Bitcoin Reaches 50% Market Dominance | Britcoiners by CoinCorner #94

Transcript

[Music] hey welcome to episode what number is it 94. oh wow agenda yeah someone means business today don't they we're busy IMF working on Global Currency UK guilts Bitcoin reaching 50 dominance uh Sky News and the Andrew Tate reporting Santander and talking about lightning weather affecting hash rate there's a lot of stories there guys but we might pick and choose Bitcoin ETFs uh IMF talking about banning crypto um SEC boss Gary ganzler with his relationship with uh Sam bankman Freud um Belgium regulator kicking binance out my God there's a lot microstrategy buying more Bitcoin uh and the Kenyan president on top of that yeah the old battle wooden Battleship from my where I'm sat yeah so the pirate ship isn't it like with three things on the agenda no but it's caught my I feel like you're about to get a picture Mikey and put this off what the hell is that it's like a Napoleonic yes pirate he calls everyone than that does it yeah you do see that wow someone said I want to tell the authorities there's a pirate ship and they are there doesn't this place are called tenacious tenacious because you have a trouble to lose that is some [ __ ] though isn't it they just look classier than the modern ones we've been sat here for 20 minutes trying to sort things out and he could have pointed this out then because yeah it's just like okay that is cool though that is a weird podcast view anyway back to the agenda yes it was cool about the Kenyan president Kenyan present had a good old run in front of mahron I think IMF delegates were in there the World Bank RMF one of them talking about what's he running about moving away from the requirement for IMF and the the run on the current manipulation of he was in fact I would say that he wants um the like a global standard where I think all the countries get taxed and the money goes in and then they're all ratherly bailed out by their math you you get the money goes in similar to I guess what the EU is kind of like in some ways well all the countries put something into it and it helped fund and support all countries involved he works out on a global scale does he yeah he didn't want to be he didn't want handouts right he wanted to be held responsible for their own part of everything which is uh very good and it was it was calling them out literally sat next to him calling him out to his horn was squirming it's particularly interesting for us because we spoke to a someone from Kenya well yesterday wasn't it yeah yesterday is this she was like she was really happy she brought it up actually she did it and she was really happy about it the the leader was taking a stand bear him out and she was happy that for the first time they were like talking about they wanted the revenues that they're generating actually used in Kenya rather than just going on all these interests for the loans and bits and pieces rather than living off debt yeah yeah so like how they have to tighten their belts rather than just borrowing all the time actually run off their income yeah but that's much easier said than done isn't it because well we were speaking to someone who doesn't currently live in Kenya and to do that the Kenya would have to make probably make Cuts somewhere to like austerity measures just like the UK did for quite a few years it seemed and it's doing still I don't know if they're still doing it I forgot about doing it yeah don't have pay Rises and um feel poor the chancellor yeah yeah um you're just gonna have to accept being poorer and they've said some very different commentaries don't ask for pay Rises yeah which I think is great advice well yeah bring the company yeah it makes sense just don't I'll say that but it was interesting that she brought that up is it a world that could ever exist you reckon well what he's writing about uh well Salvador showing how it you don't reply the IMF anymore dude you can use a Bitcoin standard then it won't under anymore no no well no they're still probably paying the junker that off then move into the Bitcoin standard for the long term so it's a long-term strategy so hopefully in you know 10 20 30 years time the country is one of the most um I imagine that their their vision is they're going to be one of the most wealthy countries in the world um in 30 or at least three from the shackles of the IMF but yeah the lady we were speaking to you yesterday so Kenny is quite a hub and she said uh quite closely to the countries around it and um shoes and there's a just a general movement against the dead and slavery of the USD so it could be almost light in a fire the problem is politics over over there can be quite volatile um and the IMF has got a history of almost funding opposition leaders when they hear messages like this to try and manipulate it's brave for him to to do that I think in front of the people he was in front of literally who's physically sat there with him as well and to he's boldly that to say that to the leader of countries and it might Galvanize a lot of Kenyans if that's to get someone who's sat yeah again you might get the Kenyans on the side but against countries against him um which is going to be the interesting yeah and then before I throw in the um CF Frank the the fronts still control a large part of African nations currencies in nine countries can determine their rates and all sorts of um asset controls on them so yeah that I mean that's probably why I saw next to mackerel which that Frankie's just pegged to the euro as well yeah it's just the same value as a euro well good for him um yeah good have they made any movements to adopt Bitcoin so the bricks thing uh so yeah it's all sub inside to the bricks thing on it and that's been talking about um trading with local currencies rather than trading the US dollar which is what like a lot of his Kenyan presence uh retailers rants have been about as well recently um and now those talks of using Bitcoin instead of using uh the local currencies or like R7 globally um where you can have a local currency in in the UK in pounds and then you can use Bitcoin just as the mechanism to send over to Kenya coincidentally um for um Kenyan Shilling at that side so you actually do the trade in Bitcoin but because it's instant and settled between two parties um pretty much instantaneous then there's no volatility risk of Bitcoin so bitcoin price is irrelevant it's just a lightning transaction for example um and the fx-ray then is done almost on a Bitcoin to local currency rate um it does mean that these going forwards these countries can effectively trade in their own currency they just have to acquire Bitcoin to then make a payment and receive Bitcoin buys me yeah we were speaking to her about how do we get the word out that they can because she wasn't made she'd not heard of Sam globally in terms of because she's still sending a lot of money back to Nairobi I think it was um and her family all around the place and um so we were like how do you get how do we tell people how they're like with the word of mouth that she told us about why would you why would you get why would you start saying that now why um why why do you have to cut that why would you people call that why would you call that just markets good why would you call it it's an advantage oh no all right just bleep it then we're gonna be going shall we why wouldn't we seems sensible leading with that I'm thinking that just cut that yeah I don't cut that bleep it bleep it all you can bleep it it's funny oh bloody hell you were gonna tell people about no you're gonna have to cut the whole section there bloody hell do what you want cut the whole section we're interrupted okay so as soon as they've met she also brought bought a book around so doesn't she she was like she did bring a book with it she said like yeah wow she reads book for inspirational motivational books and I was like dear it's like well as well she was like yeah I've got one on me dude so that's next level book reading what book was it okay uh something in the snow can you remember I remember that was I mean could have gone on before you just talking to her she's a very interesting