The All Bitcoin Group, the American Original. For over the last ten years, the sharpest Satoshi's, the best Bitcoin's, the hardest crypto currency talk. We'd like to welcome our panelists, Victoria Jones from Satoshi's page. Hey, hey, happy Friday. Josh Shigala from thestander.io. Well good morning, everybody. And I'm Thomas Hunt from the World Crypto Network, moving on to issue one, issue one, micro-strategy just bought another $1.1 billion worth of Bitcoin. Michael Sailor's software firm now holds over $14 billion of Bitcoin after four years of buying up the fledgling cryptocurrency. Victoria Jones, what do you think about Michael Sailor and his micro-strategy? Um, well, clearly he's a bitcoinsy-per-fant. No one's denying that. And clearly has a plan to buy as much Bitcoin as possible. I'm not sure how that's necessarily likely to benefit the rest of us. I mean, obviously, the idea of a currency is that you have something in circulation. The idea that just one person has such a large pool of it obviously is not really what the original idea was. I also have some reservations about Michael Sailor's motivations. Although there are many good motivations in the space and many that he can hijack in order to justify the reason why he's making such a big investment, of course, his main business has always been selling intelligence to businesses. And of course, with Bitcoin being a form of data network, there's obviously a huge opportunity for data harvesting, especially if you have a big stake in the network. So I'm not quite sure what his larger plan is. I never believe very famous and very rich people when they give you the surface explanation. It's definitely worth looking a little bit deeper into what his previous business interests are and how that could play out in the form of time. So, yeah, obviously everyone who owns some Bitcoin is very pleased that a billionaire is putting a lot of their money into it because of course it raises the value of their investment. But I think there's a bigger story that we really need to be aware of and maybe discussing a little bit more. So no shade on Michael Sailor, it's just a case of the fact that all things need to be considered and not all motivations appear as we all now want to wear. It is really interesting. He's had all these seminars for businesses. He's taught them how to use Bitcoin. He's made all these speeches. He quotes all these old Bitcoiner concepts that we all used to quote, but now it's just Michael Sailor who invented them. But like you say Victoria, what he actually does when given access to the Bitcoin currency doesn't make any sense. He's not setting up ways for people to use it as a currency. He's not using his own $14 billion worth of Bitcoin to make the network better or to improve it in any way. He's holding it as a commodity reinforcing the idea that Bitcoin's only a store of value and that it's not a good thing to send around that it's not to be used to buy and sell things on the internet, which is what it was created for. So it is very strange. No one else ever came to Bitcoin and said, oh, that's great. All buy all of it and hold it with my giant company. No one except for pirate at 40, which everyone has forgotten was a magnificent, wonderful, and beautiful Ponzi scheme back in the day where the guy would buy Bitcoin and he would hold it and you could trust him because we have a similar situation right now, but Michael Sailor has a much bigger because and I don't know. You can likely trust him. Not. Don't take it to the bank. Josh Shagalla, what do you think about Michael Sailor? For a party boy from the dot com era, everyone's forgotten. No one knows how to Google search anymore. Suddenly Bitcoin's superhero quietly buying up all the currency and holding it in one big giant vault. Very Bitcoinery. Very Bitcoinery. You know, whales, they're good. They're fun because they buy and you celebrate it by because they're taking currency off the market. But a buy is very different than a burn. Unless he loses all his keys, in which case, you know, hurrah. But I see that that would be romantic. If Michael Sailor was like, I'm going to take all the coins from MicroStrategy out on this yacht and I'm going to accidentally lose them at sea because Trezzers don't float and I'm doing this to improve the Bitcoin market for everyone else. That I couldn't. He couldn't. That's a viking funeral. He couldn't even do that because then those coins could never move ever again. That if he was faking it, you know, no, no, look, all jokes aside, I do agree with your sentiment, both your sentiments on this one in a way. But Michael is also, you know, a bit of a champion of the cause. I mean, he hasn't made his own shit coin. He, he, he stuck to Bitcoin, which is pretty cool. I do agree with you, Thomas, that I would like to see him putting more money into some R&D and to actually bring it back to a currency working on scalability outside of the lightning network. It, it needs to be a currency. It can't just be a story of value, but he is really sold on the story value side of it. The problem is that there are many, many different coins that you can spin up. And, you know, obviously Jimmy saw in and all these people would say, and a lot of the Bitcoin Maxis would say, well, it was the first. And I totally agree with that too. It was the first. So it becomes this collectible because it was the first Bitcoin was the first. And so, and you can never take that away. You can never take that fact away from Bitcoin or clone it or anything. It's the unique selling point of Bitcoin. There's something within humans that they love to collect the first of anything, even if it has been deprecated. So, yeah, I think good on him. He's bought a whole lot of Bitcoin. And other people can hold the value of that Bitcoin by buying stocks in his company. And hey, Presto, you have a micro strategy. It's a pretty amazing little thing. Yeah, just remember, buyers can also be sellers at some stage. It is interesting if we're having a disagreement or a discussion with Michael Saylor, and he has billions of dollars to make his point. So if we were to say, it's a currency, it's a currency, he was to buy $14 billion worth and hold it in a proof of work and his vault suddenly becomes a store value because he has $14 billion to settle that argument. But as for the other plan, if he's going to drop the treasurer in the sea, I think we should search the seas for the treasurer. It's not too hard. Just divide it up into grids. We'll each search