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What's up freaks? This rip of RHR was brought to you by our good friends at CoinKite.

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They produce the Cold Card Q, my favorite hardware wallet. It's got two secure enclaves,

3
00:00:13,800 --> 00:00:18,480
it's got a full screen, full keyboard here. As you can see, if you're watching, if you can't watch,

4
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just imagine something that looks like a BlackBerry. It allows you to create private

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public key pairs offline in an Aragat fashion. You never have to connect the Cold Card Q

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00:00:28,560 --> 00:00:30,200
to an internet device.

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You can sign transactions and PSPTs remotely

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in the most secure fashion.

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If you're a Bitcoin power user

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and you're looking for the best security,

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go pick up a cold card queue

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and go to coinkite.com.

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Find the cold card queue there.

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I think you go to coldcard.com as well.

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Use the code RHR for 5% off.

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Step up your security, get a cold card queue.

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This rip was brought to you by our good friends at BitKey.

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If you have friends, family members who are newbies,

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They still have their Bitcoin in the exchange.

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Help them take the first step off the exchange.

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BitKey makes it very easy.

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It's a hardware device that has a multi-sig.

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The hardware device has a key.

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Your mobile phone app has a key.

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And Block has a key in the cloud.

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They've designed this with trade-offs to make it very hard to lose Bitcoin.

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Easy to use, hard to lose.

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Go to bitkey.world.

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Use the code RHR or RHR20 at checkout to get a discount.

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Not sure exactly which one it is yet.

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try both go check it out bicky.world try rhr or rhr20 this route was also brought to you by our

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good friends at stackwork if you're looking for a great way to make kyc free sats stackwork has

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bounties go to stackwork.ai find their bounties page and contribute to the bounties you can make

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bitcoin kyc free for completing the bounties if you're a developer looking to scoop up some easy

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sats. Go check out the bounties, contribute to them, and stack some sats. Stackwork.ai.

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You've had a dynamic where money's become freer than free.

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When you talk about a Fed just gone nuts, all the central banks going nuts.

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So it's all acting like safe haven. I believe that in a world where central bankers are tripping

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over themselves to devalue their currency, Bitcoin wins. In the world of fiat currencies,

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Bitcoin is the victor. I mean, that's part of the bull case for Bitcoin.

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If you're not paying attention, you probably should be.

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Nice hat. We didn't even call each other before this.

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Is that the one I sent you? No, I actually found it. It was in one of the moving boxes.

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I was home earlier this week and found it.

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I sent Marty a care package of hats.

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You never have too many hats.

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There you go.

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Let me pull up zap.stream here.

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See if we're getting DDoSed or not today.

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It looks like we're live.

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We are live.

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Take out...

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rhr.tv slash stream.

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All links at rhr.tv.

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Share it with your friends and family.

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I've had a productive day so far

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How about you sir?

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Very productive

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It's nice waking up to a little

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little pump action

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You're considering this a pump?

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I said a little pump action

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Look

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You weren't here

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Logan was prepping that

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that soundboard button

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before you hopped on.

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You were singing it when I joined.

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So our non-clickbait title for the week

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is Bitcoin is Going Much Higher.

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That's non-clickbait?

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Yeah, I mean, it's just a fact.

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How's that clickbait?

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What's our clickbait title?

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I don't know.

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You guys are in charge of that one.

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Logan, what's the clickbait title?

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I made up the one this time.

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It's just the plan to spy on your encrypted messages.

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I like that.

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you know it's accurate there is a plan to do it we'll get to it you didn't put like an insane

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price prediction in it this time no no look what is your price prediction for the end of the year

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we haven't asked you we never asked you how high you think you're higher higher great prediction

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stable stack sets i mean marty are you you're telling me that when you wake up when you woke

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up in the morning you saw us over 116 it didn't make you feel a little bit better

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I don't really check the price that much.

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I did start journaling again, and then I'd do the date,

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and then the price, I was like, oh, $116, nice.

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But we were down to $112, $113 for like two days.

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It wasn't even that bad.

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The best way to check the price of Bitcoin

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is following RectBot on Noster.

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BitMEX RectBot?

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UTXO runs it.

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it's not just bitmax i think it's he does like all the top exchanges

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but it's whenever someone gets liquidated on the short side of the long side

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don't tread and then he trade with leverage freaks he puts a nice little meme there's like

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a nice little meme attached to each one it changes every time yeah it's uh yeah i didn't really like

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I want to consider this a pump.

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We're in consolidation.

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I've been checking via Clark's dashboard, not Bitbo.

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Yeah, it is a bit of a pump.

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We went from 15 to...

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Yeah, we're up a half percent in the last 24 hours.

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I wouldn't call that a pump.

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I mean, but the S&P is down.

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Is it?

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I said a little pumpage, is what I said.

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I'm not pretending it's a Bitcoin pump.

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It's not like a god candle or some shit.

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We don't have to argue about the semantics of it.

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It's just nice.

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It's like, okay.

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S&P is flattish down today.

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Bitcoin's behaving pretty strong.

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Feels good.

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Okay, I agree with that.

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I agree with that.

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Let's see, what is the S&P down today?

