The Bitcoin Group, the American original. For over the last ten seconds, the sharpest Satoshi's the best Bitcoin's the hardest cryptocurrency talk. We'd like to welcome our panelists, Dan Eave, the crypto raptor. Good evening, good morning and good noon, ladies and gentlemen. I'm Thomas Hunt from the World Crypto Network. Moving on to issue one. Issue one, Sam Bankman Fried sent to jail for witness tampering. The FTX Founder's bail was revoked ahead of his October trial. Yes, Sam Bankman Fried made many calls to the New York Times and allegedly leaked his girlfriend's diary as if to make her the criminal and the fiend of the FTX saga. The judge wasn't having it and ordered Sam sent immediately to jail. Do not pass go. Do not collect $200. Sam Bankman Fried is now officially in jail awaiting his trial on charges in the FTX scandal. He also famously said that he hates a fellow YouTuber, coffeezilla, for his part in exposing Sam and embarrassing him when he was on his ridiculous interview tour, which still makes no sense to this day. Dan Eave, it's a little bit of shodden fruit, but SPF is in jail. He still awaits trial. He is innocent until proven guilty. But now he is behind bars. What do you think? It was a swift change to Sam Bankman, not so freed anymore. The witness tampering is fair game. The end of the day, if he's acting to ferociously trying to spoil the pot and poison the cauldron of potential jurors' opinions, then that's felony in itself. What's interesting is that he handled over what seemed like Google Docs. When they released this information initially, it was on the New York Times or New York Post, which everyone knew at times. They were saying that she had a Google Doc that had all of her memoirs in about working with Sam Bankman Fried. These things have an audit history. It later panned out that and papers, news outlets were saying that he actually manipulated the Google Doc and it wasn't actually hers. There was a certain element of fakery going on. I'll be interested to see if that's provable. Surely Google will have some sort of void record on these things. Even if you change, turn off revision history, there's going to be something there. Maybe they catch him with his catch and red handed, editing the document. I'm sure there's IP addresses linked to these audit records as well. Google is a data company. They're going to have this information. It's not going to be, I think it's going to be quite cut and dry. Sorry. It's not going to be so easy for him to make this evidence or hazy and glaze glaze over and confusing it for people. There's going to be quite a lot of black and whiteness in the audit records. That said that the parts of if it is true, then she kind of incriminated herself onto some levels of this and whether or not it's right that he released that. That's obviously a bad thing that releasing someone's personal diary, but obviously he's scrambling for his own defence. He's going to do anything dirty. There's already people both Ellison and the other co-founder of Alameda that are already doing pleads. What's it called the Prisoner's Dilemma? He didn't go for it. He's claiming to be not guilty and trying to blame it on everyone else. Ultimately, it's going to be relief for a lot of people that lost a huge amount of money that he's in jail, not just that, but for the people that have relatives that potentially took their own lives because of the money they lost in the FTX debacle. It seems like he's going to find some good friends in prison. Although you know for sure, he's going to be he's going to be in a cushty prison cell. He's going to have, no, you don't think he's going to. Well right now, Waleo Waits trial, he is in a not great prison. I agree once he's sentenced, he might be put one of the white collar prisons. Certainly he's not a violent inmate, but as of now, I believe he's in a not good prison. Well, that's not so good for him. It is interesting though, after he leaked the diary, the articles began attacking Caroline, saying that she was out of her element. She was confused. At the same time, she gave herself a 22, no, it wasn't 22 million, but she gave herself like a large bonus. How much was the bonus like 200,000? Perhaps? No, no, she gave herself a million bonus. All right, so she gave herself a million, but it was the kind of thing where I know that I believe Sam and his number two who also went to like scout camp or something with Sam, they were making three or four times her salary. She was very much underpaid for a scammer in the business, but the articles managed to attack her for getting this bonus while all around her, everyone else was just robbing the coffers dry and not robbing, but officially being paid far more than she was. Sam has been pushing the line with this judge since the beginning. He famously, instead of just buying the NFL package, he used his VPN so he could use his existing NFL package that was valid in another country, but again showed the judge how easily he could bypass the restrictions and how just recklessly he could disguise himself online. We're talking about someone who used disappearing chats for business deals, who used emojis to approve loans and transfers and who claimed that their lawyers instructed them to use this invisible ink to write their business documents in. So I think the judge had enough. He's no longer at his parents' million dollar house in Stanford. He's no longer surrounded by dogs in his video games and his childhood toys. He's in legit jail. It is not good. The official report we've received so far is that Sam has requested anti-depression medicine. He's likely in a very bad mental state. It is a surprise to see him finally shift and finally perhaps realize how badly he effed up, how many people like he said Dan, how many life savings, other things that he just destroyed these people's financial lives. Remember when he was doing that media tour and he was just so flippant about it. It would have worked out or maybe it was CZ's fault or it was Caroline's fault or it was the lawyer's fault. There was all this blame. He never seemed to understand the reality of how bad his company performed, how they mixed accounts according to his interview with coffee silla and just the kind of incredible amateur hour that it was and how such a disaster for so many people who didn't do their due diligence. They jumped in because Joey was in and Freddie was in and Johnny was in. I assume that Johnny and Freddie did their due diligence and apparently no one checked this company out. Tom Brady signed with them. Taylor Swift famously claimed she didn't but later we found out that she did signed with them. She wanted her 100 billion as well. She's not some financial genius that she claimed in some articles which is a very odd choice on her team because again the truth always comes out. The truth about FTX came out, the truth about these other things will come out and it's a sad story and I don't want to dwell on it too much but we did want to update our people here and discuss and say that yes SBF is in jail awaiting trial. There