until we find it. There's $14 billion in that treasurer. He lost it all. Well, let's move on to the exit question competing against the Magikapal, the source of all truth in this and any other universe. Victoria Jones, will the price of Bitcoin be higher this time next week? Yeah, possibly. It's been going down for a while. Say it's probably time for little bounce. Josh Shagalli, we've got it possibly. Everyone has put their portfolios on the line. Now will you say, higher or lower this time next week? Yeah, I agree there. It'll be higher. My triangle's point to higher. Well, don't agree with the possibly. We've got to take opinions here and certainly the ball is going to take an opinion. Well, the price of Bitcoin be higher this time next week. Let's see. Concentrate and ask again. Concentrate. No one asking again. No opinion from the ball. No, no. No, no idea what you guys are going to do. What you're going to buy and sell this week. You're all on your own. There we go. Issue two, politics. Again, according to something called standard chartered. Bitcoin will surge if Trump wins the presidency. But if Kamala Harris wins, Bitcoin will also go up. So everything is fine. But they must have their own magic eight ball because they say Bitcoin will reach $125,000 by the end of the year if Trump wins. But it'll reach $75,000 if Kamala Harris wins. Josh Shagalli, what do you think about their incredible crystal ball and that all of Bitcoin which previously was affected by things like supply and demand or was connected to the stock market is now 100% connected to politics. What do you think, Josh? Yeah, I totally agree that it's not. It is and it's not. So fundamentally it's not but is human psyche psychology does play a role. So I do personally feel it would go much, much higher. The entire economy will be much better on a Trump presidency. I know you feel differently. So it's all just maybe really. But I'm definitely right on this one. I just wonder what we did all those years where no one cared about Bitcoin from politics. How did we predict the price? How do we know if it was going up or down without these important political figures to tell us what's going to happen? I just thought it was ridiculous the way that they're trying to tie everything to this presidency thing. Obviously a lot of Bitcoiners have spent a lot of money on this election cycle and they're going to get nothing for it. But we'll talk more about that in the next segment here. But no, it just seems ridiculous. I don't think that Bitcoin is directly connected to politics. Obviously other people tweeting that the only way Bitcoin goes up is if the orange man wins and I don't agree with that. I think Bitcoin goes up anyway. I think the halving drove down the supply and eventually we're going to have a supply shock where there's not enough Bitcoin and people go to buy them and then they pay higher price to get the same amount of Bitcoin that they got last week. Although one could argue that and Americans somehow it's amazing. Americans, good on you out there, my fellow American friends, is that whenever you build any technological thing and I find this phenomenal, I find this phenomenal. Whenever you build any website or anything, the top metric on any analytics is always USA. The USA just always using tech and stuff as far as I can tell, every website that I've ever built, everything, even if it's focused for Australians or Europeans, it's always the USA checking it out and looking at and so when Americans have more money and I honestly feel Trump will just be printing more money probably. He'll probably also be drilling like crazy and more oil and less taxes and all this stuff that I think Americans will have more money in their pocket to spend. That's my opinion and that will then flow into things like Bitcoin because Bitcoin still is considered an extra spend. It's not a necessity for most people. For some people obviously it is that are hardcore crypto enthusiasts but also if we start getting to a bull market then people any surplus that they have in their pockets they'll go, I could also become a millionaire and they'll push that in even if it isn't a must have buy. It will become a must have buy and that's it. It'll be interesting to see what happens. Even though you're right we shouldn't put politics on it. Back in the day it was always just the Ang Cap sort of anarchist, libertarian types who didn't care about politics whatsoever. It's definitely coming to play now. Well, it might be related to the seasons. It could be the temperature or the tarot cards or maybe the constellations in the sky. Anything could be controlling the price of Bitcoin. The media just needs it to be simple and tight so they can write a little article about like Josh said previously it was China rejects Bitcoin price down. China supports Bitcoin price up. Now it's which presidential candidate supports it and whether or not he really supports it. We'll talk about more in the next issue. Victoria Jones, what do you think about the idea that Bitcoin price is now determined by the two American presidential candidates? Seems a little myopic, right? Yeah, I mean quite frankly it's ridiculous. I mean it makes a nonsense of everything that's been done in order to achieve Bitcoin's success so far. And as I've said previously, I mean ultimately the design of Bitcoin completely disrupts politics anyway. So the whole idea is ridiculous. You know, I think a lot depends on what happens in the financial markets I think. I mean there's a lot of debate about whether or not the Federal Reserve is about to lower interest rates and traditionally after they've been raising them for a while when they come to lower them it's normally a sign that there's a financial panic on the horizon. And given that Bitcoin is now tied into the existing financial system quite powerfully through the ETFs, you know any kind of panic there could certainly have an effect on the price of Bitcoin which also makes a nonsense of this article. So there are lots of factors to consider. So yeah, just tying it to the, you know which political candidate is going to be elected is quite frankly ridiculous. And of course, mirrors many of the other articles that they often produce telling us that it's going to 1.1 billion by 2030 and you know all the other headlines that we've seen in the past. So yeah, it's just for entertainment value and to give all us Bitcoin as a feel good factor. It's always about the simplicity of the argument. If it seems