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S&P is down half a percent.

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Bitcoin's up half a percent.

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There you go.

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A little pumpage.

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NASDAQ's down

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yeah we're in it

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we're winning

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we got a lot to talk about

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let's check in the price of Bitcoin on Clark's dashboard

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it's currently 116,260

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cuck bucks, one cuck buck is going to get you

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860 sats

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currently sitting at a 2.31 trillion

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dollar market cap

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which means we are 5.5%

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away from the all time high

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of $123,060.

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According to Clark's dashboard, we are at block height $909,057, which means we are a little

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over a day away, 159 blocks away from the next difficulty adjustment, which will happen

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tomorrow as of right now.

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So we can look at an upwards adjustment of 1.5%.

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Block's been coming in at 9 minutes and 51 seconds on average.

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There are currently 3,022 transactions in Clark's mempool.

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Go over to mempool.space.

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We shall see that there are, waiting, waiting, 90,886 transactions.

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Big divergence there.

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I imagine it's because Clark's not recognizing transactions under one step for me.

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The miners are so retarded for accepting sub-one-sat transactions.

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Yeah.

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What the hell?

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Expand on that. Why do you think that's the case?

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It's their prerogative, but why are they driving their fee market lower is very short-term thinking.

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Yeah.

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so i mean for those watching from home that are not aware um

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uh the the minimum fee is not a consensus rule um it's a policy rule uh so you can change it

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without a fork or anything like that um historically it's been one side per bite

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that was the floor that was the lowest fee you could pay that would go into a block

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and then a few of the large miners started

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accepting sub one sat fee transactions

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and now at this point it's like 80 90 percent of the hash

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I would guess I haven't checked exactly

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but yeah they're valid transactions so

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that's their decision to make

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yeah I don't know why they would

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This sort of happened out of nowhere too.

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I woke up one day and was like,

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oh, the miners are accepting sub one set per V byte transactions.

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I was like, why would you do that?

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We have a troll that really loves us

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that tries to DDoS the Zapstream every time

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our HR and dispatch are live.

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And I think it's a sign of respect.

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but we are live on YouTube, on X, on Twitch.

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The recording will be posted at primal.net slash RHR.

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And primal video streaming should be up and running in two weeks-ish.

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So stay tuned for that.

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Yeah, if you're listening on X or YouTube

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because you can't get on zap.stream

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because we're getting DDoS'd out of respect,

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hit the retweet

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hit the like

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share it get people in here we're going to beat

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TBPN this week let's see where they are

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it's not

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it's not a competition

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completely different shows

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they're at 2.3 thousand

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on X right now

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we need to get there we're climbing we just

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started we're at 547

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should reach parody with them

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in about 10 minutes

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I've had trouble listening to them lately

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I don't know

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I haven't listened to them at all

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I haven't even seen clips on X

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I'm usually pretty good with that

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The fall winds are beginning to blow in South Jersey

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It's August

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The storms are beginning to build offshore

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We're got some waves headed our way Sunday.

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It's a beautiful time to be down here.

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Wonderful.

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Last month of summer.

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Yeah.

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Enjoy it.

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Take it all in.

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I noticed what you've been doing with the list, too.

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And I like it.

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What?

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Front load it with problems.

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I won't say doomerism.

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Realism.

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Problems that exist.

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And then by the end, we're talking about solutions to those problems.

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I finally picked up on this.

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You like it?

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It's only been seven years.

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Only been seven years.

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And here is the first topic of this week's episode, which is the verdict in the Tornado

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Cash case trial came out this week.

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Tornado Cash co-founder of Roman Storm has been found guilty of unlicensed money transmission

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conspiracy.

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it's being reported

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in The Verge

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which had

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incredible coverage

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of the trial

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over the last

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four weeks

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The Rage

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The Rage

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that's what I said

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right?

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Did you say

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The Verge?

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I did say

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The Verge

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that's on me

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sorry Lola

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and team

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so

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shout out to Paul

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shout out to Paul

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shout out to Paul

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so David Morris

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from The Verge

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from The Rage

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is reporting

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after nearly

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a four week

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proceeding

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the jury

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and

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U.S. v. Roman Storm found the Tornado Cash co-founder guilty on one count of conspiracy to operate an unlicensed money-transmitting business under 18 U.S. Criminal Code Section 1960,

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but could not reach a decision on the charges of conspiracy to commit money laundering and violate U.S. sanctions, resulting in a mistrial on those counts.

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After the trial, Storm and his defense counsel reiterated their commitment to appeal the single conviction.

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the 1960 count carries a maximum potential sentence of five years of which storm would likely

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to serve only a portion even if he his appeals fail and we have another week and another blow

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to privacy in the digital age as the u.s department of justice in the southern district of new york

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decided to bring down the hammer on

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privacy preserving, non-custodial

262
00:13:41,180 --> 00:13:44,960
Bitcoin, and in this case, Ethereum

263
00:13:44,960 --> 00:13:51,720
smart contract. In the case of Samurai, non-custodial

264
00:13:51,720 --> 00:13:55,320
Bitcoin wallet. Obviously, Samurai wallet was a bit different

265
00:13:55,320 --> 00:13:58,400
in the sense that they pled guilty

266
00:13:58,400 --> 00:14:00,820
to the one count

267
00:14:00,820 --> 00:14:03,500
of conspiracy

268
00:14:03,500 --> 00:14:05,780
to money launder, I believe.