character what um so yeah two minute video-ish I think on the Kenyan president that we were talking about that so worth watching if you guys haven't watched um maybe we can link to it in the yeah I thought notes oh you sent it okay so swell right there I thought you did it though put notes put notes with your accent sounds like [ __ ] nose Christ I can't say that all she also did he's just making it hard work for my kid and he's he's off after today I'll reel it in um yeah she couldn't understand my accent either actually I think these people do have problems with it I said you want a drink when she came in and she just sort of smiled and said she said something but it was like not an answer to the question I was like jump water company or tea and she's like oh can I just have a water I think that's mine mainly why she's just custom it's just me and her talking yeah the hell is that guy on about I don't get it it's just another accent people struggle with um I know it's one of the things as well you never realized yeah until you move away from where you're from it so I don't think you do it's just I don't understand why people have a problem with it I think you sound great Americans struggle thanks Dave Americans really Molly you think life hungry as well yeah thank you um you know sailor boy yesterday that's on your agenda that's the yeah I sent you one thousand uh 12 333 SATs yesterday okay why did you do that because I because sailor just bought right 12 333 Bitcoin I thought I didn't want Danny to miss out my dad didn't want didn't want Daniel feeling left out so send him some stats I didn't even see that I know that come true to me man no yeah and let's check I've started by lightning I have too many notifications I just thought I thought baller oh one and then yeah see yeah see I sent you oh exactly you didn't get it you just noticed no no you're just ignoring he's such a player so he sends me 21 every day so I was like all right I am somebody who's gonna send him that just to every time but as the eyes yeah exactly that's what I was gonna do like like it just shows you know keep a record of it exactly but then I was like oh it might highlight the fact if he gets that amount and he doesn't know who it's from because I really want uh notifications I want to write messages when we said I really really want that yeah because I mainly to send it I know it's on the list emphasize enough how much I want that in just just to some people SATs for them Danny would have known exactly got it but he did more and he didn't even notice any message or not that it even I haven't actually cleared that that's why I ended up sitting there with messages so they're not even pop up on your phone it probably was that last night so many people send them sassy spam of a robot family the flats but just the general right emails and everything yeah okay it's too much noise too much noise anyway sailable some more going in again he's averaged was it was average buyers about 20 28. yeah I interestingly this is slightly related ish start reading the Bitcoin standard again last night because I read somewhere I think of medium articles describe the Bitcoin standard as the Bitcoin Bible almost like the necessary reading that all yeah people into Bitcoin have to read and it was the book that Michael Saylor in the forward for the revised version says that made him for the microstrategy treasury reserves into Bitcoin he says that in the forward he says that that one book convinced him so solidly that because they had they had a treasury issue especially after Kobe because they went you know into they made a lot of stuff remote made a lot of efficiencies ended up saving a lot of cash and he was like saying well basically if we're running to stand still if you know with interest rates and inflation being what it is that they can't they have to utilize that in a mechanism that would yeah work for them yes and that's why he came to bitcoin through that book you read that book I've never read that book I know uh you should originally leave I honestly no I read it get out both of you ask me yes don't deserve to be honest by it I've heard mixed things about it hence why I've not I've not really been that key to you like me back as well yeah I mean I mean somehow yeah that argument's absolutely flawed doesn't it so why it still wouldn't make you read it or not if you know that that is fundamentally read by and is this is held in such high regard and it's made sailored basically make that treasury decision one of the all-time ogs and buyers how can you ouch can you just get the reviews aren't that great to album give it a Miss it's different okay into consideration it's different for different people or like I think different things obviously reflect uh people understand things differently and take things in different and learn things and you say and I'm [ __ ] I'm getting there my favorite one is a coloring book about Bitcoin and then the 21 million I guess some form of analytical thing should we call it but he's he's a different his brain works definitely to other peoples and things like that so funnily enough I I think I mentioned this to you about one of my mates um I know from uh when I was younger um I'd seen him recently and he said about it and he said he saw he was like oh yeah this guy was on the podcast listen to and it wasn't a Bitcoin podcast it was a different one and he said Michael Sailors on it I was like okay yeah and he's saying like I just didn't understand the word he was saying um so it's like people on the outside of the industry just don't unlike he was talking about I said he was he talking about a digital energy and stuff like this and he was like yeah and he's like I just don't know what that means that's interesting because I I regard him as one of the best best speakers on bitcoin when I listened to him I'm like only for our bubbles no yeah I think a lot of them said maybe for other criteria other certain niches and maybe big business in certain ways and it might um be more familiar in the way he talks to them sort of guys but the man on the street like they don't understand what's what these people are talking about unless you know it's just a bit thick so yeah potentially he's probably never gonna listen um in solid ways man yeah um but I wouldn't so for me like the book um the Bitcoin standard I don't know some people will get it some people like it and some people just it just won't make sense and it'll just be over the head okay so I think you need lots of different types of education and information out there to hit all different Target audiences and things it's like people say with Bitcoin you don't need it until you do yeah it's like when you do need it and you get it and you understand it for until that point you unless you have some sort of interest you don't go and research it you don't go and learn about it you don't do that absolutely sure and that's probably why our industry do love Michael Sayler and the way he talks and things like that but people outside it's because we have that interest in finance and the economy and and um sort of global economics things whereas people outside the industry don't they don't care this is when we need like another Michael sailor from a slightly different angle someone that can speak well but from you need from the standpoint that's yeah maybe more understandable man on the street look in the UK we have Martin Lewis on the money saving side of things don't we and doing that and he tries I'm not fun either but he relates to like the man on the street I guess he's the right person that's supposed to save money and obviously during these times it's quite critical for a lot of people so um he is relatable to people um so yeah maybe it needs to have that voice out there that is more relatable to the man on the street however Sailors not necessarily aiming for that and I'm sure he wouldn't say he's aiming for that he talks and he's trying to he shows up in the conference that he's done and it's all about the big business yeah um and trying to get Bitcoin on the balance sheet and things like that that's been his agenda and his push um and the same with the