Bitcoin Explained in 1997? | Britcoiners by CoinCorner #107

Transcript

yeah holding on a train doing transactions I love Jack and everything he's doing for the industry and everything but thatd advert was just [Music] ridiculous yo that was a loud clap Mikey we're back we're back we're back um right run through Jack dorsy and the new call story device we've got um I thought it was a BBC article though it's not crypto exchange binance with drawing from Abu Dhabi uh Samurai and Luke Dash arguing about ocean mining uh Adam back explaining Bitcoin in 1997 um CPI so inflation levels rate Rises UK and us and oh i s we got more caner Fitzgerald CEO uh talking about Bitcoin and tether uh Google revising crypto ads ahead of ETF launch and Argentina debasement of the currency and P days the main thing this episode is story time is Dave has a suit on Dave has a suit story time it's team photo day isn't it it's not the whole department whole Squad dressed up to the nines when's the job interview that's what we do no we're all suited booted finest Department ready to go finally leaving us yeah no is that what you saw when Francis walked in I asked Gabe if he had an interview this morning they all look smart no the gang just decided to go for it that's what we're doing when he says the gang he tricked the Department to come in with a suit and tie on thinking there was something going on and there's not your first guy FR us that came in the fear in his eyes I know I I locked eyes with him at one point and I the fear I briefly thought about completely R pulling him and just saying trusters takes a while to build up yeah even jod came in yeah dressed smartly we all dressed smartly yeah so yeah bleeding bleeding the way audible yeah it's the beginning of corporate Corner anyway the agenda it's not about me doing the story oh we can I open with let's tease it it's basically I to tease it a little bit it's it's some the um no I'm not going to tease actually there was no it's Christmas party related it's Christmas party related um yeah basically we kind of got no no no okay okay leave it there but it was I maybe it just me and you find that entertaining last night it was maybe maybe maybe it's what I don't want to tease you like tell the whole thing so it's it's basically me me and Zach last night and summon amusing happened and we'll tell you about it once we've done this Bitcoin agenda right it's very weird quickly listen to um we've got Henry with us as well yeah thought mly uh bitcoin price uh 4277 at the minute uh last episode was 44,000 so down slightly and although we did have a bit of a dip didn't we to 40 it was 40,000 40 something 400 was a few days ago and 1:00 a.m. Asian market opened and it just yeah Monday morning wasn't it MH um but then back up um I think we hit we were over 43 last night I was expecting a bit of a retrace because of the always get one a little bit there in terms of the growth we'd seen but I thought I took heart in the fact that it didn't drop below 40 I thought I don't know why I had that in my head bit of a psychological bar yeah yeah I think so the greed and fair index is has come back down again where did it creep up to about 81 80 yeah just over 80 and then down at 60s I think now how would you describe the g fear index for the listeners that don't know what that is the greeding fear index takes in so it tries to pin a number from zero to or one to 100 of how greedy the market is and how fearful the market is lower number is the more fearful higher number is the greedier the take into account uh and then they chart that over a number of years but they're not just taking like price they're taking uh like sentiment of social media they're taking in um obviously price movements sell pressure buy pressure um Al there's quite a few different things about five or six things to take into account and then aggregate them and then come up with this number from 1 to 100 I'm looking at the charts once it hits about 80 it not there's normally a bit of a retrace once it hits that barrier there's a yeah there's a well I guess there's a retrace on the F greed and fear index as well in terms of that comes down so yeah they've got surveys social media side uh the volume do Bitcoin dominance as well over altcoins and the percentage uh that moves by um and then Trends Google Trends there's a few different ones weighted differently aren't there I've seen yeah thingy Trace mayor one I like to look at that one yeah the May multiple it's a good one yeah okay something keep your eye on interesting indicators never necessarily factual in any way but they're just um sentiment something to yeah indicators um cool first first Jack dorsy the launched their bit key uh which this is a good looking thing wasn't it it is it looks quite cool did you watch that little advert no I just like the look of it this is right now where we need that split screen that people saying about CU we're put a feed up we're all staring at this cool looking screen um the I guess the point of this one is they don't accept Bitcoin to buy it which was a little bit off a massive over very iric really yeah will get one and play around with