The Bitcoin Group, the American Original, for over the last 10 years, the sharpest Satoshi's, the best Bitcoin's, the hardest cryptocurrency talk. We'd like to welcome our panelists, Josh Shigalla from thestandard.io. Well, hello there, everybody. And I'm Thomas Hunt from the World Crypto Network, moving on to issue one, issue one, Genesis Block Day. Today is Friday, January 3rd, 2025, Genesis Block Day. The first Genesis Block, the first block of Bitcoin, was mined on January 3rd by Satoshi Nakamoto in the year 2009. Every transaction that has ever taken place on the Bitcoin blockchain exists in what are known as blocks. And these blocks create the blockchain. Josh Shigalla, Genesis Block Day, also when Satoshi inputted the headline from the front page of the Times for January 3rd, 2009, Chancellor on Brink of Second bailout for banks. As it says here, the message is a reference to the financial crisis, which many was believed was caused by reckless monetary policies of central banks. Largely the creation, reason for Satoshi's creation of Bitcoin, Josh Shigalla, what do you think about Genesis Block Day, January 3rd? I love it. Congratulations, everybody. The thing that I love about the Chancellor on Brink of Second bailout for the banks or whatever the article was, is that it's such a spy thing to do. It's such a old school way of time stamping. And the blockchain itself is such a massive leap forward in time stamping without trust. There's different methods of time stamping back in the day where trustless time stamping, sort of speak, where you would maybe, let's say you invented something and you would post that to yourself so that the post office would put a stamp on it and it would come to you and then you put that letter in your vault and there you have a time stamp by 3rd party without the 3rd party knowing what's in there. And then if one day somebody comes along and wants proof that you had knowledge of something that you timestamped, you could take that letter out and go, look, judge, this is unopened, the stamp is sealed. It's from the post office, the 3rd party and it was timestamped the 3rd. And so things like that, but inserting a newspaper article is beautiful. It's a really nice, nice old school meets new school way of time stamping because the blockchain is all about the time stamp right. Now how is this different from white paper day, Josh, which one came first? Well, the white paper was the initial idea release and I'm not sure actually, I think that white paper came first. I'm not sure. I'm pretty sure the white paper was about 3 months before what was October 3rd, it's a Halloween white paper. And then here in January 3rd, the middle of vacation. And I remember, I remember reading about the white paper on slash dot and I was like, oh yeah, that sounds like a good idea internet money. And then 3 months later, there was some kind of a proof of concept. And I was of course interested, but I didn't have the right hardware. You needed a PC to run it at the time and I had all max. And I was very firm about it. So I wouldn't go just buy a PC, which seems to be a lot now. But they're coin and you could send it around after proof of keys day. As it says here with a proof of keys day, but after the one before that, Genesis block day. And what it was is that Satoshi had this ready. And in a way, he, she or space alien was kind of waiting for this article in the times when this article came out chancellor on the brink of second bailout for banks. That's when they decided to launch their project. That's when they made this Genesis day. So that's what's really needed. They could have chosen January 1st. They could have chosen January 11th. But like you said, they chose the date for the article when this article came out is when they launched the project. As James and Lott posted on his Twitter account, you can see here it's embedded in the opera turn of the message when they mind the first blocks and they mind the first block. They put this message in here as you can see, it's kind of broken up looks like Morse code almost broken up into lines. But as we of course know, you search for that and you come up with this fantastic newspaper from the times London, British newspaper. And it's so great. It says eat out from five pounds more than 900 great restaurants, including four Gordon Ramsey favorites from 15 pounds. It's also a time when Israel is preparing to send tanks and troops into Gaza. But they may and there's some entertainment type articles on the side. But the main one for us is chancellor on the brink of second bailout for banks. And this is what is Joshi and the Bitcoin was kind of rebelling against is this money that was controlled by banks where banks go out there and spend it. They decide on the economic policy. And then if it goes well, they make money. If it doesn't go well, they bail themselves out. They say whoopsie. And then they're too big to fail. And their investments paid out. Whereas your investments, when you fail or you gamble badly, you just lose. They just take the money. Yeah. And