Bitcoin ETF to Launch This Week? | Britcoiners by CoinCorner #100

Transcript

[Music] yo agenda price I'm not going to say episode 100. people must think about somebody just put something in their Mikey like a firework an explosion congratulations guys explosion we've made it to 100. people always think like this is like set up with Dave interrupting every week but it's every week at the beginning I say don't interrupt I've gave you two weeks off where I didn't say anything it's because you weren't here listen to your old one read in the agenda absolutely price India making oil payments Jerome Powell two percent inflation Dave's going to explain why there's a two percent inflation to everybody China have a grande uh Bitcoin less volatile than oil Bitcoin ordinals uh bar still gonna be interesting conversation uh Robin Hood there's actually a joint one on that Robin Hood and Camber of the pan please give it back Robin Hood and uh it was the Russian guy wasn't it why the plane went down no the Bitcoin all right oh sorry exclusive yeah when you mentioned his name released details people are probably going to link the plane and his episode wow fake information on Twitter on all these Bitcoin wallets and what's going on with everything so we're just gonna try and clarify and clear that up Armani government Bitcoin is now Sharia compliant government foreign [Laughter] uh we're not doing that one grayscale getting converted to uh spot Bitcoin ETF potentially and Twitter up again more fake stuff I just want to clear up Twitter with the licenses and people talking about crypto you're cleaning up coin collar news the latest bitcoin news yeah because I ain't got the energy the service she's providing on behalf of the people I think of the energy yeah and explain it so it's easier just to explain it I'm a big broom and a high-vis jacket there's that character in there that's a road sweeper they're always called Rodney day for sequel yeah I remember come on I know you mean that Mike's gonna get it I'll get it before Mike yeah time trigger yes in your face oh dive on your head inside camera to heard you um click the got it can't even put use Google yeah let's call him trigger it's a road trigger I've got a mate called trigger of course you're up um the yeah why do you want to kick off as always what are we up to about the 100th episode yeah well we've done that already with the fireworkers I've got a good idea about listening back to the first ever one because I didn't want to girls in it yeah there's a happier times there guys just three of us one microphone yeah One mic yeah yeah that we didn't notice until someone said no sound quality we also had like the agenda was wasn't really an agenda like this one I honestly can't even remember the first episode it was more about like Bitcoin education so we tried to do like a fact a week and talk around like educating on something which was the original kind of scope but then it came into more the news on and some are you we're going by it alone yeah basically that's what happens you just get into something and then there's companies I just went my way in everything and everything and then eventually I'll run every Department kick Danny out yeah he's just working on his one Department of the minute today and scale up afterwards um 100 more sorry Mom doesn't like your mic's actually being picked up sorry yeah it's just like much louder yeah there we go there we go back son oh okay moving on 27 300 at the minute off the back of the 100th episode in anticipation yeah what was that little six percent pump off the ETF you use yesterday as soon as I got released that there was two it wasn't that in the SEC wasn't it as well yes what was the SEC news this is the same thing that was the same thing there was another one in the chat yeah no it's 28. 28 yeah 28 last night yeah yeah I put it in again the what's up actually mute that I am coming from you I am pretty extensive on it to be fair what was it that you have took it to 28 above 28. I wasn't related to that find it for you Bloomberg intelligence believes spot ETF could launch this week in the U in the US yes and that's what it was that tweet went out the price pumped to 28 from 27 and a half you can see this but was that related to the grayscale news okay because now looks like a big pump and then a micro pump a micro pumps interesting micro pumps not sure I believe that but who knows and then I said did spikes 28k on that news though and then you replied you were the next quite quick saying if Bloomberg are saying it you can believe it okay okay fine so a couple of pumps yeah nice um yeah anticipation fruits yes a talking point isn't it so we might as well get on to that mm-hmm well there's a gray scale you're throwing the agenda I know cold case against the SEC down there somewhere um yeah grayscale won the court case against the SEC to convert their gbtc into a spot Bitcoin ETF so did you see the um well the judge said his quote was it the initial ruling was arbitrary and capricious that's my word I learned for precious do you know what I mean like vicious it's like Sudden Change of mood or motive okay and then you related to like other similar scenarios where they SEC have approved stuff not in Bitcoin relation but and gone in the sudden change of move mood did they say something about it was like almost criminal from the SCC oh I don't know not allow it originally there was something in it like that yeah saying like quite aggressive in how yeah the judge ruled it but yeah capricious good precious right okay so it's now back on the cards so it's back with cards they have so again just to help clarify some of this I'm sweeping up here for you Scott they have from my understanding someone can correct us if I'm wrong um they've got 45 days I think it is to Res the SEC about 45 days to dispute it okay so it's not like grayscale will get turned into an ETF straight away now I don't know as well if the SEC have to say like now they're not going to dispute it or whether they can wait 45 days and say that which means nothing could happen without ethereum so 45 days at minimum and before it gets done so if they dispute it then it'll go back into another case and it'll go round in circles again um so it's not over the line yet should we say um and it'll potentially still take some time and so it half sets are precedent before that's why the blue I wasn't quite sure I believe that them saying there could be one approved this week um and for me that's they've jumped on the back of the grayscale thing and success from that means oh the others can all be approved now there's no reason they can't but actually this could drag for another couple of months yeah because I think isn't it technically the courts overturned the decision to reject it yeah not to approve it so it still then has to be approved again yeah and so yeah now that's the same process as the other guys yeah how far down the process line were they in terms of their work because they were converting they already have something and they wanted to do that it's slightly crooked because in terms of scale are they not one of the biggest Bitcoin thought they are the biggest Bitcoin they did that because they couldn't get an ETF so they've done that model but with the idea to convert eventually to ETF once they would buy more than that dude discount on their underlying asset from the actual the fundamount yeah so and now that's really closed up it was like 50 down 18 I think so it's gone from 50 to 17. so basically it's like Bitcoin on discount doesn't it it's still a few percent discount at the moment yeah because they theory was yeah once it gets converted it'll come down to zero so they had a huge upturn in that obviously you would have in terms of the price yeah we're back we hope right we hope let's go again for the third time worst episode of it yeah I'm playing with Adobe here I'm not touched it it just stopped bad disruption now we're back so maybe they'll flatten out loud we're finishing it yet you look flat uh so we were just finishing on the Bitcoin