it and have a try um you watch now we be able to pay bit changed it payment payment did not get I think the controversial thing yeah they don't accept Bitcoin and um which what we already knew was it doesn't have a screen um which is quite controversial thing for a hardware W not to have they've done an extensive blog article why they believe a screen is not needed can you remember the highlights why would you not want the screen so you've got plug they're mainly focusing on the like retail clients where people will be using their phone um to control this so they're saying your phone could get compromised um anyway um that's a crazy thing I think in some ways like and the video I thought was a bit hold on a train doing transactions I love Jack and everything he's doing for the industry and everything but that advert was just ridiculous it was like yeah on a train scanning you why would you carry your call device on a train in New York wherever it was this is just crazy so it seems like they are very much targeting at not I'm not going to say proper C but like kind of it's warm it's yeah it's retail audience isn't like yeah it's like Ledger competitor isck first step into self custody then you wouldn't use this if you're holding Millions maybe it's just yeah just so people are like an intro into it make it more accessible they're trying to get it more yeah user better more user friendly device that you can use but it is still like there there's there's issues still yeah these not real real people this it's crazy this is another video I watched there was an actual yeah but it it's a good looking thing but the the reason what you're saying what Zach was saying before as well in terms of there's no screen so the point is like if you're trying to send a transaction somewhere and you see the address it's going to and normally you'd be able to check on the hardware device that the address is going to the same as what you're seeing on your computer or your phone or whatever device you you're doing it with whereas this you can't so you wouldn't know if your phone's been compromised and you sent into an address that is the incorrect address for example um so it's kind of like just helping not having that there is a little bit Brant for people yeah I like the reassurance of being able to check an address on a device so it's it's a good move from a ux point of view or like you say maybe not for a lot of storage maybe just for a small amount has he come back said they're going to accept Bitcoin for it anywhere I've not seen just IGN F com oh yeah that's a bit of an oversight isn't it it is especially if you're trying to sell it to people in countries that may not have access to Banking and don't have a credit card to play with it's it's a bit ironic that that's where the direction of everything's being done there but I to ease the ux of self custody is I'm a big fan of mhm m so we should be getting behind projects like this that's what they're good at as well cash up that's you know a very very good it user design stuff um and I'm not sure if I agree with the Biometrics on it um I know Biometrics was that a fun yeah very easy to use but I mean they've gone ux security um which is a tradeoff but yeah don't piss off your girlfriend hold it though oh is that the only thing the yeah okay yeah which we fall asleep and someone get I mean it what four years ago was it Kraken or was it bit Max did the tutorial on how to yeah just salot Tye and F when you connect you must have password in your phone as well surely you have to get on your pH steps in there it's not going to be one thumb and you're in yeah but if that that also is thumb two devices are protected with the same Thum which a lot are these days doesn't yeah does it have a passcode like Ledger they got passcode and then obviously like 12 uh assume it must we get one have a play around yeah get one anyway love we'll get one play around next time when we get once we had a play around that can give a proper review of it I guess um quick on binance withdrawing in his application for investment Fund in Abu Dhabi so it's not that they''re not pulled from Ab they still have something in Abu Dhabi um to or they still have an application in not approved yet to be an exchange in Abid daab but they've pulled their investment fund license application um I assume the again that must be off the back of the whole doj stuff and everything they've got going on um but again it's just what we already spoke about last week a week before was it and they are slowly going to be squeezed everywhere now it might could just be simplifying things as well in terms of license requirements what they actually need like you know concentrating on markets they know they do well they'll be cost cutting as well yeah there'll be because they just had to pay $4 billion F so cost coin says here they' deemed it unnecessary to the company's Global needs yeah it could also be Abu Dhabi Regulators said no you know yeah yeah I it's a nice way to spin it well we want one anyway you need it we don't need it for our Global needs we accidentally applied for this and took took loads of legal cost to do it it an