are other large defendants in the US who perhaps should also be in jail awaiting trial where they're doing similar things of baiting the judge attacking the judge even inspiring a woman in Texas who said that she was willing to kill the judge for the former president but yes eventually the alarm of justice and karma comes down even on someone like Sam Bankman Fried or perhaps the former president and now SBF is in jail. So it was actually 22 and a half million she gave herself and it was shortly after seeing that there was a $10 billion deficit. So you definitely know no saint that's for sure but maybe this this whole antidepressants thing is he seems like the sort of guy that thinks he's you know these that you know watching these crime a lot of these crime things and some of them that they the ones that are so confident they call it duping delight right duping is it duper's delight where the criminals being interviewed and they're kind of almost smirking like yeah you know it's a shame I hope they find the you know her soon or the body or whatever and they're like you know oh that's the guy that definitely did it so I think there seems like there's an element of duper's delight to Sam Bankman Fried and maybe this this whole antidepressants thing is just a really pathetic way of trying to feign you know some form of weakness and sorrow that he gets so you know that he gets some pity taken on him basically you know again like these I watch too much too much too many crime documentaries but the the the point where they have it seems like there's an epiphany sort of moment where they get caught out and they start getting really upset but a lot of them their psychologists per se this isn't them feeling sorry sorry this isn't them feeling bad about what they've done they're feeling no remorse about what they've done they're just feeling bad about what the situation is they're in for themselves you know he doesn't care about most other people he didn't care about them when he was doing the rounds when he was very flippant in his conversations private conversations and and that were leaked about how he you know really didn't care about the community that you'd built and how many people he'd screwed over only his himself and his own reputation so I just yeah I kind of think that it seems like this whole depression thing is is kind of made up to maybe you know he maybe he's he's that bad he's like oh I'm gonna trip the judge into making you know feel sorry for it for me by saying I'm on antidepressants you know well and this isn't the first time that Sam has been linked to pharmaceutical drugs FTX famously had a doctor on staff and the doctor was giving out I forget which drug they were for but it was an energy type drug so that they could stay up longer and they could trade more and fat no it was a very weird one it was it was like a kidney medication or some kind of like a specialized I think it was an anti-dimension drug and they were of course getting it prescribed legally and then taking it at their desk so they could trade longer or trade faster or code better whatever it was they were really in their own world remember there's that famous story where he took a VC meeting and he was playing League of Legends the whole time and the VCs were still impressed with them they were still I imagine it's like a teenager on the phone he's like uh-huh uh-huh yeah uh-huh and still these guys come out like we should invest our millions of dollars in this man so an incredible fraud a fraud all the way to the end and and I do agree Danny has a bit of that throwing it back in your face like oh I stole money well my girlfriend stole more money oh I destroyed the company my girlfriend destroyed the whole company you know that yeah similar to the former president where he's like oh my family committed crimes such as taking billions of dollars from Saudi Arabia your family committed crimes taking millions of dollars for favors that don't seem to exist non-favorite but a very interesting situation very reminiscent of the other cases that we've seen in the media with the president and so forth and I like you say I hope that people have some catharsis and some people can maybe feel that justice is working their way now certainly I don't think they're going to see refunds from FTX there's been rumors about restarting the company uh-which I think is a horrible and terrifying idea they tried the same thing with Mt. Gox even Brock Pierce at one point was going to take it over and bring it back like a Phoenix rising from the Ashets which is I'm not sure what anyone wants especially after the name has been destroyed and I do hear the conspiracy theorist out there they want me to mention that this is the same prison that just just Elaine Maxwell was sent to from the famous Epstein case and that Epstein of course committed suicide and I wonder if people believe SPF is going to do the same if he does have one of these realization moments of how badly he screwed up how many people he screwed over and how justice is coming for him they have all of his financial records they have all his computer records they have all of the company records it's going to be very difficult to defend in this case let's move on to the exit question will SPF be convicted predict the future Dan Eve yeah so I think now that he's in prison for witness tampering that's uh there's giving a lot more of a showing a lot more of a darker sight to him right this it may obviously be a bit of a um what's the word like a panic sort of mode that he's gone into when he was sort of doing all these things to try and take the case but the end of the day it's showing his true colors and how he may have conducted himself in day-to-day business with FTX so yeah it's becoming more and more likely he's going to be going down it's still such an amazing case I remember watching that weird video on snapchat where the guy says this is SPF he's a billionaire he believes in effective altruism and he still drives a Honda Civic you know he wears t-shirts just like you he has fuzz in curly hair that he doesn't comb like Boris Johnson from the UK and then now the pictures of all turn dark we discussed it on our Bitcoin group about how yet now black eyes given to him by the photographers or the photoshoppers and previously those same eyes were smiling at you from the cover of fortune magazine and it was plastered all over San Francisco and he was the new king of finance he had deals with Tom Brady and just L. Bundren and Shaquille O'Neal and other huge stars he had a formulation of a deal with Taylor Swift and now like you say he is in jail for witness tampering for messing with the judge and with Caroline and publishing her diaries and the evidence stacked against him does not look good I agree Dan I think that SPF will be convicted and he will spend life in jail or like they say he might take care of himself but we don't know what will happen in the future moving on to issue two issue two Bitcoin ETF ruling expected this week and with it a major jolt to crypto markets the appeals court decision