the best bitcoins, the hardest cryptocurrency talk. We'd like to welcome our panelists, Ben Arck from LNBITS. Hello. Dan Eave, the crypto raptor. Hello there, sis. And I'm Thomas Hunt from the World Crypto Network, moving on to issue one. Issue one, finance, slammed by the United States after historical settlement, says crypto exchange only pretended to comply. Yes, CZ is out at finance and he's paying. The company is paying over $4 billion in fines. The CEO has been fired and they've said in chat rooms that they just attempted to comply, allowing US users to use their product without the permission and without more importantly, paying the US government. They say that finance facilitated $900 million in transactions between US and Iranian users in violation of sanctions, as well as transactions between US users and entities in Syria and the Russian occupied Ukrainian regions of Crimea, Don't ask and loot tons. I think that's a problem for finance as CZ is out, the SEC is triumphant. Ben Arck, what do you think about this incredible breaking finance news? Well, I guess the same aligning is that people are using Bitcoin for more than just trading and sitting on it. They're actually using it for remittances, which is what we always talk about. On the flip side of the criticisms of valid going into sanctioned regions, I mean, obviously sanctioned regions as well, but they'll also be being used on the other side for humanitarian purposes, I'm sure. But yeah, finance has always kind of moved fast and then just flying by this or, you know, sheet their bottom line by the sea, their balance, whatever it is. And that policy has worked well for them, but it was only a matter of time until regulators would catch up to them and remind them to actually operating in a real world of regulations and things like KYC is much so all sucks. This is why we need to build decentralized exchanges. We try and stop using centralized exchanges as much as possible. But there has been some praise for the action because it does kind of at least that they're making it clearer on what on regulations, because that's always been one of the biggest problems in Bitcoin and our little industry is there's just been ambiguity in regulations. But it seems with finance that they haven't, they they they they skirted round just general KYC laws and regulations, which which were fairly easy to follow and how they follow a few things and they probably wouldn't be in the trouble there and now. And they are being probably made an example of and it's working like it's, you know, set records through the industry and a lot more people try and be compliant. US seems to have the worst of wars when it comes to regulations in KYC. But yeah, it's, you know, it's it's it's a shame for finance, but it's probably a wake up call that now they need to actually try and comply and stop moving fast and expecting everything will just work out in the end. But we have actual users in Bitcoin, so that's you know, so lining. Well, as you guys know, we've been critical of finances on the show many times, they have no home, they move from place to place and it's always looked a little iffy, a little shifty. And now they've been busted by the SEC, but the silver lining here, CZ allegedly has 60 billion dollars. So if his company has to pay a $4 billion fine, it's no problem to him. And the company itself exists CZ and Binance have made an incredibly large trading firm with no home allegedly paying no taxes and allegedly feeding off of the US market as the SEC now has. Proven in their settlement it's still an incredible accomplishment and incredible company and again, maybe it's better to move fast and break things maybe CZ was in the right here. Dan, Eve, what do you think about the breakdown of Binance and the fact that they're just going to keep on going? Well, I'm definitely really wrong at reading these because I've been all along like, well, Binance seemed to comply, don't they? And as they said, they they they always pretended to comply, which is kind of silly when you think about, you know, what was that meant to make them just think they could fly under the radar, even though, you know, they were going to get caught eventually. Well, it's crazy is how the markets haven't haven't they really didn't dump like you'd think that such a significant figure in in crypto as a whole would make, you know, not necessarily Bitcoin dump but all the other shit coins and everything else done. And it really didn't which is which is actually crazy, but maybe it's a testament to how resilient the markets are, but how single identities are not pushing them, you know, they're not pushing the markets the way they used to lots of people saying this is kind of a pretty much a set up. Obviously, they were they have been acting shady all along, but you know that he's been sacrificed for the sins of shit coin as the Caesar, so have been answer of. And I'm not sure if that's the answer to pretty much it i'm kind of thinking he's been replaced by like a there I go there, but you know a w e f kind of affiliated CEO ready kind of seems well timed with the fact that. So we're not going for their ETF and it probably wouldn't be such a it would be a lot easier to argue the toss and get it approved with the SEC if Binance you know what were under the SEC's wing a bit more so this lawsuits come just in time to say hey you know we're straightening up the market the company that sort of the biggest trading company in crypto before we approve this the CTF. He'll get like they're saying he's going to get 18 months maybe he'll get like a house arrest like after haze of of Bitmix, but there's there's just one of the first many businesses that have been hit by the SEC there's there's also companies that are voluntarily winding down their business now in Bittrex of one of them they're saying even Bittrex global now maybe they're just where it's still worried about the long after the arm of the SEC going after them. So what has been mentioned about the remittances what's what's funny about that is that yeah that's good that there you be there you know Bitcoin is and crypto is being used for international remittances but it's odd that it's via a centralized third party but that is because of the I suppose that's because of the fact that it was so easy to go and set up an account up with Binance and trade with them that you know it pretty much acted like a you know there wasn't not in a decentralized way but there was few barricades. So that's obviously going to change a lot soon for US customers whether it changes for everyone around the world because they know that the you commission will finally get to them who knows what the regulatory bodies. No one knows the future except for the magic eight ball however I think one of the reasons the market might have gone up recently is because they're looking at the Binance situation and seeing it much like the ripple situation after ripple paid their fine to the SEC ripple was then legitimate in the same way Binance has a giant fine ahead of them they have to take off the head of their CEO they have to bring in some new guy but at the end of the road maybe they become legitimate or on a path to the market. So let's continue legitimacy which again means that we won't lose this incredible trading volume that's happening at Binance it won't have to move somewhere else or be fractured it could continue unlike the Mt. Gox or as Dan mentioned Bittracks other exchanges that have shut down. So even today we've got a lot of stories to cover we've