accident inight um but yeah I think they're just going to continue to get squeezed and squeezed and squeezed in every jurisdiction wait and see um Samurai controversial one but worth quickly talking about about um Samurai wallet arguing with Luke Dash Jr over ocean uh ocean Mining and ocean mining were blocking Samurai transactions yeah is it um correct me if I'm wrong Z I think it was unintentionally initially they were just filtering out what they class spam isn't it which is the op return data yeah but unaware that Samurai actually use that for their world poool um their yeah their integration in uh but the coin Jones the confusion for everybody I think has come up so just to sweep up there's our sweeping sweeping get your hats on sweep onto last week as well do it this week as well last week was coinbase this week it's Samurai and ocean I don't think you swept up coin base last definitely did you they swept you up wow um Samurai so Luke Dash the confusion there is Luke Dash has his own version of Bitcoin core which is called Bitcoin knots and in that he disagreed with the change back in 2012 was it or 13 um which was a change that made the bytes increase from was it 40 to 80 whatever it was yeah um and he in the knots version he still has it at 40 bytes whereas cor has it at 80 which means that Samurai would putting transactions through above 40 bytes because it's CO's rules which is what 99% of the industry use um whereas Luke dash for his mining pool is using Bitcoin knuts rules which means it doesn't abide by their rules so it's not that um it just became an overblown argument over something that was just nothing really do problems like that occur a lot with him having his own version of core no uses it is the thing there like I mean he has a chart it's like I think there's about 20 knots nodes running globally or something and probably 19 of them probably him um so I don't think anyone really uses him right okay but this tied with obviously them filtering out ordinal stuff now as well they've had some pretty pretty bad launch to the mining pool in terms of PR right I don't get why lawyers would be involved at this point this was hilarious that was again over out one of the co-founders of ocean mining happens to be a lawyer it was the co-founder of the company right yeah so what so you couldn't send why send in or send out from motion to Samurai we no they wouldn't M any blocks with any Samurai um transactions oh sorry yeah okay this wor right I thought you were on it today were you I thought you a minor as yeah know was new miners upstairs suits on I get it I get it uh I assume this will all be resolved cuz ocean mining are moving towards stratum V2 eventually which I think that allows the individual miners to construct the blocks so therefore it'll be up to the individual miners ocean was they they're moving towards that but they're not there yet Str V2 is not ready yet or they need to make changes to it so right now he using Bitcoin knots which is Luke dashes but it probably still wouldn't abide by the rules would it of what they would classify so I'm not sure I'm not sure yeah this is what I'm has not been made clear of minor I could just decide not to put any Samurai wallet transactions in yeah and then would I get a message like this from some Samurai wallet lawyers well it's not Samurai very aggressive in general yeah okay well Twee it from a company account saying this stuff yeah abusing someone quite like that good faith M that's a good that's a good tone to set on a tweet isn't it I like that we are not negotiating with o po okay any refusal to negotiate is always funny um but Samurai should almost they should care but also the hash rate of ocean mining it's so small and I think it has dropped off since all this so people are putting their High rate elsewhere so it's not I don't think it's because of Samurai on or is it probably because of orinal yeah I think it's more the orinal thing but to be made the miners who are pointing to PS will decide what if yeah but it's so it's not going to call Samurai wallet much of an operational issue oh no no they'll just get in the next block if they get if ocean get blocked Mike yeah I saw that's class that's how they train what is he training for it's a very good point right that's distraction cool um Adam back this is interesting mom uh Adam back explaining Bitcoin in 1997 you shared this and I actually read it did you read it no yeah fellas in there the car and my only takeaway was that they were using an EXL analogy brilliant these guys loves a spry as much as I do he doesn't it's Microsoft a spry he wouldn't like that MH um yeah so this is just a from a mailing list back in 97 um so it was a cipher Punk mailing list and Adam back is explaining to somebody else about um effectively describing Bitcoin and saying we need like a currency like this um and he talks and he explains if you scroll down Mikey there's like a four five six things of you know it needs to be anonymous privacy preserving um distributed to make it hard to shut down have built in scarcity 21 million um require no trust of anyone individual which is completely true um preferably