Bitcoin standard that's come from safety and who's an economist Australian Economist sort of thing um so he has that expertise in that and he will know how to talk to that crowd and to the people that have the interest in the economy it's not quite the same for everyone we need lots of different types of different information yes is the show a lot my favorite one is Bitcoin uh hard money you can't [ __ ] with by Jason Williams that's the only one on the street I think that's very easy to read and very easy like that's the book I recommend to everyone on the street because it it it's talking about real examples I don't know what he did I suppose that's relatable yeah yeah I don't say that I mean he's got his own power station no but what what it did is more relatable and um it's it's very well written real yeah it's relatable to the man on the street I think okay it's easier to understand what he's talking about then if you start saying about digital energy and stuff it's what does that even mean it's like it's confusing right fair enough now that I'm slugging any of them off it's that everybody relates to different things and we need lots of different different applications different reasons yeah and it was pointless me sending you those stats you don't even notice so no it's not what I did so ungrateful um uh guilts let's briefly touch on these because there's a lot to go through guilt is you gave a UK version of a bond oh so they nearly went pop in October um there's nearly a bit of a crash with them in October and the bank of England intervened and they did print it was like 200 billion uh whatever it was can't remember um so they're back now guilts UK guilts are back to the same level as they were back in October I think when the bank of England intervened um which is worrying because there's a lot that uh Pension funds were in these guilts so pensions were at risk should we call it um not good is it they seem to be back there at the same levels and nobody's talking about it is speech about this last time on the Pod I've read a good Bloomberg article about why it's affecting the UK a lot more in terms of inflationary rates and the cost of living tends to be that like one of the biggest players at the moment is mortgage rates going up in the UK a lot quicker but mortgage rates in in the UK the average more fixed term mortgage you get you get off it is between two and five so like two and five six years six years so the average is about three so you get three years before you have to re right you sort out a new deal two or five you can you could choose three yeah no sorry you can't do more you get like 10 year ones and stuff as well you can well you can do that but you're very hard to get 10 years in your even massive parts of Europe the normal offering is between 10 and like 25. so they get so their their mortgage rates are fixed in from their longer yeah so like whereas with like 100 000 people every month are having to go through this yeah right basically getting hammered with in increased interest rates and it's costing like you guys probably yeah now like a couple of hundred pounds up you know a couple of count up to the uh 1500 a lot of thousand pounds they've had this yeah uh cost you every month just an interest rate going up and it's because basically we've got shorter terms in the UK than in Europe so we're feeling it quicker and the US have full lifetime of the thing the things so they're like 25 30 years their opening rates must be higher just for the bank's own security I'm just not sure my Checkers on there it used to be quite average rate of the U.S when they when obviously when the rates are going down it's a good thing because you can just get out of bad deals and get newer deals but when the rates going up which not many new buyers or actually mortgage holders of us have seen for you know an awful long time I've seen these rates going up and now we're all getting the wrong side of short-term deals I swear we're going to a housing the house housing bubble the prices have gone up a lot recently so now they're coming to a grinding hole in terms of people no one's selling people they were also marketed as um like everyone prefers fixed fixed term rates are fixed rate over to like they're used to like variable rates used to be the rage but yeah people shied away from that because you know what you're paying don't you in the times where you're gonna fix right yeah exactly that's what it gets people Clarity but yeah now it's it's not great finally I don't know how you're going to afford it as a new first-time buyer people no gonna get houses now we are the deposit as well but the deposit is a big deposit for even 10 is usually average as an attempt and deposit but with the house price in the UK now averages well the stock will they start yeah they're starting to come down it's just whether whether you can actually afford mortgages their repayment yeah yeah so the house prices is slip in slightly because no basically no one can end at the property market and they're going to drop and so funnily enough uh I don't know if you've seen much about Airbnb at the minute no an Airbnb are down from this time last year their rentals that are being rented out across the whole platform are down 48 I think sorry the number of houses going into where the northern last people actually rented so they're empty so a lot of the Airbnb they're so expensive are empty because people don't have the the money at the minute because of the current economy to go on and hide away and stay in these places do you think the price of them will just start declining though and so the pricey anyway sometimes when Northern Hotel yeah they are actually painful yeah so I think this is heavily in the U.S I think as well though and then what people are expecting obviously is then if that um if that continues these people that are obviously paying a mortgage on these that they've bought these houses to then launch out they can't afford the repayments at which point they're going to either foreclose they're gonna have to um sell which they won't be able to sell because nobody's buying um so you end up because interest rates are High um so are you gonna run it with a bit of a crunch on Airbnb as a business as a whole itself but because it's not just that business that owns like if it's a hotel chain the hotel chain is the hotel chain goes pop and the hotels go pop or whatever but and that's one company this is affecting probably hundreds of thousands of people I imagine because of the people that will have generated from Airbnb and yeah so it's not just one business there's so many that was going to interact centralize an awful lot of housing stock into banks on it when they foreclose and the banks just get it yeah which is what they say about it interest rates and inflation in general just as a centralizing effect on from the have-nots so the halves the people with the asses this is the burning more this is the Warren Buffett style mentality of when there's blood on the streets you think Warren Buffett would just be sweet loads of cheap houses yeah but no if you win that mentality you use you can sell while it's peaking and whole all the cash until everyone's panicking and you come in and you buy long-term strategism yeah my wife actually that is this is kind of late because we're off to an Airbnb in August um and she I was like right we've opened a stacking account we've been putting like 150 quid into it every month or so and she was like Isn't it nice just to be able to save and I was like oh she's coming around like all this stuff all the chickens yeah all this Bitcoin talk I've finally got a practice just saving it's like yes saving Technologies as well you know it's perfect for it I don't know the funny thing to say was it like people used to save everything it used to be mentality of everyone yeah addictive parents about saving well we just lost it and then it's now coming back oh isn't it nice to save the very consumer spending heavy wasn't it over the last decade or two and it was easy money wasn't I guess yeah put a saving Bitcoin it's beautiful thing killed so the girls conversation lasted longer than expected