269
00:14:07,080 --> 00:14:08,540
And as we said last week.

270
00:14:08,860 --> 00:14:09,660
Nope, nope, nope.

271
00:14:10,860 --> 00:14:12,940
Running a money transmitting.

272
00:14:13,800 --> 00:14:15,860
They basically pled guilty

273
00:14:15,860 --> 00:14:16,680
to the same thing

274
00:14:16,680 --> 00:14:17,440
that Tornado Cash

275
00:14:17,440 --> 00:14:18,500
was found guilty for.

276
00:14:19,500 --> 00:14:20,800
They pled guilty

277
00:14:20,800 --> 00:14:23,020
to unlicensed money transmission.

278
00:14:23,400 --> 00:14:24,060
That's what it was.

279
00:14:26,240 --> 00:14:27,440
It's interesting.

280
00:14:28,400 --> 00:14:29,860
Because we're not lawyers.

281
00:14:32,560 --> 00:14:35,900
So I guess, so he was, Roman was being charged,

282
00:14:36,680 --> 00:14:42,120
Roman was being charged with unlicensed money transmission.

283
00:14:42,460 --> 00:14:43,940
That's what he was found guilty for.

284
00:14:44,960 --> 00:14:48,300
And then there was a money laundering conspiracy charge

285
00:14:48,300 --> 00:14:51,320
and a sanction evasion charge.

286
00:14:52,000 --> 00:14:56,200
And both of those, it wasn't that he was found not guilty.

287
00:14:56,200 --> 00:14:57,900
He wasn't found guilty or not guilty.

288
00:14:57,900 --> 00:15:08,960
The jury just couldn't decide, which I thought historically meant a mistrial and then you couldn't get retried for it.

289
00:15:09,900 --> 00:15:22,620
But it seems like the SDNY can do another trial and try and get them for both of those two counts as well.

290
00:15:22,980 --> 00:15:27,260
Again, like I think there might be another trial that's going to happen.

291
00:15:27,900 --> 00:15:40,504
So it I don know like it could have been it could have been a worse outcome but this is definitely not the best outcome

292
00:15:42,184 --> 00:15:43,864
I think...

293
00:15:43,864 --> 00:15:49,544
I wonder how the samurai guys are feeling about it.

294
00:15:49,544 --> 00:15:52,144
In a lot of ways,

295
00:15:52,844 --> 00:15:55,624
this might have validated them pleading guilty

296
00:15:55,624 --> 00:15:58,124
and not taking it to trial,

297
00:15:58,124 --> 00:16:07,664
but we we shall see how it plays out i will say that i see a lot of i don't know uh emotional

298
00:16:07,664 --> 00:16:13,984
take this is obviously not an ideal situation in both situations uh they were non-custodial

299
00:16:13,984 --> 00:16:19,484
open source tools uh where the devs didn't actually have control over funds whether that

300
00:16:19,484 --> 00:16:26,624
was samurai or tornado cash they were both open source projects um and there's a concern that

301
00:16:26,624 --> 00:16:30,784
people that maintain open source code can be held liable for that code.

302
00:16:31,664 --> 00:16:35,904
And we've said many times that the best path for America,

303
00:16:36,364 --> 00:16:37,624
if you want to see America flourish,

304
00:16:37,884 --> 00:16:41,184
is for us to be the single best place in the world

305
00:16:41,184 --> 00:16:45,564
to build open source software and to ship that code.

306
00:16:46,364 --> 00:16:48,764
And so this is obviously a massive step in the wrong direction.

307
00:16:49,284 --> 00:16:56,604
I will say, though, that I do think that some of the

308
00:16:56,624 --> 00:17:15,644
I mean, this is definitely not the time to be complacent, but my expectation is what we will see is not a blanket go after every open source developer that's building self-custody wallets and self-custody tools.

309
00:17:15,644 --> 00:17:37,064
I think they're going to make examples out of people that are building specifically privacy-related stuff and privacy-related stuff that hits significant scale, where there's a significant amount of Bitcoin or crypto used with them, which is just a trend we've seen with government for decades.

310
00:17:38,064 --> 00:17:38,204
Yeah.

311
00:17:42,304 --> 00:17:42,984
Yeah.

312
00:17:42,984 --> 00:17:43,044
Yeah.

313
00:17:44,324 --> 00:17:44,564
Yeah.

314
00:17:45,644 --> 00:17:55,844
It's really interesting because obviously we talked a lot about this last week with the encroachment in privacy in terms of just broader online privacy with ID verification.

315
00:17:56,504 --> 00:18:03,104
So being thrust on the major social media platforms and YouTube specifically.

316
00:18:04,824 --> 00:18:09,844
But this is, I mean, it's somewhat of an overhang of the Biden administration.

