Bitcoin on GB News | Britcoiners by CoinCorner #127

Transcript

how do those two points connect I don't know I have to the mining in any way shape they connect because that's how that's her [Music] sentence okay SK brick coin is episode 127 welcome back everybody hello how's that what are you asking what are you waiting for when people welcome backone was to go oh great to be back mly for the crowd home be like he M right okay um yeah cool let's go agenda you really threw me off there one um Traders forecast Fed rate uh wasab wallers well can't even talk wasab wallet creators uh discontinue their coin join Services uh prosecutors reportedly investigating Block in Jack dorsey's block is dcing into Bitcoin every month um GB news had an xrp army member on to talk about Bitcoin uh Robin Hood gets well notice from SEC and Bitcoin reaches a billion transactions and a Dear Dave cracking cracking price last episode's price was $57,000 really 57 according to this yeah up 8.85% so we're up currently at 62 okay very nice okay cool mhm that's it on the price right first point then uh Traders forecast Fed rate most likely in sorry red Fed rate cut most likely in November uh I've largely fed up with Traders forecasting it's all bull they forecast it left or right they forecast within five minutes of each other they just literally I shared that didn't it's just annoying Traders forecast it one tweet was it it forecast it for October and then it changed to September got November and then what they doing oh the TW is still up there the same same guy is it just the same 7:02 p.m 750 within Fed Up of it don't care don't believe it it's all garbage crap content yeah I mean yeah tra yeah uh I think these you have to put weight in some respects cuz people are put money where the mouth is well who's this guy Traders what's he what taking a little survey of Traders or what no I think he's taken um there in Market Longs and right in terms of what people so it's people putting money where the mouth is in terms of whether it's going to get caught so that's what people use for estimations I think most of the time right so but their POS positions are changing all the time yeah clearly I just seen that comment top comment why why even forecast rate Cuts if they're always wrong yeah it's just garbage I it's people guessing it's everyone loves a guessing game don't they so why does it make news though cuz Rate rates massive in like play a huge part in global markets it's it's they just change everything no the forecasting it's it's it's seems to be wrong but it's important to know when it's happening if you can get some gauge on it so it's it's a huge indicator it's also speculation these are Traders don't forget so they want Market movements for trading purposes so their speculation of interest rates Rising for example might have impacts on markets elsewhere that they're then preparing for and doing things so it's manipulation in some respect I think there was a rate cut today though I think Switzerland Bank C the rate oh yeah Switzerland caugh the other month didn't he last month as well they cut it today as well I do mhm you might want to back me up on that I might have just be completely they C it last month I know that I've not seen today I think they cut it today Switzerland maybe a European Bank probably Switzerland just making it on now otherwise it would bech March last month yeah click on it today oh click on news news and then just change on click on tools at the top right and then recent to 24 hours this is a little lesson on there we go Google search can you do rate cut just take off Switzerland I might got the wrong Bank Sweden Sweden four minutes ago God that is breaking news that is breaking news well I just say the wrong country so can't get all applaud it but yep Sweden I've just cut that R Swedish Kronos that as well so that's Divergence from the FED is that an interesting point normally they all follow the fed's lead but some European countries going first way but will the ECB won't will they no they won't be able to no anyway so normally causes a market uptick so I don't know what that means for Bitcoin really but these countries are all too small in comparison to like us or Europe to really care about M it's not like an avalan effect though for the wide Market guys go first yeah I think it a little bit little bit of an indicator I think it's a turn turn in the road um it probably means they've got their inflation under control or they're just fed up of it who knows just fed up of just fed up just winging it like everyone else Fed Up I think 4% than you too isn't it this podcast feels like it's fed up as well the the sick talking about kind of Fed Up of it the motivation from this enthusiasm it's never been a highly motivated podcast it's cuz you're always talking about rates and central banks let's move on from that okay uh what moving on uh wasy wallet creators how do you say that ZX snacks Zack oh says ZX on here ZK snacks discontinu coin join coordination service how do you also say wasabi wasabi wasabi oh wasby when you said Google lesson Molly L this is the guy that from me as well pronounces everything wrong yeah so you can't that's throwing what it throwing in glass housers so Wasabi wasabii sorry that does make more sense yeah um yeah no this just a follow on from last week with uh what it called forgot the name uh Phoenix no well Phoenix did pull as well Samurai Sam so Samurai wallet been uh prosecuted by the US and Phoenix pulling out and wasabi now are shutting down all services um weird interestingly though there was um we haven't got it marked on here but uh super tasna I think it was the guy that's been doing the whole bit VM stuff and some of other uh little Innovative things within Bitcoin he's pushed something out about um creating a uh kind of a decentralized version of Wasabi and uh Samurai so it it doesn't have to have a central server that creates as we spoke about last week how it creates the transaction and I assume that's why the the US have clamped down on Samurai um he's created one where it doesn't need that Central server to create the transac action on a basic level because we do we do try and have to highlight some educational bits and pieces here what does a coin join service do for a transaction it's the point of it is to is the well the original Concepts and theory is privacy so it helps increase more privacy so it would all as for put send a transaction it puts our transactions together to make it more private so nobody knows where they necessarily they all come into one place and then they all split off and go into the the correct destination of where they're meant to be being sent to so it kind of starts to complicate it for anyone to be able to track it on the blockchain right um so theoretically is just the Privacy angle obviously a lot of people have been using it from dark markets and sending to these sort of services to hide their Dart Market funds which then go on to other places uh which is why obviously the US have clamped down on some of these um what I find interesting while I was saying about the super tesna and what he's just thrown up uh these last couple of days was because it shows it's like Innovation it's like you the regulat of the countries of clam down which they have on Samurai um which could be correct we obvious we have to wait for the court case to go through before you can make a judgment on that but um what they've created is is fear in the market with Phoenix with wasabi with a couple of others I think as well who have pulled away from the US but also Wasabi closing down their whole service um that creates Innovation which is what's happened there and then somebody's managed to create one that is effectively going to do what I think in theory what Wasabi and samai were already doing but in a decentralized way so there's no Central Point for the us to come and say you can't do this and arrest them so it's whether that's good or bad I'm not saying either way there I think it's just a let's wait and see how that plays out um it's just interesting shows Innovation once you get pushed into a corner you have to innovate H interesting okay next one um prosecutors are reportedly investigating Block in after whistleblower claimed it processed thousands of transactions from sanctioned countries and terrorist groups that was I didn't this came out of the blue a little bit but again it's us SEC going after FBI I don't even know who it was prut these guys but um or investigating these guys um just Federal prosecutors I don't know who that is um but yeah there's just so many they going after but cash app was quite a surprising one cuz they're a public company MH um it doesn't say did