if judging by that with the itinerary we're gonna be here for it's gonna be three hours I've got stuff to do for the rest of the day we've got plenty of time hmm Mikey right on holidays all right that's done I know not this right uh Bitcoin reaching 15 market dominance for the first time in two years um well I'm not sure yeah I mean for the people that don't sound that that's just Bitcoins without market caps should call it um the total value of all Bitcoin circulation added together uh is more than it's 50 of the whole crypto Market um including ethereum and South and everything else in there um so has it been down because of the whole nfts on ethereum thing over the last couple of years or is that not it's really a combination of everything yeah it's been down because of yeah the tokens like all the icos and all that sort of stuff all that dragged it down and then usually in Bear markets it comes back up again to Bull markets it goes down when everyone's buying alts and buying tokens and things um and then it flips back around again so it's on its way back up again so it's like a bear Market territory um which we do we've kind of seen it um repeat in some ways cool um it kind of offers the safe even of the crypto industry is Bitcoin isn't it people stop in bullish periods start messing about with all so then when things start to tighten up yeah it'll all come and just go back in girl and back yeah yeah they'll stop trading people are trying to trade and make millions in the ball pairs because everyone's a genius because everything's going up and on your money come back the other way it's like what did you go into that's safe yeah that money is safer than the other ones and the other cryptocurrencies are there um so yeah that's just quick passing points uh this one should be hopefully quick one again Sky news reporting Andrew Tay had over 21 million Bitcoin worth nearly 400 million dollars I mean that's a shoddy reporting isn't it a BBC reported this Sky News Report like so many people reported this and they all had a lot more different numbers as well and different things and none of them got it correct and it's incredible how the a simple Google like the mainstream which bit do they get incorrect so everything everything so they said only 21 million bit yeah which obviously you can't for one you can't have that many yeah he said over 21. sorry I knew that would be it was wrong but I'm thinking what the other one's saying like so he actually had 21 Bitcoin yeah not 21 over 21 million Bitcoin um they then said that 21 million Bitcoin is worth nearly 400 million dollars which it's clearly not yeah it's worth the whole market cap which is however many billions of the minute I don't know what five You're Building rather than it check that out [ __ ] sure the mark cap is 591 billion so that's how long it took Mikey to Google to figure out how incorrect Sky News one of the biggest news outlets in the UK you should apply for a job at home I couldn't do get on the news desk it's crazy and this is like bad education going out to the public then um and then he actually only had 21 Bitcoin which was worth them four hundred thousand dollars or something um so again to factor out Mike well the numbers were so wrong oh everything was wrong it was just not even close but they didn't even Google it to run the numbers they didn't need any special education on this they just needed to Google how much one Bitcoin was worth and then multiply that battle Yeah it's just unbelievable right I mean what's why are they declaring what assets he holds is his status of tattoo with his headlines in prison sentence Bitcoin again his 21 Bitcoin should be worth 645 187 so they couldn't get a little bit wow it's just yeah it's absolutely and I knew that yeah okay so for them they were trying to basically throw shade at the industry got everything absolutely wrong and showed how the lack of the care and their attention to oh it's time to attention to detail it was in the headline the frustrating thing is that we're the only ones that care about that like the public are not gonna no there's an effect what's the effect called now someone told me this once you it's like if you read a news article and you're fully aware of the facts and you can pick holes in it yeah um you you lose trust in all the other stuff well no to say you you'd say right okay that's got problems in it I can't trust that one then you turn the page and read the next news article something you don't know about and you back to school and you take that as written take that as fact you believe that yeah there's a it's it's someone told me this it's like a I can't remember the name of it but it's it happens all the time basically it's only because you you know about Bitcoin that you picked up on that that's the same Molly saying if someone that doesn't know about it turns into that page and reads that though but if the next guy news article is about the number of boats in the Navy and they misreported that you would have no idea it could be way wrong again yeah so it's it's only because you've got expertise and yeah you're good it's kind of and then when it when you do notice it it just kind of highlights the how bad how about income be but it could be on that can be is full stop it could be on every single article it's just that you wouldn't know that's what don't trust anything in the media they're interesting to me just don't trust it when I read things like that I read a lot of mainstream media I keep I keep abstentions to headlines and I want to see the headline I'll go and research myself to understand it yeah of course and then I have to see you know I'm going Google I'm a Bloomberg subscriber I'm better than you signed up to Bloomberg this week I've been bragging about it I said why why did you bother and he's like oh just because no because yeah they did it basically it kept on an interesting articles I wanted to start reading and the paywall was so aggressive that I couldn't I got into it like and then was like after everything he needs on social medias and all the platforms and news outlets and there's you don't need them you don't need to subscribe to a slightly higher standard of reporting is it though they wouldn't have got that type thing wrong they did is [Laughter] I realized I knew who he was from back in his big brother days but I didn't know that was him big brother he was that's how he got back the Limelight was that's how he got famous oh I don't know he was one of those big brother guys from the original series like from years and years ago it's just something about nasty next series the series and Classics I remember it used to be like absolutely must watch television big brother because it was like deemed as a social experiment yeah yeah that's what it feels like wow actually and closing people in not letting them out and it's what's going to happen to these people how's it going to affect them well when we're about to climb off the over the ceiling yeah sand it rather nasty they're all turning against each other and voting each other as like the first reality TV program I can remember yeah and it was you know made such a big splash it's so new and different it's all about bringing it back I think aren't they some other British very much I'm very much this is not Bitcoin he was doing a tour of the the primary school I don't know why I think that told us about this yeah yeah I can't remember Ace the original Gladiator that's more of a wolf man myself Wolf's a big what's the big name he still does well out of panto from that does he yeah but they did bring it back so could you cut all this section we're actually really boring right um where we are scanners uh Santander right so Santander um everyone's jumped on that thinking oh Santander and now paying attention to bitcoin they've been paying attention for Bitcoin for years they've invested in coinbase years ago about six years ago um so it's not new to them um nothing's new they they're just trying to Virtue signal for attention um for what that is and a big Bank does it and everyone jumps on it like oh they're amazing bank now Santander wouldn't give me a mortgage seven years ago