Bitcoin EFTs Doing BILLIONS in Volume | Britcoiners by CoinCorner #112

Transcript

he talks about blockchain is the technology Bitcoin is just in the way it's pretty funny you could take that quote and put it back to 20 like 20 2018 2016 you can go back and it's exactly the same [Music] quote all right welcome back another week another episode episode 112 112 here we go should we say the the numbers after them too late I don't think we no we're doing it now no we're committed going forward okay um agenda uh spot UTF trading volume uh Franklin Temple tweeting about salana and ethereum uh Jamie Diamond I have this problem every times and I demon demon I would go Diamond I mean switched out with an Simon but okay J demon I use demons because he's a demon okay he says bitcoin's pet rock uh Bitcoin hash rates drop uh vanck have been doing some trolling uh Bitcoin second largest commodity in the US Donald Trump's waiting on cbdcs uh FTX so selling Bitcoin with through gray sales uh ETF SEC swim swim swim SEC Sim swap uh God made some online pasta do a crypto scam see that video going to talk about it uh and mount SC uh creditors classic okay let's go sweep into do today go okay spot Bitcoin ETF trading volume surpassed 9.7 billion in the first three days price oh yeah that 44 $40,000 $ 4,165 was under under 40 for a bit wasn't it except when we print about 30 minutes ago and if price has come down anyone get a smash bu in under 40 I did I might have DCA get it in the 38 yeah I got the 38 oh I missed it when was 39 this morning like usual um yeah it was 39 yesterday and it went down to about 38 something just over 38 I think at one point yeah the last time we'll see three you know every time last time we'll see it till next week but we might see it could see enjoying this party don't do that get rid of that now we'll be good that's the end of 30s anyway anyway yeah 40,000 I had a dip but I is it did we talk about this the gold ETF and whether is just doing the same thing as the gold we didn't talk about on the part I we talked about boy well if should get the gold ETF yeah if you look at the chart for the gold ETF launch I think it was down it went dropped for 300 days before it recorded back the price and then it Skyrocket it was like volatile for it dropped and then was like static wasn't it like 300 and then it Dr is it a fair comparison you'd have to no no you have way far yeah it's Max and it really way back yeah you've got just Google Images it there'll be an image if it's a good image actually yeah and is it is it a fair comparison like it's the only other commodity I can think of with a new ETF so be that so that one or that yep the not the x.com one I think that's kind of thing here we go um but you can't unfortunately if you look at that the it launched and you'd have to zoom in every yeah the one I saw was a dead zoomed in one just on the year but yeah you can see it dips just as it's launched there you go yeah and then it kind of that is obviously a long period of like a full year basically that within that green circle so that that green Line's launch the green lines launch the drops the red bit after it and then it's like kind of static for a little bit a year and then starts to go up okay so that's the effect of an ETF on gold another commodity similar to bitcoin I don't think you can compare it to bitcoin oh well that's just a waste of time just my op just my op sorry guys a waste of time no I don't think so not comparable just talking about another commodity with an ET wait until 300 days later sorry dy I mean if you m his correlation rather than causation I think of similar but we were talking about would try to compare them but like obviously if Bitcoin is like the only one that's trading 24/7 that you know the markets don't open and close for Bitcoin gold is similar but not similar like you can do off the market trades with gold I can just trade with you but then it's not on the market at that point I think it's about so Bitcoin is unique I think it's about eight hours a week that gold closes for because there's markets all around the world so there's a gold market at Point open except for about eight hours a week um so it's and that led me to pose the question to Sani I think at the time which I thought was an interesting one of do you think us Regulators might want to start bringing in Market open and closing times for for Bitcoin trading do you think that's ever thing that would happen I don't think I don't think they could do it yeah yeah yeah could it's a global thing yeah couldn't it had to be a global attempt so was gold isn't it really but that means you would create a stable coin effectively in the sense Bitcoin will be a stable coin during outside of trading hours cuz wouldn't move mhm yeah but you can trade gold outside the ETF can't you so it's just an ETF Market was just one ETF price you don't Trade It NE you trade but you can buy it like you can buy physical gold outside of it obviously but that doesn't move the market that's on a market is it on a market eventually on a market uh all roads lead back to yeah eventually on a market that opens and closes though right but Bitcoin is 24 s so what I'm saying is do you think there'll be any any pressure from Regulators eventually to try and create this open and closed Bitcoin Market I I don't I don't think so if I'm honest I don't think it's possible I don't think it's possible um and I don't it might cause him some problems in terms of retail preempting what's going