"Buy Bitcoin" Sign Sells at Auction | Britcoiners by CoinCorner #126

Transcript

do you know who do you know who did do that who Bloomberg uh idiot is that you're trying [Music] tell okay sorry welcome back Bri coin is episode one two6 very low energy I think you to read I'm just I'm just prefacing it Z the energy guy Z brings the energy Danny's tired Dave's just Dave and I'm sick so and obviously Zach the energy God this can we just start again right episode 126 come on go okay welcome back um agenda uh Square sellers will be able to autoc convert 1 to 10% of their daily sales into Bitcoin uh epic sat sold for 33 Bitcoins uh the buy Bitcoin sign the photo bombed uh Janet Yellen was auctioned off for 16 Bitcoins um Phoenix wallet are removing their app from us stores and I never how to say this Andre re Horowitz CTO says m coins are a risky Casino um ocean introduces lightning and Bol 12 uh micro strategy have acquired more Bitcoin ex binance CEO CZ sentenced to four four months in prison and uh Gary Gensler has been accused of misleading us lawmakers over e theum or ether and then we got some dear daes and it's a turbo pardon itz you got be done M this agenda y there we go right nice one mly okay did you mention the samurai thing on that no you didn't you missed it but right I don't think we did this episode without mentioning that was is it the top it is it was just before Janet yelling I think yeah sorry it was it was a long sentence I got confused we'll replace you next week with some that's fine I'm out I'm out guys right let's go first price price taking a dive taking a small hit why are we thinking Danny what are we saying um Hong Kong Where Do We Begin no fed can't there just combination of variety of things mostly I think traders that are trying to speculate on sentiment and sentiment of Hong Kong not doing what it did fed not decreasing interest rates or potentially we don't know still do we find out today I think um yeah it's combination of a variety of things I think um everything's generally gone down zip Commodities gold all that sort everything was in the red the anticipation of the market today because of the FED announcement is a record since um actually it's not I was going to say a record since 2023 but that's not that long ago last year yeah months anticipation of a draw down in the market the S&P 500 because of the FED announcement about they're not cutting interest rates as soon as people think the days of free money are over really that happened for a while really yeah give it time it I think we just seen all of that reflected in all the markets and bitcoin's reflecting as well yeah well as I think we said before we because it trades 24/7 weekends Etc it's like that is a first mover and first indicator it's becoming a first indicator the Mark I don't think it's related to the Hong Kong thing no I think the timed it's just an overreaction by people that didn't really understand the Hong Kong thing I think yeah it we knew it wasn't going to be a big it's not a big market for ETFs over there so it's but I think they're not not in the scale of the US anyway no um but it's proportionately big but other people were saying yeah in comparison to other Hong Kong ETFs but other PE people were sort of speculating there going to be like billions going into this and all this sort of stuff but they didn't clearly know what they were talking about but that sentiment has been driven on socials I think a little bit so people were expecting a lot more from it yeah well I walked into the office my team like you done F of it million dollars at the time that's all it had done it's a flop yeah and that was a flop but I was like well what have all the other ETFs done ever in that market bigest day for one an ETF in that market no clue and if you look at that it's massively it's this huge performance just realized you're not sat there I'm so I'm my next used to like itd yeah um saw an accident but yeah the Eric ETF guy was pretty sure that it was like he pretty much had it dead on I think volume wise what did he say I think he said it to expect like around 6 mil I think they won as opposed to the 600 mil that people were wanting yeah good call that guy yeah he explained it actually he familiar with the market I presume yeah ETF gu is he it'll be slightly above average for the ETFs I think he actually tweeted a couple of weeks ago saying don't expect what people are talking about who was talking about it just the rest of social call idiot they got their information no yeah true yeah I was instantly angry at them for saying it aloud I like it's just not keep this thoughts in your own head it's just na use of data really you've got to look at proportionality I think they think okay us ETS did all this they're thinking another like Hong Kong's a big Financial Market it's going to do the same and it's just not they're not on the same playing field no yeah well China can't even invest in them can they cuz they're still cry still banned there's a way there is a there's I think one company allowing Chinese people to invest in the K ETF yeah I can't remember what the name of that is but there is one going around is this is this not normal price behavior following the harving I don't I can't remember how it reacted last time but no well does it not what is general Behavior there's no such thing I don't know if there was trends no well I think people who think oh yeah they're Haring the anticipation coming up to like if anyone's thinking genuinely like there's some sort of impact the harving has on the day it harves the block they idiots well you know who you know who did do that who Bloomberg uh idiots article I read I was so angry at them well they let me down really because you know I like Bloomberg um but they were saying um normally the price after they use the term after the Haring without any date parameter so they say normally the price after the Haring you'd expect an alltime high right without dates without dates that's ridiculous because that's that's not what happened exactly so they're talking about instantly after the Haring and they also mentioned the hash rate dropped after the Haring again implying that miners are just fled because they're not unprofitable again without any date parameter but they were literally looking at the um bringing this up sorry while they was talking about just bringing the hash rate