SBF Sentenced to 25 Years in Prison | Britcoiners by CoinCorner #122

Transcript

but it is a fact it is a fact no it is a fact at that particular time that would be true but what can you do with that it's Absolute [Music] Garage right let's go Bitcoin is episode 122 welcome back everybody Dave can I get a whoop whoop NOP oh not this time in the we've not done it at the 2:00 who said we going to do it no this is early this is half 9 um yeah welcome back like I'm subscribe um agenda micro cap company called nilam resources some drama with them uh Google indexing Bitcoin and crypto blockchain data SF has been sentenced uh storying the telegraph about Bitcoin someone thinking it was like tulip Mania but they were wrong um Argentina has unveiled mandatory registration for Bitcoin and crypto platforms tether has bought more Bitcoin making them the seventh largest Bitcoin holder uh a million stimulation so show us depth danger uh two billion in Silk Road uh Bitcoin has been seized but and moved and holding Bitcoin is now profitable for 99.92% of all days oh why who who TI that I hate that right well tied just to just to wind you up um bitcoin price what we at live price 66,1 43 a dip from last week what were we at last week nervousness in the market the highest the highest price since last episode has been 71,3 do you know my theory of why nervousness mhm nervousness about what the FED interest rate cut the whole Market is a bit like we think this is we thought this was going to happen and now they're like o it didn't well it might not not that it didn't it never wasn't at this point but it they're like maybe they're thought a few weeks ago maybe they're not going to cut it that was Bank of England yeah didn't as well so I think there but Europe europea watching the FED fed are watching Europe everyone was like where's inflation going where Switzerland went with it and did the opposite they're reforming the whole of the banking infrastructure at the moment actually so maybe it's to do with that but that's what there's nervousness they try and P to the AO as well don't they I think everyone is waiting for this rate cut when is the rate cut do you will it ever come don't know will people just be in everyone's watching inflation I was watching inflation numbers thinking it's coming down but then Americans wasn't America inflation number wasn't coming down as quickly as they thought we April I think there's something like was it a 70 80% chance of a courau in April was it on the I would say that chance has gone decreased yeah I'll have to pull out the new charts then with the the new charts out the ones I sent you remember remember I sent you ah job uh because he was saying about it and I said there's a nice little CH that he was looking at for that mhm that's anyway that's my punch exp Downs outflows massive outflows ETF yeah I don't think there I don't think enough people have it depends on I guess who's moving the price these days MH the general public don't care about that enough to to sell their Bitcoin in that sense to make that price go down no um but institutions certainly do institutions will be trying to trade it yep potentially but I don't I don't know is it because the price dropped when from 70 to hey it's just a theory but there's on the fourth can you see this there's tangible nervousness so tax is is tax not a thing tax is a thing yeah I've heard of it it's thing called tax yeah Libertarians hate it but um is that not of the month and end of the tax year for uh end of the tax year for UK is it 4th of April mhm um when was that dip today fourth of April um the first of April so it started at the midnight was it almost keep going left well you think they're all selling and they're going to buy back after the 30-day rule end of March yeah maybe uh my theory is nervousness yours might be tax Zach might be ETF outflows no one really knows it's combination comination combination um I mean cuz we' I guess from coin Corner data and information we see we've not really seen an influence of sellers in this last week or anything no nothing no no yeah the retail Behavior has been pretty consistent really buying over time yeah um that's true so we're not seeing anything different at the minute yep sound right price covered moving on uh micro cap company called nilam resources released a letter of intent to purchased 24,800 Bitcoin without their CEO's knowledge this is a great troll there their stock row is 1,9% in a day the CEO then resigned calling it a classic pump and dump stock has since crashed to was that scent yeah o this was a mining company that had a market cap of like was it a million dollars or something Bitcoin mining or normal mining company and they had a market cap of like a million dollar or something to do it was a ridiculously low market cap yeah that's what a micro cap compan is it's like something about a small market cap tiny and yeah less than 300 million I think it was only like a million or something uh market cap it was Tiny But then they were saying they were going to buy 24,000 Bitcoin which is like how many billions is that it's like where were they getting plan on getting these where did they release how did they release it without the CEO's knowledge though released a letter are they listed are they listed somewhere I did have a look Google for the letter but I couldn't find it share price so what's their share price now you Google one um but I guess they could someone could do without like you could do that you guys could could put a letter out tweet I don't have control if you're listed there's strict oh no no I know yeah no I'm saying about I suppose about half a cent even down even more what was it just pre that sorry just clicked like one month uh so yeah hover over the one on the left there so the market cap Market Cap's 2.4 million now so it would have been 10 million 10 million market cap pre pump all right so why the CEO's resigned funny a big A letter came out said they're going to get loads of Bitcoin on the balance sheet the price pumped cuz they got loads of attention and the see res