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, Dan Eave, the crypto raptor. How do we find people? Joshua Chagalla from the standard.io. Oh. Victoria Jones from Satoshi's page. Hello, everyone. And I'm Thomas Hunt from the World Crypto Network, moving on to issue one, the price of Bitcoin. The price of Bitcoin is down 2.23% in the last 24 hours. The last of 26,403, a high of 27,125, and a low of 25,857. That's $1 for $3,787. Satoshi's. I fear it's that $25,000 number that will have people upset. Bitcoin prices slip to two months lows. Bitcoin basis, Bitcoin, Bitcoin desks, Bitcoin trend indicator turns neutral from bullish. Dan Eave, everyone was happy just a few days ago. Now everyone is sad. What happened to the price of Bitcoin? Well, I mean, this obviously depends on which new source to check. There's people that blame socio-economical factors. They blame the CPI changes and all sorts of inflation and stuff like that. But ultimately, the true reason is because last week I predicted the price would go up and therefore it had to go down. So I'm a consistent contraindicator. But what is quite good is that there's more evidence that the price of Bitcoin is decoupling from things like risk assets like the NASDAQ and stuff like that. So that's kind of a good thing, right? So we've always said that Bitcoin's time is when it's completely disassociated with any other market. It's not tracking any other market. So we're in the sea. So I suppose that is a positive thing. But it goes up, it goes down. It did have quite a meteorite rise, right? From you think? You think from mid-December, 15 point, something K up to 30 something K a month or two ago. So it rose pretty fast. It doubled up. And which is obviously what we used to see, but at the same time, what goes up comes down for a little bit before it probably goes a bit sideways again. Because we are still just under now, just under 12 months, right? I think we're around 12 months before the harvining. I swear it was much. And then it's now it's May. Anyway, it's May 2024. So we should really start to see a bit more volatility, I think, as the hype seems to come along and it comes in waves, right? So people hear about the harvining. They do some research. They buy some Bitcoin. The institutions buy some, but then they sell some. And then the other people buy some and sell some of the retail coming in and buy some themselves. And everything gets a bit hectic before, obviously, everything, you know, moon's post harvining. It's still pretty cool to see the, the Bellagy's dream of $1 million Bitcoin before June come, come true or in June, although that's obviously, you know, I mean, it's got a pretty long way now to hit one million. But I'd still like to see it. I don't think it's going to happen, but I'd still like to see it go 40X in like a month or two and do a proper face melting face ripping like run. But ultimately it goes up, it goes down. It's Bitcoin. And that's what we love. Actually, looking at my notes here, Dan, people only like it when it diss years associates and it goes up. They don't like it when it disassociates and goes down. That's not acceptable. Josh, you got all the price of Bitcoin. It's wrecked. It's ruined 25K. Yeah. And so it is what it is. That's it. Right. It just goes up and it goes down. I, you know, it's funny. If you, if the jeans go down at the shop, no one, no one goes, ooh, jeans, jeans, a crap now I'm not buying jeans again. They go, oh, wow, jeans are on sale. I'm going to grab me some. Yeah, it's so weird when you think about investment vehicle, if something goes on sale, you're like, ooh, it's dead in the water. I'm not going to buy it. Where it's really, but the other way around, you're buying jeans, whatever. Yeah, that's my non, not investment advice. It does depend upon the stock though, Josh. There's one stock. It keeps going down and I keep buying and it keeps going down. Victoria Jones, what do you think about the price of Bitcoin this week? Well, you know, it's just a blip, isn't it? I mean, you know, we, we've come to expect, expect this a Bitcoin. I mean, to be honest, you know, it did have a good run and it was holding steady for quite a while. You know, it's been a good few months that it's been, it's been in a range. So I think it's just kind of like lost steam really. You know, there's some reports that, you know, somebody exchanges running out of liquidity. So if a big seller comes along, that can, you know, that can push the price down because there aren't enough people, you know, getting, getting ready to buy. So, so yeah, I just think it's par for the call really. I also, I also think, you know, there are difficult economic conditions, you know, as much as we understand that, you know, Bitcoin is a solution. There are more and more people who understand that now and it's, you know, it's, it's gained tremendous value since it was first issued from nothing. So, you know, the price is still holding up pretty well. You know, if I talked to my older parents about it, they just think the whole thing's unbelievable. So yeah, I mean, I think a 2% dip on an asset like Bitcoin is, you know, nothing to lose sleep over. It does seem like a disaster. But now predicting against the Bitcoin predictor ball, the source of all truth and wisdom, no doubt if you go look at the last episode, I'm sure the ball was right. It's right every single time. Dan Eve, will the price of Bitcoin be higher or lower this time next week? Um, well, I'm going to say higher again because I can buy more when it's lower. Because we were finally, finally, using that reverse psychology in your favor, Josh, a guy that higher or lower. Now, you're muted. I like it. It's like George, it stands a style. Um, the summer of George. So, um, yeah, I'm trying to understand what if you divide that by the line that you're probably up. Cheers. Whatever I think of doing, Jerry, I'll just do the opposite. Victoria Jones, higher or lower? Well, you need one conchare in the group. So I'll say lower lower. And now the Bitcoin predictor ball will the price of Bitcoin be higher this time next week? Reply hazy. Try again. Oh, Bitcoin predictor ball covering its basis there won't tell you anything. Moving on to issue two, Bitcoin miners earning $40 million daily revenue as ordinals debate splits developers. Miners have struggled as late, but the ordinals craze is creating a windfall for the fortunate few. Developers aren't worth sure what to do as the Bitcoin blocks begin to fill up with JPEGs. Should they ban them? Should they fire them? Or should they allow the miners to make gobs of money from people paying to get their ordinals onto the Bitcoin blockchain? Joshua Gala, what do you think about the latest in the ordinals debate? I remind me of the good old days of the block size debate. We're back. And it's funny seeing all of these people that have here now that are kind of big in the space. But weren't here during the lot for the major scaling debate. Now sort of saying, oh, how long it meant to pay people and how long it took me just getting the same arguments. And you know, it is a problem. Like I'm not going to fit here and tell you that it's Bitcoin. No worry. Just buy it. I do feel it's a problem. I feel right. I don't feel like what Roger Verde did was very good. I don't like the way he did it. But I do feel like there is something to bitch about and vote about. And I'm saying this as a business that someone that's built a business in the space, who was told by a lot of very smart people that Bitcoin is the best, Bitcoin's perfect, Bitcoin scales, Bitcoin, everything and lightning network. Yeah, the problem is it takes an online transaction to fund the lightning channel. And if you haven't funded it, you should have luck because it's just too expensive. I'm not saying we should make the block sizes terabytes big. And I'm not even saying we should double them. But I'm saying that there are issues that we need to think of. And there's a lot smarter people than me working on this problem. Bitcoin will solve it because where there's a, where there's a will as a way. But as we know with any any sort of crypto project decentralized project, the longer it's been around, the harder it is to change it, more solidified it becomes. And so I think there's going to be a lot of fire. And I think the worst part, and I keep the short, but the worst part of these debates is that people get extremely passionate. They start slinging shit around at people that can't take it and don't know how to take it. They end up leaving the space, even though they're very intelligent and great people. And they can't take it because they're getting called, you know, conspirators or illuminati or whatever. Because they're trying to break Bitcoin or the other way around, you know, because both sides just cling crap