Elon Musk: Bitcoin on Mars? | Britcoiners by CoinCorner #111

Transcript

who gives a crap about his opinion on things well that's what winds me up as well he has clearly shown time and time again he has no expertise in anything with this yet people continue to ask bother he's in line to be the world's first [Music] trillionaire right welcome back this is why everybody you guys always was the time and go oh welcome back good always feels a bit empty otherwise we're staying quiet until you've read the agenda welcome back episode 111 do you want to know anyting believe it like deja vu um okay this week's agenda uh ocean mining um the SEC approved the ET ETFs uh Bloomberg they predict big ETF inflows there's a lot on this agenda this week um Franklin Templeton they've got involved in the Bitcoin Community people think uh ECB tweet about the digital Euro X have removed nft profile pictures uh something about the bank of England Elon Musk is getting involved in Bitcoin again uh Black Rock have released a boomer ETF ad another another ad review was a few uh argentinan president um and Bitcoin ETF versus volume versus all 500 ETFs launched in 2023 let's get cracking there's a lot on that there is big price quick price recap I don't know what the price is I don't know it's probably it's probably be wrong that was from this morning so it should be close enough unless we've had something drastic delete my history coming up to j h Civics mik he's tried to go to the coin market cap and he's ended up on the Honda Civic 2001 he just bookmark now it's some of my favorites yeah fully 273 M so last last episode's price was 45600 the high since last episode was 48900 so the price has declined since the ETF come on board it's been stable coin pretty much and it 43 is for the last four or five days now I think yeah you can see since the 13th mhm side wings yeah anyway cool right is what it is have much comments on it right uh ocean mining oh how do I say that they've reached what one what XA xash XA hash which is about one 500th of the current bitcoin hash rate yeah what does thatan let's kick it off with our mining update I spose yeah mining up day cuz we are using ocean they did hit One X a hash for I think about an hour now they're way back down to 550 pet a hash so they've hared since why I don't know if they pumped their in has just for the news or someone pumped it because you look at it it just goes like that oh go on the dashboard Mikey literally how long you talking about let's find out it's not long so do you think like a mining like a miner just switch them on and then switch off actually I've seen that before on there could be yeah it could be like someone's testing on coming on with a new batch of things that they've got that Peak there ready to go uh it could be yeah couple is yeah I'd seen those spikes before so we were up here yeah come D made the news and then yeah now we're here someone is just someone's yeah playing around with it yeah checking out the dashboard we're we're still poting yeah we're all pointing there Dave give us an update on our um min's blocked since ocean mines blocked since the last pod zero zero so they haven't actually mined a block since yeah for a week which is which is a bit weird with they do have 500 pet has still they were pre- Christmas they were averaging or over Christmas three a month three blocks a month three block okay so you still got time still got time so yeah we've been mining in this reward window so when they do find a block we will get M our biggest payout Yeah Yeah from the heaters so so we'll let you know when that happens that money back put some sort of siren upstairs when they do like one of bells yeah that's good yeah and say we'll buy Lambo with the proceeds but then realized you couldn't even buy a toy Lambo with the proceeds buy some kind of Lambo or something yeah you'll be able to buy a l w anyway cool that's it all to say about payouts isn't it yeah yeah about building skinning the game yeah heating the building PR Network securing the network it's saving the company money saving the company money using less power than Bitcoin Network and just having a great time doing it and all the positives yeah providing content for the podcast and there's one still going on in this pod room right now people won't have even noticed that's a good point as well actually is saving because it's saving us money it's saving electricity which actually us Mining and heating this place all Bitcoin mining is saving electricity usage yeah so it's actually reduced our electricity usage Yeah by doing that and still heating the place winwin which actually is saving the environment so Bitcoin saves the environment yeah in the short you're welcome to see new scientists doing a yeah more coming as well we're about to up our game AR we more we got a double we're double they arrive um they've not been sent out yet they've not been sent out yet no didn't we order them two weeks ago um start last week probably a back clog cuz everybody listens to the Pod is order and after you gave them such a glowing review yeah any got your commission in the end hey hey there was no commission I know bet everyone should have one please see maning holes. Dave yes no I need the we need the stats so we can uh share oh I just meant to email them to you yeah okay cool right okay moving on uh the SEC approved the ETF for real this time although it was a shaky it was was they put out on the website did they and then it kind of half crashed went disappear PDF website didn't go down it but yeah the page broke yeah re that was just from too much traffic or just I think more I mean who knows don't know did they read the statement from Gary uh