tenness pump and dump now they've lost the some Traders some traders made a mint I mean the CEO was quick to resign right like if that if that's all it took I assume it was just the company was internally blowing up anyway by Sounds of well it's also a lack of control if someone's allowed to it's not the greatest yeah cuz there is strict controls in what news can be released rsas and whatnot yeah secetary you're saying that but if the company's got Rogue they can put out what they want no even the mechanism of releasing an RSA is is technically you know you have to go through due process yeah I know you have to go through the process but you can still if the company's gotone Rogue they've gotone Rogue at the ended AR they they can still deal with one they could put tweet out saying we're going to do this could at the end of the day and social media manager you saw the intern doing it for um SEC that's true um it happens oh well right well I kind of just bitcoin's been dragged into something that probably happens more frequently than we actually see it's just because Bitcoin has been dragged to this one because you could release any news we should pull L out false false news about any Mining Company struck gold You' get the same effect this one just cuz it's like Bitcoin I think we should put a letter of intent out that we're going to buy Bitcoin every day why for the seeable future we do that every day [Laughter] anyway not listed anywhere no they'll just be like cool why these get why are these guys wasting time this is my point why do I need them bother okay right moving on then uh Google is now indexing Bitcoin and crypto blockchain data into its search engine I tried to verify this and it didn't work for me yeah so iail I don't know if it's just as it a US mightbe certain regions I assume yeah CU I wanted to find what source they were using whether they were running their own infrastructure or they were just like relying on a block Explorer data M cuz usually when you do that with Google it tells you the source where they're getting the stock prices from or.com or something yeah um so is this story saying that if I put in a an address in it'll tell me what's the balance of that and when it was last moved is that what it's saying it's saying yeah if you put Bitcoin space in then a Bitcoin address right without going to a website it just tell you at the top of Google what the current balance is and what type of address is okay but it didn't work for you I tried it and it didn't work right anyone else tried it I didn't try it I haven't tried it we can grab one from to verify I yeah just go to um blockchain.com for grab an addressing yeah I took a random one cuz obviously now there's a big PSA about don't don't use your own addresses with this CU Google will just be storing that against your IP address and 100% are storing it CU that's literally what they do they Google search data and all blockers for are probably doing this to be fair oh yeah IP on the address run your own block Explorer well search for so many confus Explorer well that's your own node s da you'll get there eventually with that attack T Tech Le Dave struggle it just click on any them take the is it just wallet addresses or is it anything I just tried it with an address rather than a transaction they' made this screenshot had scroll down so keep going there you go take one of those copy that and here we go Bitcoin capital b space yeah does the capital B matter no idea yeah why is this what happened to me it must be like in only like us or certain regions outside that one screenshot I haven't seen anyone else's screenshot no that's why so no one's verified it maybe it's only bc1 addresses there a just a one address you can try that I don't know um I try another one can't imagine would have done that to be honest that's uh BC newer ones of the old all right so it's not working doesn't look like it's working and anyway but yeah there's a BC on that right n nothing Burger who took that well just I took got sweep yeah yeah you just claim sweep can't claim suspective sleep terrifying live on a not trust ver Zach is sweeping okay good we got another sweep later right s SPF has been sentenced to 25 years in prison F just be a nice way to close I take that just cuz it's like Clos never mention him again that's it done well until he gets out in three years we had we who got it the office didn't we a few of us to see and a lot of range of I opinions I said he'll Ser no you w no he won't serve 12 if he was in the ukd serve 12 I think in the US America is no I think they pretty much do it the whole thing they usually you also got like he's got to pay back 11 billion pounds or dollars sorry no I think they do do that in the US where they Behavior do they not they they have good behavior but I don't think it's half I think it's like have no idea a couple of years now to offer something P but they do get a bit of time knocked off don't they I guess it depends what it's for as well I sh all right clear cut which prison is he at then did it say I've Not cared to look any further you say it's not a soft cushy one yeah hope it's like one in Mexico or something general rule in Most states is good behavioral result in release after serving 34s of the sentence okay okay yeah so not quite half no he's going to lose are you assuming he's going to behave good he might be the F [ __ ] imagine St was the biggest guy might he might Thrive imagine prison Life Changes where he gets he gets absolutely ripped tear drop tattoos and he's just the the guy um but yeah so anyway is what he is the 11 billion is interesting if he's got 11 billion has been ordered to pay 11 billion in forfeiture face get anytime don't know on him really that's yeah they can just go on and live a free life now well I think it'd be very hard to for to get any employment yeah looking to we did have see me the other day hire her for the stories the memes that would come up when you okay we give her access to anything would you just employer just a meme just to H to her if she didn't mind maybe just you could be