if you look at the top of the article again for the price of stuff, it really, the inflation really hits home now because it's the 15 pound that would be, that would be the thing that was like, wow, 15 pound, but they say five, which is impossible now. Like you'd never get a meal for five pounds because you can't cover rent and electricity and staff and everything else. So it would be from the papers found 50 and we don't even have newspapers anymore. They're pretty much. Right. Right. Has it says it's really funny on the inside. Like if you look blind, blind below that and I've never seen this before, maybe it's in some versions, not other. It says start collecting tokens today, pull out inside. And it must do in some kind of reward tokens or something for them, for them newspaper. So, but you can see it's there. And Josh, so after Satoshi minds the first block, they say there's a couple of days there where no other blocks are mined until he or she or they kind of announced the project. But what happens next for Bitcoin after the first block? Well, you know, Satoshi was mining by himself with, with what's his face? It's very early in the morning. Morning, multi and how finny, I think we're so yeah, that's the one. Morning, morning, and read about it on the cypherpunk mailing list, something like that. Because Satoshi puts an announcement out there's no Bitcoin talk. There's no Bitcoin twig. There's nobody to tell on CNBC that there's a new software product out here that's going to crush absolutely all of their investments and make them all look like fools. And that happens instead. There's just this kind of open source project goes out to some of these enthusiasts and the enthusiasts. But there's no price. Yeah, there's no price. Mining 50 every 10 minutes. 50 every 10 minutes and you could do it on a normal PC or a laptop or anything. So it's pretty amazing. And we're just kind of recognizing some classic stories today on Genesis Block Day as all of the news is just obsessed with the price. So we're going to finish out this issue by giving you the price update that you need, that you deserve. So you can make your decisions. Josh, will the price of Bitcoin be higher or lower this time next week? Keep in mind, they're competing against the magical Bitcoin ball, the source of all truth and knowledge in this universe. Well, if I remember correctly last week, it was correct. It said it's going to go higher and it is higher. I'm going to go with higher. I'm going to go with we're going to reach the old time highs again. But like, but then come back down. So it's just going to be sideways for a while, which is fantastic for the ball market because it means the ball market will run well into 2025. I think it's all ball market, Josh. Everyone was afraid for a couple of days there. There was the downturn and now nothing at all just backed up. But let's see what the ball says here. Well, the price of Bitcoin be higher. This time next week. My sources say no. My say no. The ball is bearish so much for us. Moving on. Do you know what sources it uses, by the way? They're top secret sources. You couldn't tell. Issue to proof of Keyes Day. Interestingly enough, there's another Bitcoin holiday today on January 3rd, kind of latching on to Genesis Block Day, putting it in there with Satoshi's birthday and white paper day, as we seem to have so many Bitcoin holidays. Now we have proof of Keyes Day. Occurring every January 3rd and annual practice where Bitcoin and crypto investors are encouraged to take control of any funds they keep with third party custodians, withdrawing your Bitcoin, your keys from these exchanges. It was created by Trace Mayor, a Bitcoin educator and podcaster who created this to show the significance of self-custody. And while originally more of a controversial holiday, I think Josh, you and I have talked about this before, we think it's very badly timed. January 3rd is when everyone's on vacation, your hackers are not in the office, your people are skiing, they're unreachable. It's a very bad time to force these exchanges to go through their procedures because as you know, Josh, people might not know looking at the outside, but these exchanges don't just keep all their funds in a hot wallet waiting for you, any hacker to withdraw them. In fact, if you keep drawing funds like a bank, they have several layers of security and wallets that they have to go to that they'd be forced to go through on proof of Keyes Day. So let's talk about that aspect first. What do you think Josh? Yeah, you spot on and Trace Mayor, I believe, was the originator of this idea of proof of Keyes Day on this date. And yeah, like we ran an exchange, and it was a horrible thing because we're on a skeleton stuff to have true security, you need multiple layers of things. It's not to say that you don't have the coins. And I think a proof of Keyes Day is fantastic. Yeah, every year there should be a run on every single Bitcoin bank to prove that you are in full reserve. But the problem is the third of you want good security. You don't want a