because because I'm gonna be angry at that Bitcoin they wouldn't give me logins there's a Bitcoin and then they invested in coinbase just after I think that was I was like yeah I think it's you're the problem so uh well apparently we had gone to them I was the problem um so I know all banks have done that over the years HSBC and oh god um but no they've just you see bingo card stamp it's basically some some guy company has written uh what the lightning network is and it's great that they're now clarifying and highlighting that you know visas uh sorry lightning can outpace fees around scalability and how many transactions and everything uh stuff we've known for years now but you know a big bank is admitting it yeah but also a lot of people trust them and their reach is different from our Echo too you'd expect so and then they got a loads of stuff wrong in the article I did think well like except Bitcoin no they don't that was like one of the yeah no but did they no they've never accepted Bitcoin there was something were they doing were they exploring blockchain no they watched Jack miles's talk from a year ago in Miami when he talked about he's integrating with NCR and black hole because that's what they talk about oh okay and it's going to be integrated with NCR and Blackhawk for POS things and then on that Jack says we will uh NCR is used by Walmart and McDonald's and these so these guys have then picked up and said Walmart on McDonald's are accepting Bitcoin and they're not no McDonald's there's those in El Salvador but that's not what they're talking about okay that was just unfortunate because that's two years ago the NCR stuff from uh a year ago all right um so they've reported on it which is great but then this will go back to the mainstream Media stuff they've got stuff incorrect all over the place and they they called strike strike but have they got um have they got honestly was it right just to be an encouraging and no that their new audience well the new audience that would know nothing about lightning we might follow Santander how many transactions please a second did they say it lightning would do so again there's also certain things I had a million in my head but again it's not what they pulled that about their ass from like that doesn't made up that's not a thing it's infinite in theory bitcoin's only able to execute five to seven transactions per second sometimes Visa executes more than twenty thousand the same frame then it goes on to say but lightning can do so 12 millions of transactions per second so the same Millions 10 million but they don't want to explain how that works actually in theory it's infinite because it's there's no limit in how many it could do a second because it's decentralized in nature so there's a solution to the scalability problem is it can support millions of transactions per second but it doesn't give a precise number so I appreciate there is positivity in the bank and there is some positive to it and however if you know you are like you're saying there people trust them they're a respective Banking and then they're getting so much wrong in a very simple basic article at how are they getting enough right for it to be passable and encourage others like it's is it stuff yeah it's in get away with getting wrong because it's not well mostly it's not a technical paper most people don't read the detail anyway they just read the headlines so the headlines enough to from Santander to help that well I'm I hate that I'm trying to always push on the education and making sure things are factual and we're right and you know we're not just I don't want to be that industry which we have been over the years as well you jump on something and it's not actually true and you then it's like what we're saying now that you're reading you'd end up people not trusting them and because over time you lose the trust because you find out they've just been lied all these years about x y and z um so I want you know you want factual stuff and even if it's realistic because I I said about this I think I replied about it and I had some people replying to me saying um like why does it matter just taking something a bit slight but then your sh you're admitting that you don't care that these guys are lying because it looks good to the outside world and then when the outside will come in and they realize you were lying then what else do they think you're lying about and they lose the trust trust in Bitcoin has has been hit hard many many years many times um and every time we have to go back and re-educate people and it's I guess maybe I get frustrated because I feel like it ends up being my job and our job and it's not about educating these people we know that the amount of people we've sat down with recently and had conversations on just Bitcoin which is more taught Bitcoin and learn big they want to learn they're in the financial industry these are high level very some of them very very high level um Finance world people and they have no clue about anything but they are repeating they're saying towards and repeating things that are just completely incorrect but the scene in the media and seeing these things and then that has been the impression they've had in their head for many years and then when we tell them no that's not true we explain why they're like all right well I want to get involved then yeah and it's like some of them things have stopped these people getting old because they've just been incorrectly reported and because they've kept repeating as well the more you repeat this stuff the more people face it matters is true it's like the Mandela so my rant yeah so my run is just on I just want accurate education Acura education so on that did you get in touch with Santander to correct the article I reply to them in a tweet okay they didn't respond obviously yeah I was going to reach out to someone there but I've just not had time okay you'd be like can I have a mortgage while you're at it please I'd say I don't need it anymore thanks but we'll see you later guys um the weather is affecting hash rate again yeah I started that one because I I didn't know that was a thing I didn't I was hoping someone some techy person could explain I've not read it sorry yeah is it I think Zach Gastonia put this article in there oh um well that's at least hash rate with all this Sunshine no but just being online it's affected in your oh my God didn't didn't you tweet yeah that was very annoying so did you see that basically I had a minor on for like five hours on Saturday Saturday basically found about 10 minutes after I turned it off yes and I was like No And it keeps happening like I I keep putting on this is why it's supposed to keep running all the time yeah it's 24 7. yeah but I was a woman five hours those mechanisms the soul my soul of array won't work 24 7. so I'm like I'm trying to I call it snipe mind but that might be a turn that catches on where you just mind for a shot snipe mine she's just like we're catching up it might if you use a miner as a store a heater you're not going to use a heater 24 7. you know what three things but well listen I kind of tell you what I'm doing and this is going to be can I draw to write down what I'm about to say if we're in line I don't know so I'm looking at the data from my pools to see when they the historic have Peaks and troughs so basically in a pool you have minus joining Man is leaving hash rate going up hash rate going down and they can they basically win blocks in in what I don't know might be a pattern and so there might be a a time when I should be snipe mining because I was thinking right I've got this is a tangent by the way and it makes me sound mental but I've got a spare tumble dryer so I was taking the side off a tumble dryer I'm trying to put an S9 in it take the heating element out so that when you put a tumble dryer on because it's an S9 but it mightn't dry your clothes with it yeah people try before we just put S9 next to a drying rail but this time chips can get up to like 65 depending on what you watch you might overclock and get an even higher temperature and and you could but a tumble drag can dry clothes it said between 70 