The Bitcoin Group, the American Original, for over the last ten years, the sharpest Satoshi's, the best Bitcoin's, the hardest cryptocurrency talk. We'd like to welcome our panelists, Ben Arck from LNBITS. Hello, happy stimulus-alpses. And I'm Thomas Hunt from the World Crypto Network, moving on to issue one. Issue one, Trump coin. The Trump meme coin, DJT, on Solana Sky Rockets, admits rumors that it's the official token. With zero evidence of a Trump link, one Solana meme coin is more than doubled in price and seen $129 million in trades based on a rumor. Then the next day, Trump token whale sells for $3.7 million profit as the meme coin begins its decline. Then Donald Trump and son Baron are not involved in DJT, Solana meme coins as Roger Stone. And there's now a Twitter story saying that Martin Shrik, I can't say it right, Shrik Kiley. I think he was that pharmacy guy. He sold the pharmacy drugs for a while. He's the A.D. Sky. Yeah, he's made money on the AIDS drug and he bought the Wu Tang album. He claims that he collaborated with Trump's 18-year-old son, Baron Trump, to make the coin. He even said that Baron ran the programs and sat there with him. Roger Stone, Trump's longtime lawyer and ally, took to Twitter saying, Donald Trump and Baron are not involved in any way with DJT. Also on the meme coin updates, I wanted to warn you about Daddy coin from last week. Andrew Tates coin plummeted 60% despite his plans for, quote, utility. So Ben, what do you think about DJT, Troy coin? The coin that seems completely unlinked to the presidential candidate, yet made a lot of people a lot of money. Yeah, it seems that there's a whole bunch of these Trump Trumpy coins which have been published. And I think the DJT wanted it replaced. Maca coin or something. There's this Maca thing and then there was a press release saying that they had nothing to do with it. The Trump people and then there's the DJT coin and now there's another press release saying they have nothing to do with it. It's interesting this involvement with the Schglill lead guy. He's like a notorious baddie, the guy who like up the AIDS medication up by, I think it was like 10,000% or something. He got a lot of trouble for that. I actually thought he was still in jail to be fair. But even he world like shit coins look for opportunities and even if they haven't been involved, it kind of makes sense that politicians will become the new shit coiners and try and print some money to fund their campaigns. So if they are involved, it wouldn't surprise me. If they're not involved, it wouldn't surprise me. From what I hear though, this Schglill guy is being quite brazen saying that they were involved and he did work with Baron, Trumpson or something. And had lots of calls with him and as he's probably not being out of jail for very long, I can't imagine he's going to want to put himself in legal trouble. So I imagine what he's saying would be truthful if not horrendous. But I was able to, I was, I had a slight insight when I was in Prague. I was speaking some shit coiners at this side of them who do the meme coins and they're just opportunists. They find something anything, anything that all, which they can piggyback off, creates a meme coin, pump it, dump their bags and then move on to the next one. And that's what they're doing. They're just reaching out to these whoever, you know, it could be Andrew Tate, could be Trump, could be whoever. And then creating these coins, using this way to just pump their bags and then dumping the coins on the market, which I kind of feel is a shame in a way because I've always quite liked the idea of like a community-based coin. But I think we spoke about this the last time I was on. And I was saying it's probably better, a better fit might be like an FT type thing, which you could collect, like some sort of collectible, which would then be pegged as the person or whoever or whatever your, this thing's pegged to, whatever community it's pegged to, as it goes up in value and is worth, as they go up in value and is, is it a, have a bigger impact than whatever your holding would go up in value. But yeah, it's kind of like these things are so easy to build. It's not complicated. It's not like the olden days where there was at least a little bit of technical expertise, which was involved in building out these crappy coins. No, it's, you know, down this software, click around, name something, publish, boom. And you've got yourself a meme coin. So yeah, it makes sense that there's going to be a whole bunch of coins particularly around the Trump campaign. And I actually think they probably are involved. And they've just tried to distance themselves from it, because they're worried about legal repercussions or perhaps annoying their voters. Maybe this thing took off more than they thought it would and became, people started to hear about it in the general media, as opposed to just within the weird cryptocurrency media thing. But yeah, we'll see. We'll see what happens. It's a brave new world. Politicians become in shape coiners. It's been very interesting to see how some people are into it and some people are drawn into it. It was just a few weeks ago we talked about gender coin, which was kind of casually announced on a Twitter post that a lot of people thought could have been fake. Maybe the account was hacked, maybe Mr. and Mrs. Jenner didn't even know who he was linking to or what the coin was. Later on, they took credit for the coin and it became one of these pump and damp things. I agree with you, Ben, it would be nice if there was a good community coin. I'm not sure how we're going to get there. And I don't think it's easy going to see the winner. Obviously, if you want your meme coin to win, like according to Andrew Tate, he wants his coin to win. And he's doing what you said, Ben, he says he's going to convert daddy coin into an NFT, probably by buying up all of the stock and then the people who have them left, they'll call them NFTs, and then he wants to give them rewards and so forth. But I think it's really strange to see these things take off to millions of dollars before the rewards. There's so much hype and so much froth in the market that people want to get these things. And I don't know whether they see them as the new NFTs, the new collectibles for people like you and me that have been this so long. It's another ICO, it's another NFT, it's another same old thing. But obviously with much bigger stars, the former president, the Olympian, Iggy Azalea, this Tate guy, so it is very interesting to see how it goes. But like we've been saying from the beginning, and Andreas said, of course, everyone in the future, everyone will have their own alt coin. And I think the coin in the playground. That's it. And Andreas, in his beauty and his kindness, he thought of as it a good thing. He's like, yeah, the kids will have their coins and they'll play with them. But when we look at what's actually happened, it's these famous people, and even these famous people that aren't involved or claim not to be involved, we don't know that are making the meme coins. And they're not making them to make friends with Joey and Freddie