KPMG's Pro-Bitcoin Paper | Britcoiners by CoinCorner #99

Transcript

foreign ergy yo Bitcoin magazine and rasats okay straight sorry straight and you didn't even like preface that so like here's the agenda guys well here's the agenda but thanks for interrupting Dave KPMG and ESG crypto influencers deleting their accounts bitcoin's not crypto uh tether holding billions of dollars we'll talk about LK 99 we'll just touch on the superconductor uh microstrategy planning to um buy more Bitcoin World coin getting banned in Kenya Brian Armstrong B and Brian um God this is a long agenda guys more tether uh Joe Biden and his laser eyes uh Bitcoin outperform 69 of funds I know funds by 69 my bad I've got maybe if we get to that one uh it was our home office agenda yeah there's too many people know we do random things Regulators warn Banks to end business with PayPal everyone she was doing business with paper I found out I'll have to talk to you after the product talk to me now no I'll talk to you after that I don't want to sleep again no it goes against our ethos we don't like bleeping out um I mean Dave were busy last week you can tell by our tans okay yeah I was expecting a bit of ton of this I'll just Freckle up at least five minutes there on a scale of one to ten how sweaty were you this time oh it's like through the roof oh oh my God we stupidly decided we came out of one of the uh meetings we had and we I've had a wander down the river as you call it I don't know what color River yeah yeah and then is it I don't know what you call it it's kind of a river there's not a river though it's kind of the sea wasn't it but it was it's original let's call River so we walked down the river Circle we thought we'd have a wander down it and that was about you you did yeah five minutes down it yeah me Dave and Chris oh my God we was absolutely this way meeting bankers and regulators and all sorts and it's no place to be 45 degrees in a suit it's not fun everybody leaves so much yeah yeah we kind of had to be there because we had to go through some other bits and pieces so the timing was terrible well we had no control over the timing so yeah it was but it was terrible because we were trying to arranged some meetings and everyone was like no why I wouldn't be in Dubai this in August it's far too hot it's too hot to leave an air conditioned you know environment and we were like oh we'll see we'll work on the two really booted step outside the hotel and I shrivel up like a raisin did you pack any Leisure Way uh yeah I bought My Gym gear because I'm absolutely smashing at the moment um stop your Grant never stops no matter where you are in the world yeah lovely little flight over there we've got a traditional our Dubai trips now it's just to play poker on the Emirates flight for about five hours I absolutely dominate every hand so if I didn't but it started off as big time because I was it was five hours of poke it was five hours of Poker just absolutely dominating it which was good for the only problem is you can kind of see each other's screens yeah sometimes a curse see if it's a you know that's a massive problem well I was like there initially but after five hours just last yeah yeah um but yeah so we're in Dubai um I think obviously everybody's aware of our expansion to Dubai um getting closer getting ever closer tying things up there um all very positive out there all good yep um regulator was is nice it's good and positive steps there um other relationships there positive steps yeah and hopefully in the coming months we'll be um moving yeah yeah it's pretty much where we're at yeah yeah went to do do you buy more I love that no two minutes did you go ski Dubai is it yeah oh no I didn't see it I mean we spent a lot of time in there it was Dave had to get his password yeah four times was it four times three three times sorry three times three times so I've seen the one they use me and a scary looking human blue it wasn't even you know that smile at you and normally I'm a smiley bloke take a lot away from that yeah so people were getting uh visas there if that's in the IDS weren't we so Dave had to get his passport picture done we kept rejecting it yeah it wouldn't tell us why they're rejecting it so we kept going back to initially I thought it's because my mouth was slightly open and you know on passport photos like you can't show your teeth so I went back and then I thought that's the perfect one sent that that got rejected I was like why I look amazing and then if you figured out it might be because I was wearing a collar yeah it's just one of the things you do like without knowing we could be here all day just taking loads of photos Gonna Keep all these photos when you take the picture you're like four was it four possible Bridges as well that you get so we've got like Chris has got 10 of your bags yeah they said it looked really creepy in his hotel because it's like yeah so we can just hide them around the office so yeah all good apologies for no podcast last week because me and Zach were done before like the true Champions you guys are on your jollies and we were asked him keeping the team in check here thanks you're welcome you're welcome I was waiting for that yeah I was hoping this would be the 100th part we have a big reveal for the hundredths no this is not this is 99 now because you missed one it gives us another week though oh so 100 you pay more attention oh a New England could have been like you know Dubai in 100 years could have this project in the 100 years I've got yeah we've got some special surprise for The Hundreds yeah yeah it's pretty cool cool nice swing then can't we it's cool for us it's not cool for anybody listening to be fair no it's a cool thing to see well but means I could change the world it doesn't serve or if you don't think that's cool that's not funny it's in good Concepts proof of Concepts okay it's a good proof of Concepts it's a bit of an insulting lies no that's what it is you can work with Danny long enough I'll take that yeah okay and take that it's a compliment anyway price 29 373 uh slightly up on last week only a couple hundred dollars up um pretty uneventful stable coin territory at the minute the Goldman Sachs are predicting a U.S rate cut for 2024 the first one yeah that'll be I think half yeah 2024 might be hold on to your hats sort of territory I think yeah yeah so the rates are going down that's bullish sentiment anyway in the in the market well this is literally uh I'd like to actually probably look at the date I used to look at the data all the time for these things but these days I just don't but I'd like to look back at some point and forget time and check how this is playing out in comparison to other bull markets where a Harvin is coming up