317
00:18:09,844 --> 00:18:15,144
administration. I mean, these charges, these trials were brought under the Biden DOJ, but

318
00:18:15,144 --> 00:18:21,924
you would have thought that considering the posturing of the Trump administration, that

319
00:18:21,924 --> 00:18:30,024
things may have gone in the other direction. And I know many people are under the belief

320
00:18:30,024 --> 00:18:33,524
that the Trump administration is very pro-crypto and they're just going to let us play with

321
00:18:33,524 --> 00:18:39,804
our Bitcoins. But as you pointed out, if we play with our Bitcoins in a certain way, that

322
00:18:39,844 --> 00:18:47,944
allows us to retain privacy the government still doesn't like that yeah i mean the concern is and

323
00:18:47,944 --> 00:18:55,644
by the way zap streams back live now rhr.tv slash stream um and i think we've said in the past but

324
00:18:55,644 --> 00:19:00,364
when primal ads video streaming it'll be interoperable with other nostril streams including

325
00:19:00,364 --> 00:19:08,844
zap.stream so if you stream on zap.stream it'll show up in all the primal apps as well um i uh

326
00:19:08,844 --> 00:19:15,704
The concern is that we end up in a situation and it kind of seems like we're trending.

327
00:19:16,604 --> 00:19:17,424
We're just self-cut.

328
00:19:17,544 --> 00:19:24,504
When we say private Bitcoin usage, getting just self-custody roped into that in general, right?

329
00:19:24,544 --> 00:19:29,104
Like if you're using Bitcoin in a self-custody way, maybe you're not using CoinJoin.

330
00:19:29,224 --> 00:19:30,544
Maybe you're not using PayJoin.

331
00:19:30,744 --> 00:19:32,704
You're just using self-custody Bitcoin wallets.

332
00:19:33,104 --> 00:19:36,164
Those are treated as proxy software as well.

333
00:19:36,264 --> 00:19:37,524
And then they go after that.

334
00:19:37,524 --> 00:19:53,224
And that's kind of what we saw in that executive order, not executive order, but that executive brief or whatever, whitehouse.gov slash crypto, where they want to expand the Patriot Act to go after self-custody wallets.

335
00:19:53,944 --> 00:19:55,424
So there's definitely a concern here.

336
00:19:55,424 --> 00:20:01,044
I would just, I don't, there's, it's, it's a weird balance, right?

337
00:20:01,044 --> 00:20:07,804
Because you want to sound the alarm, but also I think jumping to the worst possible conclusion

338
00:20:07,804 --> 00:20:09,864
is also can be very counterproductive.

339
00:20:10,964 --> 00:20:13,504
So you kind of have to try and find a middle ground.

340
00:20:13,744 --> 00:20:17,604
I would just add, Marty, you mentioned age verification across social media.

341
00:20:17,644 --> 00:20:18,924
It's more than just social media.

342
00:20:18,984 --> 00:20:21,664
Like I think I saw Wikipedia is doing it now too.

343
00:20:22,824 --> 00:20:23,224
Spotify.

344
00:20:23,224 --> 00:20:23,664
Yeah.

345
00:20:23,664 --> 00:20:26,044
Yeah, more than social media, Spotify was doing it.

346
00:20:28,444 --> 00:20:34,844
Okay, I see Ben Allen Gee, who's, I guess, a lawyer, or just uses an LLM, but he said,

347
00:20:34,944 --> 00:20:39,764
mistrials are a non-final verdict, and as such gives the prosecution an opportunity to try again.

348
00:20:40,164 --> 00:20:45,284
So I think something here to watch will be, first of all, sentencing, right?

349
00:20:45,284 --> 00:20:53,284
So I know the samurai sentencing happens early November, I think, November 7th and 8th.

350
00:20:53,664 --> 00:20:59,984
um i'm not sure ben is telling me he's not a lawyer uh so take that with a grain of salt um

351
00:21:00,544 --> 00:21:06,624
i'd my guess is sentencing for tornado for roman and but the tornado cash case will be around the

352
00:21:06,624 --> 00:21:11,824
same time i'm not sure they're both facing up to five years it's my understanding it's the same

353
00:21:11,824 --> 00:21:19,424
charge um so we'll see how hard they go on sentencing and then the second piece will be to see

354
00:21:19,424 --> 00:21:25,284
if they try and take Roman to trial again for the other two counts.

355
00:21:27,864 --> 00:21:32,384
And I mean, that's, it's a really predatory position to be in

356
00:21:32,384 --> 00:21:36,384
because if they do, then Roman's going to have significant more,

357
00:21:36,464 --> 00:21:37,964
he's going to have to fight another trial again.

358
00:21:38,064 --> 00:21:41,084
Like the costs are going to start really dialing up.

359
00:21:41,084 --> 00:21:43,504
And then the question is, he has the ability to appeal

360
00:21:43,504 --> 00:21:45,244
on what he was found guilty.

361
00:21:45,424 --> 00:21:47,784
The samurai devs do not have the ability to appeal.