graph up so you can have facts to back up they were literally talking about the the Rune Spike and there's been a drop from from that from the actual block one block talking about such small time frames has just annoyed me so if you just zoom out guys yeah so zoom out to like even a year or whatever six months whatever so you can see that is effec that's the has rate guys you can see the ups and downs though it's not there's no difference in an up and down there as to what we've seen over the past year and it's a general upwards Trend as well anyway uh so after the Harve in has made no impact to Hash rate differences at the minute but it's just like that manipulation of of a date by saying after after we were expecting the price to shoot up and after exp if you zoom into a month there Mikey you will see that like you know actually that's a month or when was the Haring uh 20th of April I think I so it's around there so actually it spiked up after it three two days after the har three days after the har in it spiked up to the highest it's ever been so it's because people don't understand how hash rate works and how these graphs are then generated and they're picking data to suit the agenda or suit the the clickbait headline um but the hash ratees like this coin Wars is actually a very good coin wars.com is a good site to to look at for that because you can see the hash rate movement whereas some people try and uh smooth it out and have more of an average um whereas theirs I think he's broken down quite like 15 minute slots or something I can't what it is now um but you'll see it fluctuating anyway but yeah what we talking about annoyed me G that was just a high level price review of the week right um but yeah I mean price has not since seen since what last month so no big deal might be a little bit but it's the relative time it's not standard movements I think you normally as well in in Bull romes periods in after round har in and the build up to ball run Peak you will generally see um on average usually like is it two or three pullbacks of like 20 more than 20% pullbacks and stuff and we've we're kind of close to that now but I still don't think it's even a 20% pull back why I am enjoying coin market caps edition of notes on the price I was enjoying it until it completely blocked the entire graph and I can't find a way to get rid of them once you go over a month little notes on it so you can see what what events happen no I think it's today it came on today okay no it has it's been doing it earlier this week as well but um it's blocking the gra came on this well Dave I can't let you get away with that all right it's a recent addition to coin Market G maybe today maybe this I think maybe they should show the graph still but anyway can I can I just say [ __ ] coin market cap I'm en join our app yeah that's yeah I don't want this anymore cuz I've used price I'm not looking at but the price widget hasn't got a chart on it no but a quick not yet Dave what as a quick look at the price yeah good job making that's all I but the well we just talking about time Horizons I like seeing over a long period of time I like a chart get a chart on the wouldit I might use it look at that once a month to see a long time always You' have to figure out how to put a widget on your phone to you just do the telegram figure out anything M just on YouTube right needs to figure out how to get to YouTube this his first step just K someone to get me on YouTube he knows we are on YouTube he doesn't I'll be deadly once I'm on YouTube I you in that telegram chat yeah I've never seen you more active in a group chat in all my gone straight to your I was here at work and I was just a bit oh get on the telegram get on the on the line get on the line on that telegram I like that you did one day and then you're out and I haven't seen you po I'll be very hot and cold right we're in a rush you're not a be in the hammer right um Square sellers will be able to Auto convert 1 to 10% of their daily sales into Bitcoin with cash app this is cool sorry would they' be able to convert that miss that sentence so Point Sale devices that's Square have in America so your mom and pop shop style a lot of them I think they've got some big corporates I'm sure but they uh so they're taking in fat they taking in dollar and it's now going to allow them to turn that dollar up to 10% of that into Bitcoin every month um so it's it's quite it's a nice way to DCA for some of these businesses if they want to take they think their profit margins you know why is this a big deal cuz Square are doing it no I've never seen anyone do this in a minute well you can do it kind of for our checkout but you just accept all Bitcoin would you no you just doesn't get it does he doesn't get it no this one yeah so so you go into a shop and you pay with your Visa card and you're paying in pounds that shot is taking them pounds and these guys are now letting them turn them pounds into Bitcoin okay or 10% up to 10% of them into Bitcoin so it's allowing the shop why any 10% to actually DCA and buy Bitcoin I don't know that was going to be my point only one to 10% I suppose it'll be a they're a public company aren't they so there's going to be risk things around it and they don't want to go you know do 100% And it's too risky so 10% might be like a big price movement one day and then all the customers are angry at them M Pops I think it'll be a slow and steady one but that actually I think is a really good Concepts looks like a nice app as well it's a complete flip on I think um everything you've seen out there in the past it'd be interesting to see what takeable they get from their Merchants cuz it's bit of a journey for those guys to take as well I think we know I think we've probably got clients that might be interested in the sort of thing um which we maybe need to look at organizing and setting this up properly because we're looking at this week how many businesses we have that have Bitcoin on the balance sheet um and there's a surprising amount are you surprised that people announced they got Bitcoin on the balance sheet from companies that you would expect to have Bitcoin on the balance sheet who was it this week that who was it this week that announced they holding Bitcoin on the balance sheet was it and I was like Oh I thought you would be anyway was it yeah that was it I was like short they got