offline difficult to do with P software obviously um offline there is offline capabilities in some respects um obviously having to broadcast um however fedy kind of introduces certain aspects of offline um um reusable which it is and then he goes on to talk about hash cash which yeah that was my favorite part kind of you can see him kind of figure like talking about hash cash and the downsides of it like because not having the difficulty adjustment but that wasn't thought of yet it's like yeah you can kind of see the evolution of the thought yeah in the text 10 years prior to it starting to be built he's um explaining that on a mail list of people so is this something that people hadn't seen before I think it's these um I I was on the main list and I wasn't I was in school then um I was in Primary School um so yeah no it popped up the other day on Twitter on someone's feed um and yeah it was just right throwback cool a long silencer yeah ni nice I don't think you have to fill it just maybe not a podcast I don't know people just that sort of vibe in it you need more energy with my household no I don't you know just realize my household I just like the had there's no silence I got three doors so the word count in there is absolutely phenomenal and they're all singing dancing that's so when it's silent I'm just like peaceful yeah people don't enjoy it enough I agree with that just not when you're listening not a listening for a purpose yeah why I don't fill silences um also TR youve you've come dressed up in a suit and everything and you've not done your hair this is as good as you made dress but not the Hair W what I'll do need a haircut um you getting one before tomorrow no cool um got time inflation we turn the corner it's over well it's on its way down n 4% 4% YouTu people get used to it uh well the US is at 3% isn't it no they're not what that H well the core the core is for depends what yeah yeah it depends what you're talking about they talk about CPI inflation at 3.1 but core core of four core of four that have now lost track of what them definitions introduced read it a few times and I with you I keep for again but I'm going with core core or four we've turned the corner it's coming down but core is a new one they've made up CPI is the CPI is the one they've taken it's meant to be the basket of shoing isn't it they manipulate that basket the the basket has to change you discuss no it has to change shopping should change steak to beef yeah what it shouldn't change from steak to beef it's they've just replaced something with like it's like saying right we'll go and shop at Marx's versus Al like 10 beans from Marx's or a t of beans from Aldi shopping habits change if proportionately more people in the UK shop at Aldi than marxis then it should Chang to the Marx but this is the US I'm talking about but um do you think that people have changed from steak to beef I well fundamentally I think people have changed from stink as prices rise you make different purchasing decisions if beef is cheaper then people have changed from steak to beef people are going for the cheaper one because of inflation so it's a way of hiding inflation isn't ITA them habits change yeah because of inflation and then they mean if from the same CPI from the whenever it started and no one's arguing for that though but so it has to change from stake to beef why does can't say it can't change it should change and then argue with the change no I I I disagree it should change from state why why take State out cu more people are buying beef yeah no but it's it's more indic it's more IND more people buying beef pre it's more indic people buying habits I would assum no that is what it is based on isn't it bu habit I've not seen that data okay can we have that data Mikey could you share that data just Google steak or beef I'll do it but anyway people I think for next week then Dave could you bring us the the details so in terms of I think Bitcoin has followed a little bit of market prices up record high I think we had a pump like last night because jome parl intimated that rate Cuts will be on the cards next year that's saying the complete opposite that's saying beef's going up and steak's coming down it said Ste you're the one that brought steak and beef it says steak is becoming pricier oh pricier so people are buying beef no but beef prices are record highs is steak and beef the same thing well they are effectively from the same from the same thing with different parts heck you want about yeah this is when does beef become steak but that's what the it was just because that was the one that was highlighted in the US that they replaced too early I've had hardly any sleep oh so basically the inflation 4% I think it'll be the new 2% and they'll start cutting rates next year and I don't think it'll come down to 2% before they start cutting rates you're just saying why I've sent you wow I sent it to you I sent you the Bloomberg article you you haven't got subscrition so I just send you all this class articles and you just send me Daily Mail bits and I'm just say read this and you're like I can't read it yeah I can't read I need to listen I