#363 — The Bitcoin Group #363 - Blackrock ETF? - unZapped - Dominance - Mayor/President?

The Bitcoin Group, the American original. For over the last 10 seconds, the sharpest satosis, the best bitcoins, the hardest crypto currency talk. We'd like to welcome our panelists, Dan Eve, the crypto raptor. Hello there, Bitcoiners. Victoria Jones from Satoshi's page. Hey there. And I'm Thomas Hunt from the world crypto network moving on to issue one, issue one, black rock files for a spot Bitcoin ETF with coin base as a crypto custodian. Yes, that's right. Bitcoin ETFs are back again for those of you who haven't been here the dozen other times that we covered ETF and ETF or exchange traded fund is a way for people to own Bitcoin using their stock market or retirement account. A lot of people I know not you Bitcoiners who put all your money into Bitcoin, but a lot of people who haven't put all their money into Bitcoin hold their money in retirement accounts, which in the US are pre tax. So you can gamble with the money. And then if you win more money, pay taxes only on the winnings, not pay taxes before you get to gamble. Anyway, they want to own Bitcoin without hardware wallets, sending receiving public and private addresses and all that nonsense. And they want a spot ETF black rock. One of the largest asset management firms in the world has now filed for one. Dan Eve, do they get it? Does the United States get its crypto Bitcoin spot ETF at last? Well, I think it's definitely a step up from from all the other SEC applications in terms of the size of this company and the amount of funds that is 11% really and something they've got funds under management. And obviously they're a very well respected sort of name in traditional finance. So from one hand, there's a lot of people with the expo ETFs are bad, but at the same time, it is that same situation where it does lead credence to the idea of owning Bitcoin, obviously, via a third pie or at least owning a part of that pie, via a trust. So I think it's some Bitcoin just might see that as a good thing because if Coinbase lose their keys, it could mean that that Bitcoin has gone forever and therefore, you know, they're going to have probably have a lot of Bitcoin in that trust, right? Is it going to be actually, it's going to be sport and settled in Bitcoin as well, right? It's not just going to be futures. Well, we don't know. Well, it's in their Coinbase and it's a custodian. So I'd imagine so as James said, a spot ETF. So it will be the actual price of Bitcoin, not future price of Bitcoin previously, or whatever, let us had future prices things which seem to wreck the market. Whereas a spot ETF might actually support the market. Yeah. And as James lot pointed out that BlackRock is a 99.8% success rate in terms of track record of 600 ETF slots. So that's like a huge, huge success rate. And if if if anyone's going to do it, right, it's not going to be a small or at least small in the bit in the general world, a small known, a lesser than company like Grayscale, it will be someone like BlackRock swinging in and just, you know, digging around the place and getting their ETF. Now they've got a lot of fingers and a lot of pies. They can twist a lot of arms. So, you know, maybe they're going to be a traditional cryptocurrency company to actually get us a spot traded ETF. The other thing is that with all the rejections in the past, right, it hasn't been the rejections of the Grayscale one and all the other previous spot ETFs, it hasn't been a rejection based on the company that wants to launch the ETF. It's always been a critique of the asset itself, you know, people saying that Bitcoin, you know, Bitcoin price can be nearly inflated and blah, blah, blah. So I think that that where that criticism before is only has been on Bitcoin itself and not the company, now that the company like BlackRock, which is well respected in the finance world, at least, you know, at least they have such a big swing in the finance world, then that lends a lot more credence, right, because they're actually, you know, they're buying into something that they think isn't market manipulated as much as saying that all the newspapers saying or the traditional media say. So, yeah, there's obviously a lot of people for it against it. The other ones that have been rejected, been like, like, that arc, Bannock, Grayscale, some others, Bitwise. My favorite ETF rejection was the one in 2017 that was just, I can't remember who it was in 2017, but it was amazing. There was just such a hype around it. And it was like a, it was like literally being on this, you know, when it, when it, when it goals about to be scored at a football match or something like that, you know, and obviously it was rejected. So it's quite, you know, but it was the hype around that was, was insane in sort of early 2017. Will it get approved? Well, with such a huge success rate in BlackRock, it kind of seems so. The fact that they are using Coinbase as a custodian though, you know, Coinbase has obviously taken a lot of flat recently. And another thing is that BlackRock obviously trusts them as a company with all the other lawsuits that are hanging about so that they believe in the longevity of Coinbase as a company. So, you know, maybe that's going to work in Coinbase's favor with the rest of the lawsuits that are hanging around with the SEC, you know, because of BlackRock would have obviously done their due diligence and maybe they'll, they'll even be some assistance, you know, from Black, from BlackRock for Coinbase in fighting back the SEC in their general lawsuits. So I'm very intrigued to see how this one, how this one goes. Swings. I do love that we've been at this long enough where Dan has his favorite ETF rejection. Oh, that was the best one. That one. That was not as good. Now I do wish people would stop hanging out in Lord of the Rings or Game of Thrones chat rooms wherever they're naming these companies. Grace scale, BlackRock, Grace Cole, he man. But Victoria Jones, are you ready for loads of Wall Street money, all the investors going in and out and in and out of Bitcoin without having to get a hardware wallet or any of this other nonsense? Well, what I find intriguing about the every time there's an ETF hype, it normally indicates the top of the market. You know, that's been that's been my observation. And of course, you know, exchange traded funds were originally introduced into the stock market, for example, in order to trade things that you had to make predictions on because they were seasonal. So for example, you know, if you wanted to trade wheat, when wheat was out of season, for example. And of course, with gold, because gold's heavy and it is hard to transport, you know, ETFs were a way of trading gold. And there are some who argue that once we have an ETF, it was very difficult for there to be an organic price for gold because things like the ETF market could influence the price. Now, I'm not a market investment expert, so I can't really comment on that, but I have heard that used as an argument. And so of course, you know, one of the dangers, if that is true, is that, you know, once you've kind of got all of these ETFs, you know, is there a possibility that that could be used as a way of manipulating the price of Bitcoin. But of course, the difference with Bitcoin compared to some of these other commodities, I mean, if you're trading wheat, it's difficult to take possession of, you know, shuffles of wheat or barrels of oil or bars of gold, whereas what you can do with Bitcoin is you can store it in your own hardware wallet. And I think this is actually the reason why it's really, it's been really hard to get one of these ETFs approved, because I think those who are actually navigating the rules of this know exactly what those dangers are, because the thing is if you've got, if you've got a fund that is supposedly training at surprise a Bitcoin, but then most of the Bitcoin's in circulation go into people's private possession. It means there's less that's available on the market, but of course, you know, same with fractional reserve banking, you can start to have situations where they're setting up ETFs with only fractions of a Bitcoin. So I don't know, I mean, my Spidey Census say it's a recipe for manipulation, I don't trust it, whatsoever. But you know, interesting to discuss all the points with you guys. Oh, come on, Victoria, on behalf of IT guys everywhere, we should let large companies hold large amounts of Bitcoin. We won't screw it up. No boat rides promise. They can hold as much as they like, as long as they don't do any shenanigans, but we all know they will. Well, that's right. And I was just saying again, how once again, businesses come along, they attach themselves to Bitcoin, then there's all this risk of bad custody, fractional reserve, boating accidents. And this is Bitcoin's fault. Joshua, Shagall, what do you think about the chances once again of a Bitcoin spot ETF? Oh, I, you know, the thing is the other panelists are correct. Victoria and Dan, is that when you incorporate these large players, it starts to have the dog, you know, the tail wagging the dog, rather than the other way around. And this is what's horrible is that we're like, yeah, we're building this thing to be the alternative to the mainstream system. And the thing is that the mainstream system is so mammoth that if you attach yourself too much to it, the mainstream thing will move and you'll move with it. And I, you know, the crocodile will just grab you and roll you and drown you. And so, yeah, it's tricky. There's so many things about the stock market in general that have been a little bit manipulated. I'm not a nip, but has evolved kind of shiddily to say the least. So, for instance, the stock market was never designed to have 401K or the superannuation funds, these massive funds, to pouring into it, slushing all this money around. It was designed for people to buy some stock of a company. But now we've got like the governments of the world forcing every one of their people to put in vast amounts of money, like their life savings pretty much into the stock market, slushes about. And that has knock on effects because then speculators come in and they take advantage of certain things. And as a CEO who's maybe studied a long time to become a CEO has to make pretty much short-term decisions rather than good long-term ones. Like maybe a good long-term one would be to invest in your company. Yeah, you make a little bit of a loss at first, but it's a long-term thing. And then you have bigger growth. The problem is with all this money that's slushing around, suddenly these speculators, like, yeah, put everything there. What he's done? What long-term thinking pulls it out destroys