and I think it's pretty close in terms of sidewards movement for like it's been about eight months now and pretty much sidewards movement um in price I can't remember the last time we've read the price out and we were you know excited about it well we had I thought that's historically is usually about eight it's usually about like six to twelve months of sidewards before things start to pick up again pre-harming coming up to the harmony so I think I'd like to see how that plays out with the last three Cycles yeah we'll be hearing more from Plan B it's something like yeah I'm sure it's probably still in the range of course the world's biggest already um so it you know history is is weirdly playing out again though for this cycle again from Price perspective it's not weird though is it I think it's because everybody expects it you then don't inspect it in some ways and then but then it's still like you shouldn't know exactly how it's going to play out yeah so you think people will react in different ways to to accommodate for that but instead it seems to just be playing out and nobody's reaction it's weird I don't know it is weird because the fact that because all the kind of macro changes in the world has happened and it's kind of still continuing on that's the weird part of it it's still incredibly Stronger Yeah it's coming we've got you know everybody in the dog now trying to get involved again at a more institutional level um and behind the scenes they are all talking again getting back involved with Bitcoin again um just takes a little bit of time for that to creep into the public I guess right I'm worried how long that agenda is right should we go on to the first one Bitcoin magazine launches White Glove OTC service for rare SATs and inscriptions I just tagged this white glove is that why they're calling it yeah like a premium so I like to turn my glove no yeah should we no no um bitco Max it's a bit odd of them to be doing it I think I'll just be highlighting that I'm just I was curious to see what your guys thoughts on it I didn't know they had they were kind of always in on inscriptions from day one weren't they Bitcoin magazine yeah um we kind of like to see the stats see how many ordinals have been inscribed is it just I think yeah you can see by the hash rate in terms of the mental you can see about it that's what I'm saying yeah you want to see other men pulls quiet again yeah taken away it's weird time to launch isn't it when the interest is gone but I imagine they start building it when the interest was there this is exactly yeah like coinbase have only just brought out there and take the aim didn't they these aren't quick it's all these devs fussing um you know what they're like you wish you're a Dev mate every day I just uh console myself I can't run every Department you know what I mean yeah I can't run every department so sometimes you just gotta take a step back okay so you can never be a city yeah take a step back no we all know go to the planet we all know I'm basically slowly forcing Danny out slowly what Dave doesn't know is I'm slowly trying to leave um KPMG uh Bitcoin role in ESG imperative I don't oh yeah I feel like this yeah I think this is a couple weeks old probably now well they released a report on Bitcoin and ESG and how um environmentally friendly it is and they're actively like the sentiment seems to have changed definitely and they were actively comparing it to other Industries like we've done over the years yeah so they had the big diagram I guess pulling up scroll up they describe it is it imperative click on the report whether we're actively comparing against other Industries and they had like Circles of how much each industry takes up so like the air conditioning and tobacco industry yeah why did I miss it um you didn't I shared it you know I share these things yeah did you actually so the cinnamon seems to be changing to more what we've been saying for years like when you compare against other Industries maybe I did read it it's all of a sudden like the the the entire sediment has changed Danny yeah Danny kind of predicted it a few weeks ago on the party he's playing this yeah for years and they talk about how yeah they talk about how it can be used for cross-border payments and stuff like that um it's very much a different sense yeah yeah the full report about it they don't mention lightning so they're still not there yet but a bit of time but away but you know yeah and they talk about the different yeah the different renewable energy sources that are being used and it could be Bitcoin versus ethereum civil coins not coins can we link to articles on on YouTube so we can put it in the comments it's quite a short report as well can you do that one Lee I'm Just flagging it because it's like a sentiment change and it's kind of talking about stuff we've talked about for years anyway yeah exactly especially cross-border payments in there and stuff it's um interesting yeah that's actually a very positive thing isn't it yeah that's what I'm saying it's the sentiment chain towards their boys sentiment changes when these guys there's an agenda from you know platter up there and other people um of course it's going to change so then it just doesn't feel genuine does it it's like oh right guys it's true though the industry said yes the information is there but the fact that they're kind of it's like oh let's all just follow the crowd now that's all right a nice positive thing as long as it's factual inaccurate that and which I've not fully read this one but I'm assuming it's fairly accurate in terms of all it is because what we've been telling people for ages but they're just not listening ignoring it now they're paying attention because they have an agenda um so I think definitely it's it's a positive and I am intrigued to see how the I think what those are the start of 2024 how that's going to go because you've not only got the economy in general in 2024 and interest rates has Dave's touching on you've got half incoming you've got the sentiment and BlackRock ETF style uh changes and nesg push and the positive side there's a lot coming together here it's the uh pre-born 2020 2020 I guess in 2021 going into its own you could tell that again like the storm building um with all positive things did that blow up on Twitter and I said does that get a lot of traction yeah in terms of um yeah I'm going to read it yeah I've only skim read it so yeah I control left for lightning immediately what's it mention maybe next we should get there we should probably redo if people have not read our uh lightning comparison one which is energy usage your CO2 emissions based off compare comparing Bitcoin to things like Tesla's and making electric cars and um even or a glass of