at each other. You know, that's the worst, worst part of it all is that, yeah, people that don't deserve it get beat verbally and bullied cyber bullied really, really hard. It could indeed cost us some more developers. Victoria Jones, what do you think they've got NFTs on Bitcoin now? It's good for everybody, right? Yeah, I think the last time I was on here talking about ordinals, I wasn't too impressed. So yeah, I mean, you're absolutely right. It does create a problem. But I think it, you know, in the nature of these things, it's a small problem. And you know, Bitcoin's just been battle tested. You know, they're, you know, it's still a robust network, you know, the idea behind it is sound. No one's come up with anything better yet, even though everyone keep, you know, there are thousands of projects out there that maintain that they could be. But, you know, the market doesn't agree. And the fact that it's hard to change is partly what makes it so secure and robust. And, you know, there will be a solution out there. I mean, although it does, it does cost in order to set up a lightning channel, there are lots of lightning nodes out there now. So it's not like the whole system breaks apart while we go through this temporary issue. But, you know, I think the temporary issue will certainly be part of what's causing the price to go down because people lose confidence when they. Especially people who've not been around for a long time, they try and use it. And it's just like, well, this is never going to work. You know, I've got to pay 10 quid for a five quid transaction. And that's not, that's, you know, that's not going to work. And, you know, operating the lightning net, it's easy to use lightning network. But, you know, I run my own lightning node and it's not easy. So it's not going to be something that the average person can just kind of pick up, which is, you know, going to be another limitation along the way. So, yeah, it's not perfect, but it's still, it's still better than anything else we've got right now. So, you know, it's always easy to sling arrows at anything. But, you know, show me something better. Maybe I'll go over there. I haven't seen it yet. I just love it when any of the NFT stories come up. I always think of the Star Trek episode that trouble with tribbles. And at first you have these nice fuzzy tribbles and everyone thinks they're cute. And then they start multiplying and the tribbles are everywhere throughout the ship and they're eating the wiring and they're in everything. And I feel the same way about NFTs, but it's worse because I feel a little bit responsible. It's like, I helped launch those Kerio cards on Ethereum and then the NFTs really got going on Ethereum and they got going so big on Ethereum. They spread back over on the Bitcoin again. And I'm like, maybe instead of the Apple and the tree of knowledge and wisdom, we should have went with Pandora's box or Pandora's jar. Dan, Eve, what do you think about these rascally NFTs clogging up the Bitcoin network? It's definitely yes. It's definitely bringing the emotions out again and all the block size debate. You got the BSV like crowds. I think I think someone did some analysis that said that like they believe that ordinals is actually an attack from BSV because a lot of the teams behind certain ordinals are actually apart from the BSV team. And they're trying to prove a point that Bitcoin, when it's used, gets clogged, but you should use BSV's giga megs and whatever else they have over there. Crazy people like the flat earthers of Bitcoin, right? But anyway, what, what, what? But is the first time the case the freeways clogged you can always use my hovercraft? Indeed, my skycar. But there is, I think it's the first time since 2017, recently that the mining fees are more than the block reward, which is pretty, that's quite a big thing, I think, especially considering the block reward was twice as obviously as twice as much in 2017. So this, you know, in some respects, miners are making a lot more money and this is like really good for their business model. Will they, will they ultimately care if it's being used for NFTs or not? I haven't really read much from the sort of mining communities to how that's going to go. But what is sort of also funny is obviously, you know, Bitcoin's about being censorship resistance as it resistant, but there's a lot of that talk. I'm like, we should censor the transactions and which I just think is kind of hilarious because it goes against all the sort of, I think we've Bitcoin, it seems like every couple of years, there's this flip, this flip, flip reverse of like principles of like censorship resistance, we should censor these transactions and, you know, and free market free market free market. No, no, no, it's a free market, but there shouldn't be any theory that shouldn't exist, you know, that's it. And it's all kind of, I know some of it's a bit contradictory, right? I think that sometimes you build these pillars and they, you know, they become an obstacle when you're trying to argue. Something a positive case for what you're working on, like if, if, you know, there's there's reasons why technology adapts and evolves and it changes. But yeah, funny, you know, like I still think back to Luke to share in his, they tricked my node with their sneaky little tricks, you know, saying that they somehow like, you know, almost trying to make out that his node was sort of infiltrated by the NFTs when it was just, you know, it was just using taproot and stuff. That's what they made. And people like, not not that I'm mocking this, I just think that some of this funny, but people like saying to Max Kaiser, like, thanks for hosting my JPEGs on your full node. You know, so it's definitely caught a lot of is brought a lot of cheekiness out of the out of the words, but it's brought back the discussion about scaling and showing the importance of. Of lightning, you know, making Bitcoin much more scalable and also arguably from the kind of, you know, the Bitcoin is a store of value crowd. You know, who say the NFT shouldn't be there surely they should almost be cheering it on because by people not using it and it being full of JPEGs, then it means that this it becomes more expensive and the store of value goes up right. So isn't that like a case for the store of value of Bitcoin? The fact that it's, you know, that all the block space is used and blah, blah, blah. I don't know. There's too much to to and fro, but yeah, ultimately the block size debate is back. We've got as Justin, the sort of new Bitcoiners who are hardcore Bitcoin, but you see them accidentally go, maybe we just need to increase the block size. And like, you kind of weren't here in like 2017 that old big thing, but all part of the fun. Yeah, it seems like the ordinals crew may run out of money because it's costing them a lot for transactions. There's also like, isn't there like really cheap transactions that are paying five bucks for a like 10 cent transactions for being paying five dollars fee. So whoever it is, if it isn't a tap, they're going to run out of money soon in theory and we'll go back to normal. All the the NFTs will just, you know, become more expensive because that will have its second wave with the Ethereum and the rest of them. And then the Bitcoin blockchain will be more clogged. Praising. I don't know. It's all a bit crazy for me. You young hip cats and your NFTs and JPEGs. Well, it's interesting, Dan, because here in the United States, of course, everything has happened before in the 1860s. The Republican Party was united with Lincoln and with stopping slavery. Then we go 110 years later, the Republican Party is using something called the Southern strategy to unite essentially with the people who would have been enemies of Lincoln. So political parties have completely shifted and changed their polls before. Like you're saying, it's interesting to see Luke Desher, who probably in the past would have sided with no censorship, no changing the blocks. But now, you know, years later, this happening, this happening, the next happening ends up as a some kind of a small like a pro censorship guy. And I think this goes well into the exit question. Will the developers change the way that Bitcoin works to get rid of ordinals? Josh Shagalla? No, because it doesn't matter what the, what the developers may be. There will be a developer and they'll put something in and maybe, maybe it'll get that far. But it all depends on everybody else downloading the course software. Now, the issue that I've seen in the past. And I see in the future is that we, we, we, we as a network, don't run full nodes and don't run our own core software. We rely on our phones, which rely on somebody running a large node that feeds that phone data. And, yeah, so, so let's see. I mean, I don't