working marketing yeah working marketing do that no don't don't put her on me get her on the Pod I wouldn't even give her a coin cor her email address I trust zero access yeah sure would she get a hoodie no no Could Have A Brand out okay okay right moving on um there's a story in the telegraph which was called I thought Bitcoin was going to be like tulip Mania I was wrong I haven't read this but he was who was this guy they all come around eventually I think he was one that slagged it off in the past when did he slag it off is there a date uh was like he WR a lot for him he's also I think he had his own currency business he's a he's a knowledgeable in a Man Neil about 2020 I think head in my head it does have a good write up about Bitcoin and uh inflationary hedge bits and pieces in it uh but it does go Bitcoin and crypto interchangeably so it's not perfect as an article but I think you'll see more mainstream Media stuff as um the ETF Mania come backround well that's because they like who really is in control and like you don't know what he's involved with but the all the story of Bitcoin will start changing as ETF become more powerful and more bigger corporations get involved with ital but beneficial okay I thought the telegraph of write in the past for Depends depends who WR it's not the telegraph it's the writers isn't it it's always strange not strange to me it's expected but you always see these articles when the price is rising right the article is talking about the fundamentals which are IR relevant of the price so you can write this article any time of the year really why didn't write this two years ago yeah but the price makes people look into it more maybe and do their own research which is good it'll be good point in the future when we see these articles written in the bear periods the interesting thing about this article which you don't right so you got the normal what what's about where's it come from blockchain garbage bits and pieces and cryptocurrency stuff but this is actually talks about um almost debasement bits and pieces the American economy and how people want are using Bitcoin as a a hedge to move away from that so it's a slightly different pivot from what you normally see it looks like it's touching on everything by the it's all right read but it's a it's a mainstream read so let quite a get people involved which this industry maybe not normally have access to is the comments on this Mikey usually I like reading the comments on kind of it was thatf I just saw so there got a bit of everything they use that looks like such a super villain in that ah you got log in no you don't surely it's the technological equivalent of the new clothes yeah oh we could spend a lot of time on the comments here comments always a good indication yeah yeah I like to use them as a good indication if you don't believe it I don't understand it now had to explain it nice Jay Patrick doing the work mhm big up Jay orange ping within the telegraph comments that's to everyone get J Patrick some socks yeah come on we should just look at these com comments them out some socks let's find out if we can find out J Patrick # J Patrick we'll try and find fresh pair of socks coming your way some socks in a bottle if you're a supporter on bitcoin comment Pages then we'll send you some socks he's doing the work he's doing the ground work hey yeah it's a scam you can't do anything with it my looks for you Simon H find Simon Hall educate we'll send him some socks to educate him let's move on moving on uh um Argentina have unveiled mandatory registry for Bitcoin and crypto platforms yes yes they have just before we get into this was this boarding up the central bank that was fake news right I didn't I couldn't find anything to verify that deleted wasn't it and the Tweet yeah it was Bitcoin magazine the Tweet was deleted and I couldn't find anything else verifying it they deleted that quite fast I think I I shared it and it was already deleted time wiy replied it was G that's complete opposite of what you should be doing as a journalist in news Outlet right should be verified before you put they're they're all two two compe happy aren they yeah trick happy that's we looking for um because they've got to get ahead of the competitor AR this is in Forbes so you're assuming it's that's that that means that means nothing that I didn't finish that it used to mean something I think but not anymore not anymore really doesn't doing everyone's got a register yep so just the same as every other country now you start off to become vasp in the country uh register um so you're seeing a couple of people starting to pull out a thing now um which will be natural um they're not willing to register obviously or willing to do the work probably because the it's not necessarily going to be because they don't want they just don't want to abide by the laws it's just that it's just not worth it to them um we do this all the time in countries if we've have to pull out of a country we will assess it and say you know is it worth it to us do we have enough customers in that territory to basically Break Even of the cost this is laws actually the previous administration got voted in so it's not actually him oh okay and was voted before his arrival he just had to follow it through I assume so yeah I don't know um but yes that's an important point though right cuz people contributing this to him um what your thoughts on because I've seen people I've seen Pro this Con this like people saying now um look at El Salvador there so much the better way of doing it and I don't know about melee I don't about him and I don't know I've not been paying attention enough to Argentina I've Just Seen A lot of people starting to pull out because of this um that's not necessarily a bad thing we've seen that in the UK and people have pulled out because of UK regs um but but is it a bad thing in that the fact that I don't know how many people operate in Argentina but if they all pull out then there's nothing yeah there's nothing but they won't I think that's the thing they won't all they'll