Music The Bitcoin Group, the American Original. For over the last ten years, the sharpest Satoshi, the best Bitcoin's, the hardest cryptocurrency talk. We'd like to welcome our panelists, Josh Shigalla from thestandard.io. Why good evening, ladies and gentlemen. Ugly old goat from uglyoldgoat.com. Hottel, hottel, hottel, save, save, save, build a build a build a sound money, sound money. And I'm Thomas Hunt from the World Crypto Network. Moving on to issue one. Issue one, HBO has found Satoshi Nakamoto. According to HBO, Satoshi Nakamoto will be revealed on Satoshi Nakamoto on October 8th on max. Who is Satoshi Nakamoto? According to political, this revelation could send shock waves through cryptocurrency markets and beyond by Isabella Kaminsky, who hates Bitcoin since the financial times. However, at CoinDesk, they've already found out, according to Polymarket, the betting website, they say that the HBO documentary will name Len Sassament, cryptographer as Satoshi Nakamoto. Satoshi Nakamoto, they're also confident that this won't be the smoking gun. Josh Shigalla, we've been here before. Last time Dorian Satoshi Nakamoto had the same name as Satoshi Nakamoto. Therefore, he must be Satoshi. This time, Sassament was in all the right places, knew all the right people and had similar ideas to Satoshi Nakamoto. What do you think? Now, you're muted. Yeah, the thing is, there's a small pool of people that it could be pretty much in the world, purely because of the Cypherpunk mailing list and the skill set needed and the interest needed. And first of all, I don't really care who Satoshi is. One of us sort of OGs do. We think it's nice to have this folklore of this guy that runs off. The second, if he was found, I would be a little bit disappointed in his character, anyway, due to the fact that he never sort of poked up his head and said, Craig isn't Satoshi in a private key message or something, but by signing that message with an early private key, just to sort of stop all these people. He would already be dead by then. So then it becomes this question of if there's multiple Satoshi's. Unfortunately, Sassament committed suicide due to depression. I forget the exact date, but it was before the Craig Wright message. As it says here, he took his own life in 2011. So that was maybe some are alleging around the time that Gavin went to speak at the CIA. It's a depressing time in Bitcoin, a goalie in what is otherwise an incredible success story. Maybe it was a downtime. I don't think this is a dark, I told a friend of mine, I told about it, and she was like, right away, it's a dark suicide. And I'm like, no, I think this is a depression happens and people need help. I think it's one of those things that have suffered lifelong depression. And while at the time when Gavin did talk to the CIA, he wasn't, when we're in the forums talking, he was talking to a VC that had ties to the CIA because they sort of co-invested or something, but then it turned out they were actually, a lot of the money was coming from the CIA for that particular fund. And so it wasn't such a massive thing. It was big, because everything was big back then. If a bloody service station accepted one of the, you know, in desperation, one of the Caescius coins for some petrol, everyone would be like, oh, the petrol station's taking Bitcoin. Everyone would be up. So there was, you know, everything had a little bit of hype, but it wasn't like a mass event. So I don't know if that would be the reason for him to top himself if that was the case. But yeah, that's interesting. If he is dead because he did commit suicide, then there may be there is something there because I just don't think Satoshi is around anymore. I just don't, it just doesn't feel like that. And I've never thought it was multiple people. Like it doesn't take multiple people. It was a bunch of stuff that was already invented. And it was like a poem. The words are already there. They just put the words in the right sequence and it was, hey, Presto, we got Bitcoin. There's also a lot of benefits for HBO if Satoshi Nakamoto or their candidate for Satoshi is dead. They can't be sued. There's no immediate response. The media can't just go put a microphone in his face like they did with Dorian. And Dorian said a couple of statements publicly said, I want a free lunch. And then he said, I had nothing to do with that project. He was very clear about it. Sassaman, whether he wants the credit or not, can't speak for himself. So there is no defense. But he knew all the right people. He was in all the right places. He worked on TCP IP. His roommate was Bram Cohen who invented BitTorrent. Ugly old goat. What do you think about HBO finding Satoshi and the betting markets saying that it's Sassaman? Well, you know, I saved, I've never told anybody about this before. But in 2009, I was actually working as a consultant for Craig Wright. So you guys can draw young conclusions. HBO can have their fun. I hope they start taking Bitcoin. And I'll just leave it at that. Craig Wright. Oh, no. I'm not going to say anymore. But that's that's all I know about it. So it'll be interesting. I was I was working as an consultant at that stage for the guy. Okay. Well, I'm similar to this. Yeah. I hope they start taking Bitcoin for their, I mean, if they, they need to start taking Bitcoin, they could probably get a pretty good. But how all that they're smart enough to just save all the Bitcoin that they take in revenue. They're stopped to go way up and then next 10 years. So, you know, I don't know if HBO executives are listening to this. But that would be a great company strategy. The pins if it's a hit piece or not. I think I think HBO still has the power to move the price a little bit. Like, you know, back in the day, it was quite easy to move the price. If you had a lot of, if you had a big enough megaphone, you know, you could say China, Banzard or you could, or went in on must tweeted. It would go up and down or even what's his name, the gold guy? Peter ship. Peter Shifty. Yeah. So, you know, whenever, whenever Peter Shifty tweeted now, now when he tweets nothing happens. And so because the market's outgrown him, but back in the day. And maybe HBO still has enough sway if they hype it enough and they get. So do she's a do you. And they get ready to short it. Release docker like it's some crazy guy that's got billions that can now sell it. That'll tank the market because if he's alive, the private keys are hot. They'll be able to make some money on that. It's a lot of fun to speculate, but I think for, for, you know, real Bitcoin. Quenners, it's really a non issue, except it's fun to talk about. And it does grab a lot of attention just because it's such a mystery. And some mystery that will never be solved. I think. If Satoshi is dead, it would hopefully settle the issue of the Satoshi coins. Of course, there's always a chance here. She wrote them down or put them in a safe deposit box. Or bury them under a house or something. We have no idea how far this could go. It is interesting like Josh said, can HBO move the needle? And I feel like they certainly got my attention and the attention of Bitcoin Twitter. And it's interesting for this to happen again. Remember, it was not too long ago HBO had the documentary series, The Anarchists, about the Anarchapoco convention in a, an acapoco, Mexico, where our own friend, a friend of the show, Juan Galt, was a major narrator. And a majorly featured in the documentary, which is a very interesting documentary, ultra featuring Bitcoin ATMs and other things very closely tied to this show. And then we see this documentary where, you know, not to brag, but let's go ahead and brag, pat ourselves on the back here. We're pretty much on first name basis with all four of the principles who are in this trailer. Adam Bak, Peter Todd, Samson Mao, and of course Roger Veer. So it's really neat to know all these Bit Corners, to see them interviewed. And although I think this is going to be kind of a fluffy documentary with lots of drama and who is Satoshi, it's still a popular topic for Bitcoin, something we predicted what happened, people would talk about this forever. It's always going to fascinate the media. Let's say this is the first in a series of Satoshi documentaries. There's going to be other ones with other points of view. I'm interested to see this guy's point of view. Previously he did a documentary on HBO Max about Q and Q and on. I haven't checked that out yet, but I'm interested in that as well. Do you guys have any more on this issue? Ready to move along? Let's go. Move it up. All right. Let's see. So we've also got a shout out to Peter Rizzo, who's article called Satoshi Nakamoto's new mystery, 2009's missing blocks, came out at just the wrong time when everyone's talking about the other mystery, Satoshi. He's got a great article about the blocks and the early mining that Satoshi did. And you guys should check it out. They've added to the Potosi analysis and finding gaps in Satoshi's mining. So we're still covering that. Also of the Satoshi candidates exit question, is it Len Sassman? Do you think that it's Adam back, Peter Todd, Samson Mao, Roger Vier, Nick Scabo? Who is Satoshi Nakamoto? Josh Shagalla, you're on HBO and they just asked you what do you say? It's ugly. Ugly old goat. Please, Josh Shagalla. No, I'm not trying to date any credit for Bitcoin. I mean, anybody that knows me knows it. It can't possibly be me. It certainly is the right age. He was in the right place at the right time, but Ugly old goat. Who is Satoshi Nakamoto? Is it any