bits of it yeah I didn't realize the the grayscale stuff kind of forced their hand a little bit they didn't yeah so like all right they were backed into a corner by grayscale yeah and then the weird thing is that grayscales probably had the worst it's been the worst of it so I was like why would Grace scale insist on converting and then knowing that and not lower the cost of the ETF so and push this through and then everyone else can jump on board but it's not a great play for him then uh I'm missing something it's yeah come on so they volume so the volume going through they've kept a high Fe there's there's a different I can't explain what what I'm trying to explain in my head there's another process between ETFs and Arbitrage between things so having a higher fee helps for Arbitrage in between things um for I can't explain it I'd have to Google it and get the actual breakdown but there's a reasoning behind that and actually it's an incredibly clever reason Grace scale have done that um it's a clever play from so you will you fill me in next next I'll fill you in next week I'll get from their numbers they've had like half a billion pull out of their scale and they have do do have the highest fee so it probably as fee related they've not lowered the fee everyone else is on 0.25 and they're on 1.2 I I don't believe for a minute it's any of that is probably going to be from fee related stuff that's outflow from people that have been stuck in Gray scale for many years and have wanted to come out um they the billion that they volume wise gra SS gray scale are the biggest I think of at the minute um and that some of that is outflow but some of that is just trading volume which means they're making well they are they not the only one with a net outflow from all the ETFs well that's because the other ETF didn't have anything to start with yeah but with so they can't have a net you're not going to get in day after that's true one the accountant everybody you do that with an ETF now people will start training it like that um there's a really clever explanation that I'd read about why Grace scale have kept it high and actually it's a very clever move from them um which is a weird concept yeah Mak from a high level it for me it looks like push for ETF they had a huge outflow from it yeah charging the most fees all the other ETS look like look like they benefited more from their pushing of the SEC and judging from Gary guzzler statement it it was because they did that that he was forced to let everyone else have an ET yeah so scale are the real Puppet Masters in this whole thing well yeah they do seem to be front running everything don't they what do they have is it 28 billion in their Holdings at the minute is that Grace SC right yeah and what their net outflow is like half a bill is it so it's like it's not even um 26 billion 6.5 billion there um so you know they've got a lot to go and so I know it's only been a couple of days that we've seen this go out but you'll expect the biggest outflow initially at the start and then it'll ease off over time um so I think yeah they're in a pretty comfy position to be quite honest even at one half% fee right interesting um Bloomberg predicted 4 billion Bitcoin ETF flows for the first trading day with two billion directly from Black Rock which they were almost yeah what was the actual figures pretty much right it was it like total um cuz they said inflows they said inflows yeah volume was $4 billion this getting quite messy on Twitter got very mess I think people like they've done this volume and no they haven't no there was it's a learning curve for everybody I think on we don't know including happened we've tried to get our heads around a lot of this um but the volume is obviously people just trading and buying that back and forwards not necessarily the Bitcoin purchases in the background the net flow that they're talking about there is uh inflows and outflows of how much is coming into it and then at the end of the day when trading stops they have to theoretically tally everything up and buy or sell the equivalent in Bitcoin um we don't know I don't think that's one of the things everyone's speculating there's people saying oh they're buying it as and when people are trading their their stock price um so they're buying Bitcoin in the background there and then but I don't believe they are but also every ETF is probably going to be set up different in the background I don't know if any of them are really buying it at the end of the day yeah look CU there was everyone yeah CU I heard that report well oh they just buy at the end of the day yeah everyone was watching the volume but you can't do that because the price moves too much and after you trade on an asset that TW trades 247 365 would it not be speced out in their applications that are public that no one's bothered reading yeah including me I don't think it gives I don't think it does I don't think it gives you an exact um method of how they do it or how they will do it they might have examples I don't I don't think they've got examples to be honest um but okay there's different ways people can do CU people can be hedging against it and say okay actually they'll uh hedge something with the Futures market so they can make sure they don't have to buy till the end of the day but then they'll net it off against itself which actually zeros itself out like they've been buying all day as and when so there's different methods that people will be using um It just strikes me as something that maybe the SEC probably would want to approve that kind of methodology but maybe they don't have oversight over that part of it I'm not sure um don't know don't know I think