SEC Announces Bitcoin ETFs | Britcoiners by CoinCorner #110

Transcript

this is a first play in my eyes for the next Battle of control of [Music] Bitcoin that's good we're back uh Happy ETF approval day what okay I'm going to put out there okay um you can't say that well I'm saying it approv I'll be a bit awkward if it doesn't have to edit that bit then just do two Alternatives uh and then do the start that says we get non approval day non happy yeah recing this before we know if the approval happens but obviously it's later today yeah we can come on to the drama from last night um agenda Bitcoin Duncan yoyo uh bitwise study uh Vanek are going to give some profits to cevs someone's tips satosi a lot of money uh black rocker laying off staff uh what else we got new scientists they've published an anti Bitcoin article um and then all the SEC drama from last night on Twitter you might as well start with that you want to start with that with the yo-yo I'm more excited about I can start with the yo-yo if you want yo first ever Bitcoin Duncan yo-yo has officially been launched cool how did that even make there a new yo-yo everything me everything on this was about the ETF so I was like right means something outside of the supposed to be catchy so I don't know if that's going to make the cut okay oh this is does like exclusive as well whoa it actually looks quite good as that's big news he's design collect and hoddle on the back as well oh I like that amazing that's his made that's his made it if you go collect and hoddle's website you can see all sorts of Bitcoin products we want to buy one but we can't get access to them right because they're in what on Walmart is it Mike is that you Walmart exclusive yeah online are they not as then for UK not I've see that says here exclusively I don't think the products just transfer across right let's get a hold of one of these yo-yos I'm going to the land of the free shortly I could probably get one well can you bring me back a yo-yo if I gave you $18 you gave me $18.99 yes all right I I can give I'll bring back all the yoos I got dollars as well from yo-yo for everyone yo-yo for everyone can you guys actually Yo-Yo at all yeah yeah I mean tricks no I can't do any I can't do tricks but I can do the basic go down I think it almost does that on its own yeah I used to be able do one the tricks are cool oh of course you did what what you want to see what one bet you one of those little finger BMX at little one of the saddest things you'll ever see is a child that can't yoyo House Christmas was full of them and they just they just stays at the bottom and they just end up dragging it around gets the knots of the front away most of the fun comes from Winding it up anyway it's the excitement of that it's the anticipation of then you go again anyway I'm really glad that made the agenda but great a Bitcoin the point I tagged in the end is apart from everything's ETF yeah um mainstream products with in a mainstream shop with Bitcoin branding and we've seen the Bitcoin ETF adverts advert and things that they're doing when did Bitcoin Crocs come us yeah that all the same company you go to their website they've got a Bitcoin baseball bat as well I think it was was it did it not was that not in thingy uh participation with Bitcoin magazine that the Crocs I thought that was or is it just maybe they just announced it um CRS are no it's just a bit of fun isn't it yeah bit of fun but i' I'd quite like probably buy a lot of them but obviously we can't cuz we're inuk buy some Crocs yeah I'll buy some Crocs would you wear them anyway particularly W although I did read a really interesting thread the other day on Twitter about um the guy behind the the obsession with Stanley Cups is also the guy who made Crocs like cool you know these big Stanley Cup CRA is mental watch videos of middle women like fighting over them I I don't know what they are I don't I'm lost is that the couple that survived a car yeah that full and made them it's like a big like you know like the big American style cups that you get G cup yeah it's like one of them but like Mike you was saying that one of the a car caught fire recently and that Stanley Cup was the only thing that survived in the car so they they spun it into a marketing thing where they basically bought the person they bought the woman a brand new car right I'm calling it it was a marketing campaign from the start yeah from the start what they actually a car on purpose yeah and then just put the cup in a bit Yeah I little bit of Ash on it it's like it's like night the night adverts was like the guy on the slide and lands in the little paddling pool at the end and it's like he got KN shorts on it but it's a Knik advert and it's all it's not real it's like why would you need a cup that can survive a car fire why is that everyone why that initiate is that but if you got to buy a c you may as well buy the one that can survive it's not downside cuz you often take cups into your car is it right yeah but if if my carow was on fire I wouldn't be like Oh My Bloody cup it's not Stanley survive I'll be like oh God I'm glad I'm not on fire I can't the Jazz I took a c celebrating the jazz is on [Laughter] fire anyway Bitcoin product bit in coming into more M family cup that's next I think that's it's quite good to it's like the Bitcoin brand being pushed out there more into mainstream um which I think is not a bad thing to see really I don't know it's just people trying to make a quick book trying to make Sten ear on they do look a bit tacky don't they they're doing the marke in for Bitcoin so let them okay the more we see that little bee out in the wild the better do you think agree but what is the perception not a bit jokey at that point no it becomes recognizable as normalizing it isn't it it's like having the dollar symbol people have used to have like the dollar symbol on hats and tops and everything and you think this is a gateway to people understanding the fundamentals of Bitcoin and the freedom that it can bring because it's a be on a bit yoyo completely there has to be a part it's that's how it's