oversimplified, sometimes it is and especially if it's predicting something like a stock or a company or a financial institution, it's better to have more thoughtful thoughts, more complex thinking. Let's move on to the exit question also about politics. Here's a quote from Zach G at Zach Gignard, I probably said it wrong, sorry bro, on Twitter. He says Bitcoin's magazines continued misrepresentation of pretty much everything is getting very tiresome. This post featuring Trump promoting his questionable shit coin project framed as embracing the future with crypto is misleading and counterproductive. Let's be honest, Trump has no genuine interest in Bitcoin and no amount of deceptive marketing will change that. It's likely he's already sold the Bitcoin gifted to him and invested it in his pump and dump scheme. As of you who champion Trump as a Bitcoin president, I hope you learned your lesson and attached is a tweet where Bitcoin magazine shows a video by the former president announcing the new world liberty for an angel where you can embrace the future with crypto, pay lots of fees to the former president and it seems like at least according to earlier documents, his sons. So let's go to Josh Gagalla. What do you think about the movement for Bitcoiners to give their money to this presidential candidate and the actual results he's creating his own crypto exchange? It's a crypto exchange. We don't really know what it is. It seems like it's DeFi. It's called world liberty financial. Sometimes they call it crypto. It seems like it has its own altcoin, like most things with a 75% pre-mine that we've heard and that it's going to be some kind of a DeFi which sounds to me like an exchange similar to an exchange. But we'll see. That's what I thought. Do you tell still developing? Well, what I've got to say is that there is a missed opportunity in that tweet they could have called it pump and trump. But it didn't happen. So we're all going to be very disappointed about that. But the thing is I think it's a good thing. I really do. It doesn't matter what he does as long as he's involved in the industry somehow because then he will sort out the regulation stuff. I can guarantee you Kamala is not in or the Democrats at all are not interested at all in this space and they'll continue to support the SEC's ridiculous and overzealous policing of this space without actually policing it if you FTX. So I would like to see some actual policy around this space that gets put into place and some people that are actually invested in the success of crypto as a whole, Bitcoin as a whole, all of it. I think anything that is dabbling in this space on the political front is a good thing. Of course, it's not a good thing if it's not a good protocol. So I can't vouch for the project at all. It's probably terrible. It might be great. I don't know. And I have to look into it more. So I can't give it. I will look into it more for next week because I'm sure it'll keep coming up. But yeah, I do feel that this space really needs clarity specifically for exchanges because and for projects that are releasing tokens to help raise funds, the SEC just seems to go after. And we've seen really good projects like the decentralized video platform that was trying to take on YouTube was shut down by the SEC and all these other things. And yeah, they might not be fully decentralized in the beginning. But there's there's, you know, it's all an experimental space. And I really love the idea that users can invest in projects that they like the sound of without huge VCs coming in, although huge VCs have also figured out how to get game that. But it is generally a nice idea to have that. But they just put it into this security and security. And I, yeah, I'm not a big fan of just putting everything a new, it's a whole new technology. And I think it's got some great potential. And if Trump, yeah, I'll stop rounding now. But I think it's, I just want clear regulation. That's all I say. Yeah, I'm afraid Josh that having someone who owns their own exchange might get you clear regulation that benefits them. If I was them, I would rod the laws all towards my exchange after I was president. Everything would funnel back to my exchange, maybe and have the government go through my exchange, which seems very questionable. A lot of people have wondered we used to have campaigned finance reform in this country. If this is even legal, has a president ever launched a product during a political campaign other than like shirts and t-shirts and stuff like that. And obviously Trump also sold limited edition sneakers as well as NFTs. So this is not his first Trump stakes of the campaign, but they do seem like they keep coming. And it's interesting because it's the kind of thing where if he wins, obviously it'll be legal and his SEC will theoretically look the other way. If he loses, this could be more potential legal trouble for him and his sons after the election if it doesn't go their way. So I just think it's, and I think it's a really bad outcome. I've talked before. I think that the Bitcoiners got nothing for their money. They acted short-sighted. They got some big speeches and they probably shook his hand and slapped him on the back and said, what a good job he boys did. And they got a lot of articles, but as far as actual Bitcoiners on the ground, we don't have any representatives. We don't have any senators. Nobody's out there making speeches. Maybe a Cynthia Loomis couple others that were grandfathered, and I'm talking about new ones that we elected. The other people at Coinbase seem to mainly be doing negative politics where they don't like a person and they try to take them out. And I think that's a mistake as well. I think we need campaign candidates from the ground up who like Bitcoin, who like crypto existing. They don't have to be bribed or convinced of it. They like it coming to you and then we support them. I mean, to be fair, there is like Elon and there is RFK. They've been pretty positive on Bitcoin and well, those. But none of them are running for the House of Representatives or any of the state level positions. You could start out in the minor leagues way down low or you could start out at the big leagues. And I'm arguing to start lower. Yeah, absolutely. But it is what it is. I don't think the Democrats are interested at all. They haven't in the last four years anyway been interested in actually giving clarity for businesses. It's only got more impact. I think in a lot of ways it comes to technology and a lot of