just by the end of the day they have to they is it like 24 hours or something to make sure they are but pegged one to one effectively with whatever the underlying asset is um or is it again we don't know 24 40 hours I'm not sure what that time scale is um nobody seems to know a lot of SoCal experts on Twitter yeah that's what I thought because they did put themselves out as experts and then say Oh it's the end of the day and no nothing nothing um but yeah it's early days still we've had three trading days has it been there a bank holay as well so there been three trading days for the ETF um and I think we've seen a lot from grayscale go out don't get me wrong but I think that'll obviously ease off as time goes by um they're doing all right though in terms of performance aren't they yeah compared to like other ETFs yeah so volume is a big one so apparently the more volume with ETFs attracts more people so the bigger the volume the more people get attracted to come and trade these ETFs um that I as far as my understand I don't think there's ever been another ETF that has an underlying asset that trades 247 365 so this is outside of the market new yeah outside of ours so this is new I know gold technically in some capacity but love about it not really like in traditional markets stocks shares we get absolutely screwed by aftermarket and premarket we don't have access to premarket we can't get involved all the rnss are released all the information about any stock and shares quality reports are released afterm Market in a period of time time where where institutions can still trade and Retail cannot so you ABS front run all the time yeah but yeah we're getting front front run in that traditional sense but Bitcoin now this the run then which how do you like it yeah like here's my1 deposit that black but that is exactly right CU that means then on the reverse flip side of it they the traditional trade f CR fire guys don't know how to deal with it because they've never dealt with one before that has this reverse mechanism so they've now got to try and figure out a reverse of how they deal with us um because people are going to be trying to AR against it in a reverse manner where they're not used to and not set up to do so it's going to be a learning curve for them as well even if they're experts in ETFs this is a different ETF yeah um this is a different ball game um and that's yeah the volume which was one of the later points was yeah the all of the ETF F that got approved in 2023 not Bitcoin ETFs all the different ETFs around the world which was 500 of them they only did 400 million $450 million volume yesterday so volume traded and then Black Rock alone yesterday did $360 million I think so black Black Rock alone are nearly doing more than all 500 other ETFs out there that got proved last year that's insane which is just shows the the interest in the Bitcoin ETFs and obviously if you C tally up all the actual collection of the 11 Bitcoin ETFs they they dwarfed the total 500 from last year um in a single day shows you like 500 launched in 2023 is more than I envisaged only two a days yeah I mean the it's a crowded Market isn't it and some of them it's crazy because we actually look at some of them other ETFs in the other markets is 500 and they're only doing 450 mil a day they're not even averaging a million day in volume like we like exchanges like us are doing bigger than these ETF is the old shitcoin Bitcoin like that you see on some exchanges they have all all the new coins coming through all the meme coins new ETF and they have to try and market and they have an initial pump a new different thing and that's actually all the volume through Bitcoin is the only one that kid people care about yeah kind of mirroring out our industry a little bit it's crazy how some of them ETFs are doing such small daily volumes that even like coinbase and all them are doing much bigger volumes but even the smaller exchanges out there are doing bigger volumes than these which is crazy what did you think of the tickers with some of these ETFs I thought they were quite quite funny vanex got hodle haven't they there's a bur in there there was I saw like someone someone had ranked them of like clever to boring yeah but you've got to think of all these traditional financial institutions like he's got hoddle like had a little discussion about oh what's good in the end what's what do they like how many me they have to decide on a ticket all these little imagine that it's a good two months worth of me just like they're trying to take our thing and like ingrain it into their thing like that cute that they're trying it's cute that they're trying almost an insulting yeah in some way yeah it looks like was it bitwise did the best did they day one as well was it bitwise bitwise yeah yeah they did day one they did really well yeah were the biggest volume day one which was our ad with the old guy it was yeah yeah whereas uh black Rock's advert oh that oh that was Black Rock released Boomer Bitcoin ETF ad it really was I don't think I've seen this it was dull as anything you don't want to see I haven't seen this minutes of this actually it's about a minute of this guy talking just the frame one I already know it's terrible yeah there's like disclaimers is this it this is it yeah he like goes through and he pulls up some charts and I suppose it's a lot like all our other adverts it's like 30 seconds nearly at the end of just as they're not trying to towards massive disclaimer at the end crazy yeah 20 seconds of a disclaimer and what did they try and what did they call that something non-industrial related uh I bit Yeah they just they know the market sing in the swim Lane yeah