been reached out there historically the Bitcoin brand in itself people become recognizable now throughout the world and then it's once it's recognizable the next step is you start to say okay what is that and then you learn it and is it e in the Pod is also always welcome is it e is it sometimes he doesn't know slipped into [Music] van seg anyway yeah I think he good okay he's positive yeah not so Keen marketing isn't it yeah from the manufacturer point of view and stuff I assume no copyright issues they can use the be so it's like popular yeah yeah be smashing Mickey Mouse on it seem really they not yeah no for coin Corner branded Ste they can use they can't use the original Mickey Mouse can be used now yeah think the thing ran out this last month it was recently no that's what I'm saying it was Rec they used to change was there not a Mickey Mouse law where they used to change copyright law every time Mickey Mouse was coming up to uh expiry date on his copyright and they'd Lobby the government and then they'd keep changing the rules Jan 24 yeah the public domain yeah but only the Steamboat Willie the original what do you mean only it's a classic that you really shown your age now so so we've got a new mascot now arguing listen but you can't use this guy don't put him on here then put the Steamboat Willie on do we have to block him out from the screen you might as well Mickey Mouse do the original he not called Mickey Mouse then yes he's called Mickey Mouse but was is he yeah was Mickey it's not that much differ to the current Mickey house is it no it's just like a rebranded version when we added Ste Willi to our logo soon now we go um cool right done talking about your uh bit wise study finds that only 39% of financial advisers believe a Bitcoin ETF will be approved in 2024 yeah this isn't an old study either this is this is this is I know but imagine thinking that they're going to find out soon aren't they so I had a little look at this serve I thought is pretty interesting in terms of the highlights from it um it's it's kind of obvious but there's some nuggets in there that I thought quite interesting um so I got them printed out just cuz I do a bit of prep I'm surprised yeah um vast majority see it as a catalyst for Price movement I think that's bit of an obvious one um but they they do talk about access to crypto still being limited um only 19% of advisor said they were able to buy crypto in client accounts so it is still a problem for them to get access to them um but once those clients are invested they do stick around i' love to know when they say it's a problem that they can't do it's like we spoke to a lot of financial advisor haven't we we actually found out that they can just the company chooses not to the company doesn't allow it in their own internal policies that they can buy Bitcoin where said they they legally can go and do it I wonder if how many of them people answering are even clued up and understand well yeah I think yeah because they've said uh said they were able to that doesn't necessarily mean they can or they can't they thought they weren't able to and then when we had the conversation with them they realized they could and it was like oh it's just our internal policy we means we can't it was never a legal issue it was a internal policy issue not un educated issue 71% of the advisers uh interviewed prefer Bitcoin to ethereum which is a huge increase on previous years when they were interviewed so there seems to be some separation there but what about salana yeah they haven't they haven't even talked about sler or rocky or any Rocky any of the alt coins they've talk about gently used hunda right this crops up that's people listening this cops up there's an amazing new old coin called uh a gently used 2001 Honda Civic um which got a lot of attention in our office in our office I'm saying I mean it's an entertaining uh yeah thing and it's actually just the description of what this cryptocurrency is is it is just a h01 c I like that it had this specifications of the cars car so the the fundamental principles of this coin were just the car specs instead of BDC it's used car um so yeah there's there's never going to be we do sometimes like to have a little look at these and see what's going on there's going to be a never ending list of uh entertaining coins I'm sure about to reenter the Army I think yeah bu Market consum expect the crazy altcoins yeah so this bit wise um survey there's nothing really unexpected it was just um a bits of pieces is saying that they they have got a lot of clients out there there's strong interests uh 88% of advisors receive a question about crypto so it's the Market's turning their way they just have don't have access access to at the moment and that's why they see the ETF as a catalyst for that access so that's why I thought it was pretty interesting shows more lack of Education I think though for that yeah they're just not paying attention to what's going on because 39% is a low number well and even they're saying that they don't think it's going to be approved but they're also saying because they don't have access to it when they do have access to it they just don't realize that it's just a lack of it's not caring um and for me that then skews them figures and makes it think it's not particularly a great report what do you mean that I me because they're asking uneducated people and even their own jobs that but these people advise a lot of other you know has a huge population so that's why it's quite ADV we're not allowed to buy Bitcoin when they actually are it's a it's a good little lipus test though in terms of how that it's Market it shows the uneducated more than actual useful factual information okay I think it's a big part of it is they the traditional financial advisors is lazy you just stick stick within their Lanes don't they I'm not not offense well actually full offense to them paid attention to bitcoin I mean they only got 400 to actually do the survey yeah 47 it's quite low isn't it it is quite low yeah um feel like we've they are lazy just too lazy to even do a survey um