sent him a matrix of when the interest rates are going to move for the next 12 months and then he's then coming out with this information that he's come on with us is that true no he like I had to explain the the [ __ ] the price will pump when jome Powell suggests rate cuts and earlier in the week there was the market sentiment was a bit like oh the rate Cuts might not be coming the Bitcoin price and the indexes all all dropped and then yesterday he like actually rate cuts are on the cards we all knew the rate cuts are on the cards I sent you a matrix with the odds you and your Matrix I know probably just ignored it I just made up a spreadsheet and S Matrix Matrix he's just sending me screenshots of K re dodging but um and the UK obviously inflation that was down that was a COR was it called 7% and uh the other numbers there was a 7% there was a six point somewh there was a somewhere else but they're in recession now but we are yeah so they will be desperate to cut rates before it gets down to any sort of reasonable Target so they're in a rock and a half place at the minute they've got um inflation still high rates um still high which they need to cut because um GDP has continued to go down yeah so they need to increase GDP which needs to cut rates to increase spending but they can't cut rates cuz inflation's High that's why 4% is a new two and it'll become like no we target 4% now that's would be my outside bet as what the new the new message out there would be potentially and it's SM like us that get done for it but won't be so much like us cuz we have an alternative there you're right Miguel okay hash upgrade the system yeah update the system update the system Bitcoin update the system not crypto crypto I'm sick of that um cool anything else that before we move on yeah let's should just enjoy the silence as we transition between subject caner caner Fitzgerald caner Fitzgerald by the way so CEO name a company name oh I'm not this well it might be someone's name I don't know but it's Fitzgerald CEO Pro so he so I didn't know C Fitzgerald is Irish managing they're an Irish as far as I'm aware I did a little bit of research quickly but um it looks like they're an Irish company um that are banking tether and they're saying that they hold 90 billion dollars of uh assets for tether 2021 as well it said yeah so it's an American Financial Services firm but could be based in Ireland Irish based um New York so I suppose this is confirmation that tether's back somewh where did I get Irish from this I'm sure it's like founded and I was St beef thing I honestly think you just you dream St up and then suggest them as facts island is not mentioned on the Wikipedia I'm with you down here what do you mean I'm backing him well some sort of Irish maybe they've just got an Irish headquarters there's an it's an American company so as an outside bet there might be some some European office or something Irish founder my bad I thought it was Irish found might EU headquarters or something like that yeah um they're backing Bitcoin they're backing tether sorry 90 billion treasury portfolio since late 21 so that's offensively saying that actually yeah tether's pretty much fuled backed I think and he's he's saying he's a big fan I'm look how look at the quote I'm a big fan of this stable coin called tether I hold their treasury 90 billion of them um speaking like that he also said that about Bitcoin didn't he so he said yeah I'm a big fan of crypto let me get this clear it's Bitcoin not crypto he in long lines um which is quite positive oh did a voice comment on bitcoin and tell but it's audio can we not play audios I've just I've just read it Dave it's fine we don't need to play the audio he's just going to make more work for mik here make it harder he's got a rough as well hasn't he he has tough for the top just back from his day off there you go likes Bitcoin too these other coins they're not a thing they kind of make believe maybe ethereum is okay and then he said it's something like it is Bitcoin I'm a fan of not crypto I think some the only people go and help and no one could take it Bitcoin bitco contr yeah yeah powerful words good quotes nice rhetoric um so yeah it's just obviously the tether over the years so throw that in there just there's been a lot of that um and obviously the people always see that as a big risk to the industry tether not back in one to one um but yeah Cay do you mind just go into like coin market cap or something checking teather's market cap at the minute is it not more of a risk that now that they know that the where the treasuries are and they could shut down Fitzgerald sort of thing they just have to move them to somewhere else that point chasing around Gamers they've done that in the past and move Banks haven't they they're 90 billion they are 90 billion they not circulating Supply 90.6 yeah um and we already know they've got um they three or four billion additional on top of the onet to one backed I think of tether's own money that they keep for b as well um so yeah there's and they're making what is it four billion qu or something like that so with a team of 12 people insane now is that