orange juice there's so many transactions it might be really good to rerun them numbers um do you reckon we can get one of your guys Dave to rerun we can keep the same structure or maybe we just rerun it and see what that now looks like yeah that means the structure is there for the in the document isn't it it's just a case where you're running them yeah and seeing if what difference it is because it should have improved by now as well there's renewable energy usage has gone up so definitely be worth re-running and we could maybe republish a version of that yeah have a look at that I'll even write that down nice well how privileged the paper might not make it back he's got a chance doesn't it he's got a chance now scar chance um and then more on KPMG interesting uh crypto influencers are deleting their accounts and the X accounts I I really hate X I hate just go back to Twitter I really like it oh shut up and sadly in their Twitter accounts afraid the SEC is coming for that who who's the Twitter it wouldn't name something yeah they've been deleted so no one knows no sources so it's necessary so how do we know they've gone um there was um there was multiple reports I don't know who's exactly but it'll be these Anonymous you said that you shared that statistic about trust in terms of who what the source on that immediately could be yeah I couldn't find anything yeah it did just look kind of made up but the influences were at the bottom eleven percent yeah so yeah it's cool 88 Engineers nurses yeah I don't believe the sauce well there is no sauce wow yeah I can't contrary I don't know I have no idea what you guys don't know last night yeah you've got come on if Danny shares it you know you've got a deal all my life and remember it thank you my life and yeah it's just a statistic on um who the public trusts more and it had like loads of different job roles and like you would expect at the one at the top I was nurses really surprised pharmacists pharmacists local local pharmacist was the top one which is yeah that threw me off as well um it's fine but then politicians down near the bottom yeah where did Martha's mid-range wasn't it they just called it yeah yeah so like all of that's Word of Mouth of it but it's really something yeah but down they're saying I should become a nurse social influencers an undercover nurse no social influence I wouldn't trust your business what percentage is that I'll have on social media eleven percentage actually trust socialism answers yet they have such this is what we found over the years down there with politicians they should have put that Twitter account every night I do like the icon it's it's quite quite good for stuff like that yeah um but social influences we found over the years that people they don't work from a marketing perspective they do not work um it's just not honest does it no you know it's paid for it I love Business Leaders I think it works in song don't trust you no I agree do you think it works in some cases yeah I'm talking like the fashion and like clothing it seems to work I think you'll still be at that percentage base but yeah you're right yeah like the whole gym show you're crazy yeah Jim Sharp was growing off the back of that but also 11 of the followers actually want to buy yeah probably yeah yeah so but then people trusting it yeah um because the conversion rate's on social instances are incredibly low but they get enough views to make it impactful well a big scale but the small scales guy the small scale guys aren't just not worth it they're not good I've bought gym shark stuff but I'm not because I was influenced by a social influencer just because I saw it that many times from people that I follow like it was that's important no no [Laughter] you build that trust it's not it's not just the social influence that's almost okay isn't it because it's like clothes but like Finance social influences are a bit more dangerous um definitely dangerous um definitely shouldn't follow and listen to them um it's a difficult one sometimes when you've got because you've got like Martin Lewis and things like in the UK you know he's he would be seen as that he's got some credibility isn't it he's on the savings side of things but not like don't think he accepts sponsors he try and keep independent doesn't he well around his old money saving expert for like 70 million so yeah it's not really nice yeah but under that it'll be independent what not issue um but he's he's kind of like it's about saving like how do you get 10 discount on these things and what do you do here it's like more different stylists even in that sense um anyway promises not really you is not really Financial advice really yes he's a money saving that's good yeah keep changing your energy supplier it says number one bit of information that's yeah I'm changing it okay um but yeah I think they will be influencers will be clamped down on we've seen Kim Kardashian get 1.5 million financing Mayweather got a million dollar fine or something and they also got banned from being able to to two years or three years yeah or something um so yeah it's good that there's some sort of clamp down on but I think there's a lot more needs to be done from Regulators to clamp down on these people it's not the companies that's the frustrating part it's not necessarily even the companies it's individuals that are making money off the back of this and pulling people into unsuspecting [ __ ] coins yeah that's pretty much it good written this one's just literally just a title Bitcoin is not crypto the SEC confirms thanks I'll see you soon here we go next final Bitcoin is not crypto um tethers access reserves up to 3.3 billion dollars holds 72 billion dollars worth of U.S treasury bills did you yeah I feel like this it I just I didn't realize I knew how big they were but they're obviously building up their reserves now to try and strengthen any kind of weakness with the whole FTX situation in like Banks collapsing and stuff so they can cover potential loss funds if it happens but I also didn't realize they're on target to be BlackRock as profits this year they're only half of the courtroom yeah yeah 1.5 billion in q1 they beat him on the caller and start the year which is mad at least all on interest why do you think PayPal have jumped into an unstable yeah yeah they're making more so black rocks 5.5 billion profit and tether on track to hit 6 billion this year what's PayPal's doing now I don't know PayPal excuse me PayPal's profit PayPal's share prices like half what it was at the start of the year death hasn't it that kind of blew my mind like tether is as big as BlackRock if not big in it yearly I don't pay probably nowhere near Revenue yeah so their revenue is only 7 billion uh they had a boom