I think that's what everyone's saying about even though we're looking at that thinking that's proper Boomer ad they're just being the adults in the room they are trying to be the adults in the room and Their audience would appreciate this explanation of to an all fans I'm not kind of I kind of appreciate that slightly more than the other ones trying to because you are no because it's a not there's no pretense they're not pretending to have been in the Bitcoin industry for years and used all all the things that all the Mimi type things that have grown up in the industry for the last 10 years they're just saying this is Black Rock this is what we do yeah and the rest would be like oh no we're we're down Franklin laser eyes shut shut up don't get the start don't get Gage and then like she goes on over really say What U she's got they've got actual laser focus in delivering better outcomes to our clients it's just like don't use our thing for your your own think she didn't understand what the laser eyes indicated that Bitcoin only thing no it's Bitcoin only it was actually originally it was a Bitcoin to 100K Focus thing that was the point of it we've all still got on we've all kept on yeah no Chang my profile pict I changed my profile picture more than you do it it's slowly become a focus for Bitcoin as of focus on bitcoin ignore the rest in some ways as well but I think that um she didn't understand what actually was and Franklin simpon have added it like exactly what you're saying they're trying to copy our memes but without even really understanding them which then her tweet explains like they're going to do blockchain and web 3 and blah blah and they've got their own portfolio crypto they've been operating valid I was say do you think they' got MTI well I know I know I know I know they do I know they do yeah definitely not validated node I don't think but they have said there says there we've been operating validated node yeah but that' be like a Bitcoin node that'll be EV validated the but they do run the some some wallets across multiple blockchains it must be an eth one so I gave a big long run cuz I know some of the guys there um so I've given my feedback on um what Franklin templon have looked like to the industry and I didn't hold back sorry you emailed them after saying this yeah yeah guy actually emailed me and R you up asked for my input on it uh so I just give him some inut back for the the pro he want the pros and cons of the ETFs of what's going on and the laser eye thing cropped up and a lot of a big long email I forward on to you guys of my rant at them about the pros and cons of ETFs um and Franklin's poor effort I think of the laser eyes yeah um I like the guy there they're nice guys there and everything so I'm not trying to abuse them in any way but I think their CEO is absolutely screwed up you're questioning the Integrity of Franklin Templeton I am I'm I'm questioning her integrity and potentially they guess the team arounder yes in some way but um it was maybe is the best way to word it and uneducated come do that got the attention it got bad attention have you seen all did oh God yeah the negative the the laser eyes was great and everyone was like oh this is great but then then her explanation of it just destroyed everything because Bitcoin is now don't believe a word that she says and what they say cuz it's just done for volume and attention and then even the shitcoin is that thinking oh yeah these guys are coming into web3 also won't be able to trust and believe what anything they say because they've already just fully exposed themselves yeah don't know what they're trying to achieve cuz like Bitcoin is aren't their Market you're Bitcoin you you've already got Bitcoin you don't need an need that's the point they don't understand she's very have no idea so it's like and the traditional Market wouldn't understand what laser eyes is I understand anything she's rambling on about with that stuff apart from all the buzzword that they've heard every but then she says she's got laser focus it's all over the place still got those eyes though is they ironic that them down the laser eyes are all over the better focus than you m taking yours off Danny's email must not have had the desired impact oh they only got it yesterday right they did respond give it to the end all fairness they they actually took the uh CR uh constructive criticism on by the sounds of it but um yeah it's still just yeah they they know that I think and they know they maybe made a mistake there um else on ETF so moving on uh I think that was it ETFs were all over the place there's another ETF thought there was another ETF piece to touch on but nope oh I didn't have the bit wise one was was a bit wise yeah so part of my rant to Franklin was actually not about Franklin necessarily it was just about the ETFs in general so this is actually ties in with it what like is on there um I think I did I touched on this last week was it someone else yeah we talked about van van so they're all donating they're all start donating now and that's a massive con at the minute because they are going to start pushing for their agendas and what they think we've already seen now Larry think um Black Rock CEO playing the game going on to the news talking about things and he's now saying that Bitcoin he doubts Bitcoin will ever become a currency so already he's trying to put Bitcoin to his audience in particular as well as gold store value investment not as a utility use case so he's already now showing his cards and saying this is our agenda because it fits with their investment thesis of what they're trying to do um which will then start to push people's mindset and thought