realized profit or is that just Revenue it was Revenue right but I mean they've got they'll be PS a lot 500 million the quarter each I've told while before just sat in that office just watching it tick in he's you just do you do it's like that point there's stuff to do obviously isn't there I mean printing more um but yeah it's just that's a good evidence I guess now or good um remark from uh I can't remember his name Howard Howard lutnick um and back into a little bit which is interesting uh cool Black Rock I can't did I mark this some else mark this black rock has amended its ETF structure to make it easier for Wall Street Banks to own Bitcoin oh no my bad we weren't talking about that one but there we go we're throwing that one in Ed that out there you go I thought it was all one there um the next one was actually the FED uh saying it won't hike any further um but we've already been through haven't we with they steak and beef uh yeah but the black Ro Black Rock ETF one is quite interesting do you guys read that they've made it change the ETF structure slightly so it means that Banks can buy the ETF easier I don't remember don't know the detail I keep seeing that they're having many more meetings with the SEC two a week or something I think of the minute it's crazy well they're all they're all being like registered aren't they so they're all getting added to the yeah or two more tippers and stuff is that usual if you're bringing outf you get that many meetings of the SEC oh no I don't there's some special treatment going on well they're all getting black Rock's probably getting the most by looks of it because I assume they're guiding and leading the way and then the rest of them are still getting lck so if you're bringing out your other ETF you'll be looking at Black Rock are getting a lot of attention meeting but it's the same as like us with like coinbase coinbase was with Brian was with rishy sonak in the UK it's like why ry's not answering my email no he doesn't listen to me so why is he listening to Brian Money Talks does doesn't it um so black rock yeah um looks like they're pushing forward to the ETF and yeah trying to make everything as simple as they can so they can take in as much um investment as possible against gu from all sorts of parties um Mike he's pulled up nice and sybol we jeez well we all against mechanism everyone understands that right maybe should make the image available at the bottom for nobody else to understand mind map um Henry one of yours Google revisiting revising crypto ads head of ETF Lodge yeah so this is quite interesting because they before this they I can't remember which year they banned it and you'll probably know the answer but uh obviously crypto rides have been banned on Google for quite a long time I think yeah um very very anti crypto Gally and that seems to be changing with the ETF launch and yeah I think there'll be a lot more crypto advertising uh post ETF lach I guess that what they said they're going to be more favorable to crypto advertising then no they're just revising they've revised it so they can add coin trust in which is like the ETFs so ETS can advertise on gole which is not part of the criteria previously so they banned in like 2018 I think and they slowly have introduced it if you have like a license in a certain country if you're regulated they call it in a certain country you're allowed to then advertise in them countries but they only brought that in about a year ago MH um do you think do you think this adds more weight to the the ETFs actually getting approved if more and more institutions are making steps like this why You' Googled on that someone's poked Google yeah why have they so yeah that's what kind of people are speculating on I would too I had to look at the Google friends last night cuz I read some about you know all time me and Zach look at each other last a way your first time on the it's website called Google same on the line yeah and you can literally filter out on what people are looking at no I was reading an article about alltime high in Bitcoin prices in Nigeria and uh Egypt and places like that so I was just like I I wonder what that looks like in Google Trends but I couldn't see much of an optic in Google Trends and people searching for buying Bitcoin in Argentina with and I thought I might see it or Egypt really there was still the alltime highs when people Google around so I was just like so there's you've seen this big alltime high price increase against that dbased currency which is why it's why it's at an alltime high but it's not people trying to find how to buy it it's not them buying that's made it go I know yeah but I just thought but you would see more demand for it because the currencies are getting debased a lack of Education in these countries our currency is being debased in the UK at the minute and we most of 99% of the population don't realize and don't care except all I've got to pay more for shopping this week they don't really understand why and what's happening realiz yeah the alternative which they don't you should have Googled like they should have compared against maybe other stores of value see