people, if you convince them and you say, hey, don't smother the new technology, give it a chance to grow. I think you could find an argument there that Democrats would agree with as well as the kind of Democrats that would support net neutrality and other important internet laws like that. I think there's a lot of room for techno Democrats, more computer focused. And again, you got to recruit them. You got to build them up from the ground level. They don't just exist. Almost the same way it is to be fair. And most of the billionaires are Democrats. So they need to run. They need to run from office because what we've seen with what they're doing with their money. And they don't. We talked about last week how they're putting the money into Trump. So Canada at the top and they're putting coin bases, putting most of their money into negative, running against Katie Porter, running against other people that they see as negative to crypto, whereas I'm arguing for people who actually like crypto before you bribe them and support them. Let's go to Victoria Jones. What do you think about Bitcoin magazine and if they got their money's worth for donating to Canada Trump? Well, I mean, I think in terms of getting their money's worth, they certainly got some interesting exposure. Certainly got people talking about it. But when it comes to Bitcoin and politics, it makes no logical sense for politicians to be interested in Bitcoin at all because it completely disrupts what politicians do. And I've written about it on a number of my newsletters on my website. So yeah, I mean, the whole thing is nonsense really. If you take these things at surface level, then you're going to be misled. You really need to do a deeper dive into understanding how Bitcoin actually works, how this relates to financial history, the way in which central banks came into being, how that interacts with government. And once you understand all of those things, you realize that most of this is just complete nonsense and you would ignore it. So yeah, I mean, you know, and for Bitcoin magazine to be pumping that, you know, considering it's meant to be educating people on what Bitcoin is and to be focusing on this kind of nonsense story. I mean, okay, maybe it's what some people are striving for because they think if the government accepts it, then it's going to be widely used and accepted and they just don't understand what they're talking about. So yeah, a bit sad really that there's still so much understanding and education to go for people to understand this. I think the only thing that gives me hope is the fact that the Bitcoin network is so well designed that eventually all of these nonsense stories will be proved to be nonsense in the fullness of time. But in the meantime, you know, there's going to be a lot of innocent people who are hurt and who've been misled. So, you know, I suppose that's why we have these shows ready to try and keep people on track in terms of, you know, what's really going on and what they really need to understand when it comes to these sorts of things. It does seem like even if they succeeded, it would be the most ridiculous and non Bitcoin or thing to say we got the government to accept Bitcoin. Now we're going to force everyone else to accept Bitcoin. That was not the idea. That's never been the idea. They even tried that in Venezuela on a smaller scale and I don't think it worked very well. So or an El Salvador. Sorry, I'm mixed up. Let's keep moving. Check out the very beginning that had oil coin or something. Oh, it's Shava's coin all that. But let's keep moving. Check out worldcryptonetwork.com. We've got 3966 videos that you could enjoy at worldcryptonetwork.com. Moving on to issue three key witness in trial of FTX Founders Sam Bankman freed seeks no prison time at upcoming sentence. And apologies. The associated press seems to have picked the worst possible picture here of Caroline Ellison. Apologies for that. This is not our choice. But yes, key witness and collaborator and participant and right hand Gowel Friday, who was always there throughout the entire FTX scam now wants no prison time. We understand that this is a negotiating point. This is a start of a discussion. But Victoria Jones, what do you think about Caroline Ellison's request that since she collaborated, she ratted out her former boyfriend Sam Bankman freed. She should just get off scot free. Everything's fine. Oh, it's just it's another ridiculous story, isn't it? I mean, anyone who was around at the time, you know, the point at which FTX collapsed. Caroline Ellison was on Twitter encouraging everyone to keep buying the FTX token just as CZ was in the process of selling them all. So right up until the last moment, she was a very public face supporting the FTX business. And ultimately through that support ended up defrauding a load of people. Her not to deserve prison time. I mean, okay, fair enough, you know, a lot of her evidence may have helped convict Sam Bankman free, but you know, it reminds me of the Milgram experiment where the man and the white coat kept telling the participants to press the button in order to, uh, electrocute, um, the actors, even though they were dying. I mean, you, you don't get off scot free just because the man and the white coat told you to do something. You have to take responsibility for the actions that you took and to say that, you know, you were influenced by your boyfriend just doesn't wash, you know, there are plenty of people who might be placed in that situation or make different decisions. So she's absolutely culpable. Um, but you know, a lot depends on how the US legal system currently works and the way in which they want to manage the deal that was made in order to get her evidence, but I don't think it's fair for her to not get any prison time. She was definitely culpable and the whole thing. Certainly, the US legal system is, uh, based upon rats and getting people to snitch and to rat out their friends and their boyfriends and all of that. So I understand she has to be rewarded for ratting out. She probably made the case against SBF a lot easier for the attorneys to make. She led them to the right evidence. She was able to testify things like that where she helped out the case. So I understand that. But to go down to zero prison time and if you actually read the article, it has all these quotes that have her attorneys or her press people whoever she has running this now have planted and they're just ridiculous. It's just she feels sorry for it. She