anyone read whether it says about whether this is actually Bitcoin no it didn't mention Bitcoin yeah so it's like more like just fat side for the trans transactions so I'd love to see the association yeah so it's not an attack on it does say no it does say that sorry invol yeah it wasn't like singling out Bitcoin it was just credit card transactions dollar transfers and Bitcoin yeah so it's involving all sorts M yeah just that whole business model it's quite surprising isn't it though cuz cash app have a pretty good reputation in our industry I don't know with Regulators have no idea yeah the former employees provided 100 pages of documents so a bit a whistleblower thing yeah pretty extensive report I mean the like no one from that that like all the banks are also like get fined quite regularly from the FSA and bids and pieces like this for for breaches and things like this and they're always ongoing investigations for every one isn't it this is I mean that's not what you want to read is it the compliance team is led by people who should not be in charge of a regulated compliance program but he said that it's like a former disgruntled employee just say former employee yeah the cleaner or something which is very hard when it's former employees You've Got The credibility of that drops off a little bit unfortunately for yeah um because you have no idea how they've left the company and why but yeah want to keep an eye on SEC or fed whoever the hell that is that's investigating them at the minute going heavy on investigations at the minute it's like every day there's a new one isn't there but that's their job that's their job should be do yeah but you you have Banks all a sudden it feels like it's everybody but they should be held accountable to the law if they're breaking the law they're breaking the law I think in the financial world that's like Dave said that that's happening a lot more regular it just doesn't make the news because nobody really cares it's just because this is one Jack dorsy who's extremely high profile and two has got a vague Bitcoin thing so it invades our space a little bit but you can go on the fins list of the FSA register and you can see the banks pick these sort of stuff up compliance breaches all the time it's just this is just the day to date and then when they've got 10,000 employees or however many block have got you're always going to get someone disgruntled who who's got access that just one of them it's the world okay wait and see right well back on to Jack uh block is block is dcing 10% of gross profits into Bitcoin every month this is interesting it's basically what their new product is isn't it but they're just doing it themselves again should have already been doing it they have they have the lead yes we spoke about this yesterday didn't we yeah um who do we speak to that about uh on call yesterday oh right um but we've been speaking about a lot recently but we because we spoke to quite a few people of these last sort of six months maybe um in the industry where we expected a lot of Bitcoin companies to already have Bitcoin on the balance sheet um and to be buying Bitcoin every month m If Molly wanted to put out a statement saying coin Corner have been DCA and Bitcoin I'd say statement why St the office don't be so you know that's not news do you know what we've been naive I think we've been idiots we've been idiots we've been naive in thinking yeah yeah we'll blame her we've been naive in thinking that all the Bitcoin industry have Bitcoin on the balance sheet and are dcing into Bitcoin we thought everybody was already doing that for them to just start I know we knew they weren't because they bought some years ago the public and then we know there might be limits for public companies or VCA back companies but they're public we thought all the private Bitcoin companies yeah sorry I said VCA whatever that was confusing VCS and DC VC I mashed them two up yeah you just keep quiet yeah sorry um but I think yeah we we naively thought that everybody else was already doing it so it wasn't anything exciting or special it's noty and in reality maybe we probably are one of the longest DCA in Bitcoin companies in the world or probably the longest I imagine maybe yeah You' got like bull Bitcoin and a few others that might sit in that same room just assuming so there's still I'm hopeful that some people that are preaching kind of hope we're not the longest one because that would be embarrassing no you just hope people aren't laughing and actually putting money where their mouth is and actually doing it because the huge benefits of having Bitcoin in your balance sheets so obvious so we've had it since 2014 since we launched we I I guess accidentally had it on the balance sheet since 2014 in some respects because we it was too early for us to we weren't we could have sold it always made the decision not to we've had so so in the early days we had the the we didn't really think about it we we had Bitcoin in the bound Treet without realizing because we were a Bitcoin exchanger and we had to operate in a certain way where we had a Bitcoin buffer to be able to effectively sell to clients so we did it without realizing not for the purpose of the price going up right because I think it's too early for sorry I don't like the term without realizing it makes it look like we don't concentrate on our balance sheet this was in 2014 when we first launch pre this is what's on oural I thought when you started saying something I was thinking you weren't he until just to clarify um but we did that without probably probably for the first few years we didn't realize because it it was too early in the industry you didn't really think like that and took it takes a few years to get your head around Bitcoin and into it properly so we were just kind of operating to get to a break even point so we weren't thinking we did have Bitcoin in the B sheet all the way through that period and some of that period paid off in in quite a nice way cu the price went up up towards 2017 um so at the end of 2017 we real and then coming into 2018 and then hit bare Market hit we because we had Bitcoin on the bar sheet there it worked out very nicely MH um and allowed us to survive and continue without going and getting vure Capital Money so we were able to then effectively fund the next few years of bare Market um before bull market kicked off again just before Co um I guess at probably 2019 onwards maybe more so we were more actively holding as much Bitcoin on the B sheet as we could at that point um i' probably say 2019 2020 onwards um and definitely over the last couple of years more so as markets matured and confidence has grown in Bitcoin we've tried to hold as much as possible rather than sell it but we've had to sell obviously don't get me wrong during bare periods where that's like any treasury reserve of any company ever just our treasury Reserve is predominant incredibly powerful way yeah just what it's there for yeah that's exactly right so we are literally have been DCA in every month for like years so all that marketing content has been wasted it's not been wasted it's just stuff that we just never thought all this those guys are getting I know all those can't put out now though cuz it'll look too like you're jumping on the not show our first one like first buy oh look back in there it was mean could probably yeah we've been doing this every probably out week since we'd have to dig out the accounts and see what see what we had see how much Bitcoin we had in the balance sheet in 2014 yeah all right we got to do I can't it take two minutes no we'll do that we'll do that for next I want more work for me this is supposed to be about Molly her in competence yeah get me the data and then I can tweet it out it would be it' be scary I think some of it when you look at what the value of it would be now but over the years you have to sell just a people bothered I think as well people seem to be bothered though like it makes news well they've brought out products haven't they to get businesses to DCA that's the whole point of their announcement here that they're doing 10% because they're telling their clients they can all do 10% so they need to lead from the front and do that so it's just mad they've not been doing that the whole time it's mad I think it's just mad the whole a lot of our industry have not been doing it but it's because a lot of our industry and not um I think some would like to say the bigger Chang is coinbase we know we've got Bitcoin on the balance sheet I don't know if they've necessarily been DCA along the way I don't know what how they've been doing that um but a lot of the other companies in our industry that are outside of