it already you hope any Bitcoin exchange would have Bitcoin bance don't because they're Venture Capital funded which means and then they've got this cash but that cash is to make them survive the next one or two year Runway so they have to have the cash because they can't um risk the Bitcoin price movement of when they need the cash so they have to have it in the fat side they've got the wrong they don't well yeah could argue that um but it's survival of the company and the investment so they have to be sensible in that respect uh We've we've had to do that in some respects over the years but we've pretty much had Bitcoin our balance sheet since since 2014 um and still do today so and that's allowed us to survive and not need Venture Capital funding um in some years in some bare periods where we've had to our teth and get through cheat code play isn't it really yeah that's why I'm surprised that it's taken them this long with if if you're not a profitable company then you've got to survive on that's why I think a lot of the Bitcoin companies out there that won't have it on their balance sheet because they have VC funding and they're not profitable not even break even so they're losing every mon so they need to have that Runway to survive otherwise they've got to keep raising more money but the VC the punishment of the cash they get from VCS has to be in growing the business and not surviving over the next two years not buying Bitcoin but that's the problem with accepting VC funding isn't you're not really in control of what you want to be doing so most of those guys would be want probably underlying would want to have done it much CH we've been fortunate where we've not had to give away Equity of any scale to investors and we able the founders have effect been able to keep majority the mass majority of of shares within the company because we have Bitcoin from early days on the balance sheet from the Geto and that has allowed us to fund our bare Market time who bull market every bll Market would been profitable and been great um but bare Market times is bad times and you've got to have that war chest ready to continue through but we've had that from Bitcoin on the bound sheet which has been like you say cheat code mentality is a very good way to term it I think thanks I invented that phrase but there's a surprising amount of companies that we have as clients that have Bitcoin on the bound sheet that you just would not expect in a million years and there's a larger number of them um but they well played to those treasury managers and those CFOs making those calls some of them have doing those revaluations some of them have been ridiculously mad heroic CFOs you'd say a lot these companies such an underrated some times it's the CFO that needs convincing that's what I've heard heroic CFOs yeah I mean it's a lot of times the financial advisers that are saying absolutely under no circumstances do it so fair play to the brave CFOs I guess exactly going against everyday hero mhm anyway the Daves of the world I'm just ignoring Dave's comments talk about Square we we can skip right okay um the Epic sat it was not even going to bother reading out that M oh yes I was right but the auction ended Bitcoin which is $2 million now I can't remember what our prediction exactly Dan said over a mil I said over a mil and what did it end up at two over two mil okay 3.3 Bitcoin 33.3 just 33 sorry and just shy of 2 mil right also that one they said they sold the wrong set was a joke yeah that wasn't really I went to put that on the agenda and couldn't find anything on it then saw the post was deleted it was a joke joke wasn't it the main part of this is Dave was wrong okay that's the takeway that's the real take the only reason I've included this on I don't care about the SAT that is The Madness of crowds right there why would someone pay 33.3 Bitcoin for for that it's Madness it's a Madness brings us on to the next Point actually is still samurai sword no samurai sword samurai are you are you all right M no I've been off the last two days I'm just catching up it brings us on to the uh sign Bitcoin sign okay yeah The Bu Bitcoin sign uh photo bombing Janet Yellen was auction off for 16 Bitcoins which was over a million dollars I mean that's cool I mean that's iconic yeah but it's collectible I think that's physical as well really what's the difference between the SAT and that sign that's physical yeah that's that's it isn't it there something to it it's a part of it's a collectible thing part history people will pay clearly a million dollars physical or digital it doesn't matter people play pay for collectible stuff but it's iconic you can start to see the only thing I'm interesting is like things are starting to become collectible in the industry now in the sense of History Sur surely we've got some Collectibles well we've got two miners sat down there again which which is just trying to reclaim his 1.2 mil crazy the only reason I kept them I thought these will be collectible in a few like in in like you know 10 20 30 years time they'll be piece of History and uh we know there there's a couple of Bitcoin History Museum sort of things around the world at the minute there one in Europe in was it in prag or something um is it Bitcoin history they have they have like the miners and things they have our socks in one of them do they yeah never they do uh I can't which one that is now that's crazy that just seems crazy that's interesting i' love to go to that history museum love a museum um but yeah it's it's quite cool that you stting it's a new industry and it's a new thing so it's become it takes time to create that history in that background but then things eventually become a part of history and collectible in some way so we're starting to see that now which I think is quite cool it means that the industry been around long enough to have history that's worth I think there's a there are some bits actually you know the user activated soft Fork hats they'd be I think that's their Museum worthy have we got some of them we did have got one got a few they were the issued at might have warn them though so probably not in condition no just checking through a wash they'll be all right there also that sign that that was auctioned off I didn't realize there's other stuff in the notepad mik was just flicking through it then and there's like little Doodles