of the people I listed or is it someone else? Who's the guy that, who's the guy that died of pancreatic cancer? There was a howl finney. A good candidate. How finney is an excellent Satoshi candidate. Could be howl. Could be waydye. Could be that guy who is in jail. There's a lot of interesting Satoshi candidates out there. Scabo, back, finney, others. But I do think the search is going to continue. I don't think anybody knows. Let's move on to issue two. Issue two IMF pushes L Salvador to no narrow Bitcoin law for funding. That's right. The IMF is literally pushing on L Salvador, asking them to get rid of their Bitcoin law or at least, quote, narrow the scope. I don't really know what that means in this context. In order to receive funding from the IMF, it's an interesting time to push this on L Salvador as currently they are up in their Bitcoin investment. Previously, they were down. Might have been a better time than for the leverage. Ugly old goat. What do you think of the L Salvador experiment so far? And the fact that the IMF is publicly asking them to reduce their Bitcoin law? Well, I've always had a mixed bag on the L Salvador. I mean, I think it's possible. They have a benevolent dictator basically in the country. And I'm not a dictator because he was elected. But I think that I have a lot of conflict with the idea that of having Bitcoin as legal tender. In fact, if they were to abolish legal tender laws completely, I mean, that was basically, you know, Ron Paul's view. We just need abolish legal tender. Although in the United States, gold and silver are legal tender constitutional money. But we got completely away from the problem with legal tender is defined to whatever people, whatever the powers that be wanted to find it to be. So, but the idea that the government of L Salvador is hotling Bitcoin. And that is the strength. And so the, I mean, hopefully they, they refuse the IMF loans. That, that was the underpinning in that article that I saw. And that would be great. Say, you know what? We don't want you anymore. We don't need you anymore. And you know, then the next thing we have to worry about is, you know, well, we have somebody like, you know, a George Bush, you decide to invade like we did in Panama. So, you know, when, when a Central American country gets out of line with the United States, we tend to make a military move. So the difference is, I think, you know, Bukheli is a man of integrity. And he's, he's done a literal miracle down there, including up the, the, the, the country. I was locked up with a lot of the MS 16 guys. So it is, I mean, that's a heroic act now how he can bring those gangsters back into society. That's going to be the next challenge for him. I think that's, you know, I think that's on the table too. It's just a great experiment. It's just great to see what they're doing. I hope they don't take the IMF money. And I think they just need to abolish illegal tender and let Bitcoin do its thing. The fact that they have a four to Bitcoin is that is the future of, I mean, it's, it's going to be the hawk hung of, of the Americas. It really is. And it's going to take a decade or so for it to emerge. But I, I can see that happening. It could be incredible if it turns out I agree with you. I've not been a big fan of the dictator or the way that he's operated. He has gotten results. He has used extreme measures. And then I also hope that like you say the country has a hoard of Bitcoin. I hope they keep it safe. It's obviously up to them to have a multi-sig to have a protected system where let's say even the president or the dictator couldn't accidentally run off with it because then we'll find out how many Bitcoin fit in the suitcase. But while I can be critical of El Salvador, I can also be critical of the IMF at the same time. I do think they have the right to set the conditions of their loan. It's okay for them to come in and say, hey, I want this and this. And like Ugly said, I think that El Salvador should say no. I think the IMF has come in at a bad time here. If you read, you know, confessions of an economic hitman, the classic book, he talks about how they run the country into the ground, then they ask them to take the bad loans. You can't do it right now. Well, El Salvador is on top of their Bitcoin investment. They're doing good. You have to wait till it's down. Then you approach them. So I don't know who planned this, but they look like fools. And I don't think it's going to work. I think they're going to El Salvador is going to be defiant. I think the dictator likes to be defiant. He always looks good in that suit. So I think he'll do that. Joshua, what do you think the IMFs? They're literally muscling in like the things you guys say will happen is happening. Yeah, I mean, the IMF has been criticized a lot over the past about a few years. I mean, in the in the 90s, there was say, they were saying that was caused for the Asian financial crisis. And this is again, strong arming, strong arming and independent state. However, they choose to cover themselves. And it's quite frankly, atrocious. I hope they don't be in the knee. But you know, they don't have vast amounts of Bitcoin. It's not like they're early Bitcoiners. They've got 5,800 Bitcoin or something like that. So it's not huge. It's not like enough to run a country or to back the full amount of the country. I mean, most countries, most countries run on a deficit. They have to because everything's more experimental like to the stuff that they undertake governments, which they shouldn't because governments should just be small. So they should be tiny and protect the basically protect the citizenry. But even then, we don't even need that. I mean, on the libertarians front, I think we could even afford private security. But it would be a slow process. And you try to do that slowly without some sort of revolution because that just destroys everything. But building roads, all of this stuff is really expensive. It's a lot of money. I'm just trying to pave the private road up here. And it's so much money. It's so much money. It's insane. It doesn't have to be because it's bitchermen is some rubber with something. It's really easy. It's just what why is it so expensive? No one knows. But it is expensive. And so these things add up. And if you can make a smaller government. And now that they now that they are El Salvador has put all these people in prison, all these gangsters and such. But maybe they don't need as big as a police force. They can lower that. But then you're then you could set to anger a police union. And you don't want that either. So it's a tricky situation. And to keep a large, large-ish government in comparison to how big your state is now many, how big your economy is. It's going to be it's a tricky juggling game. And so sometimes you have to play with a devil to be able to credit. To get credit to pay for some of these things. I hope I hope it will be so cool if he could run pure and just give him the finger and just keep on stacking stats. It will be epic. So let's see how it goes. I'm definitely watching my popcorn is out. The popcorn bag isn't as big as the US election popcorn bag that I've got going. But it's still there. And I'll be watching. Well, that blends well into the exit question. As I said, if the price of Bitcoin is up, El Salvador will be fine. If it goes down, they might need those IMF loans. Now, ugly old goat predicting against the magical Bitcoin ball, the predictor and source of all truth in this universe. Will the price of Bitcoin be higher or lower this time next week? You're muted, which makes it more dramatic and suspenseful. Go ahead, ugly higher or lower? It's going to be higher. We bottom this thing out yesterday October 3rd. We bottom that one. We have that little quick flag down quickly under 60 and reversed. We are in a very strong seasonal. I could probably share this. Can I screen share with you? Yeah. Let me see if I can find a good head should work if you push the screen. Let's see if I can share this. Whoops. All right. Everybody see that chart? Yeah, looks good. All right. So there's a real strong seasonal. And we get this is a classic sell off that we had. And between August and September and the fact that the market was in an uptrend, I measure trend by the two, two week highs and lows. And by that measure, we were we were already even with the sell off we had this week. It was still in an uptrend. In fact, that first time that you break below the previous weeks low. I was when you buy it. So this week, I think was a week of accumulation by smart money. And I think we will probably very rapidly get up to 70,000. And then once we get into the all time high territory, it's it's, you know, all the bets are off. Now anything can happen. And I think just I've been extremely bullish on gold. And I you know, I see it. I see 15 to 20,000 dollar gold here within the next year and I think. I don't know what's going to happen. I said we're talking about this election, but I, you know, if Trump is not elected, it's going to be because the same crap happened. It's happened in 2020 and we could have a some type of revolution or civil war in the United States. I think it's that bad right now. And he's not a panacea. I mean, he's not going to be able to solve things. He'll be able to hold things together. So, you know, that's that's where I'm coming from. I just I think that we're getting ready for the biggest inflationary trend that what what it's going to be. Change means opportunity. So it's going to be chaotic, but it'll be a lot of opportunity. And