skeleton crew to be able to access easily the cold wallet because most hacks happen internally. So you don't want that. You want very strong multi-seag, where multiple people need to sign and this and that to release vast tranches of crypto and yeah, the third, everyone's on holiday, skeleton crew in most companies, it's a terrible, terrible, terrible, terrible timing and it just sucks. It sucks for the whole industry because people will fail at proving. And it never really took off either. Like we would talk about it, prove Keyes Day, but it never really took off because even the exchanges, well, the exchanges probably won't promote it anyway because they're probably most of them in fractional reserve. But but yeah, never took off because I believe because the date is just not a good date. Now, it is a little controversial now, but I like the second half of this. You holding your own keys. There's a lot of laws in Europe. You have to prove that you have your keys. You have to send in screenshots or something. Peter Todd had a weird tweet where he's talking about people time stamping screenshots in the blockchain so that they could prove that they had such and such a Bitcoin, it's such and such a time or some kind of thing, some kind of IRS thing when you hold your Bitcoin's what they are. And I think that it's even more important now what Trace was saying, even though I agree, I think he was saying it on a wrong on the wrong day, basically, and he was trying to pick you back on the other holiday as well. So it's like Genesis, blockchain, comma, proof your keys. But as far as people holding your own keys, I think it's an even more exciting time than ever. So hold your own keys and to get your first Trezor or whatever you like, a blockchain, Jade or Ledger, hardware wallet because it's really kind of amazing. You might not realize what's going on in there when you use a new Trezor and you create it and you can do this offline as well. You don't have to be connected to the internet, although I think it helps. It creates a new seed for you and from that it can create a whole new galaxy of other seeds which are essentially each like its own bank. So you're creating a bank, bank, bank, bank, all these banks, all of a sudden, and it's just in this little Trezor, you write down your words, you put all of that in a box and then you put it in a safe deposit box, you buried on their house, you put it in your backpack, you put it in the wherever you're going to put it, you hide it somewhere, all these different things and suddenly that's your little bank, that's your little money and then if you send Bitcoin even there in like a hundred bucks or whatever it is, that's a hundred dollars that you own that's off the grid really. It's not being owned by Coinbase or someone else and if they decide that you shouldn't have it, they can take it away from you. And that's kind of the whole point of Bitcoin and I know that everyone's talking about the price now and CNBC is non-stop price and I tried to Google stories for this show, I couldn't find them. All I could find is that the Bitcoin has a price and that it's going up next year and different people think it's going up different amounts and there's no additional coverage there. But what makes it magical, as opposed to just a dollar bill or an electronic dollar that's in your bank account, is that when you create the wallet with the Trezor, you send the money out there away from the Coinbase, away from even strike or swan Bitcoin or whatever it is, the one that you trust, the one that you say isn't going to be BTC-E and run away with your friends tomorrow. The one that's not sheep marketplace, the good one, that's the one where you need your Bitcoin, they're safe there. And as far as what Josh is saying about re-hypothication, that means they could be lending out more Bitcoin than they have, saying that they have more and if you ask for them that could be a problem, just running off in general, having at this point, having government controls placed upon them. So all the things that we say about Bitcoin, where we're like, if you have it in that Trezor, and you have those words and you bring them in and you want to send that somewhere, and even if that somewhere is like a banned book, it's like a negative idea or a positive idea, depending on what day it is. You can do that with Bitcoin. You can't do that with Coinbase Bitcoin. If you take your Coinbase Bitcoin, you try to send it to allegedly a bad idea, they could stop you. They could stop your Bitcoin from being there. Conversely, if you got Bitcoin from a bad idea, a bad wallet, they could say, no, that's not money. That's not money here. The store doesn't take. Yeah, we've got. We've got. We've got. And that's the whole point. Also, and that's why you want to use it. That's why you want to learn about it. That's why it's valuable. It's not just valuable because they brought TV and they reprise the price. They say it's going up next week and it's going up next week. It's this core value that's always been there that we've talked about