process into it's an Investments thing it's not a currency it can't be used for utility purposes because Larry think said so um because that fits with his investment thesis for ETFs so we saying that an awful lot of core funding now will be from these ETFs not black gr haven't said they're going to do that yeah don't have I saw one I didn't know if it was fake I saw one that was fake yeah fake the job job description have a job on their website for a bit cor developer yeah that's what we're expecting next that is so other people are realizing that as well um there's there's two or three is it now we saw van had given it to Brink I don't know if bitwise have said so bitwise have said they're giving it to Brink human rights foundation and open SATs open SATs that was nice yeah okay um um so it looks like a good thing obviously but that's going to come money and incentives we'll talk things I think it gets more scary when they start to not give to like organizations were aware of or start to hire inhouse yeah they're inh house development team is human rights Foundation gladstein yeah open sa is like Odell a few others so then' be interesting to see what those guys say about yeah well that they get free money well they're going to and they're going to do what the Puppet Master says at some point no they've got Integrity though everyone's got this is this is my point there's there's a a influence with financial incentive now glad and I agree and I think he would hopefully have the Integrity to say no but if they say right we're going to stop the donations to you guys for the Bitcoin core devs unless you start working on these projects what's the decision going to be are they going to like yeah it's not going to happen initially over time on I've been donating five years or whatever we're going to change our donations to these guys instead of you unless you start your C working on this particular thing that's where we start to see it and it'll take time Zach says but so how do you counter that the idea that we would can either sponsor C devs ourselves or or do more cev developing as an organization for me the community should be sponsoring the cevs through like the GitHub donations and things and the cevs that would be the more ideal scenario CU then everyone's donating like you know 20 quid to your to your Dev that you know working on something that you believe in it spreads the agenda rather than it being centralized into these big ERS um but the problem is a lot of bitcoiners just don't donate to and the problem yeah the problem is right now there's maybe a severe lack of funding for these developers so they will take kind of anything they can to carry them working on yeah something they're passionate about we literally saw that with Luke Dash but if we were to employ like a developer who's and their responsibility is to do some C dev then our integrity would be questioned as well AG agend would be no I'm just thinking of like how how would organizations get around it that might be one way but you'd have the same accusation personally the organization shouldn't be involved the individuals should be I donate personally to bitcoin cevs so I'm doing that based off the ones I believe are good genuine very useful and have a good impact on bitcoin so I will donate to them guys so you guys should all be donating to them guys as well or to the guys you believe are good and the ones that'll have the biggest imp so how did you pick who you're donating to I know who they are and I know their what they're working on so you like the projects they were working on so they're fulfilling your own agenda exactly yeah yeah that's what I'm saying that's better at a mass scale Community level rather than the big entities the community agenda is the same that's when you start you get James that point it's community in that okay so that's my thought process of why how it should work but is there some sort of profile page that we can look at all these C devs and pick this guy I they call itell launched it a while back there's the obviously GitHub you can just go on and see all the C devs and you can just donate by GitHub donations or there's a um there's a website where you can see how to donate to each person as well can dig it out quick question by reading programming Bitcoin would I get on that no okay I'll donate to yeah I'm already I donate one sat true daily to you SATs daily as well so this one all the Bitcoin core devs can just add themselves to this list and links to different things but you can just donate via like or whatever you see what they're working on link that below that's quite interesting yeah with we've tried to push this in the past many times things and but you know did one people are lazy people yeah like also think you know why am I giving money to these guys and stuff like that but you've got to there's such a small percentage of actual people that own Bitcoin that actually donate he even like Michael saor and stuff like that he's wealthy enough he's got lots of Bitcoin is he donating to bitcoin cevs might be priv that we don't aware of publicly he's never really done that as far as aw and he's never really given a call to Arms either no people to do it to do it um like Jack dorsy is and he donates to him and does all that sort of stuff which is great um I saw you typing for ages there m was happening I wasn't going to tell him so that was funny okay I might pick my favorite cord send some scks like picking a horse is it up human beings well just the way you said it I pick my favorite oh okay uh ECB they tweeted stating the digital euro is public money and Bitcoin doesn't fulfill the characteristics of money uh and they got community noted