got another one here. Crackin is being sued by the SEC over a failure to register crackin is in trouble for offering exchanges legally operating as a securities exchange without first registering with the regulator Dan Eve what do you think about the crackin situation as it comes so on the heels and at the same time as the Binance situation. But again I think this is this seems like it's a bit of a coordinated effort right I mean the last obviously there's been the downfall of FTX which kind of accelerated perhaps these these events but it seems more in time with the ETF being chased by Blackrock and and in order for the ETF to get approved. There needs to be a much more control over the the biggest players in the crypto industry from the US markets that are going to be benefiting from the Bitcoin ETF. So it kind of seems coordinated to me they've gone on the same thing though right so co mingling customer funds and I think crackin are arguing that it's not so much co mingling of funds but they're taking profit out of the funds in order to run the operations of their business. So I'm not sure how how much that flies and what the accounting needs to be. It sounds kind of logical right because your customer funds you do get profit from customer funds trading etc so where do you pull the funds from. But yeah it's a bit of a broad stick that going after every every major crypto exchange with at the moment so I don't know who's next are they going to go after things like cut you know MEXC and all these other things. Bitfinex etc are they safe for are they going to go after them are I'm not sure but it seems like the long on the law is definitely very active right now and around you know the the winter season the bear winter and the TIS the season to be regulatory. So it does seem like they were watching the FTX trial and they said hey co mingling of funds and then they started attacking everyone with that whereas before I think in the Crackin Crackin situation as you're saying Dan taking the money out of the fees not the same thing we'll see how it turns out in court but obviously not not legal advice here Ben arke what do you think about the situation at Crackin in the possibility that the SEC is cracking down on all exchanges. Yeah it is it is unusual timing like that said with the ETF from corner does kind of like a bit of a clearing of the swamp which I guess the industry needs in the US if they want to have an ETF and if you legit some of. For people not to lose their back see exchanges but I mean with Crackin like I think we both exchanges you have like the hot wallet which is operating with day to day funds and then you have the cold wallet where where they secure the vast amount of the money and then you have like a transport there between between the two and you try and minimize the amount of like times you need to use that transport there and send money back and forth between the hot wall and the cold wallet. So when it comes to the co mingling of funds and then paying for the overheads of running the company I could imagine them doing that from the hot wallet and the same hot wall which they used to accept funds and they just have that as a flow and then that's what these operations costs that's what you use for having a money there so you know they can. They can clear every transaction throughout the day so yeah it's it's I think it's more just their money management it could be interpreted to the co mingling funds but actually it's just a layer of security to stop them having to make too many hops that cold wallet to withdraw to withdraw funds under this just a little bit of confusion there but it very much doesn't like playing with the swamp I like Crackin a lot to be in a good exchange for many years and how much people work there and you know what I mean. And within the like the longest one is exchange for charge and being hacked so yeah but so hopefully they won't get slammed as hard as finance nothing they will just you know a little bit of a notch by the SEC to them to be a little bit more compliant. I do agree it's bad to see Crackin a lumped in with Binance in this other situation it's bad timing or perhaps an organized event. We've got one more story on this topic the crypto community reacts to Brian Armstrong's message as CZ steps down it's not good Brian Armstrong from Coinbase capitalized on the opportunity to promote his exchange as a regulatory compliant entity as CZ steps down we've talked about this before in the past coin base was one of the first to take up the idea as we are regulated we want to be official. So we're going to talk to the government directly something that was disastrous for previous exchanges like what happened with Charlie Shrim Brian Armstrong and his crew have led the way on this but even they have been sued by the SEC have set up an entity in Bermuda and have a backup plan to go Coinbase international. However you can see in this situation they're clearly celebrating the downfall of FTX SPF and now CZ Dan Eve what do you think about Brian Armstrong's take on the industry and perhaps is Brian right is he right that they were regulated the whole time getting rid of these other players as Ben was saying will clear the deck. Like cleaning out the streets before the Olympics or an international event and now Bitcoin is good enough for an ETF the adults can come in and presumably take all the fees and all the profits for themselves. What's as people have pointed out right even though they cozyed up to the regulators and we said this before it didn't really do them much to good because the SEC still went after them so. And that was the sad thing right we were saying how you know Coinbase tried to play well. They wanted their business to be you know longevity the business to be operating without issue without these hiccups and probably to sleep better at night right to know they're not going to get sued and they still got sued anyway so finance just operated on a wing in a prayer is and they got sued. That I obviously sounds like he's going to be doing time which is the difference right that that's the significant difference between Coinbase and Binance is that whilst Coinbase tried to comply and were caught out by a series of gotchas Binance pretended to comply and now CZ looks like he'll be doing time so there is obviously a significant difference in the result there. He can do I think it's I think they're estimating 18 months but it's anything up to 10 years. The scale of the operations competitor FTX it seems like FTX was a bit more chaotic but CZ obviously has pleaded guilty straight away something that SBF didn't do and that's why he was fighting it and court and is being sentenced on it. So they've all these are these are companies that did it in kind of different ways right FTX just just were completely lawless Binance pretended they were regulated but they weren't and Coinbase were very much in the pockets of the regulators but still got sued and the end result is that Binance is still going to be operating crack it will still be operating Coinbase will still be operating. It seems like the one thing that Ryan Armstrong said that's actually correct that seems correct is that it gave them quite a bit big competitive disadvantage at least up until now right. And Binance was able to grow to this absolutely mammoth bear mouth size by pretending to be regulated and not actually being regulated so it's benefited them until now maybe Coinbase will overtake him at this stage because they're much further down the regulation