all time. That's still. And I think that comes in the second half of proof of Keystay because it's proof of keys on you. Not about this exchange thing taken down the exchanges, but just about you, like, even getting a hundred bucks out of Coinbase into a treasure wallet, starting to figure out, like, you know, buying a safe, getting a safe deposit box, getting multiple safe deposit boxes, whatever you've got to do, provide physical security for that digital thing because that free you. And that can be really the freedom money that we talk about. Bitcoin is that off the grid off the chain Bitcoin. Yeah. Yeah. And you know, there's reasons to have your money on chain. If you're a day trader, if you're sorry, on on on an exchange, if you're a day trader and such, and you're always going to be moving and exchanging, I understand it. But another way to think of it, which never gets mentioned, is that if you have your Bitcoin or your crypto on an exchange, your effectively investing in that in a startup, you know, and how many startups fail, you're even worse, you're investing in a startup without any equity in the company because you're putting it there. You're not getting any return or anything from that company succeeding, apart from keeping your Bitcoin. But most startups, and you can ask any VC, most startups fail. So what, so even if it's not nefarious, even if they don't run off with your money or, or, you know, fractionary reserve or whatever else, even if they're fully above board, they might just fail as a startup. And, and then you've lost your money as well because maybe you know, they run out of whatever and then they get hacked or whatever. But most startups fail. So by you having your crypto on an exchange, you're effectively saying here's startup that most likely will fail. I'm going to store all my keys on there and I don't want any equity in return. It's amazing. So yeah, get your crypto off exchanges. It's, uh, and I got to listen to my own advice. I didn't get any money from PayPal. I was an early user there. I didn't get any money from eBay or Amazon or any of these things and in the same way, I didn't get any money from Coinbase. Coinbase never did a a lot of these NFT things. They've come in and given you an airdrop. They said, hey, you traded a lot on our platform. You made NFT's happen. You hold a certain key. We're going to give you free money. Never happen on Coinbase, never happen on eBay, never happen on any of these platforms. And Bitcoin is your one chance where if you truly hold it, if you hold it in a treasure wallet, if you have it offline, uh, which again, part of that is that when you create the keys on the treasurer, it doesn't share the keys with your screen. It creates the keys on the little box right there. So it's like a little for simplistic purposes. It's like a random number generator. And think about how neat it is that you have a random number generator in a little box that can create this universe of keys for you separate from even your computer because your computer is spying on you and trying to steal your keys and Coinbase is, you know, already stolen your keys. But then there's this alternative to that where you've given it to him. Yeah. Well, you have this treasure. You have this like magical little key generator and you have this like a universe of keys. I think you can create that you can control. And it's pretty magical. But another aspect of holding your own keys is you have to go through every year or more and just check that you remember the process because there's also been let a lot of people that have lost their keys. They've screwed it up because there's this, there's this conundrum with security is that the more secure something is, the more likely it is that you're going to screw it up. So there's this, there's this fine line of, you know, do we use multi-seag how many people need to sign or do I just keep it on a treasurer with a single seag? What happens if I die? You know, there's there's a whole bunch of things that it could get more complex. And so yeah, it's interesting. It's interesting thing, a conundrum of the modern world. And even just remembering the pin number can be incredibly difficult. You might think you have all your pin numbers now. But you know, year or two from now you might not have them. There's that classic thing that Andreas used to talk about where if you have your Bitcoin and you're doing a really good job of hobbling it, it can get too big, right? A certain amount of Bitcoin right now is too much money to have in one wallet, too much money made even one safe deposit box. And this is why I want you guys to think about now multiple treasures, multiple safe deposit boxes, multiple hiding spaces. And again, everyone's, no, I hate the banks. I don't want to use the banks. As Andreas always said, the banks are great at physical security. They've got vaults, they've got security guards, they've got cameras, they've got clipboards and little signature things. Every time you go in and out of there, it's a very safe place. And that's where