to happen on yeah like we talked last week about yeah because of the freedoms retail can front run institutions at the moment they've never used which they're not going to like hopefully they'll just conclude quite early that it's impossible and just with it you can see them saying they're going to bring it in and then they just realize they can't yeah yeah it' be like countries trying to ban it we're Banning it over the rest of the world's embracing it so we're going to fall so we have to follow suit anyway anyway cool right price Done Right Price done okay spot Bitcoin ETF trading volume surpasses 9.7 billion in the first three days and that's actually old news now we've got an updated figure from there have you was quite old good effort though not your I just give I just give what I what I get well like it I guess the the C the the point of what this would be there we go 14 billion 14 billion week what's what's the sentiment that it's been successful I saw that TW TW video the other day saying in all measures someone from Black Rock analyst I think she was on television some sort of Television there's a video of her she said what did she in all in all measures it's been a huge success a l the people arguing that it's not um it's because the price has gone down well Kramer didr said that was who I was trying to think yeah Kramer said it's not what did he say it won't get a fo going to struggle to find it foot we're right back KR I don't want to keep it but that's a bot also said like Bitcoin is a tough keep right now they say that it's not been a successful ETF as well cuz we did uh I nearly read was trying to get close to ratio in him on that um that tweet which why what did you say I liked it I didn't see that I stopped like did you know retweets himself sometimes just you yeah I didn't I think I retweeted this one you did CU that's how we saw it okay it was maybe because I thought right I need to try and ratio him we'll go with that it's he tweeted about saying yeah the the Bitcoin ETS has been unsuccessful basically and then I just replied saying you're calling like the most successful ETF launch in all time unsuccessful it doesn't make sense right it did well you got I think you got 1,000 over a th000 likes yeah it's about 1, did you I did not see that yeah I nearly ratioed him and then he CAU up and sped away from me a little bit okay I was all car about ratio yeah so um what was the up to date fin I think was 15 billion was it or something like that uh first week yeah first week yeah um inflows obviously it's it's massively skewed if we got grayscale on here at some point I think anyway yeah yeah um FTX yeah the FTX thing yeah so the grayscale side is massively denting it making a big impact on it because gray scale are bleeding at the minute in terms of people leaving theirs because they had 28 billion to start with um now we're starting to see who them people are one of them being FTX and FTX had about a billion dollars worth of bitcoin in Gray scale to sell which they've now sold so or we've been it's been reported that they've sold um so I think we're fully aware and also got my uh thought process from last week that I couldn't quite explain why oh my God this might be the first time we ever come back to anything from aast don't let him do it why they kept 1 a half% fee rather than reducing it down to comp I can't remember again I forgot why bring why would you bring that would affect what doing would it affect their rate so if they keep it high do they get more out of FTX at the minute or something like that uh no so um in sense yeah there's a little bit of that so but it's mainly so if they've got 28 billion on the management they know they're going to bleed some out and people are going to leave but they will they've done the calculations effect looked to that and said okay well if we half everyone else is going like 0.2% fees and stuff and no even if they hared their fees they're still at 0.75 which is still more expensive than all other N9 ETFs I think so they're still not competing on price by harving their fees are they going to lose 14 billion 50% of their assets under management and they've probably worked out looked at all the customers looked at their um sort of who they are in the demographic obviously they don't know one's FTX and they know they're going to lose that billion dollars but they'd have to lose 50% to even then still be just making the same money as they currently making do you think they've got data on an ETF where they went from Futures to spot previously and didn't lose as many I think they'll have looked at lots of different data points another data point is tax taxable event so somebody selling the grayscale one is going to create a taxable event for them which they might not want to do at this point in time so they're going to probably keep a massive portion of people because the tax event that they create might end up being more than what the the save move into a different ETF um so at the minute there's there's a combinations of lots of things like that what I think they've probably looked at there's the one as well where if they sell if a institution comes out of the ETF they usually have contracts and things in place where it be like 30 days they can't go into oh yeah it's like a wash tradeing yeah so so they wouldn't be able to do that so in theory they're just going to have to sit and hold in grayscales cuz it' be more worth they believe Bitcoin will go up for example more than one and a