line. And Binance's US business is going to be stifled significantly by this kind of setback or it could accelerate them further as you said that now that there's they've got the potential seal of approval right they've been they've been sued they're paying the fine and now they're on the happy path so their business can be accelerated and which might also be why the markets didn't crash you know as they would have done five years ago or even a couple of years ago the markets would have absolutely died after by dance sort of went down. And now they're extremely resilient so yeah it just kind of goes to show it is a terrible example of it doesn't matter what you do the regulators are still going to come after you in some sort of way whether that's because you're genuinely operating badly even if you're trying to be good like Coinbase. But yeah I just it just all seems very well timed with with with Blackrock and and there's plenty of other ETFs from other companies but Blackrock seems the one to you know there's going to be the game changer here and probably the one with the most influence that's pulling the strings in the background. And then you can go to the next one potentially allegedly whatever sorry Larry. Ben Arck what do you think is a Brian Armstrong's approach what do you think about Coinbase and their attention to regulation. If you're operating a clear net exchange or business then you're going to have to comply like and if you don't then regulates come after you and complying to regulations does require resources and if Coinbase and Brian Armstrong if they've like decade time and energy into complying and then they've used those resources on that rather than finance which was just talked by expanding then I think this is you know a period in which they can do a little celebrate. To dance and dance on the grave of a CZ like Dan said crack in violence coin none of them are going anywhere they've all got so much money it's it's untrue but the yeah I think it's fair that as a clear net company then are able to enjoy the fruits of their labor the comp of complying and it's like if you don't if you don't want to operate. In a way what you in which you're regulated and don't be a clear net company like work on some decentralized exchange or work on something outside of the the reach of regulators but if if that's where you're operating then you have to expect that you will need to comply for the jurisdictions in which you're operating in so yeah it's fair it's coming very well out to do this now you know it's they did sacrifice expansion for regulation for being compliant so yeah. Exit question just a year or two ago spf and cz were on top of the world heads of billion dollar companies best buddies who lent each other millions of dollars to start each other's companies giants of the financial industry on the front cover of fortune and Forbes magazine but now they're both heading to jail but as they have now destroyed each other a larger question remains who won spf or cz dan eve. I don't know maybe they'll they'll be fighting out in a jail cell next to each other I think cz has asked rights that he can leave the us before his his sentencing whether he ends up I'm sure it sounds like he's going to go to jail mean they seem pretty confident about it the reports covering it whether but again he could he could have house arrest but it's got to be cz he's got to know some sort of you know he seems like he's he's a guy that could defend himself for his what's his name spf is is too busy playing computer games is only his thumbs have got strength Van Ark and fingers before this to his poly work you cz or spf yeah they they it would be beautifully ironic if they were sharing a cell together maybe they'll do that just for just for just for the walls for the Minnesota together but yes easy cz another free sitcom idea right there two crypto billionaires in the jail sell mates together they're like the odd couple they don't get along and then of course you have all the the normal prisoners coming in and out like stabbing each other having fights in the showers all the normal prison stuff yeah yeah I think I think yes easy to properly in that environment you'll probably end up running the prison before you know that but yeah another the yeah yeah the two of them in prison it's not it's not humorous thought no obviously for anyone to get to prison I feel very sorry for them but just be careful Van if you're operating in with this Bitcoin stuff and you're running a Bitcoin business and regulated your stations just be careful because they can catch it take leave for the US I think the answer is cz if you look at the situation is Dan was saying they were pretty close to even granting him international bail they're like yeah your company's going to pay four billion dollars we don't think you're going to run off and they're right cz won't run off he doesn't want to be placed in a worse prison even assuming that he has to go to prison at all cz should be fine in a nice fancy prison whereas according to the most recent article sbf has now learned that prisoners are trading max that's right frozen mackerel in a package of fish are being traded in prison apparently according to the article sam traded some fish for a beard trim for a haircut since the American prisons outlawed cigarettes not too long ago these frozen and pre-price those 10 ten ten mackerel yes ten mackerel like the guy in prison because protein it keeps people have been killed for ten to back Charlie Shroom talked about that when he came up isn't that he had a stash of back all ten mackerel I thought it was a joke because even Martin Screlie like weighed in on it and was like yeah he's talking about all the different things that go on in the trading tactics of and the hierarchy of of max I was thinking it was I thought it was just a complete joke but it's crazy it's actually trade no it's kind of cool it's like anything which is scarce it's fungible like it's just money isn't it's worth sort anything which becomes money and so it's interesting is in the in the movies historically it's always been cigarettes one of the great things about cigarettes is that you have the pack and then you could split them up into the individual cigarettes you have this kind of broke down dollar and change type system but it's interesting to see it shift to max and mackerel however the article was just so hard to take the people writing the article and again it's it's fun you're writing an article you know do whatever you want but the way they wrote it is like they felt that SPF was such a genius that he was corner the market on macro and he was going to buy low and sell hide he was going to short with the Asian gang and he was going to go along with the Mexican gang and the just sandwich is such a genius he was going to rise to the top of the prison because he'd figure out how to how to trade macro and it was just so absurd I'm glad he's trading stuff for his beard and things in his trims and keeping nice but yeah I see he's not going to rise on macro let's let's give that up although it's again another great sitcom idea another hilarious looking movie even just informing the normal people that they're trading macro instead of cigarettes is a crazy reveal that I don't think people are ready for but yes the winner is CZ above and beyond he probably even orchestrated this whole release thing this whole deal moving on check out world crypto network calm where we've got 3,278 videos including lots and lots of shorts Bitcoin shorts generated by AI