grayscale ETF piece and Dave was just saying it was a 50. now is it 17. someone's got a bagging by the way if they were betting on that court case verdict um biggest fun well biggest Bitcoin fund out there big player in space great yeah that's all stuff we didn't say before when it couldn't if I can nope right thanks okay that's why we're up to yeah it was really insightful like you know take before as well I don't really like it yeah 100th episode I was so void for this and Bay gives us that uh so yeah I think we saw a little bit of time before uh we see an ETF personally uh India completing first crude oil payments to the UAE in rupees ditch in the US dollar um long time coming so it begins talks about this quite a bit recently anyone's coming good for them right there's not too much tattoo that's just pretty cool isn't it was it a one-off are they doing that going forward they don't really tell you no if if everyone starts to do it well so do because demand for USD down yeah okay which is what they wanted this is kind of like no bricks agenda isn't it either local currencies or one abuse they control have you seen that diagram for the new payment system no no so this is a diagram of uh the countries so you've got the countries I'm trying the camera uh countries say like Russia China so on and then you've got like their bubble and then outside of their bubble you've got like little it's kind of like a node diagram and then the nodes attached to it are like their local payments so their local payments go into this bubble and then they all come into a central ball and that Central bubble is the bricks payment system either so you can pay in your currency to foreign people in the old theoretically do an fx I assume on that um Central Point so basically they're just recreate Swift yeah is what they've just done is it who's Banks controlling that it says there's not a brick this is Central Bank well that's what theoretically is that what they're trying to build I assume don't know the detail of it oh um have you got the diagram no sorry did you just say there's any other thoughts on this I just said there was a I will put like a diagram but there was a Indian oil and gas Minister who said that he still doesn't see the dollar D dollarization taking root yeah yeah even though this is all happening yeah okay sorry what's that diagnosis so it's a little First Step yeah it's gonna be a slow processor issue brings payment system uh yeah it's called Google images and there might be yeah that one admit that one yeah that's it oh that's a nice little colorful diagram isn't that I like the color scheme it seems so friendly and too fat it does that's probably what they've done they've gone at like a very it might just be further down on that page mate childish colorants colors no it's like Google so isn't it yeah yeah that's it why would you not want to join that looks friendly welcoming opening so bricks and Hayes in the middle and then you've got like all the payment just trying to show you that you'll be able to pay from the kind of like our sun globally that's kind of what this is why wouldn't they do it in terms of okay they've got they'll never agree and create this this is part of the problem with a lot of these they have this cut that's why Bitcoin works because it's decentralized you don't have to agree this is who controls bricks play um who controls that is going to be the big problem that's gonna be the sticking point because China won it but then Russia will want it and then India won't allow that and I mean India already backed out one of the things recently about doing the was it the gold backs crypto no they want each other and gold back currency didn't they no like no we want to use we want to strengthen the rupee yeah so they they backed out of it so okay bricks pay for me is just never you don't think it'll be smooth sailing no we've already got Bitcoin doing that and you've already got lightning and saying globally with what we've we've built started to build out there doing exactly what they're trying to find out here but we've done in a decentralized manner where we don't have to countries have to agree between themselves and most these countries hate each other as well so they're not gonna be able to agree on anything yeah yeah they might be yeah but do they become unionized at the hatred of the US play ball that's where this has come from yeah eventually it'll it yeah eventually yeah yeah people are the problem so I think you're right that'll it'll never happen no but it's nice to Dream well that dream that I don't dream of that no it's like if you're part of that that's their dreams someone's put that together with that nice logo he's had someone's had a dream probably wasn't a dream it's probably just a job the um the World Bank and the IMF try and do it as well now yeah the IMF we're talking about doing a a global thing because yeah so that handles local currency effects and everyone keeps saying ripples doing it for and Ripple's gonna be the one that's using it and something it's kind of like the xrp Army really don't get that to do that they don't need to use that if Ripple is a company yeah well according to the SEC Ripple or not the SEC but the judge Ripple is a company xrp is theoretically not associated with it in in some respects of what they're trying to argue and but Brian not Brian uh Brad um garlic house one was called he does a podcast with Pete McCormick I think from a couple of years ago and he actually talked on that and says actually you don't need to have xrp xrps are relevant to them there's Ripple would still continue to operate even if you switched off xrp and didn't use the need funding obviously because that's where all the funding comes from but um they wouldn't need that they only needed that to be a currency at each end so they didn't need so they had liquidity to be able to sell into the market to be able to move the money around the world and it's like bitcoin's already done that now guys you're trying to now catch up with Bitcoin in some way there um but really what Ripple are trying to do is just become the new Swift and don't give a crap about the xrp the only reason they give a crap about it is to fund them I mean this this stuff looks just looks like a country's trying to get reclaim a bit of control back doesn't it from the World Bank or where you know the world bank's control and you've read the gladstein book in terms of how that the controlling points of that was distributed after World War II and all these countries even though their economies are growing back considerably they haven't got any controlling interest in that World Bank domination so it's like all right and alternatively well even that as Danny mentioned like even China we're going to want a piece of that in that bucket it talks about the the flow of funds actually going now from China and doing a lot of lending rather than the IMF to these kind of countries which channel has already been doing yeah you're moving the power from the IMF to China Ascension yeah especially in Africa yeah bricks pay versus IMF pay versus Bitcoin yeah basically if you see Bitcoin is the what the alternative isn't it yeah I think should be going the one that isn't controlled the one that will move yeah it will move the quickest and it will be there as a solution than these other ones um and working a better way because you don't have the human intervention all the human mistakes I wonder how long they'll keep going like this for before they're just like oh just use Bitcoin the never will power and control they won't control people just the it's like a human behavior and it's all on that control being able to print your own money Molly is very useful isn't it we can't do that with Bitcoin it's true this Brix pay could take off in terms of what I was just saying there if China is the biggest lender to all these countries it could be like mandated to use brics pay like mandate all that stuff yeah Argentina the Chinese economy right now is like it's not like they've pushed a lot of stimulus especially