half% in the next 30 days they might as well just stick with gray scale and hold um so I think they they've probably analyzed their customer base properly there and worked out that even if they lose 10 billion they're still going to be making more money than they did if they have reduced fees and tried to compete makes they still got the total the most assets under management um long as they stop bleeding and is the outflow still is it still are they still bleeding it was the FTX one I think was the more recent the biggest one um and then I think there's there's another one that someone said that was to come I think or moved but it's you know even if it's is it a bil been a billion a day or something yeah so for those that don't know FTX had a billion in there that they sold off their entire balances well yeah the outflow from them was only about 2 6 billion was I think at the time when the FTX thing came out FTX made up a billion a billion of that 2.6 billion I think um so yeah it's it's not looking as Bleak as people think for gray scale really no possibly not um they might hold and maintain quite a chunk um but yeah I think I think they're all rating to be all of them have kind of hinted at there's going to be two or three big ones and the rest are probably going to fail so gra scale want to keep as the AUM as high as they can so they've got Head Start essentially the great SC gray scale CEO said that themselves there's only going to be two or three ETFs here in the long room yeah and they're earning like that's they taking one half% on that at the minute a year that's massive that's such big income for them it's such a big business model so even if they can maintain say 50% over the next couple of years of what they currently have is still massive numbers um and it's way bigger than what other ones are at and they'll take years to build to that so I don't think well it's worth wait for that explanation in the wasn't it yeah you're welcome a week later we got there done we got there right okay um Franklin Templeton they were tweeting about salana and ethereum and how ordinals and uh ler on shouldn't be ignored as they are vital to solving bitcoin's economic security problem and increasing bitcoin's utility as a store of value see out of everyone I think they've they've had the worst like the pr approach to this I think if there's been any loser from the ETF it's Franklin Templeton yeah the lack of research done from them on so heavy incredible considering they've bragged about how much they've researched along with a load of others it's ridiculous it's just the absolute lack of Integrity what they're doing it's just my isn't it still on my but it's clear for everyone to see like like anyone any fan of any of those coins would just see that and just get oh Franklin Templeton we know what they're about and it's not you they're almost in like the the boy with category they say anything to get a like and a retweet and that's literally the angle they've gone up they are they aren't they look at this they were impressed by sana's meme coins and nft Innovations tell the detail the meme coins and the impressed piece that you are impressive it looks cool um it's just say it's just seems like a la dig there seems like a lazy tweet just listing terms might be words that but yeah just a buzzword list trying to get you know van doing that I think was a good good I read that I was like what the heck zcoin they're not allowed to say shitcoin h so instead of saying shitcoin they say how are you pronouncing heard that don't shitcoin if you have laser eyes on yeah that's what it's saying oh van well played the pen dring for D on the father like why would why did they replacing why not like asri like dollar sign yeah why Z is like an online term I think for using instead of using the word [ __ ] yeah oh maybe they don't want to call them [ __ ] coins cuz they're also planning on getting into [ __ ] coins as well so actually they by using that term they like softens it a bit nothing not stick on them it's okay for them as long as they have laser eyes yeah okay yeah I like that so at least some people are are paying attention in somewhere like I don't know they might still I'm still wary and cautious of all these people anyway um and they may still have different things happen in the future but what is bitcoin's economic security problem so this is again a good buzz word they've thrown in there um and it's come just from people thinking having the question of okay in 100 years time when uh harving has happened x amount of times and there's no rewards from Bitcoin mining then you're going to end up a situation where the only way that the miners can survive is of based off the fees and if the fees are not high enough the miners not going mine which means the miners turn off which means it's in less secure uh infrastructure and network um so they're saying that the fees need to increase for security to stay high and increase um but you know we're also talking about a problem that's going to exist in 100 years time not in the next 10 20 30 years realistically um don't get me wrong the Haring does kick in and they they will half but if price moves accordingly which it has done historically um then it works itself out it creates equilibrium it's not right right now as well the hash rate is it was alltime high fairly recently the fees were too high but I know that's come from ordinals and that's their argument that actually bringing in ordinals solves this problem it's