you want your Bitcoin to be. And maybe you want to be in multiple safe places. Maybe you can afford a little bit more security, a few more treasures and a few more safe deposit boxes or whatever you feel comfortable. Well, back in the day, when I'm back in the day when we used to do local Bitcoin trades, many meet someone in person. There would be these apps where you can meet random people and do a trade. And we meet in a bank in the foyer to do the trade because they had all the security cameras. And so you could do the trade and use them as a security measure and not be their customer. So that was pretty funny. Absolutely. And you could even go a step further if you were a customer, you could put the money right straight into your account. Like you can't get robbed when you walk out the door if you don't have any money. And you just put it in there. But yeah, I think proof of keys is an important discussion of this. I think people on TV need to get behind this about sending out Bitcoin, sending it around, using it, putting it in hardware wallets, learning how it works and learning that the reason it's valuable is because it works and that it's a circle of value and it's almost price. Price is all you care about. They've already two now because we already did the eight ball. So the price guys are already gone. They've made their place. But you can learn more about the magic eight ball that predicts the future at worldcryptonetwork.com. And if you click on the left hand side, it says hosts and guests. If you search through this amazing list, you can find trace mayor and check it out. We've got seven shows either with trace mayor or where we talk about trace mayor. We've even got some of his final appearances at uncomfiscatable Bitcoin conference right here in Las Vegas from 2020 of August. So check out trace mayor on the world crypto network. Moving on to issue three Bitcoin hash rate taps all time high on January 3rd. Hey, that's today. The networks hash rate briefly tapped 1000 exa hashes as miners continue adding capacity. We can check out the effect of this on the price of Bitcoin. Let's try to refresh the chart here. Get a fresh chart from Bitcoinl.com. The price of Bitcoin is 98,346 with a last with a high of 99,000. We're above. We blow that low of 96,191. Still down a little from the recent high of 106. Josh, as Max Kaiser always said, price follows hash rate and the Bitcoin hash rate just keeps going up. What can be said about that? Well, I mean, first of all, the amazing fud that always comes out before harvining. So it's always being consistent. So I remember when it went from 50 Bitcoin per block down to 25 and leading up to that there was talks by all these specialists and all these experts in the field about how there's going to be a game theoretical crash. And this and that and the other thing and none of it happened or a hard fork. And then when it went from 25 to 12.5, the same thing happened. You get it, but this time you get professors, you get because we were a bit more mature. You got professors and people from banking and regulators and lawyers coming in saying, oh, this will break Bitcoin. But look at it. The hash rate has just kept on climbing. I mean, the fact that like exerhashes, even one exerhash is such an extraordinary amount. I remember it was below an exerhash. And the someone did some some some brainiac did the math of if Google turned on every single bit of their hardware that they have in every warehouse, including everyone's mobile phones that worked for them where they went and pointed it at the Bitcoin network, it wouldn't even add 1% or 5% or something. It was like a tiny amount of hash rate. The amount of hash rate is so extraordinary now. I mean, it's way oversecure, I would say. But it's a stunning number. It's a stunning number to see that even though we have a halving, it just keeps going. So, you know, the competition for those rare numbers is huge and people keep on wanting to try. So, as you can see on the chart here, the blue line is the hash rate. The black line is the price of Bitcoin. It seems like it doesn't really even get going until around 2017. We have a big bump in the price, but not the hash rate. But the hash rate just continues climbing a bit of a drop there in 2021 of the hash rate. As you see, when the price went down big time, there was hash rate drop, then it recovers what the price keeps going down. So, that's really strange right there. Then we see the price starts to recover. Then it's as if the price and the hash rate have linked up. And it's just diagonal straight up a little bit of wigglies. And then this fantastic little jump right here to 100k while we see that the hash rate just keeps going up. Straight line up here. If you could, you can't there. But I remember trying to mine in 2013 and stuff. It was always more expensive to mine. I've said it before in this show, you had to hold the mind Bitcoin for a while because you needed that capital gains to cover the electricity cost. Electricity was even if when it was releasing 50 Bitcoin, the