know. I don't know. I don't think so. It's such a bad look. I wouldn't want to be that developer. It's such a, I'm taking my ball and going home. This is the Bitcoin network with no stupid JPEGs. It's such a negative position to be in, but I do think we have a person like that out there on the internet. We have a pattern matching system working where if we don't have that guy will create him. Victoria Jones, what do you think will the developers change Bitcoin to get rid of ordinals? Well, again, it's all about incentives, isn't it? I mean, who benefits? I mean, if the miners are benefiting right now, I mean, they're big player in the whole ecosystem. So I can't see them voting it through. So I think Josh is right. You may well get someone who comes up with a solution, but ultimately it depends on whether or not everyone who's involved in the system votes it in. And you're, and you know, as Dan was saying earlier, you know, it's kind of antithetical to Bitcoin to censor anything anyway. I mean, I think let them do their thing. Eventually, people will get bored. You know, some, I think, you know, an eventually Bitcoin will go back to being what it is. I mean, even people who are paying for ordinals, you know, they're paying a heck of a lot of money to try and protect it. And what's the guarantee that anyone's going to buy that in the future. I mean, even NFT is themselves are very much a niche thing. There's like a core group that are really interested in it. But, you know, this is a technology that's meant to help solve a huge problem for humanity. And ultimately, I think that's what will win the battle. I'm not, I think it's annoying, but I'm not terribly worried. I think, you know, there, I think Bitcoin will carry on and whoever's bending all these high fees to get these transactions done will run out of money or will run out of enthusiasm and we'll back back to what we're normally doing. That's my view anyway. Yeah. And I'd like to quickly add something for the big blockers out there. Because, you know, maybe they thought that I was for big blocks, just with my talk back before. But if we allow, like humans are insatiable with their amount of data. So if you have bigger blocks and the price to add data to those blocks is cheap. Then you watch people just create, I don't know, like mid-journey, images are just like on automate, you know, auto GPT them bomb, bomb, bomb, bomb, bomb into that thing. And blocks are one of these things that they're cheap all the way, even to the last little bit that it's full. As soon as they're full, that's when the prices go up. So it's not like your halfway and all now it's a bit more expensive. No, no, it's cheap, cheap, cheap all the way till it gets full and then it's bang, then it's hard. So you can create terabyte blocks. If they will be filled because human were insatiable for the amount of data that they want or need or can can find use cases for. So even if they aren't legit or even if they are legit. So it has to be a better way rather than. Then it's just a simple block size upper. Well, I've always thought one of the really great selling points for NFTs is that they're unique and that they're so unique. But that's also a downside like Victoria was saying if you have a Bitcoin or a point one or a zero one of a Bitcoin, you want to trade it with someone else you can, right? Any Bitcoin is the same as any other Bitcoin. They're fungible. But with that NFT, it is so unique that you have to drill down you have to be like to someone like the board apes. Do they like board apes with cigars? Do they like them with ski goggles? And if nobody likes the one with the cigar and the ski goggles, you might have one of an expensive set. And so on might buy it just because it's part of the set, but they might not want it because it's too unique because it's too custom. And it's really interesting with curial cards for whatever reason we didn't get version numbers on there. It was in some of the ideas. So all the curial cards are fungible. If you have any number one curial card, you can trade it with any other one. You can't tell the difference. So it's this kind of unique mistake type success thing where people keep trading those cards. And I also saw to someone who would be great to create this new no fun Bitcoin. He's great at editing currencies and taking some out. My buddy, Rhett who created Curio cards, he was great created Z classic. It was like a Z cash without the founders reward. So here we go Bitcoin without the NFTs free idea to Rhett. Dan, what do you think will the developers change Bitcoin get rid of these ordinals? Now, I think I went to panel that they they may, but it needs to be voted in, but one thing that I think and I've been debating whether to say it because it kind of scares me in a way. But one of the oldest kind of attacks about Bitcoin was about how certain like imagery was was was referenced by the Bitcoin blockchain. And that was like a big like, this is an issue. This is a real significant issue with Bitcoin. Now, unfortunately, there's the opportunity to store this imagery on chain now so that every node has a copy of it. So that is something that could be a significant attack vector. Yeah, that's actually a worrying thing because that's when there could be a very significant. But boot coming down from the state saying this imagery must be removed and that could have significant impact on the immutability of Bitcoin. Yeah, not only it would definitely put something on me. I wouldn't want to run a full notified hosting that content. Well, this is really the best thing about the internet is you come up with a new software and you say, hey, it's free. And everyone says I can put the most horrible things on that free website. And you guys are just thinking about the horrible things. Also, there's religious fights that could happen if you put religious images or other things or political fights. If you put images of the king and so forth, there's lots of problems. But we'll worry about that later. They'll just for now. Let it happen. Check out worldcrypto network.com where we've got on this day on the left hand side here on this day in 2020. We had three shows hanging out with the world crypto network. Ellen Bitt's extensions and the 2020 Bitcoin halving party doesn't seem too long ago in 2019. We had a chat with Francisco Renzi by Ben well, Ben arc. And we had Theo Goodman's first computer. How to encrypt your SD backup with cold card and Bitcoin coffee break in 2017. We did the hundred and forty first episode of the Bitcoin group in 2013. We had an episode of mad bitcoins and two episodes of mad bitcoins in 2013. Check out worldcrypto network.com. Moving on to issue three bit treks approved to borrow seven million dollars in Bitcoin for its bankruptcy. Things are moving fast at bittreks. At first they warned us customers to take funds out of the exchange. And now the US version of the exchange, not the international version, has declared bankruptcy. What's unique about this is that they're getting a bailout loan in Bitcoin because of better fees and better options. They say all customer funds are safe food and everything will be fine. But this is the end of bit treks in the United States. Victoria Jones, what do you think about the end of bit treks? Well, I think the salient point that it is that it is mainly just in the US. And that's partly because the SEC decided to sue them and issue them with a big five. It's like right. I'm glad if you guys forgets any worse and quite frankly if I were in their position, I'll be doing exactly the same thing. And you've already recently had a Brian Armstrong over in the UK discussing with parliament about better regulations. I mean the the lack of regulation and the potential excessive regulation in the US is really going to be. It really holds them back unless they get there themselves sorted out. And I have seen some of the senators discussing this and saying we really need to sort out. So, but back to bit treks. I mean clearly the rest of their operation is fine. I understand that the lane they're getting in Bitcoin is from their parent company. So it's not like they've gone to a third party institution from this. It's it's like an accounting mechanism for them to borrow some Bitcoin holdings and there are other business. So, you know, the headlines a little a little bit misleading. It suggests that the whole of bit treks is going down. But now I think there are specific issues here. It doesn't sound like it's because they've mismanaged things. And there's all there's all there's any fraud going on. I think it's just, you know, part of the regulatory environment. But again, you know, this is a brilliant thing about Bitcoin, you know, the China says that all the minus have to shut down. So they moved to the US. And the US senators are