like you're just creating a new Problem by it's just like they've taken such a long-term Horizon for that issue like 2140 is when like like really is is when that might be a thing but like they wouldn't be saying for the US dollar which is currently 32 trillion pound in in debted to like in America they wouldn't be saying the usd's economic security which is fundamentally a problem for the right now so it's like if pick your battles and pick your time frames well they pick the buzzword it's just the buzz word they heard Buzz along with the rest of them yeah just annoying so yeah and I mean the layer two solutions what's that got to do with the economic security problem I I'm not quite sure what they're getting at with that because the layer two take off transaction from layer one orals would be lower makes it more competitive block doesn't it if it's filling the block orals but ler two doesn't that's just nothing they've got completely wrong L 2 is the opposite in fact does more problem Les they know what they're talking about they' used the word layer too look at the ler on Franklin Templeton they're massive no on they shouldn't be ignored idiots they would sound like idiots though I mean a look at I mean take ordinals and nfts ordinals you know it's a slightly different Concept in theory to an nft of what they're trying to do there but the nft like buzz from the altcoins they came and went with hype cycle now you can spend on any of the other uh altcoin chains for fractions of a penny because there's no one using nfts so you know there was never what they're saying there with ordinal as a solution to it is a shortterm hype cycle solution as soon as back into bare Market that has disappeared and the problem is still lse it's like they're not even really solving anything unless someone can find a genuine use case for something like ordinals or nfts that has a real world use case that is actually used by people in the real world as a daily activity like money would be but you know I don't know maybe the can people will start to argue well images can be in JPS and X Z or contract certainly can be it's it's art isn't it that but that's what a lot of them argue well this is Art and it's like okay come on but there's collector's items that's ordinals are kind of more the collector's satches but you're collecting the money it's like people that collect coins in at that point isn't it more so um and notes and things that have the serial numbers you get certain ones um which yeah there's there's there is a real world use case for that and it's people collecting them in the world not on the Bitcoin side but on the um coin collectors and things there is a very very niche market for that I agree but it's a very very niche market that's not going to support a global currencies network no not not many problem apparently yeah it's like not many economies are built on Collectibles are they no hey must not bringle Beanie Babies think a security problems solved with beanie babies right okay um next one Jamie demon says Bitcoin is a pet rock and does nothing it's this old cuz it's the pet rock thing been brought so many times he just saying it again it's just spread it somewhere saying it again he talks about blockchain is the technology Bitcoin is just in the way it's pretty funny you could take that quote and put it back to 20 like 20 2018 2016 you could go back and it's exactly the same quote and again he lists all the use cases which are money laundering terrorist financing look at JP morg the number one one money launders in the world yeah that's why I like I like all those tweets that just highlight all the fines that JP Morgan had for for those very same offenses yeah I don't know the annoying thing is though you can't get away with that on Twitter cuz like people come to arms and do that but on that show you know he wasn't like pushed there they so anyone just watching CNBC just no push back from there makes me wonder what his agenda is why is he even bothering to go on telly and do this stuff what's he trying to achieve from it I don't know I don't get it I guess he stands to gain a lot from keeping the dollar as powerful as possible but but should be and bitcoin's a threat to that maybe but then why are all the other Banks not doing the same all the CEOs he's got he has got a bit of a platform in terms of he's always invited to speak on these things imagine if the head of HSBC CEO of HSBC decided to go and do that like they'd all get attention because they're all big enough Banks and big enough companies but they're not doing it so why is he doing it just ego raising his own Prof it feels a little bit more got a little bit spare time I would I would not be surprised if he moves into politics like people have said about him going in here to run for president just building up a profile and it's you know conservative America that's what he's aiming at soin is an enemy to pick on you always need an enemy yeah and if that is the case then you could not trust a single thing he's saying about this enemy because he's doing it for publ publicity because he's a politician but he come from an extremely trusted position about millions of people will trust him yeah but if they read the headlines they shouldn't no but you're relying on them knowing about Bitcoin at that point it's it's a lot easier once politician will that be beneficial then to bitcoin because it will show you that he actually was playing the game through that whole process yeah well I don't know