the company valuation because maybe he's singing long-term. And then they get fired. So they don't want to get fired so they don't ever do long-term thinking. So they're always doing quick, let's pump the stock thinking. And when you sort of, you know, I'm just saying, I'm going on this path because what happens when you have a Bitcoin ETF, maybe the sort of unforeseen consequences start to happen to the Bitcoin price as well. And we've seen when there's a large economic collapse, Bitcoin was designed to sort of skirt around that, or be the hedge. Instead, it'll be too much attached to the mainstream that it'll get dragged down with it. Of course, at the end of the day, there's only 21 million of these things, but yeah, I'm not the biggest fan of the ETFs. Yes, it's a nice pump for the price, I'm sure, but I would just rather just leave it be. But, you know, it's a free market if they want to make an ETF with it. They make an ETF for it. It's amazing what you can do with financial technologies these days. In the US, there's this giant company called Instant Pot. And they make like a pressure cooker with a crock pot inside. And so what they did with that is they, as you say, formed a giant financial company in a hedge firm and they traded the futures of how many of these pots are going to need, they even merged with another giant company called Pyrex that makes like glass bowls, just a traditional glass bowl manufacturer. Both companies are going out of business thanks to the fantastic financial shenanigans and the futures and the borrowing and the whatever else they did to this otherwise straightforward idea of make a useful kitchen appliance, sell a whole bunch of them profit off of each one. So yes, it's exciting to bring those new technologies to Bitcoin. The question is on everyone's mouth, Dan looks distracted, we'll ask him anyway, forage prediction is BlackRock successful? Do they get their Bitcoin spot ETF? I think so. I think they're too, they're, I was going to, oh God, I was going to use that awful term too big to fail. But I think they're too big to be rejected. They've been around for a long time. They're so ingrained in in every company almost on Earth, they're in every financial institution, they have probably a lot of influence in. This isn't just a straightforward, you know, random crypto company coming out of the blue and asking for an ETF. This is a big, huge existing company. Like the biggest, right? They're the biggest, or they were one off the biggest at least. And so yeah, I think that's got a lot more sway than just, you know, the from the regulars perspective, then just a company that kind of, you know, is a true, a through is a crypto company. Don't worry, the SEC will allow it and they'll find them. They did do that recently. And you know, the BlackRock is kind of a big deal around here. They have fine mahogany shelves and furniture. People should look out for them. Victoria, what do you think? Are they too big? Do they get their way? I think a lot depends on how long it takes. And whether or not the rest of the financial system implodes before they get there. I think really that's what it will depend on, you know, I think it's a race against time. So yeah. That's not a yes or a no. Josh Zagalli. Yes. Yes, but oh, Josh Zagalli, do we get a yes and no or a yes, but I get a yes, but all right. Yes, but I think I don't know. I thought it would happen all the other times. I thought it was a total no brainer of an idea like these people that don't want to risk it with the hardware wallets and learning about crypto and all that stuff. Get this ETF thing. But for some reason, they only allow futures, not spot. Dan, did you have more on this issue? Yeah, it's going to say that there's a, I think Victoria really pointed out something that I hadn't thought of, which is that this time it's different. You know, that before it was at the peak, it was at the right peak, you know, near all time highs, every every other rejection or at least, you know, when the rejection was in 2017, it was a local peak where it went from, you know, $600 to $3, 3,500, I think at the time it was rejected. Obviously it went on to go to nearly nearly 20. But there's there's not the kind of hype around the price that may scare off. You know, that may help the rejection because it's kind of it's a it's a really it's going it's on fire sale right now, right? It's not like a scary price where they could agree and it could they they could start the ETF and then people were almost immediately lose a bunch of money. So I think the timing is is a lot is a lot better this time. This time for real, it's happening. Moving on to issue two, issue two, Musk and Dorsey criticized Apple over its treatment of a social media app that allows Bitcoin tips. Yes, they're saying that the social media act, Domus that runs on the NOSTER network may be removed from the Apple App Store for allowing people to zap lightning donations to each other. Apple is afraid that it'll also allow people to buy and sell digital items such as software and fts anything else, which through the App Store, they'll only allow you to do if they get their 30% cut. We do have a message from Ben Ark, one of the co founders and early developers of the NOSTER network, he says that zaps are shit. That's the problem. It's a shitty hack, which was easy to censor. It's well documented in the nip that it was rushed out. As one of its biggest critics, I've got to say a big fat. I told you so over the last few days. Ben is on his way to the Oslo Freedom format forum festival and he hopes that they will install zaps in a better way with a better technological solution than the one that was previously used. Victoria Jones, what do you think about Apple and the App Store threatening to remove Domus over zaps? Well, to be fair, I don't think Apple probably were rejecting it just based on the fact that it technically wasn't very good as Ben says. I think they're definitely rejecting it because it's a direct threat to their business model. If I were Apple, I'd be equally concerned. But at the same time, it's like, can you sitting in the water thinking that it can hold the tide back? It's just like dude, it's over. You either figure out how to cope with this or it's dead. I think Apple is fighting and losing battle. I mean, fair play, I think in their situation, I'm not sure what else they could really do. At the moment, they've got the dominance in the software industry to refuse all of these requests and to try and block anyone who's trying to undermine their revenue streams. But ultimately, Bitcoin allows that, even if it's not Nostra, even if it's not zaps, I mean, I've now got a Lightning Paywall on the newsletters on my website. The reason I did that was to show people that it's possible. You don't actually even need Apple anymore. If you can set up your own website, you can have... That's just one way that's the beauty of the technology. There are so many different ways you could apply this. People were trying to have something on the App Store, and I understand why people want it on the App Store because everyone's got phones and so it makes it easily accessible. But the thing is, eventually, someone's going to come up with something that's just so amazing. Because Apple wanted to lie on the App Store, people will find other ways to access it. We've still got access to the internet. I get it, but like I say, Kink, can you sitting at the tide, trying to hold it back? It's not going to work. I do think one of the simplest ways to work around it is just to have a web app and then have people bookmark it to their homepage. If you use the Safari browser, you can create a bookmark on your homepage that will launch the web app and it looks just like you're in Twitter or Domus or Snort or whatever you're using. So I don't think it's all that dire for Apple users, like they wouldn't be able to use this software. But I do think, according to Peter Teal and the book zero to one, the goal of startups is to acquire and establish a monopoly. And that's what Apple is doing here. Apple built the phone, the operating system, the App Store. Now, naturally, they're gate keeping on those things and trying to make as much money as they can for as long as they can. And again, they built the whole system. So if you want your own system or if you want a free open system, use Android or open source software. If you want to use the closed system that sometimes functions better because it's written by more coders faster, use the Apple system. Josh, should go, what do you think about Apple versus Domus in the App Store? Yeah. The thing is, I tweeted about this the other day, are apps or applications, as they used to be called, were things that you downloaded from someone's website. They coded something and you downloaded it. Yeah, half the time I had a virus and it sucked like that. But it was open and free to do what you want. Now, Apple created this beautiful little siloed city where you could go there and I think it was the same reason why a lot of people went away from like torrenting music to Spotify, the torrenting music was free, but Spotify was really nicely organized. So you could look up, see an album, see the art, everything else is there. That's really nice. And they'd pay for that. And the same with App Store is like, wow, this is really nice. I'll pay for that. The problem is that Apple doesn't give you that choice to say, wow, you guys organize and make a really nice App Store. I'm going to use you guys rather than downloading from this sketchy site because you guys also offer the thing of checking first and maybe looking through the code, looking for things that can have security vulnerabilities. So I think it is time to jailbreak the iPhone again. I remember jailbreaking my iPhone version one. Because it couldn't, it had this nice fat hard drive in it and I couldn't plug it into my computer and use it as a hard drive. Like it was while flash drives was still quite of expensive. And I was like, I'm carrying this thing around. I'd like to like download some files and bring it to my computer home or whatever. And so I jailbroker. And the other thing it couldn't do was it couldn't do a hot spot in the early days. Of course, all of this stuff now is there and you can do everything with it. But yeah, this whole siloing that's happened is really unfortunate. And you see the tyranny happen. And most people don't act on the warning signs. And this is what big corners of libertarians are all about. Right? They're like, yeah, you've got the freedom now. You might not see it, but we warn you of the time when when if a government has too much power, you might like the government that you voted in. And you might like the fact that they pass