never P if they all pull out then there's a big opportunity for somebody cuz there's no Market there's no doesn't affect the peer top mechanism does it as an individual I don't have to register oh no no it's no no it's a standard vasp registration yeah yeah so you can still have oh yeah still send you yeah was it Argentina we talked about in the last podcast that had had like the massive uptick in yeah right yeah so this is a bit of a so there's a big apparent uptick which we also didn't know where that day had come from CU it was like one source that didn't give us any information that was Bloomberg and it didn't have a subscription yeah or it didn't have a soured it don't um classic Bloomberg um yeah I don't know what watch closely I guess and see how he reacts and what happens here um but it's they just following that every countries do same as UK everywhere else it's a nothing Burger I the devil will be in the details right on what they requireing yeah but I think definitely have vasp still in Argentina just like it's a bit of a nothing that's what I'm saying everywh if there's no vasp there we'll go there because then there a big opportunity because there's nothing Molly there you go yeah Molly AR to this I'll go with you I'm I'm I don't do good in hot temperatures okay Argentina is my kind of vibe yeah Z definitely more Su for that we need Z shut up um tether has acquired an additional 8,880 Bitcoins the total amount of is now 75354 which makes them the seventh largest Bitcoin hodler Cy who do you think tether buy that Bitcoin from bitex is it bitfinex oh yeah of course yeah of course question I thought that was a trick question I thought you were going to say something like no brain aneurism it's early it is was early so why they buy Bitcoin to back tether no it's not to back it no they they do use it as a as extra collateral but this is like on top of their thing as well so they've got like even extra on top of 100% they I mean they make so much profit right sure that they just they want they don't want to hold that in fear I imagine so why bother having it in dollar when you can put it in Bitcoin and it's going up they're printing what it's about 1 to two billion a quarter they're making now in profits or something yeah and what there's not many of them is there it's not like a thousands of employees 50 staff I think yeah just like perfect company one of the most ideal places to work if they've got the vibe right they're that profitable then yeah for me it's probably a Dre a dream job I mean most of the time they spend is probably determining where to put their profits yeah should we F Bitcoin invest in this company yeah would listen quick holiday the easy one is Bitcoin put in Bitcoin it's kind of that way to do it um I guess scary in some ways so think I like bitf X and the guys and everything so um this isn't a negative stance on them but if you take a step back and say from the the industry at a higher level not just our industry but um the the US economy they are in the top 10 now for T bills or whatever um within the US so they are quite a big piece of the underlying economy in some respects in the US these days um I think we talked about that in a couple of episodes ago um and now they are starting to become that in the Bitcoin side as well where they hold so much Bitcoin um obviously tether has a massive impact with the Bitcoin side as well um do they get to the point where they are an a really important part of the infrastructure um which is something you don't really want in a completely decentralized offering um I get yeah is it a future worry at some point it's a worry when America default on that t build yeah interest payment to tether that would be funny and then tether have to sell the Bitcoin to rec and cover anything and things so there is there are risks around it um not saying that's going to happen and that wouldn't be tether's fault I think it would be something outside of their fault more than anything um but similar situation I guess with the Michael sailor stuff and things like that where that it could even be there is the risk in in the future that I'll say the risk all it is is the risk of them selling the Bitcoin in theory at which point the price might go people Lop it up so why would they have to sell a Bitcoin sailor might have to at some point because what if sailor dies and someone takes over micro strategy they don't have the same vision they've got seven8 billion dollars worth of bitcoin there and they don't have that Vision what if they just start selling it cuz it's a public company he started his succession planning already to say I hope he has there'll be a mini sailor yeah he's training up I hope the for yeah but we don't know we just don't know can always be a potential risk there for Price anyway in terms of the movement I wonder if like more tether and its Bitcoin Holdings eventually just take over the fat world of the like like the American fed whether they just tether eventually just muscles them out because eventually the fedo tether so much money the so much treasure from the propped up the whole American economy bit tether become [Laughter] like I'm the captain now basically but even though yeah the top 10 like the top three vastly out way massively sure I'm getting carried away yeah but um you know I think the top three just have so much more than anyone else but tether probably have more Bitcoin than those countries so they're not that far are they 100 billion tether in the minute over 100 billion this is just Nations though isn't it thought they were like cuz it's hund and some many billion market caps who's who's the guy behind tether's what's he called PA Paulo Paulo nice guy have you met him I've never met him in person I spoke a bit of quit to him never met in person anyway there's a lot of people I've never really met in person still in this industry is there anyone that you'd actually want to meet that you you've been speaking to all these years you've never met nice to meet Paulo at some point PA SP to quite a lot over the years uh I don't know to be honest