it's certain they would become a politician maybe but see that happening before isn't it I think there's been rumors on that oh okay I've all the insult we've just started them I was going to say I've all the insults pet rock is pretty unimaginative is it relatable to his audience though isn't it no as in they understand what the pet rock phase was from the 70s where you could literally buy a pet rock could you yeah so his audience is now at that age oh okay say back in that makes more sense now people made well the one guy made Millions selling a pet rock in a cal box and it was called pet rock just and there's pet rocks on ordinal isn't so you could actually buy one was it was it the 80s I once did an outstanding render I have remember remember was it the ' 90s with this Berry box anyone remember it I remember I mean I wasn't born then car remember that's what I think it was that's really pain point of mine that people say they weren't born then that doesn't matter sorry you wer you can have hisor knowledge when you weren't born you got a point yeah you know about World War II world one you know yeah you get taught about pet rocks and GCSE history it's not whether you be taught it's something I got told by this instead of World War One and Two everyone had a pet rock in Fleetwood what a pet rock all right okay um that it anyway so they the boy made loads out of that was it peak in the 70s I think it was one genuine pedigree pet rock yeah imagine being able to sell that same next 75 uh Bitcoin hash rate drops by 34% ad mid freezing temperatures in Texas yep Texas hold is it that cold in Texas Texas have a lot of the American mining a lot of the hash rate for America is in Texas and when there's pressure on the grid I think there's they they in agreement with the Texan government that they will switch off and that it's unprecedented uh temperature drop for this time of year for them what did it go to or freezing so they yeah was it really freezing was it yeah it's quite I think so I think the similar thing happened last year people died but now he's just showing them flexibility of miners where they could just I never had that en C place it's normally not is it no it's normally W but so yeah that's what happened basically the miners Switched Off let Texans Ed the appropriate amount of energy and then when the temperatures have come back up they've come back on so the hash rate FL because of it it's the energy user of Last Resort flexibility in the network that's good see I thought it was quite cool saving lives well just just showing the flexibilities isn't it got to play on these marketing things the same way as and Jamie demon do so yeah Bitcoin saving lives that yeah well uh Bitcoin become the second largest commodity in the US so in silver yes this was a little bit of a I I did actually tweet about this as well but it was a bit of a it already was people just finally noticed I think uh well it's lar ETF commodity isn't it so as soon as the ETS went live it it was yeah so so people then clicked on and like okay it's not surpassed silver surpassed silver the day of ETF approval yeah in theory um how how far off the flippening is it I presume Gold's one Gold's like 80 some billion is it I think um 86 billion something like that and um that market Bitcoin to be fair though Bitcoin is when you take gray scale plus all the others now we like it it 30 OD billion um sorry not it's the ETFs if you go to m oh go yeah I did a tweet actually you can probably Ty go that's uh put uh to need more AUM get rid of market cap and put total AUM and then how big is gold TF Market have you already looked at this yeah I already looked at this I put a tweet out it might be easier to go to that it's got the breakdowns I can't really get tweets oh I can't get you need to be I'll get it for you um since to log in you log in riky I don't know if he password Dave if you give him the password and let him log in yours that'd be great still drafted REM which one the troll account yeah um I'll tell you in two seconds on get I was trying to render last night but my wife has stood on my laptop oh intentionally no I put it on the floor oh you know when you momentarily put it on the floor never do that did a break the screen's Jed I literally you in the market for one anyway nearly cried I know that's the thing yeah cuz I'm like now no she's broke it yeah um so uh gold 96 billion uh bitcoin's 27 billion but that'll be now different cuz this was like from a week ago so that's think going to be like 30 billion is it now something like that and S is 11 billion okay so gold is three so we've got three x to go before we hit so gold ETF uh region which is a lot done get me wrong but also not unachievable cool but that was it yeah um Donald Trump vows never to allow the creation of cbdc in the United States did and so begins his campaign yeah I miss he knows what the people want I was doing an Amnesty International course last night on the arms trade the Amal is brilliant by the way for a do against this com at all no brought it up not brought it up I'm just they do have a vast array of courses they have a vast array of interesting courses and I was doing one on the arms tra last night just so for understanding purposes and um so basically Amy a disclaimer there no no yeah I wasn't trying to how do I get into this business I was more like well let's have an insight into this business and it it am International 2014 made it a legal rule a global some sort of global rule that if