75. yeah so you you might be able to run it longer you change the heating element out for for an S9 and just run it through but it's at the moment it's my garage is covered in bits of tumble dryer and I'm not going to fit the S9 in it and two balls so I look like that guy because he's going to start wearing a dirty foil hat around his head I'm trying to dry clothes but the problem is that you use a tumble dryer for an hour maybe two obviously I'm already having the problem of turning my miners on for five hours and when it blocks just after so it's a good one it's it's whether I could find that find the premium time of when when to turn these miners on so if I can't go to the DSA no I'm not there yet I did a long collection timeline so that's what you need a lot of data so I'm saying watch the pool where the pool hasn't had a block for x amount of hours let's say 14 hours or whatever number ends up being depend on the data then you jump on no that's weird yeah that's exactly that's what I wrote down but I was speaking to Zach about it and it's come I can't I think you know like you need to wire in but it's like amazing probabilities but it's not because if if you look at um a roulette table people often they're like in a roulette it's a singular event yeah it's so it kind of I think it depends more on when people are coming in and coming out of that pool you can play on averages yeah in the same capacity so you'd be able to do that on averages so that pool is not a block for a day and normally they get three a day then you jump on jump online you'd hold for as long as you take them yes can someone send me a link of the data that's already here so I don't have to just keep watching I'm using brains pool Europe you need an a what you need is your your dryer you put your clothes in yeah you close the door no no and then if it fall into the API already on that checks you know if it's not a block for 24 hours turn on and dry your clothes and while it's drying talk about how we do that because we need that for the same solar because the solar camera on 24 7 but you can charge the battery to run a prolonged period much longer than the drives so then you could then say Oh it's not had a block for x amount of time then you run it then you'll see how much battery you've actually gained through the charge for the solar so your battery red and then then see how long you can run it and then when it's getting lower turn off yeah and yeah or so after it's had not a block for 24 hours let's say then you turn back on and run for as long as you can and so I just don't know it shouldn't be related it there's I just think there's a much chance of it winning where you've got enough data out there yeah someone's already run it I just need to find it yeah I mean yeah we could easily run that just to find it all the date is on like then if people know that then it's self-fulfilling at that point doesn't it because if people know when that I don't know speak cry kids such marginal gains on mining but I just don't I don't think it will show a pattern I think it's literally it might be interesting it might be interesting though for the retail Miner should we call them the snipe Miner snipe Miner I like slime minor along yeah if you're just switching on for an hour you want to know when you're our champion but also if you're running a heater it's not when the block is it's when you're cold so that yeah it doesn't work the clothes right in different the clothesline's good because most people are actually doing clothes overnight they tomorrow yes and I can run at 850 Watts I need the engine yeah yeah you still need that it's just weather anyways I meant for my asses full of those little I'm interested that because for a big Miner you would just add them on as much as you can as often as you can because you want to try and catch as many pills as many blocks but I think for the small guy yeah it would make I wonder if they could one of you could end up making it um a break even profitable State yeah I might put it on for an hour a day and just show people like that chart is pretty interesting I'd get that data first and see how long see if I can do it that particular pill you're in how often do they get a block and then you would know that if they've not had a block for like five hours if it's like they get a block every six hours for example if they've not had one for five hours then you turn on because they'll likely the average do you think it doesn't even matter that they have another Block it's the singular event it's a completely new game it is but the average is that you're playing averages then that's what you're playing and if they've had that if they've been running for seven years and they've averaged on five hour blocks then you know if they get to nearly five hours and they haven't had a block the averages are in your favor and you can automatically turn on you just need that wide interior I think it's more about who's joined the pool and what the hash rate is at the time but then if people have knit they've not had it for five hours and then other people join them yeah are people already doing it it's maybe yeah maybe people are already sniped and you're missing out the absolute Legends but if you can automate that process yeah yeah that's a massive thing that's what will that means I could talk about building for the solar anyway so you want to promote for the tumble dryer if you kind of a plug and play for the mainstream audience that might be favorable to like say in retail guys like well one machine at home that plug-in it might be favorable to them then because they can do that API to the pool that they're designated to and checks the hour slots and things and you can almost set set settings for that oh nice interesting sense I'm intrigued now I'd like to see them I'll let you know I'll keep I'll run it night mining updates every week like mining yeah yeah that wasn't on the agenda weather we'll have to come back to that I'll leave that on the agenda and maybe Zach can talk about it next week okay one of us can read it um well how long have been running short is it coincidence that's 47 minutes but I think we're gonna have to cut that out no no yeah but we've also got 10 minutes of bleeping at the start because I said it's very true yeah don't say it again come on might do uh clean oh that's still the wrong one uh ETFs and we don't really have to touch on this much but yeah obviously BlackRock of of push one and now obviously on the back of that we've got Valkyrie bit wise Invesco wisdom trees foreign 's jumping on it next week um is it the is it the Black Rock scheduled for December is that is that the correct I think I've heard that so I think that might be right before me make it ill maybe yeah someone say to someone keep saying um so yeah December I think was the date I'd seen um but a lot of people change in the previously rejected submissions to be in line with black Rod submission thinking that black world will get through and if black World get it through they have and they've done exactly the same then they have to get it through as well yeah so that way they will the floodgates open yeah that'd be massive um yeah I think that there is the the December thing it's still a long way off we've still got time for this anticipation now that comes along isn't it price movement what's going to happen I haven't done too much since has it but did it did did you break through it was we were pretty much in time with that ETF now we were down at like 25 years when we were one point and we slowly cracked back up but I think that slow Creed back up is probably sailor buying microstrategy buying that yeah 300 not millions and we do we have seen that in the past when Max strategy announced by it's like well actually the last week it's been slowly yeah branding up yeah um so you can see the the big thing on that one as you see in what 300 million dollar buy over probably a two-week period there has gone from 20 last week we're at 26k yeah we're now over 30k so it's moved it four thousand dollars in value almost a week period with microstrategy in the background just buying 300 million dollars there's not a lot