time during covert though I can't tell what dates out of it that's June 23. yeah nothing comes up they're talking a billion Maybe is that billion profit those of you the three Q2 yeah they must be looking at tethering we want a piece of this everyone will be here Tyler are making more than PayPal and profit tether also doing a 100 million plus shareholder buyback um scheme as well this this core that was interesting just to strengthen the board so I do think yeah they're all jumping on that train now um but yeah that was it really yeah screw paper I'm fine for Tyler I'm not bothered nothing but screwed up uh we could do like a rating agency you know like movies do like like rate different companies and then it's like it's my influence we could just do a Danny rating and so it's currently you're okay with tether but Ultron but Neutron bug paper screw screw paper and coinbase I'm not in God's coinbase BC threats uh lk99 superconductor is here or is it no it's not doesn't look good you were so excited they wouldn't talk about it on the part I don't we did initially to say I mean we talked about pre-pod before we recorded I don't remember his ever discussing it on board it was pretty pardon what me and you got our heads into well you got your superconductors sent me I was watching a live stream we're going there's furnace for a good hour sent me some bits and pieces to watch and then you sent me the result of that tiny Fleck of metal yeah it was either floating or not floating yeah no one's very conclusive yeah no one's managed to successfully replicate it yet so it's not looking good but why why this would be interesting to the industry would be it would theoretically allow Quantum Computing to start to come into play a bit more um commercial should we call it and it would uh and levitating trains and it would affect in the industry I have that already yeah we'll come back to that sorry but no I'll go explain to people dying the trains flying trains other boards we were moments away from levitating trains and hoverboards that's cool yeah that's what we thought and super computers yeah yeah so Quantum Computing and obviously Bitcoin mining because that would allow the chips to stay at room temperature and not get hot which would mean it wouldn't need the cooling which would also mean it would save on electricity and add probably more ESG friendly again so I mean you could mine anywhere in the world as well he went up to be it wouldn't be a location you'd still need the energy you would not need the cooling the cold country side of things yeah which would then use less yeah from what I've read a discovery of a room temperature two book inductor would be quite revolutionary in terms of like MRI machines and stuff it's everything there yeah touching so much technology so that's why everyone's so hyper but now they've gone back to AI yeah it's like right it's not it's nice yeah until they realize hey that's not real yeah um microstrategy planning to sell up to 750 million dollars of stock to buy more Bitcoin this is just mine don't really have much more man because I think we've said it a million times over with microstrategy but I mean content used in bullish will upon them about five billions they are all in them once they buy that I mean yeah yeah with black rice do you think they were pitching themselves as an alternative investment to get into Bitcoin and now BlackRock yes yeah ETF will come along and maybe take a bit of their potential shareholders away because you will because I think people are using microstrategy as an alternative potential there is it would you sell your microstrate to share to go and buy like new shareholders but yeah it might persuade rather than like the market share of Microsoft as you dominate at the moment yeah but microstrategy would have like uh two two prongs doesn't it so the Bitcoin balance and its core business so it depends on the core business as well I think for the other channels they're also trying to release lightning based products as well remember now yeah black rock is just buying to the price rather than the potential of what that business can be and I was lightning uh rewards reward scheme it was time lighting and addresses the email address yeah I did that just as an inside yeah yeah could you ever pick up any more courses from the Sailor Academy nobody talked about doing it I mean we're looking at someone and I never did anything um um one day world go has been suspended in Kenya I think we talked about this last time or was this just no the last time it was all kicking off wasn't it was like big cues in Kenya yeah yeah I think now it's been closed yeah yeah and Raider doesn't it I think that's yeah I think they got real there's a next story further down I think that got raided somewhere yeah just size concerns with like data storage and data collection hasn't been shared with the US government yeah all this all the scans of everything yeah it's all been shared with the US government I don't want to say I told you so but oh for your school what is he playing at then we'll see that last night no not your school I just lost the plot I think a little bit wow that's a good name that's some claim I don't know what this is our biggest sock fan that's why I'm so disappointed but the video um of him talking on the news um Mark yusker talking on the news about Bitcoin and the stuff he's saying he's like saying World coin is better because it's more distributed because the coins are more distributed to the population and then he goes on to say about how you custody custody in Bitcoins a little rubbish people talking a lot of rubbish because uh if you own Bitcoin a custodian like an exchange it's on the blockchain so you own it on the blockchain it's like the way he's talking it's like it doesn't even make sense not a deep fake well I did one when I was on the news channel oh he's talking on the news channel it's just a little bit odd I was a bit confused it's like he's gonna email them and say what you bought you playing this energy sucks back please yeah yeah some full of them back are you okay I was a little bit confused at all um yeah it was just it was on the last night or night before maybe I didn't share that one I wonder if you shared it I would have read that Molly would have but no I would have definitely it's only a two minute video of him talking on on the news but it's just it's just a jumbled mess and for a busy audience who don't don't know what Mark Gusco where's he come from was he in the space he is an old um I'm walking Commodities was it commodity Australia back in the day uh him ralphal and a few others that were kind of known as the uh the little group of Traders back in the was that the 90s might have been earlier 80s 90s um