on gray scale versus SEC is expected to arrive this week with profound consequences for the crypto industry is today today is it yet is it yet the Bitcoin ETF we've all been waiting for this isn't the black rock case this is gray scale versus the SEC but it is possible they might allow gray scale they might allow black rock they might allow all the ETFs Thomas Hunt what do you think about Bitcoin ETFs well like everyone else I'm completely exhausted at this topic we started talking about it seemingly eight years ago we thought it'd be a shoe and a piece of cake having a Bitcoin ETF allows users to invest with their stock market money which is pre-tax in the United States if you're giving it from your company where you work you can then invest it make a lot of money and pay the taxes later out of your incredible proceeds allowing people to buy the Bitcoin ETF they could buy Bitcoin without knowing what a private key is without logging into coin base or having two factor authentication creating paper wallets or treasurer ledger wallets it would be easier for people to invest in Bitcoin although it does bring up the fear of fractional reserve Bitcoin as whether or not the company's actually owned the underlying asset in said we've been refused seemingly almost a dozen times by the SEC they've said no because they didn't like the custodians they've said no because they thought the price could be manipulated and now grayscale has pushed the point suing the FCC forcing them to explain their decision meanwhile black rock one of the largest investment groups in the world has decided to create a Bitcoin ETF creating more pressure on this industry many people believe that with an ETF the price of Bitcoin would go up because the companies would then have to buy Bitcoin to hold it as the underlying asset as well as other companies following in a domino effect as you guys have no doubts seen today the price of Bitcoin and Ethereum are both down about 4 to 5 percent meaning that in my vision this probably means that grayscale is going to be denied the ETF and that the insiders already know and are dumping Bitcoin remember buy the rumors sell the news and if there's any insiders out there they probably already know and they're probably taking it down if grayscale is rejected that still means black rocks out there and I don't know if anyone says no to black rock so whatever reason they find to reject grayscale might not be there in black rock but the price going down before the decision doesn't look good to me Dan Eve what do you think about the Bitcoin ETF now the price and then the black rock ETF in the future it certainly seems like someone's got some news on the situation right and I think you're totally right about the by the rumor sell the news so this is what 5 nearly 5 percent or over 5 percent now drop seems very well timed 5.5 9 percent over seven days it seems pretty well timed with this decision there's also been I mean obviously we have the grayscale there's there's who else there's arc and black rock fidelity so that obviously the these decisions for for arc black rock fidelity aren't going to be until 2024 so that kind of gives them perhaps a bit more of a time to mount a case for themselves versus grayscale but in terms of rejection from the from the SEC the the previous rejections have all been about Bitcoin specifically and not the for example the structure of the ETF as I understand you know the from reading about so the the same thing that black or grayscale were being rejected on which is about the general market manipulation of the Bitcoin price which is out of grayscale's control is there is going to be the same thing that would be the rejection reason for for black rock fidelity now in the in the in the Europe there's obviously a big difference between how it's being treated and the first Bitcoin spot ETF has just been approved for Jacobi FT Wilshire the Bitcoin ETF approved by Gernsey Financial Services Commission the GFC S GFC so things are taking a different turn over here and and even though um even though whilst there's rumors that one ETF has has been rejected by the US one has been definitely approved in Europe it's a shame that that wasn't enough to kind of counter the potential fud news panic selling or that we've that we've seen happening so who knows maybe grayscale do actually I think that it's meant to be this week right so it's but tomorrow by tomorrow the latest that they get decision who knows maybe maybe it's just a general market starter and and grayscale do get approved but it's seeming I think less and less likely by the the the sources but wasn't it only last week that sailor was saying was it so no it wasn't sailor it was no regrets that was saying that you know he had a friend of a friend of a friend was saying that you know that the the black rock ones definitely going to be approved I don't think he commented on on the grayscale one maybe he didn't because of he knew himself and so but you know that would have been probably the more pertinent information right to be to be talking about we're talking about black rock ctf being approved you'd also mentioned about the decision coming next week so maybe he was in the know as well but as for for general spot ETFs it's good uh at least if you think it's good news for Bitcoin at least for it from Europe side of things there's more um of a stamp of a seat of approval that Bitcoin is a recognized asset class so whether or not you think you know Bitcoin ETFs are a good or a bad thing um for normies it opens up a huge market um for them to get involved you know and that's uh generally that's that's a positive that's one of the positive things you know obviously there are negatives so having a Bitcoin ETF um but the other positive thing right is that they need if they're spot ETFs and they're they're going to be holding custodians they're going to need to buy it from somewhere so there's going to be surely some big buy movements happening here there and everywhere whilst these ETFs are starting to stockpile their Bitcoin to sell to to investors. No of a gradson is called famously said not if when and he got us all excited again about the ETF. There was an earlier ETF Dan I think by Jamini aka the Winkle Voss Brothers where it was rejected because of the structure they proposed I think that the Winkle Vier were holding the asset they were determining the price of the asset and it was just too much in one basket it was all being determined by one company uh these other ETFs we've seen them pretty much as a rule use coin base as the holder then someone else to determine the price and then they sell the ETF asset and make all the profits so it is uh interesting to see how like you said Amsterdam has proved it but the United States has not moving on to the exit question will the gray scale versus SEC decision allow the ETF Thomas Hunt I think not I agree with Dan I think that the price has gone down in advance because of unfortunately insiders do know and they do know this would be a bad decision a bad outcome for Bitcoin I think the SEC will