of energy that like in terms of a lot of people just holding it in one imagine a you know even a billion dollar bile per week these as the ETFs start coming around that is gonna squeeze push the price yeah the exciting weeks aren't they liquidity crisis I will be watching the price we've not watched it for a while have we I haven't pretty much watch it uh at least every hour after I look at it yeah how do you check semi-regular um so yeah it's gonna be interesting to watch nobody really knows let's see where where this place um IMF and so this was an interesting one I actually did what talk about as well so IMF um made a comment the other day about banning crypto and they said it may not be effective in the long run to bankrupta so they've gone so IMF just bailed out Argentina because we spoke about the city that we did and we were laughing uh making a joke of it saying Argentina came out saying the Banning cryptocurrency payments and we will often saying about it IMF and bailed them out and then about two days after they did yeah was it was it India or Pakistan as well well I think uh Zach called it didn't he because I was like well okay um because we were laughing about that and then actually it came out to be exactly that yeah because we heard they were Banning it and then IMS said oh yeah we're giving them alone yeah yeah so the IMF have been pushing on countries to ban Bitcoin as they bail them out um and now they've come out with a comments saying yeah Banning it doesn't look like it's going to be effective in the long term so so the countries that have said that banned it on behalf of the IMF like Argentina are obviously seeing no downturn in people using people using them yeah yeah um so they're going to assuming that's a pivot then from them so next time they bail someone out they may not push them to ban cryptocurrency we'll see what they do regulate it maybe I don't know so it's kind of a weird thing though to ask the country is sorry to say publicly they're like we'll bail you out but you have to say oh my God read that Gladstone book it's like the tip of the iceberg of what they what they ask countries to do is for not to blow your mind really yeah this is what can like the Naruto Canyon president was slightly a big push back on that sort of stuff yeah they don't want to be controlled by these guys I mean you're talking about so many weird controls what they can Farm they're huge really yeah if you blow your mind read that book okay it's on Audible that was my advice to everything did you say it was on Audible no the other one was um got added but I don't think no one has it uh I don't know I was a check you find an entrepreneur it has been added now I've read that though already um I thought you were waiting for that now to physically read that one that is one of my favorite Bitcoin books if you're talking about favorite Bitcoins I said that's something yeah the IMF one yeah hidden repressions it's not on that name that's okay I'm mad I'll read it when it comes on to Audible cool so interesting comments should we say from them um yeah absolutely like eventually like everyone's gonna realize you can't really ban it it's not going away yeah well China or Bandit about seven times yeah um the only tip it's like the Blockbuster style day it's like you've gotta you've got to understand how you how you live in a world where it exists and you figure that out and Banks obviously Santander and you know all these people are realizing that they just are slow in the inevitable um while they figure out how they still fit and how they still survive after it becomes a common use use case so they may be slowing it down but they know it's inevitable yeah I mean they might go hard about the on-ramps and off ramps I would be restricted banking like in terms of what people put deposit onto exchanges yeah there's always they'll always be a bank out there that's willing to just do it and of course it's because it's Global and the way it is you can't you can't come down at what level of controls you want to put on people's you just create like you eventually people just start Uprising when Verizon you can't control their own payments control their own money so yeah it's definitely um I think everyone's take is slowly coming to the realization it is inevitable and it's not going to be um banned and taken away and it's just now a case of slow player as much as they possibly can until they can figure out how it fits in their business model SEC boss Gary Gensler uh he's now getting investigated over his relationship with Sam banglam fried um is it free to fraud I say freed um he's had relationships with loads of politicians yeah if like but if you see his charges are slowly dropped dwindling away do you become probably doubt obviously much prison time in the end five of drops of there but they were not we're not serious well I don't know how serious they were but they were like the initial the seven initial ones I think were the main writings um but however then there's rumors that he's you know grassing on lots of people to get these drops so I don't know what is the truth behind the scenes are um but he was having before uh FTX collapsed um Sam was with Gary that happened I've been he was photographed having dinner with him and Supply this and things uh it's not a good look um so for them that to collapse and then go guns blazing at the industry and then FTX are now re-aunching uh in some reason I'm not unreal um I know people are going to make the argument the relaunch and so they can make everybody else whole again it's like realistically you think they're going to make what are they only 10 billion or something uh they're gonna you think they're gonna make 10 billion in Revenue to pay you guys back they might launch an Ico and maybe that's the way to do it it's an illegal Ico that you're allowed to do yeah like for the ultimate periods my thing as well with that is okay if they're gonna relaunch should they not be like going under the same scrutiny that coinbase and binance render in it yeah an SEC because they had all the tokens and all the derivatives and everything else that were on there they had their own token so you're gonna assume that they're going to be launched with the same stuff are they not been no they'll just launch Bitcoin only no because they're gonna be it's not it's not Money Maker form they're they're money makers speculation on Casino coins on tokens so that is what they're doing that's what coinbase what was the uh like what came out of that poll that you put on Twitter I'm not seeing well I voted LOL I think LOL was the winner all this so you put a Twitter poll saying would you use FTX if it relaunch or something like that yes Noah LOL mean of course yes I use it uh yeah 59 but LOL 33 but no and eight percent said yes it is still eight percent eight percent of people no I don't know if there's people genuine though yes but yes for shits and gigs right right but they could be the people that have potentially lost money on it and they think if they relaunch and they can make money the company makes money they'll give that money back to them because the individuals and customers um the problem for me for that is they made all them they didn't ever make any money they made money on paper like well no they were taking customers wanting so I don't actually know what Revenue they ever made as a business I have no idea so and take away all of the token and the hype and everything around it the speculation on all these coins you see more binance and coinbase are currently going through at the minute they're laying off staff they're um squeezing down the coinbase have been losing money FTX is going to try and launch into this Market that they've already got a brand issue and nobody's getting trust them why use them um they're coming into a time when the SEC is pushing unsecurities and trying to get rid of Securities and or not get rid of but um regulate them correctly as they see fit um so really like you said that Bitcoin only is your option there outside trying to push so maybe if it relaunches auto to operate like the rundowns into like to almost to clear the myths nice to launch a