with AI generated titles that enraged people hopefully to the point that they'll subscribe to this show and even take their time to watch an entire show that lasts longer than 30 seconds there's hoping moving on to issue 3 wall it of Satoshi shut down wall it of Satoshi which provides a lightning Bitcoin experience to users has decided to remove their app from the United States Apple and Google app stores and will not serve us customers going forward they say their decision doesn't come lightly they understand the disappointing news and will allow all users in the US full access to their Bitcoin funds allowing them to transfer their lightning funds to another wallet wallet of Satoshi a hosted Bitcoin lightning wallet was a very easy way to use Bitcoin and lightning Ben arc why do you think they're shutting down and is this bad news for other lightning projects yeah it's totally off the heels of the Binance and Kraken news yeah well that's Satoshi I mean that's a clinic company upbringing clinic clinic just action and it's a very much a business and they've been flying into the radar for such a long time and I've been amazed and I'll be really come after them because they were using for you know you can use it for money transmission and gangsters can use it to for remittances cross borders and to be honest like more and more when I go to conferences and then you know we're using Bitcoin with the paying for stuff in Bitcoin or I'm doing a workshop where we're building some hardware or something and then people were in the web out there they're lightning wallet and they go to lightning wallet as well as Satoshi and people will have like millions of Satoshi's in in the wall as a Toshie and every time I just I squint some like one day we will all get rubbled I mean I use that but I've got maybe like 10,000 sats and now something right but there there's a lot of people out there with a lot of money and wallet so it's it's good that they're reminded that this is a custodial service and they can remove access and they can also take funds and then they don't I mean they're great I mean they operate well and they've been a great service for so long but they must have huge sums of money on their platform and you don't know every Bitcoin service, every lighting service has been hacked at some of the most money so you don't know that all the money could be accounted for. It happened with blue wallet so blue wallet, ego we made blue wallet that the developer he had a custodial version of blue wallet and then after a while he was like right this is too sketchy you know I don't want to run this custodial service anymore you can still use the software blue wallet and you can use that then D-hop target up to you know the one ever but I'm going to remove the custodial element of blue wallet and but I'm going to give everybody three months to take out their money and then you know he did that on Twitter and then all the Bitcoin is like yeah okay great my friend Paco who's been like traveling he's traveling to like 39 countries over the past year and a half on boarding people particularly on bank countries he was using blue wallet is his demo wallet and then he was giving people Satoshi's and blue wallet and I spoke to him and he was like he felt so gutted because he'd ended up up rug pulling all these people so all these people who he'd on board and who was using blue wallet they went on Twitter they didn't get that release a press release you know like well it's Satoshi don't have done now that the service will be closed. In fact our friend Josh Vittoro I was when I were in New Yorker you went to go pay for a t-shirt and I said if you got a bit yeah I got blue wallet he worked out blue wallet and he had like five grand on those something ridiculous and I was like Josh you realize that you can't use that anymore because he goes close to you. He goes close down the service and he went what what what and I was able to put them in contact with ego and I think he goes made him write and given them the money back but now it's using these custodial lighting wallets maybe for like pocket change for your daily spends or whatever but don't like leave significance of some money on that because one day everyone will get repulsed and this is a good reminder then they're not we said they're not rug pulling the US they just don't want to have to battle out with the SEC and they don't want to be extradited and put in some prison with some back room free. But they're they're yeah it's certainly good reminder this is a custodial platform and actually like we need that. That's a hard for a bend you want to give people Satoshi's you want to give them you know a little piece of Bitcoin so they can try it out or sell them a service for 10 bucks or whatever you want to do. But you end up giving them wallet or Satoshi they end up holding all their funds in there forever because it was easier to sign up with because you just had to sign up with an email get a password later when I lately when I've been giving people money and it doesn't happen as often as it used to I use a green wallet then they have to write down the 24 words so that they have a real Bitcoin wallet then you could send them funds but again you can't do with this with the lightning network. So this really holds people back and I see what you're saying it's going to lead to a lot of people like I think about a black Bitcoin billionaires a lot of those people probably got wallet of Satoshi wallets have a ton of lightning in there like you're saying maybe even life savings type investment level like you know 5 10 grand like all the money they have. And they could very well lose it or have a harder time gaining it back because they trusted this easier to use shortcut rather than being pained into writing down all those words which as it turns out those words are a magical key that work with multiple applications multiple formats you have a Mac you have a PC you have a phone whatever you have a good chance of getting your money out of those words but a bad chance of this username email combination. Yes that like security like convenience spectrum and a lot of people opt to be on the convenience side and make themselves then the funds less secure as long as I think like because I still want more people and I was so you all are Satoshi's great use that but only pocket change in there I think I feel like these custodial wallets like we have it out of bits if you go and play around with our demo server we have a warning saying this is just a demo server only use the money you can get it out of the way you want to do it. You know loose change don't put any money on here because one day we'll close the service or break it or something. But yeah there are better like solutions being worked on now for giving people the onboarding experience onto something like lightning so they can do fast payments without them having to sacrifice their self-suffent team and just using some custodial platform but it is a problem so we always win when I see those like Twitter posts you get these like Bitcoin noobs with their fresh faced Bitcoin noobs with their nice teeth and their fancy hair and that there are onboarding people in somewhere in California or somewhere or Austin Texas or something and then they're saying yeah I just send you some Bitcoin you know I'm not that's yours and it's just like a wallet Satoshi transaction to the wallets actually transaction so it's just like some database for the people that's touching this nothing Bitcoin happening in the background is