by quality partner they only give you one match that's it and just it's all about social scoring and algorithms and all these things that we talk about. But often these ideas are best expressed in kind of a funny science fiction model where you flip through and you think about you're like oh that sounds terrible we shouldn't do that. And maybe we can learn from these things and also have new ideas and it's also just kind of light and fun and satirical so check out quality land a novel by Mark Ooi clean apparently they call muck. But Josh what do you think you're going to check it out? Yeah I'm going to definitely check that I love the other one that the beavis about you guys did was idiocracy. It's also a classic sort of future cult film that didn't get enough credit at the time but I think it sort of shows its head for those that know. Getting better and better doctor what do you think do you like the idea love satire love satire so yeah I'm in. It's super fun when you find something new like this or hitchhiker's guide or someone who hasn't read hitchhiker's guide and they just burn right through it and they're like oh that was just so light and fun you know books books don't have to be heavy and painful you can read scarlet letter sometimes but this this was a nice thing Dan what do you think. I think sounds pretty funky yeah I love I love idiocracy I thought that was brilliant. I just need to get back into reading because the problem is like I used to read all the time and then I moved into audible when I when I lived in London so I just be listening to a book on the train I just massed through the reading and really listening. But now I just I'm too phony you know I don't have any of my physical books they're up in a loft somewhere so I need to get into reading again so that might just be something to get me back in. It's tough when you don't have the job or the commuting or you used to read on your lunch break or something and you just don't have that routine anymore you work from home and lunch breaks whenever you don't have to read you can watch TV or whatever but it is great to get back to the books and often if you're if you're tired of all the movies and tired all the TV shows you can see what will be the next movies and TV shows by reading these books and by going out there finding them because that's where they are getting the ideas but. Alright enough about books people who don't read are upset now they turn off so thanks to everybody for joining be sure to give us a thumbs up and subscribe down below until next time.