all particularly, you know, either taking inaction or too much action and so everyone goes, right, let's leave the US go somewhere else. But you know Bitcoin survives the only people who suffer are the people who are under the stupid regulations. Who can't get their acts sorted out. And, you know, so Bitcoin will go somewhere else until they have sorted themselves out. But by then, you know, they'll have held themselves back to a considerable extent. So, so yeah, so it's interesting to kind of look at the bigger picture in terms of what else is going on. But in terms of bitrics itself, it doesn't seem to be too much too much of a problem. Although I have to say, I'm not sure how I I'd feel taking out a loan in Bitcoin as we're just about to enter another bull market. That doesn't seem very savvy. Although I did notice that part of their agreement was that they won't have if it goes over 110% of what they borrowed, they won't have to pay it back. So they've got around that one. They thought that one through. That's a good deal. I know some people on BTC jam that had incredible loans in Bitcoin that they were not able both paying back almost instantly. And it would have taken their whole life to pay them back. It's so sad to see the US go down the path of brain drain and scaring these companies away. We've talked about the need for proper regulation in the United States as well as having a meat in the middle where we don't chase new technologies away for years. And Dre has used to talk about it. He used to go to Congress. He used to meet with these people. All kinds of other people have also spent a bunch of their time trying to explain to them that again, we can't chase this new technology away. And it will set us back in time. But again, we can't seem to learn from that. We're going to do it anyway. Dan, Eve, what do you think about bit treks and the trouble in the US? Well, it just, you know, it's not the same day with Coinbase, but it sucks. Right. Coinbase and bit treks have been, have been compliant. Right. They've been trying to do the right thing. They implemented KYC like when there was a whiff of that there was going to be an issue. And they've just been battered by the SCC and it's just totally ludicrous because they're trying to, to actually comply and they're trying to negotiate, not negotiate, but get the talking on the table, get decisions made. Right. To the extent that Coinbase have had to force the SEC's hand to make a stake make a decision on whether Ethereum is a security. Like to to to cane people that are actually companies that are actually trying to make make good of their business is just ludicrous and it just, you know, it's going to drive business aboard like you don't want to drive your businesses abroad. And this is clearly doing it with, especially with you know Coinbase now going with their futures in Bermuda. So yeah, it's just another example of the heavy handed regulation, which could be more heavy handed against the traditional finance system, which is screwing people on a daily daily minute by second basis. There's obviously, you know, Victoria said that they should have enough capital to cover it also. You know, most of their business is is actually in the extro bit trick global. But it's just the right shame and I like metrics. I'm literally I'm looking right now and like in 25 I've got emails to like to to Rami and Richie in 2014 like saying, hey, could you add this to the thing and they're like adding, you know, creating support tickets like for them to add certain features. To Bittracks, you know, I'm a fan of Bittracks. I know fair enough is you know, people are as a shit coin exchange. But I like it. Where else would I have traded parking coin? And all these other insane things, Vootcoin, which I think, Voot was the first thing I've tweeted about in like 2013 or 20 point, which was terrible and died like most of the other ones. And all that. But it's just such a shame like you know, when people when people put the like the olif branch my mum always says she's like, you know, rich. When someone's reaching out with an olif branch, you know, try and try and meet them halfway and and Bittracks and and Coinbase are reaching out with an olif branch and the S and T's going, no, no, and just like slapping their hand and then and then slapping them with lawsuits and the whole thing's just ridiculous. And I hope they can they can just realize that or at least someone realizes how ridiculous the whole thing is and actually put some cooperation on the table because that's what they've been trying to do and you're just going to try business away. And you know, as Victoria pointed out, was it was Coinbase that we're talking to the to the UK. Imagine if they could they move their business over to the UK. Well, that's a huge loss for America, like in terms of taxes and in terms of innovation and jobs, et cetera. So yeah, it's insane to be to be, you know, kicking off that people that are actually trying to do something good. Even if they have shit coins. Josh, Shagala, it's like an and ran fever dream. I have to set you up for the ultimate libertarian question. Here it is. Even those who had, you know, serve the state end up like oxen in line blinded being whipped by the state. You can't even be the pro regulation people. There's no victory even for them. Yeah, it's true. Yeah, I mean, we see we see constant push for regulation in the States and and so weird because it's just this sort of blanket we need more regulation. It doesn't mean anything. It's a weird thing to say it's like we need more rules. What can we just be a bit more specific? This is a weird thing to yell. So yeah, I really. I find it horrible and I think we'll see more people leaving big companies leaving the States because how much more of that can you take where. So, as he will just come after you and just smack you around the face, even though you've been really compliant and doing everything better than the banks. And yeah, I mean, you know that these regulators are run by the legacy banking systems. They're not they're not regulating anything that run by them. That was the case very clearly in the UK. And I see that happening. I mean, it's very clear in the in the States as well. They run around with this facade of independence and but you know, it's not it's just. It's just it's a nice it's a nice moat that the legacy system can build around themselves and use to protect themselves. And I mean, it's cold regulatory capture and that's what they're doing. I don't know what's been going on lately. I want to push back a little bit about coinbase and other people allowing sbf and ftx into their space. There wasn't major pushback until a CZ called them out and the whole thing went down. There wasn't this kind of pushback. There wasn't this kind of protection of the Bitcoin space. They're like, Oh, man, that guy's a scammer. You know, they're going to find out eventually. Ha ha ha. You could they could have tried to warn people they could have told you I think part of this negative regulation or the fear of the crackdown is because they didn't protect the space from sbf. And now Brian and other people who are on the straight narrow are being seen not on the straight narrow, but as the next sbf. What do you think Josh? Oh, sorry, I was reading the chat. Sorry, man. All right, Dan, what do you think is Brian Armstrong to far down the straight and narrow. Sorry, I was watching Joshua read the chat. No, they could have they could have called about more, but I think it's, they're a say it's one of those situations where how much did they actually know about how much he was a scammer, you know, from on the face of it. And he was he was being shown, you know, those interviews where he's like, oh, this is Sam Batman, free. He drives the scoder and like has flip flops, you know, instead of a Ferrari and blue suede shoes or whatever the hell they're going on about. Like, so there's all this this positivity has been covered by CNN, but you know, they're what's it called the crazy Jim Kramer. You know, guys like going, yeah, some of them are free and go ask them, you know, he's been covered by everyone. You he pulled the wall over a lot of people's eyes. He had he had like that, that dude, the American footballer dude have it, you know, with a flavor and he had Larry say that you shouldn't actually buy FtX or something like that, which was a really good contract sort of adverb. But yeah, he pulled the wall over a lot of people's eyes and including mine, although I'm not really in the face of it, he did like a genuine character, especially with his like. I can't even remember the word of it now altruism is is a selective altruism probably rather than effective or whatever it was altruism. So it's difficult to tell from from from that outset, like whether