just numbers on a screen. So yeah the more people reminded of that the better but yeah we need better solutions and they're back to be worked on it just takes time and it's hard. Yes it is always easier to give someone just a username or an email and sometimes they have a better chance of holding their keys longer that way but not in this case. So what do you think about the wallet of Satoshi shut down? Did you ever use it? What are the normal users going to do now? Well well I it's the lightning wallet that I still use because I I so Ben what is the best non custodial mobile lightning wallet? I was going to ask that question but you can ask that now. Well I mean my my life is consumed by Ellen bits which is obviously bring yourself you can play around with it on a demo server. We are actually making an app just to make it so you can you can use it you can download and run it from Android or something but it's basically just a web view of because it's fully responsive. Okay. But the so yeah I'm obviously Ellen bits centric but the what is it? It used to be simple Bitcoin what the best lightning wallet was the first lightning wallet which was simple Bitcoin wallet which turned into open Bitcoin wallet which I think is being maintained by Zephyde. That was cool because it used like hosted channels so you got instant inbounded outbound liquidity but it was there was a little node running a light node running underneath it and then you could then start building up real channels to peers. So you could like federate risk across these different hosted channel provides and things but. It's sadly like lack of demand because as easy a custodial solutions like Wallars atashi have meant that a lot of the original really good sort of non custodial like the a cloud wallet Android what phone wallet was great when that first came out and you could start channels and stuff in it and it kind of on board and people really really really well but a lot of these projects have followed by the way so it's somewhat because it's like simple custodial solutions but I think they'll be the green figure. Phoenix is really good. Phoenix is a great great one to use and Zeus is very good you can use that in there and I'm custodial way as well. And it's a princess does all the other stuff and books really well with all the other stuff I would recommend Phoenix or Zeus. Phoenix or Zeus core because I mean I obviously only have like pocket change ish on wallet of Satoshi because it's just an operating wallet right it's like it's the same same example of having a having a savings account where you would have your your you know your savings and tradition and then you know and having just like a current account where you could just have money in money out and just use that for your day to day so I do you know guilty I use wallet of Satoshi but it seems like it's going to be absolutely fine for anyone that's outside the US but I that made a good point like Cossero from breaking breaking Bitcoin but they're the thing he said was why is living in the US always feel like being part of the third world when it comes to Bitcoin. Seriously the rest of the world enjoys a much better experience can we see is non-manitory experimentation is not over regulated and Bitcoin is is really is it permissionless I think that's that's a really really good really good point. So we dox. Geez. We also used to have to sign a big form whenever we downloaded PGP back in the day so there are tradeoffs to living in the so called a developed world but again access to electricity unlimited internet credit cards that work like there's so much good stuff in the US that we got we got those things in Wales as well man despite despite popular opinion we have those things in Wales also. Yeah well we have the problem is we have the dumbest thing ever which is which is okay what what what what two things that two of the dumbest things ever right so number one is this cookie thing which tries me bloody wild. I can't stand you guys don't have that in the US and the EU we still have it in the UK this cookie thing every website. There's no automated thing that just says fuck off just press a button it's such a failure they're trying to protect people they're doing the right thing they're like you're being tracked but the reality is every corporation says you're being tracked push okay. Or go to a complicated screen that's confusing and figure out how not to be tracked it's not like just an answer like at the beginning like would you like to be tracked yes or no save this answer it's everywhere and you know it's horrible then we don't have it here the US but it followed me home I think that it stored itself in my browser or whatever I'm not complicated these days I don't know but I'm sure it's in there telling them that I've been to the EU and then I need the cookie warning and I go to websites now it from the US. And home and yeah I get the cookie warning so it never stops my savage it really is like the worst thing ever like they they they had the internet and they're like how can we make how can we make using the internet the vein of everyone's misery but all will put make people put a disclaimer up on every single website and the second thing that we have in the UK we had this glorious thing which which is round about so I love roundabouts and then some smart ask but traffic lights on them so you end up sitting around about the waiting for the traffic lights when no one else is around when you could just be going around the roundabout so yeah I don't know it's a it's a difficult trade off but we don't have we don't have Jay walking laws where you have to just stand on some road like one in the morning and some Francisco waiting for a light to change because if you walk across you'll get shot by some crazy tricky happy cop at least you just crosswear with how we want yeah California has withdrawn the Jay walking laws I don't know about other states but then we have this other law free I just heard about they let you shoplift up to $900 worth of stuff without having any penalties like it's a ticket that's freedom a driving ticket so that's it seems like a whole not a problem we've got going but yeah there's definitely things wherever you go in the world there's going to be crazy stuff right it's a but we've got it quite you know we've got it really good in sort of in the UK in general and as you do in the US there's just stupid things like how they regulate certain things and and red tape is you know in some respects is necessary it saves lives and stuff but the problem is that all these regulatory bodies that they're never going to say oh this is fine we've regulated the way we're doing it. So we're going to regulate this industry enough you know they're always going to be trying to find new things is their end goal to just add new things to annoy people that's what regulators do they're like how can we annoy people today we're going to regulate cookies we're going to regulate finance we're going to regulate this and so you don't get happy medium of something that's just the logical what's it called the common sense version of limits to help people out you have this crazy overzealous red tape after red tape after red tape we just look why that kind of the what's he called the garden or guardians of the galaxy what's the Arthur C. Clarke wonder the real funny one with the you know you know it Thomas the Hitchhiker's guy to the galaxy's like the galaxy Arthur C. Clarke. Oh that's an awesome club that's who is it. That's Douglas Adams Douglas Adams