was misled when all the people lost her money. It broke her heart and that's great. But if you break the law in a complex scheme like this, again, I'm not involved. Don't know the details, uh, not in the trial or anything. But if you break the law and the law says you should go to jail, she should go to jail. Just because she ratted out her boyfriend and all that. Yes, she should get some time off. I'm sure she'll have a nice prison or whatever, but some kind of time, some kind of something. But for her attorneys to start this off so low, uh, just kind of seems insulting to the legal system, insulting to the victims, insulting to the idea that there are victims and that they're still hurting. There are people who lost their life savings. There's people who lost five, $10,000 like life changing amounts of money, uh, especially to Americans who live check to check. Don't have savings accounts. They put their money at FTX. They trusted her. They trusted him. She was a she was, you know, Alameda research. She was the CEO. She's a ranking person. She went to MIT and things like this. She should have been more responsible. And that's why you punish her to try to help other people be more responsible in the future. At least that's one of the theories. Josh Shagalla, what do you think about Caroline Ellison? She would like zero jail time. No time at all. Yeah. Well, she's, she played a lot of monopoly and looking for that, get in a jail free card, I guess. And it's, it's one of these things where you're right. Like there's certain, there's certain projects that have been in this space that are such outright scams. And we, you know, there's people in this space that call everything a scam. But in my mind, there's certain projects that are trying wacky economics, economic concepts. And they're all transparent about it and they try it. Doesn't work. Then there's total deception and things like BitConnect and stuff like that. And then there's also deception plus stupidity in which case, I think, and, and ego, which I think this is where FTX falls. Total deception and an ego is so big because they just had so much fake money, like money on paper, value on paper that they were throwing around and thinking that they could never fail because there's just billions floating around now. So it's, it's almost impossible to fail at that stage. Unfortunately, that's not how economics works. It's absolutely possible to fail, especially when you're throwing billions around. So I think she should, she should have a, have a trial and she should go. It's unfair to have a full guy under the name of Sam Bankman because everyone just pointed at their wrath at him and then not have her who's also absolutely culpable, absolutely involved. Swapping out your boyfriend doesn't mean you just get a jail, get out of jail free card. She, she needs to be held responsible for losing all of this money by having a fair trial. I'm not saying she needs to go to prison. I'm not saying she doesn't need to. I'm just saying there needs to be a fair trial and there needs to be a fair punishment. And that's just, that's just how the legal system should work. According to her attorney, she has learned and she's in a better romance now. She's just stealing cars. She's down to car stereos. She's children out a little. But that's a joke. But as, as it says, according to chat, GPT, Sam Bankman freed was sentenced to 25 years and forced to forfeit more than $11 billion. Exit question, how much jail time should Caroline Ellison get? Zero years, three years or five years, Victoria Jones, zero, three or five. At least 10. Throw in the book at her, Theranos style. Oh, she's got a romance now. Maybe she'll get pregnant just like the Theranos girl. Josh, go zero, three, five. How long should Caroline Ellison go away? I, I, I'm not a judge and this way I could never be a judge. I said, I'm not good at this sort of things. I'm, I'm just going to pass in that question. I don't know. I like the middle one. I think three seems fair. She'll probably serve like a year, year and a half, maybe six months. I should get off really light compared to Sam, but it got to give her something. I mean, she was there. She's a big part of it. And we haven't talked about it yet because it doesn't seem to be in the news. But I imagine the same with, I want to say, I don't remember his name, about Gary Fong. I want to say Gary Fong, who was Sam's best friend that went to camp with him and is a right hand man while she was his right hand girl. They should all do some time. They've all committed crimes. Let's move on to issue four. Friend tech creators bail on Ethereum social platform four months after token launch. Friend tech's development team effectively walked away from the social media platform, handing off administrative powers to change the platform to a burn address, meaning that those controls are forever lost, like smashing the keys to their project. They took away tons of money. It talks about $22 million in fees. It talks about $36 million being transferred to coin-based accounts. $63 million raised. Other raises include traditional raises from venture capital as well. All of that seemingly gone. All of the work, seemingly gone, Friend tech has exited out the back door. Josh Gala, what do you think about Friend tech? Are they seemingly take the money and leave strategy that appears to have happened? Man, I sometimes sigh because we run for the last four years building technology on the smell of an oily rag. We raised really small amount of money and have been pushing and pushing and pushing like CSEFUS up this hill to try and make something good. Then you hear these projects that raise millions and millions of dollars and then just wander it or run away or I just don't get it. I don't get why you wouldn't if you raise that much money, try to build something cool for the world. You've already got the money. You can start to build it out. Why would you want to... I don't just don't get the motive there. What are you going to just take it and then sit on a beach? Yeah, that sounds good, but what do you have to do? I don't get it. I don't understand these people. The mindset, I don't get it. Maybe it's just not who I am, but I like to work till the last cent is gone and try to build it, build it, make it, make it happen. And the world needs it. The world needs an open source Facebook, they need friend tech, they need whatever this was. It's not like a thing that we don't need. We have active social media problems. There's a