but they've been too late they stay in their Lane and they stay in one they're told by their company what they can do yeah but problem yeah but there are indicators within that survey that are are bullish towards Bitcoin they say like 98% of those that can allocate have uh either increased or maintain their positions in crypto so this isn't a short-term um Bull Run position this is just okay this is the the new the new investment portfolios because I feel like it's coming from uneducated people that are not quite sure what they're talking about 437 you can't just sweepingly say that all of them are uneducated no the ones I've said we've spoken to a few when we were we were pretty shocked at how much they didn't know well look look at sorry go back to the stat you just said there of how many say they are unable to access it uh only 19% of advisers said they were able to buy crypto in client accounts it's so so that's not really talking about 81% there that's right 81% are ignoring the fact that it can be done and saying it can't be done because 19% are doing it yeah so so legally can be done the 81% are just ignoring the fact that it can be done and saying oh it can't be done so that's why within their company it can't be done within their company policies it can't be done or they've not even tried yeah is the other side yeah so it just makes you show that they're they're lazy stayed in their lanes they've not tried to push the barriers to anything and not tried to could also be an indication of the structure of their client accounts and who those are held with I mean there could be a banking partner issue could be yeah but you go go if you want to buy Bitcoin and you want it that bad you go and find a way to do it well that's what they also say that cuz a lot of them are what the held away assets so where a client can't get access via the uh financial advisers they they find way around it held away so that's growing so they just getcoin anyway yeah but it's still the a big a% big percentage Yeah but it's a big [ __ ] we turning here in terms of Financial Freedom it take a bit I'm just highlighting that I don't take this people have jumped all over Twitter saying this is an amazing survey and all I just don't find it very um I'm not it's the substant the information is not substantial enough for me in terms of I understand who them financial advisors would be in and that one stat there highlights what I'm talking about 81% are saying they're unable to do it well if they're unable why are 19% able to it's an internal policy thing not a legal regulatory thing they could do if they wanted to or cared to go and try well fair enough I likeed it bitwise keep up I hate surveys in general so okay can be useful though surely all right fine you get it idiots for statistics surveys have to be done no no it's with you surveys have to be done and you usually see them there's usually like a thousand in a survey there for a lot of it and they're trying to use that for percentages around all sorts of things um and it's better than nothing yeah how many financial advisors are there in the US and what is 437 as a percentage of that why does it matter when 437 samp survey for that well that's what I'm saying what percentage of the financial advisors across the US are you actually surve enough sample to get an indicative opinion Jesus yeah then that's 240,000 yeah but okay within a reasonable maybe those were bizer we're just destroying days research I'm saying it I'm not destroying it just yeah you know I think it's a a big enough sample to get a an impression of what that industry is thinking 0.1 be generous 0.2% okay think that's not bad probably not for statistics okay okay let's leave it right moving on not bad not bad good not bad i' describe it as the ship is slowly turning right I yeah that sentiment you can see in that because then the financial advisors aren't they're not one Manning the wheel turning it they're just on they're just on it well it doesn't matter what turns no no I'm just saying Danny's point they're staying in their Lane they're just on the ship being turned F okay it's my analogy say what turn it Mickey Mouse is turning it Bo Willie driving that [ __ ] uh right vanck they've pledged 5% of spot Bitcoin ETF profits to call down this how could you hate this that's brilliant hate this as nice one vanck right no van that's you think it'll have some influence in the long run this is a first play in my eyes for the next Battle of control of Bitcoin of who controls Bitcoin it's they are going to be donating this money I think the they're saving grace in some way I think they're donating it to thingy aren't the UK uh John yeah brink brink yeah yeah um so I think they're donating it to to Brink Brink will then issue it out to people so I think there's a little bit of a Saving Grace in that which I can appreciate MH um but it's scary when you think these guys you know imagine Black Rock saying right we're going to donate all start 10% to developers and we're going to issue this out ourself rather than go through Brink and we're going to give it to these 20 developers and they they will then try and dictate what they are working on on bitcoin core and what changes in Bitcoin and they will then try and have their influence on bitcoin cuz for their agenda um we've seen this in the past from companies um do you think it would be that nefarious cuz like van won't like they need Bitcoin to survive and not have those sort of splintering problems they you so you need Bitcoin core developers probably to grow in number would that not help that so yeah but they need the scarcity of it to survive so this is exactly the same as the block size Wars and you go back back to that and bit paying coinbase and all that they were pushing for bigger block and they were wrong and they pushed for bigger blocks and they lost eventually but they used their everything they could to push back and it was obviously Community 4 and Community one um but they did it for their agenda not for Bitcoin bit pay needed it because it was destroying their business model um they needed