362
00:21:47,784 --> 00:21:56,384
so this is something we'll be watching uh we constantly link to the rage i want to say the

363
00:21:56,384 --> 00:22:00,324
rage is doing great reporting they're not ad supported they're purely donation supported

364
00:22:00,324 --> 00:22:05,184
so if you find the reporting helpful definitely consider sending them a bitcoin donation

365
00:22:05,184 --> 00:22:11,704
consider it free shout out to lola and everybody over there for the continued

366
00:22:11,704 --> 00:22:17,584
coverage of this which is not getting the coverage it deserves these days outside of

367
00:22:17,584 --> 00:22:25,984
a few select publications rhr being one of them but i see um so miners just zapped us 21 000 sats

368
00:22:25,984 --> 00:22:35,924
uh he actually had a take on uh noster where he only accepts bitcoin uh for his soap and people

369
00:22:35,924 --> 00:22:41,984
asked why doesn't he accept fiat and his take was uh if you don't want your fiat why should i take it

370
00:22:41,984 --> 00:22:47,524
and i think that's a great take i i love the idea of high quality product that could only be bought

371
00:22:47,524 --> 00:22:54,504
with Bitcoin. I think it's ridiculous to expect the seller to convert your fiat. You can go and

372
00:22:54,504 --> 00:22:58,564
if you have fiat and you don't have Bitcoin, you can go and convert your fiat yourself. It's easier

373
00:22:58,564 --> 00:23:03,964
than ever before to convert into Bitcoin. But his question was, I've heard chatter that this could

374
00:23:03,964 --> 00:23:09,524
set precedent for them coming after LN node runners. What's your take? I mean, this is exactly

375
00:23:09,524 --> 00:23:16,224
what I'm talking about. You know, I, yeah, I mean, they can do whatever the hell they want.

376
00:23:16,224 --> 00:23:24,984
they can make lightning node operators lives hell uh they can be very aggressive with it they can go

377
00:23:24,984 --> 00:23:31,224
after self-custody usage they can go after open source developers of protocols and tools and

378
00:23:31,224 --> 00:23:39,164
wallets they can do a bunch of different things but i think if my guess is my guess is they will

379
00:23:39,164 --> 00:23:45,604
continue the trend of trying to make example of people that have projects that are working at scale

380
00:23:45,604 --> 00:23:47,364
specifically for privacy stuff.

381
00:23:48,564 --> 00:23:51,364
I think that it's probably unlikely

382
00:23:51,364 --> 00:23:52,544
that they will go after

383
00:23:52,544 --> 00:23:55,524
an individual Lightning node operator.

384
00:23:56,684 --> 00:23:58,204
Now, does that change

385
00:23:58,204 --> 00:23:59,704
if you're a very large one?

386
00:23:59,784 --> 00:24:00,024
Maybe.

387
00:24:01,804 --> 00:24:03,464
Does your public messaging

388
00:24:03,464 --> 00:24:05,024
and how you posture yourself

389
00:24:05,024 --> 00:24:08,104
and explain your project matter too?

390
00:24:08,244 --> 00:24:08,904
Yes, probably.

391
00:24:08,904 --> 00:24:12,944
so

392
00:24:12,944 --> 00:24:17,284
that's my take

393
00:24:17,284 --> 00:24:19,844
and I'm not a lawyer

394
00:24:19,844 --> 00:24:22,464
and all of this is just evolving over time

395
00:24:22,464 --> 00:24:24,164
and we kind of have to watch it play out

396
00:24:24,164 --> 00:24:25,124
yeah

397
00:24:25,124 --> 00:24:26,584
I mean

398
00:24:26,584 --> 00:24:30,464
the doomer of me is saying

399
00:24:30,464 --> 00:24:32,744
don't be surprised when they come after lightning node operators

400
00:24:32,744 --> 00:24:35,144
it seems pretty clear that

401
00:24:35,144 --> 00:24:37,784
governments not only here in the US

402
00:24:37,784 --> 00:24:42,644
but globally are losing the narrative,

403
00:24:43,224 --> 00:24:44,584
they're losing their grip on control,

404
00:24:44,884 --> 00:24:46,084
particularly around the narrative,

405
00:24:46,584 --> 00:24:50,604
and they are beginning to really put the pedal to the metal

406
00:24:50,604 --> 00:24:54,964
in terms of stifling people's attempts

407
00:24:54,964 --> 00:25:01,504
to express their displeasure with the state of things.

408
00:25:01,824 --> 00:25:05,684
And one way to really wrangle people

409
00:25:05,684 --> 00:25:12,164
to make it impossible for them to operate in their day-to-day lives by controlling their finances.

410
00:25:13,404 --> 00:25:18,344
So they're trying to cattle herd everybody into completely surveilled and cucked systems.

411
00:25:18,724 --> 00:25:22,864
But it doesn't mean we shouldn't stop talking about it, shouldn't stop fighting for what is right.

412
00:25:22,864 --> 00:25:29,844
And I think the silver lining of this all is the fact that they are trying to clamp down and stifle freedom,

413
00:25:29,844 --> 00:25:36,344
dissent conversation and peer-to-peer economic transactions is a sign that

414
00:25:36,344 --> 00:25:42,944
they're relatively weak. And so they're on the back of their heels. Let's push them over

415
00:25:42,944 --> 00:25:50,224
and get into a freedom-oriented digital age because the alternative is a surveillance state

416
00:25:50,224 --> 00:25:54,324
dystopia that I don't think any of us want to live in, which brings us to our next topic.