of like trial drawings must have been so B draft of the sign made prior to T yeah the so it's the whole pad so he's just got little practice ones that dated it signed it love it m that's cool isn't it yeah but we do have a lot of like little Collectibles sat around here don't we that when you look at up close it's awful Isn't it but you're it's so recognizable yeah trying to look behind me what else we got the trainers something things but yeah I mean why what was the decision to do the be like that it's not on the Bitcoin not the Bitcoin symbol because it's more simar to the dollar isn't it it's so early that just it's the uh what you call it the Thailand bat is it the symbol AS that was one of the original ones I think that got veed cuz it looked too much like the Island symbol I was reading about that the other day yeah that's why it's got the two things instead of the one right fun fact for okay moving on some important things moving on uh Department of char Department charges and arrest co-founders of Samurai wallet with conspiracy to commit money laundering and conspiracy to operate an unlicensed money transmitting business this really was the big news of the week wasn't it yeah yeah kind of took over so did you guys read the FBI I had read the the charge statement I didn't read the document now I just excellent so the charge document yeah um it's not that long to be fair it's quite short what's the tldr then so they get in charge for two things obviously which has been said in the title so you can hear that but the one is the uh MSB uh money service business license not having that one is actually laundering $100 million of criminal funds MH um knowingly is what they're they're declaring that as or defining that as um um so they are two different things so people obviously jumped on the back of it because it's like people think it's an attack on privacy attack on um self- custody I think more so which is is I just don't believe that is the case at the minute I believe the us is going after and don't say easy targets but where there is a crime committed there so that crime at the minute say for examp sorry I can't say crime has been committed we don't know yet but they believe a crime has been committed there for laundering the $100 million knowingly so if they've done that say that goes through the court case they might get found guilty for that but they might get found not guilty for the money service business license side of things so we'll we'll have to sort of watch and see how that plays out and that will help Define and set a precedent in some respects for what the self- custody angle will be if there's any angle at all or the Privacy angle as well um so we'll have to sort of wait and see how that plays out I don't believe they are going after Self custody in any way that's not what this is this is what they believe is a criminal activity of $100 million and the other piece of it thrown in there is just kind of it feels like probably an additional I'll throw that in there as well because we can try and argue that and they're arguing that from a slightly different angle as well so the way Samurai one in this they even talk about summarized marketing um how they marketed the products as a mix in service and they agressive Market the the term marketed to criminals banded around everywhere how does one market to criminals I don't think you can specifically that was the term though I was like Market to criminals as an audience I guess if you look back at some of the their tweets and some of the things they said um I think in the past it's been very much like in their investor profiles they were saying that they they've got this Market that might be illegal or illicit and that's where they're having growth areas and that they as a plus point to the business yeah um so that that was how you it's not really marketing to criminals it's suggesting that they're benefiting from criminals and not doing anything about it yeah M so they knowingly did it effectively which is what they're getting done for in that um so it's it's a difficult one to argue against in that respect depending on what comes out the court case and how this goes the really difficult part is because they've tied it in with the uh money service business license side where there's potential to see it could be like a self the issue however coming on to that piece of it the samurai structure is and again I I may have this wrong but hopefully I've got this right I've only not had too much time to read on this and I've slept since um but they have their ex customers of the Samurai wallet would put their xub keys with server Samurai which stores all these xub Keys which the xub key allows customer to allow somebody to it's like kind of a a key to your wallet that will allow you to create more Bitcoin addresses so with I could take say your X Pub key my key from you and I can use that to generate as many Bitcoin addresses as I want that will all be controlled by you so I won't be able to control them addresses but I can generate them addresses and then I could send Bitcoin to them addresses as and when I want which you would then be able to control them you're receiving them effectively um so I can see what what's a real world use case for that like why why would you use that um so from a normal person uh Swan I think I think Swan do this in America but they they a customer gives us their xub key we could then generate addresses so we could send to a different address when they do like a DCA for example and send in money bu Bitcoin we could then automatically send out to their address we could generate a new address every time so it helps from a privacy angle to make sure that you're not all their Bitcoin are not linked together in some way um so people use it for that sort of thing uh across the industry so there's other ways you can use it for like security aspect as well from business side less so there's a an individual so there is there is benefits to be making use of it in an infrastructure business side um so they Samurai effectively had all these xub keys of all their customers on this server that was allowing them to generate addresses so then when you want to make a transaction on the wallet it was then saying right send one Bitcoin to this address um and they would then generating the address but they were effectively piecing pooling together