it'll be difficult, but it'll also be exciting. And depending upon your attitude and your outlook, it can be a lot of fun. All right. I believe you can go ahead and turn the screen showing off. Let's go to Josh Chagalla. Do you think it'll be higher or lower next week? I'm not going to go up against the the old goat here. I'm going to say up as well. I don't know how to turn it off. All right. And now we're going to go to the Magic A ball, the predictor and source of truth in the universe. Everyone's going up. Let's see. Here we go. Will the price of Bitcoin be higher this time next week? It says ask again later. Ask again later. You can't command the truth. You have to wait for important knowledge like that. So we'll ask again. What do you think next week? Tell us in the chat. What do you think? And we'll check again with the ball next week. Check out worldcryptonetwork.com. We've got 4,024 videos, including lots of these fun new AI generated shorts that the kids love because they're really shorts and they're shorts at worldcryptonetwork.com. Moving on to issue 3, as we said politics, Democrats mobilize crypto voters to counter Trump's Bitcoin appeal. As we've been saying for weeks, cryptocurrency doesn't need to be just for one side on the right or for the left. It should be for both. It should be for everybody. Everybody can benefit from Bitcoin and this is starting to happen as a super PAC is launching crypto rides a direct effort to mobilize democratic leading pro crypto voters to counter the GOP's Bitcoin only voter narrative. So there is room for Bitcoin and crypto on both sides. We've also seen a new article in Bitcoin magazine previously a very right wing Bitcoin magazine. Aaron Von Weirdem has been named editor again. He's written his own little opinion piece here where he says that Trump does not give a damn about Bitcoin, which is a very interesting and I think a strong argument that Trump's just kind of pandering for Bitcoin. But in many ways you can say that he's gone into the press and the press is talking about it. So that's good. Anyway, let's go to Josh. Shagall, what do you think about politics in Bitcoin? Both sides engaging as well as Bitcoin magazine actually having an opinion piece against Trump? Well, okay, so I think there's a lot of things to play here. I think that the what's happening is that the political elite in the US realize that Trump is most likely going to win this election. And so there's just setting up the worst possible scenario for him. They're setting up World War three. They're just going into a right doing all this nonsense. And they're going to leave him with a shit economy. They're going to leave him with World War three to deal with and he's going to have a hard time. So that's that's one side of the equation here, whether he's part of whether he's fully for Bitcoin or not. It doesn't matter if he got in without them doing all that crap. I think he's the more free market candidate free market is good for Bitcoin. He will drill and bring oil prices down. So that's globally good because the US has got so much oil that's unbelievable and and natural gas. So energy prices coming down would would basically bring inflation globally down. So so that's a good thing and that would cause people to have more spending power and and more spending power means more into Bitcoin and saving into Bitcoin. The the thing that are you know if if the Dems get in they've definitely not shown any interest apart from like the slight like oh yeah because it's getting so big now that they're kind of having to padded to it. But there's definitely no there's definitely more interest from Trump Trump has always said though he only cares about the US dollar he wants the US and that's fair enough he's part of the state part of the government he wants the government to make the US dollar powerful good on that's that's their shit coin they've got to do their thing it's like expecting I don't know the talent to get in power and only push for Bitcoin I would push for a theorem right so I while while the talent would push a little bit for Bitcoin because it's sort of similar they're all currencies and they all compete and Bitcoin's going to focus more I sorry Trump's going to focus more on the US dollar and and getting getting people to have more of it and having more of a say and in in the global economy so not losing the network effect if if there was smart he would focus on the the fact that the US dollar by default somehow grabbed the stable coin market nobody talks about we tried to launch a euro stable coin very very difficult no one wants it all the volumes just crap in the any other stable coin apart from the US dollar stable coin and that network effect is really strong. And if they want to really cement themselves in that they would focus on good regulation or or helping US government US companies deal with with US stable coins to make them really easy to use in terms of financial financial regulation and taxation and stuff so yeah that's that's my take it's a bit of a rat but Trump's definitely more pro Bitcoin than the other side when I say pro Bitcoin I'm talking entire crypto market here. Yeah I just kind of agree with Aaron and the article here I think that Trump's paying lip service to Bitcoin if he's elected a second term as he said at Bitcoin 2024 have fun with your crypto and Bitcoin and all the other things you play with and remember a few years ago he said he's not a thing that he's not a thing that he's not going to do. He said he's not a fan of Bitcoin and other crypto currencies which are not money and whose value is highly volatile and faced on thin air as Aaron said right now Trump needs your money and your vote but he won't need that anymore after he's elected and as even Joshua saying he would probably throw Bitcoin and crypto under the bus for the US dollar which according to you know US theory and government and all that they need it to be number one it would be a disaster for United States power if the dollar was not number one so it seems insane. That a president would go for Bitcoin. As far as the polls and what's going to happen I think that Kamala Harris is going to win in a landslide I think she's going to take North Carolina Georgia Florida Wisconsin and Michigan which is more than enough I think the real problem is going to be in the streets afterwards when these people who don't accept the results of elections the results of people voting. The reality that basically if you just look at it strategically conservative ideas are less popular than democratic ideas there are simply less people if you look at it strategically you look what the conservatives do they try to stop people from voting this is because it's good for them if less people vote because they have less people so I think this is going to be a big election I think a lot of people are voting. That's why they're telling the multi-getting I think she's going to lose I think well again they they have to tell their side to vote. And it's better for them if other people don't vote and there's a lot more to this but I just want to say basically yeah this is my view on this but ugly will go just like when you're saying that Biden was sharp as a decade Thomas yeah I was saying the Biden repeating what the crap that the nonsense mainstream tells you what see you what Trump is now. Trump is now. Whatever having disastrous features now Trump's the oldest candidate now where is all your people now where are they saying now they got by now the race and get ages not dementia is the same thing dementia is dementia and when there's an old candle watching if it's just watches speeches I don't have to watch them I've watched a lot of I've watched a lot of I've got to sleep with watch the recent one interesting and fast. Funny great I don't think he's going to win. He had one recently where his teleprompter stopped working and he does three minutes on like my teleprompter stop working I don't know what to say what do I say when the teleprompter stop working he doesn't have anything like he was different before you have to watch him now. Let's go to ugly will go what do you think about you know what and then the other side Democrats are engaging I think crypto is for everybody I think if it's just for one group if you grew with that group or not it's worse for everybody but go ahead ugly what do you think. Well I never was a Trump fan until he became president and then I became a huge Trump fan because you know the way he handled himself on the way he handled the press and the way that he was his own man and he was not. He was he made a plethora mistakes but I really enjoyed the the discourse and what was going on then in fact you know the he just he drove the left bananas like no one else ever has and that was what I thought was just you know hilarious and so I'm looking forward to that yeah and I I think that you know. There's definitely politics is always a hot button but this yeah if I definitely agree that if he you know if there's wins you know wins like like Biden won yeah there's going to be big problems in United States that that I don't know that we can recover from it and the idea is that I don't know what I'm going to do. And the idea of having more people vote well that's the problem one of the big problems that we have is that you know that's why we have the immigration problem because basically we're paying people in let them vote too and you know the three greatest windows on all time by my talk to me by my manager ECR is number one is flation. Number two is