them bigger blocks to maintain what they could do as a business and that's why the likes of vanck and black rock and everyone will eventually but they do need to be supported cevs 100% 100% so how do you support them without that that's what said that's the saving and that's what they're do I don't like it because it's the start of what would come and I don't believe for a minute any of them are going to be good actors in what they're doing why have they not already been doing it yeah why are they only all sudden doing it because it fits their agenda because now they have a Bitcoin product and now it becomes yeah now they are before they didn't care but now they are now rine and now they need the Bitcoin price to stay high or to move someone I've can someone explain what Brink is to me Brink is a company settled by um okay we can't get that on the Twitter recap uh it's just basically Bitcoin core Dev sort of company that takes in donations and then distributes them donations to different core devs right think of it just like that simply so why is there less of an influence problem going the brink and not it's been sell by a core developer who was very much on training teaching people doing everything so he's kind of set that up to try and bring the cash in to then distribute out to all the core devs and help and as as an entity you have to manipulate more than just one person at that point what point yeah but how do they I might have to go research in terms of how they distribute is it based on the amount of works like like how do they is it even in terms of it do you just get of register yeah I think you can like requ for I think they did hire one fulltime core developer when they initially launched you say you're going to work on this for Bitcoin you get the gr off and size don't know don't know how they allocates right I'll have a little look at the program season I I can do yeah looks like they they train new developers and also support existing developers that's they do a yearly did did they do the yearly me up was that the I'm not sure was it them that did that who was the other guys that did that in the US and New York forgot what they're called chaino chain code yeah they do like the yearly one don't people so helping train core devs mhm yeah okay I think if you listen to the I agree with you Danny on everything if you listen to the vanex CU Dave I agree I agree with you everything if you're listen to the van CEO his intentions seem genuine maybe you know who to say we've seen in the paste me and van out of all of them seem to be the most Bitcoin ones of the ETFs like they tickers hodle I think yeah they're doing this they're playing the game they're playing the game their ADW was very Bitcoin the Twitter's been very Bitcoin Centric last so are they playing the game or they're playing the game because it's a new product they're launching that they need to be the winner of and there's going to be you know if there's a handful of winners in a couple of time of Bitcoin yeah but you've got a five for that yeah but you got to remember who Their audience is they don't have to be Bitcoin do they if they're after institutional necessarily it's not Community the community to help Drive the the marketing of it and push it and we're the ones that are retweeting that video and and inter with that the inss thef AR on Twitter they no no that's but the people that work in them companies will be and the Bitcoin Community as they retweet things and share that it goes viral spreads and that's when them people that work at the institutions will see that um otherwise how do they reach them institutions they wouldn't they wouldn't have a marke in play it's probably the best marketing play they can think how they normally reaching with their ETFs airport boards on the phone calls yeah direct contact isn't it well yeah Vana definitely doing the best job in terms of in the community kind of okay looking like bitcoiners I don't like it though oh yeah don't like it as I said I agree with everything Danny said okay sound like sound like holy disagreed but at say but I do agree what you made was in disagreement with him but I agree it's fine it's scary it could be a block siiz wars against at some point in the future I'm sure it will be yeah ETFs and then for me in my head it'll be with Nations at some point as well in the future anyone else raise those similar concerns um yeah I think I've seen a few on say that okay all you need is Black Rock decide they want to increase the supply for whatever is change the box change the size from one Meg to two Meg CU It's like because for them that means more people will be able to in theory in their heads more people will be able to use it and so on and they'll get more people and the price will go up and Etc so there's always going to be some coming in to try and fix Bitcoin and that's what these guys will do for their agenda fine balancing that going forward with these I think we're looking the fact that the people the Bitcoin Cod Deads at the moment I'd say the majority have a lot of integrity and wouldn't kind of sway to the influence of Corporations but we've seen some of them do absolutely you go back to the old days when you had um Jeff garuk and thingy and all that they they wanted bigger blocks a lot them and they fought against it but they were also donated by through I think coinbase and bit pay and the were actually donating to some of these guys could this Chang the incentive of a cord Dev Dev CU like I used to used to you know presume a lot of them got into to it not for any sort of financial gain but just for the for the fundamentals of what Bitcoin is now a lot struggle struggle year to year to get R now people might be getting into it because actually there a financial incentive yeah we look at Luke Dash in some way as well I he's he he's did core development for many years taking no donations of from anything apart from like on his GitHub um but then obviously he lost all his Bitcoin recently and then he's now had to go off and do private it's a mining company do ocean mining um but he's had to go and