can't think off top of head have you ever met the like spark dude David marus never met person D Marcus so as of September they had 72.5 billion but that was back in September can't find a more up to date number than that that would put them just outside the top 15 assist okay moving on yeah go um two billion in Silk Road Bitcoin has been was seized by the doj moved to a new wallet some sweeping some sweeping this is sweeping time oh uh I I actually haven't verified this myself from what I saw unverified sweeping going have to sweep sweep that we could um we could verify this live if we can find the address and go to that um it was they it was 130 million dollar I think they moved not and the change so they did a small one which was like just a test I think and I think they only moved $130 million to coinbase they didn't move 2 billion the change is at least they did a test I mean that's better than what we've previously seen I've not gone and bed properly but I think cuz everyone saiding all $2 billion has gone to um coinbase this can't be the first time it's moved right it must have moved from the original wallet I can't remember um but they put in uh the doj put in a thing did they something about selling $130 million back in January yeah I so that is then the 130 million that' now finally moved roughly um they Haven move 2 billion right so it was just everyone was like tweeting about it w they and stuff and saying but it's not correct I don't think um it'd be great if see this is the problem you go and try and find sources you can't find an address to verify I onter rep the same thing as scroll down slightly the moves $130 million there you go someone's actually reported it correctly there Krypto slate so they've reported that correctly I think yeah 13 an address the address as well yeah yeah this is good reporting I know you like who who who was misreporting that a little bit coin Telegraph not I don't think it's a misreport I think it's just who can get the story on everyone knows it's it's a public Ledger you should be able to see it validate it with address that actually says as well with the initial report speculating the entire movements coinbase however the majority of the Bitcoin is on spent basically in change so yeah that's right so there's a bit of sweeping for you don't live on there there you go no crypto SL did the sweeping you're read not a crypto article I knew what happened but CLA that as a week it was it was a team effort between SL they had the brush I did the you found a dir you you just looked at their clean roading on [Laughter] you the mem again right okay um oh Dave you're not last one so holding Bitcoin is now profitable 99.92% of all days yeah I this is Dave's popular one he he this one I didn't they wi try the start why did you hate them dve because it's just like picking time frames well it's just happen stance that it's now that it's 99.92% know a 99.9 whatever 2% is a good headline but really it's just picking your time periods I hate picking your time periods but it is a fact it is a fact no it is a fact at that particular time that would be true but what can you do with that absolute garbage who is this coin telegr know who WR it I think a loot of people have reported it before as well it's not prob all right but it's just like why why they're reporting it it's just to cuz it's end endless competition to get attention yeah for attention sake that's what I was saying about all the other ones as well yeah and in another article they falsely report about the silk growth of can't even put an address in but then they can write all this garbage about a 99.9 you know think they're trying to counteract all the negative price stuff that the main no I don't think that even pass their first thought I think they found a bit of a headline and run with it I think it the problem problem with marketing fundamentally no I probably do half of marketing I'm not here to attack Market there but I do these past few days I do nothing but attack Market I know yeah you missed it yesterday you I wasn't even in yesterday it was ran into at least if you're going me some what have we done now I don't know can't I can't even remember Molly but it's just I remember Finance versus marketing is just an ongoing battle and it's just the way yeah um it was it was having a it about something kind remember you remember when I say this cuz it was with Troy but you were saying about why are we not doing this I like well we are and you just didn't see it poor see it for weeks but you didn't know well the emergeny yeah yeah well I Haven seen it so it can't be very good it gets shared in the WhatsApp chat every time it goes out I let you're just ignoring the WhatsApp chat that chat on mute probably signal and noise right um but it gives us content to talk about to be fair these bad articles so everyone we're not desperately scrolling for things to talk about there's more constructive things we could talk about why didn't you tick him he just happened to be on that I didn't tick that that's it that was the last one end on I think we missed that one but no it isn't oh yeah we did actually sorry that the most important one on the one I did actually take sorry the Bloomberg one we can't get L I thought I was honestly about this is well played in I'm shooting shots she's shooting back she got me where it hurts well played Molly I know you're playing right um yeah sorry a million stimulation simulation show us debt danger is anyone as worried about the US debt as I am I don't think they are cuz we put out the clip lastek no yeah but I think people were because I've seen lenen put stuff out some I've seen bits and pieces well they put it out clip don't they no they don't they do is there any difference I don't know actually you I might be right they put it out for the attention yeah but I think people should be genuinely thinking about it they might be genuinely worried as well but it's a bit drawing attention to it yeah they're trying to get the attention on Pur so Bloomberg run run and like they do some models some simulations