if there was upti I didn't notice that Google has a has a comparison button you always need a comparable dude yeah always need a comparable on the Google Trend comparable um you could like put against gold and see if there's like a more traditional store that might be tonight's task you'll put it against something like Kim Kardashian and it'll be embarrassingly low so it's like they're more bothered about Kim Kardashian than people are actually searching just put that in Mikey just it's google. Trends Mikey transs google.com [Laughter] actually I was joking uh so what Bitcoin and Kim pop buying Bitcoin oh you could even just why do they do that like Google trying to be like weird different compared like because they do like meet. gooogle and trends. gooogle but most people go Google dot would be the see it is that bad anything true I think it's still meet.com that's what I'm saying this past day or it's all right you may be on something no um that's so what red line is Kardashian blue is Bitcoin over mik put it move it off to countries that should care Argentina we at like less than just Argentina yeah that would be interesting well their currency just been debased like 50% do you think uptick just for Kim godash oh my God zero for buying Bitcoin the entire in comparison is essentially zero this is put Bitcoin not buy Bitcoin could just Bitcoin yeah buy bit buying Bitcoin was low even Bitcoin is going to be embarrassingly oh oh Bitcoin has taken over yeah I I looked at Argentina I looked at buying Bitcoin try that worldwide there we go Bitcoin is over Tak people AR buying Bitcoin Bitcoin but that could be lots of yeah take that Kardashian slowly growing this year is that past day Kim is more popular than buying Bitcoin but Bitcoin is more you only got on a daily thing there it was 90 days before then oh was it yeah okay I just flipped to day just at the end there sorry M he'll have to share all those graphs as well now keep on ratcheting up the amount of work you've got to do before the end of the day so this was the last topic anyway you've already come on to it Argentina Deb yeah he's done what he said he said he was going to do it he's done it what's the percentage you went I thought it was 56 but yeah we're about 50 right I had 43 in my head but I did it's not 43 no I think you you've absolutely owned me this episode so I need a win go to news and then do not 54% 54 yeah 43 you idiot what an idiot what a fool what a fool so why would someone dbased their currency it makes uh Imports cheaper essent sorry is it exports cheaper which would which would make increases exports increases exports um because the product you're making is cheaper comparably to other countries but it can cause a I was reading about currency races to the bottom where they just start if you're in another industry that's competitive another country would just debase theirs further and make our product cheaper that's horrible isn't it okay so Venezuela could come along do base their to compete so they're both making like a similar product coffee go right do base further so he's trying to stimulate the economy um but the IMF love people making their EX cheaper because the ex the the IMs run by people that import a lot so it makes their overall cost cheaper so it's again it's people with Savings in the Argentinian or other countries that based people have got that in their bank is now just worthless if they wanted to buy stuff non-locally so is this part of his road map for eventually making Bitcoin legal tender I've not looked no this is part the part of the usual IMF Road book if you read that uh Alex gladstein book all he's trying to get rid of the Central Bank isn't he this guy so but dollariz part of the process is he going to debase and race to zero then dollarize and it wouldn't matter no I don't know is it part of his plan but the yeah gladen highlights the fact that this is what they usually suggest people do dbase focus on infrastructure that that allows exports to be read freed from the country and make themap for for them it's not very nice really I don't think if I don't know why wouldn't you why would you be booting off if you're Argentinian that's why I was looking at the trend routes don't know some people might I guess say like look at us in in the UK with things where you've got um the the brexit and things like and then even rishie coming in and and doing all sorts of things from the financial perspective because he's a background of finance and he kind of knows the from an economy perspective it kind of makes sense but it screwed everyone over and inflation's going up and there all sorts of things happened m nobody's really kicking people are not really kicking off they're not protesting in the streets they're not revolting they're just getting on with life and you know it's that the same that Argentina is a bigger scale over there than than we're at but they you just been voted in as well so it's favorable at the moment he's saying this is part of this process to dollarization where I might yeah and even if you disagree what the like a lot of the time people just don't do anything about it it's like what do you do