do that now which pulls him away from Bitcoin cor because he needs the cash um but then so yeah Financial incentive is is driven Luke I don't know how far away from Bitcoin core he's going to be now in terms of development um didn't he get paid to do that P requests for the Covenant stuff like 10K or something did he do it but do he did the pr Bo he says I don't need to help you agree with yeah yeah he didn't agree with it yeah that's exactly my point yeah but if the work's there and done it's makes it easier for them to try and push that through so yeah it's definitely going to be another block size Wars style at some point be prepared okay uh someone tips Satoshi 1.17 million they sent 26.9 Bitcoin to the Genesis wallet this was interesting I saw a theory that uh someone it was about Craig white yeah if he was in control of that address he could have had it yeah say might an nchain was it or some paid him money that they think he owed him instead of giving him a check they sent it to the wall just he claimed he own would they not make it if that was what happened would they not say that would they why would they do something so funny and trolly yeah without saying out it's either an accident from somebody yeah um that one makes more sense the I saw the other conspiracy one of which makes absolutely zero sense in my head but um they were saying oh they think they've done it which got a lot of attention as well that's they've done it so they can weed out who Sashi is because he's now received x amount of million which is over the threshold for the IRS and the US so you'd have to report it otherwise he's illegally not reporting it but realistically he could just say I don't own them Keys I've lost them keys they don't exist anymore and they wouldn't he also may not be in the US but us people think the world us um so he's probably not a a place to even gr and bother with it anyway so I don't think that would be also a thing um but yeah interesting one to see if anything comes out of I presume they're just never going to move that'll be the end of it they've never moved in the past so yeah can't imagine the mov for that the guy satosi sat there on a million Bitcoins so being 29's going to do be a mistake God address like you can make mistake into you have to fashi to get them back yeah it has to be a mistake like the start of a great movie yeah the excellent the funds to build an orphanage um Black Rock they're laying off 600 staff as it pulls back from the ESG down with the planet 3% of the not is it's not just is it ESG the department or is it um ESG ETFs like their funds cuz across Europe and you probably seen it in the Bitcoin ETF everyone's smashing fees down is the the there is an ETF fee war going on um because they have had limited inflows into some of the ETFs like the cost of living crisis hits everyone so people aren't looking to put money into Niche ETFs at the moment potentially and obviously if um b rock gets a lot of its fees from these ETFs and it's it's not making as much money have to lay stuff off it's just a world that as it is I don't think it's a reflection on ESG per se I think it is but if you have to lay you have to lay stuff off you probably lay off from your least profitable um I think you forget sectors forgetting the story we spoke about on the part A while back uh that the but no one cares about ESG aramco CEO went on the board of Black Rock and black rock did the report saying ESG is a uh what did they call it it was basically like esg's a load of rubbish basically and it's actually been didn't say it's been detrimental but it's not in it's not helps the environment um and they were pulling back weren't they Black Rock on the whole ESG side I'm assuming just great look is it we're going to hire why is he the CEO of the world's biggest oil company and then get rid of all our ESG stuff and then Black Rock did an ESG report saying that um the ESG movement was not really doing much so they're pulling back on it so I'm assuming this layoff is due to that is my wired in my head um it was a report from it might have been about 6 months ago was it maybe yeah I remember it um bit of both them perhaps yeah did you see that latest last minute change the ETF fees like half an hour ago just before it came in Smash that 0.12% for the first 5 billion then it's going up to like 0.2 something I they giving you a figure there if they expect 5 billion at some point obviously before the increase that's mad mad volume I saw some those um you're seeing a lot I mean some of them is it start uh Standard Chartered Bank whatever they're called um like the stuff that it just seems ridiculous what they're coming out with sometimes with some of these estimates and price well they said 100K by the end of the year yeah it's just I mean they said 200k didn't they 200 by 2025 200k by 2025f approved all right but they did no they said 100 first they ran numbers in this as well didn't they they had numbers in how they got to that I think but there's a lot of stuff they didn't take into account inflows of 50 to 100 billion in ETFs um what didn't they take into account um it was things like the liquidity on the exchanges um and liquidity available on bitcoin available uh I don't know did they take into account the Harin I'm not even sure if they took that into account I don't think so I think they've just ETF inflows basic like call it moon maath like it I like that Moon maath basic Moon maath um do that every day it wasn't yeah particularly good and I saw some other people that a bit more clued up on ETFs and stuff they was expecting about 50 billion inflows in 20124 and these guys were expecting 100 billion W they I'm not really seeing anyone I know we have internally talked about like the potential liquidity issues and actually getting hold of that 1.4 million on exchanges I think at the minute 1.4 million Bitcoin I think is held on exchanges I think at the minute um to verify that fact from somewhere but I I think that's correct all roughly around there um so yeah that how many is that uh sorry what price would that be then for that money ah