417
00:25:54,324 --> 00:26:00,904
There are some people within the halls of government agencies that agree with us on these topics.

418
00:26:01,044 --> 00:26:07,364
And one of those is Hester Pierce, who is the SEC commissioner.

419
00:26:07,684 --> 00:26:10,424
She's a well-known libertarian.

420
00:26:10,744 --> 00:26:12,924
She's been a Bitcoin advocate for many years.

421
00:26:12,924 --> 00:26:23,044
And she did something that I would not expect anybody within the halls of the U.S. federal government and the agencies below them to do, which is she called out the Bank Secrecy Act directly.

422
00:26:24,324 --> 00:26:29,444
saying that it's costly and ineffective and people should have the right to communicate

423
00:26:29,444 --> 00:26:36,884
privately and transact privately. And so this is really important that we have somebody in

424
00:26:36,884 --> 00:26:42,244
the halls of the SEC actually standing up and pointing out that the Bank Secrecy Act is

425
00:26:42,964 --> 00:26:51,604
ineffective and does more harm than good because it deputizes financial institutions and forces them

426
00:26:51,604 --> 00:26:57,804
to collect information, which they are famously unable to secure properly.

427
00:27:00,324 --> 00:27:03,564
Yeah, I mean, this is really surprising to see.

428
00:27:05,404 --> 00:27:07,344
And definitely a positive development.

429
00:27:08,604 --> 00:27:13,684
We'll see if any of this stuff turns into actions.

430
00:27:13,984 --> 00:27:15,004
I don't know how much.

431
00:27:15,764 --> 00:27:20,584
I mean, she's obviously got a decent amount of power of being the SEC chair.

432
00:27:21,604 --> 00:27:29,784
Um, but, uh, she definitely doesn't have power over the bank secrecy act, but I mean, I think

433
00:27:29,784 --> 00:27:33,804
that's the, the final boss is repealing the bank secrecy act.

434
00:27:33,804 --> 00:27:39,024
I mean, some of her comments were particularly pointed and educated.

435
00:27:39,704 --> 00:27:45,584
Uh, I mean, she had this one quote where she says privacy pools and mixers enable a person

436
00:27:45,584 --> 00:27:49,944
to keep private, her compensation, her donations to charity, her associations with political

437
00:27:49,944 --> 00:27:56,064
or religious organizations and her purchases, citing a Supreme Court decision from 1958,

438
00:27:56,064 --> 00:28:05,944
which found that inviability of privacy and group association may in many circumstances

439
00:28:05,944 --> 00:28:09,264
be indispensable to preservation of freedom of association.

440
00:28:12,144 --> 00:28:12,964
That's important.

441
00:28:13,064 --> 00:28:16,484
She went on to say, most fears of financial privacy and the technology that enables it

442
00:28:16,484 --> 00:28:21,044
flow from a genuine desire to protect this nation from enemies and criminals, Pierce concludes.

443
00:28:21,644 --> 00:28:25,344
Safeguarding our families, communities, and country from the harm is extremely important,

444
00:28:25,884 --> 00:28:31,804
but curtailing financial privacy and impeding disintermediating technologies are the wrong

445
00:28:31,804 --> 00:28:35,924
approach. Denying people financial privacy, whether through sweeping surveillance programs

446
00:28:35,924 --> 00:28:41,404
or restrictions on privacy-protecting technologies, undermines the fabric and freedoms of our

447
00:28:41,404 --> 00:28:45,604
families, communities, and nation. The American people and their government should guard zealously

448
00:28:45,604 --> 00:28:49,684
people's right to live private lives and to use technologies that

449
00:28:49,684 --> 00:28:53,784
enable them to do so and technologies that have legitimate uses

450
00:28:53,784 --> 00:28:57,844
are better left in the permissionless available for all to use category

451
00:28:57,844 --> 00:29:01,504
even though doing so enables people to use them for bad purposes

452
00:29:01,504 --> 00:29:05,944
because taking any other course would impinge fundamental

453
00:29:05,944 --> 00:29:10,084
liberties. This is the important thing, negative versus positive freedoms

454
00:29:10,084 --> 00:29:14,244
and negative versus positive rights. I think without saying it explicitly

455
00:29:14,244 --> 00:29:29,344
That's what she's getting at here. You can't throw the baby out with the bathwater and prevent all of the good law-abiding citizens, which is 99% of people, I believe. I think that's statistically accurate.

456
00:29:29,344 --> 00:29:40,284
99% of people are lullabying citizens who are just going about their daily lives, trying to work a job, make some money, provide for their family, be good community members.

457
00:29:41,604 --> 00:29:54,284
And these regulations, particularly that stem from the Bank Secrecy Act, really infringe on the ability of the 99% to do things privately.

458
00:29:54,284 --> 00:30:05,204
And as you pointed out, as Hester pointed out, very educated as it pertains to the topic of Bitcoin specifically due to the nature of the public ledger.