good old dog yeah good man good man hate red tape Switzerland that's where you want to go Switzerland they've got a good approach to Bitcoin regulations and also across the street across the street wherever you want and round of our stone of traffic lights on it's got the best of everything round about the house I also think that the positive way to look at this with the US banning this or that is that we're so incredibly early and that even you as a new Bitcoin or in 2023 watching us old Bitcoiners saying that we don't know anything is still incredibly early to Bitcoin I remember when the new iPhone would let you install Bitcoin wallets and someone took a sniper rifle and put a bullet through the brand new iPhones that they could win money that they used to buy an android or whatever and everyone was so happy and Apple so terrible for Bitcoin and now you can install Coinbase you can get it. You can install all these other apps so it does blow over it's a temporary thing even at that time so we're like yeah Apple seems like a really smart company they've made a bad choice in the short term we think over the long term they're going to fix this and they're going to come around so I'm sure it will again but with a lightning wallets if they don't want to run them because of the custodial risk that is going to change the field you are going to have to get a new wallet if you're using wallet of Satoshi as we're talking about here and Dan just said Hikers guy to the galaxy I was going to say a first thing to do is don't panic we've been through this before we've moved out of exchanges we've moved out of wallets like Ben was saying you find a new wallet that is approved it's a good one that people say is good test it out a little bit send a small amount and then all you really do is with draw your funds from your old wallet wallets Satoshi to your new wallet wherever that is and and you're set it's not that bad you can still then you know you just update your addresses you can go back to zapping people on Thomas or Noster or whatever you're up to these days so moving on to issue four issue four with an approved black rock ETF the Bitcoin price will hit 141 thousand dollars a coin says the street dot com not some weirdo on the internet in a mad hatters hat new research finds that institutional interest in a spot Bitcoin ETF would draw 14 billion dollars even more money than FTX had to the crypto market within one year of approval Ben arc we talk about the ETF all the time everyone's tired of it it's been years and years but still if the ETF is approved perhaps 14 billion dollars would enter Bitcoin and cryptocurrency what do you think about that I think it's the yeah no I mean it's 240 is the is the target so they're like a hundred K off and then obviously 600 billion so yeah but so I mean everyone's the good they're all gonna have that this is like a legitimate analysis and apparently by some research somewhere not just speculation but um no T4 is the target like we've got the ETF we've got the the hardening and then what else we got all of the other thing we had oh yes some CPDC being built on Bitcoin some third world country not some not a developing country sorry um so we have the the perfect storm of promo which is going to happen so we see it's going to push up to 240 and then bounce down and then go back up again so on our our merry way to 600 billion Dan Eve is 141 far too low no I think you know I think they think they're they're right I think the 240 was a 280 figure seems a bit more bit more fitting after you think about the the next harvesting maybe not like before the harvining but after the harvining uh when you know we've we've got the ETFs in full swing um and it's what usually it's like a year after the harvining right year and a half after the harvining that things really really kick off um I can see that that price quite easily but the the crazy thing is that every between every harvining it is funny that you kind of you you pick a figure and it always ends up being much lower than you expected because it just Bitcoin price just blows your mind um and you know I think we're well on the way to this this 600 billion figure I think this is this is this is really making uh this is you're sweating me round bend by this 600 the 600 billion thing um maybe eventually in when we when we're multi-galaxy civilization um I can see that but yeah two two four he's quite quite reasonable um ultimately it's going to be moon one one way or another what's this all these look at all these zeroes Ben go and get you sharing the screen share the screen this is 600 600 billion right here what's this is that a website 600 dot what the fuck 600 billion 600 dot what the fuck oh wow yeah that's yeah this is the the 600 billion collective um so check it out it's pretty cool oh that is pretty nice pretty good 600 billion sounds like an awful lot uh check it out the twitters at tech dev underscore 52 rights as far as liquidity is concerned the cycle bottomed over a year ago this has been the part where things accelerate quickly and he's got a chart showing a 10 x bit coin bump a another 10 x bit coin bump a seven x bit coin bump and according to his chart reading not financial advice another large upward pointing arrow look at that as well wallet of satoshi is trending so what do you guys think about the price of bitcoin with the halving coming up of course competing the magic eight ball the true source of all bitcoin knowledge the baldest truth in the land Ben arc higher or lower this time next week it's gonna be high we're gonna have some good ETF black rock news um people start get talking about harving gas it's gonna go higher then eve higher or lower yeah higher and I think last week I even said there's my prediction that we might just reach 40k in some craze move and and we're not far off you know we're just about 2k just over 2k off so I'm pretty happy with that prediction even though it was pretty even as wrong it's still a semi-right prediction but yeah I'm going that away in general all of this price talk is just crazy to me I watched a video the other day where I was really excited that the price broke 400 I'm like it's 400 it's so sweet bitcoin is 400 but with Ben 600 billions rotating in the background we will ask the magical bitcoin ball which I think might have been wrong last week but we all know the ball is never wrong it is always right therefore that couldn't have happened will the price of bitcoin be higher this time next week reply hazy try again so there you go the ball will not answer it does not play tricks for you it is not a dancing pony moving on to bonus issue issue five argentina's new president says that shutting down the central bank is quote unquote non-negotiable he's got a plan and he's carrying it out can argentina really move from the peso to the dollar another part of the president's plan is to move the country not to the bitcoin that everyone talks about but to the US dollar will this be a good move they want to adopt the dollar as their national currency meanwhile there's no money and he's telling the people that the government will not spend money they'll switch to the dollar which will allow them to not be able to print any money and then everything will be fine in argentina ben arke there's a major libertarian experiment going on obviously many people on twitter are cheering this event even showing pictures of him a dynamiting and blowing up the central bank which is very exciting but could be a little questionable for argentina ben arke what do you