for foreign investment bits and pieces and they're lower and they've put through Monday to lower people's current mortgage rates all right yeah because basically I think they're having a bit of cost of living crisis in themselves you don't hear about it but they've lowered stamp Duty on all trading of stocks and shares like the big housing companies have started to go under the share prices of that's one of the talking points yeah have a grande yeah so they went they they went pop 18 months ago yeah but it's not a bit of deja for you then but if your biggest house Builder the knock-on effects of that going under or or struggling I mean people aren't buying houses people aren't we renovating houses there's loads of subsidiary businesses that start to struggle I think that's already happened as well the not benefacts are going to go and bankrupt is already theoretically happened in my my third day which is what you're talking about there that's why they're seeing that now as a big part of it but like you say maybe it's just hidden from them more withdrawal foreign investment from China and ever previously in the last six months so it's it's not Rosy even China any country in the world so we're talking about like a from a fourth turning event the demise of the dollar well everyone's struggling yeah China had an opportunity nothing to screw they'll they had an opportunity to push themselves into more Global Reserve currency-esque power but I think the screwed up with where their economy is at the minute right I think people are genuinely wary of being too old for a communist country anyway oh yeah but clearly not but yeah but there's no like there's no G7 thinking they're going to leave the G7 to join a bricks that we know but yeah not likely people are stupid people assuming those alongside people are lazy saying the people are all so stupid yeah and classy myself in that I'm just stupid everyone's stupid no we should do like a bricks versus G7 kind of Charity boxing moose you do like all the leaders right um cool so yeah talking of of uh monetary power and influence two percent inflation what was the article it was the I think it was the Jerome Powell one that I shared with you so it's gonna get that inflation back down to two percent tag no the question to him on tally was why is inflation two percent right he couldn't answer it it was an incredibly so we laughed about him where things uh saying did we talk about last Pub I think we did I think I said watch that watch the right the clip um and yeah it was incredibly bad so we we looked at that and trying to understand nobody really has an answer of why two percent inflation came around Dave's going to explain to us now why two percent inflation came about being The Economist and finance guy here by no means an economist I wish I was clever enough to this you don't be clever to be an economists of no one I think you do so why two percent so anything lower than two percent is merging on deflationary okay so all of my like the GDP markers of your economy growing of any success in your economy is measured in GDP so if you didn't have this is what I'm imagining because I can't remember there's no firm answer anything to be fake there then at that point wow faking the growth of your economy by creating inflation no but are you yeah you're adding money to the circulation to increase GDP to make it look like egdp is growing but actually it's not because your inflation is outpacing um but no but there's there'd be positive and negative effects I don't know why it's two percent if I'm honestly so we have an answer now of why it's two percent the whole New Zealand thing is a false fallacy I think it's just it's the best answer the best answer we've found you get an economist on here and we'll be able to understand why it's two percent no they cut none of them consumed with your own powers on the spot why is it two percent a news I know you can say that there's no simple answer because it's complicated yeah matter and stuff and I understand that yeah background you understand there's complications but there's no explain it like I'm five what's two percent oh we should ask chat gbt okay but yeah there's a healthy balance somewhere between losing your purchasing power where inflation is too high okay which is what we're seeing at the moment inflation got too high and well salaries haven't matched it though they've gone up a bit and so people are poorer but if you if you then start reversing that like you're trying to bring inflation back down by reversing it which is yeah yeah there's a healthy level what is that because yeah what people are saying I don't know specifically why it's two percent but there's a there's an unhealthy unhealthy levels there's a boundary it says who the economies and everyone for our coaster so there's never really been a healthy level so okay so imagine this scenario where it's where it's deflationary okay so your purchasing Powers going up and up and up yeah so that's coming down yeah but what does that mean in terms of a a bond market um you'll eventually meet in equilibrium where it's sit neutral and not move so it would be a zero let's call it and then at which point you wouldn't you wouldn't there'd be no such thing as inflation and deflation because it would just be neutral I know that's not a world that's ever gonna realistically happen I think there's too many moving Parts I'm thinking about like population growth in countries and bits like that and because it is because in housing demand product demand needs and then manufacturing Supply there's no there's no literally right it needs to be this I think it's okay two percent is manageable for the man on the street and I think more than that either side it's just a punishment so the answer is so much simpler than any of this isn't it which we found which is not the answer there isn't and answer the problem some things are too broad and complex what's the answer Danny the answer is New Zealand decided that they would pick two percent just because they didn't know what to pick so they just went with two percent and everybody in the world followed to New Zealand that is your answer so they all followed New Zealand's two percent no point in history is anyone in the world followed New Zealand Apparently that is what happened inflation that's the way that Target came from why would you pick a country lovely place we have no idea that's what they played four million people yes this is silly it's the silly answer none of them well that's a silly answer it's a silly internet answer or likely proved wrong but it's not been proven wrong no I'd like to be proved wrong that it isn't a silly internet answer Dave and tell us about our answer you're trying to pick an easy answer to something that's hugely complex that's just silly so there's it was a it was apparently there they picked it everybody followed 30 years ago was it they decided two percent and everyone went with it nobody understood why but years ago there was inflation before that was inflation targets no but there wasn't 30 years ago it's not that long ago uh see I just announced it was going to be two percent and I sort of stuck well see it's ridiculous to a complex question there's so many moving Parts they all followed everybody else in the world followed it it was like then in the 1990s uh is it the US followed in the 90s was it not was it not and then so since it strive on that is now it's more likely to be reversed like in terms of the historically it was a a healthy country's growth yeah it was kind of like two percent so we need to Target two percent the inflation targeting Pioneers New Zealand yeah this is ridiculous but there's no other information out there is a problem no there's a very extremely complex and it's it's even the bank of England's one you've got that it's just fluffy it's meaningless it's fluffy answers that's not an actual I think it's it's just hugely complex it is I mean yeah there's not a single answer okay well like the initial birth of it might have been New Zealand but like you said