entitlements and the third one is regulation and they're all done by government and so you need and it's not in and this is what you're seeing and it's all coming to a head right now the fact that you know why it why do we want to regulate money. We want to not regulate money we need to believe in the market the marketplace is the solution. Look what was accomplished look what was accomplished in the markets by the innovation of things like bit max. We actually took futures and market places to a new level and it threatened the powers that be and that's of course that's why we're going to I think we're going to go into another topic here about money laundry. Let's go back into the next again the three greatest frauds in this not that in the private sector they're all done in the government sector and number one is inflation number two is entitlements and number three is regulation and you have all these things coming into this election I mean the reason that we're having the immigration is because we want. People to be part of this monster system we want and we what to me. What now that we have this freedom the next thing we need to do there need to be a an international movement to stop any tax on labor no man's labor should ever be taxed. Period and that's what we have and we knew all this came together you know the the income tax the Federal Reserve and the entitlements all came like the title came a little bit later the big entitlements came you know during FDR but now that was mainly social security but now there's no aspect in life where the United States government is not involved in some type of entitlements. Well just to play the devil's advocate sir sometimes there is a need for regulation we've seen in the recent hurricane Helene in North Carolina that building codes that were not up to standard are allowing houses to collapse people are dying and there's also this issue in a plastics factory in North Carolina where a lack of working codes forced people to stay at the factory where they drowned for their jobs. But let's keep moving as ugly said we're moving on to issue four Binance founder Changpeng Zao has been released from released from US custody according to Bloomberg news. Zao spent four months in prison pleading guilty to violating US laws against money laundering they say there was more than 100,000 suspicious transactions with terrorist groups including Hamas Al-Qaeda and the Islamic state. They also claim that Zao's exchange supported the sale of child abuse materials and a large portion of ransomware proceeds. Let's go to Ugly old goat what do you think about CZ being out of jail punished only four months considering the list of charges that I just read. Well there's a different set of justice for those who are extreme wealth or Bitcoin wealth and also do not so there's just I think that is evident that's having it in the way Arthur Hayes was treated I mean he basically I've never seen anything like it where you know you know you know you know you're not going to be a victim of the law. I mean he basically I've never seen anything like it where you know he was not considered a flight risk or or a danger of the community which is those are the two things they give you when the feds lock you up you have to have a body there and if you're determined to be either one of those they keep you locked up and he came. So well I'm only going to I'll show up in court but you have to let me go back to Singapore and I'll meet you in Hawaii and I don't exactly how he did it but this is this basically this this man had enough Bitcoin that he brought he he brought his way out it's like Arthur Arthur Hayes said I'm in the seculles because you know I can broaden with coconuts and in the United States. We're you know it what is it five billion dollar fine that he had well how much of that is going to put any word of victims or who's who gets you know we talk about F.T.A.X. and F.T.A.X. has has the need of these. These creditors that they've lost you know I don't know 80% of of of their assets and yet you know where is this victim assistance if if the government is going to find somebody like this well then let's distribute it to the people because if we're regulation failed is if you think you need regulation well then you know what happened during the end of the day. F.T.A.X. basically he was paying off the regulators the regulators are always part of the industry that's why it doesn't work there you know the CFC is regulated by the clearing members of the Chicago border trade Chicago Merck the SEC by the investment houses the bank the banking regulations by the bankers it's their way of solidifying their market and it's their. The way of of protecting their markets so and it's it's not it's contrary to everything at bitcoins about it's contrary to everything of free markets about and so we have to peel these things off layer by layer and a number one thing is something that's universally understood is no man's labor should be taxed. The way of protecting now is people that are working are being taxed and people that are not working are giving up free lunch and this is what happens when you tax labor. It does seem like CZ got away with quite a lot here only doing four months paying a fine which probably less than 10% of his worth and probably got the company to pay for some of it as Zuckerberg said Josh move fast and break things by Nance practically a criminal operation allegedly moving from Malta when they tried to tax them there moving from France moving from this place from that place from everywhere and then here it is he's back out of prison everything is fine fine is paid what do you think. Josh about the CZ and finance situation what a load of crap that's what I reckon I mean the guy the guy build a great exchange has never been hacked he always when it was hacked he had funds there if there was never anyone that really suffered from financial losses using the exchange when when you have that much volume it's almost impossible to check I know that because I've known people that have worked there and such there's been a lot of money. Many of times where they put stops to things that they found and it's very hard to find everything now I'm sure that if you looked at banks in general there is a certain percentage of slippage that gets through the cracks nothing is watertight for instance every single election has always got some slippage there's always a percentage that's cheatable and that's the same with banks with who's allowed in or what. What's allowed to be done some of the banks actually allow it by you know turning a blind eye or whatever and some of them some of those transactions get in without them turning blind eye they're looking but they can't see it because it gets hidden now CZ's typical approach just like anything that comes out of Silicon Valley and you heard Eric Schmidt from Google talking about this saying typical Valley thing typical Silicon Valley thing is you don't care about the league as you go go go and then you hopefully you grow big enough to be able to fight the legal challenges later with money because you become a unicorn or you become so small and you start up dies that you don't have to deal with it so your legal challenges never become an issue because no one cares because you never made it so and this is the approach that you took while of course that look money is money wherever money is good money there's going to be bad things that are done with it because it holds value so you can do bad things with it just like you can do good things with it baddies wear shoes it's just a thing that we all wear it doesn't mean that shoes are bad so we have to we have to take a step back and I just think it's criminal that the guy does even four months it now if he went through and stole everybody's Bitcoin and ran off yeah I would say catch the guy and put him put him behind bars but he didn't and so I mean that's just my take what do you think chat what do you think I think this crime is really I'm sorry Thomas you you you mentioned they had a list of crimes what crimes I mean I'm looking at money laundering it's out of crime we're making things that you're making crimes that are not crimes you know crimes and exactly I mean he's run an excellent exchange he's an innovator in in every aspect of the marketplace and he should be heralded and and and revered rather than revolve and all it all comes back to market capitalism the market is demanding certain things allegedly the market seems to be demanding terrorism and child sexual abuse materials normally we put controls on these finance according to this article allegedly had no controls so that would be the crime I do think there's a way of seeing this as a kind of a CZ hero story where you say he's very much all or nothing from the beginning CZ collected Bitcoin at a very hardcore level I don't think he ever spent he worked big jobs he got big money he put the big money into Bitcoin he takes this thing and like you guys said he makes his own bank CZ made his own bank he made his own exchange Brian Armstrong did this with Coinbase with the regulations CZ did it on its own so be interesting to see how that turns out and I look forward to the movie but from CZ to the man that CZ destroyed SPF and FTX as a ugly noted FTX creditors are getting only 10 to 25% of their crypto back following the collapse of the FTX exchange the FTT token collapsed by more than 80% wiping away $2 billion in customer value there's also an article from business insider where the judge says the public shouldn't be so mean to