maybe shitcoin casinos are not profitable so they can't afford to risk the price movements in a short period of time they have to make sure they've got enough Dollar on the balance sheet to be able to sustain the next 12 18 24 months um and survive so until get to a break even and profit they can't or they don't have the luxury being able to then slowly DCA into Bitcoin so I guess we've just been fortunate to be able to do that since probably 2018 proberly so yeah a good six years I would say of doing that um it'd be fun to fun to call all the other exchanges out would it no it's not our games it's not what we do not just was feeling spicy no just crack on I think we just we've just took it for granted over the years as well cuz we seal the but we have clients that businesses that have Bitcoin in the balance sheet and because we see that we don't think it'sh anything too special and we have quite a lot of them in in our customer base so it's kind of like yeah we've not really we've just took it for granted yeah but yes there's a lot of companies in UK Europe sort of areas that do have Bitcoin on the barn sheet um some are very large scale some at small scale and they've been doing it for many years right been doing it for 10 years so okay there's our new story oh okay this will be a fun one uh uh GB news had xrp Army member Jennifer arel on to talk about Bitcoin this is all I've been waiting for I can't remember what you said so I'm going to have to wing it in terms of our responses here but right we've got 8 Minute clip that we'll work through we can respond wow P it yeah yeah we don't like this music very intense that was intense not our star has anyone watched GB news so where do you even find it is it got own channel I think it's got a channel now yeah yeah it does have where do you where do you find it I have no idea it's like right-wing news right I think they would call it conservative news but yeah it's right it's rightwing news rightwing and Neil Oliver former historian he's a historian isn't he he used to do the BBC Coast Channel speaks like a poet I don't know oh he's he's a he's a great oror he used to a program called the coast and go around the coastline of uh Britain talk about the industrial history of it I've seen I've seen do other things before and not I'm not thought he was a bad guy but now I think he's a dreadful guy now I think now he's enabled this you seen have you watched all this Steve you watched all eight minutes of it I can't I can't have any other opinion now well let's see I used to respect him used that's what I'm saying he used to have a better time for him yeah news have got news haven't they thinking somewhere all right okay let's let's let them see let's enrage Dave welcome back once more to the Neil Oliver show called The Coast Guy where my next guest is American entrepreneur Jennifer aruri uh welcome to the show Jennifer how are you doing hi Neil you I'm very well for having me it's a pleasure I've just been talking to a German Economist Richard Verner about the reality money about where money comes from about the power that control of money uh gives to bankers and Central Bankers in particular but it that we see any of that bit no I didn't see that's is that the counter argument it' be interesting to see that bit on next week's show whoever was it Richard The Economist did he say whether it was anti- Central Bank which I'm presume I don't know where the GB news would be anyway if we didn't see that GB news I think are quite anti cbdc stuff all right okay so as far as my understand like [ __ ] for is one of their main correspondents is he he's very Pro Bitcoin and self ownership yeah okay area cryptocurrency alternatives to cash you have very strong opinions about Bitcoin in particular do you not can you illustrate to me why that is so well first of all I love that you're having this conversation it's really great to see it take uh mainstream television it is important I know a lot of people are concerned about their money and I think basically it comes back to a very basic fundamental of the life cycles of currencies and as we're seeing now this life cycle is coming to an end this currency and as as history has shown us many years before we'll always reset back to Gold it will never be Bitcoin so she's saying that bit Co coming to an end yeah no she's not saying bit she talking about she about no she's talking about Bitcoin no she just said it go back to Gold it'll never be Bitcoin yeah yeah talking about the dollar do you think definitely she she need to Define that then cuz me and Mikey both thought Bitcoin yeah I thought it sounded I was definitely I was definitely thinking she was talking about talking as history has shown us many years before we'll always reset this life cycle is coming to an end this currency and as history has shown us many years before we'll always reset back to Gold it will never be Bitcoin Bitcoin is not scalable Bitcoin cannot take on the traffic and this whole idea that it's some you know Value store of value or digital gold the hilarious thing about that is when she's saying it'll be gold because Bitcoin is not scalable so is gold scalable is when did gold become scalable yeah yeah this is going to be a long painful process I'm she says it always goes back to Gold like as in fat then gets pegged back to Gold after Cycles so like she's probably talking about pre the pre never done that though it pre dollar well it was Peg to Gold once and then it came away in1 so it's never been back since and it was only ever done yeah the pound kept trying to Peg and rep Peg and there was problems pegging that one it there there's always a problem if you the repeat the error of per pegging fear back to gold all the fundamental problems with the actual gold itself yeah um and the fact in storing and making it transferable is just everyone actually just stops being moving the gold around and then it becomes burdensome and then people just go actually scrap it stop pegging it she's saying things there that are just incorrect though she's saying that always this it always goes back to gold which is not true it's never gone back to Gold it's only been gold and then never come back it's she's saying bitcoin's not scalable and that's the reason it'll go back to gold gold is not scalable so she's she's already has incorrect or inac but no she yeah but she's about to say why no doubt she'll say why here we go I know there's a lot of Bitcoin Maxis out there that will hate me for saying this but that just simply is not true there is no intrinsic value of Bitcoin um I'm a very uh you love the intrinsic argument oh my God if people that say that are just well it's not that it's just such an easy case cuz it's like proof of any intrinsic value is extremely difficult even if you look at fear or anything ex like extrinsically it's it's what does that even mean normally means like physically right so it's very hard with Bitcoin to to for people to quantify what the extrinsic value is but the fact you've got like all the Bitcoin fundamentals this this is why it's difficult and this is what it's you can't really unless you read about Bitcoin I think the intrinsic value argument will always come up because it's it's like it's difficult to quantify if I was to say to you what's the intrinsic value of Bitcoin I would say the fact that the entire unbanked population can have access to a form of currency pretty inic go to use case would so you'd start like quoting gladstein books and say look this is the intrinsic value for that person this is the intrinsic value to that person because it's different for each person you can't then go oh that's the intrinsic value but I think like Bitcoin just code at the end of the day isn't you can't look at a string of code and say there's there value to that like it's how it works what what how it functions is is the value yeah 100% so it's it's Unique functionality but that's really hard to get onto a sound bite you just did it no I didn't do it didn't it's easy it's hard to do well yeah it's hard to do well I think when you say intrinsic value then what's the intrinsic value to Gold she doesn't obviously go on to expl well the intrinsic value would be electricity no the intrinsic value is the same thing it's hard to get like Bitcoin like it's it's people have the value of it because they've always had value in it there's a trusted value in it so it's like the intrinsic value of Golds more palatable to people because it's a physical inic value in Gold then you're saying is trust more there's a few things lot people I always hear about when they say gold oh but gold can be used to conduct electricity and can be used for electronics which fundamentally it's