all your transactions and creating a transaction off the back of that so Samurai were actually creating the addresses of where it's been sent to creating the piecing together the transaction and then sending that broadcasting that transaction out to the network which in that's where they're trying to get the money service business license piece in there because they were actually creating the transaction on behalf of the customer right then actually transmitting it in terms of broadcasting it out to the network but one they've pieced together and done and had control of so it's a very very gray area I would say in terms of whether that is classified because it's even though you've got your private keys and you've got the self- custody side somebody else is kind of creating this transaction for you in some way it's a bit more complicated than that but um at a high level that's kind of what was happening so it's very very gray in terms of what it looks like and that's what we have to wait for the court case and see how they argue back technically that it doesn't fall in them uh in that remit if you're self custody in and you've got the private Keys yourself and then you just send a Bitcoin transaction your self- custody wallet is creating that transaction and broadcasting that out there's no third part involv there's no centralized there's a centralized Samurai server that has the xub keys on which means then there's a centralized Point doing something there so it's not it's self- custody in the sense of your private Keys controller but the actual transactions being created and put together and things like that is being done by this centralized server as opposed to on your mobile phone for example um so I think that's the probably the key difference and something that I assume the FBI will play into in the core case and push that that side of the case um so it's much much more complex than first meets the eye I think in terms of it's an attack on self custody no it's not an attack on self custody do you think it's it's also that they're a victim of like the the charge sheet that you get from these the FBI or any legal body they tend to almost like overreaching what they can charge for actually gets drawn back when arguments start exactly that right so they've put as much as they can in because they know they've they' got them on say the100 million in their heads they think okay we've got that but if we put all this other stuff in even if the other stuff gets thrown out they're still going to then it's it's like a win almost to the samurai guys if they just get charged for 20% of what they're getting charged for which is similar to what you'll assume with CZ which will'll come on to shortly um where you've got this you know they try to put three years on them and then gets four months but actually the the prosecutors were probably originally happy with anything not three years I can see why people were worried about the self custody attack on that cuz on the face value without knowing that knowledge it it can look like you know an attack on self custody well scared off Phoenix is it see well see now Phoenix is another weird one because it has in some sense and it's sensible for them to in in some it's really it's really hard to for anyone to really have an opinion on this outside of the people actively involved because a lot of people are saying why you pulling out go fight him stop being like [ __ ] basically which I think is just silly Because unless you're in that position you don't know how you're going to react and what going to what is going to happen there so for Phoenix to pull out I I don't blame them in any sense as much as you want to go and fight the law and try and help do that but there's again this is this self- custody thing with because they're doing it with lightning they have you have a phoenix wallet which is self custody you have the private keys but the channels the channels are kind of controlled and owned by Phoenix so because they're creating and doing that to allow for self custody lightning they they're going to be in this gray area of what classes is an MSB that's what brings the question like can you is it possible to do self custody with lightning it is if you just open the channels and do it yourself so that's your Chann so you could have an um on node for example that you you create the channel and you do it properly and then that's self custody that's fine that's not going to cross over in the MSB license side at all as far as my understanding it's when they're trying to do self- custody in a simplistic way where you don't have to worry about Channel creation and things so they're creating like they have the big main Hub of their Channel which then has lots of little Subs sub channels which are all the individual wallets that created on Phoenix and they all have to go to Phoenix First to go out and it's kind of controlled by them so it's really they've been let down by Regulators almost haven't they cuz it's it's that unknown element so like to stand up and fight is a costly Endeavor to get legal opinions is extremely burdensome And Timely and the personal circumstances of Phoenix well I don't know the company itself but that's that can be hugely inhibitive so if you've got a gray a from a regulator that then you're not sure about and then you have to get a legal opinions about and then sometimes it can just be right let's just pull out until it's actually a lot clearer until it's settled yeah yeah there's a good um so add them back and things like that where the crypto the cipher Punk side of cryptography back in like the [Music] 880s I think it was maybe something like that um in what book is it there's a book that I've read which kind of touches on this and it's like about explaining the the court case they had to go through for cryptography the Genesis Book I think was it the Genesis have you read that no I don't think I have it's not they touches upon it in there I read it about a year ago so whatever that was it's not a new book um but again it's like that Cipher Punk having to battle for the rights for privacy around cryptography side and doing that and that is unfortunately what is going to have to happen in the courts we're going to have to see that play out and then the gray areas become clearer um but until then you people will like Phoenix are going to pull out it's it's