you might not be able to get it from somewhere easy to be honest um total total at the bottom oh there you go 1.8 so you're saying there's not enough 1.8 Milli the price will have increase in C sell pressure but it still won't be enough so I think there's a so it will I agree and then people will have a price point they'll want to sell at but I also think that 1.8 million is also not available even though it's on exchanges in theory we know that from ourselves and the others will be exactly the same you will have customers that forgot they've got Bitcoin or they've you know they'll come back they kind of forget and they remember years later don't they and things so over the next sort of 6 to 12 months a lot of them that whole Bitcoin with us might even log into the account and man pay attention probably or they in it for the long run anyway um so we know that there's probably I mean how much is as percentage wise as our balance moved in the last couple of years it's probably not even like 10% is it 10 20% Max in terms of fluctuations of that balance most of them just hold it don't do anything with it um so you know of that 1. there's not a lot of sellers out there either no it's Market makers and people that a bit more maybe active in the space or people that need to sell when they need to pay a bill or something or and we've seen even Point gray scale was buying up as a single entity they were buying more than that was being mind every month that's without this harving and all these ETFs and the price was grinding up yeah yeah um so 1.8 million is not a lot to be available and I appreciate some will come on to it people will have it in C Storage themselves and they'll move it on to the exchanges to do what they need to do but um yeah I'm not sure that'll weigh out or even out exactly an equilibrium of what that'll look like um and then the har in coming in reduces it yeah well he saying that between 437,000 and 1.3 million Bitcoin will be held at spot Bitcoin ETFs so they're expecting to pretty much buy it all up everything that's available exchange yeah and we know for well you wouldn't be able to get that from what currently sits on exchanges cuz there'll be 50% that just sit there because people have forgot or not bothered about moving it or selling yeah I think it's really hard to anticipate what the potential inflows will actually end up being because there's micro elements in there as well MH to explain that as well s just to clarify on that our I'm talking about we've been through bull markets and that people have not come and sold no people have still even when it's hit alltime highs you've still got people that just hold the Bitcoin so the Bitcoin balance has never really changed um it's just slowly slowly increased I guess in some way um over time so yeah new new alltime highs won't necessarily mean that everyone will want to sell because clearly in the past they haven't from our experience right cool uh last topic was um the SC EC drama last night you talk us through it Molly you were all over Twitter what happened um so the SEC put our tweet basically saying that they had approved the ETFs um and then everybody jumped on it and the Bitcoin magazine they picked that up fast they had a story like turned around in minutes because everyone's got their stories ready it was ready so they were just like oh let's go then while everyone was celebrating uh G tweeted out that the SEC account had actually been compromised the first tweet looked pretty legit though it's all been deleted now though because I saw it I was like oh okay yeah happen I was expecting it to happen after market so it was after four In America which would be when I thought it would happen yeah um but I think you had half half the people celebrating the fact that it had apparently been approved and hadn't seen the update and then the other half the people angry and going after the SEC for the Tweet um so yeah it's quite wild the memes Twitter oh my God I had to put my followers just phone away and just ran my book get away from that I missed it all I missed the whole like come back just after ad off CH cha but yeah there's um and then people basically Twitter of or X whatever you want to call it has basically tweeted out saying that yeah they can confirm that the account was compromised and they didn't have two on Twitter which was ironic it's ironic because tweets before saying like tips to secure like how to be safe like must have been rubbing his head make sure you have strong passwords just well elon's tweet was the what's the password should be one two three doggy coin oh yeah oh God he's even trolling him now um so yeah it was a wild evening yeah course completely the fot this is crazy didn't the account initially just tweet like hash Bitcoin then they deleted that afterwards they did yeah oh afterwards I think they followed up with that tweet I don't know I can't remember I didn't see that one but yeah just Madness but now I I feel like if they announce today it's going to be really underwhelming yeah it's indicative what might happen again to the price though it is people I think they got the same response people did sell the news no they didn't yeah they did look at the spike this is what I was trying to look at earlier I didn't get time properly the spike up when it get but that's not that's not a detailed enough chart you need to move on if you move on to this um where you can see the timeline of the treats and the price you'll see that the price actually went down before it was confirmed that it was a hack after because everybody thought I think there was already speculation wasn't that people were saying no that tweet was the first indication that it was the obvious indication I wasn't is why would they announce it on Twitter yeah there was nothing nothing on the is that people s the news no people went and check the website there was nothing on the website so they couldn't confirm it basically a mass load of people sold the news so I don't think no I I I disagree if Dave said that chat so even though the countless compromiser it could have still been a