lot of complex issues, but they could release, like you're saying Josh, something simple like the Yo app. They could make something. They have all this money. They could hire developers. I feel the same about my startup and my attempts to here, World Crypto Network, Mad Bitcoin, SkerioCards, all of these never funded and never even considered for funding. We had good ideas, good people, we kept it small, we kept it light. We read all the books about startups, we were ready to go. But then these things, just huge wastes, no reason, no technology. I haven't even pulled a wage from the money we've raised for the last three years. And neither is my other co-founder. We're just paying other people. And then you hear these millions of dollars raised and can't even get a little team to get. Even if you don't want to work, you could just set a little crack team to do their thing, a crack force that just is independent and you build up an incentive structure that they keep getting paid to build something. What? I don't know. I don't care. I thought like change tip where they could have kept the company running on a shoe string budget where the handful of engineers made it really small. Like you're saying, Josh, a bounty based system, they could just put up a board and say, well, we don't have the money now, but we can put Bitcoin in here. And if Bitcoin goes up in value, maybe it'll be worth it someday for somebody to write us a login system or whatever you might need, whatever kind of part of software and then open source, they could put it in. You could have it collaborative checked. You could make things. The idea of going for the long run, when they send the administrative keys to this burn address, it's also so final. It's so fatal. If tomorrow the dudes that did this have a change of conscience like Josh says and they said, well, we sat on the beach for four months, we're bored now. We'd like to build friend tech again. They have no options. It's burnt. My understanding those administrative keys are in that burn address. That burn address is inaccessible, completely inaccessible. There's no call up American Express and talk somebody through the back door or something. There's nothing. It's final. It's fatal. The startup money too. It's from the VCs. Like, it's not just a dirty crypto money that you idiot sent them. It's a supposedly smart VC money, which supposedly has controls on it. I know the startups I worked at were very controlled. Like we were sending the metrics all the time. They were very interested in how we were doing. For them to just, as this team even identified, do they even know these guys? They anonymously have invested this money. Like, did anybody say, hey, we shouldn't burn the admin keys? Maybe this is a mistake. It's weird. And these VCs, like, I don't get it. It was so hard to raise money from VCs. It's the hardest thing to do, apart from maybe, I don't know, childbirth or something. Like, it's incredibly difficult. Incredibly difficult. I don't get it. I don't get it. Let's go to Victoria Jones, get you in this discussion here. What do you think about francex, seemingly taking dozens of millions of dollars and then burning the whole project? Well, on the face of it, it seems difficult to understand. But actually, if you understand it from a higher perspective, you need to understand who the enemy is. And Bitcoin is designed as a tool for self-sovereignty. And there are some very powerful factions who, the last thing they want is for human beings to be self-sovereign. The entire financial system, as it currently exists, is set up in such a way that it's constantly stealing value from us. And the whole point of Bitcoin was that you dress the balance in that respect. And so if Bitcoin's gaining traction and they've got a way in which they can disrupt that, it makes sense that the ones with the most money, the most powerful players, will invest in order to destroy it. It's a completely different tactic. They're not necessarily investing because they wanted to be a success. They're investing because they want to disillusion people to not try because if they can create a number of examples that supposedly fail, then it would dissuade others from trying even with less resources. You'd look at that and you think, well, I haven't got millions of, they have millions of doors and they failed. So why should I try? So I think it's, it's a bit of a desperate and expensive tactic on their part, but I think it's just a sign of the fact that they're desperate. You only do stuff like that when you are getting desperate. So anyone who's working on those sorts of things, don't be discouraged. You just have to understand who you're up against and realize that what you're doing is very important and keep going and don't be, don't be discouraged by things like this because it's designed to discourage you. I think the real tragedy here is that Mark Zuckerberg was stopped from buying it like Instagram and WhatsApp. He would have loved to buy friend tech as well. They could have just sold it to him. Let's keep going here. Let's move on to the next issue. It's kind of a short issue. Issue five. Suzy Ormon says everyone should absolutely own Bitcoin. Here's why. I like the headline and the picture to this article better than the article. Suzy Ormon is kind of those save your money, get rich, slowly kind of self help gurus. So I was really excited to see that she was supporting Bitcoin and this fits into my whole generic normal everyday people supporting Bitcoin. Whereas before it was like this is drug money and this is a disaster. But if you actually read the article, she goes on to say, you should buy Bitcoin because the young people are interested in it. I don't know how wallets work. I'm buying the ETF. It's all confusing to me. She doesn't seem to understand any of the positive aspects of Bitcoin, but she's buying it because the young people are buying it. And I can actually respect this. I think this is a good plan. More old people, Warren Buffett, people like that should say, hey, what are the kids into? iPads and iPhones. I should get into that. Victoria Jones, what do you think about Suzy Ormon, famous self help money guru now saying buy Bitcoin for the youth? Well, at least she's telling them to buy it. Even if her motives may be a bit spurious, I mean, I agree. You read the article and it's just like, okay, nothing about wallets. If you buy a tool, it needs to be in an ETF as part of a diversified portfolio. So it's kind of a bit of a distorted