electricity was more than than it was mining. There's little periods there like these spikes where that wasn't their case. But generally speaking, you want to do that. So, what's happening right now is that all these miners are indeficent. They're holding their Bitcoin and eventually they hold so much that all these ETFs such that want Bitcoin, they usually get it from miners, they get fresh Bitcoin. They can't get it until they start asking, they offer more for them. What do you mean you can't give me the Bitcoin for 100k? I'll give you 105k for it. Then the miners are 106. Okay, 106. Borm in mass. And they'll give them the Bitcoin. So miners, they need to hold. It's not profitable not to hold the Bitcoin for a little while until it's profitable. So when you mine, it's not instantly a win. We have a question in the chat about whether we'll see home miners or home nodes in the future. And I think part of the problem is what you're saying there, Josh, with mining is that the technology moves so fast. By the time they shipped you a home heater miner or whatever it is, it's a spa heater, a miner, it heats your room, whatever it was. By the time they shipped it to you, that chip is so hopefully obsolete. And it would be so slow and such a terrible miner that it might work as a heater, but it wouldn't actually get you any Bitcoin. So it's going to be very hard to get that level there as far as the nodes operate differently and could be used at home but wouldn't have the heating properties that miners had. So it's a lot harder to imagine them in the homes. It looks like you look at this and you say, I got to get in on that Bitcoin mining. But I look at it, I see the opposite. I say, look at what a hard competition Bitcoin mining is. Look how much energy and power and brain power and money is being thrown against Bitcoin mining. What a tough gig. What a tough competition to come out mildly ahead in that. Whereas on the other side, Bitcoin price, all you have to do is buy and hold it and it seems to match. So yeah, that's where you have here a question as well. What happens when all coins are mine and all transactions are off chain? Well, there's never a time when all coins are mine because it's always halved. So every four years it just harves. So I guess eventually after hundreds and hundreds of years it'll run out but it'll just keep harving. So if you, for instance, if you sell a percentage of your coins, you'll never run out of coins because you're always selling a percentage. You're not selling the whole lot. Saying that, it'll get down to a ridiculous amount where it goes from, you know, and once we get down to one Satoshi or two Satoshi, I think what will happen is the whole network will fork to add more decimal points in behind because otherwise every coin is worth, every Satoshi is worth 500 bucks or something. It's not going to be. So if you add more slices to the cake, that makes it possible. But the thing is with I layer two is for me, it's always been a bit of a problem because layer two channels never need to really be closed. But I think a lot of people will want to close them and will want to open them. And it's in those times where the layer two's work where you might want to move something into a layer two. Now there's multiple ways of doing L2s. Like lightning is just one way and I'm really hopeful that there will be more push like there has on the Ethereum front to have a whole bunch of people trying different ways of doing L2s because you just, you can't put everything on layer one, it just doesn't work. The reason being is because humans are insatiable. If you have cheap transactions, people will feel that, people will keep filling that. All of these blockchains are lying to you that say we can do it all on L1. They're all lying to you. They can't because if you make something cheap, then hey why not just put, hey why not run my entire computer on a blockchain and let someone else mind all the data. Why not just put rubbish in there for fun? Why not put every single everything, just everything on the chain because it's cheap? Well what's the point of having a price at all on chain if it's cheap? Well what is cheap? Also by the way, what's cheap to you? It's not cheap to someone else. So layer 2s allow you to scale that while batching all of those up in the layer 2 and still having the security of one transaction and layer one. I've talked about this a bunch of times but you just can't, you need layer 2s, you need them and even maybe layer 3s. The problem with layer 2s and layer 3s is liquidity. Specifically on the Ethereum front where you have decentralized exchanges and such which I just find extraordinarily wonderful is that you start to run out of, well you start to thin out liquidity and that's also a tough thing because you might have more liquidity on one chain, one L2 and less on another. So then you start having to deal with cross-chain stuff and chain links doing some good work there with cross-chain liquidity. But yeah, interesting problems, really interesting mathematical problems and it's not