459
00:30:05,764 --> 00:30:14,324
Like it is very easy to leak very intimate financial information to anybody you interact with on the ledger.

460
00:30:14,324 --> 00:30:28,744
And so having the ability to disclose what you want to and not your whole wallet or how many UTXOs you have or what UTXOs are connected with each other makes a lot of sense.

461
00:30:28,744 --> 00:30:35,464
no i'm like if you your employer shouldn't know your entire financial history

462
00:30:35,464 --> 00:30:42,784
every transaction you make people that you pay shouldn't know your your your net worth or your

463
00:30:42,784 --> 00:30:51,564
salary um these are very basic things i would say that uh it's quite notable uh the timing of her

464
00:30:51,564 --> 00:30:57,784
release that she released this during jury deliberation on roman's case and almost immediately

465
00:30:57,784 --> 00:31:05,644
following the samurai plea deal so it's definitely notable we'll see we'll watch

466
00:31:05,644 --> 00:31:18,547
this all play out yeah you should see foise zapped us 21 sats and zapped out stream be the change you want to see That is true Great advice That is true

467
00:31:20,387 --> 00:31:23,327
Stop complaining so much and do things.

468
00:31:24,607 --> 00:31:25,047
Yes.

469
00:31:27,807 --> 00:31:29,467
I added this to the list.

470
00:31:31,787 --> 00:31:33,267
You have it further down the list,

471
00:31:33,327 --> 00:31:35,687
but I think we should just build on this particular topic.

472
00:31:36,407 --> 00:31:37,667
Yeah, who do needs the list?

473
00:31:38,567 --> 00:31:41,227
The EU chat control coming in October.

474
00:31:41,227 --> 00:31:41,887
Oh, it's your edition.

475
00:31:42,467 --> 00:31:43,447
Yeah, it's my edition.

476
00:31:45,287 --> 00:31:47,847
So I was unaware that this was happening this quickly.

477
00:31:48,227 --> 00:31:49,047
I mean, we've talked about it.

478
00:31:49,047 --> 00:31:49,767
Well, it's a proposal.

479
00:31:50,407 --> 00:31:52,727
It's a proposal, but if you read the article,

480
00:31:53,207 --> 00:31:58,227
it seems like they have the necessary amount of votes

481
00:31:58,227 --> 00:32:01,287
to make it actual law in mid-October.

482
00:32:02,087 --> 00:32:03,607
We've been talking about it for years.

483
00:32:03,607 --> 00:32:07,067
the European Union

484
00:32:07,067 --> 00:32:09,527
has and the European Parliament

485
00:32:09,527 --> 00:32:12,467
have been on a steadfast

486
00:32:12,467 --> 00:32:16,427
campaign to force

487
00:32:16,427 --> 00:32:19,107
applications that provide their users

488
00:32:19,107 --> 00:32:21,507
with end-to-end encrypted technologies

489
00:32:21,507 --> 00:32:23,007
to provide backdoors.

490
00:32:23,987 --> 00:32:25,267
I don't think they have the votes.

491
00:32:26,527 --> 00:32:28,387
It says it, if you've got to read the article.

492
00:32:29,127 --> 00:32:29,727
It says,

493
00:32:29,727 --> 00:32:33,227
it says, Belgium, Hungary, Sweden, Italy, and Spain

494
00:32:33,227 --> 00:32:36,167
are also in favor, but Germany is undecided.

495
00:32:36,167 --> 00:32:38,827
If Germany decides, then they'll have the votes.

496
00:32:39,667 --> 00:32:39,907
Yes.

497
00:32:40,807 --> 00:32:41,947
So they don't have the votes.

498
00:32:43,147 --> 00:32:44,087
If you go down further,

499
00:32:44,907 --> 00:32:49,267
I believe it says that Germany,

500
00:32:49,927 --> 00:32:51,747
they wouldn't be surprised

501
00:32:51,747 --> 00:32:53,687
if Germany actually votes for this.

502
00:32:54,587 --> 00:32:55,827
Okay, but they don't have the votes

503
00:32:55,827 --> 00:32:57,027
until Germany decides.

504
00:32:57,467 --> 00:32:58,927
Okay, well, whatever.

505
00:33:00,147 --> 00:33:01,467
So controversial European...

506
00:33:01,467 --> 00:33:03,267
It's a big delineation.

507
00:33:04,787 --> 00:33:13,107
A controversial European Union proposal, dubbed chat control, is regaining momentum with 19 of 27 EU member states reportedly backing the measure.

508
00:33:13,647 --> 00:33:16,007
And you only need 15 of 27.

509
00:33:16,727 --> 00:33:18,567
Plan would man at the messaging platform.

510
00:33:18,567 --> 00:33:19,087
No, no, no.

511
00:33:21,667 --> 00:33:27,367
It says right here, a qualified majority is achieved when two conditions are met.

512
00:33:27,367 --> 00:33:36,627
You need 55% of member states, so 15 out of 27, but you also need those member states to represent 65% of the EU's population.

513
00:33:39,487 --> 00:33:40,767
So it might happen.

514
00:33:41,107 --> 00:33:44,567
It's trending in a bad direction, but they don't have the votes yet.