uh the note stated that digital Euros will not fulfill the three main characteristics of money uh because if its proposed limits it will not function as a proper store of value which is quite to say yeah I I FL this for purely entertainment value the fact that it kept getting Community noted and all the bitcoiners were responding that Bitcoin is sound money with six fix Supply which gains purchasing power over time the Euro Fe currency backed by nothing which loses purchasing power was the main response that got ratioed the original tweet I just thought that's funny I love a good ratio I love the community note thing calling out yeah it does work well is that a new thing no Elon brought it in like soon after we took over I think right so you can just I think it was already in there called something else but they were ready they're getting ready to relaunch it I think it was a thing years ago how you how do you contribute to a community notes can apply to be one to be like a thingy I think a couple of people like bitcoiners that are people just tag them they soon they need some to be noted there's a good Twitter account which just shows like all of the community notes that go up on the day it's definitely good I'm waiting for the first like kind of fake Community note as well I don't know what kind of approval process fact goes up someone disputes it with the community note there'll be some Flats will have that somewh it's this originally was more Pro Bitcoin it originally said that the the digital Euro cbdc won't fulfill the the money but Bitcoin does and then that's it's been since been edited again to delete that bit so okay yeah so obviously can be edited once have been uploaded it be like Wikipedia people will Ed it back forwards yeah some sort of consensus eventually well Wikipedia not show them on that but it's interesting though because at a higher level a digital Euro would have the same issues uh in the regional sort in Europe right there's a problem in the fact that some European block countries have monetary problems and need they might be curring through deflation need higher interest rates where other ones need lower interest rates but they're all on the Euro on the Euro so there's only one rate so if you in a Bitcoin standard like where there's no rate or state control you kind of like a similar sort of scenario I was thinking about so it's not like the perfect situation for like a governmental control because there's so many different regions but it's so cuz Argentina are looking at more what a segue seg talking about set on my bro here what they're doing a a more Regional currency well not doing it I think the new elected president has said he won't make it illegal to do and then there's a region um what's the region called Mar scroll down there's a region where the the governor of that region L rioa Province they've said they're going to create their own local currency so they can the new president says you know um read that quote he's not a fan of them but he's not going to make it a Le right the market de side isn't he by S yeah he's calling wasi currencies and yeah and then the governor of boness has been talking about as well apparently so we may just see in Argentina these local currencies pop up out of nowhere M so they have more Regional control of their currencies which is I don't know to be honest it's a scary thing recipe for a disaster I think yeah it's like when when Greece joined the Euro that Absol got absolutely nailed their economy went to pot if you remember it's just interesting how different countries are going to buy a different way but there's definitely a a push from the ECB for digital Euro guard's talking about all the time the about sorry go I I say the article about Argentina also talks about the first kind of now the laws have been changed around like um property and like landlord agreements and stuff the first um rental agreement for Bitcoin has been made in Argentina I saw that so that's cool yeah which has been allowed under the new laws from the new president so that's promising it does sound like chaos in Argentina right now though yeah if I'm honest it was before wasn't it though so it's not like this yet changed anything keep going come in yeah he comes in devalues the currency 50% and then says go you can go make your own local currencies but they're not going to be good yeah I'm sure he's got a plan yeah yeah yeah I'm sure yeah that was that was his plan yeah um moving on yeah uh Twitter X they've removed nft profile pictures y they didn't last long nope goodbye nfts two years was it just under two years no um do you think they'll remove the Bitcoin lightning integration tipping thing oh that still in I assume that's still in I thought they removed that did they remove that I thought they had I don't know sure actually I'm not sure then I did we ever get access to where we are can't remember on the US I thought they'd already removed that yeah never remember that it was a bit weird wasn't it so it was somewhere where you could just go on people's user profile and they' have a Lin address in there and you could just tip them some SATs is that how it worked yeah you you probably still can't see him from our side but we just can't M has commented on it recently when Elon said he didn't know about lining and Ms went yeah you do cuz you integrated us into but he didn't but he wasn't it yeah wasn't there so that I may I assume then it was still in at that point but you probably see can you on people's Twitter accounts can you see that I don't know I've not seen it for a while it was all all via strike yeah no what was no um yeah they were involved in with it but I don't really know what