Caroline Ellison now that he sentenced for two years behind bars but remember she was right there Gary Fong was right there Sam Bankman freed was right there all the executives were there they knew what they were doing they were wasting people's money they're losing people's life savings and people are not going to forget about it I disagree with the judge on this but we'll see what the panel thinks and finally the SPF story just keeps getting stranger P Diddy is in jail accused of a lot of things we're hopefully not going to get into those things but his roommate is Sam Bankman freed and Sam Bankman freed as recommended his lawyer to be in jail and P Diddy has according to this document hired his lawyer so Josh Legala we've got a lot of places to go Caroline don't feel bad for Caroline be nice to her feel bad for the people in FTX they're only getting 25% back or this great wild card story here with P Diddy and the lawyer what do you think Josh pick one of them or comment a little the we had thing with human beings is that they they will allow for a they'll turn a blind eye to a whole bunch of crap and then suddenly they'll get really upset so for instance there might be a war zone and so many people are dying and there's you know bombs coming out of drones killing reporters and all sorts of things and people go oh god isn't that terrible we're there but when there's one video leaked of some guy checking a puppy over the edge of a cliff at that war zone then the the hats come off then everyone's rock and and and drives people crazy right with Sam it's the same same thing everyone put their wrath behind so I'm not saying he's not guilty but everyone's like that's the guy yeah this girl and this other guy no no we have that full guy we have our thing that we're all going to get mad about and that's him I you know it's it's crazy to me that you had this little pool of people that were obviously massively fraudulent and and and all the fall went on to fat Sam while I don't think he's not guilty he's definitely guilty but I think all of them adjust as guilty as him I know you he was it was a tiny little click of people running this gap and so I find it phenomenal that she gets two years and he gets what triple life or something you got 25 but yes he got 25 okay well you know I think it's it's a we it's a strange justice to be sure and maybe it's because you made deals reddit him out I don't know actually his sentence was very minor compared to what it should have been I got 11 years for a million and a half dollars oh yeah there's a different there's the effort accused of wiping out billions of dollars of customer value he's taking the money directly in using it for advertising using it for buying food buying expensive condos they probably wasted 11 million maybe in just food alone I'd have to look at these about all the endorsers and the people the who was who's the the guy Tom Brady Shakuel and he'll anybody who is anybody was that advertising yeah and the guy was paid 15 by or 15 million why aren't they going after them I mean this was all the politicians were involved in this you know so we're going to get nasty let's get nasty you know I mean here's a classic system how can you say that you need regulation when we have all the you know the regulation is there it's there but it's not it's not enforced because the money's going to make sure it's not it's not it's not it's not going to be enforced the problem is it that you still have human corruption and there's just no way that you know you can't regulate morality that's always been the case and you can't legislate morality so it really you know it really has to come within a society and what happens is morality is built from hardship not not from prosperity you know the Jewish nation was built off of 400 years of slavery under under each ship and you know there's just countless examples that the United States that you know had a plethora of problems but it's it was the morality was ingrained in people psychic it in their mind and primarily because of you know Christianity and I don't think there's the it can be any question that that's the and we've lost that so it's I say it's it's going to be very interesting times we can take I always take solace on the fact that you know it's going to get so bad that that that you know the Lord's going to come and solve the solution in his good time because it's going to be even his own children are going to have a hard time enduring through I think what's ahead I'd again I you know I hope I'm wrong but it's there's just the knowledge is increasing it's such a fantastic right now that what's you know what happens in a year to come and two years would take a decade before and this is how fast we're moving you know in in in this world so it'll be interesting to see work it's going to be fascinating times it is it is I'm bad I won't be around to see but you know I hopefully think won't get really bad till I'm gone you guys in the order. I think it is exciting it's nervous times but it's also exciting times I think we got to see both sides of that and with the SPF thing let's remember what was like when he was up there was no end to this hubris he was on the cover of fortune magazine they had a very strange article about them taking so called smart drugs uh uppers basically to trade more uh to stay up later at night there was the rumors of the I think they called it a polycule and then there was the Caroline Ells in classic video where she said that they did naked shorts and they didn't cover them and everyone said you're a hedge fund you have to hedge if the market goes up or down you have to hedge that's the whole point of the fund like we're not you know sure dummy like me buying stocks but if they're doing that with other people's money hundreds of thousands billions of dollars it was just an amazing time Josh did you have more to add on the SPF when he was up oh Josh is frozen all right let's keep no I'm muted now okay Josh more on SPF when he was up fortune magazine plastered across the city everywhere oh yeah I mean everyone's culpable really in the whole thing uh running running his scam right but you know this is why I feel sorry for a lot of podcasts and stuff that got taken down with them like you promoted his you know um you gave away the referral codes and it's like well how's anybody meant to know like uh you know it I stay away from from that because it's it's it's really hard taking on promotion uh promotions and and promoting things in the crypto space because you never know but man scams are everywhere I'm trying to deal with marketing my god the amount of scam is in marketing it's unbelievable these these telegram groups that say they'll they'll you know do an AMA and it's all bots they're these uh youtubers that say they've got millions of people watching and they've they've got hardly any because well you know when you market with them you don't get any up to because you know that all their viewers are just bought and paid for now it's it's it's there's just so many pitfalls in this world and it's getting worse with AI uh you just don't know who's real and who's not anymore so um there's there's the scams everywhere watch out be careful hold your own private keys keep it simple uh get to know your local farmer and uh and that's you know well and speaking speaking marketing like we've said before on the show Josh but it's still it always I always find it one of the most interesting things that people don't talk about this ftx thing is the main reason that I and a bunch of other you know bitcoin maximalist old timers even new or even heard about ftx other than you know sponsoring the Miami arena and stuff like that uh was they took over the block folio app oh block folio is this really simple app you could track a lot but your bitcoin was worth you could just type in numbers you didn't have to connect it to an exchange or anything yeah and uh I don't know who was some marketing genius at his company said buy this app get their their mailing list their install base essentially and then they replace that app in the app store with the ftx app so now I was adding your your little price tracking app has an exchange built into it exchange I never heard of before uh called ftx that's all backed and is unfortunate and all these things uh what a genius marketing idea ugly what do you think of that had you heard of the block folio I never heard of it you're this is the first time I heard of that that that's that's of course I wasn't even familiar with that that app you know I uh but I didn't know that yeah I mean that's uh and yet you know you look side by side uh uh the innovation is like like Binance uh like a bit max is what they've developed you know there's a similar history uh in free market banking and a lot of people that you know if you look at the history they they say oh it was wild cat banks and they all went broke but if you do a uh and I've done a study on on that very few of those banks went under uh it probably one percent or less uh and those the rare bank notes are from the from the sound banks because they were all redeemed they didn't circulate the ones that were kept were the ones that you know issued the species and you know and then close their doors and so they held those dollars because that's basically any bank could issue dollars which is just redeemable and fixed about a gold uh and uh so those are collectors pieces but the real rare collector pieces are from the banks that didn't go under because they really they they were all redeemed and uh and and and