just as easy as put everything on one chain, it really isn't, it really isn't and there's a reason why it's been a massive argument for a long time is because it's not easy. I mean I'm not saying it's impossible by the way. I'm just saying it's improbable. We do have another comment from the chat. Tune in, dropout says, the year 2140 is given as the date that all Bitcoin will be mined and by that time transaction fees will be larger than the block reward for the block and I do think that's the way that transaction fees will rise to pay the miners or companies or governments like the United States government might want to mine Bitcoin to keep it going for the public good so that the public could continue using Bitcoin in 2140 and as we're partially here it's Josh is saying perhaps multiple layers will have been built on top of Bitcoin so you'll keep the original Bitcoin running so you can use all the additional layers. There's also this fun idea with Zeno's paradox where if you keep selling half of your Bitcoin you'll never sell all of it because you'll sell half and then you'll sell another half and you'll sell another half and it'll keep get smaller but you'll never sell all of it like if Josh and I tried to meet and we kept going half to the distance together. It's very small but never reached there. And to skeptics point there, he's the one of every all the transactions be on layer two and none will be on layer one. The thing is that layer two, the how layer two works is that we're on Ethereum for instance Arbitram they take every 10 minutes all the transactions that happened and all the fees that happened in those transactions to pay for that hash to be put into the L1 layer so that you can lock all that data into the security of L1 so the whole point of an L2 is you need the security of L1. In terms of how lightning works you want to basically send money to the L2 so that sending to maybe you'll batch a whole bunch of transactions maybe maybe three, four thousand people want to get their money into an L2. You batch all those transactions into one. Everyone pays a little bit pays for this one transaction with a huge amount of money but then it's done and then they work on the L2 and every so often because it's an L2 you've not got the security of L1 yet you might take thousands of people's transactions and say hey you want to also cure your funds do one transaction back to L1 and and and log that log your your timestamp you know similar to the to the newspaper that Satoshi put in. How funny that Satoshi used a newspaper is his timestamp and now people can use the Bitcoin blockchain that he created as their timestamp that's pretty fun but I think we're running out of time for today Josh should you have a prediction or a story of the week. Well we you know I've brought it up a couple of times because it takes a long time writing smart contracts or you know we're building on on an uptrim which is an L2 in the theory and and we're doing this because we can't build it on Bitcoin what we're building with the standard but auditing has finished and we're fixing the few little bits and bobs that got found during the code audit and it's it's really exciting it's really exciting what we've built with the stable core upgrade on on the standard it's it's super exciting I just can't wait to release what we've what we've done so it's it's hardcore engineering like it's it's not got a picture of a monkey on the coin or anything like that for you meme meme types but it's it's proper infrastructure that we're building there at the standard and yeah I just can't wait to show you you know might my big thing has always been how do we build stable coins without these centralized authorities because you know so Toshi gave us this gift this one little gift of decentralized money and what have we done as a as a community we've gone oh Teva has given us a coin where they promised to have one coin for one dollar in the bank we've gone full circle like it's ridiculous that we use and Teva as well as usdc the centralized stable coins are for me an existential threat to the entire system because so much value is pardon the pun Teva to those stable coins and if they collapse for whatever reason just like I said in the start they're all startups they could fail or the government could take them or whatever there's so many ways that could go wrong basically it takes down the system of course Bitcoin will be fine that's why Bitcoin is the one true love the one thing that you should always have most of your holdings in but yeah it's funny Josh that the first thing they did was make a bunch of products that no Bitcoin or whatever want I remember when Teva said I was like why would I want that I like Bitcoin when it comes up I believe it's going to go up why would I want to have a stable thing like I I'm fine with it going up and down I take those risks and the same thing with coin base such a successful exchange such a holder of keys a negative thing again and the celebrate the cause celeb of the day micro strategy one man one giant company taking