find some kind of ridiculous technicality and deny the ETF but again I think that the BlackRock ETF is the bulldozer here I think that they're going to come in and they're going to clear away all of these little wishy washi things about Bitcoin or the price or the markets being manipulated I think they have a better research division a better legal division they have more money they have more assets under management I do not think they'll shut down the BlackRock ETF but I think we're still too soon for a gray scale or for a Kathy Ark and Ark investments for the Winkle Vier for all of these other people who have tried and presumably failed for the ETF Dan Eve what do you think will they approve the ETF no I think it's no I think the markets the markets know something and yeah I think Nova Gratz maybe well obviously you can't say there's going to be rejected but I think he would have had something positive to say if he'd have heard you know the undertones that they've got chance of winning so I think sad days although they are Gemini at a gray scale as of today we're hiring so they're hiring someone on the I think it was on the legal team one or something like that they were they're hiring so maybe they're optimistic in themselves it was hiring for a senior associate of ETFs so that's you know quite optimistic on their parts as of six hours ago seven hours ago they released that job description and started looking so maybe maybe it is going to happen and this this mini crash is just another run of the mill you know little panic sell triggered by a bunch of other factors that we're not kind of we haven't quite pieced together yet or retrospectively blamed on it well you know what they say about poker if you can't spot the mark at the table after an hour the mark is you and unfortunately I think we're the marks and Bitcoin and Ethereum are the marks this time we're getting knocked down by this the long boring price of 29k is now a memory and a wishful and wishful memory as we fall into at least 28 or 27 at the time of the show who knows we might see 25 I don't know if we'll see 20 I'm not a big chart guy or anything not predicting the future here but I'm going to agree with Dan I think the grayscale gets shut down again no ETF for you and we wait for BlackRock moving on to issue three coinbase wins approval to sell Bitcoin and Ethereum future products in the US an interesting reversal from the ETF discussion they've once again allowed future products still remain not a fan of future products they kind of allow you to bet against Bitcoin or to bet against Ethereum not a way to support Bitcoin and Ethereum as we would see if we saw a spot ETF however to see coinbase get approval for anything in the US is a reversal of their recent fortunes and is presumably in some way good news I don't know Dan Eve are we excited that Coinbase is going to sell Bitcoin and Ethereum futures in the United States well one thing about this is it is a bit of a contrast to the recent battles with with SEC the SEC aren't they suing Coinbase currently so for selling unlicing I suppose that they're obviously different arms of the business right but it shows that that if they are approving Coinbase on one hand for being legit and following the process due and then suing them on the other hand over something that they've literally begged to be regulated over it just seems really strange that they would be just doing this dual kind of ping pong of lawsuits and requests for more licenses this does obviously open up Coinbase to a lot more institutions right and a lot more large scale trading so it's obviously very good for Coinbase but at the same time I think they're still quaking in their boots about this and these other kind of ongoing lawsuits then again Ken sir did say that he's kind of mocked crypto didn't leave last week or the week before saying oh this crypto stuff yeah you know that could just go on the backboard or it's not important compared to the AI stuff there's going down right now crypto is nothing so maybe you'll see the SEC take more of a lax approach maybe it's a good thing that it takes is the AI stuff takes sir against his attention and the SEC's attention off of crypto and they just start rubber stamping stuff for this year hell of it dropping lawsuits because you know they've got bigger what they believe to be bigger fish to fry but obviously yeah but AI is a huge thing but the the monetary policy of the world is is pretty big you know I don't think one quite dwarfs the other to be honest I think they're both very extremely important issues to be to be dealing with right now but what everyone wants is certainly from the US based companies is they want no gray areas they want clarification they want to be operating on the right side of the law and the right side of the the the SEC and all the other regulatory bodies and so maybe we'll see this open up now with with with the certainly Bitcoin the ETFs and we're being pushed by BlackRock will take a lot of pressure off of the of general Bitcoin regulation because everyone's who's all these politicians who are rubbing shoulders with with everyone in BlackRock will be getting their their their palms crossed with gold in order to make sure that Bitcoin gets a bit more of an easy right I agree Dan I do think is a major sea change for Coinbase who have been antagonizing the government suing them angrily claiming that they could not get clear regulation as we've all seen they have been indeed begging for regulation tried to work with the regulators they're listed on the stock market they've been our our above board exchange certainly cracking and other people as well doing the same but it does just show what a good company Coinbase is and that they can do more than one thing at a time the department that succeeded with these Bitcoin and Ethereum futures is a successful department the other departments are busy suing the government and remember there is even that story a little while ago where Coinbase registered a new company is like Coinbase International in the Bahamas or something like that and it looked like they were getting ready to compete with Binance for that sweet lawless international dollar which is bad for all the regulators and bad for all of the traditional let's go at the normal way people so it is good and interesting to see them still working with the government perhaps they win their lawsuit perhaps they return to the fold of regulated exchanges and of course they're still on the stock market but yes I think it's a positive thing I still don't like futures I still think it's a way to bet against Bitcoin and I think that approving the futures without approving the spot ETFs again ways negatively on Bitcoin perhaps one of the reasons that we went down from the all time high and went down so quickly was the approval of other futures ETFs that again allow people to only bet against Bitcoin not to bet in support as we would with a normal ETF. Moving on check out worldcryptonetwork.com we've got 368 videos we've got more than three months 16 days and 14 hours of content