some iterations of a Model A million times and it's something like 88% of the time 82% I think it looked like America's debt spiral would continue to spiral they R the model a million times yeah cuz you could just change too much no because there's so many variables so it's just like it becomes Mass do they give you the what they ran like data source was no they just saying we can't even view the article without paying I don't know how I'm viewing it I've got I can start sharing them with you but basically um they ran a million times and there's stuff like Trump's brought a tax break in that Biden wouldn't have put through but then might not get rid of that then adds to the debt bill cuz obviously their in American Income is decreased cuz it's a tax break and if Trump gets in he's actually heavy on tax breaks so they get less income so the debts spir they have to borrow more so do they have to individually come up with a million different scenarios to this model I don't I don't they'll tweak variables with loads of variables yeah but they won't go through manually saying well if we change that to that run they change it they'll just have it set so it runs it a lot of different times all separately 88% of the time it shows a debt spiral for for America I'm sure it was 82% 82% % you literally you I mean you always get caught up on slight it doesn't matter does it I think it was 88 8 something all if it say yeah I want an apology a apologize you've got to apologize apologize just me sorry BL got got him right anyway so 88% of the time it shows a Deb spiral of sorts so a negative effect but the important thing you need to look at then is as a percentage of GDP the the literally the the the amount they owe is is hitting thresholds as slightly unprecedented there we haven't seen since War times and then there's another stat that if it hits 130 uh% of GDP uh something like 90% of the time within 15 years of a country hitting that sort of Mark within 15 years they're either at war hyperinflated debased or um they aren't able to pay their interest payment so at that point that is quite a critical thing it's it's like you're at this Tipping Point I don't think people are really aware of it because they just keep borrowing more and more money people are just used to it they're used to it yeah we a generation used to it yeah it's a bit of ignorance from everyone's part not just the government so if Trump gets in I think it'll get even worse but then the other point being is that their interest payment now is bigger than is almost power or slightly bigger than their National Defense budget so every every year Americans hav to pay for one of the biggest militaries in the world mhm the equivalent to that they're also paying his interest payment off so you you're looking at a imagine if that was a human being a household income right and more of your income is going just on your debt payment than than anything you're bringing in most people would they wouldn't lend you anything you try and get a mortgage on that they'll be like get lost you're crazy you're going to be homeless soon you know it's that sort of scenario but people CU it's just on a Countrywide scale people blaz about it they'll end up borrowing more and more and more yeah and the whole of the world economy is based on this currency at the moment so de basement's coming they'll have to print more inflation probably won't be controllable they won't be able to pay fully down at the minute no one's going to keep buying treasuries because they're going to get more and more garbage except tether except you'll probably see them pull back and buy more which is what they're already doing so actually is Bitcoin the answer could the world economy pivot to bitcoin is it even ready for that does the article talk about the 12% of simulation that was what was like can you can you it talk about like most currencies most countries try and austerity measures where they actually cut tax breaks increase tax bill you know less spending those sort of measures are taken however if you look at countries that actually do it m that the people don't get elected they lose their jobs and that you're sending a country into recession yeah cuz you're declining growth so they're in a pretty difficult situation yeah and I I I started reading this is a bit of a tangent so you might you might Hammer me here's already switched off I'm not just on that you're saying basic just on that you're saying basically the right way to go about it or the simulation that would work would be a way a way that wouldn't be elected because it's very unpopular Trump wouldn't go down there he's he I mean he's bankrupted loads of casinos before borrow yeah hugely so it's a problem and they probably won't go down that and 88% not great is it no but I was reading um Frederick haek uh denationalization of money paper written in I think it was 1990 I might bring it to you it's pretty good because I've just bought everything and he and he was just talking about um how that if you just completely free marketed it like said completely free there no m six when was it is that it I got a version of 1990 publication that must been re yeah yeah but you talked about if it was just completely there was no money markets there was no exchange rate every currency was just bought on you so I could use Euro anywhere there's no exchange rate between America Euro pound I think it's just free market right and then you'd pick you would literally select the strongest currency cuz it wouldn't matter to you so if you were to look at no one be using dollar right now print something that would store the value better this is all pre Bitcoin but then if you thinking about it which is the strongest money it's Bitcoin because you cannot manipulate in such a way well it's setting up the foundations for Bitcoin to be but there's worrying turbulent times ahead I mean the Bitcoin standard will be perfect right for who it would be the question well for for the world fortunately for people with Bitcoin they're probably not going to be too worried if that becomes the