and they all bragged off and did X Y and Z he was Morgan Creek um Capital um and has been kind of heavily involved in the space uh for quite a few years now um sorry yeah we're just looking really feel awesome saying worldcoin has a more democratic distribution model than Bitcoin yeah and then he goes on it's like the end plus like 20 seconds of the video as well and he starts talking about how you you could the custody side of Bitcoin right then share that around that'd be great you know will do are there is a company invested in Wolcott I don't know I'm not sure but no no because I think he does say on that that's not I'm not involved in it or something like that um and I don't know maybe he's been it's I don't want to say it's been taken out of context for anything but um maybe in his head he's thinking I'm trying to make excuses for a minute uh I have no uh thank you with him um but easy thinking like you know technically yes it is distributes rather than lots of people that already own lots of Bitcoin um but obviously excluding the fact that you got around scanning everyone's retinas and passing all that information to US Government just that Minor Detail yeah ignoring that fact um sorry that just popped into my head because I remember watching that video last night anyway a band from Kenya and they raided their offices in Kenya oh well to the custody of the aura oh well all local isn't it yeah Paul World coin talking of uh poor companies coinbase that was a terrible segment that was like quite cool yeah bright Armstrong um this is a bit of an old on ask some of this news is a little bit old um but I guess conversation will still stand he's talking about looking into lightning integration um and he said we're looking into how to best add lightning it's non-trivial but I think worth doing I'm all for payments taking off on bitcoin um not sure why you think we're ignoring Bitcoin because you are ignoring Bitcoin uh We've onboarded more people to bitcoin than probably any company in the world that sounds all right that's all right for Brian that isn't it what's wrong with any of that right be like yeah Brian yeah and it isn't trivial yeah okay it is true move on it's nothing add lightning to your platform yeah when the amount of [ __ ] coins they add they can't make excuses how many [ __ ] coins have they added since we added lightning how many of they added [ __ ] coins to The Graphic a great piece of data I don't even know they're actually building their own Layer Two that's what it's going to come on to you in a second and that's why this is all [ __ ] and Brian's talking [ __ ] Brian's pushed lightning as long as he could because their business model is all I I call them out on this month ago was it now and the partner were talking about it and saying they need to change their business model I don't think no not him but our conversation oh he listens is one of our three lessons yeah um so he I was saying about you know they need to change their business but their business model is speculation on on cryptocurrences and all coins um they know that's coming to some sort of end uh they're seeing it on the volumes the volumes are dying off in Bear markets they will of course anyway um but they're dying off they're then saying okay well we need to Pivot this business model to something that is a long-term sustainable business model which is a utility of cryptocurrencies you know there is no real utility of cryptocurrencies out of Bitcoin We Believe payments um his Angle now and he then later tweeted so this was a tweet from like two weeks ago and then since he's done a couple more one being their Layer Two which we'll come on to um but you also tweeted about how um he believes now the next 10 years and cryptocurrencies is all going to be about payments so he's moved on now this is the sentiment change slowly and this is how he's playing it like cleverly or trying to be clever in the background he's played it from okay we're now going to slowly move the sentiment and the agenda and direction to payments but there's nothing wrong with that there's nothing wrong with changing but alive companies change slightly so he's held Bitcoin back for the selfishness of his company for coinbase to generate revenue and generate money to then try and realize okay we've made all the money we can now from the [ __ ] coin trading or [ __ ] coin casino and taking money off lots of people and dumping uh internet computer protocol if you remember that one that was a great one um we did talk about that yeah coinbase the only ones that listed it and in what that Peaks and then plummeted and it's literally dead now um and it was all backed by coinbase and everything as well um so they've finished doing the pump and dumps now in the icos and [ __ ] coin tradings and the nfts and everything that they've squeezed as much money as they can from that and now they're saying okay we need to change our business model to a real business model now because that's not a business model and that's why the pivot announced so it's a pivot into payments coincidentally so they've held bitcoin's adoption back holidays in my mind so just because because they haven't focused on it but other people they've ignored Bitcoin for many years they started off a Bitcoin they were Bitcoin only beginning they then started because they had VC money they started to add more and more coins all coins and through all the Cycles um but they've for me I know he's saying that they've been bought it on boarded more people into Bitcoin than any company in the world um they've also onboarded more people into [ __ ] coin trading than any any company that I have Finance maybe um but that's not just because you've done one thing doesn't mean to say if you'd have not done that and you just stuck to bitcoin only we would be better off Bitcoin would be better off now than where it is and so I believe they've held Bitcoin back rather than helped Bitcoin because um and then holding Bitcoin back and lightning more so uh which is the point where to get onto they are they've held the lightning back because that's a payment rails for Bitcoin instantane instantaneous transactions very very cheap day of them released their own version of a layer two of course it's called bases yeah please um good name we should call it last Corner um so they've called it bass and they've then pushed that how much have they pushed that in comparison how much money has that taken how much time has that taken to build how much effort and resource have they put into building base as a layer two on ethereum which is full payments by the way and then the he even tweeted a video as well of them paying for a coffee in a coffee shop using bass and it's like we've been able to do that on