and whatever. They're making them to make a lot of money and presumably rob their fans. So it's very interesting. I don't know if it's fans or early adopters or stub hub scalpers, whoever's into this thing. But it definitely seems like not something I would be investing in. And we've also seen the go up and down as expected. Yeah. I've been might having internet problem here. We're not sure if he's still with us. But let's see. Exit question. I guess it would be the ICO thing where a lot of people go excited about people's borders and money and then there's people. Oh, no. This is a back. I'm a back. I still hear your audio, but I think you might be on a delay. You might want to try to turn your video off or maybe rejoin and stuff. Stop pitching, man. Can you hear me now? Yeah, I can hear you. No. Well, we'll see if Ben can get his internet working. But it is interesting to see as these. OK. So these go in bigger and bigger. And you know, yeah, I can hear you now. OK, poor internet. You're you're the road. All right. I can mute my video too. Well, I'll go out. But I don't know. I just think it's going to be interesting that I think he came back. I think it's okay. Is this pitching on top of my house? There's a big fat pigeon on my house and it's messing with my star link, I think. But yeah, we're both in bad internet scenarios today. So let's see how well we can carry on. No, but the you can imagine these crypto-bro people talking to whoever, you know, and you take and say, no, you can make loads of money, easy money. And they're doing that to all they're just opportunists. They're opportunists. The ones I was speaking to the weekend, they'd like sort out some kid who's in some meme. You know that Russian kid with the funny face, the blonde one. It's got like a kind of big guys. I don't know. It's like a something of a meme. You see pop-up of memes. Anyway, they track this kid down in wherever in Russia and then go out on a live stream and launch a coin based on him. Just an opportunity to like piggy back off some, if there's any sort of like momentum within some sort of internet phenomenon, then they piggy back off it and then they just try and make money off it and that's all they do. And they're just approaching all these people, you know, famous people in front of us. We have them and they're just, but we had it with the ICO scams where there's like a wave of scams. People got burnt. Then they learn that the ballaks, you know, these companies who launch in these ICOs, they don't need usually come to anything. There's very few of them who actually are successful and spend the money wisely. And I guess it's just the market's found a new in a new way to convince people to part with their money and they're exploiting it and after this wave, which you've seen, you know, six times or something in one form or another in our market. After they've after people have been stung, they'll learn and there were people won't be able to launch these, these ridiculous coins. But now I was interested on a little side now, because obviously we work on some NOSTA stuff. And with NOSTA, it's, you know, you have access to the full social media network of, you know, the full network of users when you make a NOSTA client. And what I imagine might start happening, there's no real like monetary value attached to it, but you know, one of these Android Tate type people, they could make a community centric client, NOSTA client. And then the users could use it and they would feel like they're part of something, but then they're also part of the larger NOSTA network as well. So I was sort of waiting for that to start happening in NOSTA, sorry, related to the cool things about NOSTA, obviously, is there's no shit going to attach to it. And but I was waiting for these kind of community projects to start to appear on NOSTA and then pulling all their users into NOSTA. Well, there hopefully it's people who aren't utterly despicable and yeah, but well, what would be nice about that is at least they'd have a project to coalesce around. They'd have NOSTA to work on if they improve their version of NOSTA, then the people who invested in the coin could get rewards. It seems a lot more realistic than these random celebrities launching meme coins. Yeah, yeah, it's just easy. It's just easy and they have some you know, some party and they have someone some cool cypher punk or cyber punky looking crypto bro with like, back in the band down in his head and like, bangles and all up top in his rock sack and it gets out and he's like, yeah, man, we can launch a coin. It's going to take over the world and they get convinced by the by the sale pitch when really the crypto bro has no real like interesting the technology beyond just trying to enrich themselves. Well, one of the first ones you covered of these coins, the Iguia Zalia coin, they had a some kind of hacker or computer person they worked with who launched their initial coin and then ran off with all the money. I think he got around 300 K. But yeah, it is interesting that the scammers are scamming the scammers. I get all. Located layers here. Yeah, yeah, we'd stuff to wait for the way we'd stuff to watch. Watch it happen. Watch people get right and then the world will learn. Not to trust these influence of meme coins. All right, let's keep it. It is interesting. I suppose if you have, you know, potentially the presence, maybe the future president's son involved in creating one of these things and then this guy becomes president like, I don't know, I don't know where that puts that weird meme coin. Hopefully it was just fizzle away to nothing. But and you got to remember as well, all these things that are cast their castles, built on Sonoma castles, their Sheds, built on sand, I guess these things are built on the salon and that work, which is as we know, a tabolics. But yeah, it will be. It will be interesting to see. I imagine more politicians will come out with similar sorts of things and some of them are against power and whether they'll shield their backs in like. And leverage the part I have. Soon, Thomas, you'll be a DJT will be an accepted currency in the US. So that's something to look forward to in it. Certainly very possible. And if his father was reelected, I think, and if Baron was involved, which we don't think he is, he could probably get a pardon. I mean, he could probably turn this thing around because yeah, it looks bad now. And I think a lot of people are going to lose their money. But we've been talking about memes coins for weeks now, but people still really like them. There's still that theory is, if you get in early and it goes up and you sell, you could still be a winner. But there's going to be a lot of losers around you. And it's a very dangerous investment to play with. Just like the ICOs, exactly the same. And it was exactly the same like way in which we spoke about the ICO, ICO craze as well on this show. And it moved along and no one even remembers and they didn't learn any lessons. That's the worst. Well, let's let's keep moving here. Moving on to issue two, micro strategy just bought $800 million worth of Bitcoin. We've talked about this company before. This