hard to get isn't it so it's it's a natural scarcity get hard to get you can't just find it you've got to go mine it in certain areas and it costs an awful lot to mine exactly like Bitcoin you no longer do though because you can now make gold well you have to yeah don't go down synthetic gold arguments it's not synthetic gold it's synthetic gold but it's still gold it's the it's the same I don't know enough about synthetic gold to be but park that cuz that then destroys everything when you think in terms of it's hard to get you can you can make it's too expensive at the minute to do which is why it's not worth it it costs like eight times the amount than just to mine it I think okay um but you can synthetically make gold now yeah by uh it's thinking the particles together isn't it smashing the particles together no doubt she's about to tell us why go and Google that if anyone's wondering for the synthetic gold there is there's a couple places never have you've mentioned it before and I'm always like you Googled it recently syn only to prove that I think okay it doesn't matter it doesn't matter CU well I suppose it does matter in terms of this because if gold value is based on scarcity and you can actually make it from thin air then but probably not thin air probably is a cost a huge amount of energy a huge amount of energy no doubt eight times the amount at the minute but that will cheap but that actually does give it value then if you can't just make it from such cheap resource currently but now you know you can do it it will then over time potentially get cheaper and cheaper to make I think synthetic diamonds now pretty cheap aren't they yeah they are actually okay right anyway Pro advocate for digital Assets in the crypto space I am extremely Pro blockchain but never bicked Bitcoin I believe Bitcoin is being used we're never going to get through this video I didn't know we were still in 2018 pro pro Block Chain is the sort of yeah 2015 16 conversations that's just ridiculous obviously that the frustrating part for this without we'd need like a 5 hour episode to break this down and go through properly because it's it's a lot of technical explaining in some respects um but the annoying thing is the general public that might be watching this don't necessarily understand why that comment is so ridiculous yeah um but they will be they will be instead of their eyes I get what you're saying about 200 whatever year you said in terms of that argument but if that doesn't matter if you're new to cryptocurrency or Bitcoin like they'll start learning about big blockchain when you start learning about Bitcoin and blockchain so that I get it that it's annoying for us because we've seen it so many times it's the argument on the news for somebody that's saying they've been in the industry expert indust to come on the news and say that is a ridiculous like it shows the lack of her actual knowledge oh no that's what I get from it I think it's like early stage learning on on bitcoin and blockchain everyone goes oh blockchain first but then once they get the head into blockchain and how it's a slow database how it's a terribly slow database basically it's a small part of what Bitcoin is yeah um the people I think everyone takes that Lear C and to me it just highlights where she's at in terms of her knowledge base when people start spouting that but she's the crypto expert on here which is this is though have they even said that though was an entrepreneur didn't used as trap another Trojan Horse and as you and I have mentioned many times I see them manipulating the prices of gold and silver to particularly keep the nominal price down so that banks have the uh ability to buy in and at these low manipulated prices and then as you've seen the years of the narrative shift on bitcoin bitcoin's a beta Bitcoin was introduced after the last you know 2008 crash so that that also really does my head in the people think 2008 crash Bitcoin Bitcoin was invented as a reaction if you look the history of development every every step all the hash cash the digicash stuff yeah people were try integrate it for decades before God there's Innovation after Innovation built on built on built on that happened to have launched in O8 it well didn't it launched in 2009 white paper was 2008 but also satosi was developing in 2007 M so there there's there's communication now you can see that satosi was actually working on this in 200 end of 2007 I think it was Cy punks are going or through the 80s yeah but the crash hadn't happened the 2008 financial crash hadn't happened and satosi would already built basically Bitcoin so and it just coincidentally as you say launched at the same time think a snap product that came from nowhere like any sort of normal product launch no one sees no one sees the stuff behind it how important I'm just trying is I'm trying I agree with it like the decades before and all the work but I'm trying to make the point of Bitcoin didn't come because of the financial crash Bitcoin was already be created effectively before the financial crash it didn't get launched until as it was crashing Ian it was nice just a nice time to launch it fairly poetic yeah but it didn't launch because of then we bring in this exercise of digital currency and at first it was the drug users and the cartel and now they're picking it up and bringing it into mainstream and a lot of people bought into the concept that it was outside the system Neil you and I know that's just simply not true it's it's completely inside the system when they created a Bitcoin ETF they created an ability to short the market they now are controlling the system Jennifer can you explain there's many myths around Bitcoin can you you thinking they are I I don't the banks are thinking what does it mean um but yeah there's a lot of words that don't really mean a lot there I think and the saying like it's inside the system and they control the system now and stuff like what is the system they they might have an influence on the price as the Bitcoin ETFs of course have had an influence on the price but that's Pension funds and public companies and things buying Bitcoin ETF which is of course pushing the price of demand and supply and demand um it is but it isn't we've we've not seen a massive increase in price since the utfs have come on board it's pretty substantial yeah what was it when they came on board 40K was it yeah well the anticipation of them coming in January it was like 30k back in October so it's gone from 30k to it's doubled I've just I don't know I just I feel like we' just been side crabbing for a while bvious yeah no it's gone the start of the year it was 42k I think things mve fast in this industry I don't remember January we did get an alltime high but slightly earlier than compared to where we are now like well we 62k I don't think that's much of a difference but dead inside to the price over these all these years I forgot what I was talking about and they're in control yeah those guys are in control of the Bitcoin system ETF price manipulating the price has had an influence on the price but that's the price and the Bitcoin Network are two different things um they intertwine in lots of different ways but controlling the system they have no control the network I can still send you some Bitcoin you can still send me some Bitcoin they can't stop that they can't change they can't stop like they don't have hash R they don't have run nodes I don't well actually probably 99% sure that these ETFs don't run notes cuz well one of them does fideli you explain to to to my audience why Bitcoin has reached continues to reach the values that it does you know I remember it coming in and a Bitcoin was worth whatever you know less than a dollar I I I I haven't looked at it in the last 10 minutes but I've seen it recently up at around $60,000 for a single single Bitcoin how can that scale of fluctuation be possible so I I know a lot of people because of my Bitcoin doubts will will try to make out that I don't understand what I'm talking about but the time to buy in on bitcoin was 10 years ago Neil not now uh you know 10 years ago when you were able to build the rig yourself and build it now it's just too expensive it's costly and labor there just that's just a jumbled mess of words she's making that like the only way to get Bitcoin is to mine it yeah got build the rig yourself and it's expensive now and it's like what is jumbled mess of words that is um there's a bit what did she say at the start of that it depends like if you're viewing Bitcoin as a getrich quick meme coin then you might have a a point in terms of that's not what they should be discussing that's not their agenda it seems like they're trying