some law that's fantastic right now because you think that they're good. But as soon as someone else gets voted in, it's bad. So with Apple, I think it's really unfortunate that they have this thing. And it's just time right now to basically I've got an iPhone and I'm not going to drop it because I really like it. They make beautiful hardware and really functional stuff. But I think I might have to jailbreak it. If they're going to stop people from actually being able to sell applications. And I'd like to have the choice to download an application myself and risk the security vulnerabilities that I might bring. I think it's an important part of computing in general. Yeah, I think Josh, it's just all about your last point with the security vulnerabilities. They're just too afraid that people will hack the phone through these loose apps. And you've seen that even with a tightly controlled iOS app structure, they've already had incredible leaks like the fapeting that were a disaster. They're company and their reputation. Imagine if all the normal people's photos were stolen or all the normal Netflix account passwords were stolen things like this. I think it's there's too much good stuff. Blackmail information information about the apps who use the photos, the messages you send inside the phone. So they've taken that security first perspective. And again, obviously there are alternatives and other phone companies that you can use. And I remember I had a jailbreak my phone just to get folders. So it is also an option if you're an advanced user, you can jailbreak, you can install all kinds of crazy apps. I think I had a YouTube app that would download it to my phone before that feature was offered. And you know, that is a pay feature for YouTube. But still, you know, these early apps sometimes provide you features. The companies aren't ready to offer. And if you want that bleeding edge software, you do take a risk. And I think the consumers might not realize how much information they put on their phone and how valuable it might be to. But it's crazy. You know, to ask for 30% of everything, everything that comes is is pretty intense. But the free market, you know, you mentioned monopolies that that every startup is to head towards. Actually, natural monopolies are very, very hard to find in that in normal and in totally free markets. They're very, very difficult. Because consumers just don't like to be ripped off or badly treat it. So they will move. The thing is with these hardcore network effects of a phone when you start to have a phone, which is your communications tool, your everything, like your everything, your work, everything. And the switching cost is hard. You know, the switching cost is very difficult. So yeah. Well, I think I think we all know where I'm going with this. Frank Norris and the octopus and the railroad man, whatever the market will bear. That's what they're charging. That's what they're going to keep charging. And I agree with you, Josh, the network effect is hard to get out of like nobody likes Zuckerberg. Right. He's running Facebook. Terribly the metaverse things of disaster, the politics thing has been a disaster and so forth. Yet no one can really quit Facebook because they have your friend and they have your neighbor and they have your cousin. And oh, you're going to meet this person and they want to talk on messenger or even worse now. They own WhatsApp, they own Instagram, they've expanded their, they bought Oculus. They've really expanded. So it's hard to get away. Yeah. Let's go to Dan Eve more on this. Dan Eve, are you going to jailbreak your phone? What do you think they're taking away the tips? Oh, I do miss those days of the tinkering days. But yeah, I think the point about the viruses that actually was one of the reasons why I stopped kind of jail breaking. Because I, especially when you've got, even if it's just small amounts of like crypto and stuff, but the more you use your phone to have banking and things like that on, the more, you know, more of a disastrous effect a virus can actually have on you. So that's kind of one of the reasons it. But they're definitely making a case for people to swing that way. If they, you know, if they're going to be, um, breaking, completely, um, tightening down everything like to this extent. And, um, and it's interesting that, but finally, like Jack Jack and Jack Dorsey and Elon Musk actually kind of agree on something about the way Apple has actually approached it. But it's such a, a sledgehammer approach because these are micro payments as well. It's not even like it's a game like, I don't know, candy, crush or whatever where they can make loads from people buying 10 pound packets of, uh, sweets to get through levels or however that works, right? This is like people sending, uh, like SATs, literally 21 sets as, as, as I think it was, uh, B2D Moon by says, they're 21 sets, their favorite amount is 0.006 dollars. So these are micro amounts. That's the whole point of it. So you're locking down a system with, with literally micro payments that are worth way less than the average app that you'd actually like pay for. So it just seems like a really silly thing to lock down so, so heavily. Um, I like the analogy to, to, to, to Napster and, and other sort of old school apps like that. And actually the transition right into going from, I'm, I'm doing something that's kind of slightly risky because I'm downloading songs and, you know, and sometimes it doesn't have the right artwork with it. And that's sort of stuff to just, you know, biting the bullet and paying the money and just getting all the songs in a nice order so that you don't have to like relable all of the MP3s that you've downloaded because they're all like different, you know, format or whatever. And it's hard to navigate them around your system. So, um, it's a shame that Apple are actually, uh, you know, doing this and, and I think it said that was a jack, either jack or, or you're must, you know, tags, Tim, cook, and he still hasn't kind of responded or made, you know, mentioned anything about it. Um, but the, the, the, what they're doing as well as is they're not taking money from the creator of an app. They're taking all the company that owns an app. They're taking money from like people that tweak people that write a noster, you know, message. It's, there's a huge difference right between them being able to break money off a company that's going to earn them loads and just someone sending a nice little tip to someone who's written some nice content. It just seems really heavy handed and I'd be surprised if they, if they don't kind of, they don't kind of walk it back because, um, it is going to potentially swing people the other way, especially the people that like a bit of freedom, right? People thinking either about jail breaking, which is, which is bad for the IOS ecosystem, because then, you know, it's a slippery slope, um, just jail breaking your phone to then like getting apps for free. Um, so they could be losing revenue there. It could be a, it could have a negative effect, um, this, this, this, this, the, the I and Habba, uh, slapping down so hard. Um, uh, I don't think there's been any mention of Google kind of doing the same. Um, but obviously they have a different, you know, mechanism for actually adding, adding apps. Obviously the Apple ones are a lot more secure. We've said about the, the security that comes with it, the, um, you know, the extra kind of piece of mind you have, the Apple have kind of tested it as well. And it's run through their, their own testing process. Um, but we've seen this with other companies that don't allow you to actually buy your prescription subscription prescription subscription prescription prescription, because it's kind of like medicine, isn't it for some people they need their apps? They need their apps. It's an addiction. Um, but they, they don't, the companies won't let you, um, subscribe to the service via the app store. They'd rather that you do it or they, they would prefer that you do it online, because then they don't have to pay the 30% to Apple. Um, so this, maybe this is one of those events that could lead to, um, you know, a bit of an, an exodus of companies all than really completely rethinking about how they do business with, with iOS. But didn't find any ways around it. Fortnight went through this brawl as well with Apple and ended up pulling everything out. Um, a long time ago, but the, the, the actual funny part about all of this is if Apple took lightning payments, then they could tell the developer to fork a little bit that 30% off, automatically. And it would happen. So yeah, that's also, yeah, like an actually tepron make a mix of that long term. That's a positive outcome here if Apple did take lightning payments, they could snitch off the cut off the 30% there. I think the, the real battle of this is if you look at Amazon and the Kindle, uh, for the longest time, if you go to the Amazon store in the Amazon app, it will say things like you cannot purchase Kindle books on this program or this device. But if you go through the web browser on your phone, you can purchase Kindle books. So Amazon, obviously unwilling to pay the 30% it's not the best thing for customers. It's not the easiest to use. Um, but it's a work around their willing to use. And, and I remember when Steve Jobs introduced the phone and he held it up. Uh, he believed he was going to get a patent on the touch screen on the way the finger worked with the touch screen. He was going to get a patent on the two fingers zooming. He was going to get a patent on double clicking on the touch screen. He was going to patent and he lost to Samsung and it's a long complicated story. But they were going to lock down every kind of new innovation on this one because it was so innovative because everyone did copy it. And if they're just now, you know, backing down where they only get money for the software. Again, they had to build the hardware. No one else was building a phone that looked like this. They had to build the operating system. They had to imagine it. They couldn't just steal it from Xerox this time. Uh, so quite a lot happened that people like just jump right over and they're like, Android has this role, rollo. Android's a copy of the iPhone. I mean, not that it matters, but it is a copy in the same way. Apple and Windows are copies of Xerox. So, there wasn't at the iPhone. That wasn't the first touch screen phone. I remember having, I'm sure there was, you know, phones before that. I mean, they came with a stylus. Pretty much all had half keyboards. Yeah. Look at the box. Yeah. I pack. I have a backpack. But it was stylus. I couldn't use one thing. I like that when that law set on. On pilots