you had too many humanitarian infringements that countries would agree not to sell arms to you right and so the only countries that didn't sign up were like Russia and China and then Donal Trump was relatively recently in his campaign to get elected said he would unsign that I couldn't believe it why would it's interesting I know just put so on the terms of moral compass where your morality is at you're quite willing to unsign a document that says wouldn't sell arms to yeah countries like that he's now saying he would be more than willing to do that so I what countries would he what would that even impact and what countries would he then sell to what what other countries fall into that category uh any country currently under investigation for a humanit like Yemen that's I'm say what countries are them yeah there's a a huge array you'd be surprised I'm interational website I will list all the countries it's very interesting what's their take on cbdcs do they have one I haven't seen them one yet I will be I'll probably do that course further down the line interesting resource though nice side yeah it wasn't side R it's just to say that that's the morality of the man that's what he's willing to do is put anything well this was actually on there because Mikey spotted that he launched his nfts and was it an hour later then came out with this saying that very what we would never allow the creation to receive VC cuz he's Lo launched His official nfts hasn't he the Donald Trump nft I didn't real I think he launched the cards just before I think and then came out and said that he wouldn't all cbdc so the guy's all over the place but what an offal Donald Trump nfts on ordinal yeah oh is he a bitcoiner all along he's a anything that gets him attention or makes him money barely knows about this probably I think to fund that campaign looks like have no one to run against I know yeah P out everyone's pulling out and then they think Biden will pull out sh health issues it's going to be Trump there's going to be no Democrat r on his own so he doesn't even need to do these he just needs to put his hand in there but there's been States ruling that he can't run he's been accused of treating that's why I get D you've had half the country accusing him of treason and half the country want him back in but half the country would accuse Biden of treason as well I'm sure no but not in the court can't take Biden to court and get him for treason but they've taken Trump to court and legally proved so it's a bit different I mean this is supposed to be the world's most powerful economy with with the USD that we're all supposed to be you know the global Benchmark of what currency should be and this is what how the he say no to cbdcs as well though which is interesting that if he does get in and he say no to it see how that plays out I was uh Ronda sers is a big thing wasn't it and he's just pulled out and put his support behind Trump just at this exact same time he Trump's done this wonder if he's done that on purpose is Kennedy still running as the independent he was the Bitcoin guy wasn't he everyone put his flag on he was a lot of conferences pulled out and P support behind Trump as well he was a big anti cbdc as well oh they were they chanting um what are they the not the president the vice were they not try Vice that guy yeah yeah yeah yeah yeah so the yeah these people basically dropping out push better position might be vice president yeah split the V they'll have some sort of role under under him won't he yeah anyway so we need the rock to step in and step that's your outside bet isn't it that he he's just got his name in right back now they his name a charge they gave it to him who who what sorry who who had The Rock WWE they earn the term the rock yeah was his name in wrestling wasn't it I know but like they've just announc ownership of those two words because he' be they'll be them two together under what that is meant to be for like the purpose of you feel like you can't you shouldn't be able to those words rock yeah image rights isn't it style get it 100% get why he's trying to you know maintain renue stream but they signed him to the board of directors and gave him back for free nice is that why you were talking about WWE in the kitchen yesterday that was one of the reasons yeah so him for president now that he The Rock he might be he can run as The Rock America I feel like will get to the point where it will just be like media personalities which is dangerous Trump is but no it's it's precedent Schwarzenegger was governor and Reagan was actually Reagan was a movie star before he was a president yeah that's true so they've already done it it's popularism yeah but I feel they were a bit more well respected back then where celebrities now like Reagan was in spaghetti Weston yeah where like movies to watch Dave and they became obsessed with Star Wars so you know he's he's malleable he adapt okay maybe the rock for president then I me I don't mind him I'm in I like him he's a help for him go you would H price back under 40K oh we seen 30 again D was my key um SEC swims I can't say that fastc Sim swap yeah so they they fake announcement of the approval the day before a couple of days before on their official Twitter account um they've done the investigation it was due to a Sim swap um due to a swim Swap and six months ago one of the staff members removed to a fa yeah that was weird wasn't it so what so it was on yeah they removed it removed it cuz I think the staff