the cost of moving first sometimes isn't it sometimes it's better to move second because you can just see yeah it's clearer I don't think as well I don't think say Samurai for example weren were just a self- custody wallet and doing that and they weren't a mixer in the what they were doing I don't think the US went a p them in they're a company outside of the US I think are the uh one was Portuguese one was I think one was in America but uh the company itself was outside but because they've got them on the or they think they've got them on the $100 million laundering of criminal funds and it's a mixer that's why they've pulled CFT them for the two billion yeah the MSB thing is just an additional piece like say around were they really overtly going after that market like if they've got investor materials that say that this is ever had invest I don't really know the structure of the company to be honest of what that like they're putting out like a pitch saying that's how they're advertising two criminals but it was that whole aspect of it they must have something quite solid to do and this that um the marketing materials acknowledged that its revenues will be derived from dark gray Marketplace participants see if we' got that and so they're saying we're chasing this Market that's oh yeah go I'm just realizing that below the little screenshot yeah so yeah that that's they're actively going for it if they wer so like Phoenix were not doing that so that's at the minute such would hope there's nothing Phoenix have done in that sense but think of like a um like your your Breeze wallet it's all any even just a Bitcoin wallet that is just a non-custodial Bitcoin wallet why have FBI not gone after them it's because they're not a mixer doing that and advertising that so I don't think it's it's not a self- custody attack in any way whatsoever I don't think yeah think there a lot of people on twit trying to call the situation down would they say it's it's not an attack on self- custody it's an attack on stupidity more than anything else yeah I think unfortunately the for them it's uh I don't know don't know what their thought process was should advertise the fact that you're running a Mexican service yeah right Moving On Moving On Moving on uh Andreas and harwit CTO says meme coins are likely a risky conceit Casino it's just an example of stating the obvious one of the first times I agree with the guy but the guy is also the guy that's absolutely pumped the hell out of these things um the CTO does well no Anderson hor they've been investing in casinos for ages I want to say casinos crypto exchange esque uh coins okay cool which I'm I don't understand it's just crazy but the point is yeah meme tokens and to be honest why just meme tokens why not all the other altcoins why not the other 5,000 altcoins out there yeah they're also casino at the end of the day I mean it's interested to see at least the CTO knows what he's saying if the CEO doesn't this is just probably a dumb question but what's the difference between a meme coin and an altcoin nothing oh same thing no I'm kidding there there's a definition of it but I'm saying this they're just as bad as each the same um the a meme token is literally just because there's like a dog on it a hat on it or something um whereas an altcoin theoretically traditionally altcoin Sol some claims to do something alternative to bitcoin the point of the name but it's alternative to bitcoin by doing something slightly different that solves a different problem but realistically none of them have ever really solved another problem they've created problems um well there's an example of erson hor it's just ridiculous irony is just like what this is crazy um for them to say it's a casino yet the last couple of years all they've done is pump the hell out of that casino in terms of people that just listen to this as's a news article that says Android horo toare the windfall from Bard AP um cryptocoin maybe they're just going for honest marketing these days yeah that's right is a casino I don't wonder if he's going to get sacked now for saying that it sounds like he's sort of gone off on his own like this is his own opinion not like Anderson hor it's but it's not is it suggesting there's something wrong with that like he's well underneath the second line yeah I'm here to build new networks to power a fundamentally more powerful internet it's just it's just not the same size yeah but like the C like that Meme coin casino coins there space there's a market for it in terms of people gambling it's just a gamble people have to be aware that that's what it is but that's the problem because people are not people think oh they jump on the next ship and the next whatever they try and jump on them because they don't understand where the regulat yeah cuz that's where Regulators then are trying to step in and trying to make the reasoning behind why they're putting these Protections in place to protect people from buying what people think is the next shib or getting screwed over with something that has nothing but I can't think is sh an ALT coin or a mem coin sh's a bit probably meme I would probably success with D I think they're all just if you were to read the wolf paper you'd see that it's it's solving all sorts of problems yeah they're all just garbage but um yeah no one's buying like meme coins thinking they're going to be the next I think some people are they are we People Like Us who are into Bitcoin know that just a complete gamble but I think a lot fundamentals look at Dogecoin and Elon Elon was pumping Dogecoin people are buying it because obviously one because he's pumping it but he's out there telling people it scales better than Bitcoin he's an idiot that's a good point he's an absolute idiot and he's telling people that people believe we literally had I've had conversations with people from years ago when he first started saying about that saying well elon's going to add Dogecoin for tesler and stuff and uh it scales better than Bitcoin does and it's like they genuinely believe his comment around that which is just crazy and they're buying it because of that like he should get done for that without a doubt he still goes on about it all the time now think month ago was it he was saying that they were going to bring it back at some sort of price yeah and he he owns a massive portion of as well someone