where palm pilots were form factor devices. Yeah. When that apple lawsuit with Samsung was kicking off and there was all those, those memes about slide to unlock and they're like comparing it to like a transit van like slide to unlock normal door lock. Like, yeah, you can't really put your page in that because when you think about as well, if you have a screen, right, there's, I mean, there's sliding your fingers like one of the things you do. How can you, how can you like, you know, what else do that? Yeah. Crazy. But tying it to unlock was genius. Remember, Amazon got a patent for one click purchases. If you want to buy something with one click, it seems like a very novel or not novel idea. It seems like I want this like give to me. No, they have a patent on that and they charge people and I think they pay. I think people pay, like pennies or micro pennies for a transit. So, and they just got there first, you know, buy it now. I think eBay might pay Amazon for a cut of that. For the exit question, we've talked a lot about tips on this show. We used to talk about change tip. We used to talk about the Reddit tip bot that was run by change tip for a while. And I know it's been my opinion for a while that chips kind of cheap in communication. If you write a good post and it goes viral, you just feel good about it. But if you get $200, maybe you're thinking, I should write another similar good post. So I can get more $200. Micro payments are nice, but they don't add up yet. The technology is good. It's a good test of things, but it's not really real. Just like steemit pays for blog entries, they get this kind of artificial communication. And additionally, we've seen the US, this huge explosion of just tipping for everything. Every single one of these little counter machines now, when you scan your food and they give you the food directly, now they want to tip for the effort of handing it across the counter or tip for putting the things in the bag. Victoria, what do you think about tips? Are they good for communication? Are they the greatest things since sliced bread, as many people have said about Zaps? I think a lot depends on how easy they are to implement. I think once you get used to the technology, then maybe people might enjoy using them for a while because they're novel, but after a while, it's this much here and that much, it's difficult. The other problem with tipping is it's always an unknown quantity. For most people who are trying to manage their budgets, all those little payments, they add up to the person who's receiving them, but they add up to the person who's giving them out as well. I suppose some people are more conscious about these things than others, but after all, it gets a little bit annoying. It's just moving around the world without having to give someone a payment for something. At the moment, I think we're going through this Goldilocks phase where all the technology is exploding, we're experimenting with lots of different ways of doing things. For a while, it might be quite fun, but after a while, it'll get a bit annoying and I think it will settle down and it'll go back to, there'll be other ways in which you can manage it. The thing about Post, though, I think Elon Musk recently tweeted that he was going to set up a payment for individual posts rather than subscriptions. I have to say, if someone passes me an article and in order to read the article, I've got to do a monthly subscription, even if it's like a month free, it means I've got to stop and put in all my details and everything like that and it's just so annoying. If it was just a case of, actually, in this particular occasion, I'd really like to read this article and if it cost me 10 quid, 10 P, then I'll scan it and you can have a lightning payment. No problem with that. So I think in terms of comparing it to a monthly subscription, I think there's an advantage for that and I love it and that's why that's one of the things I've implemented myself and my own business. So I think there's clearly an evolution there, exactly how it will play out, I think we have yet to determine. But yeah. Well, one of the things we used to have on Pro Tip, which is open source software that anyone could take and improve, is automatic tipping. So if you had said a budget of like $10 a month to tip and then you just go about your business, you go to all the websites, read all the articles you want and if the article put a Bitcoin address at the bottom of their page or in the header with a special tag, they would be added to the list and at the end of the month, it just tipped out, say, a dollar to each one of the top 10 people, everyone gets a donation. You don't have to do anything. So I Victoria is saying here, as a computer person, many times I count how many clicks it is to do things. And then I say, well, if I did this 100 times, that would be this many clicks. And if it comes down to this tipping thing, if I'm reading your post and I like it, that's great. It should just send you a micro penny. If I have to then like it, then push the zap button, then set how much money I want to zap, then not screw it up, double check it, you know, because what if I zap too much and then push the button, like we're talking four or five clicks for every post here, like I can be reading other posts in that time. And yes, we're early and all that, but like these ideas have been out there, this tip debate has happened before. I hope we don't forget it. Pro tip is open source. Anyone can use the software to improve it or even take the ideas and add them to other versions of the dumbest sort of. And what about tipping? Yeah, it wasn't that what Grave did, right? They do that. Isn't that how Grave works? You kind of get or give all too much tip. Grave did come out after pro tip. Yeah, yeah. Creators of brave were interested in the pro tip idea and so forth. But again, it's just the idea what we really want is a working version of this idea that's easy to use that I can set up, I can put my 10 bucks in that I don't have to look at because all of this like I just go around zapping people like Victoria saying that's fun for a few weeks. You're going to get tired of that. And if you're making a create like you're making mad bitcoins, you're like I depend on these people spending two weeks zapping everything. That business is going to fail, right? You're going to have two weeks of of revenues can be really good. Then you're going to completely disappear. Yeah, but can you flex like a guy used to tip people off a Bitcoin? You can definitely flex that and that's still a thing, but that's also in another horrible way. It's kind of horrible for Bitcoin content creators. They're like you got so many Bitcoin for this and you're like yeah, and I spent a hundred dollars on the phone bill and a hundred dollars on the power bill and five dollars on a camera and it's all gone now and no one believes you and so on and so forth. Yeah, no tipping. The thing is tipping used to be seen as very un-American before the war before the collapse of the economy because it was seen as a bribe and what you want a better table than everybody has a good table. So it's it became a thing after the the Great Depression because the Great Depression came along and you basically if you had a restaurant you would either say look you're all fired or I pay you sweet F all and you guys live on tips and and so they did they did they did that it's okay instead of closing down at least I'll take minimum way like really minimum minimum and I'll try to get more tips and that just never went away and and you know when when everything around you is based on tips it's yeah like Victoria's spot on you cannot budget he can't run your life like that you can't run your life on oh well I'm going to decide whether this person eats today you know like it's just it's just I'd write a much rather just how much is the price of that okay cool and and pay it I don't particularly like tips but it is it is a it is a normal thing also when you you really love someone's service you like here you know you round it up or something like that but when it becomes so crazy like last some words of the state so just couldn't believe that the tips are like included on the bill and you have to pay it it's it's not a tip anymore you know but uh yeah it's it's it's an interesting thing the tip thing it sort of always comes and goes it has sort of these waves of interaction and then it disappears because it doesn't really work for long um but yeah it's for instance this show someone said why don't you have a QR code but we've tried it all before you know people just don't really use it they did use it when it was slapping Ben oh yeah yeah that was that was cool that was cool right and blow the smoke in his face yeah we had the Ben set up a robot hand slapping every time he said some money so it was quite interactive and wonderful uh so so that's always good but yeah tips are tips are a tough game and I think I don't know I'm not I'm not the biggest fan also Victoria had a spot on I think it's very different to micro payments or nano payments if I want to read an article that's not the same as a tip a tip is a very sort of emotionally charged sort of a manipulative way of you know and you see it in the States everyone's so super uber friendly and you think are you really friendly or you're just being manipulative to try and get a good tip at the end that's that went to Cuba once like in there and it was obviously obviously there was more Canadians than Americans there but like you had a different color band right so that they could from from wherever you kind of not came from not because of the they knew you're from you know England versus Canada but they're like the airplane or whatever it was the what's it called the travel company and like we just never we never got served I mean we realized it was because the English tip after service whereas Americans and Canadians tip up front so like the the what would it would it would sound like there was a recursive circle where the English would never get served because they didn't tip up front the Canadians in co-would and so we wouldn't tip at the end because we'd be like that's great it's we got a terrible service because they literally ignore you but maybe you know well I learned after that to tip up to tip up front but yeah it is a kind of it is an emotionally manipulative thing I know what you mean it's like a you know you just feel really bad like as the very last thing I'd like to say about micro tipping or the whole Bitcoin tipping thing I used to hate it when when you know these phases of tipping would come through and people would tip like literally one one hundredth of a cent and to me it was like imagine Europe there's a