tweet that they had in drafts ready is that a working Theory yeah yeah I think so anyway that's a decent chart as to say exactly what happened last night that is good yeah that's yeah I did have that lined up cuz I knew you'd be against that there they have to investigate themselves why I see that they have to investigate themselves for Market manipulation yeah trusters yeah I saw uh Senator uh Warren is she called she she's called him out and said they need transparency and they need to tell the leader of the Bitcoin Wars you know crypto it's it's such a bad play he's had a bad year get he should have stayed at MIT yeah he's got like a guaranteed job at one of these ETFs after stroll into black rock sit there and do nothing yeah but even like why would he like if it's going to get approved today which I think it might be why wouldn't he just let it slide and just go there so there must be some sort of legal documentation that hasn't been quite finalized have just gone with it when he saw it after bet he's just like oh no all this effort we've gone yeah it's just such a bad look it all playing out on Twitter as well is just makes it all a bit more hilarious was all over Bloomberg straight away so it's not just wasn't just Twitter alone BBC picked it up instantly well I think CNN no CNBC were also reporting on it but they hadn't realized that it had actually been retracted so this is the issue it's like yeah what do you believe just because it's announced on Twitter yeah yeah it needs to be on the website W can I ask then Dave quick question look he's trying to get revenge now move on to the next article do you want a mining update can not yet can I ask with with this I was going to Tweet this last night cuz I was confusing myself which one's are real sell no sell the news concept that people are coming up with what does that mean you buy a rumor and sell on the news cuz the news is Never As Good As a rumor right so it ramps up slowly like we seeing probably with the ETFs and then just sell it because but normally that would be something that's like a someone someone's buying it and putting on the balance sheet for example like Tesla have done but that point they've already bought it which is why the reason it's gone up in the room and stuff this is a if this goes mhm live and is approved why would you sell the news at that point I completely agree what's the logic anybody selling the news on something like this is approval it's honestly I think it's just people trading because they because they could then get in all the dip on anticipation extremely shortterm you bounce back but so it's because you can't have like in most cases where people buy rumor and sell news it's because of say like Tesla to report and people say it's going to be better than expectation when does happen it's never as good as people oh it's going to be massive news and the Rumor Mill starts and you're Buy in then but this doesn't work that way no because they can't seed it prior so they can't they can seed it but they can't buy the Bitcoin with that seed funding which fundamentally because it's such a simple model of supply and demand would would would mean that the price would rise as yeah this news is essentially telling you you can front run this because so the only people the only people pushing for a sell the news agenda are people that are going to trade try and short get out but a lot of people are looking at it so adamantly and because liquidity is not that much happen yeah they've tried to what you call it um self-fulfilling prophecy that's with they trying to push that as um because there is no logical thought process as to why it would be a cell it look like that's what happened yeah it is yeah interesting well yeah but I do agree it's not that same play I just I couldn't understand people's Logic for why are they saying sell the news like what was their thought process around it and still keep seeing people crop up on Twitter such a TR thing they've just heard it from the guy next door so they're just saying the same thing it's like does seem like it's like you don't really have to come does it mean it just goes down when some an announcement happens yeah it's just silly um in my head it's meaningless for the bigger pict I guess is where I'm I'm good oh yeah it's a meaningless statement for a bigger picture this is a say I probably meaningless for any long-term holder yeah really anyway I think I missed that one off did oh yeah this is one I flagged yeah new scientists published an antiquin article and they got community knowed yeah New Scientist supposedly reputable kind of science publication over 4 million followers on Twitter um they published like an anti- Bitcoin they basically called they indicated that the government should shut Bitcoin down because the core developers refused to to make it more environmentally friendly and then I got cut off cuz it was payall so Dam the F they tweet out obviously and then it got community noted pretty much immediately what does community noted mean so you scroll down Twitter have this thing where the community can add notes to an article about you know misinformation and that kind thing incorrect how can you add like do is it a paid thing I don't know I've never done it not tried it myself so yeah people but then what did you know did you see what they did after that yeah so instead of like what a proper reputable company would do and maybe reassess the article and look at the data they they're using they just deleted the tweet and then reposted it later without a community note but then community so that shows very s soften it at all in terms of exact word for word so it's very sneaky of him to do that how get this it then looks like propaganda is just it's obvious intention exactly my concern is yes us on Twitter can see this but like if you find this article naturally you don't see the but we've been fighting for this for years haven't we it's just another just another highlight of I saw in some of the comments people saying oh they do this in all Industries cuz you always think we're the experts in our industry