new exchange as far as like where to make people and that's the argument that they do not believe it that's the argument they put to the thingy isn't it the like the bankruptcy side of things so they can try and make customers yeah but you've got to make this company's gotta make 10 billion dollars in profit somewhere so maybe if you'd ever get involved with that that's great it's crazy it's not gonna I don't know yeah like it's unbelievable I can't believe that to do this um yeah and you also who is the guy in the team running that exchange and they've never run an exchange with the hell are they it's like they said the lawyer that's coming to take over CEO isn't it that dealt with bank replication Maps it's like it's not an expert awesome but it's a works yeah so what team was he what team were they pulling in to do this so this is our new CEO and you just yeah here comes right it is it's just mistakes as he's always said on the toilet space is hold his hands up he made some mistakes he's gonna learn from them is he really no no um and you won't trust the brand anymore like there's no team behind it anymore that they would have to get a new Fresh team to do all this and none of them I don't know who that team is and who yeah I think we're giving it too much I don't think it'll happen no that's the launch of September apparently I don't understand how water and you've heard that from loads of exchanges loads of wallets especially never come up this won't happen those trucks uh Dave boiling guarantee Day Boiling guarantee it is crazy um should we move on to the coin Corner coin Corner News Yeah question we've talked about that as well questions on news click on our news well Bedford it's a terrible at the intro we don't have any sound effects so it's the standard Molly says every time she goes I've heard some sort of announcement that's what she tells us over here she like preempts it with it announcements would be better than this people like uh okay the downplay um yeah so earlier this week we announced that we are real bedford's payments provider sponsor for their upcoming season what does the payments provider sponsor actually mean that means that basically we are gonna be bringing clinical on a checkout to their website and Club facilities so people can pay with Bitcoin or lightning for merch drinks whatever they've got an offer using the bulk card as well using the bulk card it's definitely got a real bits and mega store at this the ground I mean I don't think it's like yeah I don't think it's quite the size of the United Mega snow though I didn't go into that as a kid actually no I don't remember the first time I went in it used to be quite cool oh yeah uh no but it's really cool so it's I think it's a great partnership um they're good friends with Pete McCormick so nice to be helping one another out okay that's for new products and experiments can't it yep which is what we like maybe some of that yeah yeah it's good because they're open to to try and different things out as well so nice to support them it's been I love what he's doing with that I love the well we get any of that will we get a rail bed for church yeah well we are getting one yep what size are you getting it on the back I think he's fully signed by the team Nathan so where it's game frame Dave when we get it we could we could frame it and put it up in the new office yeah okay do we ever get the Oxford one I've got it oh you've got it what size is that in your size um my dad thought as well yeah it's probably my size did he buy it yeah oh yeah that bought it my dad bought it um have you got them all I've got loads and so on the new offices sorted I've got things to go up all over the place completely properly that thing uh technically not okay also trying to clear my company he said his toys out of the pram don't be a company I'll tell you what were you doing it's remote the other day well it was I was helping you in that bin basically we're doing the the office move we know we're expanding lots of new faces and we need a bigger office but as we are doing all the lessons tight Northerners we don't yeah we are yeah okay but it helps the company so every penny should be based on a company experience and it's all about so at one point about eight of the bottom on a Tuesday night so we're doing some bits and pieces in your office I was holding a massive industrial wheelie bin and Danny was stamping down stamping down on it I was in them and it was really shaking about I was like oh you want your full bracket what a way to go this way I was like if Brian Armstrong could see us now this is the way he's saying he's like this is this is the Bitcoin like Bitcoin way yeah just to do it like that the agrophone jumping up and down that's a nice little even deeper size it makes you feel part of it and you paint and you build you were physically building you know the new office yeah Gibbs absolutely put the flooring down what Workhorse that guy is Gibb is like gonna be so angry when we get in there and everything's not perfectly aligned and he's gonna he's gonna be so prideful of that between him and Ralphs are like they should not lay capitals because they're worse OCD about the stuff lining up me and Daddy absolutely like for sure you said you wouldn't trust me and Danny to we've let the team decide like one of the rooms was saying like what do you want in this what's going on um the colors and things like we've tried to keep the whole team in in voting as much as we could in the build rooms that's going to be the mecca of it all that's where my tumble dryers will be oh God I think it was that's where the fire risk will be when soldering yes it's a crazy Electronics in there because one of the things we've seen we've seen from a local condom in the office there and we know some staff from there and they build this crazy office but I don't think that the team know anything about like any import or what's happening and then the amount that's spent on it and everything else it's just it's not quite made the team feel like they're part of that and I think what we've done is try to do the complete opposite almost and been more open to the team and saying what do you want what color carpet do you vote for in this room what can we do here what do we do there thank you how's that professional no that's just that yeah well it's the whole slide Jeff Bezos Dora's desk isn't it it's like like we put the effort in to do this we're saving the money because you know yeah yeah helping experience is what you should spend money not on new offices and Shiny Bright things but for your office space you should be getting your hands today you're doing yourself for the staff that make the customer experience happen because should I make before we have like you guys have all oh yeah as much as possible to try and keep keep things uh then largely ignored along it just crack it off and just ignored it and put yeah we are constrained I mean budgetary restrictions on everything well yeah of course yes limitations anyway um we're going icelands right we've got questions this week anything else okay cool I've got questions this week just one question yeah no time for questions okay thank you Jim um okay jbc's asks the bulk card can pay when merchants accept these payment types any chance of a quick on a debit card which could be used in any location excepting Visa great question wow yes coming soon Tia next question coming shortly yes I have one in my draw oh yeah you have a time frame no I don't want to give it time for him and then it not happen but I have one in I have two in my garage oh two my drawer I'll pay you sure I I can maybe bring him on next week and you can show yeah maybe see cool um but in short yes that is coming soon yeah that'll be exciting by the way on that anyway okay cool a great question I think really short answer and we make such a deal then we're like okay get us questions get up the questions yes get a little less I can say because it's just yes the answer okay yeah simple currently underway currently in produce let's wrap it up great work guys thanks Mikey thanks guys Cheers Cheers no one's given a piece back peace thank you foreign