historically that seems to have worked yeah you just look at like America World War II and so right there were two percent something like that I don't know if they had a Target though is that the difference they recognize what's healthy publicly what's okay this is a country that's doing well it's like employment levels are going up house prices are going but that could have been for so many different populations and they're at two percent inflation so let's target two percent yeah that could have been just pure coincidence there at two percent so you to base in your whole economy off something that's that's just a theory I mean that people could be absolute fluff you sound like Gabe Stony sound like a economist conversations if you only poured it to that 50 Cent book that you were giving me yeah you were one of the best business books I've ever wrote it is 4.9 is it out of five on Amazon yeah I mean how many highest rated books for businesses I think it's because of Celebrity Status no no because I don't think his crowd and 50 Cent crowd would read that book it's hard to take business advice from anyone that's saying that you need a hey yeah you need to be you need to have validity and passion behind your project so he opens a vodka company then doesn't drink so he doesn't need to be pretensity there's also difficulty to believe someone that says you should live with a new means and then it says you should get have a really nice Sports Club to get into nightclubs sorry that's difficult about the car sports car to get some nightclubs so you get recognition it is just a fresh trainers on some people respect nothing to do with that's hard do you guys have taken this book completely yeah there's also difficulty taking business from a guy that's been investigating from the SEC for Pump and double schemes he was telling us no he was telling us his story he's investing yeah read his Wiki he was in he was talking about a story with the sports car getting into the club he wasn't saying he needed that car to get into the car he was saying it's a perception he was going to the club anyway but the somebody came along okay who was a VIP bro I why doesn't it make your business goofy because it's I know he's done well okay and he's failed at quite a few as well yeah so is everybody else everyone's fails and people fail a business yeah true yeah you learn a lot of lessons from that okay but not all apply to everyone's circumstances so it's a very neutral circumstance no the guy that can rap no uses social presence can then go into any business that he wants and some fail as some succeed that's as with everybody in the world I guess in that scenario everyone has their own history and they're back and there's no one successful way to make a business everybody finds different routes okay nice it's just good to learn something I agree I disagree on and for how much is this business argument benefits very heavy on there on the Dave and Danny Fighters why you got that your first tattoo my first tattoo yeah uh decision to get it I wanted it for a long time big Pokemon fan so naturally got a Pikachu tattoo and took me two years to get it to him years ago I was like I'm thinking a girl get a tattoo and then took me two years to get the balls to do it so nice yeah nice my little tribute as well to the lightning network is that what it is yeah oh Pikachu's a lightning thing is it I'm not a Pokemon guy you know what Pokemon clearly yeah I'm just like winding dating because you know what I'm saying my Pokemon Pokemon you little monsters okay cool yeah it's a cartoon there's also some weird Satoshi Google want to touch does someone maybe made the game is called Satoshi which I thought was cool there's something weird like that I remember this is the way I got this tattoo really yeah his name in Japanese is Satoshi yeah whoa yeah so what what are we saying the guy from some Pokemon Satoshi Satoshi was a big Pokemon fan yeah they break that to move some of those Originals please to prove it otherwise I don't believe it okay but yeah it looks good it was good for the big for the 100 things nice oh yeah yeah you're getting the brick course good timing yeah it wasn't for that really and we haven't got the prototype to show everybody yeah probably yeah well it's too much holiday s because like counting it so we could discuss it we're gonna heat the office with Bitcoin Miners and we're just looking at the how we're gonna do it in terms of pipe and heat and how we're gonna mitigate sound issues but we brought some miners in and the s9s weren't thrown out enough heat really to fill our space we need quite a few of them and that one yesterday it was only mining off two cards which is why it was not pumped out enough heat but it's also we wouldn't be able to control heat levels in terms of it'll be all or nothing really yeah if we've entered it through and that money yesterday because they are can be temperamental in terms of hashcards so you just wouldn't know so I don't know whether just pen but just getting it just get radiators and heaters yeah it was so depressing isn't it it's like an electric heat it could do it but it might be just slightly Beyond or like you could temperature regularly ever since Beyond you hold them you can do anything no no no no I need a bit of Partners quite good advice all over because you do you little sprinkle good advice along with absolute dog so dog [ __ ] that comes out of your mouth so you guys had a friend or a claim oh that was me amazing see you guys we're trying to knuckle down and get on with it and so you guys had a problem while you were here one evening doing it and well yeah I already told you and then yeah you say it we want to go don't do what Danny said they'd have a word and we don't want to do it because daddy took it I thought the book and then he was right that is a common theme I wish you wouldn't say stuff so that we can do it if we have to find alternative and then we announced the show and tell for this episode yeah I forgot I was on holiday it's also not because I'm a genius it's which I am I'm not but it's because I'd already experienced doing it and I told you how to do it mind about 14 years ago yeah I'm a Miami Champion artificial that is official it's official I have to deal with the heat yeah and how you extract that is that you're like it's not pumping out enough heat you know from experience that they do if they get their full power geez we like we had a warehouse that was uh or was it like 4 000 square foot or something and um massive tall ceilings as well and it heated that play that place was like must have been 35 degrees you weren't using Asics then yeah or no graphics cards graphics cards so they are okay yeah and then just using fans we and we had a lot of fun at the graphic card to call them another extractor so we had so the graphics cards have little fans on them anyway so they they give it out but it's hard harder because they don't disperse it like it's going in One Direction yeah whereas the graphics cards the Heat's just coming off them because like the metal they have like the metal sink things yeah um and they just get ridiculously hot so the heat from that is just coming off it um so all around it it's ridiculously hot and it slowly disperses throughout the room but then as the room builds up it doesn't really leave too too well um so we ended up having uh vents uh what you call it um ducting pipes running from above all of the machines so we're like racks of machines and then above them it was like sucking out the Heat and then taking that out through the building and out through an extractor fan outside the building so you did use an extreme defense to actually make a negative air pressure it's okay yeah yeah that's what I told you about yeah but we thought the uh because that's fine but in your but an S9 does provide a fan either and to actually blow it out Four Diamonds like if you add the extracts fan on the other end is yeah that would create the flow quite nicer yeah it's just a shame isn't it if anyone should be doing it should be is the