think about argentina's new libertarian government he emani scares me he reminds me a lot of penicie like with the particularly because he's he's got this this Marxist conspiracy theory stuff going on and it's kind of a you know like a penicie the coup d'état and then very much a US friendly government comes in and then opens up the resources to the US which is obviously why the US backed the coup and then there's the red scan and the red scan it causes a lot of death and destruction and a necessary suffering so yeah it's i thought we'd move beyond those types of politicians in central sorry south south america but no it doesn't it doesn't seem that we have and he's like a two-bit economist it's written a couple of crack books even the Austrian economist done like him i don't know why bitcoin is a holding him up he's just yet another example of someone who's we shouldn't put too much stock in and then for some reason bitcoin is support and i just fear that it will be we'll be like the chicago boys and uh milfordman supporting penicie um and uh yeah no then i knew yeah it'll go bad so what i've i mean these these things happen will say that goes but the the it's not very exciting them getting rid of their own abilities to be able to be sovereign currency producers and then use somebody else's currency particularly when there's other countries you know such as al-salva door who were doing everything they can to move away from using the usd admittedly also you know they do have something that's a bit of a dictator but yeah it's he's unnerving he's unnerving some of his uh some of his theories in conspiracy theories tough someone of that calibrary power yes is is is is is unnerving it is interesting Ben because at like we say on one hand what they're saying is true we have that book confessions of an economic hit man we have what the IMF was doing down there giving these countries loans getting them addicted to the debt and so forth and certainly i'm not here to say that the central bank in argentina didn't overspend but to then cut your hands off and to say we're going to trust instead of the central bank in argentina the unelected central bank of the united states as our replacement is just a bizarre decision i know the bit corners rooting on the outside probably wanted him would go straight to bit coin and maybe he's saying oh i can't do that now or i'll do it later or whatever but yes blowing up the central bank is one thing taking away the government's ability to spend but to then just hitch your ride to the united states does not seem as strong a move as to perhaps to go in with bit coin get on this technology thing or of course we've talked about the value of having your own currency as you can print it and everyone's mad about that in the chat but we all know that's how government pays for things dan eave what do you think about the argentina system and like Ben said the the way that bit corners are just attracted to anyone who takes power regardless of their background well it did seem initially like that he would be argentina would be the next to move on to the you know to the bit coin standard effect to be in and the bit coin would become a currency within argentina so as ben point out it's insane to say you're bringing down the central bank but then to move to a currency that's run by a central bank that's not even yours so you're giving up complete control over over the banking system now there's fair enough being critical of it in saying well the central banking system didn't work in its current form for your country but to then go and use someone else's which has no interest of yours in mind let's face it like that's the reason why else alfandor wanted to shift away from the dollar because of the lack of control so it's almost like they've given up well they're giving up the control that they the only control they did have rather than reevaluating saying what did actually work I know you know lynch for sayings but what did actually work for the which didn't work for the central bank how can we improve it to move on to someone else's central bank just seems crazy I don't know what the I did see he does see he says some some very off the cuff things right I don't know if the the translation was right but I've seen a like a load of videos where he said like fucking liftars god damn liftars the crazy ass left his liftards and I don't know if the translation was off or that he was a bit of hyperbole or whatever but he seems like a crazy old character he seems like an Argentinian like Noel Gallagher after a few pints he's like you know moaning about blur or something crazy he's like god but um he's yeah he's quite a character there's he's also he's replaced or is the the cabinet that he's putting in um on as um which kind of a good thing I suppose they're not as extreme as everyone expects it he's he's picking a much more middle of the road cabinet um so maybe a lot of what he was doing is actually all for show it was all to get elected to say things have happened in an extreme nature and we need you know someone extreme to come along and change things and then as soon as he's elected he then becomes the standard middle of the road tainted by the power um you know politician that that that everyone seems to become in everywhere when they say they're gonna change things and they they don't actually change things they just you know go with the status quo um so what seemed like a good opportunity for for um the country to go on to the bitcoin standard and and really everyone getting excited about about the the El Salvador effect right on a much much much larger economy um is now is now nothing but a dream again um and it doesn't seem like it's gonna go that that way god damn Luke cars well and as the article says switching switching to the dollar has been successful for other countries in the region but it almost seems like a 12 step program for inflation based capitalist economies where when you're running it really badly and you're out of trouble you could just switch to the other larger inflation based capitalist economy that's still running to keep your smaller one running and they see a two to three percent game but they're not really solving the problem then arc what do you think about this idea and again we're getting into pretty Marxist theory here that the capitalist system is just holding up these other countries by allowing them to use the dollar which is again just a larger version of the same inflation back backed out of control central bank currency that destroyed Argentina just a larger one that's going to destroy the whole world just seeing this you know perpetuate itself i mean i just for a long period like well after the second one we're really the namely the game was to pull the resources up from uh up from central South America and enrich the US and you see i see it if i go when i've been away and i've gone central South America i can certainly see US's influence and it's not all good um on those regions and uh i mean it's it's more documented like the amount of meddling which which happened by the CIA and the amount of like puppet leaders which were put into a more friendly towards the US and how much all the uh leaders he just wanted some just some small you know socially progressive policies build a few road schools hospitals whatever um how they were were um uh yeah probably would uh dethroned and then they had someone else replace them so like we don't want to go back to that really um it's yeah it's not particularly exciting them losing their