someone is is totally evil and actually what they're doing with the money unless you're really involved in it, you may not have seen that. And then the next thing that I think made a was was being so shifty with with the money from from FtX and these, you know, client funds being mixed and muddled, you know, so I think on the surface of it is kind of right, you know, it's you can easily say why didn't Brian Armstrong kick off and protect the space, but how much did he actually know about sandbag, how much did you really care about sandbag and free like, you know, there may have been a case of this is just another shit coin owner. What sort of you know what what research do I really have to do oh look and it could have been a case of oh he was on the Kramer show Kramer shouting about him he must be a good guy they must have done every search. It's one of these things where you see time and time again like with with with shit coin ICOs where as soon as one legitimate investment company gets tuted into putting their name on the investor she everyone else goes oh so and so three hour of capital invested. They must have done their research no they're just literally throwing shit coin money out here and there and everywhere they don't do their research they just they just like a pin on something and then everyone expects that they've done their research so yeah I think this is it's kind of difficult say how much did Brian Armstrong know how much did CZ know you know until he literally reached the boiling point and have to kind of come come come clean about it but expose sandbag been freed about it so. I think that that Brian Armstrong is usually someone that kind of does speak up about this stuff yeah he's he's. It seems like a genuine character then again I thought about sandbag and freed so basically don't ask me because I'm a terrible judge of character. Well it is interesting to one point maybe Brian couldn't call them out because he was be calling himself out as well if he was to say you know if we if we need regulation because people could just mix their books up right the bitcoins coming into FTX we didn't know at the time we know now it was just going into one general account it wasn't even being separated the same way that Brian could warn them and say well what about that guy that took off to India. And then allegedly died and all the keys disappeared with him this could happen that's why we need the regulation so there are concrete steps but maybe Brian couldn't say them because a lot of them are like a powerful charismatic CEO could really wreck this industry and then it hopes that could be me Victoria what do you think about that Brian couldn't expose himself he couldn't the possible failures that a CEO in the crypto space could face. I just don't trust anyone who's making any kind of rules because you know anyone who makes anyone who makes a rule is ultimately going to be driven by some form of self interest I mean you know the whole reason we've got Bitcoin in the first place is because we realize that governments are like utterly corrupt and you know and even with sandbag and freed I mean I'm convinced I was from the beginning that you know he was I think someone he may well have started off as a great. He was a genuine person but someone clearly played him you know he was he was a good front with the effective altruism going to going to appeal to all those idealistic youngsters but you know there was someone very sly and cunning could easily put someone like that to the forefront in order to do a whole load of people especially if they're motivated to skim off any profits that they're getting from a big crypto business you know that you have to be very naive to to. I mean I don't I mean the hot I think the whole story of regulation and governments I mean they don't understand it so what hope do we have them actually making any decent regulation I mean to be fair the fact they've taken limited action up and to this point is probably testament to the fact that they don't have the skills to do it even if they wanted to and actually the best thing to do is probably leave it alone the whole thing's going to complete disrupting the whole thing. The whole thing's going to complete disrupt the disrupt government anyway because the main role of government has been to manage the resources on working hand in hand with the banks and. You know with big one we don't actually need them anymore and that's a good thing so yeah I mean I realize that there are bad things in the world but. You know when they when they first came up with this idea of central planning and keens in economics you know there's always been poverty in the world in the on the gold standard you know you do get people who live in very impoverished circumstances and it was reasonable to try and have a solution for that but. The solution 100 years down the line is not given us and given us anything better it's just reorganized where the wealthy people are. So you know so I don't think using Bitcoin as a way of going back to the gold standard is a bad thing at least it kind of resets the parameters and we can think about it again but at the moment everybody's losing with the existing monetary system that we have and I don't have any faith in any rules I think there are some good people in government who try and do their best but ultimately you know you just need a few rotten rotten apples to spoil the barrel and it's balls if it's balls the whole system for everyone. So yeah I think the less they have to say about the better and you know the Bitcoiners just need to get Bitcoin ready before they do any more damage. Yeah yeah yeah yeah yeah. It does seem really like the only things that you can trust are on chain transactions but once again everyone comes to Bitcoin and they say hey I could make a little business and attach itself to Bitcoin like Coinbase and pretty soon you're like on chain transactions are too expensive and they're. Too much work and they expose our customer funds and so forth so we need to build an obfuscation system to do that and then you're doing that and and to go to Josh on this with another setup question Josh's company went to a lot of trouble early on to make the glass books protocol and make it so you could share how many funds you had and we could see at least you know in a number they're 20 Bitcoin in the system they're supposed to be 20 you know it works out. FTX allegedly didn't have any Bitcoin there's supposed to have lots of Bitcoin Josh are you disappointed that people haven't used any of these on chain tools even just at a basic but it's insecure but if you have 20 Bitcoin in an account and I look at your account I can see they're there like for these companies just go away from that almost instantly and then to not offer even the any kind of a makeup for it yeah totally I mean when we when we invented the glass books we. We actually shipped it around a different exchange of saying you should implement this I mean it wasn't like we're gonna make any money for it's pretty simple idea but it allowed for exchanges to be transparent and grandma friendly pita Todd and Gregory Maxwell had their version with end up being one that they should like crack and use it and such but problem with that system is you just had a big green check mark that went to being and you didn't know how to go there so you can you just have to again trust the green check. Mark even though the math was not sound and you know it'll work but with the glass books people could really use it but yeah it was sad when we shipped the Ram no I wanted it and and I was like why and and obviously that's why we created both horror.com to sort of show how how cool it could be and then realize that well most exchange is a probably a fraction reserve and that's why they don't want it and so yeah that's that's unfortunate you know the whole reason why I wanted to show you that it's not really a good idea. So the reason you go to Bitcoin or Bitcoin was spending to get away from that fraction reserve system and now we have a bearer based aspect only 21 million absolutely hold it on this exchange and now we've gone 360 back down to back to back to where it was and to this fraction reserve system so even the gold you know the gold standard can be a fraction reserve system so yeah you might absolutely backing it or you might have actual assets but if it's not accounted for. So yeah I think that's probably and actually the fundamental problem even with the glass books protocol and FTX showed this is that you could pull the wall over regulators and and make make written contracts in the background that nobody knows about they have this much money here I'm going to write a contract with this third party saying hey I'll give you some of this if I screw this contract up no one knows about this