way you would regulate temperature I assume would be you control the inflow as well so you if you want it cooler you make the inflow of cold air more more but yeah but you know you need to send temperature sensors no you're thinking manual you can have temperature sensors which are opening valves to like these photos and the output it's a tough tougher build though isn't it yeah it would unless it's already out there and then we've got the we you could cabinet them away from the main office and duct it in oh yeah you could do it yeah I mean that would be very doable you just put them out you could have them in a storage space there's a yeah there's another room in there good for it uh yeah that's like I mean it conduct it so anywhere yeah that we could put a cabinet of him in and docked it through you could do that quite quickly easily do that so we've got the floor it already goes through the floor doesn't it there's the boxes and my other thought was because we got the mezzanine and there's a gap to this ceiling pump in that underfloor yeah massive fires that wouldn't do that thank you the miners in a metal cabinet and then just dumped it out I would say do it in there and then go up through yeah yeah but you'd have to go obviously we've already got the the holes there for that that would be okay yeah it's not as expensive either it's like 22 10 meters yeah so it might be stubborn look to the freaking still might be on the cards pod the headphones pressure with the heat and then ducked it to individuals but now we might just do what everyone else does and dug it into the room you need to see which slots which squares we don't need access to for the powers and the ethernet stuff so it'd be depending on what's there I don't know if they're all used or not but you'd have it blowing up through the floor and maybe yeah all right just got a little vent it's hotter the gym the gym idea was good as well yeah oh it's already there yeah but we're not gonna get all the room like if we could go address right we should I think we should be doing it if anyone needs to be doing it we should demonstrate that a waste product from mining can be used to heat it's not easy it'd be easy for maybe an electrician and someone that kind of knows what they're doing with some of this stuff no no no that's that's not as different as a company electrician it's a plug and play Miner well you've not managed to do it oh we plugged it in in mind it we just didn't ducked it plumbing and heating with it what do you need rather than we need someone we just need time yeah and some ducting time but you didn't listen to me the first time of what I told you it was a friend okay that was X on the agenda it's a good film before we carry on crashed move on maybe we'll do we I think the problem is why the reason these guys are now saying that they can scrap office because I've put pressure on them to say it needs to be done in the next couple of weeks coming yeah it's like Game of Thrones yeah what it feels like so I said 2024 women will be ready if we had some Plan B and we could still do this is planet and still have a plan B I think we do anyway because I'll discuss it off part because it's so bloody boring if you get it about weeks yeah we've already got one it's in place it works yeah basically the noise and everything else you need to be able to doctor and pipe it all properly no no I mean I feel a plan B but I'll discuss it off pod okay cool because it's this is supposed to be an a presume some sort of entertainment for people no not just how we're gonna heat our office with mine this is an interesting Bitcoin snipe mining update someone actually was asking for a starting money update it's not manager good one it doesn't work yesterday no oh yesterday they did accidentally sniped mine from the office yeah and we missed a block by minutes by the way two blocks by a minute nightmare I know so we didn't really get any reward for that really but the soul of mine up running momentarily until it how long did it run before well it's Wonder minutes this year seconds when when you're an experience Solomon I like myself are you identify bottlenecks within your system quite early okay so I've got a bit it doesn't work of course I've got and the other man is difficult I'm up against it and everyone you know everyone will see me fail because you know I put myself on these pedestals and everyone's getting you down but what I will say is this I've got a solar panel having an eager the solar array a battery an inverter and a now a minor working and the miner briefly twigged onto mind but my battery amp pitch was too low and it almost instantly drained by the mine so now I want to identified that button it's just a new battery it's easy to plug in so it's a bigger ampage battery it's got a 200 amp battery coming oh can run away for 2.5 hours without any input right so back in the game nice so literally it could be next couple of weeks yeah um you could do that and heed the office with that this is this is my solo project I'm I'm working away from you we've got a big building that you can put solar panels all around I know I've already had the electrician in quotes have been got we get quotes for them and we did didn't we so yeah that's maybe another long-term project for the office anyway put that over back to the agenda you're supposed to be completely we're going to skip that one since we don't understand pods you can have dead time where someone's just thinking about ordinals Bitcoin ordinals that's the point of this you know you don't use this agenda did you hey you said you were in everything um down 97 volume is down 97 since May um so people don't care about them now however there is a contradicting not contract symbol a contradicting because that's factual um the majority of uh Bitcoin transactions are still made up from ordinals because everybody's we've seen a backlog that still likes it the next 300 000 transactions in the mempool um most of them are under like five SATs and most of them are one sat and one maybe two SATs um so that's like the smallest you'll be able to send a transactions through with um so people are clearly still making ordinals and doing something with them but they're only willing to pay like tiny tiny amounts uh per transaction yeah I was looking the other day on there's a couple like ordinal marketplaces popped up again I think these made one oh yeah yeah I was like look and see if any of them had bids or anything it's like no nothing I'll set the volume down 97 it's like people not willing to buy them which is why they've only been through it once people are not willing to pay more to minimum to do it so um you're ending up with a slowly dead dying Market um until somebody cares about and when the price goes up um but yeah but 300 000 in the backlog is pretty much Irrelevant for everyone using Bitcoin because it's just it's gonna be pretty mad save it does die like everyone just stops doing anything with them in like 10 years times this chunk of the blockchain that's like yeah I feel like what happened there it's like a bit of History isn't it like it is that's true yeah a couple of months where this crazy ordinals thing kicked off and then putting the mistakes on that yeah people never learned it in the recycle people don't learn from history um I found it so this is going to be a fun one founder of bar still Sports um Legend said the company will definitely add Bitcoin to his balance sheet um but there's also some other news wasn't that he was saying yeah well I think this this quote came from a pod with malice isn't it yeah I haven't actually listened to it but um I was listening to him on some other show and because he's just taking over bar stool again he was like it's losing Millions every year so he's sacked after Steph supporting Bitcoin about shares problems too foreign we need to stop losing millions and yeah so he's on the road to break even he thinks he can break even within like six months where's this Revenue come from advertising on YouTube stuff like sponsored yeah just content advertise