when you did work we disagree with all sort that like government government decisions and things but you like you'll [ __ ] and moan to the guy next year about it and then you'll forget about it and get on real life and go and watch Kim Kardashian don't you do he's on Google trans bu on Google his wife like what you doing just checking Kim Kardashian out what she like what the screen it's just a chart of Google Trends it's not Kim it's just a oh summarizes summarizes my even I was I was an angry debate about nitrates with her as well this is not the normal conversation anyway um cool cool is that the end of the agenda the end we got this right exciting story exciting story coin Corner Christmas party coming up right me Zach and Matt working late last night the Christmas party is is run normally every year by a committee of appointed individuals and is kept secret from all other staff members there tradition gone on for ages since they since the first year since the first year part of the tradition is then trying to figure it out from the other side no one know I've got particular Insight because I do you know see the finances But but so we try and keep it secret from everyone it's an event on you know it's a it's a busy old fun day for everyone it's you know it's a you know take the stress of the year out and just celebrate what we've achieved so this year it's underway the planning process is happening I should hope it's happened impressive fully underway right so me Matt and Zach were bit working late last night as we do grafting um and we thought we'd have a little sneaky peek in the room that they allocated for planning purposes can't allocate a room that has secret stuff in and not expect they did say keep out keep out notice on the door and told people not to go in but we went so We snuck in like three little school boys right and we were just like what what's in these bags like okay so so we know we're in the wrong hands up but we did sneak it but it's a bit of a Honey Trap cuz the door's not locked okay set up and we willing to be set up yeah so We snuck in had a look in these boxes and then I I think I looked up and I noticed there was a camera trap in there a camera trap so it automatically records what automatically records who's been in on this SD card animal camera yeah so it was pointing right out we just froze like this and we're like oh no you guys are on camera and yeah well so we noticed it right so they tried to hide it in a in a box to so that people wouldn't notice it and I now think the whole premise is to catch people sneak this room was a sell up to catch so we took the camera trap out took the SD not Wi-Fi camera so the footage Lo stored Lo sto on the SD took the SD card out viewed the the footage we looked at the image first actually had fo was a genuine thing we saw the we saw the image of us three goinging in yeah we're all like and we just and the point where we saw the camera so it is quite funny do you know what would have been better no we hav't we haven't finished might what you're saying we took our image off it took the took made a file uh encrypted that file with all the images of the stuff they had in it and then put a notice saying that please pay x amount of Bitcoin wallet if you want to see your now encrypted images on the file put it all back put it set it off like put it we to we actually left it off so they I'll be off not recording now there's no evidence there's no evidence that we've done that and it's just on I think they're going to go in and review and find out this off and turn it back on you know we should should that's a very good so that process we should have then quietly told all of the team to go in there stick the finger up at the camera then we'll encrypt it when they pay and be CR it's just the team going in yeah I don't know whether we should tell people that that's it is a Honey Trap plan if if we hadn't seen that camera the footage they had the video we will drop the video kept the video before we' got the video we might drop surprise at the park the whole plan is to Honey Trap people into doing creeping in and then they set certain stuff up in front of the camer but we we got the video hilarious yeah so that was our last night and it was and we're getting ahead of the game by coming clean yeah yeah we are sorry but it doesn't leave this room yeah we were initially bu it until this goes live knows about but it was funny it's so funny okay cool that was it so I only worry now they had a second camera and this no yeah we don't know what layer they're playing that like so we don't know if we're playing 40 chest or so I'm sorry Co has not had the new features recently because these guys have been busy busy playing around with encryp encrypt SD yeah you should get a camera and film then put in your own there several ideas yeah we just didn't have time we had to sort it all out and put it back before the morning so it doesn't leave this room until the Pod comes out and whoever listens listens yeah do with they probably won't listen will they those three though it turned off by yeah cool right all good right sweet enjoy guys cool lat peace [Music]