is kind of what I would do if I had a big company back in the day, mad bitcoins would just buy up Bitcoin and hold them. Seems like it's going well for Michael Saler. Despite his Ethereum is okay as number two announcement last week. He bought Bitcoin once again. I think it's a, it's really interesting to have a company out there that's just buying Bitcoin. Obviously you can buy them on the stock market or you could buy one of the new ETFs, which directly hold Bitcoin. It's interesting to see the contrast between those two vehicles and how micro strategies taking off in ways that the old Winkel Vi and Barry Silver, his ETFs never did. His little things never seem to have these kind of moves that micro strategies making buying more and more Bitcoin. Maybe even starting to worry people that they have too much Bitcoin, they say they now have 226,331 Bitcoin. That's 15 billion dollars. And as it says, almost 1% of the 20 million tokens in Bitcoin circulating supply, Ben, Arquady, think about micro strategy, buy and more. It's worrying. I mean, I know I'm not saying he's a spook. That's what I hear. I'm not saying he is. That's what I've heard. That's some of the rumors. And if you go from a position, maybe the US goes from position of trying to stop this thing. The next thing is trying to control it. And one of the best ways to try and control it is just get as many coins as he can. And there's a glitch in the system. And it's hard for a lot of Bitcoin. It's a hair because a lot of Bitcoin has got micro strategy stock. And they've done very well on it. But I feel like we should be very wary of micro strategy and Michael Saylor, not so I personally didn't say the spook, by the way, I'm just that's what I hear. Some people said it to me. I don't think it's true, but you know, maybe it's true. I'm not saying it's though. Yeah. So like he's just found this money printer machine, which is that he buys Bitcoin. He sells micro strategy stocks. People who want to be exposed to Bitcoin, he gets the money from the micro strategy stock. And then he buys more Bitcoin. So you have this infinite accumulation of capital and and sucking up Bitcoin. And I'm not entirely sure of his intentions. Can you can you share that that tweet, which I sent you with the this was great. So I went to BTC Prague and in Prague, they have parallel in Polis, which is the Institute of Cryptoionic, which really has the the spirit of Bitcoin, where we all came from. Embedded in it. And they they printed out. There's me down at the bottom and they printed out this huge banner, which is pop up, pop a pig from Peppa Pig. And he's eaten a Bitcoin. He's got Microsoft. So it says, tell us something about Bitcoin, Daddy Pig. And then they got a little guy with the microphone. And I thought it was, I thought it was a liar. And I mean, it's quite controversial because obviously you see, probably has got this guy as a speaker, but I quite liked how a bird it was saying, look, there are some of us within this community who feel your influence. And some of the things you're saying on. In Bitcoin's best interests. And I thought it was a great way of like protesting that. They also got these out and they print them out as little stickers and they stuck them on all the rhinals in BTC Prague. So everyone, every time I went to the toilet, you saw it. So I hope that chips away is ego a little bit. But we shouldn't trust these, because I mean, you know, these billionaires coming into Bitcoin, relatively new billionaires recycling a lot of stuff we've said on the show, using its kind of father on these big news shows. And then accumulate huge sums of Bitcoin. Yeah, it's certainly unnerving. And the heel flip, like he'll just, if he sees as more money, I don't know, I mean, like, if the speculation is right and that it's a way in which they can just who've got Bitcoin to have some influence over the network, then obviously it will continue. But if not, then he'll just, he sees that, ETH is like a more profitable avenue for him. He'll just flip to that and just stop sucking up all the ETH as well. But yeah, we should be unnerved by it. And he has his having impact on the protocol and on the network. He's so cool. These coins, a lot of people have been enriched by having micro strategy stock. And now he's saying things like we need to ossify Bitcoin, not realizing that Bitcoin is in fact a working progress. And it can never ossify and he's to continually get better. And we need things like great privacy on chain. And there's a whole bunch of hard problems to solve. And this idea is the Roger Verplay. It's like, that's not change it. You know, I have my opinion on how Bitcoin should be unless not change it. And in the context of potentially him not saying he is, but the rumors of his, of his interests lying, you know, if he's being involved in state, like that becomes a nerve ink that maybe that's a way in which they're going to try and have some sort of control over the Bitcoin network. I think it's very interesting that he's trying to buy all the Bitcoin, obviously. And so many others have had this idea like pirate at 40 who ran a Ponzi scheme back in the day where he was taking people's money, buying Bitcoin and taking people's money, buying Bitcoin. And I kind of understood the micro strategy thing when the Bitcoin ETFs didn't exist when it was just the very silver one that had the extra fee. You had to pay a lot more. You got a lot less Bitcoin. I could see why people would say, Hey, I'm going to buy a micro strategy instead of, you know, the Bitcoin coin, coin center ETF for what it was, the original one. But now that there's so many ETFs, I don't know why you wouldn't just invest in the ETF. Like Ben said, if you're a Bitcoin ETF and I don't know the financial details, but I imagine you've written up papers saying that you're going to continue being a Bitcoin ETF. I don't think that the Bitcoin ETFs are just going to decide tomorrow. Let's become Ethereum ETFs, but micro strategy very well could micro strategy is its own company. When you're buying it, there's no promise that they're going to hold Bitcoin forever. There's no promise that, you know, they're not going to diversify into altcoins or make their own coin or make a Bitcoin cash or Bitcoin SV or maybe a sailor's vision. Maybe Michael sailor has his own vision for Bitcoin. We don't know, right? And, you know, we don't we have no insider information here, but yeah, it just smells kind of funny. And I'm not sure why people wouldn't just buy the ETFs at this day and age. Yeah, or just buy Bitcoin if they can't buy me. And of course, these big institutions they can't I think a lot of it as well comes to you got a dog down a leash. I see. A lot of it comes down to as well that you have these people working in Bitcoin companies and they have stock. You know, if you're working for Coinbase or Kraken or something. And then if you have stock and it's with, you know, some Delaware company and your own Carter, then it's very easy to like switch that stock to something like MicroStrategy. You know, if you have like a conversation, what is called, but you can't sell it. The stock, but you can switch to the