that most of the traffic channels yeah I think so their blog's still quite popular I think right mattresses are the big yeah weirdly enough match responses podcasts in the US are like a bigger thing so it doesn't matter yeah it's a weird one but it doesn't really matter what he's talking about the sponsorship money will still come in just because he's lost the sports stuff yeah they talk a lot about sports don't they yeah yeah do you think Their audience is sports based so yeah Sports sponsorship it does make sense if they're not allowed to do it well but they can still get sponsorship from a mattress company everyone sleeps on imagine yeah so you know I think the the heavier like still they're heavy on alcoholic drinks sponsorship yeah but he was talking about like um obviously who he let go and stuff it was like yeah we don't need this big of a HR department and then the sales guys he's fuming because he obviously yeah he hasn't been running it for the last few years probably um the base salary of a sales guy is quite High whereas the commission is low he's like that should be the other way around for sales so I want them selling so he's like bringing down all the base salaries and giving them higher up end on the commission okay I just thought it was interesting he's coming in and just it's openly talking about this it's quite interesting that's that's an interesting change because where they've gone from a big public company yeah you're talking about yeah yeah they don't pay attention in detail where he's now pulled it all back is their content going to get more controversial because yeah but as soon as they got announced one of the people said oh we can say bleep again didn't he rehire someone who got fired for yeah saying the n-word that was his first actors all right okay so yes 100 again so um and he's Rich so he doesn't really care no I still don't know how that deal worked out because like if he sold it for 500 million and yeah for a dollar was like losing a few million a year so it's peanuts to them really then they got this deal with the ESPN so basically replaced Barstool with this so they had to clean the cleanup yeah because Disney only SPN and yeah like any of that okay so like I will just give it back and without without portnoid pastels probably dies probably does yeah right so he gave it back but if he sells they get 50 oh that so that's why he's saying he's never settled yeah right and now it's obviously it's losing Millions a year that's coming out of his personal pocket so he's gonna just get break even and then that's why he said he just wants to run a break even he's happy just like yeah right I can remember is how they hired interns yeah I always thought was just Genius Like The the questions or stuff then firstly video and put it out yeah for how they hired glanny balls is because it's a really chubby lad that was actually quite fast yeah yeah and so one of them just hired him because he's picked there's like 100 meters that we've already hired him because he's actually deceptively fast Mike as well because he was blind I don't know didn't mind being abused about being partially psyched yeah and they're not like oh we're not prove that he's planting yeah they threw a wallet it's ridiculous yeah almost might be all coming back I suppose yeah um enjoyed to see the internal Runnings of a business obviously um when he went back into the office there was like a sign that was like are you unhappy or something and they just threw up in yeah yeah with the public company owning it now to do the whole HR process yeah a bit of proper and massive team and all that kind of stuff it's like as if someone says right into reports them to HR yeah just sudden bridge out yeah um the NFL and bar still for me man oh dinner be good to see you in it and maybe getting more comments on but I still performing now interested to see if the likes of the Bitcoin company start sponsoring with them now if they can't get gambling yeah obviously he knows but yeah yeah strikingly obvious yeah option there but you're gonna need a budget sponsor that I imagine um yeah I don't think any Bitcoin won is gonna have that right now no does he have any Holdings of the other queens I know he's obviously caught up in the safe Moon stuff but he's got rid of all that I think he sold everything today except safely terrible time he stuck through to me when he had the hats and he was deciding which one he was gonna earn yes but he stuck true to never he lost it all he's like it's worth like a couple hundred dollars um but just just check safe Moon price on like coin market cap or something um because yeah I think he's he did a tweet about that maybe six months ago was it something saying like it's down to did he put 50k in it yeah he's been at a few of the conferences hasn't he yeah I think he's definitely kind of knows Bitcoin is the one obviously Marty Ben used to work it's literally flatlined now dead I don't know what happens to that it's worth zero point zero zero zero zero zero zero zero zero zero four five one four dollars what was your time now oh no I mean I still have a few zeros yeah it's still four zeros but yeah it's pretty much Flatline now so he's probably lost that whole thing but he's probably still holding because he likes to stay true to what he says which is he's a loyal guy you respect that I need to listen to the Pod with miles but I feel like he's seen the light he like kind of knows Bitcoin is the one yeah um I think everybody does that's that's probably but they also know that there's potentially money to be made in other things yes with by gambling yeah so they're they're always hesitant to say right I'm just sticking to bitcoin because they think they're leaving something on the table with the olds if they do that especially if he's in a gambling company yeah yeah um right some sweeping time put on your hard hats sweeping up Robin Hood's revealed to be the third largest Bitcoin holder with three billion dollars in Bitcoin there was a lot of around going that people talking about you know Robin Hood buying Bitcoin blah blah blah it's custom of Bitcoin that they've moved from coinbase Gemini and binance so it should be there was backing out to Robin Hood would probably backing out to them three to that liquidity um and it looks like maybe they've now just pulled all that taken custody of themselves custody themselves or to another party that's going to studying it for them um but they have to announce that as a public Irish to announce the detail of that because yeah it unless it's a new partner rules they've got round Partnerships um but yeah they'd have to announce they've bought three billion dollars balance sheet um but I don't think that's the the true case and I think they only hold I think 20 or 30 billion like say 20 billion um or customers and so three billion of that would be like yeah 15 let's say is held in Bitcoin which is probably about right um knowing some some numbers behind the scenes I think that sounds about right um so I think that was just it's just Customs Bitcoin just being moved into different storage it's not newsworthy but everyone jumps on that last week and made a big song and dance about it it's a bear Market just any news Alan the following there's two follow-ons that actually so there's the Russian um so the Russian that died in the plane crash over there everyone's saying the fifth Rich wallet now is was belonging to him blah blah blah um if you do a little bit of digging um you can find that actually that wallet is the bitfinex hack from 20 is it 15 16 come on yeah it was um and it's the Bitcoin from that and that wallet that Bitcoin has moved into uh what is then the FBI wallet so it's the FBI wallet which I assume is getting returned to a bit for next at some point as well I'm not sure where that's up to um how health people do you think it's just some guide swinging from the laugh and then well yeah probably never ran away with it like some crazy news or something but it's it as if yeah if any of them took 10 minutes to actually properly go look