contract it's not issues by just making the party that made that contract with not talk to that party or with anyone else and and so proof of liability is really what what the you know along with proof of funds is kind of the two things and in a way I think Barry Silbert here had it right except he had the wrong day he had it right to say just everyone take off your Bitcoin off of the exchange of one day every year. And see who sticks around now the problem with Barry Silbert was he made it like on the third of January when most most business and pretty much every business has a skeleton crew and you don't want your private keys to be so easy that a skeleton crew can sort out all the cold wallets and everything all the time easily you want there to be proper security. So it would have been nice if Barry said like fifth of May or something in the middle of the year where there's no major holiday time could have been a good time to prove you know that that removed your coins from an exchange day. I think it was a trace mayor Barry Silbert. Oh, I'm sure that DG group and all of their various investments but I think we're going to move on to the next issue issue four and then we're going to go right back to Josh. Tether posts massive first quarter profits of 1.48 billion we've talked about tether before basically my understanding they hold allegedly some USD and account then you can hold an altcoin that represents the value of that USD one tether equals one USD. This allows people to hold in quote marks USD on an exchange so that if they're nervous about the price of Bitcoin or altcoin or whatever they can duck into USD and then feel safe but this all again relies on an external system an external system that apparently is making the tether company 1.48 billion dollars. Josh, Shagala, what's going on with tether how are they making so much money. Well, they're gambling with everybody's funds that's how they're making so much money and that's why it's extremely dangerous yeah they're winning but the gamblers are gambler and gamblers you know the house always win not the gambler so the problem with tether is that it's the same system again that 360 we've gone away from the banks and gone now to the same thing fraction of reserves. So they can take all the deposits that have been made by all the exchanges that have bought tether or all the people that have bought tether and and basically they made a really good bet at the low of the 2017 market I think it's my timeline screen I can't remember when it crashed right right near the bottom they powered everything back into Bitcoin. So they took their deposits for them to be one dollar in the bank for one tether and they piled it on to Bitcoin Bitcoin skyrocketed up and did a huge big moon bump and of course tether companies stoked their way over over fractionalized like you know under for over reserve and so that's great you know it's fantastic but they're there but it could have well could have gone the other way. And they would have been on the other side. Didn't they tell everyone that they were holding the money in usd not that they were gambling with it then it turned out that they were holding most of the money and gambling with some of the money but like you say Josh because they won their bet there's no punishment whereas if they had lost their bet in the price of Bitcoin had gone down this would have been yet another circling FTX exchange right. Yeah absolutely and this is you know this is why we're building a standard we have to have better stable coins that are that are basically holding the value in a decentralized mechanism where thousands of the people are locking up real rare numbers or real rare assets into into contracts and issuing themselves debt against that this is really where we're where we're focused to build the ultimate stable coin that's not. I had nobody has got the ability when you lock up funds on the standard to use those funds to speculate with them they yours you hold the private key you don't not your keys not your crypto that's the main mantra and that's what we got to stick to. Victoria Jones i've never understood why people would want to use tether but now that they're making 1.48 billion dollars it must be incredible right. Yeah just imagine what the price of Bitcoin would be if all that tether was actually in Bitcoin rather than heather but you're right you know part of the problem at the moment is so many people are conditioned by the fiat world I mean i've said in the podcast a number of times that you know no one under the age of 50 is ever known anything different you know because it's been around for such a long time and so people have gone to university and they've done degrees to understand economics in a particular way. You know it's like my daughter studying you know GCSE economics at the moment not teaching anything about Bitcoin such an extent you know if I talk about it she's just still rolls arise and it's just like it's okay kid the fiat world's conditioning you you'll figure it out eventually. And so you know this is part of this is part of the battle. um that we're all up against and of course you know a big part of the problem is you know USDC had come out and you know you had Mr wonderful going around telling everyone that USDC was going to be the new US digital dollar next thing we know it's losing its peg. Um and you know and I think that's partly what's contributed to the recent run in Bitcoin because you know it's one thing the banks failing but the stable coins failing. Whole different whole different ballgame and so you had a lot of people who are in USDC who moved over to USDT so you know that will have helped at mean at one point I think the value of USDT was actually above a dollar because everyone was trying to get into it so quickly. So there are other things that are going on behind the scenes but you know this article must be particularly sickening to all those people have been predicting USDT's demise. Since the beginning of time I mean there's been plenty of them around I know what eventually they'll be right and it'll happen you know it'll happen when the US dollar it goes down I mean if they're backing their USDT supposedly with US assets or even if they're gambling with it you know the moment the the rest of the financial system breaks which is what we're anticipating. That will be the end of USDT and if if you're still holding USDT when that happens it's as bad as having had that money in the bank and so you know you take your risk. And you know some people will get burnt by it eventually but you know timing is everything and you know it's really hard to predict these things exactly we all know it's going to happen it's just a question of when. Yeah and it'll hurt Bitcoin as well in that moment. Sure term yeah this is and you're spot on and not enough people talk about it there's another banking crisis and we saw this with USDC with Silicon Valley bank if there's a full on banking crisis where bank after bank after bank fail. Well where are those assets that are supposedly backing it and you know we're such a global society now it's not just US banks US banks knock on then French banks knock on Italian bank knock on German bank and everything just tumbles you know this is why some of the some of the stablecoins are jumping into like government bonds and stuff but now oh what hang on a minute you know how you print a US dollar well you're printed by the bank. The government sending government bonds to the fed so if we just recreated the entire system yeah we have so why use it why not use why are we thinking inside the box the whole point of Bitcoin is to think outside of the box and that's that's important. It is really interesting to see the different values of these companies I know when I worked at Bitcoin companies and we had user deposits our goal was to keep them in the user accounts not to let the programmer run off with them and certainly not to take the user deposits in mass and reinvest them like FTX and tether did. Although apparently if we did that we would have been more profitable company and we could have if we had won our bets we could have been more successful Dan Eve what do you think about this radical idea of tether making tons and tons of money with other people's money. Well there's obviously a lot of a lot of haters on tether that they're like bitfinex you he definitely hates to them like and you know for good for good reason about the crazy practices that this I think it gained a lot of popularity because obviously Bitcoin swung quite a lot and back when tether started when you wanted to come out of Bitcoin there were the premiums for going back into into USD. Normal USD were a lot higher right so so there needed to be something in there that reduce those premiums reduce the spread of going from