that really weird icons for like the lining logo which threw me off yeah still in like those little things oh yeah yeah yeah so see yeah Bitcoin sent to yeah oh I can do it I'm not can you yeah you tipping I just went on chck M solid so I wonder if don't know if that's on their Ro map to remove that hopefully not they come back and improve it maybe and with on it doesn't sound like I don't know anything's possible nft profile things were just g a gimmick though I don't even really understand yeah for them to be removed he's great just shows that yeah there was no nobody actually cares about him um years later after you can't make money on him and um don't me wrong they'll be I wonder cycle I'm sure with the chaos of it all but I wonder with the size of Twitter how like low of a active users using it it needs to be before it will they get rid get rid cuz they are you know the number of active users they have well how many activ they even have using it to start with that's what I'm saying is it that low though like even they'll remove it mat did the same AC didn't they they probably got just as many have not more across all their platforms so the use rate must be awfully low yeah yeah you can see the the volumes can't you on the nft uh Market places the volumes have died to death so if you want an nft for your Twitter profile you'd have to go and buy one which would have to be one of the markets so you can kind of see that as an indicator um as to how much would be going through that and I have to Hazard a guess that most of them is wash volume was trading tragic that is see kind imine as much oh well good riddance uh Bank of England had tells Parliament Bitcoin is too efficient for use I purposely didn't star this who stared that no we yeah just for entertainment value um yeah I think it was kind of just off the cuff in terms of without looking at any data you man your governor of the bank of England said it's not taking off um whenever we looked at like even some of the latest lightning figures the volume through there or the river's lightning growth report you're giving this guy too much credit there's no chance he knows what lineing is but that but even saying a payment method is pretty inefficient and you can tell not really any data to back that out annoying but yeah this off probably off the cuff comment yeah it gives it more weight cuz he's the governor of the bank of England so you think he should know about he's commenting on it so he I should know the fact all the historic governors of the bank of England have been really good haven't they you know mar car oh yeah of course B he was great didn't he get sacked in the end no did he what he do he stepped down stepped down because it was such a mess no there's no chance no I mean I think they they they you don't I think look at the state terms look eom everything and can you say that any of these guys have ever had a positive imp impact Marky was governor of Bank of England during 2008 you could hardly blame him for yeah the but that's American housing bubble and still Mark Carney doesn't mean he was in there for what 12 months Cary yeah he only lasted like 12 months he was there for ages no I don't think so uh at least five years five years okay not that's not ages going for I don't know but I'm going to say at least five come on seven years seven years seven years win one nil 12 months you said five you weren't even anyway anyway guy from Bank of England has made an off CP comments saying um the method is pretty inefficient we um as you'd appreciate him more there sorry if like he came up with at least attempted to back that up with some St of show us the inefficiencies but it's just some informationist I hate these statement by someone in power and they don't realize what how buzz word come it's like the Franklin templon oh yeah we're looking at blockchain and web you just you throwing buzzword out there because you think everybody you people do that because then it makes them look like they know what they're talking about which is like what he's done here um whereas you know break that down tell us why tell us like explain the differences between that versus other things why is it inefficient like where's he pulled that yeah when does he even know what lightning is at that point and he's saying it's an inefficient payment method but as Oppo when you say something's inefficient efficient as opposed to what as well are you comparing this to it's like there's no thought say the current system is pretty inefficient he terribly in few days for confirmation Swift payment takes five days to it's like you know what it's inefficient in that respect it's like what also respect of inefficient of time taken to get there or inefficiency of use of resources like what's the what's it even in context to um but in the mainstream media so this guy gets reported on but there's no there's no counter for Bitcoin there's no someone trusted individual in the mainstream media ever not to say anything anymore they everything they would say would be you know the count check yeah they are as soon as we speak we get slapped mhm it's just be made aware people need to be aware anyway that's why I tied it right uh last one I think yeah uh Elon Musk explains why Bitcoin would be difficult to use on Mars go on Danny I explained that to Elon Musk two years ago clearly he did not pay attention how did you explain it to him in a tweet I tagged him actually in the tweet I genuinely did two years ago actually if you got my feed no no I retweeted the other day Okay came up I'm not sure be able to see did anyone listen to the spaces with Elon no I sound bites but I didn't listen to the whole thing um he was getting