busker there playing along it's like throwing one cent not into his bucket but in the bushes next to him it sort of becomes offensive rather than like oh that's a great song here you go it's sort of like yeah have this cent and throw it like in the bush next to him like a I don't know like it's it's just sort of well and then you have Bitcoin tips where your tip comes with an instruction manual you know the normal guy is just going to hand you five bucks but a bit quarter he'll give you a piece of paper and a little card and a piece of words not to remember and you have to write this down and this website and don't forget that at the end of the day you're like wow this is a really great five bucks that you gave me even if it becomes fifty bucks it's just so much work to get it but Josh is right I don't think that the salary of a waitress should depend upon my mood that shouldn't be a part of any system and I also hate the idea of tipping before you get your food like Josh I read an article recently said that that's basically a bribe that's like you you should do things a normal restaurant does like have cleanliness and wash your hands and cook the food completely here's an extra five to make sure that happens you know like I hope we don't get to that level but we are very close to it in America they've added this tipping box to the end of every transaction so you go to the hardware store the person like picks up your stuff and scans it on the scanner would you like to pay an extra five bucks you go to this same thing people at work just normal counters want tips and a lot of people feel bad and are tipping that's the horrible part these these software have been incredibly successful they are increasing the amount of tips Victoria what all symptomatic of hyperinflation of course as well yes and the tips you have to give or more the amount you have to pay for food is more it's it's a disaster everywhere anymore on this tipping issue Dan or you feel you had your say Josh anymore the only thing I was going to say is I read recently I can't remember the company but I think it was like a supermarket maybe in the US that that actually you know on their automated tills right where you go pick something up scan yourself they actually implemented the tip thing if you know to be you know an optional tip um like that would really bug me right you know especially when you go you pick something off the shelf now there's no one else involved like to pay a tip but just getting your own thing scanning it yourself and paying it yourself seems to be obscure but um and groceries are so much so expensive and such a key part of you know even if you don't go out to eat even if you don't waste your money you got to buy groceries and if they could just get 10% of that or just 5% of that that's some sweet money that's and that could really hurt you if you're living uh check to check and of course South Park thought of it first we all remember the tipping episode about whole foods where they are like oh would you like to donate to the children would you like to donate to the children and the same thing it's it's been done to us except with tipping moving on check out worldcrypto network.com where you can see on this day on this day in 2020 we talked about the North Korea attacks police reform and maybe Bitcoin 50k we were also hanging out with the world crypto network crew at the Transylvania crypto conference from 2019 oh we were in coin fest UK for the Manchester conference in 2019 uh talking about Tom's first computer Tom Trevathan in 2018 we had a Bitcoin talk show about an Italian exchange getting hacked and seized in 2017 we did the Bitcoin group number 146 the UA HF hard fork 2016 we had block talk a comprehensive review with cabbage tech this is a famous video that was actually used in a trial and a case and so forth I don't think cabbage tech delivered on their promises and it was fascinating because the founder were a uh uh november the eleventh uh guy fox mask uh we also had Bitcoin and altcoin trading number 31 in 2014 we had Tatiana coin live and the Bitcoin Austin Texas meetup with Kristoff Atlas you can check all these videos for free at worldcrypto network.com moving on to issue three Bitcoin dominance hits two year high Bitcoin is separating from the market amid regulatory pain Bitcoin dominance is on the rise set to break through 50 percent the highest in more than two years the jump comes despite Bitcoin rising 54 percent to date which would usually mean altcoins jumping more meanwhile there's a regulatory clampdown and it's damaged the reputation of Bitcoin and crypto's but it looks like Bitcoin might be separating itself Josh Shagallah what do you think about the Bitcoin dominance situation uh I don't know it's only a matter of time to I mean like the Bitcoin is Bitcoin Bitcoin is wonderful it's it has you know it is the the thing you want to to hedge against problems but there's software that's being written and technology is technology so so we'll see you someone might write some amazing technology I don't understand this like obsession with Bitcoin has to be the only the one and only and it's the you know I mean it's it's wonderful and I love it too bits it's my first love and um but there's there's there's technology is technology so write cool shit and you know don't screw people over and you you'll get some you know who knows who knows what what happened but I don't see Bitcoin dominance as some metric that should um be followed I you know it is what it is it's there it's a metric but at the end of the day I like to see really I like to see competition like the whole reason why Satoshi created Bitcoin was to compete against the Fiat system and all of these adults are also a competition and it keeps everything going and it keeps keeps Bitcoin honest it keeps Bitcoin as hungry for better for better cooler things um if it wasn't for some of these olds and the theorem we wouldn't maybe wouldn't have some of this stuff that we're seeing uh on on Bitcoin now with with NFTs on Bitcoin and it's sort of thing whether you think that's a good or a bad thing it is more technology that's that's being used and an idea is flourishing so I don't know Bitcoin dominance Bitcoin will always be dominant in my mind um but it's it's not that important that's what I think Josh Pish is Bitcoin still a hundred percent to me right it's still 21 million coins you can still send it to everybody blocks are about 10 minutes of block it was first first it was the first why do we even got to bring market share into this I don't even think it's part of the arguments just like Bitcoin's still 100% and then people talk about all these other numbers Dan Eve what do you think we're catching up in the old Bitcoin dominance index well I think obviously you know Bitcoin is is the one is the king the queen and and the jackal in one and the joker and it's literally yeah you know as Justin it's like what what I fell in love with initially I still you know I still think that there's some use in some of these other projects I think there's a lot of scams out there huge amount of scams so it's it's nice to kind of bring people back to the real world and explain why Bitcoin's here um especially when there's some of these uh a lot of these scams out there and you you know although you can lose money from trading Bitcoin especially by you know day trade is the wrong way and leverage and stuff like that um you can still get a lot more a lot more losses from trading some of these crazy altcoins and we've seen that with all these meme coins recently right you know like uh I'm not sure how that Pepe is doing now but it reached billion dollar sort of status um what is it doing now so just like curiosity and it's what's up 10% today but it's definitely a lot lower than than it peaked in sort of um end end of May right and so a lot of people would have been burned by the by these other cryptocurrencies um what's more uh thought provoking is that um ethereum's dominant dominance um um is actually kind of seemingly on a steady rise in early 2020 so um I think it it does seem that there's definitely two kind of clear winners in terms of the you know the the leading coins that are people are actually taking note of apart from like tebba you know so there's Bitcoin in 45.9% ethereum at 19.9% tebba's the next at 7.27 then B&B which is kind of waning especially with the the lawsuit coming recently and then pulling out so Binance now pulled out of um um uh Netherlands they pulled out of France I believe uh because they couldn't get the sort of the right vote certifications um to trade so you really got a then from from then on there's like you know USD coin which is a stable another stable two and a half percent ripple to 1.36% kind of 1.19 at 1.15 and dogecoin at 0.89% so those are really insignificant numbers compared to um compared to you know Bitcoin and ethereum um and that I you know I don't know for ethereum will ever uh you know will ever um surpass Bitcoin in terms of market cap and not because of it it's good money but we just because of the fact that people just kind of ape into all these other projects that are run on ethereum and it and it becomes uh you know gas and they obviously still don't have a limit right so Bitcoin still is a 21 million uh supply whereas ethereum and these other uh ethereum hasn't got to supply yet they haven't like solidified it right there's no supply cap it can just they've got this burning thing in um but it still doesn't match Bitcoin in the fact that there's there's scarcity to this level um so it doesn't look like ethereum's climbing but you know as as anything it will go up down with the hype Bitcoin usually leads um with hitting a huge dominance then there's there's uh all the altcoins that kind of follow behind it because there's Bitcoin games all this notes right it goes all over the news everyone suddenly goes oh Bitcoin's you know it's climbing again but I've missed the boat with Bitcoin so I'm gonna buy one coin one coin exactly they said it's the next Bitcoin on that basecoin Facebook group I read from uh on tmay and then the multi multi level marketing crew there um so it's yeah it's it's always gonna it's always gonna dominate everything else it's it's it's hard it's hard money it's it's it's it's it's money it's it's you know becoming more so a store of value with with all the the holdle beams and stuff um whereas uh you know there might be some utility in some of these other coins and people use them for random things um that there's as josh is saying that there's more the more of these things that people uh that that gave ethereum's uh you know there's use case of fuel they're coming to to Bitcoin with you know NFTs with ordinals with inscriptions with the