central bank and uh and then just using somebody else's central bank particularly the US because there's a lot of problems there i don't know maybe it maybe it's the path to something to maybe but i mean them just they can still use the US they i don't see why they have to get into that central bank like they can you can still use the US uh USD in Argentina so just use the currency um you don't have to it is it is possible by getting rid of the central bank and saying they're going to do it they cause their own currency to collapse collapsing the value of everything bought or sold in their country maybe then they can scoop it up for cheap no yeah maybe i don't know maybe maybe there's a great policy at play but i mean yeah he's yeah he's a mile cart at least another yeah another populist leader the world is full of them uh and we're moving into unstable times and that's a big mark of unstable times you have economic issues um you know you have uh uh and then you have populist leaders and then you have conflict and war and that's what we're heading so sad yes but it almost seems like something out of the woody alan movie bananas the revolutionaries are here and we've brought our new system the US dollar incredibly revolutionary new currency system for you oh it's very Marxist very very leninist yes it's very strong uh but we're running out of time we're going to move on to predictions or story of the week Ben Arkey ready with a prediction or a story of the week going ahead yeah man i mean i i i i i sat down today and i just tried to make a video for an austin market um because i need to start making some videos again and for all the things we've been building over at LnBets and i'm overwhelmed uh like towel this week has been working on uh in the in our point of sale extension that you can use it also as an ATM but then also we have another feature where you can have products so you can kind of have you know like when you're into uh super market and they just pass different products and it calculates so we've got that in the PRS as well um and then DNI was adding liquid liquid Bitcoin support to bolts um for looping in and out uh using uh liquid which makes it really cheap to balance channels um in on your liking node and uh and then Vlad's been working on a login PR um in in Alan Bits as well so there's just there's just there's there's there's so much happening it's incredible uh i don't know why it's just been a very very productive productive week probably just like that last little squeeze of productivity before we all calm down over Christmas i'm not sure what it is but anyway it's been a very productive week and uh i need to sit down and start making some videos and um and and and publishing them um but yeah hopefully hopefully i'll have that i wanted to get the austin market video out today so i'm might try and do after the show in fact uh because it's a black Friday of course so not long-aged research things but you know if anyone who is i hope you're enjoying up like Friday experience i hope you're shopping online not in one of those crazy stores although i don't know if that happens anymore they used to have stampeds here dan eave prediction or a story of the week go ahead well unfortunately no new pigeons have landed at fortunately for them haven't landed into my lap uh but obviously i didn't make the connection until today and uh and that that uh obviously there was Barry first of all then then then Larry uh Larry's obviously passed away um and uh unfortunately i didn't know what kind of what to do with him so he he still sat dead in a box outside the kitchen door and now that i've realized that Larry was the same name as Larry think i think i'll be keeping him as some sort of voodoo doll to help control black rock um until i can give him a proper burial of course but yeah no new pigeons for for me unfortunately um but i hope i hope i do manage to successfully save a pigeon one day i fed them i did all the nice things in that lived in the house it was all nice and warm but yeah it's a shame you put your own new pigeons who made you one damn god no new pigeons imagine that video probably a good thing probably a good thing well we're running out of time i just want to give a shout out to Andrew Callahan and channel five they've got a great new video about the streets of San Francisco it's an incredibly fair look that both explains how there is problems but that the problems were caused by larger forces not necessarily progressive politicians it seems more like after covid the office workers from the technology companies didn't come back leading to many jobs including janitorial and other jobs going away leading to people being homeless on the streets not having shops to places to shop at not having these office workers anymore as well as other problems including the fentanyl crisis the opioid crisis and the mimby movement which allowed san francisco to not build any new houses leading it so that no one could afford to live there it's a complex problem he takes a complex look at it it's a free youtube video you can watch today it's called san francisco streets over on channel five you've probably heard of him before used to be all gas no brakes it's a great great documentary type guy i actually so i started watching it i thought i didn't know whether it was a spoonful not but within like he said within i was he within 90 seconds of of starting to interview people he witnessed a car jacking and the guy is running down the road like after his car and he's running with the microphone going what's happening here and he's he's a great like i it's great like clickbait and he got on the news and all the viral stuff the reality is though just to check in just a little bit this guy goes into pick up his pizza in his beautiful blue Prius in it looks like pretty bad neighborhood he leaves it running i'm not sure it's a car jacking if you leave a car on the street running i'm going to guess the doors are unlocked it didn't look like they shattered the window so someone just hopped in the car and drove off with it's more of a joyride than a car jacking there wasn't a knife or a gun not to say it doesn't happen in the city but uh yeah it was unfortunate but he did such a good job i thought from there because i was worried he was going to go into this kind of right wing you know san francisco's terrible because of the progressives and robber robber and it's great because you've seen it on fox news you can repeat it back to other people but the reality seems this much more complicated problem with the covid the tech workers changing to working at home the nimbis not allowing large apartment buildings to be built so in that no one can afford to live there uh thus these janitorial and other type workers are put out on the street if they lose their job no one in san francisco has an extra month's worth of rent uh saved up it is so expensive to live there uh but yes it's just a very complex problem it was a great look uh that he had to it and anybody that's you know saying yes or no or this or that in the chat go check it out it's about half an hour long and what's not going to you know kill you it's not four hours or something but umplex problem complex look uh really enjoy it's not as long as a bitcoin group episode no not a lot of like three hour marathons all right but we're running out of time this is our special black friday edition as Ben mentioned uh so we want to be sure to say what mcglofflin always said on Thanksgiving he said gobble gobble and until next time bye bye