it very few of the banks uh went under and that's what uh one of the biggest miss numbers is this idea wild unsound wild cat banks it was actually the gold standard that uh that started in in the early 19th century and developed really after the civil war and became a evolved organically just like bitcoin did and it worked so well that they nationalized it and what the federal reserve which incidentally uh I do think you were talking earlier um uh what's your first name? Josh Josh okay Josh you were talking earlier about that and uh uh uh about you know how uh the the US should digital talk to digitalize the dollar although world these these these UFTTs are doing a fine job the market met that demand yeah I didn't realize it but there's a whole world that's bigger than bitcoin on the USTT market that's what people are using in trading and and you know what yes and that is what the way it should be because gold uh uh uh bitcoin is the town money bitcoin is the thing that you want it to hoard and the one thing I do I do think that in the next if if we're going to recover from this thing I think that the the United States government is going to go back to the gold standard because they're going to be forced to do it and I think it's the proper thing to to be done because it keeps I would love you have this two competing sound money standards and one of them is rightfully for for nations that have borders gold is its solid bar it has borders it's a real physical thing bitcoin is this uh if you know femoral thing the thing is in the in the in the in the in the air you know and uh but it has no borders and and uh that's but people live in borders people live in nations nations or are dain by god you're not going to get rid of nations all right and it's a way to have freedom from tyranny if you're you know from you may not be able to get your physical body out but you'll be able to get your wealth out or and the fact that you have your wealth in in the infirmary means that you can probably get your body out too so this is you know and this is what I see is happening I I think you're going to see a huge flight from United States the the the immigration to going to be in reverse uh if if if the election goes the way that you think it is Thomas I think you're going to see a lot of exits uh in you know a lot of money exit as well people yeah people and money it's a lot of flights yeah it's going to be and it's going to be gone in a hurry so it may not it may not be so much you know a violent it'll be a violent situation but it's not going to be from the conservatives just an unrealized couple of games tax threat is so massive for startups you basically you can't become a startup because if the startup reaches one hundred million dollars worth you have to sell and you have to sell to some hedge fund or something you you cannot not sell because of your valuation and um because you owe the government suddenly all this money so you'll never get a unicorn ever again unless you leave leave the states or don't start in the states to begin with it's just a terrible policies or nonsense I don't I don't think that we'll see I don't think we'll see taxes on unrealized gains I just well she threatened me like I I think that like many things you threaten one thing to get something that's a lot softer than that uh personally I disagree with taxing unrealized gains and I don't think it'll happen but uh it's a very interesting tradition ugly if uh if ugly is correct in the United States goes back to the gold standard uh you will have heard it right here first uh so that would be an amazing amazing turn and an interesting competition they're not going to want to but I think they're going to be forced to and if Bitcoin is a strong need to have every name and have a preserve they have the reserve they don't have the Bitcoin but they have the gold and you know what the so do the so do the baby boomers these baby boomers have their gold hoard and uh once you know once that's once you restore that gold standard there's no reason to hoard gold anymore because you know you'll you'll have it's it'll be it'll be like Bitcoin it'll be a standard Bitcoin standard competing with with uh the gold standard which I think it just be great I think they'll keep each other honest I think the gold gold would probably realize incredible gains though right the baby boomers last revenge I'm I'm I'm I'm already said I think Bitcoin I think you're seeing gold in the next year and a half to two years uh hit close to 20 thousand dollars again a major prediction uh we'll see how it turns out we've got a couple more issues really quickly uh let's go to our bonus issues uh X aka Twitter is now worth less than 25% what Elon Musk paid for it a complete disaster as we talked about many times on the show it was an advertising business Elon Musk came in with a message of free speech this destroyed the advertising business it was easy to see in advance uh whether you agree with it left wing or right wing and we have one more story help froze over in Texas the state will connect to the US energy grid for the first time by a federal grant this will allow them to then trade energy with the wider US market should help them out during crisis is Josh Shagall what do you think uh Elon lost 75% of his value or Texas has joined the grid what do you think about that um Elon knew he over paid he tried to withdraw just before but he was forced in by the contract uh to pay the 40 billion it was never worth that in to begin with he i don't know why he paid that much it was a bad deal um i think exes could have been a bad idea they could have been an incredible exit for Josh Dorsey and uh and the other Twitter co-founders like you say Josh it was Twitter was never worth that on the stock market it was never worth that on paper he made an incredible offer i think the board fells even though they weren't sure about what he wanted to do with twitter some of them anyway uh they felt the offer was so great uh as capitalist they had to take it putting refuse yeah but uh i mean i i me personally as someone that has uh you know ideas that wider society can't stand um i love the new ex i think it's far better than it was i always felt like the threat of me losing my account that's why i left facebook i've left youtube now i've unsubscribed from youtube premium i'm on rumble now because i just can't stand how these these companies i mean my my wife had an old video on youtube there was 12 years old about uh putting colloidal silver on your acne she got an email saying we've taken down this video for medical disinformation you're like wait you guys are sick you guys are sick and psycho i'm gonna i'm gonna move and this is exactly what ex the like the fact that twitter was playing was was in in bed with the government whether it's by an or or tram or any of them uh to to to basically censor people to have discourse and discussion about things is so demented and and i'm i'm just so much happier with ex now it's so much more relaxing using it if i want to say some something that's my opinion i can say and people can people can community note me they can tweet me back and say that's dumb or whatever and we can discuss it out that's how you deal with bad information if you think this bad information give me better information not this nonsense about are you you have to have some authority to to take down it's it's such a bad idea because that's how you get tyrants that's how you get mass deaths that was the that was the exceptionalism of the u.s. that was the exceptionalism of the west was allowing for people to discuss ideas in an open a market no matter how dumb they are that's why you had people stand even jew jew standing up for Nazis being able to march in the u.s because it was free speech yeah it's disgusting what they're doing and what they stand for but you have to allow to be disgusted in a free market if you are not if you don't wake up and aren't offended by something you know you're living in a in a terrible country that doesn't allow offense and um and it's important to be in a free country that allows you to be feel offended every so often it is strange how different it is though to show up to a march personally with your face or wearing a mask or to show up online wearing a mask or to show up online as like five thousand bots communicating different information so i just think as a as a business man he lost 75 percent it was really obvious it was an advertising based business if you want if you believe in free speech that's fine you have to know that part of that free speech is going to be hate speech or unlikable speech which is going to be detrimental to your advertising business additionally he destroyed the friendly bird logo the words tweet retweeted uh twitter all of these like kind of like the branding the colors like he made it black and white and x and it's just some very bad bad choices whether you agree with them politically or not uh ugly i agree with that i totally judge that yeah i mean we're just the bird both sides here terrible but uh what do you think we'll go with the twitter issue yeah i mean Elon Musk you know he maybe he's a defender to a degree of free speech but he's certainly you know a crony capitalist he's his business models are he's in bed with with the government up to his eyeballs and always has been his whole business model is based on that so i i like the old twitter better but i was never i never got that much into it right was where i was saying anything that i thought i might get banned or anything and and then i've had