brc20 so tokens on on Bitcoin and although there was colored coins before this is kind of different it seems um so yeah Bitcoin will always it'll always be dominate when you said I think you said it's always why can't we say do like it so it's still them it's still real to me or something and it made me remember that that wrestling guy again it's still real to me damage hey problem problem all things on a you know always keeps backing up that I'm a memory fighter I feel the same way down I think that ethereum dominates at the things that ethereum dominates at like ethereum's the best at having kirio cards the best at having crypto punks uh the best at having a bunch of other uh ethereum NFTs that are on there uh I don't know about this I just you know exchanging market caps it's like is market cap really the goal of our project like is that really we're we're optimizing for that I don't feel that way but I mean maybe these other projects have been and that's why they want to you know compare the size of their market caps well it's what do you think oh god damn oh so I was just going to say that it's it's market cap just seems like a really arbitrary measurement because you can you know print these certain coins you can print as much as as you can so uh it it it loses relevance right for Bitcoin the market cap is actually relevant because there's a limited supply for a lot of these other coins it's almost like a you know it's just like a a a bendy yardstick because it's well she's propaganda propaganda if she's well and uh and yeah so it's it's just a dodgy yardstick I think um it's only relevant the market cap really is only relevant to Bitcoin uh it's not relevant to these other currencies so it's just a bit of a wonky stick to be measuring Bitcoin against other currencies and if anything it's more of of I think used by other currencies to say look at us you know we're claiming the market the dominance against Bitcoin um so it's all it's all waffled me they had to think of something to measure Dan you know they had to think of a comparison uh shout out to proper golf for the 50 pound tip and uh shout out to tune in drop out for the $20 tip he says when you create an asset class with no barriers to entry it should come as no surprise when a financial powerhouse like black rock attempts to capitalize on its success regardless of the underlying motives and I agree I don't think black rock is like a great friend to Bitcoin I don't expect to see them at the next meetup I think they're here for those sweet sweet fees and uh there's a possibility though that they get them and that they are a successful business uh in the Bitcoin ETF field and again more power to them uh let's see Victoria I would you like to talk more about the great uh measuring comparisons of Bitcoin and Altcoin dominance um well I mean my interest in Bitcoin is much more kind of currency related in terms of you know how it is going to end up helping humanity and from that perspective if you look back on the history of currencies it is actually important that we get a dominant player because that's what you need in order to have free markets you know that's the that's the foundation that we use in order to measure trade with each other and actually you know in history when they even when they were using gold and silver you know a lot of a lot of economic lapses occurred because of changes in that ratio you know that was how they had their financial disasters before we went on to Keynesian economics so you know given that really we're hoping to kind of move to um a world that's fairer and more equitable for everyone not necessarily in the fact that everyone's equal but everyone has an equal opportunity because we're you know you're not operating in a world where people have unfair advantages because they're closer to the money supply for example you know you're using um you know a single mechanism in order to measure trade and that's the tool that everyone has and that's what kind of creates the groundwork um so that's what we're heading towards but of course at the moment you know there's a journey before we get there and you know there's a lot of speculation as to you know which one's going to make it and you know even Bitcoin it's only 14 years old you know in the ground scheme of things it's it's a baby still um and it could still get things wrong and and in that kind of situation you don't want to squash all of the other innovations because someone may come up with something better than Bitcoin at the moment it doesn't look like it um and certainly Bitcoin's the market share but the thing is no one conceptualized Bitcoin until it was invented um so you just don't know what's what's going to happen in the future so you know I think it's important that we do have the innovation but I think also it's important to recognize that we are looking for the one that will be the only one because that's actually the thing that will make a difference um and I think you know in terms of this article um Bitcoin becoming more dominant I mean they they talk about the fact that well you know Bitcoin's doing quite well but actually it's doing exceptionally well you know a year after the 2017 high in 2018 it had gone from 20 grand down to three this time it's gone down from 60 to 20 you know it's much less of a drop than it was last time it might seem like it's significant but you know proportionally it's much it's much less so Bitcoin's doing incredibly well and of course you know there's a lot of discussion about you know how Bitcoin is the most important and there are lots of directions um angles that you can um argue that argument from which is very interesting um but yeah those are the points I would just highlight for now I would agree Victoria and as we talked about earlier uh network effect really does have a lock-in to it so there's a reason why you'd want to be the one and then there's a structural reason where the one would rise up and above the other currencies and provide a backdrop for the backbone uh just as we can't quit Facebook you want Bitcoin to be that payment service that you can't quit you're like I can't quit that because I need to pay this guy and this guy and this guy and they all take Bitcoin and once that list is you know five ten fifteen people uh you're not going to use another currency you're not going to use Venmo or PayPal even if to your mind they seem very similar to Bitcoin from a user perspective but we're here on a male dominated Bitcoin show to talk about dominance and now we're going to talk about the price of Bitcoin and see the true dominant predictor in all predictor the greatest predictors people have made millions of dollars on this thing you don't even want to know but Dan Eve it's your chance to predict will the price of Bitcoin be higher or lower this time next week well I was right again for like the second time in 700 guesses so I think that I'm maybe on a lucky streak and uh and I'm going to go I'm going to go higher this time I said lower last week and it was lower by 0.36% so I'm going to go higher Victoria Jones higher or lower higher Josh a gala higher or lower to the moon baby will the price of Bitcoin be higher this time next week here we go as I see it yes as I say yes the ball is optimistic about the fit future we have consensus yeah moving on to issue four Bitcoin friendly Miami mayor Francis Suarez jumps into the presidential race Suarez joins an increasingly crowded field as a long shot candidate for the Republican nomination the mayor has accepted his salary in Bitcoin of course he also created the incredibly popular Miami coin that everyone can use to pay their bills in the Miami area of course unfortunately Miami coin lost 95% of its value from a high of around five cents eight months ago and a second city coin NYC coin has been canceled citing the liquidity as the reason for the decision Suarez says that despite Miami coin struggles he became a believer in crypto people ask me the same thing about Bitcoin the fact that it's lost more than 50% of its value but that doesn't change my feelings about the fundamental technology Josh a gala what do you think about the mayor of Miami running for president I mean yeah you've already got to send us I don't know it seems seems tough seems like a tough thing to run against Trump and to send us they're both pretty well loved by large large crowds of people's just coming like why why waste the money just maybe run next time propaganda what are you doing yeah you're just drunk with passion for this show here here thanks for the tip man and and thank you very much I definitely hit the like for for the bill I'll even mention you next time I'm in the ring but yeah it's it's it's amazing anyway I you know these these we these strange Bitcoin types that finally get it you know politicians I don't know politicians are the last people I really care to talk about so I don't know I don't know it he likes Bitcoin cool oh Josh you're ruining all the fun here we're supposed to take this serious and have a whole thought piece about if the mayor of Miami has any chance in the national race where no one knows who he is I love these weekly they take Bitcoin therefore they're a Bitcoin or presidential candidates there they've been pretty bad so far I don't want to start restart last week's fight but we've got a lot of really fringe people that all of a sudden start take a Bitcoin and all of a sudden we're supposed to just fall in line Dan Eve this guy takes Bitcoin he's the mayor of Miami does he have your vote well I mean you know he's he's pro Bitcoin which is which is good but I think it's just to say he's going up against two kind of giants right you you know Trump and dissenters they seem like they've got a lot more sway and you know the danger here is that as it's the last week it's the the the very kind of partisan politics of the US right could could drive a bunch of people say the Democrat side to not really like you know Bitcoin because you know dissentists like Bitcoin so so so it kind of would drive them away not from a logical I'm not saying logical but just just following the politics rather than actually going Bitcoin is bad because I don't you know because of I think a reason that sounds more logical it's more like oh I'm gonna stay away from that because dissentists like Bitcoin I knew it was so I think that's that's gonna be you know polarised Bitcoin when Bitcoin should be more apelitical I mean obviously yeah it's his I think what was the there was a quote I can't find it now but he he mentioned about is that the other the fact that Bitcoin lost 50% of his value it doesn't my it doesn't change my feelings about the fund bench technology which is which is actually a really good point like it you know