switching from Bitcoin to back to USD if you know for these day traders which then like proliferated into all sorts of ship coins and became the like the trading coin of the sorry the spot the stable coin right it was to like getting to a ship coin get out get into Bitcoin get out. And now we can see that you know it's really got a hold on the general volume I mean it's it's 27 billion it was it was funny it was to it was 25 billion when I actually made the made the note 25 billion volume is 27 billion 27.6 billion of volumes now over 24 hours which is it's like one and a half times the volume of Bitcoin because it's used to basically trade every other shit coin out there it's still like three times the volume more than three now. The times the volume of ethereum that's traded over 24 hours and and insanely it's 20 sorry 55 times the volume of of Binance coin which is the fourth in in line in terms of market cap and so it really is and this is consistent right it really is the most you know traded currency out there and it's because people use it as a as a gateway dry it's a gateway to ship coins right so Bitcoin is the gateway drag. And people end up going to to to check coins because they think oh i'm not going to be able to make these insane games like other people did on Bitcoin so i'm going to go and buy flat Bitcoin and. General disclosure I was dominant I didn't actually buy it I just mind it for like six months but anyway but now they you know USD's to tease got a hold on everything but it's still I don't think it's had a massive deep pegging not like. Obviously USD's dead now but USDC and even die right that die went to down to 88 cents which was which is terrible and the wider impact of that was that a lot of smart contract or not a lot some smart contract right as. Well lazy enough to just put the price in whatever it is a thing that they were creating the smart contract at the price of USD or USDC or die as a one to one to the US dollar so a lot of people got caught out and wrecked by these protocols that when it deep pegged people are able to take advantage of it and others people lost out massively because of the deep pegging and this lazy one to one effort rather than actually tracking the market value. Of the stables and this is how they're making money rights to tell them they're making significant money because it's it's so insanely traded. And and it's probably going to continue to that way continue that way and and probably just right keep on growing i'm not sure all time high market cap off was was teller but we must be around it now it's 82.7 billion. market cap which is which is huge knows the top three and the nearest one to it is is by an answer 47 billion so yeah there's a huge gap it's definitely a significant asset obviously the fact is that as as Josh and Victoria pointed out is this gone full circle into to trusting this this stablecoin which is just another it's just like a digital version of fractional reserve lending and also it goes against the principles of not your keys not your keys. coins so you know it's still although you own the keys to us dt you don't own the underlying assets behind it or know that they definitely exist there so you can still be caught out by in the same way that you would by having your Bitcoin on an exchange or your Bitcoin in a lending product or your you know or your money in the bank which could just disappear out of nowhere. there's a lot of risks to having tether and it hasn't really stopped its growth ultimately and there's a lot of people that have kicked off about it and tried to expose it like Bitfinex or expose the issues around it necessarily they may not necessarily be ultimately terrible might be kind of a bit of hyperbole or whatever reading in between the lines and but ultimately I don't think this is this freight trains going to stop they're making a lot of money. I know it's obviously a ball market right now or sick ball market this is in the last quarter has been from you know 15k Bitcoin up there's about what 2% of their assets actually in Bitcoin so they've benefited from that. yeah I don't know I think yeah it's just not going to stop any any time soon it USDT is going to be everywhere there's going to be more stable coins as in a factual like dollar that tracking one so yeah just be careful be careful put on your safety condom. as they say in that. Just quickly down one. I do want to push. I do want to push back on the comment that you said that they're gambling with other people's money they're not if you look at the terms of use you are buying one you were 10 USDT so you're buying the token once you've handed that money over that's their money now just like the banking system when you put money in the bank it's their money they just promise to pay you back. The same amount most of the time that works but when it doesn't it's catastrophic. Yeah I agree that it is interesting to see people learning the difference between having Bitcoin that you can send from account to account on the blockchain versus having money in an exchange or having USD in someone's account or you know 20 bucks that you owe to Joey it's like you can influence Joey to pay you back. But you can send the Bitcoin around and there's a big difference between that influence level of oh we have a contract they'll probably pay us back oh they have a contract to hold our money in the bank they'll probably hold it for us versus actually having that Bitcoin and of course as everyone knows on a long enough timeline all stable coins lose their peg. But we've got to move on to the last issue it's really short one issue five block five customers lose fight over disputed fund to coin transfers the bankruptcy judge rules transfers as of November 10 are void making losses more likely for interest bearing accounts block five users during the bankruptcy tried to change their assets over from dollars in a loan account to Bitcoin in others accounts. It turns out they're not allowed to do this they have to take what they had at the time not your keys not your coins Victoria Jones what do you think about block five and now suddenly trace Myers law being actual law. Yeah well I mean I think it goes back to the fact that you know you can warn about these things for a long time you don't and you can get away with it for a while I mean some people did do well earning money earning interest on their crypto but you know the warnings eventually catch up with you. And this is one of those warnings that's finally caught up with people you know anyone who deposited their crypto to earn interest on it then got confiscated when the business was bankrupt and you know it's fair play it's like that was a small print if you didn't read it. There's you know there's no going back and of course sometimes you just have to learn the hard way and clearly some people did so yeah very sorry very sorry to those that have lost out but you were warned. I remember the tweets where Peter McCormick was doing his lambo math and he's like oh if I just deposit my Bitcoin in this company and they pay me interest and I get a free lambo what could go wrong and I think it was James and Lopper someone you know serious like that you could lose all of your coins. So you get the interest you get the lambo you lose the probably 10 20 Bitcoin far more than a Lamborghini's worth like five times the amount of Lamborghini something like that you would be risking and would as it turned out have lost. Dan Eve can I still get you a free Lamborghini. It's savage it's another sharp and sad reminder that you know you're entrusting your wealth with with someone else whether it's all of it or a portion of it you know these anything with the with mad gains or even just gains involved is there's always risk right even even holding your money in a bank with with an interest rate with us with a tiny gain. Whatever they pay you the perfect amount of interest you're still at risk of losing it obviously there's up to 80k ultimately in the UK's guarantee but ultimately you know there's obviously a process around that eventually getting back your money blah blah blah but if you don't hold your own asset you're not the master of your universe is it where the master of your own destiny or the mistress of your own destiny although that sounds. Yeah that's a bit you know I mean like you don't hold your own your own future right at least you get to decide if you screw it up and someone else still stills it from you whatever the way you storage a private key at least you did it and at least someone else like you didn't you know you didn't give that money to block fire or Celsius because that's what happened with Celsius when it's the same thing they they ordered that well you know you gave your money to Celsius so unfortunately. It wasn't yours as soon as it left your