ragy about people asking he was getting about Bitcoin wasn't he did he say he was going to leave or something if uh yeah yeah he got asked about Bitcoin and he was like if I'm just going to get annoying Bitcoin questions I'm just going to sign off yeah which is that's I'm only here CU Kathy invited me and yeah well she's doing a Bitcoin ETF it's Bitcoin ETF talk what yeah what's he expecting pretty funny and then did nobody then ask him about bit I had no I think then everyone Shi away from asking straight away asking about if he leaves it just shows what he's like what put the ridiculous what did they ask him if they couldn't ask about Bitcoin in a Bitcoin ETF stupid what who gives a crap about his opinion on things well that's what winds me up as well he has clearly shown time and time again he has no expertise in anything with this yet people continue to ask he's in line to be the world's first trillionaire people respect money don't they yeah that's that's the ridiculous concepts for it it's ridiculous cuz he still doesn't know what he's talking about in any of this doesn't matter he kind of we talked about self confessed they didn't as well really it's like then people are still giving him credit of course he doesn't have time to go look into all this no trillionaire could Dave's giv him credit could be a trillionaire I don't think I think satachi will be the first world trillionaire maybe you H Miss sat tweet prashi is a trillionaire that's an interesting stat are you looking for your two-year-old tweet got it right from 25th of May 2021 this was after can we explain this a bit better why does Elon not think that Bitcoin Works in Ms and why do you think it does work on M so Mikey will explain why it doesn't so Elon says that um Mars is can be up to 20 light minutes away um so the reconciliation time would be too long it' have to be a localized thing apparent so he also got that stat technically incorrect I think unless what what like minute is as opposed to possible is not easy human minute say light minute is how how far light travels in a minute's time M distance our time so we can send data at so my data that I got from actually yeah would be roughly 5 to 20 minutes to transfer data from Earth to Mars and vice versa which will be 20 light minutes away technically would be the top end um but 5 to 20 not necessarily 20 um and you can transfer that at 3.7 Meg per minute um which would mean um oh that's interesting Adam back was Yes actually he Adam did he comment on this I think carala was on the space with him as well and might have talked on it might have been brought up lightning and said it' be like could use Bitcoin with lightning on Mar's fine yeah where channels are have I Know spoken about this on a pod in the past when we went through this cuz it was I was ex trying to explain that you'd end up with like lightning hubs so you'd have like lightning Network effect on Mars that everybody would be able to use for payments and then when you're coming closing opening channels obviously that's to go into a transaction into a block but that block could then be replicated throughout the planets within 20 minutes you could replicate equivalent of what would be let's say three blocks nearly or two two to three blocks in that time which if there's a block every 10 minutes you can more than send that data around and share that you may wait for six confirmations um before you close and open a channel officially which is like kind of what we've seen historically anyway um but you would then be able to have the hubs of lightning on Mars lightning on the moon lightning on you in uh on Earth um and the data can be easily passed around in enough efficient time because at that point anyway you're not going to be using onchain transactions to make to buy your love of bread are you you're already not doing that there no um so lightning would be more than capable of doing what is needed for a multiplanetary currency so big coin is interplanetary money yes quote you go there's the title say part cool thanks for clearing that up I was worried about how I was going to buy my lifea of bread on Mars I know no I don't have to be so my data is as well to to disclaimer my data is from two years ago when I wrote this um CU I was saying I noticed that 1.36 megabyte average size back then per block I think we're at a bigger block size now aren't we um slightly bigger play the the clip Mikey it is like 3 minutes long doesn't matter it's not just him talking is that why he says don't talk to me about v no it could before then unfortunately trillionaire sound car did you did you get end of the agend no I couldn't find it it's just it's showing how to be a like so how many SATs to have a million SATs essentially so you're trying to find PR how much what the Bitcoin price need to be satoshi's got say roughly a million Bitcoin so divide a trillion by a million how many zeros does a trillion have is that going to be like a it's nine isn't it what about how much sorry how many by a million that's a billion isn't it that is a billion that is a billion [ __ ] three zeros assume it's going to have to be is it a million dollars that it million dollar bitcoin price makesi is a trillionaire yeah there you go who the race is on the race is on my money's on Tashi yours on Elon saying with years I think it was on Blue BG's head within 10 years K by 2030 Bitcoin million yeah so Kathy versus Elon there Kathy versus Bloomberg there we go cool cool I can make a little website on that the race yeah ra to a trillion yeah yeah I might do that I mean get some US dollar hyperinflation we all might be trillionaires yeah that's on El side yeah that's right thank you guys [Music] peace