that it has its pumps and dumps and and it goes up it goes down but ultimately the technology is the same I think that's that you know that's a very good point you know that it's it's it's people a lot of people get into Bitcoin because of the idea of making lots of money a lot of people get sour on Bitcoin because they lost a lot of money but the fact is that it's a technology that's very much evolving and it's slowly you know it's quite rapidly growing in in sort of numbers of users and it's going to be a technology that's going to be around for a while so I think that would make Bitcoin resist it will make resistant to the kind of the political nature there's not I don't there's been many outside of the the US in terms of politicians that are obviously apart from El Salvador and a big no Bikeli that have actually said you know they're really kind of pro Bitcoin I think there's one in Amsterdam a while back but it does seem like it it's it's less in in the forefront of politics apart from in the US which is which is you know which is somewhere where there could the the the parts in sort of nature of politics could could have much more of a sway but yeah I mean that's cool go go for it man run run for president do get some publicity for for Bitcoin and hopefully he'll use his his power and the money that these donations for promoting Bitcoin in a good positive way rather than just trying to you know kind of yeah be just another politician I do agree Dan there is a risk of Bitcoin being seen as right wing money and that people won't touch it not just because of say the environmental issue which you know has its pros and cons but just because they've seen it with you know insert this guy's name here that guy used it therefore I'm out whereas you know everybody takes USD everybody's like oh you got 20 bucks you know I'll take it nobody's like that $20 is used by that person so I do think we need to be careful of that because we do want to be neutral like money in the it's like I've a mecton that got all we hit like he's a medication it's Republican what that's just so weird it's horse medicine but that's a different issue Victoria Jones what do you think about Miami mayor and we've had a lot of other kind of I take Bitcoin now I'm a Bitcoin politician running through our system lately what do you think well of course he's not the first crypto person I'll see to run for presidential office I mean obviously Brock Pierce had a go and you know I suppose it's the kind of thing you do if you've got lots of money behind you it's like run for president but I mean you know normally when you've got people running for president you've kind of heard of them you know in the UK you kind of know who the personality is before they're nominated for president and this guy I'd never heard of him at all so I don't fancy his chances because I've heard of DeSantis because everyone knows who Trump is so you know I think Josh is absolutely right you know I don't think he's a big enough personality to kind of really make make a run for it and of course you know the idea of making Bitcoin political as well I mean I don't I don't think it's right wing or left wing money I think destroys the whole paradigm and creates a new paradigm that's the way I would see it but of course you know people aren't really getting that message if you're just getting one one side of the aisle you know promoting it and of course remember in 2017 it was Trump who claimed credit for actually bringing down the Bitcoin bubble so it's definitely not a right wing it's not a right wing currency by any stretch of the imagination all politicians are vulnerable to it hopefully they're going to be significantly reduced and significantly less paid once the world runs on Bitcoin so I'm looking forward to that moment in time I agree with Dwayne in addition to Brock Pierce we've also had famous libertarian vermin supreme who ran for president multiple times he's known for wearing a boot as a hat and carrying a large toothbrush and he said if elected president the United States he will pass a law requiring people to brush their teeth he also campaigned on a platform of zombie apocalypse awareness and time travel research and promised most importantly a free pony for every American I personally met with vermin supreme at the pork fest convention in New Hampshire and he is indeed a very serious candidate for the president of the United States at least as serious as all these Bitcoin candidates but enough on Miami and Miami coin we've kicked them enough moving on to our bonus issue issue five surprise issue the United States government owns way more Bitcoin than any other country so why aren't they selling it as course you know as long time viewers of this show everyone knows that the US government is saving their Bitcoin until they can build one Smithsonian museum in every state 50 states 50 museums paid for in Bitcoin then Eve what do you think about this article that says the United States government owns more Bitcoin than any other country why aren't they selling it other than the obvious reason to fund this Smithsonian museum well maybe Yellen has had a quiet word as I was a terrible check there from Yellen to quiet but anyway with with the holders of the private keys and said look did she say the other day that the admit that the the US dollars waning in influence around the world is there it isn't declined so it would only seem logical to hedge a small amount of that Bitcoin value compared to what the dollar is so a circulating divided dollar just keep that small amount and rather than auctioning it off like they did with with Silk Road but is that so is that $2 billion was that from like is that the Bitfinex money because that was it or is that separate is this just I didn't quite get is you know where the two billion came from but yeah because they still have the Bitfinex money right they've got that came from the the wrapping lady the crocodile of Wall Street so so maybe this is this is a different stash maybe they've got multiple stashes I'd imagine that there's there's there's so many kind of you know kind of hidden factions of you know I'd imagine that like each different department of the or some of the different departments of like CIA or whatever I've got this you know ultra secret stash of bit their own ultra secret stash of Bitcoin because surely you know there's if you can make like when the the W W said well the the trade center thing happened and they said like three trillion dollars disappeared or something whatever along those lines if you can make that disappear then surely you can make a lot of Bitcoin kind of disappear and save that for a rainy day because even as we're seeing other other countries stopping settling their settling their their oil in in the US dollar and that's going to slowly happen it seems it's going to kind of cascade out and and there'll be all sorts of crops and other stuff there's there's not going to be another commodities that won't be traded in the dollar as we said last week whether that will eventually be replaced by Bitcoin it's going to be a big thing because it would require countries to have huge stockpiles of Bitcoin in order to to trade so that there's a big kind of prerequisites a Bitcoin just taken over as the world index of of oil and whatever trading but I I'm with you don't I think I think they should save at least just a little bit of it for for more museums I seriously doubt that the US government is pooling their Bitcoin together like Sam Bankman freed storing it all in one account certainly they'd never do something so silly as that it's likely in a Malgo number Victoria what should the government do with their Bitcoin other than of course more Smithsonian museums well I mean this miss so I mean from what I've heard the Smithsonian museums are purely set up to hide his important historical artifacts rather than rather than display them so I'd rather I definitely wouldn't want to give them more power but yeah I mean I don't know I mean the the US has so much debt to pay maybe they should hold onto it and they might have a fighting chance of actually paying it at some point that's our secret backup plan to pay off the debt by Bitcoin Josh Egala what do you think about the government they've got a lot of Bitcoin they don't know what to do with it oh it's like any shit coiner you know they've got went like the EOS for instance they have billions of dollars what they do they bought Bitcoin with it and let EOS die I think it's very similar with the US dollar they'll slowly accumulate Bitcoin and let as the dollar dies it's I mean they know that they can print it to know well I mean they're the ones doing it so why would you buy and hold or steal from other from other criminals Bitcoin and keep it yeah and paying off debt I don't know I think they'll just default on it and say we've got the guns as the saying says you can always kick the can down the road you could always kick the can down the road so the lift the debt ceiling kick it again actually but the fact of the matter is they could literally just buy as much Bitcoin as they want because they have all the money in the world the federal reserve infinite as an infinite amount there's an infinite amount of cash that the federal reserve and it would be great if they bought all because each time they get less and less Bitcoin for their purchase and each time they just print some more money and they get less and less Bitcoin and that would be very very very bad for them yeah by the way a BTC moon guy brings up free Ross you know there they go that's the big shout out to us still running and Julian still running and as we said many time mostly the website was used to sell large amounts of cannabis for large amounts of money which is now being done in almost every state in the union legally so how long are they going to keep him in jail for something that everyone is doing legally now and making tons of money but we're running out of time Dan Eve are you ready to put you on the spot with a prediction or a story of the week go ahead man let's oh dear okay so I'm gonna go for black you know the obvious one I think black rock are gonna hit it they're gonna they're gonna hit the spot ETF and they are gonna get they're gonna get approved I just can't see it being rejected with such a high you know a success rate in the past and being such a huge company and I think with that with that acceptance is gonna come an inevitable like massive pump you know and maybe you know not not to all-time high but it'll be a huge local pump before the you know but the heart the harviding so that's gonna that's probably gonna be the real start of the hype cycle I think but for the next harmony see I also thought it was gonna happen