member couldn't get access to the account someone they would have mentioned that if Twitter didn't call them out oh yeah and then I think I just highlight this to highlight the dangers of SMS to a f really just SMS verification in general it's so easy to get SIM swwa nowadays um they would have just rang up the the phone carrier and pretended to be the person who owns the Sim and a few details yeah and just get them to swap over the Sim or an inside job at I or inside so they don't use SMS verification for things and I'm surprised we haven't seen yet a more introduction of like more secure packages when you have a SIM contract of like don't certain things that locks it down to be able be Sim swapped maybe we'll see that as these attacks become more prominent you have to physically in and give your fingerprint or something to make sure you swapping the Sim over it says here the TFA was turned off 6 months prior to the attacks they had it off for over 6 months yeah that's not just uh I couldn't get in so I've taken it off out so I've disabled it permanently situation and also it's also weird to think that that account was actually had a mobile phone number on it yeah that was just someone went and bought at a shop but every Twitter I know it's quite weird though isn't it the FC has a government entity there they' got their little Twitter phone they've just got a phone talking about the the phone in the office got Twitter on it basically so and then someone just waited for the perfect opportunity to humiliate them yeah end did the perfect post cuz it looked so legit with the graphic yeah yeah it was beautifully executed so talking of crazy scams this is a wild online Pastor he has been charging a worthless crypto scam but he said God made him do it so him and his wife they made 1.3 million from it wow half of that went to the IRS he says on the video and 200 Grand of that the Lord told him to renovate his house well I think he made it says he made over 3 million so I think he must have the 1.3 must have been stuff at his cap and half yeah yeah but he basically the video is just him admitting to the crimes yeah is that what he's done then 200 Grand so half of that was 1.5 2 200 Grand's gone to his house and he's got 1.3 so 3 mil you not say misheard God yeah look at that direct quote of just the Lord to give his followers 10 extra turns oh no he only did it sorry because the the charges are that Caitlyn and I pocketed $1.3 million I just want to come out and say that those charges are true his only defenses he hopes the Lord provides him in Miracle he's going to need one but the Lord told him to 10x money but then didn't say how to so he was just waiting for like a miracle essentially someone to list this coin it's unreal is that him yeah that renovated house does look like 200 Grand Renovations going into that it's horrible because people have been scammed out but also like who's bought into that is also it's just ridiculous um but it's such a like it's unbelievable to see such a scam like that for quite a large amount as well and it's just openly like oh yeah we did that from a supposedly you know reputable pastors are supp held a bit higher regard than you know most people I think you see that quite a lot in America do you not the pastors with them multi-million pound houses and massive churches and huge organization that gets lots of donations and no one no transparency and how they're spending it this guy just happened to use a coin issum to get it so it's a bit more it's actually more transparent than most then admit it all on video yeah yeah interesting what he gets in terms of a sentence and things what happens well he's praying for a miracle what the maximum s to know they've probably never had this situation before have they but God yeah no made do it no it's yeah it's fraud it's just the the charge whatever he's been charged with there'll be a maximum sentence on it and um it' be interesting to see if he gets maximum cuz I mean he's literally publicly acknowledging it he can't get maximum surely up to 30 years for bank fraud um up to SEC be secur fraud yeah it depends what they're charging with I don't know I think it's not even I think it's not the SEC either it's their local state Securities Commission in Colorado that are doing it yeah so is this only going viral because it's he he misheard God no you didn't mishar him that's what he says one he says must have misheard it God said do do it no just misheard him oh we can't be sure what he said don't know what he says in that oh well it just seems some like just made up doesn't it it's ridiculous yeah it's a bit crazy absolutely it's mad that stuff like that exists in this day and age um right mobiles luxury handbags luy Handbags and luxury vac like it's a weird thing on any fraud though isn't it like any fraud like if you see in any newspaper not that they take the religious element out of this the weird stuff that they all just spend on holidays and just like what the heck it just mean so much to so many people that to be seen has being successful having that like Envy of lifestyle it's not achievable no it's sad really and they will'll commit Mass fraud just to try and Achieve that lifestyle yeah is he really a pastor did he did he do this all along to said a fake it all did God really tell him we never know anyway okay blon uh mount mount go confirms creditors Bitcoin addresses for a payment mhm sweeping you oh sweeper Scots s sweeping sweeping uh I think on most of the news