tracked down his wallet as well he owns a massive chunk apparently I don't know if that's a true well then if he yeah then some the SEC should have a a pop at him yeah there we go an apparent 45 million Doge byy how can you pull the trigger on that oh no that no I think someone found his actual wallet from back in when he first bought it or something I think from like 20 was that 2021 or something um is Elon M buying do anyway let's let's a bit come on let's move on um ocean introduces lightning on bolt 12 we so now we can get paid out exactly no more worrying about the the minimum payout onchain payout we now get a lightning payout to be fair we must have hit the onchain payout now just not LED I highly doubt it no I think we must be was on no I don't think we have total earns somewhere around just under 500 quid I think I think the onchain payout was somewhere around 500 so it was close Christmas party now we don't have to worry about it that's been a couple of that's been what 4 months of hea in the office Haven to turn it off now to wind it down a little bit yeah it's warm all that Revenue gone disaster mhm but half the electricity cost and we've made 500 quid which would theoretically nearly cover the rest of the electricity well it won't nearly covered the last maybe need to two or 3 X in price when when we them one like November time mhm it's not bad for 6 months no it's not bad we only S one in the day yeah the hash rate that we put out as well yep just lovely just contribute to the the hash rate really um anyway most miners should be doing this if they haven't already um because it lets because if you're a solo Miner or mining just a small contribution to a pool that the month the the minimum payout is does sometimes mean that you'll be spending years trying to get there you've got a little 1 S9 heating your Greenhouse growing your tomatoes that solo Miner that got the um the block the other day that's such a misinformation so solo Miner with more has than most mining pools so yeah it's only solo Miner the term solo Miner cuz he's not pointing out a pool with other miners the hasate got the energy for not got a little USB stick away not a little guy with a victory it's a big player but anyway yeah so the payouts be more accessible to people that mining might be you know like I said mining in your Greenhouse becomes you might get a payout now because you can get on lineing nice not tried it yet but we will try it at some point just time yeah cool I think I'm seriously considering getting one for my for my house next year if you comment below on this YouTube channel we get once we get a th000 subscribers you might win that it look bad if you do but I'll just take one out of here no one's looking yeah it's already set up come summer time we'll forget I have no problem with having staff members arrested for f okay I will you you not steal a minor if few days ago I don't see a minor thought they weren't missing no no no oh that one they're all there they yeah they were missing well I'll return it in the summer next summer okay right let's get moving on okay uh micro strategy acquired an additional 122 Bitcoins for 7.8 million now holds 24,400 Bitcoins what tiny buy by friends I I'm very surprised why was it why was it so tiny but you wouldn't announce that would you embarrassing it's normally thousands he announc isn't it tens of thousands I mean it's still a chunky chunky buy for the man on the street of course but just a casual 7.8 mil for them it's so tiny but um at least they're still buying and still still continuing I guess yeah mhm cool did he personally buy the Michael S himself not Michael not micro strategy I think he was personally buying quite junk as well I think he does I read that recently I think he always does I think as far as I'm aware he's got a massive chunk himself personally anyway be weird for him not to really wouldn't it it would he probably has to tweet that doesn't he have to tweet that to declare it anyway like it's public he doesn't have to declare it until the qu the announ the financials come out and stuff I don't know when that is I don't maybe he's done that at the same time have no idea maybe he's just trying to relate to the to the little man oh look I can do small buys too 7.8 mil really relable yeah okay um well done sailor C ex binance CEO CED sentenced to four months in prison I read guy right were we expecting a bigger sentence what was he charged with someone what you said before it was they wanted three years didn't they was what they put out six months he got four months which is obviously a lot less and they were probably happy just that he got something I imagine the prosecutes um he's I I assume he's probably fairly happy with that because if you can do four months and then off he goes I so they've been lenient cuz he was a nice guy that was is that what it was that's what I saw yeah also gave how many billion to the US government a positive is it 4 billion billion I think that personal fine not a binance F four months is also in relation to time already served whil he's been in custody so he just get out straight away I imagine they'll be yeah you pay a billion you get a little sentence so everyone wins and then you can just leave I think that'll be a great win for CAD nigos um he is weird like you know don't get me wrong he's got shitcoin the biggest shitcoin C in the world in that sense but he does seem like he's a nice guy to be fair and a nice friendly guy so very positive nature he's a posit he does have said about positive nature he is like you don't ever really see him being negative in any way or anything no he is one of them in the industry that is a you can't you just can't hate that little face can you have you ever met did you ever meet him no no no no never met him anyway so long so short be nice and you get a short sentence simple s it's Molly's really long play that she's always so nice to people that she's doing something really really evil in the background she's Master criminal in the back nice I'm nice four months for you Molly that's okay there's the four months yeah the four 1 2 three four incredible is that actually after sentences he didn't no that was the so he he said every time he tweets this P this photo it means food essentially okay it was like four reasons why there's food in the and then he got find four billion and got four months it's