to get it's she's not like having that as a savings technology it's not bracketed she's she's just talking about you should have invested in the S&P 500 30 years ago that have been the best time to to invest in that and that's that's a ridiculous thought process in common yeah just flat out saying the time to invest in crypto was 10 years ago not now she saying Bitcoin was 10 years ago she she'll come on to say crypto is now um which is crazy but this is the same argument pennies stupid stuff we get every single cycle um yeah but I mean I I don't even know where to start breaking this down of a jumble mess of words she's going on about Mining and expense and stuff got press play and we'll pick up the next point she's just about lost and panicking I think is she yeah there's there's no incentive for you know these uh validators for the people running the network to be rewarded especially after this recent Bitcoin uh happen she's confusing nodes and theum in there she's calling validators so yeah she's talking like xrp eum stuff I know they yeah that's the proof of stakes side to the validating but the um yeah she's just confusing everything and there's no rewards it's like I don't understand where she's coming from but to a level of if you had no idea the industry saying confid she's saying enough words where I'd be like oh okay so there's no reward for these we she Haven even said miners yet the validators call them um but they're miners there are rewards still there's still um what we at 3.25 3.125 uh Bitcoin per block so there's still a massive reward there plus there's the fees on top of that which are adding up to we that $200,000 per block or whatever it is these days um if so for people at a basic level if they if miners cannot make enough money some of the miners will drop off but other miners will continue because the hash rate comes down as the hash rate comes down as miners drop off the difficulty gets easier so it's easier in theory to mine which means they can mine um quick they can make more money effectively they can they can mine quicker and become more profitable yeah um and they'll find more blocks sorry not quicker they'll find more blocks which will make them more profitable which will then be sustainable so it always creates an equilibrium and that's how the system of Bitcoin is designed to create that equilibrium between um the price and the hash rate and you've seen that happen for 13 years now um so there's not a scenario there where Bitcoin just stops working because there's no rewards as she's calling it for the validators as she's calling it again um which is ridiculous yeah if everyone stop tomorrow I'd start yeah it's just crazy it's just I like that we'll go with that having and as it continues to have have uh there'll be a less and less incentive for it to be mined so proof of stake sorry [ __ ] like there's less as it halves there's less incentive for it be mind the theory is OB the price goes up in Bitcoin each four years is as historically we've seen has gone up which the reward is Haring but because the price is more than doubled over them fouryear periods the income for the miners is still sustained or larger I think this last couple of months has been like the largest rewards um miners have ever had and most profitable time for miners um so and why is it most profitable now why was it not most profitable 10 years ago um I was mining to put this into perspective I was mining 10 years ago so I know a little bit about this what's happening there uh and it became not profitable for us to mine uh in the alaman because electricity cost were too high um but we stopped Mining and like you'll say Mikey somebody else carries on and the equilibrium Works itself out um so there'll always be minors Bitcoin is not going to stop because there's no mining fees are going to continue for 120 years is it still now 110 115 years 214 isn't it and then even when them rewards From the Block rewards have have finished and there's 21 million Bitcoin in circulation then the fees of the network will still be there for the miners to be rewarded with um but I think it'd be interesting we we can just guess on a 100 years time no none of us will ever be right or wrong we can make stuff up because we won't be alive probably by that time um but by 2140 I think Financial incentives will have changed I think in lots of ways for miners so I think you may end up seeing at the minute miners are mining to make money um and companies going public Etc and there's like some big large companies now that are mining and they're there to make profits what we may see going forward we've seen our Salvador now start to be a government that are mining we've seen Oman starting to mine we've seen a couple of other countries now Kazakhstan was it a few others starting to actually mine Bitcoin from a government perspective come 100 years time the financial incentive might be irrelevant to most most these miners because they may be mining for the incentive of um like Global Security of their country in the respect of so another country doesn't get 50% of the network exactly so it becomes a like the US spend how much money on their army and that side this could be the new Financial incentive to do it yeah so the defense the defense budget um is almost spent on Bitcoin mining so the the incentive could theoretically be Irrelevant in just time we'll never know that's a war I can get behind of work doesn't work I mean what we're seeing um here where they're trying to uh create Bitcoin out of nothing and then now create a value around it I believe this is a narrative a a very concerted narrative here to uh push the plebs into this digital currency which will be regulated um you know as we're seeing with the the Ripple case coming on and right now it's the xrp Vegas event going on shout out to everybody out there they're creating xrp film that will be produced that is going to document the corruption that's been going on with the SEC and the free passes for ethereum and how they allow one set of rules for one currency and another set of rules for another um but you know this fiat currency I don't know who she's she's attacking the ethereum Bitcoin everything all at once bit and then she's saying hi to xop yeah but she saying one set of rules for one currency they're they're not the same thing like ethereum and xrp riing on xrp organization and ethereum organizations to run like that's she's attacking it at ethereum saying xrp is different to ethereum andrle but ethereum been let off basically also think like she's implying that Bitcoin has also been let off because that one's not getting attacked she's not really mentioned Bitcoin that's what I'm saying she jumped between lots of different she's attacking the SEC she's attacking the ethereum she's done know else she's going to be attacking well she also keeps referring to people as plebs which is very much the industry term like people on the news aren't going to she's going to think she's just talking down to all these she sounds Comm yeah that's a good point would be would the mainstream understand what yeah well like his face like he says it again in a second you sort of see him look a little bit confused when he says when she keeps saying she sounds like she's at one with Bitcoin as the industry she knows what she talking about but the plebs just come from Bitcoin not from crypto so she's she's jumbling things up all over the place this is crazy currency the bottom line here Neil is is you know fiat's coming to an end and they're going to look for other ways uh you know to to create liquidity and that's why you're seeing the price of Bitcoin do what it's doing it's creating this fomo effect where everybody's jumping in feeling that they're going to become millionaires when the reality is the the time to buy Bitcoin was 10 years ago hold on J for a fact iing and Mining it then now we're coming into a place of Regulation I mean even if you did continue this uh you know the mining and and and and building out the proof of work you know this scalable consensus protocol that Bitcoin runs on is is never going to be an optimal world currency it's not going to be what people use on a daily basis it's not a store of value because there's no value to it uh just reading from something keeps looking down she's looking down prepped reading on this you go you're going to prep a bit you prep I I I've been on stuff before I've never prepped to me prep would be knowing what you're going to say in your head without reading even saying it's never going to be a store of value because there's no value to it even though it's most liquid market with the most identifiable value in the world 247365 that's annoying $63,000 how have you got that value there's no value to it you talking crazy yeah um yeah it's just annoying just really annoying watching this it's like I almost it's too much to break down and try and explain all this because it's just we've got try otherwise I think Twitter must have been all over this right was everyone saying get me on GB news because I'll be the I'll be the sensible one in the room but you almost need to like it would end up being like an hour conversation going back and forward with us to try and dispute some of these things yeah you just couldn't do it on something like this I think she just try and steamroll you as well but s she's not even letting them get this next trying to ask questions I think it always comes back to the fact though we don't we live in this little bubble where we think everyone knows the basics of Bitcoin but and I know she's obviously xrp army or whatever she is but she's spouting absolute [ __ ] like and people are going to take that and what you call it regurgitate those facts that they've learned on here and it just it's just a cycle of people just a cycle of being stuck still in that beginning point where there's still so much we need to do in terms of Education yeah I think yeah news really need to think about who they're bringing on don't they yeah there's just whoever's available it's got the attention and the entertainment like it it did blow up on Twitter this they're going to be Bitcoin right is inevitable right I think that's my personal opinion so doing all this is kind of just wasting time like educating people like they'll get it eventually it's just going to take they they'll get it in their own time because they'll have to get it because it's inevitable I think in terms of even a Global Currency I think it's inevitable but you want to get as many of the people on board before all these ins can snatch up as much as can't help everyone you can't help everyone but you can try if you yeah sort of feel obligated to try p is just do we are we are we really well we've been trying for 10 years we have to we have Point stopping now you know we've already got a 10e track record I know but we bark on about education education education and then this will just come along small this is the general news media we look at look we've done the BBC we've seen loads of media ARS like this this is where we're at at the moment it's just painful and it's just part of me is just like this is not even like what is bitcoin this is people with a little bit of knowledge about Bitcoin or cryptocurrencies they're like the most dangerous people aren't I can't remember what the terminology is called but when you know a little bit about something and you're really confident about it but you're actually what it's called as's a for that but I feel like this is where we're kind of at with this stage it's not you don't you not got the news covering like the Bitcoin Basics it's kind of like oh here's a Bitcoin expert but it's all wrong human behavior will trumpet as price goes up human behavior will will Foo or will be their perception will change they will think price is going up she was wrong I'll I'll jump in um so human behavior is a weird thing um so I think fortunately you know in some way this is a not even a blip in in the journey for for most people um I think Dave's right it will be irrelevant what she's saying on here and rambling on about people will learn about Bitcoin she'll be a me the way well she might just delay people's Learning Journey slightly as they get slightly hesitant to what they she said but eventually they'll find it yeah it doesn't damage necessarily Bitcoin it damages that individual yeah that Journey which is a shame hold that thought Jennifer aruri Andrew eborn do you have foro do you have fear of missing out on bitcoin or are you glad they might have introduced him earlier they might have but this was just weird like his comments here it was just just just press play Sorry ship sealed with I think as as soon as I was hearing Jennifer speak I think and you were asking well how what is this explanation for these crazy valuation they are crazy fomo fear of missing out is what drove it because people wanted to they hear everybody say we're multi-millionaires for doing nothing overnight that sort of greed Factor but I think as I always like to do is is break down the jargon because a lot of people we watching here and say well we don't really understand what is a Bitcoin and I think whoever better than than Jennifer just to explain in simple terms what it is Jennifer she hasn't explained anything about what Bitcoin has said what it is she's just attacked it for five minutes she just said it's worth nothing with random words and never will be worth anything it's like I don't know who this guy is but he also is just on another planet um I don't know what is happening there that's better than this guy to back up J when find out who this guy is as well quick almost a yes or no answer do you think that Bitcoin was always brought in was always going to be a trap or do you think there was an earlier period where it might have been something else entirely or was it was it simply created as you see as a as a as a trojan horse or or as a trap for the gullible so they've gone for like full conspiracy theorist now where they just they're like yeah but she said troan horse earlier didn't she so I think they've latched on to that hold on to that yeah it's all about the sound bite in what it was created after the last financial crisis so I absolutely believe not before was not which we've already highlighted it's a beta exercise to get people in and ultimately knowing that we are coming to the end of this life cycle um of a fiat currency you know what better way to to shovel the plebs into the paddocks of Bitcoin you know look over here do this you know there's nothing that's going to replace physical gold and silver centuries have shown us this and as far as you know what money rep physical and digital money replace gold in 1971 a silver after a couple centuries tarnish and lose its I know but it's value it's like that thing about history not echoing not repeating there's never been a time where we could have produced Bitcoin previous to when Bitcoin was produced as in the concept and technologically it just wasn't possible no you didn't have the internet you didn't have technology so now we're at a point where we can create a better gold yeah well it is a better gold yeah but people still clutching at straws with in her scenario we right we're getting rid of fear this is what she's saying we're going to go back to gold coins and and that is that what she saying and silver and silver and xrp and then repeat so then there's going to be another fear they're going to start issuing paper notes for the gold cuz Gold's hard to transport they're going to start putting trust gold in The Trusted bank accounts and then it's build up and then we just go oh you've got another feat can I just also that's happened many times over history the fat currency she also doesn't understand the F currency life cycles of what she's talking about there cuz the currency like on uh not drill what's it called on uh Ray Delio's history of the currencies and you see we spoke about a number of times on this podcast where you see the chart and it's the global global Reserve currency and how that overlaps and what we're seeing is the US one starting to fail now and that's what she's kind of saying in some respects that the US one's failing um and the US dollar and FIA is is starting to fail and then but in theory what we've seen in history is a different FIA currency will start to take over so it was like was it Netherlands and the most the most traded fear becomes the global Reserve so that as tring patterns change that then becomes theic it was originally Netherlands was it then then it was UK pound then it was us with a dollar and he projected China China because China is up there I think it might have already overtaken as the most traded currency it might with the whole bricks thing at the minute I don't know what that where that's I don't know I think it's tiny still I think we did we did look at this will trade in the the did the the old Yen we have to check the stats on that then not sure I thought it um but China is in a bit of a mess anyway at the minute so whether that actually this is like why Bitcoin timing wise is is a perfect time to go not gold it's not a perfect time for gold or silver to come in and try and play ball with something um but yeah it's just this is I don't even know where to start with a lot of this conversation it's it's she's the perfect person to talk about Bitcoin that other guy just