so we kind of see it yeah and there was like oh they do this in big farmer and we wouldn't know that we would know that don't understand that yeah you like how they're using the Green Piece scul which Bitcoin is adopted as a masc love that sculpture yeah yeah so yeah the title of the article is should Nations tried to ban Bitcoin because of its environmental impact no they should embrace it because it helps the environment which is what they're missing so yeah just highlighting like we like to do shy journalism frustra sweeping there you should make that a fulltime feature frustrating that people are still doing still putting this out there well it just feels like this is I've always said this like you go back to like four years ago 5 years ago it's feels like the same story over and over and over again um and you're fighting the same battles over and over again because somebody knews coming into the industry or paid attention finally and says I'm here to fix Bitcoin and we go again and it's that same imagine how many sort of similar articles we're going to get in the year coming and to be fair they've been against the trend that I think we looked at recently they've have been Pro environment new agendas how much media does Black Rock own how much influence can they have over these writers yeah so yeah so actually we might get Li a prob which we started to Black don't care about you know principles anyway no they don't the worst thing about it for me is all these are like subscription based Publications so the people actually reading this are paying for it and because they are paying for it I feel like they're more inclined to accept it as well yeah yeah yeah so Black Rock earns both Fox News and Dominion sh misinformation yeah essent okay so yeah all right so they could be putting out that'll be more as well at the own I'm sure I'm sure cuz they've got a big Stak in Disney don't they which I think Disney bought Fox did they I think they did yeah yeah was it I ESPN wasn't it recent ESPN thing yeah that whole thing that was a different story with okay all right day hit us up with a Min going to give you a little minor update so the new stat we're referencing aren't we got yeah this is your stat and it's a great stat it's SATs per hour sp sp SATs per hour we're currently on a 77.8 s SATs per hour and this office is generating 77 SATs per hour yeah how cool is that that's pretty cool how much heating does anyone else's home heat like create SATs more than none this yeah so this building as an entity generates 77 SATs per hour yeah um they're not as warm as I thought they were going to be yeah I'm just want out use less power there's not come up then it could do but then uh' be a bit noisier they could we can increase they're not that noisy at the minutes we could probably could we we haven't really pushed how far we could take them we can go hotter for the in within the chips could get hotter but at the moment they just nice I think just trying to balance it a little bit we've got more coming there's only like in the big main room there's up stairs there's four up there which is a big room without four in so we got some more coming more coming personal ones no it's really nice when it's right in front of you you just have one be ideal more going up in the main room another two or three three in the main room we'll have one in every every other room little room yeah one in a room this side does warm it up okay long as people keep the door shut MH if you yeah so if you looked at so the alternative option the the other heat we did have in here so that runs at 2,000 watts and that literally cost 5 zero SATs per hour that zero SATs per hour so if you run it for the same time period with the same electricity cost that one it cost like5 per day yeah on our current one and the that heat that's running now whilst the pod's ongoing silently it only cost us 230 but also generates SATs generates 77 SATs per hour and eventually we'll have a break even point I'll let everyone know what what you've got that word maybe we'll just te maybe we'll just tease it how many years are we talking manipulate stats to make it the price gets to a certain if the price gets to a certain point yeah then this will be generating revenue from oh do not take har no uh you need to do it with the harving then so going forwards what would it be after the Haring yeah I know what's our price point but no was it until you see the number yeah anyway but doesn't mean to be doesn't need to be break even the point is in the room and it's actually saving us money so we need to over a year is probably the more important figure inting at o still 3 3 10 a day at saving us for like for like comparison with The Heaters we could have bought we using previously yeah it's not bad that is good very good um yeah I was going to mention something forgot yeah we're still pointing at Ocean yeah we've had two blocks since yeah having a good time exploring ocean mhm play around yeah cool Workshop coming for every employee so they can all learn what we're doing I'm excited are you going to sign up for the workshop absolutely you going to have one at home yeah I don't know how it works but yeah wait until after the workshop that's that's why that's why I'm signing up work yeah cool what the workshop's for yeah cool anything else uh no I just forget to mention the price at the beginning though thought I save that for the end we covered it and we went on to um what do we call it speaking briefly but we didn't show it did we that was all you had it but yeah we didn't mention it has gone on the that's that's the one we wanted the Honda Civic we should clarify the Honda Civic is is we are talking that in a joke capacity yeah although you did call it amazing not Financial yeah uh We've dipped a little bit what's good yeah 45,1 127 um little recent dip went below 45 for a second though last episode's price was 42 so that's a week ago yeah yeah but that that was in the middle of the um inverse Kramer Matrix report Stu cool right all right cheers big day ahead let's go yeah nice cheers guys LG [Music] peace [Music]