articles they say there is it 800,000 is the quote the 800,000 Bitcoins um say there somewhere I'm pretty sure it's about 800,000 they're all quoting uh which is actually the amount that went missing but there's only um is it only about 6,000 130,000 is it I think 130,000 that actually been recovered from m only 130,000 to come in circulation so the the numbers you see backed around are like saying know it's $33 billion worth of bitcoin it's not it's like uh about four or five how are they doing it giving people the back of the Bitcoin or just selling the Bitcoin giving them the fee it uh giving them back the Bitcoin I think Forin source of this news is just someone on Reddit posted an email they got from them so it's not like an official M announcement it was just an email they got saying please can confirm your Bitcoin address but it has been on the I thought it been on the C for a while for for they keep they kept pushing it back didn't they it just keeps going back and back and back and back so and it also says like in the next two months I think I saw one of them say pulled that number yeah exactly also made up no but they want to line that up with the Haring so it looks like Haring like the supply squeeze will come in but then there'll be this on the other side of it but it's just I think a lot of people as well if they've not cashed so what there's a big thought process is why would you cash out that Bitcoin as soon as you get access to it the assumption is that they're all selling isn't it which which is but most people have been able to sell a lot of people have been able to sell already to um creditors effect of saying like they'll give you is it 15% they're offering pretty crappy deal sort thing but 15% of your Holdings if you take it now thinking that they may not get anything back for many years or they may not get anything back at all um so a lot of people have potentially sold that so they might be sold so the ones that have already theoretically sold are going to some sort of Law Firm or whoever that is the entity there and will have to sell that to recuperate their money if they want to sell it obviously um so there will be a portion without a doubt selling but there's also a portion of people that haven and they're holding out still and they will get that Bitcoin if they've been holding out this many years it's been 10 years since this happened so it's like what a littleit yeah why would they sell at a time when the price is in theory a low point after a bare Market coming into a potential ball Market with a har coming up Al been extremely painful and horrible for 10 years it is probably still the best investment they could have made oh yeah massively yeah um and also there's the what something else that so no I was just I pasta yeah but on from the past um the Bitcoin cash is also being recovered from this so the Bitcoin cash is also being sent to I think addresses so how many people actually sell the Bitcoin cash and buy Bitcoin that' be another angle different for process um or would they just keep the Bitcoin and sell the Bitcoin cash if they wanted actual money Fair money instead um so I think there's too many there's a lot of moving parts to it all and I think obviously speculation is always going to happen um I don't think anybody really knows what will happen and similar to what we've just watched with the ETFs and grayscale some they'll bleed a little bit some will come out some won so if you just I'm sorry if you add an address uh that you sent to Cox from could they only return to that address I wonder what the the processes is on no you've got to provide all that you've got you've provided like think your ID photo ID and all that sort of stuff way and Prov that it's you to claim that and then they'll give you just give them an address and they'll send that address okay um I think they've said a Bitcoin cash address and a Bitcoin address two separate but there's also lots of spin-offs of Bitcoin as well you theoretically be able to go and recoup as well um yeah uh no you wouldn't actually these transactions they they can go and keep that but others can't right yeah that's interesting what about all the other Bitcoin Forks that even if they're worth tiny amounts 140,000 Bitcoin adds up to a chunk I guess there they could probably go and uh recoup for themselves I'm guessing they're going to ignore most of them aren't they that's it that's today's pod nice sure heavily ETF at the minute distractions yeah anyway going to clap us out you do an out clap no he claps in sometimes it claps out I don't let him clap I can clap I'll clap out because we're 39 sometimes I just see him in the corner of the room just just clapping some of stuff that's when I've lost the plot oh uh no uh mining upate office mining update oh yeah still haven't found a block yet since so there's no update I don't think so I haven't checked today yeah so we're on track soon soon they're doing about three a month gosh three a month be a happy day it's going to be a decent payout when we finally get oh yeah so yeah okay but still keeping us warm that's yeah mhm mhm yeah maintaining about 20° in this room at the minute yeah maybe probably under I check it every morning it's about oh is it just under 20 about 20 part of the life of the CEO just checking the temperature of some rooms because I SP spend most of my time in this room check in the morning it's warm and it's still you know still going right sound part of the process cool you guys [Music] peace