stock. So I think a lot of people have done that within the Bitcoin space. Somebody really does create this kind of like power dynamic where some quite influential Bitcoin has got a lot of micro strategy stock. And that is also a nerve ink. You know, I've spoken to you myself, you know, some well of Bitcoin is who love micro strategy because it's made them rich. And then and then they they put the blinkers on them and they don't they're not skeptical about what the intentions of my strategy micro sale might be. Well, they've definitely been a lot of times we've talked about how people get money donated to their 401k by their employer and that this is pre tax money. So you can take that out and invest the full $100 say into micro strategies rather than investing $70. And then if your stock goes up to like $500, you only pay the tax on the winnings. So you don't have to pay the tax when you go in. So a lot of people like that could be buying micro strategy and but now they could just buy the ETFs. So we'll have to see how it goes. If he keeps buying and if he stays 100% Bitcoin despite his recent comments. All right, let's keep moving. Check out world crypto network at worldcryptoneatwork.com. We've got 3,850 videos and we've got some really fun. Adam Meister thumbnails. Sorry, Adam, these are all computer generated. But you've just got a real good look on your face there. So check out the Adam Meister thumbnails. Moving on, Bitcoin remains dominance of more than 50% amid volatility. Are we talked about before the Bitcoin market dominance cap how Ethereum and other altcoins have reduced the Bitcoin dominance or control of the market number. But right now Bitcoin is back up above 50% 54% to be specific. We're also checking out the miners Bitcoin reserves are at a 14 year low as the fiat value. Nears all time high. This could be big for the price of Bitcoin and an insane amount of Bitcoin shorters are hoping it won't go to 70K. Ben Arck, what do you think about Bitcoin dominance? The miners low on coins and an insane amount of Bitcoin shorters. Yeah, it's, I mean, I'll be, I'll be trying to suck it up all the coins, isn't it, aren't they? But yeah, fees, miners are making a killing on fees and they have been for a little while since we've had high fees. So I think that's probably impacted the holdings of miners like they can have a profits operation. Based on fees rather than based on holding the coins for chunks of time in order to speculate on the price. Probably as it has historically done going higher. It's also probably a sign that we've got like more sophisticated miners involved in mining now and their operations are competing with each other. And the, yeah, they can make the money on fees and then they're just the Bitcoin itself is just something they get and then they sell straight away. It's not they're not reliant upon it and they're not reliant upon speculating on it like they were as well. So the problem maybe it's more efficient handling of coins by miners. But yes, I think that's positive news and the Bitcoin being over 50% is positive news. But you remember the days when Bitcoin was like 90% of market cap and everything else was just tiny and it wasn't even a threat, you know, that combined that all these things couldn't get over 50% for Bitcoin and it was at first. It didn't even make sense that they were doing this as a metric. We were just sitting there on the sidelines and we're like, Bitcoin is the greatest thing of course. And they were like, no, it's not. It's less dominant. And like you're saying, Ben, when the Ethereum really came out, when it hit the market and then all the other altcoins, they really did check into that Bitcoin dominant. So it's neat to see it going back the other way. Yeah, I mean, I do guess that, you know, just obviously a lot of these things that don't have the liquidity. So we've told them what it before were you create a thousand or I don't know, a hundred thousand mean coins and then, you know, you wash trade them between you and your friends and you get it up to X to mount then suddenly that mean coin has a market cap of some imaginary number. But the reality is that it hasn't got a market cap of that and I think Bitcoin's market cap is probably a little bit more honest in that. It has like utility value people use it for stuff. And we have lots of different use cases people holding it for things as well. And these more accounted for the actual liquidity, which is out there, is probably reflected in the price value rather than in the market cap, whereas like all the crazy coins combined. I would say that the actual, you know, if they say it's, you know, what 49% of the market cap, the reality is that it's still my only bit like 30. It's just that you have to account for all the, all the wash traded chip coins, which are out of there, all the mean coins, all the Android tape mean coins. But no, yeah, things like these ETFs sucking up coins, MicroStrategy sucking up coins, it's a seller's market. It's weird the people showing Bitcoin though, isn't it? It's a strange, I think I guess maybe it's a bunch of people who feel that the harvining has happened and we've hit the high price from the harvining and they're looking historically, why don't they're not, because historically, the pump would happen about now, wouldn't it have post harvining? Is that correct? I can't remember. Yeah, I would say right about now or in a couple months, I'm sure there should be a post-harvining pump. I'm not, I'm not thinking that the shorters are really well informed here. I think they're looking at the market saying this thing has gone up too much, I think it'll go down. And that's not a bad bet, like everything does go down. But when I look at these three stories together, I kind of see that perfect storm from the movie. Yeah. Going dominance going up, miners not having a large supply of coins, so they can't slow down the market, and then the insane amount of shorters. It seems to me that dominance goes up, the miners have sold all their coins, and these shorting people are going to get wrecked. And this Bitcoin is probably going to break through 70K. It's going to be like, I think what he said, it's going to be boring for a while, because you've got to take out the shorters, and that process can be long and drawn out as well. But once they go on, then the sky's a little bit clear skies. That's right, and there's a definite possibility of a supply squeeze, where there's just not enough Bitcoin on the market. There's too much demand, and this causes what they've been asking for on Twitter, one of those large green candles that they want to call a God candle. So that might happen. So we don't know. Of course, the magic eight ball downstairs in the car, but we do have for the exit question, this webpage magic eight ball version here. So Ben are predicting against the untested, brand new webpage magic eight ball. Will the price of Bitcoin be higher or lower this time next week? Well, let me let one again to more detail here. So I did a workshop in BC Prague, and in it we made an element of its extension in half an hour from scratch, and we made the magic eight ball. So you could