hands you're expecting games back therefore you know unlucky mate if you do need to use an exchange of in any way or service like the best things to do is ninja in out deposit trade withdraw and then so at least you're actually holding one every straight away obviously you know the probably the best way of training if you really have to is to try and use some sort of decentralized service you know we were talking about. What's it called last week. Sofering is for Bitcoin like that that's one of the services that's decentralized but that's still what risk right there's still risk associated with it there's still risk of using. Uni swap that you're going to get front round or something crazy like that so basically don't move your cryptocurrency anyway because everyone's going to attack you and and just keep it there forever but no you know the end of the day the interest that you want to receive on your on your. Bitcoin shouldn't be from lending it out the interest is the the counter of the countering of the inflation that happens on your fear money so you know don't go chasing dragons because you're putting yourself at risk just hold to Bitcoin and your benefit from the fact that eventually it will it will go up and you won't have to risk giving it to someone who says i'm going to give you two percent back a year and then ends up losing it because it's not going to be a good thing. I'm going to give you two percent back a year and then ends up losing it because they've squandered it on some of the venture that you weren't really a party to because it's just said earlier they might even have the assets there but they've got a sub contract where they've loaned all the money out to someone else that isn't auditable or you know it from that respect so. You're not your keys not your coins all of that all all that did did did or dabble stuff and yeah just just if you really really have to try and use something that's decentralized and tried and tested right because then there's you know you're reducing the risk of something being intercepted and and jibber jibber for. Well, we went through a lot of that back at jam. I would say, wow, people are investing 100% of their money to get maybe a 5% gain. But if they lose, they lose 100% of their money because we didn't even have kind of like a loan buy back floor or any kind of way for people to get out. So it would just be wrecking and crisis. And like Dan said, they may have 80K insurance or 250K FTIC insurance here in the US, but that would wreck most people. You would be filling out forms waiting in line to get your funds. You wouldn't be able to buy any food. It's not like we live in the video game generation. You're like, oh, I have an extra life. And it happens instantly. Your funds would be wrecked for months. You would probably be borrowing and losing money because of credit card rates and other things. So it's not just insured and it just comes back. It's a whole process. Plus, you would see massive inflation if that FTIC fully kicked in. Well, yeah, because they don't really have the money. They're just going to print the money if there's a crisis and they'll return. You'll get money back, but it'll actually be less valuable money as it turns out. Nobody, nobody thinks of that much. So, but we're running out of time. So we're going to go to prediction or story of the week. Dan, Eve, are you ready with a prediction or a story of the week? Go ahead. You always pick me first. I'm never ready. So I'm going to go with something that's upsetting me after I thought about earlier. And I think that someone's going to put something naughty on using using ordinals on Bitcoin. And that's going to cause a whole kerfuffle. There's a whole South Park episode now that you can't watch anymore. Something happened, something's blurry, something's not blurry. He's in the clown suit. No, he's in the bare suit. Josh Shagalla, what do you think of prediction or a story of the week? Go ahead. prediction. Well, the story of the week is we're getting very close to finally launching the smart bolts on the standard. So we're really amping up. So all of the stuff we talked about today with Block Fire, all of that is history because you're not letting go of your private keys. You're basically locking up funds in your own smart bolt and you hold the keys to that nobody else. And then you're minting table coins against that collateral. And it's always less valued than the amount locked up. And just quickly why we're different is that we're working our main stick is collateral management. So you can trade your collateral that's locked up even though you can't withdraw it. You've already dents it, but you can trade it. So if the whole market's hitting the bed, you can trade it into like a tokenized goal, something like that. Now, we've tokenized gold. There is counter-party risk because there's gold there. But at least you might not get liquidated or you can sell your smart contract as an NFT. So you can sell your debt and collateral as an NFT, which is also really cool. It's like what we saw in 2008 with the financial crisis, the housing market, imagine if they were NFTs, these city peas were NFTs. People could have looked inside all of those NFTs and actually seen what was in there. So you run some software and you see, oh, look, half the loans are doing that well. So anyway, it's really cool tech and I'm very excited. It's been two years basically of engineering and thought put behind this project. That's great Josh and people can check it out at thestandard.io. Yep. Toria Jones, prediction or a story of the week, go ahead. Well, my story of the week is my website has now been translated into English to French and Spanish. So it's including all the newsletters and I've now got a lightning paywall on the newsletters as well. You know, only a small amount, but in order to give people the opportunity to see how it works, you know, if they haven't got a lightning business nearby. And I shared it in one of the, I shared this in one of the chats that I'm part of and the immediate response. I go, I was like, how's that going to, how's that going to help adoption if, you know, it's all behind a lightning paywall. And I was like, well, there's nothing like demonstrating how it works to get people to learn. But taking that on board, I thought I've also put in a little section where if a business wants to sponsor taking down the lightning paywall for a month, it's only for a small amount. And then I can put an ad in the newsletter when it gets shared around. I thought that was a, that was a cool innovation. So yeah, having my lightning node and having my own website has given me lots of opportunities to kind of experiment with different things. So that's just the beginning and we'll see where it goes from there. But I'm quite chuffed with that. It's I spent hours paying lightning, paying with the way I'm paying wall. It was just so exciting and there's like confetti when it when it when the transaction clears and everything else. So if nothing else, I'd encourage people to give it a go just to see the confetti because it's very rewarding. That sounds great and early. What's the website? Go ahead. Oh, sorry. Satoshi's page.com. Yeah, early articles on Bitcoin magazine by Vitalik Booter and actually had a QR code and you'd put like half the article up. And then if he got like a certain amount, he'd put the rest of the article up. So it's a neat to see these ideas coming back. My story of this week's all about my Oakland A's who as expected are a complete clown show. I warned people in my article that Las Vegas should not get involved and look, it's already happening. The Oakland A's had a so called binding agreement with a 54 acre lot, which would have allowed them to build the ballpark village, all the housing and restaurants and bars where the the team would make money all year round. Now they've traded off that 54 acre lot for a nine acre lot where they can barely fit a ballpark. The only similar size ball parks are Fenway and Rigglyfield, which are like 150 years old each. So complete disaster for the Oakland A is the cheap owner is just moving them to Vegas. So he can sell them for more money than he paid originally screwing over the people of Oakland and screwing over the people of Las Vegas in the future. So really exciting stuff as they continue to just be a clown show. Like you heard the words binding agreement. You're like, oh, they're going to have to buy that land. Not these guys, not these guys. So I know no one watches baseball here, but it's hilarious. They're just a train wreck on top of a train wreck and it's been great to watch and we'll see how it ends. But we're running out of time. Thanks to everybody for giving us a thumbs up and pushing subscribe down below. We'll be back again next week. Until next time.