and check um it's as far as we can see it's just the the bit for next hack money that's been sat there for a long time or it was moved when I think the FBI seized it in 2022 was it um and it's in FBI because see them and it's that wall is actually an FBI quality um as far as where we're um and then another one uh just to help sweep up finish sweeping up triple those get really excited about this we're gonna travel um the Twitter uh the one I was going around yesterday and last night with Twitter obtaining Rhode Island uh currency license um for some reason we all know to it has already been going for the money transmission licenses and all the states they've already got seven of them or something I think already um so it's not the news for one and I don't understand why it's all of a sudden everyone's jumped on it um but everyone's saying oh it's it's for crypto payments and Twitter is going to work crypto and blah blah blah and it's like the money transmission license in the states in the US is the same for moving e-money and money as it is for sending cryptocurrency so you know coinbase and the likes Gemini they need money transmission licenses in each state which is the same ones what these guys are going for Rhode Island just call it a currency license rather than a money transmission license um again my understanding someone correct me if I'm wrong um which means that they've just gained the money transmission license in Rhode Island doesn't mean anything to do with cryptocurrency or whether they're even gonna talk yeah there's no intentions there that they're gonna yeah there's no one said anything it's like everyone's just pieced something together because it wasn't money transmission license it's currency license they've just gone oh it's cryptocurrency and that's part of what they do there it's like just it's clutching at straws for news I feel like for bullish news which is just it's fake news and then I'd rather we get genuine bullish news not fake bullish news um yeah there you go there's a story that market just brought by required they obtain license required for virtual currency but virtual currency is e-money and things like that but it does lead to the potential of them I think so does every company out that has a money transmission license they now have the theoretical license to be able to operate cryptocurrency but not doing it and we'll know full well Twitter's not looking to or X now and not looking to be this big decentralized Global Payments player they want to be PayPal 2.0 it's literally they want to be uh what's the Chinese one called well we WeChat we chat um that he's literally came out on a interview saying he wants to basically copy WeChat for the Western one so he's trying to be a centralized payments and PayPal um that's all he wants to do so it's about it's negative for me this whole thing's negative why we're making it into a positive thing I think he's crazy uh it's just ridiculous so yeah might run over and my sweeping does there you go they've also gone back to twitter.com domain hello yeah shout out Mikey that's interesting I don't think exit for me just doesn't care I thought the twitter.com redirected to Xbox yeah I saw a tweet and then since they've gone back and then I looked and they had gone back but it still works doesn't redirects yeah what was the um yeah that's twitter.com I'm gonna talk so just to look to it um yeah just frustrating news that's not really the news being made into the news and being dragged as bullish which yeah we just have to post something and right now it's um it's crazy in an industry that's trust uh verified on trust and nobody's verified any of this information or even thinking for themselves to understand that yeah you know that's not really the case um it's just crazy Maybe I'm Wrong someone correct me if I'm wrong please um in the comments or not least of it is um I think we've done that oh oh did we didn't even end up talking about it did we oh man Armani because they've started picking on me saying Armani I said Omani minutes oh okay we didn't even get into that did we about them 1.1 billion dollars invested into Bitcoin mining infrastructure no and Bitcoin being Sharia compliant money according to them not quite sure they've officially said that they I think one of their someone come uh someone tweeted about it the other day yeah there was some comment from someone somewhere within it I think I can't remember who it was um uh yeah I don't think you'll ever get I was mighty pen I was thinking yeah no I like to retweet it but there's a comment Within These from oh my weird comment to say but yeah I like to retweet it I like to retweet it I don't know but I did say that yeah in terms of in terms of you won't never get like a singular decision on Syria or not like from this there's lots of plays involved who make individual decisions on that but I think it'd be huge if there was a movement that way for Bitcoin especially in the meaner regions what is Sharia compliant money mean so like the the Islamic Sharia laws that they currently have to um uphold and so um if you're saying that an investment in Bitcoin uh abides by those laws whereas there's different like laws in terms of how you use money over there and to me you're not supposed to try and you've got to try and make money work for you um and not to claim too much Reba like interest on it right um basically don't use a debt instrument yeah it's all about like that over there is about how you shared you share the the liabilities basically um so traditional Western like mortgage for example is like all on the house buyer whereas in Islam it's more like a shared obligation from a bank and there's a trust thing um so if Bitcoin was to become like seen as a sheer instrument then it could be something that the people are able to use like there's a lot of gold gold is used a lot over there in those sort of cultures big because it means it's that is more of like a a useful product to have rather than the money so they convert into gold and other assets actually some Bitcoin could potentially be one of those right explain like in fact it's like Bitcoin is not backed by debt yeah so theoretically it falls under the client rules okay it's an interesting area for Bitcoin cool interest in their mining at that scale or trying to begin tonight at that scale what power source they're using yeah um I'm not sure any Champion I didn't see does it say that in there probably oil cheap oil you would assume it'd be oh it really cost quite cheap I mean they've got all the sunshine they could probably one nearly as about so solar power do they know have they done anything else they just announced maybe I think they'll invested a couple hundred million at the minute I think they've got scope to do 1.1 billion I think was the the champion was like I thought you were then going to say of the um consolid with Davey on the solo mine for it might be in a population of a warm individuals that are solar mining in the Isle of Man for Bitcoin there can't be money out there I'd like to hear from other people too so we can share problems and talk about Solutions and you are a Solomon please reach out when we first spun up a lightning node there was already one in the other map yeah it's weird and we still don't know who it was yeah crikey yeah we were number two in theory but yeah well I won the first in the world yeah because we did that so early yeah yeah I've ever already won an element yeah you don't know who I is yeah yeah it was up in uh was it jerby Ramsay way it's all north of the island who was one of them weird places for southern nefarious side I'm sure yeah yeah how about his help you that is yeah there might be a huge speculation of people's solar mining in the outlet man I just don't know you're just in your own little ego bubble yeah um right cool quality Corner News and with a bubble you don't know you're in a bubble she just okay yeah that's very well described available you know as I got that from The Big Short I think oh I know again there's some pop on I probably can't see