message. It's difficult to know which is worse, really, whether or not to tell people not to buy it at all, which motivates them maybe to look into it or to tell them to buy it, but to tell them to buy it in the wrong way. So I wouldn't really advocate for any of those opinions, really. But yeah, I suppose it's time of the times the media started to talk about Bitcoin, but of course, it's still misleading. People are still listening to the wrong people. And if they're buying it at all, they're buying it for the wrong reasons. And that's a shame, really. It's quite dangerous. I think Bitcoin is definitely destined to win in the end. What's going on at the moment is definitely a huge distraction and could definitely mislead people. And if anyone's listening to this, especially if they're a first time listener, do you research? Don't take things at face value. There's a lot, lot more to Bitcoin than what they tell you than what Sue's Orman or Trump will tell you. I'm always disappointed to read these things and not to hear about the personal experience of the person with Bitcoin. I want to hear how they set up their first wallet, how they got their first parts of a Bitcoin off the exchange to their wallet. And then when they sent it from their wallet to another wallet and they realized they did it without a third party, without a trusted third party like a bank. It was more of a multi variant group of people that you could trust and not trust depending on who they are. And then that satisfying beep when the wallet got the money. And then you sent it back and forth and back and forth and you're just like, wow, amazing. The value moved from this computer to that computer to my phone back to that computer, back to the exchange all over the place. The personal experience, you have to get in there and use it. You have to risk your $10 or whatever. You have to screw up and send it to the wrong address and mess it up and whatever and lose $10. I don't see that in this article. Like Victoria said, she's buying it from the ETF. She's very safe. She's terrified of wallets. If you get all the way to the end, she's like, crypto wallets are scary to me. And I can never understand that. And it's just this defeating attitude of the old. I remember my grandma didn't want a microwave. And then we gave her a microwave. She loved it. She used it all the time. We've never mentioned again how she didn't want it. And I'm sure someday maybe Susan or Mon will try out a Bitcoin wallet and start to understand what she's actually promoting. And that you don't just have to shrug it off and say, it's further youth. I don't understand. As a novice, as an amateur, you can gain an understanding of this, especially like I'm saying, personal experience. If you go in there and try it and you take $10 off Coinbase and send it to your wallet and send it here. And now you do it with the Lightning Network or whether it was as well. But it still makes a satisfying beat. It has the big green check mark comes up. That kind of thing. And then to think about how it works without a trusted third party and how that seems ridiculous at first. You're like, I give my hot dog to him and he gives it to them. They give it to them. They pass it down the line. That's never going to work. And then technology somehow makes it work. And that's the beauty, not just the youth. The youth author like punk rock and they like rock music and whatever. We could invest in those. Josh Tagalog. I think she's a self-help money guru and she says buy Bitcoin. So it's good still. What a pathetic article. Nothing short from more pathetic that I've seen from CNBC. It's just CNBC is such a pathetic. I can't stop saying pathetic, but it is a pathetic outfit. Look at this. She says that it's never going to be a currency and it's never going to be a store of value. But buy it anyway. It's these sorts of people that will lose their shirts because they've got no integrity about what they're buying. These are the people that it'll go slightly up and she'll go, I'm going to sell it because I can trade this. It'll go up and down. So I might as well sell here because it's gone up a thousand and then it'll go down and up and she'll just badly trade it and then she'll lose her shirt and then she'll say, then she'll come back and write another article how bad it is. It's these people that have no understanding of the fundamental. She's basically saying there is no fundamental value to this but buy it anyway. What a ridiculous thing to say. I mean, first of all, she's also arguing from ignorance. She hasn't tried out a wallet. She hasn't sent it around. She's not personally involved. She didn't do any history. She's just like, like you say, Josh, she has decided it will not be a currency. It is a store of value. The young people use it. I don't understand it, but you should buy it anyway, which is not a good reason to do things. We're Bitcoiners here. We're of course promoting Bitcoin or whatever. But even then, we're not saying that's a good reason to buy. That's yeah. I mean, the fact that Bitcoin is already a current. It's not, it will never be. It has been. And for the vast majority of people that have been in Bitcoin for a long time, they've sent and bought things and paid people. And specifically when you start looking at stable coins and all these, stable coins are being moved constantly to pay free lances and all this other thing. Whatever you think of that, it doesn't matter. The fact is that people ascending bankless money around the internet right now and it is a currency. And even without a stable coin, Josh, you can use Bitcoin to do that. If the price is this and you owe a graphic designer $100 and you send them $100 and they get it and they cash it out and it's $100. Done. It worked. It worked. And it's amazing if you're a graphic designer in some other country and you put a QR code on your email and someone sends you money through that. That's fantastic. None of the other payment systems have that and Bitcoin does. Yeah, that's right. And for anybody that works internationally, it's a pain to pay people through the banking mechanism. It's an absolute nightmare. It's just not fun. And it's not fun for the receiver too because they're sweating until they get it and they sometimes can take days. So you know that people have it. It's come a long way with like transfer wise and stuff. But even that's a hack because they're the ones sweating for you now. They pay. They have all these floats sitting around in different countries. They'll