Lightning for years Brian and then you're saying oh Lightning's non-trivial so it'll take a little bit of time to add why have you done why have you built your own version of lightning rather than use the one that's open source and decentralizing there ready to go with the rest of the industry he's created his own because he wants to keep control within the companies they have to keep that control and maintain that because otherwise they become irrelevant similar to what we've just seen with Visa which is not on here which I did share I think Susan Visa um I'm gonna write ramp here Visa with the piano guys with a gas fee so the stable coin payment so if you make a stable coin payment they want people to be able to use stable coins around the world but not have to worry about having ethereum games and Tron whatever they call it yeah the terminology for um so you can use your Visa card to pay to make a stable coin payment but you pay for the gas so if you don't own ethereum but you're on stable coin you can pay for the gas fire ethereum via Visa so Visions built a complicated model that's interesting to do that um because they're trying to find how they stay relevant in these crypto they want to inject themselves into the middle some yeah yeah and that's exactly what they've done with that it's not Innovative to try and drive cryptocurrency forwards it's Innovative to try and keep themselves relevant which is exactly what coinbase have done with bass and what visa and MasterCard are doing with how can we keep some form of control and how can we still be in this ecosystem and keep ourselves which is doing me wrong that's what companies would do to to survive um but they're doing it for their own Survival rather than for the do you think you've got any industry in say four years time because they go through they'll have to Pivot back to lightning and then then their business will pivot into like more lightning focused Bitcoin info because it it seems like that's their cycle they'll try based normal use base yeah because no one will have babies they're paying people to use it at the moment yeah that's not that was crazy isn't going to have any adoption because it's not interoperable as compared to lightning so that eventually they'll try that they'll realize always loads of money on there and then in two or three years time they'll be like okay lightning is the future of yeah everything like crypto Bitcoin everything they'll forget everything else yeah and they're trying something else to try and moat around it as well it's creating moats and we know this the conversations I've had over the last year two years um anymore people really desperate to moat this decentralized industry when it's crazy but it's traditional people it reminds me of um when bitpay tried to uh what was their product you know when they they made it really difficult and it basically fought oh no it was that Gateway it was that Gateway I wasn't here um yeah you had to which you still have to do with some of them you have to sign up to be the end person paying cost of a bit payer cash but it is is this constant need to try and control everything isn't it from the big companies it's it's traditional mentality rather than if you're operating a decentralized world and you offer a service so coin Corner offers a service we have to make that service the best it can be that is better as a service than other people yeah the product is the same place yeah because it's protect if you're a VC and you're putting money in somewhere um it's to protect your investment if you've got Mo basically that's what it's doing is saying like no one else can do this no one else has got this you're you are an individual that's protected by that very USP basically but if you've got Bitcoin and Bitcoin infrastructure is completely not interoperable and we encourage growth in with Partnerships and bits and pieces like that that's not mostly whatsoever and like anyone can just do that and that's what it's much harder because it is about services and it's about trust there's the whole thing isn't it like the saying about boats all boats rise and is it not all the businesses in the industry are bringing in the interoperable stuff it's helping everybody rather than like these guys who are just being like [ __ ] you it rise inside um yeah yeah I suppose he's not getting the same segment yeah it's not the point of that no I don't know it's a rough analogy I think that's sayings about the bullish Market makes everyone look good yeah rather than but it could be a supposed Bitcoin adoption increases I think it helps everyone yeah but if we yeah and that's like with the partners we work with with pouch and um bitten album the likes and we've got others coming where we're working with them for the sun globally as we all grow together we all grow together so I get what you're saying with that yeah I tried guys I tried um but yeah it's uh I probably agree what you're saying now with lightning come back and you'll always just come back to bitcoin yeah try and make it come back to bitcoin let's come back to bitcoin already but he's trying to brush it off like oh yeah okay guys We'll add lightning but it's gonna take some time because it's it's difficult because what about bass no guys yeah we can make more money off we spent 500 million building rebuilding lightning basically on a [ __ ] platform um with something that is not interable we can control shout to all the shells we've got bass yeah which is going to be better than lightning and by our stuff totally ours so we can dump more of it yeah I hate it get one coming from I always did but I just I agreeing with you that I find so lonesome you hate that yeah which is good in some ways we get proper conversations if he disagrees I can say that was white and he'll say no it's it's more like a cream color with the portion of that what was it might well that's true I agree um so yeah my I I have nothing against personally Brian I'll just clarify but I have against if you walked in the room would you ask for his autograph I think outward yeah yeah since the 90s there's no one that could walk in that room and I asked for no I don't think you'd maybe get a picture but you're getting old you're right you think you're too good for autograph yeah and pictures yeah I don't know everyone's saying no I would get a picture with people anyone like a picture not oh crap I wouldn't get a picture in various people and you've you've never got pictures any of that always I hate pictures um people come up I've seen people come to you at conferences for your picture yeah I hate it no I hate that I suppose you're having my picture taken no has asked me autograph now maybe the pictures are replaced autographs yeah maybe are you just