personal circumstances where i just hadn't been active on twitter me it might be better now than it was i don't know i don't have an opinion there uh it's just uh you know all these uh uh they need to go after the people it's like the guy at Binance you know they need to go after the criminals that are using the platform uh and and not uh criminalize the one who created the platform now why uh someone like uh these facebook and twitter are exempt but in exchange is not it seems like the same uh the same principle should apply and so the the you know if there uh i think you know there should be uh free speech uh and if somebody is violating that uh uh uh you know by you know by yelling uh fire in a theater or through uh you know indecent content content things like that i know that's a moral a moral judgment but but i think that that's uh that hasn't been that difficult i mean i remember uh before pornography and pornography was very difficult to come by when i was a young man and because it was simply uh i mean i remember there was a book cropping of cancer that was banned because it had the word fucking it you know and uh those i mean to a degree we've undone those laws but had to bend the societal is good uh well i i think you know a case can be made that that's uh you know we've i i haven't you know i i think we have a you know a generation now that uh has been brought up with a lot of you know very poor input and it's reflected in our society now i mean it's so yeah yeah throughout it's just and and uh it's gonna the solution of that has always been severe hardship uh all of a sudden you know when you find out how hard it is to uh uh grow that bushel a wheat or uh produce that uh pound of beef uh it it changes uh behavior and so that's you know that's i i i make worry you don't think you don't think as much about how you actually how the boys actually a girl and how you know this nonsense you yeah all this nonsense now that yeah exactly and and you know and you know there is nothing that's sacred anymore that that's that's the problem do you think that's a morality issue though rather than a free speech issue so it was always you're always free to say the word fuck it was just it was just the society didn't put up with it you're like hey you know you're you're frowned upon by all your work there's still there's still consequences to speak so i mean a lot of people are like free speech but they really want speech without consequences like you can say any kind of hopeful horrible thing you want but afterwards people might not want to stop shop of your business they might not like your album or whatever your product is uh your speech was still free but there were consequences well that's it and that's and that's that's the normal free market so if there's some idiot that puts up no blacks on their shops um look good on do what you want i'm gonna tell everyone never shop there because the guys are bigger idiot um but it should be free to be a bigger idiot right i you know honestly it's it's really important i think it's a lot harder when you're dealing with bots and fake misinformation when there's five million fake accounts for everyone real account uh where's the real explanation who's the obnoxious information we're gonna need science fiction to get us there i think we're gonna need that yeah i just saw Elon Musk yesterday he's i just saw Elon Musk on youtube every day and he was offering me he told me about how he interviewed president trump and i could send him my bitcoin and he sent me back every bitcoin i sent he sent me back two bitcoins yep if if it sounds too good to be true you should probably invest right away yeah how can that be why isn't youtube i mean that's such an obvious scam why is not such a no it's so crazy i know and they've got thousands of millions of views those videos and they pumped it out there if you start a new youtube account it's it's the first thing you see is those sort of videos it's amazing i think you remember what i was gonna say ugly was talking about uh craigslist and platforms and originally there was this idea of the craigslist defense that craigslist was a neutral platform people came there they listed things you bought services from those people craigslist was pretty much out of it but as we saw with Ross Olbrecht many people came to the silk road listed products other people purchased the products i think silk road might have gotten a cut uh which is maybe a difference to craigslist but suddenly that craigslist defense the Yahoo defense the eBay defense many horrible things i'm sure have been sold on eBay and craigslist and facebook marketplace even probably other places uh but they're not punished the way that Ross was uh so it is interesting to see that double standard and how that's applied on the internet but i think we're running out of time so we're gonna go to prediction or story of the week Josh Egollett do you have a prediction or a story of the week go ahead prediction uh is oh no just story of the week we're just been busy working on the standard basically uh working hard on our version four of the smart vaults um taking uh taking rap bitcoin uh as well as a theorem and a bunch of other tokens and be able to lock them up and uh and it automatically places that collateral into automated market makers on dexas um and earns the yield and also goes and collects other incentives that are around the net for you without you giving up your private key so you never have to you you've always got control of the of your tokens and um and you can borrow against that value uh and mint a stable coin against that value even though it's going off and working for you and you can trade it as well even though it's locked up so uh it's it's very exciting we haven't haven't quite launched yet we're looking at the 14th to launch we're going through the last bit of the audit but it's really exciting uh to be able to do that because the last thing we want to do is have these centralized authorities where you have to send your bitcoin or your ethereum stuff to to borrow against or to or to earn a yield um we don't we shouldn't have to you know this the whole cyberpunk um ethos is not your keys not your crypto so uh you'll be have you have to sign a private key you when you create that the this my contract makes it yours it's yours you have to sign this my contract for you to do anything so it's it's uh it's really fascinating i love it uh come and follow what we're building at the standard dot i.o very cool Josh everybody should check that out ugly old goat you've already made some impressive predictions today do you have another prediction or a story of the week go ahead oh no predictions i yeah i uh what i'll just i had some change in circumstances of the last year a year ago last august my wife decided she no longer wanted to be my wife and she didn't want to be the mother of our daughter so that kind of rock and rolled me and uh i'm dealing with that but you know i don't i'm not blaming her i blame myself because i think i really filled hers a husband and in a lot of ways uh uh as a father but it's i think uh what what i am doing is of course i have a big believer in equity trading as they trade your equity don't trade the market uh and now i've added to that accountability and so uh for my what what what i what i'm working on right now is to develop a 24 seven uh Bitcoin accountability group and i don't know exactly where we're going to go with it but uh it it will be a live stream for live streaming 24 seven on and i'm getting new ideas as i'm gonna plug your show in so every Friday at one we'll have we'll be have a live stream you'll be on our live stream so people continue and hey this is what's happening in Bitcoin and uh but mainly what i'm building it for is other traders uh uh that need to be accountable because we uh most most successful traders recognize that when they get backwards in the market it's because that they have not managed their money correctly it's really not so much because you're never going to be right predicting the market that but it's managing your funds uh and not getting that king Kong complex uh and uh have those huge equity swings uh which is uh uh you know quite 90% of of traders lose and as a consistently uh successful trader uh i've gone through the cycle many times and i think one way to smooth it out uh in that i'm doing it is i publish you know what my actual trading in Bitcoin and i have set rules up for this i'm actually going to have this kind of uh i'm gonna have my group hold me accountable and hopefully they'll be doing the same i'm not exactly sure where i'm gonna go with this but i'm kind of excited about it it's a 24-7 live stream so and the idea i got was these kids do that with these games but what's the biggest game in town it's Bitcoin well that sounds great ugly and people can check that out at ugly oldgo.com keep up with your progress there yeah yeah i'm glad i'm sorry to hear about your marriage man i'm sorry man well it's not over yet we'll see what happens i'm considering the blessing and not uh it's not easy but uh that's where we're at right now and hopefully you know you know our you know my goal is reconciliation not divorce but if you know i'm not gonna stop a divorce if that's what's what's gonna happen so but i think i think i think you've got a good attitude there and that you're taking a stock of the situation trying to make it better i think that's the way to go all right yeah well thanks for inviting me on Thomas i was really you you look great and uh oh just so you know