and it's all free at worldcryptonetwork.com we've been doing these shows for nine years eight months and three days since our first video check it out at worldcryptonetwork.com issue four Bitcoin hits all time high in Argentina following Javier Miles shocking win since the crypto friendly outsider was elected to the South American nation's top post the price of Bitcoin has soared in Argentina a new government hasn't been elected in Argentina and they support Bitcoin Dan Eve what do you think about this sudden turn for the South American government and its effect on the larger Bitcoin market. Well it's just that the all time Bitcoin hits an all time high in Argentina but like so surely I suppose they they've had crazy inflation but I was thinking surely it was an all time high when it was like 68,000 but maybe their currency's done that bad since well it's never too late for someone like Sam Bankman free to jump in there and start arbitrating that price down I remember that sbf famously started by traveling to Japan using his contacts and connections to arbitrage the price essentially making free money if you have accounts in both countries if the price is higher in one country you buy in one send to the other sell for more and repeat the cycle presumably someone could do the same in Argentina not not talking out of school here but yes anyone could do it yeah also actually so yeah I think it looks like since the Bitcoin all time high it's the the the the Argentinian pesos like like always been savage I think is a third of its value since beginning of 2021 so that's that's that's obviously why it's an all time high because because the it's lost so much value compared to the dollar and other currencies they've got this new guy right he seems like he looks like he looks like he's looks like an oasis fan he's got like an oasis type haircut you know that band the UK band it looks like an indie sort of yeah there is looks like an indie an indie band singer from like the 90s or something but he's I saw few of the interesting videos of him today like going you know inflation no bullshit so and so bullshit gentless money printing bullshit um he's he's being called like a like an ultra right winger though right is that is that the the sort of the the thing that's being labels to him at the moment he's it says here that he's a far right populist uh which is again a shockingly new statement as populists have generally be uh generally been liberal generally been four of the people uh whereas right wing is generally more of a a stronger government more of a government that might support corporations such as a fascist government um but it also says here that he's a uh 52 year old shaggy haired economist with a penchant for rock music and leather jackets he's called central banks a scam and some bitcoins praises for its finite supply uh he's also a libertarian uh as it says here uh it says also that the annual inflation in Argentina is 113 percent the highest in the region after Venezuela so they do need help with their currency they might be helped by using bitcoin and again unlike the dictator in El Salvador he has now been popularly elected without having to use violence or the threat of violence such as bringing armed troops into the congress before the vote or getting rid of the supreme court as the dictator in El Salvador did yeah well it sounds like he's he's got the public following behind him right even if he is uh an extremist or whatever he's he's being labeled but everyone the problem is everyone who's who's not like really left is just called an extreme right right wing in our days so that the the terms a bit loosely thrown around I think unfortunately uh some some was just lose their meaning as time goes on because they get banded about uh too much so he doesn't seem like he's kind of you know his economic policy seemed quite interesting and obviously he's very positive about bitcoin but uh although he's been cornered kind of smeared with this extreme right wing sort of thing there's there's no kind of evidence to it other than just saying he's a extreme right wing um so it's just kind of popped the name on there because he's not a socialist or something maybe um but um well it's going to be good for bitcoin if it happens it's obviously the Argentine economy is a huge amount bigger than um then El Salvador so this is uh you know the the population of our tea Argentine is obviously a lot bigger as well there's a lot more potential I think for for for um for the impact on the rest of the world if Argentine allows bitcoin as legal tender so um whether or not he is a crazy right wing fascist dictator or not um uh the good the thing is he likes bitcoin so you know everyone everyone likes dictator fascist dictator as long as they're pro bitcoin I agree Dan I'm also pretty positive on this one uh unlike El Salvador as we said he is elected uh he's a bitcoin fan and we'll see what he can do if they have uh inflation at a 113 percent uh they have a terrible currency perhaps he could offer bitcoin as a secondary currency maybe even phase out the primary currency although that would be very dangerous for their government remember bitcoin has its own issuance schedule if Argentine needs to buy new weapons for war or they need to uh buy new farming materials or fix uh the government or fix the environment after the flood or something like that they can no longer just print money so that would change their economy but it might help the people if their money was not constantly being inflated uh the kind of thing we've discussed before you get paid on friday and you have to spend all your money buying whiskey and toilet paper and other things that are useful in the future uh because by the time you get to money you will have lot or Monday you will have lost another 30 percent so I don't know very much about Argentina or the background here so obviously we're not on the ground in this situation uh but from the outside it seems positive it seems positive for bitcoin once again uh just like in El Salvador or other places uh that use bitcoin or terrorists or Iran or whatever country it is bitcoin has no opinion on who uses it bitcoin can't control who celebrates it who talks about it uh but in this case he's democratically elected and he's an economist and he likes the same things we like he likes a trashing the central banks wearing leather jackets and this thing to rock and roll uh so maybe this works out well for Argentina I'm certainly rooting for them and uh I think we'll cover this story more in the future I think we'll see what he does yeah yeah it's a very uh it's a very um fine line isn't it with with Argentina the situation there uh and adopting bitcoin compared to El Salvador because El Salvador doesn't have its own currency um it was using that it was piggybacking off the US dollar whereas Argent you know one of the the things that he's saying is um you know about the the the savagely decreasing power of the Argentine peso um but but if he goes too hard in bitcoin then that in itself could make uh the country use