him I've never watched it I know I'm Criminal by the way it's time criminal if you haven't watched it never watched it is a good thing you're not reading the Bitcoin standards yes she liked it yeah she gets the end though that to me is mad should we go right I don't want it yeah big short is fundamentally why Bitcoin came about yeah there's lots of moving past the economy there remember about inflation yeah 2008 Bitcoin those bailouts already being created before that really kicked oh you're gonna get into that but yeah but it was you know yeah it started actually building it in 2007 but you could say oh slopes yeah and all that all the 20 years before all that yeah all that so yeah sure people were trying to create a decentralized digital currency for I suppose but I still think it's fundamental that period of time that trusting a government and Banks to run the money then yes because about all these Bankers pay fraudulently essentially and we the taxpayer bailing them out at the cost of our pocket and none of them getting arrested yeah I'm going you know any punishment whatsoever just a segregation of banking laws it's pathetic and we get scrutinized for what we do anyway go for like 100 podcast this has been very heavy on the uh the older rants if it gets them you know it gets a bit Naggy when you're busy isn't it like this yeah yeah obviously got a lot on right well every weekdays no news the Lolly yeah that's like the name yeah cool yeah so we announced our partnership with Lolly was it last week last week yes last week that was all over Twitter wasn't it that was what it was all over Twitter yeah it was good it was good so uh first integration We Believe with the actual traditional point of sale software Hardware uh Lolly it's good they did a little demo video for all working as well looks great okay yep people loving it right now legends that are accepting will hopefully be announced in the coming I don't know time scales because I'm not not too heavily involved in that minute but I'm not saying months rather than weeks just so of myself there um and hopefully we'll get some Merchant announcements so people can see where they are and they can go and spend well they've got some big big clients I don't know yes we need more Integrations don't we should be a little bit of Iceberg make it that easy more easy access for people yeah I think um which yeah we know you know having your own separate device for all different payment methods is a nightmare and we know that we we kind of had that impression going into it originally we started with pos's um but we needed to make it easy for people to try it and prototype it and prove a guest proof of concept um now the information comes and now the hard work is being we need to get it to a point where you don't even know like people don't have to ask because yeah she doesn't have to know what you're paying it you don't want to be able to either tap in with the bulk card it's like you tap your Visa a MasterCard you don't need to know it's a Visa or a MasterCard you'd have to send payment visa on paper yes the card I'm paying with American Express is kind of a one you do have to kind of say yeah um but yeah you need it to be eventually like that so you tap in and it doesn't matter if it's a Visa Mastercard or a bolt card if you tap and pay um or on the screen it displays a QR code so you have that option you don't have to say to the person behind the counter the till like kind of pay with it is that it's the burden of having to ask it's a big headache it puts people up yeah and that's definitely one of the big things that pulls people off paying the Bitcoin so you need to pay without realizing you're paying or pay without either party realizing the pain yeah um which will get there but that's all a long-term strategy I guess yeah cool so that was exciting um and then the other one small smaller news but where we vented this one Bitcoins orange League Bitcoin Esports big news what is that what's that you saw CS go yes but you can't play anyway I forgot I think I'll be really good yeah do you ever played a game with the mouse and keyboard captain and then the captain yeah organizer there's a European qualifiers are in a few weeks what's the name uh well I mean this one totally over my head because I don't understand but check your coin Corners apparently check your Corners it's like a saying Corners yeah I was like what's with the name guys I don't understand heavy practice over the weekend really I've kind of Taken on kind of like a coaching room does I've injected myself as a coach yes [Laughter] my only worry is I think the tournament rules are one member needs to work at the company the rest can be like ringers uh why all of our members work at the company so we can pull in some professionals no stay true to who we are well let's see how the first game goes we can fall down for this let's get ready everyone's just got work at the company I mean you just open yourself up for that yeah yeah because I think they want a certain skill level game why it'd be funny how do you know it should be a real CEO's house I dominated yeah we should have had some sort of office tournament to determine I was saying we should have a whole try out soon yeah I just put it I didn't think we were going to get as many as we did to be fair yeah the boys are Keen substitute as well all right yeah yeah although we might have to think of a different solution here's the substitute Vic Vic yeah are you Victor okay yeah yeah okay right is it a team do we go through this do you know yeah I don't want to leave someone out good Alec Ryan Alec Ryan right maybe Francis there's no female representation uh I'm just overseeing it was on the that's you know well then or not women so we really be more wide than like YouTube members are from your team are on um so I will include yeah if you're buying Bitcoin clothing you kind of have to pay in Bitcoin yeah that's what you're doing much fraud hmm I think anything's selling uh who was oh no it's a while back wasn't it no sorry I saw the screen this morning train of thought I always I'm gonna buy a Bitcoin book I get angry that I have to buy off Amazon yeah not the old one sellers I don't want to be able to yeah and Amazon yeah it makes sense for the awesome that doesn't it yeah you should really bitcoinlibrary.com I got time scale but you got that no I don't should probably have a look yeah look at that oh yeah and pretty wavy Beyond Bitcoin sliders for my discount they are nice I'll be getting those Rosie said Liberty Airlines a little bit slower how long would it would it be by the end of next week I need them by the end of next week it's pretty obviously just wearing flip-flops around the office yeah I don't need some office flip-flops no one needs office for delivery 12th to 14th of September too late okay oh well uh so yeah I'll put the dinner with the discount code is right now but we'll put in the show notes and then we'll shout out next week instead okay cool cool all right I like it is so other book with menu reading what's it called Glenn alden's new book yeah uh mine has been delivered yet broken money broken money yeah yours doesn't arrived he hasn't no no if anyone wants to join us together I was waiting for the audio but yeah the odd she said the audio was coming so yeah we're all on that yeah to discuss later you want it well Allen's reading it as well we'll be after this is he yeah so you can maybe discuss with him as well okay um it's quite a few people reading things off um yeah uh yeah 50 Cent one I wonder how many times is it hustles mentioned in that and then an album but control after it you think it's mentioned once no if it wants it's not about business in the 50s now building I reckon the word hustle was used over a thousand times no don't be silly how many pages is that yeah I wouldn't think that okay it might I might be wrong I was only guessing he says it a lot at the beginning but then after that okay right and maybe it's just try to listen to it so it is um all right thank you guys okay Cheerio peace [Music]