said explain the basics of Bitcoin what is bitcoin this is so this is her explanation about the B B Bitcoin and what Bitcoin is this is what she's about to tell us right that's what oh no no what she's already said perfect explanation she's already nailed it yeah oh yeah that was that was why I was saying who's this guy is this is nuts no one's seen this and fully undar I know what Bitcoin I need to get somebody that is outside our industry to watch this and then give me their feedback tell me what Bitcoin is well just tell me what they thought of that whole conversation I I'm I'm genuinely curious to do that we should do that okay and try and grasp and see what what the outside world are seeing of this we got a minute this left let's power through yeah what is bitcoin well everyone talks about it being this decentralized currency that's actually a misconception it's a software that is centralized under a foundation and it's not software is is software you're right it's not software that's Foundation centralized under a foundation there there there historically was a Bitcoin Foundation um that ceased to exist don't know how many years ago now a while ago it didn't really do anything from probably about 2013 onwards 20134 it was kind of a thing a little bit but I'm was dying out at that point um that was like was it Brock Pier Roger ver all them sort of ones were kind of on that Foundation some in some way um but Bitcoin for people listening Bitcoin is a software and it's open source so it means anyone can contribute to that so I can contribute to it Mikey can contribute Dave can't because he's not very good at coding still trying to use the the line on the line um but the anyone can contribute um and update the the code and then it kind of you get consensus between all the developers between all the nodes and and the industry the nodes being other people around the world running that software um for updates to come into that software the foundation has literally I don't think it exists anymore to be quite honest but it also has had nothing to do with Bitcoin for the last 10 years realistically um so it's not a thing um there's no foundational or Central body over Bitcoin in any way whatsoever um yeah and so the developers that contribute to bitcoin to the software there's I think over a thousand now maybe like 1,200 maybe um of people that have contributed to the Bitcoin core code over the years over the last 14 13 14 years uh and they are dotted around all over the world in different capacities some are unpaid some might be paid some might be sponsored some um might work for a company and still do like I've contributed before to it at a small scale so I'm one of the 1,200 the people that have contributed to it Dave is not not not some good I'm just clarifying you're not um but the the contributors are all people like if her argument was this Foundation is controlling it or then 1,200 people control it I'm one I'm one of them 1,200 people and I can clarify and tell people I have no control over Bitcoin anyway whatsoever um so it is just a blatant lie yeah just say saying it's not decentralized as baffling yeah it's Bitcoin 101 it determines if Bitcoin has uh improve needs Improvement protocols known as bips and they're adapted under this software so the individuals make the changes to how this software works and this goes back to the mining because now that we've been mining 10 15 years the rewards are just not there and it's too Hing expensive the El how those two points connect I don't know I have no idea to the mining in any way shape connect because that's how that's her sentence I I honestly can't figure that out I don't understand what she is talking about so she's she's talking about what I've just explained with the software side and then she just said and that connects to the m that doesn't have any yeah but there's some nugget there are bips no that was the software side it's she sounds knowledgeable she's throwing acronym people would know about bip and then tie that in with mining which has literally no's coration you see looking down a piece of paper that they're just words that get thrown into try like saying the miners are the developers as well and the miners are the ones making the like software changes it's just not it really focus on the mining reward having paed and that miners people are aware of the word harving at the minute she has never mentioned that it's happened before and the man is a perf fine well she I don't think she she know honestly I don't honestly know if she knows any of this she knows too little but enough to be dangerous head to run these Minds so there's really no point in running this so This mathematical protocol this you know equation that people are looking in as as a store of value this this piece of digital no point in doing it they would have all stopped after can you just display the hash rate the hash r and have the all time hash rate from like coin Wars up and you can see we're at pretty much alltime High hash rates so the miners are continuing at an all time are you saying that she's wrong on that I'm saying she's confused crazy no I think you'll find that all m is about to stop she's slightly confused I'm with her yeah hack this Bitcoin thing up let's just go home assume it's just going to be the coin Corner heers had a good good run making $200,000 every 10 minutes I'm happy for um that's what people are throwing away like it's just what planet no one took no one took it seriously but it it's a mockery of the industry I think it's it's not a serious if you're in the industry it's a mockery yeah if you're outside the industry do they believe everything just say Chan to me this is more of a mockery of mainstream media but to the outside world it's a it's a mockery of Bitcoin isn't it it makes it look looks St like irrelevant it makes it look like she's attacking it like I don't know what she's she's Pro we know she's Pro xrp and she's dropped the conference thing and stuff um she seems to be Pro gold and silver as well so she's going on there talking about it's meant to be is there any place in the future for crypto and then she's talking about gold and silver so she's effectively saying no in some sense CU she doesn't actually say yeah there is it's xrp does she at any point she's basically saying the future is the past yeah let's go back to gold coins his repeats yeah finish off that's just not true nothing is going to replace real gold I'll have to jump in there just because centralized this is another myth just wanting to make this clear I mean it's becoming more and more centralized every day we see this with the Bitcoin ETF the minute they created that they created a market to short a product to short in the market and that's Jennifer I just need to jump in just purely because I'm running out of time once again you have frightened me about Bitcoin I come through I go through highs and lows but once again that's that's the viewers as well all the viewers will be like oh yeah me too she's just frightened me about Bitcoin sces me technology scares me I don't like Bitcoin I'm a worried man it's frightening let's get back to gold and live in our caves yeah exactly oh I understand gold it's a metal it's it's a little bit like that it's it's I just yeah but if you if that scares you where's your conviction don't deserve to be involved see you in 10 years people do expect to have people on the news who do know that stuff and and 100% there isn't almost there that lack of a need to go into your own do you ever absorb any media without a cynical point of view I don't know before I started corn I probably absolutely would have done yeah I would never and out the womb cicle but I think that's the point Mike is that now you don't because you've seen behind the curtain if that makes sense um you see other I mean I still nearly I have to take like a a second look almost sometimes when I'm reading other news and other Industries and I read it and I think oh I need to get the opposing view of this because I don't trust what it is but it takes me a minute to for my brain to click and say okay hang on yeah I'm reading this why why am I trusting this why am I believing this I'm going to go and read some opposing views and I do that quite a lot now and I do do that on other industries that I'm not an expert in but a lot of people still won't and that's took me years to kind of understand and grasp that and make train my brain into thinking that so I think we're not even a 1% of the popul we're talking like a. no no no no no 1% of the population will will be as cynical as what we are being here yeah you have put the fear of God into me concerning Bitcoin good good sound finish the Pod there