pay an element your old pay, and then ask a question, and then it would return. I said to talk about this on the show for a while, like I wanted it to exist, and then it would just return a random magic eight ball type word. But stupidly, I didn't have it prepared to show you, but hopefully you'll get merged into the vet extension so I can show you next week. But yeah, it's pretty cool. So what was the question? Will it go up? I are lower. Oh, yeah. That sounds like a great magic eight ball program. I'd love to try that out. It's funny. I really did a magic eight ball program for like the TI 82 calculators or something back in the day. Nice. One of the most fun things I wasn't good at programming, but I had like a bitmap for the background and a bitmap for the other background, and my friend really good at programming went in there and replaced them with a program that would draw like a circle and save a disk space on the program. So it's pretty cool. But yeah, I'd agree, but I think we're going higher. Like I said, about the triple story there, the perfect storm. It looks good to me. Again, you know, not financial advice. Don't take it to the bake. But here we go, magic eight ball. My phone will the price of Bitcoin be higher this time next week? The ball shakes, and my sources say no. My sources say no. The new ball is slightly pessimistic. But let's keep it going here. We've got another issue. Big change in crypto's culture. This is from Joe Weisenthal at the stalwart on Twitter. He says in today's markets newsletter, I wrote about how crypto libertarianism went from building systems that were robust against outside interference to influencing politics in order to protect white to gamble on meme coins. Pretty big slam against the libertarians there. I don't think it's all their fault. I think there's a lot of other people that are into meme coins and this get rich quick idea. Obviously, we've seen, as Ben said, the famous pharma bro, Martin Screly, enter the market now claiming to be behind the DJT meme coin and claiming a link to Baron. So it is kind of a sad turn. I did like it better when we were going to get rid of the banks and replace the US dollar and destroy the petro dollar and all the early enthusiasm. But it's not that big of a surprise and I wouldn't blame the libertarians. If you have the chance to sell out and I think these meme coin people think they do, they're probably going to sell out. They're probably going to go for it. Ben, what do you think about libertarians changing their minds on robust systems against outside interference to influencing politics to protect the right to gamble on meme? Well, I think that inevitably, is this thing gains more traction and general people get involved in it and power interests that we get liquidated. We get diluted down like the core essence and the spirit of why we're building these tools in the first place is we'll get diluted. It's something I was kind of aware of. The past couple of conferences I've gone to where I felt that I mean, you always have it when the price is high, you have a bunch of nubes, don't really know what this thing is. But more and more, I feel like there's people, you know, like Michael Saylor has his own or following people who certain every word he says. And yeah, we're being diluted. The sort of siphonk ideology or the crypto-enkiss ideology. One of these people, Ben, are like really huge influencers. Like we have all our little crypto influencers and Michael Saylor and Coinbase, whatever you want to say. If you think about Taylor Swift or someone like that, if they got into the crypto market, if they started a meme coin, it would be huge. It would be unbelievable. Like you say, people buy everything they tell her to buy. She sells them sweatshirts. She buys those new album, different version of the album. You could very easily see a powerful celebrity like her or someone else in a similar level selling a lot of these meme coins. And then maybe even pulling out early to get that profit. Yeah. Yeah. No, it's, it's just something we're going to have to come to terms with. And I guess at least the people building in Bitcoin still have those core, the core ideology of trying to make like stacy perfluous big corporations and dissolve some of these power interests which have too much control over humanity. And it is a trojan by ultimate. We have built this trojan which they will let in and they think it's their friend but ultimately is there to destroy them. Even you know, billionaire Spooks who are sucking up all the Bitcoins, they're letting the trojan horse. So it's just a matter of time until this thing does impact them but we have become a lobbying force. We've gone from this little weird, techy project we should know ever thought was a scam. To something that people appreciate is being quite powerful and being able to have impact on the world and not something they're trying to control. And then also something which people feel they need to like lobby, you know, like Trump's going to the, I think you'll probably go to the Bitcoin conference in Nashville, in Nashville. I think he's going to attend there because he sees that there's a bunch of people who he could groom and hopefully vote for him. And we had it before we'd have people hop into our little world and then use it as a way of like gathering a bunch of followers on Twitter by saying things which appeal to us and a bunch of people would follow them. Now this is a lobbying force and we need to be, we need to make a concern staff at that dilution of ideology doesn't like have negative impact on the broker and they shouldn't have, you know, we shouldn't really listen to what they're saying about things like ossifying Bitcoin or whatever else. But yeah, it's all very concerning and something which should be definitely beyond guard for and I've said a couple of times now on panels and stuff that we need to be aware of the the fight in which we're involved in like this stuff is designed to attack these historical power bases which have been built up over a thousand years or a couple of thousand years. And of course they're going to try and infiltrate, they're going to try and take control and they're trying to encourage that dilution of ideology and we just need to, you know, fight the bastards as they say. Well, and although I was a little mean to the libertarians there, I want to celebrate the early libertarians and the early cypherpunks who saw Bitcoin for what it was 10 years ago and more than that. When we started making these videos it was a little joke coin like Ben saying everyone was critical of it. They said it was Silk Road money. They said you're a dirty internet user, you know, all that kind of thing. Now a former president, many other people are speaking out in favor of Bitcoin and cryptocurrency. So it is great to have come this long way to have the lobbyists grown up and actually have some money. And like you say to have influential politicians believe that Bitcoiners are worth getting to know even if they just want the money. It's a step forward. We're getting bigger and I agree with Ben we need to try to keep that ideological core but we also