like's a bit too like matching there it's a bit weird but yeah coincidental it would be funny if he put that up again after a sentence so that some great binance merch he's wearing as well oh God I love that Polo we should get Polo should we get Polo buy you one if you want a binance one I'd wear a b this one on this pod I'll give you a good recommendation later to them if you want a job Molly's going to clid um okay short on time uh last Point Patrick McHenry accus accuses Gary Gensler of misleading US law makers over ether didn't read this me neither I've not read this article either I I read previous ones which said that um Gary gendler was aware for at least a month that e was or he thought for at least a month that it wasn't a security mhm something like that and I assume that's what this is lying into yeah I think I it's just interesting I guess there was two wasn't that that got uh did they get sacked in the end them too from the SEC that last week we spoke about that um and now I think there's there's quite a push back in certain areas so this is again another push back in terms of the SEC and Gary in particular of terms of their overreach of things um so it just feels like everybody's throwing stuff at each other all over the place at the minute um yeah I mean it sounds like old news anyway it sounds like we already knew that he'd once classified ether as he said cuz he he originally said Bitcoin and ether yeah are not Securities and then it changed to just Bitcoin so I think it's old news anyway really isn't it as much as we would say okay yeah just Bitcoin but actually it's more about I guess the attack on the SEC there in terms of whether people can push back and and discredit his reputation in some respector so if they can discredit his reputation over time that will be favorable for the crypto industry to be able to push other things through I guess um in his opinion so it's just interesting to watch and see how this all plays out but do we want rid of genza quite a soft spot for at one point Danny you were a big fan well he's he's Bitcoin he knows Bitcoin is is the one that's why he's pushing the rest of them through Securities and he always has been that um I think he's got a less though in terms recently he's overreached in lots of different ways in many different ways um so when do they get replaced in the next election Trump will just if it's trp presidential signings yeah so he'll just who's going to be the lesser of two evils is it going to be him or somebody new you don't don't who you get it was that hopus woman seems like she's very Pro crypto but get in if not it's probably would you prefer the devil you know but you've also got to be careful you get Pro crypto not pro Bitcoin and then you end up with uh yeah have an ethereum ETF have a ship ETF guys yeah it's like what it's a balanc act I don't know don't know what's Nobody Knows the answer I guess and knows which is best see onto the Dear Dave section these very very three minutes right one word yeah should Copa copper offer help to Samurai no would be my quick answer it's just such a I think what we said before very quick answer um there's an angle obviously that it's uh privacy attack in some respect so you would want Copper to help defend privacy like the cryptography Cipher punks that we spoke about there before you would want Copper to help step in and help that on the other hand these guys have actively and knowingly marketed about criminals using their service so so how could you how could you defend that in some respects so it's a solid no there's no yeah solid well Danny's answered the fact that it's not an attack on the self custody stuff and that all that being true then it's a solid no isn't it it's potentially an attack in some respects on the Privacy side because it's the mixer thing but because it's too closely tied with what is $100 million that they've actively gone out and said yeah everyone using D markets will use their service to generate Revenue how can you defend that at this point uh um okay uh coinbase officially start using lightning is this positive for the Bitcoin ecosystem how would say it is yeah I missed this question um coin Bas of integrated lightning with light spark with light spark I miss all this as the infrastructure uh I don't know how you you're not reading this no I missed it I don't care for Co base let's move on about system stand lightning and know how it works it's good isn't it the feedback has been not great on it though I had a couple people comment on a tweet that I put saying that it's not they've tried to use it and it's not working properly brilliant not ad lightning a good couple lightning at coin Corner Works were you were you go in coinbase a bit saying why is it taking you so long I feeling a bit sassy you bit just she's had a few wi she's it was the painkiller coin base $400 million on an nft Marketplace but you know couldn't spend their own money to you know do their own infrastructure thems and get lightning integrated three years ago instead they meme tokens nfts everything else [ __ ] off it's as and when it suits them which is fair enough and some their business do they want they've played the market um and played people but all that thing well it's it still gives a lot of people access to lightning if it works if it works it works so that has to be a good oh yeah they don't have lightning addresses enabled that was the other thing they're never going to have lightning addresses enabled I'll throw that out there now um because they are using light spark who are pushing Uma and they will want Uma addresses not about that didn't VI pods back can't believe for a minute they're ever going to do lightning addresses I can say that now okay so there are some negatives there yeah they'll they'll do Uma which is very similar to the lightning addresses with the dollar at the beginning the two won't be compatible will they me there's a dollar in front of it the fact that they use a fat symbol yeah it's very just annoying yeah exactly you just like okay that's it oh we've finished three minutes till your meeting finished yeah sorry this was a little bit Rush but we've had to get through quickly sorry I was just laughing at Chris what was he doing he W past to go to the gym was in there about 30 seconds and then came back out and wiped his brow few quick reps he all right cheers guys [Music]