another another country use face in the Argentine peso so you you know it has to be quite a big phased out long winded phased out approach because you don't want to devalue your own currency because then it means that you're even powerless more powerless to buy bitcoin which you want to use as a reserve currency so it's a lot more of a different situation over there obviously um and it's a lot i think yes to play this game a lot more delicately uh but going back on El Salvador the the the positive news from from there is that the the the the the bond has over 75 percent up in 2023 which is which is you know know kelly for he uh is very happy about this obviously they managed to uh paid off their eight million hundred million dollar debt and and still have money left over laughing so that's very good from that respect and obviously if the more we kind of move towards the bull run next year that's going to look a lot more positively for um for bukele um whether or not we do drop and continue dropping now back to the sort of you know you know uh 20 levels maybe lower i don't know i don't it doesn't seem like we're going to sit hit that usually that that sort of peak trough in in the price comes about 15 months before the harvining and what we are seven eight months away now eight eight months away maybe from from the harvining so it's really not that far around the corner so uh based on historic prices there shouldn't really be that much of a a drop coming around the corner that's going to put El Salvador back in the on the back foot again feeling feeling scared but the main thing is they paid off that eight hundred million dollar debt which which everyone was you know all the pundits were were were laughing about and mocking El Salvador saying that they took this gamble on bitcoin well it's paid off as most gambles on bitcoin do as long as you huddle they sell right it was disappointing Dan to see all the positive news such as the paypal stablecoin and other people saying how high bitcoin was going to go even Novograt saying uh not if but when uh we couldn't get the price of bitcoin to move it seemed it used to move five ten maybe even twenty five percent after we had some good news but of course we have a little bit of bad news and perhaps as we're saying here if there is an ETF projection if the insiders know about it but we don't know uh that would be more bad news and bad news always seems to move the market uh unlike good news uh something about like the the bad news travels around the world faster than the good news could get out of bet something like that uh but yes as i was going to say years ago i wanted to make a site and i wish i did it but it was going to be called the bearer of bad news dot com or something like that and it was uh and it was yeah a site that would list any bad news you know but as a stock alert right because people that bad news moves the market more as you just said so um you know things like when the Boeing had to ground all their aircraft because of the the the battery issues and stuff like that boom quick short set short sell on there and uh make a bit of money from from from the bad news alert uh by never did it i wish i did it i wish i did also also i agree with you dan he needs to be very careful as he starts to endorse bitcoin because if his people have savings in their accounts in argentinian pesos and he starts promoting the bitcoin he could wreck their savings uh so even people who are in a decent or good state in argentina and economic state could be wrecked and destroyed if he acts too quickly uh as much as bitcoiners i'm sure want him to act quickly i'm excited to see what he does uh hopefully he'll take a nice slow and steady approach uh to his changes moving on to issue five screen share button has disappeared thanks zoom okay it's back uh back to issue five german programmer could lose two hundred million dollars if he can't find his bitcoin keys stephen Thomas risks losing seven thousand and two bitcoin currently worth two hundred and twenty million dollars after getting the password to his encrypted hard drive he has two guesses left and uh could have sold the bitcoin for five hundred million dollars if he had access to them at the peak price uh we've talked before about people losing their keys but i'm not sure we've ever talked about seven thousand and two bitcoins it says according to the article that he earned the bitcoin by creating a short animation video in 2011 uh that may or may not have been the we use coins animation a classic bitcoin animation i'm not sure if that's the story or not but he created an animation he was paid in a phenomenal seven thousand and two bitcoin and now the keys are locked in his hard drive but has forgotten the password if he guesses twice and fails he will be locked out Dan what do you think about this story and the general idea of people losing bitcoin because they forgot their password all right it's absolutely it's savage right that's one of the the bad things oh okay we're not the bad thing but it's uh if you lose your bitcoin it's it's bad um that um that you can have this be set on this absolute wealth of money um that you can't actually or value should i say that you can't actually access because of something as silly as you forgot your password and the you know i'm not an advocate of definitely not of keeping your coins on exchanges because um because there's been so many exchanges that have gone down from FTX and all these other ones we are a cat of a three-hour o'captain or all of them all of these you know these are all warning shots um about keeping your coins on exchanges every single hack that's happened every single insider event that's where where bitcoin and crypto has been drained but at the same time there's there's for for me you know i'm hard way while it but the or do like i don't actually i don't actually have anything i don't hold any bitcoin or anything like that but um you can see why people want to actually keep it um in in a third-party service of some sort because then they trust the other people not to lose it more than they trust themselves to actually lose it so you know this this whole not your key's not your coin is not it doesn't fit everyone and whilst i'd always recommend that people should always hold their own their own coinage there's always going to be those people who want to use a third-party service even people that crazy enough to use the the ledger the new ledger kind of um shamiya secret style sharing um of of of private keys amongst different third parties because at least it gives them an opportunity to to have their cryptocurrency back but then if they lose it but then they're still suffering the same issue that these third parties might not be trustworthy two of them could somehow uh get gang up and if it's a two or three shamiya secret then then they've got access to all your coins so um what's what's um crazy about this is that he's limited you know he's now limited to his two guesses right he's had a certain number of guesses if i had this hard drive surely you'd find someone