don't need to be too upset because we're being successful. More people now Bitcoin is a good thing than before and a lot of them are powerful rich people and have friends and so forth. So that's just going to amplify our cause and make the Trojan horse that much bigger. I guess it's a bit like early participants just in the internet. They felt this thing, the internet was very special dear to them. It was going to have a great impact on humanity and then Corpse got involved, big interest got involved. The thing starts from popular, starts to take off and I imagine they had similar feelings when it was actually successful. You know, that it was like they kind of, you know, were reminiscent for those times where it was a smaller community of people who all shared the same similar ideologies. Can you share a screen so I got my magic capable working? We could ask you a question. Oh, let me share a screen. All right, you can share a screen. Yeah, it isn't interesting. Ben do have come this far and have so many people into crypto now. It's pretty great. I don't know, I can see the QR code. I don't know if I have a LICING screen. Yeah, they closed wallet of Satoshi. I'm going to copy. No, sorry, I came in a copy. I've got a telegram bot here. You know, you don't need to. You don't need to. It's fine. So I want to do is a copy this and then I'm going to paste it here. Okay, I'm going to ask it. Is the price going to be high or lower? And then it should ask me to pay my instant. Oh, yeah, it was all in your dress right there. Okay, fine payment. Is it going to be high or lower? I'm paying in the magic capable? Cannot predict now. Oh, there we are. That's a good. There we are. It's doing work right there. Yeah, it is interesting to have all the people coming to the conferences and looking to get the bitcognizmoney and support. But yeah, I think we just need to see it as a sign of success. And just get more people. Just keep moving. I meant also, this is the point as well, that the overriding, I've been thinking about this more and more that particularly with digital commons, because obviously this is important for the last of stuff too. And you do not have the tragedy of the commons. And I was thinking more and more that if the overriding incentive for all the participants and users is greater freedom and liberty, then that far outweighs the incentive of whatever powerful person positions themselves in a place of influence in the network. So ultimately, I think normal people, just like normal people who use the internet will come to realize that this is a thing which can empower them, can them make them more free. And then they will actively, or maybe not even actively, it's that almost like that invisible hand thing, there will be a drive, a push for this thing to be successful as a tool of free deliberation and not of control and coercion. Well, and one of those things about being that early internet user is that you couldn't necessarily make money from it. Maybe you could get a job in internet, maybe you could get promotions, that kind of thing, but it wasn't like Bitcoin, there wasn't a coin. So what's different about this time as an early internet adopter and an early Bitcoin adopter is that this time there was a coin. And if you had a lot of money, if you had a little money, or if you're into risk, if you're not into risk, you could get that coin and you could still get that coin. And if Bitcoin is successful, if the internet is successful, you could profit off at this time. So I think that was a big difference. A lot of people saw that early on and got very excited about those possibilities. Let's keep going. We've got just a couple announcements here and we'll discuss these and we'll head towards the end of the show. According to Laura Brookover at Laura Brook C1 on Twitter, the SEC sent the Ethereum people a closing letter in the Ethereum 2.0 investigation today. Things have changed remarkably fast since they filed their lawsuit against the SEC in late April, culminating in today's development. After more than a year, the Ethereum investigation is finally over with no charges against anyone. And remember, we talked about this before, how they accused Ethereum of perhaps being a security, perhaps planning things in advance and so forth. According to this, the SEC has completely closed the books on that. So Vitalik and the others can now breathe a huge sigh of relief. They did not create a security at least according to the SEC. This is pretty huge because like a lot of us assumed that it was security and there would be the legal implications of the SEC's oversight over to Ethereum. And then this court case has said no, it's not a security. It's a commodity and it changes the legal landscape when it comes to regulating Ethereum, which I'm kind of disappointed about because I was looking forward to the day. But I mean, it's kind of mean to me, but I was looking forward to the day where they turned around, said yes, this thing's a security and then the legal implications for that involves. But yeah, it's a huge positive bit of news for the Ethereum community. I agree with you. Ben, a lot of us back in the day were very much on the war path that Ethereum was a security and that they would get busted and that the price would crash. That doesn't seem like it's going to happen now. It's very strange. It was created by a small group of people in Florida. They were all together in that room. It seems like a company to me. They all got heavily parts of the pre-mind. It seems like a company to me. It seems like it should have been a security. But the SEC has decided so at least for the United States, Ethereum's not a security the market can continue and it looks like it's going to. Got one more short story here to bring up. Sadly, Kraken discloses it was exploited for nearly $3 million in a bug that has now been fixed. Apparently, the bug allowed users to send money to Kraken. Their account would then be credited with the balance before they sent the money, inflating their balance, allowing them to withdraw allegedly $3 million from Kraken. They've said that no user funds were at risk and they have closed the whole but it is sad to see Kraken one of the last great unhacked at least according to the public exchanges be hacked. Now it's pretty much Coinbase and again with Coinbase, we don't have any insider knowledge but it seems more likely that they've probably been hacked and paid it off and we don't know about it rather than that they're unhackable. We know how difficult it can be to unhackable. Ben, what do you think about the sad Kraken announcement? I think we can presume that like all Bitcoin exchanges have been hacked at some point but Kraken have done an absolutely sterling job over the years not being hacked significantly and to the point where they have to announced a hack which I think was the difference in this. I'd like you to say because of the weird volatility, volatile price of Bitcoin and all these shit coins as well. It's fairly easy to, as long as you've got enough money to pay people on what they're going to pull out in a day, it's fairly easy if you wait long enough to make the loss up