on giant loans and huge leverage to buy it coin over and over again never talking about why it's important why how to use Bitcoin how to hold it in your treasure how to all these things just focused on this it creates it generates wealth well we bought it because it generates wealth and why'd you buy it because it generates wealth I mean we're locked in this and we just see it coming through again and again and again well I mean the original reason for stablecoin like Victoria said last week it's a it's a possible collapse these things these over over burdens on the system these over concentrations of power and wealth and yeah we'll see what happens I mean you know that like the original reason for stablecoins was because government government forced all of these exchanges to start to be overly regulated and the and basically forced banks to not bank with these exchanges that were popping up that were trying to do new things and and so the exchanges like we can't get back we I know exchanges that had to have full-time staff like a big staff group opening bank accounts because they were closing bank accounts fast so you had to keep on opening new bank accounts because they will close one not because you're in a fairies or whatever just because you're a bitcoin exchange and every headline was bad back then about bitcoin so you you had to keep on opening fresh bank accounts with new banks because the oh this week that bank you know shut our account why did you shut our account we're not we don't need to tell you that was always the answer so so eventually they said you know Tether came out and said okay well you don't need a bank you could just use a stablecoin so you can be a crypto exchange with no and and it was also a bit of a hack because that way a regulatory hack because that way you didn't need any regulation where a crypto pure crypto exchange we don't deal with money because you guys haven't defined this as money and so it was you know and and and then I really saw the reason why it was on a level genius move it was Binance level it was Binance level yeah yeah and and and so I mean and and then eventually I started seeing why it's important specifically because it's very very difficult for old school for a mass adoption it's important stablecoins because for most people like us who are like you know got him early and where we use Bitcoin a lot way over them what we had originally and so if it dips a little bit it doesn't matter but anyone excepting Bitcoin right now and then it goes down and they need to restock the thing that they're selling and they can't because Bitcoin's now down or up or whatever it's too much of a gamble but not only that you have these issues where people find it very very difficult specifically book bookkeepers I mean not bookkeepers book are not bookkeepers well they might find it difficult too but if you're keeping your books or count it's another yeah I mean accountants need accountants needs stability oh they don't need it but it makes life a hell of a lot easier when you you get in one dollar it's still worth one dollar they don't need to calculate capital gains or capital losses for everything you do and when you did the transaction and this and that and the other taxes and it gets very hard if you can say I sold this thing for one I got one and it's still one and and so that that makes sense plus is still programmable so anyway the point is where the standard have been building a long time ways to develop stablecoins that are decentralized that's that's the uh that's what I was getting to and that's and that's why you call them stable stable coins stable stable credit right there go write that down all right but uh no I don't know if I have a story of the week or anything to say thanks to everybody for joining us giving us a thumbs up it's kind of hard to do these shows during the holiday weekends and the holiday times we do need to do our year in the review show but I didn't think it would be good this week because I didn't think anybody would be here so we're gonna rally in the chat room I'm gonna try to get people to commit next week so we can uh do all the things review tell you the company of the year all of that like we always do uh sometimes hopefully do that next week so that's that's my story of the week is that hopefully we'll do the show next week they're supposed to do this week but I do think McLaughlin used to film a bunch of these so I think he would film pre film the two year interview shows and then play them over the holidays when he was skiing on some uh I'm pretty sure he didn't do this live that's the lovely thing about having a full staff of people so many so many additional people working for these big shows but uh thanks to everybody for joining us given us thumbs up thanks for saying hi in the chat or putting up a comment later you know it doesn't have to be all spam in the comments there could be one or two comments they're like I am not a spam comment but I wouldn't I guess they'll probably spam you but uh thanks so much for joining us until next time