who's like under a hacking team or something like that that you would be able to you know you'd be able to access that information somehow i mean the interest to find out what the architecture of this kind of hardware hard drive is because they don't go into it whether it's just kind of a bit locker type thing or whether you know it's something more advanced than that um that that he's he was using um but certainly i'd be trying to make friends with uh with all sorts of hard drive recovery type type people because um obviously you've only got two attempts left on when you're private key but if you can if you can extend that somehow by either hacking the hard drive in some in some form of way um you know that that's the odds of that um are much better than using your final two guesses right of and i've had that before like even if it's just um something that doesn't last very long it's still very frustrating when you you know you do three guesses and it's wrong and then the next guess is two minute wait and then the next guess is a ten minute wait and then you know sorry four minute and then it goes eight minutes you know sixteen thirty two minute wait and soon enough you're on seven trillion minutes and you're sad they're going did i use this did i try this password already i'm swear it's this one but what if i you know what an awful situation that uh having to wrap through your brain for these for these passwords um so it's quite it's quite it's quite sad really maybe um you know there's what one way of doing it um uh this isn't how i've done it obviously but to have an insanely complex password um that that that that uh that you know isn't ever going to change and will always be there you just need to like you know reference the source would be to use something like a smart contract address right or something like that you could use like a uh or or you know your your passcode for your hard drive could be something that you you know you don't need to remember the exact thing that it is and the characters and whether you've used capitals non capitals put an exclamation mark at the end or anything like that you just know it's for example the usdt contract address on ethereum you know which has got enough characters that it would be uncompletely unhackable within many many many lifetimes um but at the same time it's not something that you're um you know you're you're you're gonna forget the nuances of how you typed it whether you put a full stop in the middle you know that sort of thing crazy well it certainly must be a complicated encryption my first idea is of course make a copy of the hard drive then you could guess your next two guesses on that copy uh there must be something i presume in the car drive where it phones home to some kind of server that's keeping track of the guesses obviously then why not create a fake version of that server put the hard drive in the fake environment many passwords have been hacked in the past where people are able to separate the password file then try a million guesses against the password file i agree dan he should reach out to the greatest computer security experts in the world even 10% of the 7000 bitcoins 70 bitcoins would be an incredible reward for anyone as well as the story the notoriety uh the publicity for your company if you are the one that could save this man and his bitcoins uh other than that i go and uh maybe he should get a hypnotist uh maybe he can envision and and have a past life restoration of of what he typed that day and uh beyond that i think in the past i've had passwords and things where you type like four but you type the letter four or the number four instead of the word four maybe he made some kind of a switch or god forbid if he typoed if he typed you know ta kl instead of ta lk he could have typed it backwards and that would never know it's so horrible such an awful thing and uh such a small little mistake and again it's just so bad that he put all his bitcoins into one hard drive if he put them into two hard drives you know uh johnny unencrypted and johnny encrypted he could have very much enjoyed the 3500 bitcoins which is more than enough for a lifetime of spending uh let me know in the comments or the chat if you have an idea on how you could crack this bitcoin maybe it will be helpful to other people uh i know at one time i had mistyped my password and i talked to someone else and they said well maybe you typed it like this and i tried it and sure enough i had typed it the way that my friend suggested and i was able to get back i obviously not seven thousand bitcoin uh but my a couple hundred dollars or whatever returned to me and uh but still how did i mistyped that and how did i mistyped it twice because you know these password forms are always like secure your password secure your password twice and uh yeah just such a tragic story uh such an incredible amount of wealth and like the article said oh yes it was worth five hundred million dollars a few years ago now it's two hundred million but imagine the nightmare if bitcoin keeps going up and we're talking seven fifty we're talking a trillion we're talking four five trillion uh this poor guy uh emotionally i don't know how he's going to deal with that it's gonna be very difficult now maybe so some of these that they have uh um they said it was a hard drive but there's also kind of drives that have like you know built in encryption on it so maybe it was something like that you know these these millichub I've got a few of them they've got like military grade encryption it's actually on the drive uh itself kind of like a hardware wallet but not quite a hardware wallet so uh but yeah do you think we somehow you could clone it right or but then but then what if the module is like the security chip in there you can't just clone that part while you can clone the data but you can't clone that specific part of the uh and what if there's a back door like we all know how uh security professionals and hackers work maybe you could go to the company uh that made this hard drive and he could bribe them uh with a 10 percent reward and maybe they have a back door or they have a test mode or a demo mode or maybe a rogue programmer who goes originally who can get them in there yeah the password is uh you know secret sex magic you know that some kind of uh Johnny hints back door packs where yeah so I don't know something needs to be done though and again maybe he can get military help maybe he could get spies or hackers or the the greatest minds in the world again you worried they'd just steal the whole thing for themselves uh but if you could get an honest one that was willing to take a 10 percent or hell 20 percent who cares he has no access to it would be an amazing thing all right Dan I've got I've got a good exit question for you who would you rather be the guy with two guesses left for his 7,000 Bitcoin who has the hard drive or the guy who lost the hard drive in the dump and wants to dig through all the trash to even just find the hard drive I definitely go with the guy with well number one the