just by the value of the thing going up but I know a bunch of the Kraken people and the good people and I think it's they work hard and I think it is still one of the best exchange in my mind and I would say that 3 million for an exchange, it sounds like a lot of money but it's really not that much money and the fact they announced it is I think it helps give me confidence in Kraken, it's just their treasury which is hacked and they have spoken to a couple of the Kraken dudes before on their workflow and they have a hot wallet and they have this pipeline which then pushes it into a skull storage so there's only ever so much available which the hacker could get access to anyway and they keep that amount just small as possible it was a very goofy bug and it was something in the UX I think where you could like deposit funds and then have the funds arrive in your Kraken account before they've actually cleared and then I guess maybe it was like a zero-confer thing or something I think obviously put too much detail on that but only 3 million it's the story sound of Canada's use being that the the person who discovered the vulnerability apparently allegedly has just to stand as they they didn't they only stole four dollars but they told their mates about it apparently allegedly and then their mates then ripped off the 3 million but if you go on Kraken you got a KYC so whoever's stolen the money like they can find them and ask for it back and I think in the article Kraken have said that you know they're treating it they're not treating it like a vulnerability disclosure because of the loss of the loss of funds and that they're creating as a criminal investigation so if I was the you know the grey hacker who found the vulnerability stole four dollars and tell what makes about it I would I would be kind of sketched out right now I'd be pretty worried that they're going to come after me but yeah we'll see they're a great exchange and let's hope they continue to be great you know we need good exchanges like Kraken and then also one which has been in the scene for such a long time as well I think it's the longest running exchange now Kraken as well and the most the least hacked we have to call it now not the one which hasn't been hacked the least hacked of all the exchanges oh no Coinbase yeah but the Kraken is still the longest running exchange Bitcoin exchange for what I remember I think it's that or maybe a bit stamp that was sold to Robinhood last week something like that but yeah it is interesting yeah there was a similar bug on the Silk Road where the web page when you're withdrawing it would send you two withdraw something like that and similar to this guy it sounds like a kind of a non-technical user figured this out and then you know promptly stole a bunch of money refreshing the page from Silk Road and recently that was the guy who had the money in his Cheetos tin under his house or whatever and of course he spent it and they found him and he's given it all up now but it is interesting to see a similar bug from a independently developed website and then the big professional juggernaut that's Kraken so it's unfortunate that they got hacked obviously I'm a big fan of Kraken I went to school with Chessie he's a great guy he's not this anymore yeah do you know that anymore I don't think he's CEO I mean I'm sure maybe he's bored and probably owns a significant stake or whatever I don't have the details but yeah I think they've actually transitioned in a right way to kind of a more professional CEO with a background and that kind of thing the thing that people have said Coinbase needs to do for quite a while and one more thing on that there was an interesting hack here in Las Vegas where hackers had penetrated the two major casino companies in town MGM and Caesars and I don't have the details of course but from what I've read Caesars paid MGM didn't MGM had their systems wrecked they had massive lines at registration they had their slot machines go down they might even been lost capital I don't know the hackers really went at them whereas Caesars just paid and we don't have that same story where it's hard to check in at Caesars and they're having all kinds of trouble so we don't know anything about Coinbase but if I was Coinbase I would probably pay the hackers try to fix the bug and yeah yeah if you if you if you have like any system woman in a bank exchange whatever like if you if you get a hack we've had it in other bits where we've had you know hack early on and then when the person discloses it to you give them a big fat bounty you say thank you very much and then you get them on the side and then you know anytime they there's ever an ad that another exploit they get in contact with you and you've earned a friend a good technically wise friend rather than earning an enemy and like these hackers have social groups and if you if you act in the wrong way which I was by reading the article it's seen the cracking by training like a criminal investigation they probably should just say look you can keep half a million or something or a million but give us the money back and and then try and get them on board as as friends as opposed to enemies because it doesn't take much to piss off the hacking community and like you say they'll they'll be attacked left right and centre but it's yeah anything with value particularly Bitcoin because if you can maybe not in the case of cracking because you're okay with I see but if you can attack the system and then get some of this stuff out of it and then wash it and sort of the other news tornado cash for this hack on cracking then you know it's it's pretty hard to trace it's not like a tacking a traditional bank so yeah we're I just got a look at the logs on like our demo servers and they're terrifying their IP addresses from all over the world and people penetration trying to penetrate the system which is ultimately why Bitcoin systems win because you know there is that honey pot there and they're incredibly well-hard and especially compared to banks and yeah which we also have to see with being hacked left right and centre yeah the same thing with a bank it would make way more sense to pay off the hackers have a quiet hack then not pay them off how to have a loud hack especially given the MGM example they really did put a ringer it was major news stories it was pictures of the lines for check-in pictures of the dead slot machines how much money they could have lost etc etc i imagine next time they'll just pay but we're running out of time we're going to go to the end of the show here bend you have a prediction or a story of the week go ahead i want to share screen again because i am why just did I just put a new label and this eight ball if we pay it it gives us it doesn't give us eight ball answers it gives us a Tashi quotes so you could print this QR code out stick it in your Bitcoin bar and then people could pay it you know small amount and then it will return a Tashi quote so hopefully the the while i'm using will there we go and we get a Tashi quote here which is Bitcoin is an implementation of why dies be money proposal on side for points in 1998 and nixzebo is Bitcoin