but now if Dan's picky and I don't know we should hire you to cool casino tables you could come and cool them out black rock is shaking their boots now Victoria Jones you have a prediction or a story of the week go ahead well my story of the week is my most recent newsletter which is called Bitcoin and the poverty line because one of the things I wanted to look into was you know what would the world look like if we actually lived on a gold stage again and can kind of compare it to sort of some of the times in the past and one of the things I discovered is that you know poverty levels actually reduced more significantly when we're on a gold standard so if you want an explanation of that by all means go to my newsletter I also discovered that the UN defines poverty as those are only able to spend less than one dollar 98 a week and they haven't changed that level since 1990 so the UN is not using inflation when they're calculating poverty levels which I also think has some interesting implications and of course these are things that haven't been talked about yet when it comes to Bitcoin so I thought it was interesting to write about that the most recent newsletter on my website is now available for free for everybody to look into and if you want to be notified of when the latest one is you can sign up to the newsletter all of my old ones are now behind a lightning paywall just to give all of you guys an opportunity to practice making money payments but there you go nice you have to admire their ignorance in just ignoring inflation in calculating poverty it's probably a lot easier just to ignore inflation I can see that when I was a kid I should just turn on caps lock and just type in all caps because it was easier than pushing shift all the time so you know the UN is just a stunning there they've got a great plan Josh the caller prediction or a story of the week go ahead the story of the week is that yeah we were going to launch on the zero knowledge proofs and we decided not to because there's a low network effect and there's a bunch of other things that just aren't ready including chain link data feeds and stuff so we are launching the standard on arbitrum very very soon the the interfaces are like 95% ready everything's so close now so it's really exciting and we've been looking at some oddinals and how to because all of these smart bolts when you lock up a theorem or anything into a smart contract or wrap Bitcoin that smart bolt becomes an NFT so you can sell your debt and collateral and and so we want to port those over so those NFTs can also be ported to Bitcoin and for people to trade their debt and collateral or even like package different debt and collateral packages up I don't know what people will do with this technology that we're building so it'll be really exciting you can check out more on the standard diet very cool Josh thanks for the update and I had an exciting week this week mainly in sports a lot of people don't care but here you go the Oakland A's pack the Coliseum for a reverse boycott and demand that the owner sell the team I was there as the most exciting in the fifth inning and the fans stood almost silent and then an incredible chance of sell the team the Oakland A's are upset because the owner is moving the team to Las Vegas which is also kind of good for me but also bad for me because we lose the Oakland athletics so this is very sad thing here in Oakland as the baseball just uses the cities against each other to get free money from the state and the county A's fans hope that it can be stopped but it's gone along pretty far so far meanwhile the Vegas Golden Knights won their first Stanley Cup in their history defeating the Florida Panthers 9 to 3 which is a lot of goals for a hockey team so exciting times in Las Vegas we're stealing a team and sad times in Oakland their team is being stolen it's a common story the the owner basically trades away all the players whenever they become good he doubled the ticket prices and doubled the parking prices it's exactly like the movie major league he made the team terrible to chase the fans away so he could say there are no fans so he could then sell the team to another place moving it to Vegas makes makes it on paper much more valuable so the theory is he moves it to Vegas it's worth $1.5 billion instead of $1 billion he sells it gets that extra $0.5 billion his parents invented the store the gap so he worked very hard to inherit that money and taking a team away from from Oakland and from these fans seems to be what he wants his legacy to be in this world so it's very nice isn't the team like isn't it just a name like what I don't get it like if they why wouldn't Oakland then just start a new team because the players can move anyway right it's one of the most interesting things about this is Congress actually has an anti-trust exemption for major league baseball so if say that Oakland wanted to have their own team and start a new baseball league they can't because Congress has said no one is allowed to compete with major league baseball and that these teams are allowed to act together as a cartel whereas European football clubs are all separate teams and let's say like a team does what the A's did and like runs the team badly trades away all the players no one goes to see them in the European leagues the team goes bankrupt in the American leagues the team is protected by a cartel and socialism the other teams will then support the team keeping it alive the A's have turned this into their primary business just taking money from the other teams and now they're moving from the fifth media market to the 40th media market so they're going to get less television money so they're pretty much going to be a team that takes from the other teams a welfare team for the rest of their existence it's very surprising that the owners who are one of the last steps to stop this they have to vote 75% owner vote to move the team that they would allow this ownership strategy this business model to come out because now if you're a you know a group of money you have money out there you can buy a team run it into the ground for 20 years moving somewhere else make half a billion dollars so it's really easy as like a certainly you'd have to have no morals not care about the cities or the teams or the people or anything like that but if you just wanted to know make money as an owner that seems to be the best strategy. Propagol just smashed you with another 50 what a what a guy it's not drinking it's even blurred out. I can't show this is glow the water shed. Thanks so much to Progol and tune in tune out for the donations in the chat and talking so much sports ball and all that but it is a fascinating economic and political issue the way they use these cities against each other Oakland had a similar package to the Las Vegas package they were going to get free money there too but the theory is the team is more valuable in Vegas so he's going to move it then sell it just for the money so it really is you know. I don't know the plan doesn't make any sense it doesn't make how can that make sense you you drive a team down surely that loses value why would then it gain value if you moved it to Las Vegas I don't know I don't know at the core when the legislator in Las Vegas decided about whether or not they should give 400 million dollars of basically this is actually the people's money the Raiders they had a hotel tax that got them 700 million the Golden Knights actually built their own stadium which everyone hoped would become the standard the giants and the Golden Knights building it their own but basically they they went down to it and at the end of the day there's 30 major league baseball teams and they said this is our chance to get one yeah it's one with a bad owner he trades away the teams there's a similar issue here where he also owns the San Jose earthquakes a soccer team and he got a new stadium there and then he didn't invest in the team so we have a similar issue where we already believe that he will not invest in the team that he will get this welfare money from the other teams as his business strategy and out to that Nevada will give him the money and if Nevada won't give him the money Nashville will give him the money or Portugal will give him the money yeah so it's it's it's just a mess with their they're they're there aren't enough of these teams and they the Congress allows them to have their exemption and then they use these cities against each other because the real thing that's happening here this isn't really about Oakland or Las Vegas what this is about is three or four other cities that have dilapidated stadiums where major leagues baseballs are going to come to them and then they say remember what happened to Oakland it could happen to you Detroit tigers you better build us a new stadium where they're going to be the Arizona tigers we don't care we believe in nothing like 50 years of history all these people bringing out their kids saying they you know grandma went to games mom went to games kid ghost games what about the daughters the futures people leave in nothing we are the major league baseball the mafia criminal cartel of baseball and we'll just move your team you believe in nothing LaBalsky nothing LaBalsky so I blame Kings and economics yeah right I mean I said invaded the sports and then the the similar comparison and I don't guess the European people don't watch Ted Lasso but on the Ted Lasso show which is about a American coach coaching coach man another 50 yeah I hope someone didn't take over your account or something man he got hacked yeah Ted Lasso talks about and they talk about the comparison between the English champion or the European championship league where any team can play their way up and the idea of a super league where only the top 10 teams could play in it and what's in the American system we pretty much already have a super league these special you know blessed teams that are part of the cartel can play and even if you had like a great star or something and you started up the Sacramento baseball team they don't they don't in put you in there's no way you can win enough games to get into this and they're trying to change the world football league so that it would be more like the American system because it's a big problem if they get eliminated and so forth by a field we've talked way too much about sports we better end the show especially since probable might tip us more he needs to save that save that money for beer so thanks again to everybody for joining us giving us a thumbs up down below putting in a comment later on sharing a link to the team and tips it's all help so maybe we should talk about tips more often but thanks so much for joining us until next time