read Revelation now maybe there's a trend there the years 2023 or maybe there's a trend and the last person autograph was Matt for your daughter probably oh yeah I forgot about that and that's all because you asked him to as well she didn't want it she's kept it she thinks she's a racist because you've filled her ads with ideas and photographs being worth like you wouldn't um cool right tether but this is Martin gamble we've already yeah I meant to just come by Anders we've already talked about it cool they've just bought more Bitcoin haven't they yeah 45 million dollars in Q2 not bad Joe Biden all knowingly drinks from laser-eyed Bitcoin mug in coffee video unknowingly or knowing I think that's the type how you could unknowingly I also don't believe it's Bitcoin laser eyes I just believe it's laser yeah and so how do you know it's unknownly you might know exactly what he's doing I think I think most of his actions are currently unknowingly yeah absolutely um it was interesting I know we in our industry jump all over the laser eye side but obviously he's not aware of that and it's going to be oblivious yeah um so obviously I assume it's not related I can't imagine it would be no definitely not no so have you ever seen laser eyes outside with this industry it is odd yeah I think it says you know someone working in his like campaign actresses yeah but one of you have visually seeing a bit on a yeah that is odd or like Zach says somebody within his campaign of course he's not yeah but he didn't know [Laughter] it doesn't necessarily mean in this design that book knows about the Bitcoin is right yeah no of course yeah anyway weird but cool um BTC holders outperformed crypto funds by 69 in H1 I don't know him after this I don't how much oh no I think it was me but I might have just skimmed it in this rest tell us about it tell us well about this yeah no ignore that one I think I jumbled somewhere that's really excited very good see Dave on the edge of his seat um we have a maybe one have we got what time how long we've been going we've been going for 47 minutes oh my God I was gonna get 48 and I'm not joking I was gonna go about 48 well done I can't see it I wish I'd said that out loud before you said that yeah I was thinking for you but it was wrong if you said 47 47 what it was 20. it's not 34. yeah so you were wrong I thought you said 47. he did 47 20. oh 47 20. so you're a rock you're gonna guess wrong and you get excited about it it's so close anyway should we get mad cement guide 100 I always think when you ask that about world I'd guess yeah okay next time I'm just gonna shout out do you want to touch on this one's at uh yeah we can do um Bitcoin ring I've added loads back for pin support with NFC based lining payments there you go on a proper sentence hey unfortunately the headline so I don't price it um yeah I think we might have even talked about this during the launch of the ball card yeah yeah we went over how to do this yeah basically adding the ability to have pins on NFC uh ball cards so Rings or cards and that kind of thing the Bitcoin ring company of like submitted an official load from the Ellen URL GitHub proposing it um it's actually had some pushback it's not been merged yet this is ongoing discourse on there why would you or were they pushing back so the the spec is basically saying you can have a limit to my ball card I can set 100 pound limit and if it's over 100 pound the POS provider should ask me for a pin okay A bit more like traditional kind of chip and pin but this is exactly what we already did yeah and this is what we'd do but if yeah if once a bell car takes off a little bit more we'll do that once we start to see if there's a requirement but someone's looking for us we could just so you can explain yeah yeah so they've proposed a proposition for this to add it to the spec so everything can implement it become compatible there's been a bit of pushback from a few people asking if it's actually a real life like issue people are having or want and that kind of thing we're not seeing it yeah that's why we didn't do it initially but as it takes away from the convenience of what it is as tap and pay you which is kind of it's chipping pin yeah we know it we need a Visa card in and put the pin code in it's just the equivalent of that so you can tap up like you tap your Visa card and contacts payments and it just goes through like the bowl card but you could tap and then enter the pin yeah I mean one of those I mean I like it one of the big questions you get on The Bold card is the security aspect yeah so we always have to say like it's daily daily limits but yeah Eastern that so that'll add yeah yeah I think yeah yeah I'm all for it I just raised that I thought it was a good just show that there's still the development going on on this concept of NFC payable devices I think that will be uh once maybe it gets wider use in certain areas then it would be a requirement and yeah you're right it's it's a nice little way to do it yeah um to go along to Gaylord and get involved in the conversation Dave the last time I can't even log into GitHub our place baffles me it's not the ux of GitHub isn't non-tech friendly in my eyes I kind of even from attacking I do agree I'm not a big fan of the ux of GitHub to be quite honest last week I've been used to using other things yeah you just have to learn their Concepts and then don't make sense because it's a barrier though isn't yeah so yeah still development going on with bolt cards and NFC wearable device is pretty cool good good um last one Regulators warn Banks to end business with PayPal oh so what did I say earlier I'm not regular any comments uh I don't want another one why yeah why did you read the because they created the stable yeah oh yeah this big pushback on us Regulators to say basically stopped with the stable coins because uh they'll compete in here with their Central Bank digital currency okay I wonder if any have or will I mean they can warn them um is that all it is you can't imagine so I was surprised at this because I thought PayPal doing a stable cutting would mean that you know they are one of the most compliant financial services company in the US so you would have thought that about a good a good relationship with the regulator and with um the banks and things like that and then for the regulator to come out very quickly and warm Banks to stop doing business with PayPal yeah I'm just doing stay recording they're creating their crypto Hub as well and PayPal that's just a word save it a platform to trade cryptos like buying oh so they're creating balance they've already got that but they're literally gonna list more and so you can go swap between them they can already do that on paper I thought you could do