Global Currency well there's not enough people with Bitcoin there isn't but that that's I'm say not not saying it's not a problem for lots of people I'm saying for people with Bitcoin it's probably not going to be a worry if if Bitcoin is the national currency or the world currency because everyone will pivot to that and the value would all go to that I just think people need to get off zero that's saying still count an awful lot anyway what time frame do does the simulations look at like I think they said TW by I I've read somewhere that by 2035 which sounds like it's like 10 years away yeah it sounds miles away doesn't it well no no that's but no5 to me sounds like Jesus we were all in flying cars at that point it's just over 10 years was it back to the future was boards which 2022 was it was 2015 I think jeez hover boards then yeah sounds so far away but it's not really at all unprecedented Times October 21st there we go jeez and we're not there yeah I don't want to be the Debbie Downer in the room but yeah really don't know how we finish on this note yeah Lift us up more I would like to just keeping on this note uh got keep um the ray Delo thing I'd love to see that now what's his take at the minute on this because he's interesting he's just had to defend himself for his investments in China has he I've not seen that yeah that's in the news today he's an investor he's going to invest a he's retired out of you know what was his investment fund called uh Bridge Bridgewater Bridge was it he yeah he's had to defend Bridgewaters position in China cuz it looks if but it's it's pivoted in the way that China are the enemy of America but but he has the chart doesn't he the ray Delo chart of the uh Global Reserve currency no he he called this and how that moves years ago exactly and then when you look at that chart I'd love to see where he thinks that chart's up to there you go what in December we know that infle that December so Ray's worried about it and he's one of the world's best investors just po pleas is chart is global Reserve currency chart Ray Delio Global Reserve currency yeah what's he say there America is borrowing money to Services debt obligations that no that that one yeah so it's kind of like this sort of one where that was done but the Chinese econom is six years ago was that the Chinese economy recently isn't isn't on an upwards viral no no that's what I'm saying I'd like to see now his cuz this was like six years seven years ago is it now I think he created this so it' be nice to see where he now believes where we're at and what's going on there cuz a lot of people have redone that hav't done like Bitcoin where China is instead said like Bitcoin coming up but because China is in a mess as well so as is the US so who else is on the up here which Bitcoin is is your actual option well even that if you look at that the the time it takes it's 10 to 20 years so you're looking at like a couple of decades worth of crossover right of turmoil essentially normally but the US W going to it's a war in them over periods like Dave said before gets that point it's usually a war not just going to finish them it's not a nice period necessarily have to be a war but it could be it historically has been a war I think when you watch through that back I'd hope that anyway that's H anyway so even though it's like long longterm good for Bitcoin potentially it's like next few decades are going to be rough you're going to have to drag this from the to Maya as a whole in general and I'm not saying I'm not trying to people why does the rough for who mind why does it matter well because if you've got tons of Bitcoin and all the value pours into Bitcoin you're going to have luxury you're going to have a great time if you haven't you might have a really bad time you have a great time when other people are suffering like friends you great yeah you have a great time on America at War I don't have any friends you have friends um but that's my point is a little bit like um it's historically always been that way like the rich of like the royal families and that of the histories and the um wealthy the Ross child and things like that over the generations they've all had wealthy money had a good time the difference is family members who haven't got Bitcoin so not within that's why that's why education is so important right now like we got to get that message out that it's you're literally duty if you can see writing on the wall and stuff like this and you know what Bitcoin is then becomes family money as well though in that sense of things like the Ross child's money became family money and it got split eventually to many different people um but you know yeah if you've got Bitcoin would it be a bad time possibly not we don't know it's never a bad if there's a World War it would be it says a lot about you that you're so insul that it would be like would it be a bad time for me for you alone for it would be I'm thinking for it's a bad time for majority of people it's a bad time I agree this is normally the opposite we're normally on the with this 100% I'm saying's empathetic complet doesn't sound very empathetic right now I'm trying not to be not empathetic but my point is like if you do have Bitcoin I'm asking the question I don't know I'm asking the question if you had Bitcoin and this happened and Bitcoin becomes a world Reserve currency actually would you be doing very very well and what that looks like we just don't know obviously um but if you it's if you were in China and China's the one that takes over China's going to have a great time the rest of the world's going to be mess so it depends on but I'm just imagining you on your own at a party just celebrating that's never happens never Happ his own one candle out I don't go to parties people can't afford to come to your party I would never have a party for myself I hate parties um but yeah you've got to think about all things like like if you were thinking forget Bitcoin and you were thinking China is going to overtake there the US that's like Ray Delio who's buying CH I assume that's why