the amount is like the differences in the billions right I think the guy lost his hard drive even now it's like 200 200 million or something like a noster Bitcoin in in dump in the landfill 185 million and that was in august 4th 20 2022 so it's probably even less than that now I think based on the price so I'd rather have the the the billions that slot was it billions it's billions it wasn't it's so much it's so no it's like 210 million what was the amount sorry where was it gone I think it's probably going to be neck and neck I was 200 million I mean it is yes it neck and neck um why don't get the billions from anyway um I would rather be that guy because at least you have the hard drive and there's all sorts of sorcery that could be could be done with the actual unit but being able to having to be able to well first of all if he finds the hard drive in the landfill now number one it could be it could be damage I know the discs might not be damaged but um he might have he might have had bitlocker on himself and not and and and then has the same password issue that that the the current one has so you'd be pretty crazy to be leaving Bitcoin on an unencrypted drive and just you know throw it in the in the trash so yeah I'd rather be the German programmer than the the the Welsh guy that lost it in the dump I agree Dan the hard drive in the hand is worth more than the hard drive in the dump although we we could say I don't think the hard drive in the dump is encrypted I think that he was not very technical and maybe had a posted on it or something and throughout the wrong hard drive whoopsy so if they do find the hard drive and if it is intact if it hasn't been smashed by years of being in the dump the platters ruined beyond repair which again take them to the greatest hard drive experts in the world use microscopes or whatever they do try to get that data off there because who knows he could get that money back it would be an incredible story but I would I would love to see these guys at a panel at a Bitcoin conference going back and forth although I don't know that they'd ever talk about it publicly it's such a depressing and kind of world destroying event because they had they had the great wealth and then let's also agree that if they did have access to it they would have sold it when it doubled the fact that they've held it so long is part of the mistake of them losing it that's compounded the problem it's made it worse where they said oh I lost a million oh I lost 10 million oh I lost a hundred million and if Bitcoin keeps going up it will be worse and worse for these guys emotionally I don't know how they're going to deal with that again maybe hypnotist maybe get them to forget about it kind of a eternal sunshine of the spotless mind if only they could erase parts of their brain but I guess they'd go in and try to get the password first before they'd erase his brain if they had that technology but yes both of them are just in an awful awful situation I wouldn't wish upon anyone but I do wish them the best I hope they find the hard job and I hope that they find a way to crack this one open and that we get to hear about it and this guy gets to spend some sunny days in Spain or whatever he would want to do now Dan as we reach the end of the show it's time to predict the future will the price of Bitcoin be higher or lower this time next week oh I think I think I said I said up last week but I'm usually always wrong I'm going to say I'm going to say okay I'm going to say down so that it goes up even I am pessimistic this week the sudden 4% drop not presumably not getting the ETFs as we've predicted on this show I'm going to also say down which is a very rare bear market I'm pretty much always saying Bitcoin goes up there's only 21 million what the heck you're thinking about but let's ask the true source and authority of all things the online magic eight ball are good friend will the price of Bitcoin be higher it's a yes or no answer here we are it is certain the ball has predicted up which being 4% or 5% down already maybe there's nowhere we can go but up once again the Bitcoin predictor ball is the source of all truth and Bitcoin you should all follow it just like you follow the men with the triangles who said it was going to 1200 and it never did and who put out two tweets and then delete one and put out two tweets and delete one and put out two videos and then delete one all the magic where they always tell you the price is going up unless it goes down oh it's a great business to be had but Dan we're running out of time to have a prediction or a story of the week go ahead go on I'm always unprepared for this nothing much happens a prediction my prediction is what we talked about Gerald and San Brian with with just temporary I reckon oh I think something sad is going to happen to San Brian for you and Jail I don't want it to I don't want I wouldn't wish harm on anyone specifically but I think I think he's he's going to wind some people up in jail he seems like he's one of those characters that would like that would you know piss people off by being really smart me about stuff and that he might he might make some some not very nice friends similar similar to the German programmer and the guy who lost his hard drive in the dump it's as if Sam Bankman freed if he didn't have bad luck he'd have no luck at all so yes I don't think it looks good for him in prison the the sudden cry for depression anti-depression medicine was very sad it was very sad to see a publicized obviously he's lost people's life savings he's lost people's fortunes he personally hurt Tom Brady's feelings so he's he's definitely going to get some payback for that karma is a bitch as they say but I wish him the best in prison and I think it's also hilarious the way he spoke out against coffee silla which again it was his own mouth they got him in trouble his own mouth said that allegedly according to the coffee silla show that he was mixing customer funds from the very beginning which we all know financial people isn't no no my story of the week I just want to thank my friends in the north of France who hosted me the last couple of days we had a great time we went to Shantilly Chappau I went to Saint Germain Chappau today it's great to be touring here in Europe also of course a shout out to Mallorca blockchain days the great conference that convinced me to start this trip and to get out here again it's great to be touring to sing museums and old buildings and things that I like to see so it's very fun to be here I want to thank you guys for joining us on a special Thursday edition we're having trouble fitting it in on Friday with the traveling schedule and such apologies that we couldn't have more panelists here today but we didn't have Dan thanks Dan for showing up coming through in a pinch here be sure to give us a thumbs up down below say hello in the comments or the chat we appreciate you guys being here and we look forward to next week where we'll find out if the Bitcoin price went up and if the ETF was approved but until next time bye bye