pay you and then they'll sweat going, oh, when's the money going to rebalance? So the whole thing is ridiculous because a crypto solves this. It already solved it. It's a story about it. If you don't see that fundamental, that means you're going to have paper hands. That means you will lose your shirt. Understand what you're investing in. Never buy something that you don't believe in. It's just bad policy. Whether you're investing in stocks or crypto, understand the fundamentals value proposition. Whether that's because you see that the balance sheet is misrepresenting the value. Or if you understand the fundamentals of this, some sort of technology that's got transformative value for society. One of the one of those two, if you're investing like this woman, just because the kids are into it, like you're going to lose. You're going to lose because you'll make bad choices. All right. And I'd like to tie our last topic into our first topic, both Susie or Mond and Michael Sailor don't understand Bitcoin, but they're both telling you to buy it. So we have gotten closer to that. Neither of them has what I'd say similar to an Andreas and Antonopolis understanding where you understand that Bitcoin is a Swiss army knife. And they can be used for many different things, a payment network, a store of value, a way to send money across the internet, all kinds of things. It's not just one thing. And they always try to simplify it. They're like, it's only a store of value. It's only a currency, but we're back into the biblical stuff here where you can be more than one thing. It can be God in three parts. It doesn't have to be three parts in one, so on and so forth. They had hundreds of years of great wars and stuff about that. And apparently we're going to have that about Bitcoin too. So that's fun. Something to look forward to in the future. We're running out of time, Victoria Jones. Do you have a prediction or a story of the week? Go ahead. Well, my story of the week is that I was in Arizona last week. So work on my website has been unhold. It's been a busy summer. So yeah, I put back my latest newsletter. Was supposed to be published on Sunday, but I'll put it back for a month just to get on top of everything because it's been quite busy. But yeah, that was really fun. I really enjoyed that. Great stuff. It's always good to travel. Josh Egolla prediction or a story of the week. Yeah, a story of the week is we've just been working like crazy with just all the audits have been finished now on the contract, on the smart contracts. And we're really close. So you'll be able to lock up rap Bitcoin and other assets and borrow against that and earn a yield because our smart contracts will now place your crypto into into Dex's specifically V version three Dex's, which are concentrated liquidity, which means the liquidity sits right at the spread. And you don't have to trust a person doing it. It's all contracts working with UniSwap. So it's really interesting and it's all free and open source so you can check it out. But we're very, very close to releasing that. And yeah, I'd love to get people's feedback on that. Yeah, it's a way to get rid of the banks for me. It's a really important step into being more bankless because who wants to sell that crypto when you can borrow against it without a bank tops. And people can check that out at the standard.io. Very cool, Josh. This week I'm mainly looking at Apple intelligence. They released the new phone. They had the big Tuesday meeting thing. You could watch the video. It doesn't sound like the AI features are going to be added when the phone launches. It's going to be added later. One of the nice things or perhaps dangerous things about having Apple do this is if you run the Apple phone, I'm sure Google do their own for Android. They have access to your mail. They have access to your photos. They have access to the notifications on your device and they can run these through the AI and improve the response that they give you. Instead of giving you the first two lines of an email, they can give you a summary. I've seen it recently in the Auto app that I used for AI translation or transcription. It'll now do a little summary of whatever you spoke into the thing and it'll generate it almost instantly. You don't have to be an Apple person. You don't have to wait for the Apple phone to do this. You can mess around with chat GPT right now for free. Similar to Bitcoin and email and encryption and MP3 that I've all recommended to the internet and my friends in the past, I recommend chat GPT because you should figure out how it works and you should figure out how it can improve what you do and figure out its limitations and what it's building on now while it's young. Because in the future you could use this for your work or it might even become your job. There's a lot of interesting stuff going on with chat GPT. You can check out version 4.0 has memory so it remembers what you typed previously. It's a lot more like that Star Trek computer that we're all looking for where it has context and memory and you can talk to it and has the wisdom of the ages. It's not perfect. It's not 100% yet. I don't take it for everything but I would definitely say learn more about chat GPT as well as the other competing services, not just that one. And I'm interested in the Apple one. Yeah, they just released their version, their strawberry model as well which is code named like 0-1 or something like that. Preview. It's amazing because it starts to think rather than just spewing out the first thing that it and the next token after the next token it actually thinks and will have chain of thought, release it and then go over what it thought about and then tell you what it finally thinks. So it's fascinating. Man, we live in such an amazing time, such a fantastic time to be alive. And as Mike says, this is the dumbest that chat GPT will be right now. It's always going to be better from tomorrow, the next day, the next day. So yeah, really good time for everyone to get into this technology. Try it out, figure out how it can improve your life and your workflow and how it fits into what you do. So thanks to everybody for giving us a thumbs up and for subscribing down below. I put us out onto the wrong channel today instead of the other one. So I'm going to go fix that later. But yeah, people were probably confused and in the wrong YouTube for a while but I'm sure they worked it out. But that's about it for this show. So until next week. Bye. Bye. Bye.