it with a limited number there's yeah there's about so over something but platformizing it and but you know making more of them so they are rich doesn't think around risk though if they're gonna add more oh yeah yeah you can see you either be pushed back from regular pushback's on the stable because the pushback's entirely honestly entirely yeah regardless of this yeah the headline's a bit misleading they didn't tell them to like don't do business with them it's just a warning and then I think it said like get approval basically no but who's going to be affected though it's not going to be all the business all the small businesses that use PayPal if the bank when well this is kind of like yeah stablecoin takes off they kind of don't need Banks um to tell the banks to stop using PayPal may eventually become irrelevant and it's kind of like tether I guess yeah it's that we said before the the scene tethering they money them yeah they can and the minimal stuff and how much they make yeah um but here's a move from PayPal to not distance himself from the bank but it's another option to a bank to slowly pivot yeah yeah slowly moving so the Packers are obviously going to be worried about it well I would say in the vast majority of you users of PayPal are just linked their bank accounts to it though haven't they yeah yeah I mean that'll be like 95 of um yeah all the stable coin would be much smaller I don't know allows to go hang on and give you an account if you don't have a bank account um so they off to New Markets or people that are bank account this probably will be getting money into it though unless somebody's willing somebody already in that system is sending you the money in so you're not gonna be able to get access to stablecoin unless you've got some mechanism and means to get the money into the system so that they can't ever really Bank their own bounce I think so people will only play yeah like they're seeing tether they're seeing yeah yeah someone is removing then yeah yeah it has to be because that current yeah current business model is not working he's dying the share price is the disaster yeah so I mean it's certain share price on yeah if you look at the five year I think they were like we're in the one year because you can see like the cover the covered pump now yeah nine and death a little bit over the last two three years it's lower than the pre-covered price yeah it isn't it yeah so I mean they have to Pivot yeah got to stay relevant yeah it's interesting that uh um was that the agenda coin caller news oh another week more highest got a couple of new people what we've got two three new people since the last part have we yeah it seems like we'd have hundreds of people by now yeah and then another one at the end of the month nearly three maybe three nearly three nearly three we're negotiating with three two yeah exciting times more highers more growth more chaos more people more to get to know more names it's not only more people to get like to manage or anything to get to know our girl gets to know remember their name yeah just be interested I suppose share a little bit of interesting try yeah yeah that was cool it was getting Lively upstairs isn't it it is brilliant I mean we've not spoken about that on the Pod okay it doesn't matter ah still trying to read it I'll follow you in he's still using the word hustle and Hustler all the time you said that I'd stop these are awesome you say you got the word count the book is called Hustle it was like I think it's line number three on the celebrity books in all celebrity hustle harder hustle smart first song Hustle it's incredibly well rated 4.8 out of 5 on Amazon the guy is a hustler it's incredibly well rated and basically I'll split personality hasn't he yes yeah it's really a book really good I think I might I might adopt that you have like a I'm more of a street all right okay sound right now yeah yeah well people you're just Street there you literally sufferings like playing a character people going through so people know him as 50 Cent but Curtis Jackson is his other who himself and his business um what would be your street name your real name but then you'd be like um one pound 20 pence inflation these days yeah there you go yeah 21 saps yeah and that was interesting but it's a really good book um anyone wants to know about business it's a weirdly 50 Cent big fan of 50. um surprises to call me at Michael um but no it's it's a a common and not a common sense approach but I'm more of a street wise approach to business I think is the best way to describe it and Dave's loving the book by the way yeah I find it did you play it what speed did you play at 1.25 1.25 is that what you're running yeah I find him quite hard to understand really okay maybe I need to speed up yeah okay anyway what are you reading at the moment he moves on from that that didn't make sense sorry yeah well I find it really hard to understand maybe I need to speed him up but yeah maybe it's sick because like if you used to be really slow maybe it's that he just speak like slowly yeah yeah although it's quite a slow rapper Too Fast it doesn't it just doesn't pronounce pronunciate properly does he um pronunciate pronunciate pronunciate yeah you won't pronunciate it properly it's important it is pronunciated isn't it what a word to do it that's perfect and pronounciation pronunciate uh pronunciation anyway oh it did you good did you order it yeah I forgot the name of it you know tactopia that's it interesting book from the undercover account and there's it called um did I tell you about the problems I was having on that'll fly at home with that book that I was trying to read oh my God I won't go into that don't let's go to the dogs it's about a family that we're in Rhodesia when the the the colony is amended and Independence came in and now the farm you want to try and get past 98. I'm gonna lend it to you who sat there crying I was literally like oh I cannot unfinish this chapter absolutely harrowing and I was like no one can read this in public awful oh my God I'm gonna lend it to you and then you try and get through that without being absolutely Shaker too cool so much honestly that was shaking to your core five stars but it's I bet it's mentioned and I was trying to get my wife off I think it's called Don't let's go to the dogs so basically a family that had a small farm 4.8 his ethics the work ethic side you're gonna love it honestly by the end of it you're gonna be such a big fan of 50. okay you're gonna be using the word hustle laugh fights it'll be switched out that [ __ ] for a bit of 50 Cent teaching Gibb and Francis artificial that's hustle right I feel hilarious we're done back to the hustle yeah thank you guys there you go Cheerio peace [Music]