Bridgewater has been buying up China side of things and because he believes he's trying to keep himself good but has been doing it for the last 40 years because he's been watching it that's exactly what he's been doing and okay so let's play that game make people aware yeah and that game is at the minute China or Bitcoin are your two viable options I guess and China's not I don't know if it's viable anymore I'll have to read what Ray Doo's got to say some of that and see his uh thoughts although his bags are going to be still not got over his audio book that he only reads the first chapter on it's just a let down I couldn't get I'm that's why I just pulled up it B an audio book read the first chapter I like R goes I'm going to hand it over to this actor yeah right I got about two hours in and I give up I think he couldn't be bothered reading his own book thanks Molly right Summit uplifting we don't have anything got nothing oh brilliant we have announcements for dragged it down there it's really hard to come back from that MH the announcements unfortunately keep getting delayed for one reason or another outside of our control yeah we promised announcement after announcement weeks ago we had which was the Bitcoin ball yeah uh the second one thanks to everybody for the positive feedback on their acquisition as well mhm people are nice about it oh were they well that's nice it's always good isn't it mhm second one will now come next week yeah God sorry for being off yesterday that's not for you there nothing to do with you well everything for everything else podcast I just blame myself before you guys blame me that's a different issue why we're not announcing this week yeah um and then the following it might not be the following week for that follow uh let's just let's not hype it up let's let not we got some cool stuff coming that's cool do Innovative stuff is coming right always always with us just never on time no a few months for a bigger one okay teas that again Dave loves that it means few mons we'll have a big announcement for something which should theoretically I think be a world first another one see there you go do you like a world first do like we don't do much with it though there'll be a dupli world first as well there he goes again attack attack attack sorry bring out far you bring out too much for such a small marketing game I don't realize I'm doing it every word is an attack on marking right sorry no maning news though the news is is working okay it's working well yeah that's good newsing away in the background behind us keeping us warm although there was a good um podcast with on Pete M comics with mechanic Bitcoin mechanic I don't really know who he is probably but he's I sawet about um ocean mining I think is he CEO I don't one of them um but he talks around uh so for that reference we are mining with ocean mining I think as people should already know um he talks around like what the point of ocean mining is and stuff which is's kind of like trying to uh combat the angle of they're doing it just to get around the brc2 and the jpegs monkey jpegs on bitcoin and stuff it's not just about that it's um in a nutshell it's more about you know if the the FED CIA whoever come and knock on the door um and say stop mining them blocks ocean mining don't have control of that so that means that the miners have control that with the templates that you've put for the block forward um so they're doing it in a defensive way so they can like we've already seen the US have tried to stop certain miners mining certain transactions and some of them did that and then they pivoted eventually but um ocean mining is trying to remove that yeah away from it so it's not necessarily about blocking these jpegs and stuff so he tries to explain that and it's quite a good episode they're essentially they just want to decentralize mining again make mining decentralized again yeah um cuz right now it's obviously po massive pools have massive chunks and it is decentralized to an extent but there is a worry there that it is kind of centralizing into the bigger BS Yeah by doing the way they're operating it allows kind of decentralized and once we once they have the template piece in place cuz at the minute they just have a default template for when I'm talking about a template it's the order of the transactions going into the block that you want to put in they want to leave that normally that's up to the pool and the pool organizes and decides they want to put that back on to the customer um so the the customer being the miner so the miner will then create that block so going forwards once this is fully up and running it's still not quite there yet in the pool we'll be able to with our miners put the transactions in we want to mine and push forward now theoretically we could push our own in mhm and so if we pushed our own in and we actually found a block we could do that and send out with lower transaction fees and be able to them push that into a block if we were the ones that were finding that we don't have enough hash rate quite honestly probably do that are Min um but there's there's more things at play that could happen there um but then it would be advantageous for an exchange to get more involved in mining because that that's a play that we could all do potentially you could but you you're going to then Bal there'll be a a balancing point where is it cheap cuz you could theoretically yes send your transactions are really low transaction fee and then you add them in the block anyway yeah or what if you're mining another block with bigger transaction fees you make more money so actually where's the balance in act between paying more on your transaction fees versus the mining the other ones um but really interesting episode and I think it's worth listening if you guys listen to as well as we are mining with ocean and at some point we'll be able to put our own template forward to pick the blocks transactions for the block um so yeah definitely okay let's do that there you go finish on that positive note yeah done Cheerio cool [Music] yeah