proposal so Tashi quote so all I did was I got chat GPT just to make me a bunch of Tashi quotes separated by line and then I popped them into into the extension there and generated a new one of those QR code you could print out a stick it somewhere but there's all sorts of things you could use this magic cable software for so i hope that to be released to the story of the week would be running that as a as a workshop in bcprog and it was quite terrifying the idea of like the idea of of making an extension live in a workshop but it worked it went well and then we did a couple of hardware workshops as well we did a NOSTA hardware workshop we made NOSTA signing devices at lamps the other one was Bitcoin switch that was really successful and the conference itself was great really well organised parts off to Matthias and the bcprog crew and it was great to get people into Prague itself and some people went over to polis and then checked out polis so i think it's going to be on the definitely going to be on the circuit that conference is one of the big conferences to get to if you can and the tickets were recently applied reasonably priced as well so yeah a lot of people who weren't there had a lot of good fun got to hang with Adam back which is always a pleasure chat to him and and Marty Maloney as well and some great bit coiners so yeah that was my story of the week really and i've also made i should probably get it off as well today actually i won't be long so sorry i'm just going to quickly get up this get up this link and then share screen again and i made a tutorial on setting up the eight ball ellibus extension but i didn't manage to in half and i was i did it from polis after the conference and i was utterly wrecked you tell me about an hour to make the extension from scratch while i'm 20 minutes but i uploaded that to the ellibus youtube so something else we have which is called ellibus now is actually if you make an extension you can sell the extension to users so you could knock up an extension in the afternoon everyone would have it available on their own business store and they could pay you know 10,000 20,000 to use to install the extension which we think is a really interesting incentive for people to build extensions yeah that's it sounds like some great work been and it's awesome you were able to build an extension live i've seen a lot of great tweets celebrating your work and how you go around and help people with the workshops and i just want to add to that and add to that celebration doing great then yeah ask it for a month it's good for me yeah i love it i want to want to give a shout out to the bitcoin meyorka conference it's coming up on july 11th through 14th in palma meyorka spain check it out at meyorka blockchained days.com i think i'm going to be there Ben you might be there a lot of the world crypto network people are going to be there and it's a great conference this is the this is like the i don't know it's like the people on the conference circuit doing these conferences this is the conference conference conference i don't know the speakers conference on something like the it's a very small group of people who go with a small conference but it's brilliant like we love it every year it's the the most fun oh we got look at that we got a mere tacky and then we got the electron guy and yeah it's it's a great great conference man honestly if you can get to that one really it's a small hall it's gonna be okay and a really nice hotel yeah you have the water and meyorka is kind of like the german hawaii if you haven't heard of it it's a small island off of spain a kind of near abyssa and it's a really nice time a chris right here sets up the conference he does a lot of great work as you said we're gonna have tomas from electron wall he's a great guy we're gonna have lad of course from bitcoins takeover magazine it'll be great to see Vlad again christian christian rootsel even peter taude mere talky just a great crew and victoria is gonna speak that's awesome way to go victoria and yeah it's just a fun time it's it's a really small conference and if you sign up for the i don't know executive package or whatever you get to go on a boat ride with us on the sunday so that's really a good time we go out into the water it's a nice big catamaran they've got nets and stuff you can swim in the whatever it is the Mediterranean sea out there and yeah since we've times i hope to see everybody at meyorka blockchain days and that sounds great about btc prog as well ben i hope maybe next year i could go it's a bit tough with the timing on these conferences when they're so spread out if you're traveling internationally meorkas meorka's cool because you just all hanging out you just drinking a beer with peter taude and it's funny because with uh when you go that last time i went on that boat i was like that's all these fish in the water i was like i i so i jumped in the sea and i was swimming around with all the fish and they were eating the stuff and i'm like what are you eating the stuff and then i came back up on the boat and then i realized that Vlad was really seasick and he was puking in the toilet flushing the toilet into the sea and then the fish were in the puke and then i was swimming in the flat puke and the fit with the fish so yeah you gotta be careful but no it's it's uh it's not stunning conference it's just you just get to hang you just get to hang out and um chat to everybody there's no kind of the IP area i suppose the closest you get to is that is the boat um we don't have to go on but you still you know you still get to hang with everybody so it's uh very um and i'll inclusive conference we'll just get to hang and talk Bitcoin for a few days um yeah we're looking forward to it yeah it's a great time and i hope if you guys are in the area and you have the ability that you can join us there and also support the conference it's really hard with a lot of these conferences to get enough people uh you know the prices are a little tough sometimes uh if it's a smaller conference but really uh yeah check out meorka blockchain days at meorka blockchain days dot com and uh thanks to everybody for joining us on this early day i'm traveling so i'm kind of in the car tomorrow so i won't be able to do this uh thanks to Ben for joining us and if you uh miss this show and you're watching it on friday that's fine too it's all gonna work out you can watch it later you can rewind all that kind of thing uh so shout out to everybody in the chat if you want to give us a wave or a surf sign or something uh that would be cool shout out to btc moon guy starship shrodinger's destiny glinty gurbot everybody in the chat thanks for joining us on this early day and uh we're going to head towards the end of the show here Ben's guy a little puppy all still doing good all yeah she's still good yeah my puppies got the sleep in over here and then the other one snuck off into the other room to sleep uh but they're doing pretty good because i took them out right before the show so you gotta do the best with your dogs and it could be tough but uh thanks so much to everybody for joining us until next time bye bye