H for straight in I think unfortunately um it's not the first it's not the last all see of people on mainstream news talking about Bitcoin and talking in the uneducated way um let's just leave it that she's yeah she's let's get off her yeah her too much screen time already she'll come around um okay uh Robin Hood gets Wells notice from the SEC um yeah this is again just crypto versus Bitcoin style thing so I think it's for all the crypto uh tokens which should we call it that they've got which the SEC is saying the Securities so it's just another Securities Law um I think we saw Kraken something on Kraken last night well s they pull out in New York for I couldn't I was trying to find that this morning but I couldn't find anyone verifying except that original and all the newspaper all the news um uh people uh quoting it just saying one user on X has said this and it's like the Kraken have not came out they're not even naming the user on X they're saying per per a user on X kren is shutting down just be anyone saying think they just right that's happened shutting down and it it's an impact of a yeah but this is the put that nose to them do you think we might see a raft of delisting or do you think that just move jurisdiction Robin Hood won't move cuz they're a public company aren't they um so I don't think they're going to move um I mean they've been hit left right they've been how they're still going is beyond me after the whole uh GameStop incidents um I don't what's that gam stop film Stupid Money Dum money money money they were really but I don't know there the interpretation of Robin Hood on that film is hilarious but how that's still going is crazy anyway but then yeah obviously this I think there's just going to be um that's 2015 yeah justar they pulled that in New York a long time ago yeah so c p out New York in 2015 we're just catching up now right um that was when the the bit license came in in New York I think but I think yeah they can't do any crypto assets in New York can they I think uh you've got to have the bit like and there's only a handful that have got it and then there's restrictions there's all sorts yeah it's not not the best um state to operating this why you're trading on Wall Street and stuff yeah so they can go and buy Bitcoin on the ETF now rather than on there um but I think yeah Robin Hood they're going to fight in court I'm sure um similar to Kraken have had to similar to coinbase we having to um yeah we're just going to have to wait and see what the outcome of these are as to whether these tokens are securers and then yeah if they secur is they'll have to be Dlisted in theory or they'll have to go through different they'll pay a big fine and deist them be my suggest guess probably what ends up happening and the the thing as well is Robin H haven't got a great run track record in court have they no but Robin because they've not they've not got the the money and the lawyers that the guys have got the the taxpayer in America must be like yeah here we go again is that coming out of my pocket yeah unfortunately they probably will yeah um but Robin Hood won't care like the D listing aspects of so say one of them get declared a security they're going to look at that token say what's the volume what Revenue have we made off that token is it worth bother them with or just just get rid of it they'll just get rid of it they have no loyalty to any of these tokens they are just money makers for them that's all it is um so they will drop them and and run to save their own ass however it's probably where they make a substantial portion of cry crypto trading is so all that's like even getting paid to list would be probably a chunk of revenue for them don't think that Robin be allowed CU that would be manipulation and stuff so that would be or some sort of cuz they're a public company AR they so they're going to be I know doubt it I don't think that'll be a thing for them maybe um they also don't don't don't say me by the way it's not great news for Robin Hood I can't see I wonder what happened to their share price then don't know I did it went down yeah cuz there was some it must tweets about that I think at that point month when did that happen it doesn't look like it's been massive does seem I thought I saw someone say unless it was that little Spike down that little drop then it's recovered third of don't know okay so the Market's not worried no I think it's one of them where when things like this happen when the FBI the SEC when they the SEC first sues on the Bitcoin price plummet is but now it's happening so many times in so many different places it becomes immune to it over time and it just the Bitcoin price is not even budged on all the crap we've had this week really actually the price has gone up from 57,000 to 62,000 in the time we've had the samurai R the Wasabi shut down the Phoenix pull out uh the wells notice for these guys it's like there's loads of stuff and the price has gone from 57 up to 62 so it's it's reacted and a completely it's not correlated in anyway whatsoever now it's becoming immune to it now okay uh right last point on a high Bitcoin reaches 1 billion transactions it's pretty that's cool signicant pretty momentous momental momentum I wonder who had the 1 billionth transaction I don't know that'd be cool isn't it be UPS in nft soon or a rune yeah I going to buy screenshot of the transaction cool nice yeah more than that little bit positive news to end on y uh we did receive one year Dave actually uh not so much a question but it's I guess we can expand on it um so I said I'm reading a few stories of Kraken and revolute asking a lot of questions about Cold Storage wallets not sure if this is related to fat foot and the travel rule seems a bit intrusive uh I don't know cuz I don't know what they're asking so I don't know what we would have to see what their question is oh it's a Dave de Dave anyway sorry I'm answering uh yeah I don't know I've not seen what they're asking see what before I can answer that one I I don't I have not seen what the the questions they're asking about Cold Storage if I'm honest yeah I've I've seen tweets about um them like sending out emails when people are trying to send out to a cold wallet like basic quick quick couple questions they verifying it's a cold wallet or something I haven't seen anything about them stopping funds going out just that they're they're getting slightly interrogating clients yeah but yeah is what it is I think that yeah yes regulation will squeeze on certain things like the travel rule is anything over $1,000 well it can vary in different places um but on let's say average $1,000 um so you need to know if it's going to C Storage for example over a th000 so yes that will regulation will be making an impact taking a step back and saying yes companies will be doing that potentially for regulation but taking that step back companies are also doing that we do that to protect customers um but it's $30,000 to another vasp isn't it um yes yeah so the cold storage is if they say we're going to Cold Storage then they should allow and it doesn't it sits theoretically outside the travel rule in terms of it's not vas toas they just need to know vasp being a Bitcoin exchange crypto exchange um but the sending out to call Storage from coin Corner perspective we may still ask questions if you've for various reasons obviously within your account if it's an unusual activity if it's a large transaction if it's like we're doing that not for regulatory purposes um we're doing that to protect the consumer so we're genuinely doing that to say and don't it might be annoying to some people but we do that to make sure it is them sending that transaction for one we do that to make sure if we're saying you send it to Cold Storage we genuinely do have had people in the past say yeah I'm sending it's called St and they're being scammed by somebody and scam unfortunately yeah we've caught a lot of them over time and we've helped people save a lot of money by catching them um it might be annoying to some people and appreciate that but unfortunately I'd rather help them people that are getting scammed than um maybe irritate some other people but most of our customers I think find it quite comforting that we do that anyway um as a positive thing and know that we're not doing it for our own interest and for our own data collection in any way um we're doing it for the customer to genuinely help them um or to protect them which I think is rare I don't think other people will be doing that I think they'll be doing it based off regulations for for different criterias yeah yeah okay that's it then that's the Pod it's a wrap cool sweet thanks guys very good peace [Music]