i'm i'm gonna be Santa Claus this year so i that's why i'm growing this beard and i'm probably gonna get my hair off white in November and then i'm gonna learn learn my Spanish by being Santa Claus to these uh to children now my daughter has a little store down here in Mexico in a little shopping center and i said well i'll be Santa Claus down there if i have me so they're gonna make a little space and i'll be a little bit different because i'm gonna probably teach him uh you know what Christmas really is and and i think maybe uh teach these kids i'm not it's not just about Santa but it's about uh what was done for us two thousand years ago uh and uh and uh i'm looking forward to it i've never been Santa Claus but i'm at the right age i'm 75 and maybe i have ten or fifteen years i'm being a Santa Claus left in me very nice actually that's why i've got the mustache too i have to my i'm teaching my daughter how to use the abacus to mask oh really right and uh and and uh but she really wants Mario to teach her from Mario brother so okay and i wake up and i shave today hey to me let's do the abacus how old is your daughter uh she's five now all right all right well she was uh here in nymphs and out in Mexico i'd be glad to be your Santa i'm gonna check out your website you've said some interesting things Josh that you you've got to have me interested it sounds like you have a pretty good grasp of what sound money is and uh thank you but we need you know we don't just need sound money we need sound money and free baking yeah well what's beautiful with the standard because people lock up these rare assets like rap bitcoin eth and and link or whatever they feel is valuable right um it's the top tier ones it's not like some weird coin down the end uh it's just the top tier ones um i know that there's bitcoin maxis out there we said only bitcoin but you know i can't build on bitcoin i had to build these on on the theorem network so you have to wrap your bitcoin but anyway um being able to i love the idea of locking up these rare assets and issuing yourself a stablecoin which is backed by these uh because you have to have 110% of the those rare assets locked in the smart contract and you can't get it out until you pay back the debt to yourself and it's a zero percent interest debt and i just i love that idea because now this stablecoin is backed by the assets that you've locked into the smart contract and the only person that can get it out is you because you created that smart contract with your product are you are you doing your own stablecoins then yeah yeah it's the only it's the standard it's its own stablecoin it's coming out the other way so there's no one lending and that's why you can do zero percent interest because there's no one lending you're just borrowing from yourself and so now instead of a central government hoarding gold and issuing uh a coin against that gold you've got thousands of people all around the world locking up assets in a decentralized network you're realizing them self stablecoin yeah where a lot of big quarters have a wrong is is money is not the most valuable commodity it's the most tradable commodity and that that's what it is and the most tradable and the yes dollars definitely the most tradable and so it is still and and and and why i'm in mexico the pesos definitely the most tradable so there's definitely a use case for for bitcoin but it's not as money uh it you know it it has to be some kind of bitcoins substitute and there's no reason why you can't be on the bitcoin standard you know when we're on the gold standard very few people have own gold yeah the government and gold didn't even circulate because it wasn't convenient but the standard was uh basically the gold substitutes and it was that standard it acted like a catalyst or a governor on on on the engine and uh but it could be fractionally refractionally reserved and that's the problem that that whereas the smart contracts it cannot be fractionally reserved you mathematically always have to have a minimum of 110 percent and it's a lot more than that because people don't want to borrow up to 110 percent because they could be liquidity are you familiar with uh easy harwood and and and his article the lost orders of sound commercial banking basically well you i'm i'm definitely for fractional reserves uh but it has to it has to be like commercial paper in other words there has to be other assets behind it in other words it's you can and there is such a thing as non non inflationary money creation and as long if i if i create money so you can you know uh pay your employees uh and pay your suppliers while you're putting your cars or witches on the market that's self-liquidating commercial paper and that paper as the as people take that money and purchase other things that money is withdrawn from uh circulation that's why the old banks the gold standard banks the the their bank notes are rare because they didn't go broke they were all redeemed and that's why they are a very rare commodities now the some the banks that up that developed the gold standard it was it was a marketplace and individual banks that that built this gold standard system and it worked so well that the government nationalized it and created the fed reserve and it was a gold standard when they nationalized it it of course once they nationalized it now they have a ticket to change it but the only problem I saw with the gold standard was that you're pegging gold to a dollar so gold would never have its moonshot because it was always going to be a dollar so that people stopped actually trying to find new gold in the ground and so you had this bit of a squeeze where um you're not finding new gold it's going up in the secondary markets but not really because it's pegged to the dollar and um so that's one of the problems actually the dollars defined as a certain amount of gold so yeah there's a lot of new gold coming in in the market then the the value of the dollar could go down or it could you know or yeah so but I don't see that as as a problem and there there is an underline I mean as Peter Schestas there there's an underlying uh intrinsic there is no such thing as intrinsic value but but there's an underlying industrial value for gold which is fine there's an underlying use case for Bitcoin too that it's it when gold was first discovered it was just this shiny rock and with Bitcoin it was just well this is what is this Bitcoin it wasn't even a shiny rock it was just somebody's idea what money the red number yeah well the gold market better watch out because pretty soon we're going to ourselves an asteroid full of gold but we'll never find an asteroid full of Bitcoin I'm sure you guys have already heard the the earth has a second moon right now we've pulled in this uh comet that's been floating around and right now it's with an orbit with us uh but pretty soon it'll leave uh but if only it was full of gold and we could mine it all but we're running out of time uh ugly when you dress up as Santa Claus you got to go back to the mad bitcoins archives and you got to do the poem uh saint satoshi's day it's the night before Christmas but I changed a couple of the words so uh check that out that was fun all right we will do that make that a date and I'll I'm gonna be buying my outfit and I'll be I guess I'll be the Bitcoin Santa Claus there you go Bitcoin Santa's what we all need we uh hopefully if we're all good the market will go up uh story of the week uh I'm reading a new book it's by Neil Stephenson it's called Remday it's a little old I've actually heard that it's a prequel uh to one of my favorite Neil Stephenson books called Fall uh if you guys are interested in good uh good books check those out he of course wrote snow crash a long time ago and he's written a lot of other books uh so many even that it's hard for me to keep up but that's what I'm checking out um um I mentioned Josh we're getting uh the same thing they're doing to your wife's videos they're doing to our videos uh we are getting angry take down notices for old Bitcoin group episodes it's very unfortunate our goal is to have an uninterrupted archive here and even if I do disagree with you guys politically sometimes I let you have your say I don't cut you off and uh unfortunately youtube is punishing us for that so I think it's the AI probably going back and reading everything with a very uh scanner darkly type vibe uh but we'll do our best to keep those online at the internet archive and other places like that but if there's a gap uh in the archive it's not an intentional gap and I hope we have a backup copy usually we do uh but everyone make more copies of your stuff uh if you do an interview put the microphone out your own microphone and record it a lot of times I've done great interviews and no one ever writes them up as articles if I made my own copy I could put it out there and you just want to have backup copies but uh we're running out of time so thanks to everybody for joining us give us a thumbs up down below push subscribe if you haven't already thanks to everybody in the chat give us a wave if you made it this far and thank you Tom it'll great coming on here glad to see you're doing so well and uh I have the utmost respect for you you you were the one that uh I my very first uh person that I watched when I was introduced to Bitcoin and then you introduced to me to so many other people and I'll always be grateful for that yeah thanks well thanks ugly for being a guest on the show and uh for being so kind there and to everybody else until next time bye bye