515
00:33:45,527 --> 00:33:53,827
It's not just a number of – once again, definitely not an EU politics expert, but I'm just reading the article that you linked to.

516
00:33:53,827 --> 00:33:56,047
that's why they need Germany

517
00:33:56,047 --> 00:33:57,967
because they need the population amount

518
00:33:57,967 --> 00:34:00,847
2-2-2-2

519
00:34:00,847 --> 00:34:01,907
alright, whether or not

520
00:34:01,907 --> 00:34:04,307
warning then, luckily it's not

521
00:34:04,307 --> 00:34:06,087
over the threshold yet, it's very close to being

522
00:34:06,087 --> 00:34:06,867
over the threshold

523
00:34:06,867 --> 00:34:09,907
there's a vote for this

524
00:34:09,907 --> 00:34:11,227
in October

525
00:34:11,227 --> 00:34:14,207
that would essentially

526
00:34:14,207 --> 00:34:15,907
force the hands of

527
00:34:15,907 --> 00:34:18,168
applications providing and an encryption

528
00:34:18,168 --> 00:34:18,827
to

529
00:34:18,827 --> 00:34:21,727
scan and report

530
00:34:21,727 --> 00:34:27,807
any messages going through their systems to the eu government yeah this is something they've been

531
00:34:27,807 --> 00:34:34,267
trying to get past for a while um it's once again it's uh it's that meme it's protect the children

532
00:34:34,267 --> 00:34:41,367
stop terrorism and they're saying encryption encrypted messages uh are the problem they

533
00:34:41,367 --> 00:34:48,168
need to be able to have a backdoor to the encryption um backdoors are inherently insecure

534
00:34:48,168 --> 00:34:51,387
because if anyone can access it,

535
00:34:51,547 --> 00:34:52,907
then it can be compromised,

536
00:34:53,707 --> 00:34:56,447
taken advantage of by malicious actors.

537
00:34:57,727 --> 00:34:59,527
So if you actually want private communication,

538
00:35:00,247 --> 00:35:01,267
you can't have backdoors,

539
00:35:01,387 --> 00:35:02,847
you need proper end-to-end encryption.

540
00:35:03,567 --> 00:35:06,447
The way they've kind of wiggled themselves around it

541
00:35:06,447 --> 00:35:09,967
is they want the app developers

542
00:35:09,967 --> 00:35:12,107
to scan it locally on your device

543
00:35:12,107 --> 00:35:14,827
instead of a technical backdoor.

544
00:35:15,607 --> 00:35:16,887
And then if something flags,

545
00:35:16,887 --> 00:35:19,007
then contact the authorities.

546
00:35:20,607 --> 00:35:22,807
I will say that Signal,

547
00:35:23,367 --> 00:35:24,767
specifically Meredith Whitaker,

548
00:35:25,148 --> 00:35:25,947
the CEO of Signal,

549
00:35:26,067 --> 00:35:28,027
I mean, she speaks really, really well

550
00:35:28,027 --> 00:35:31,067
on this point, better than we do,

551
00:35:31,787 --> 00:35:33,627
and has been pushing back on it hard.

552
00:35:33,688 --> 00:35:35,967
But she said Signal is just going to pull out of the EU

553
00:35:35,967 --> 00:35:36,727
if this happens.

554
00:35:37,787 --> 00:35:40,327
I don't know if WhatsApp will comply.

555
00:35:41,107 --> 00:35:42,567
Telegram is not encrypted by default.

556
00:35:42,567 --> 00:35:46,747
So they're basically already on it.

557
00:35:46,887 --> 00:35:51,327
And then the big one is going to be WhatsApp with their 5 billion users.

558
00:35:52,168 --> 00:35:55,087
And then the question after that becomes, how far do they go?

559
00:35:56,148 --> 00:35:56,347
Right?

560
00:35:56,487 --> 00:35:59,447
Are they going to block these apps on the app stores?

561
00:36:01,007 --> 00:36:02,688
Are they going to try and go after?

562
00:36:02,887 --> 00:36:06,907
I mean, if you use an Android phone, you can always just sideload the APK without an app store.

563
00:36:10,127 --> 00:36:13,967
So the question really becomes, like, that's the beauty of open source software.

564
00:36:14,827 --> 00:36:15,027
Right?

565
00:36:15,027 --> 00:36:26,067
So you can punish companies, but if there's end-to-end encrypted open source software out there that anyone can install, maybe the user base will be significantly smaller because it'll be less convenient.

566
00:36:27,207 --> 00:36:30,047
But it's a hard thing to technically stop.

567
00:36:31,907 --> 00:36:37,767
So that's the counterpoint, but we'll see how this all plays out.

568
00:36:38,567 --> 00:36:42,967
Now I remember why I brought this up.

569
00:36:42,967 --> 00:36:46,547
It was this and then, Logan, did I put the other?

570
00:36:47,767 --> 00:36:49,567
It's on the bottom and I'm putting it on the list.

571
00:36:49,707 --> 00:36:50,688
Yeah, the other zero hedgelings.

572
00:36:50,787 --> 00:36:52,947
This is coming out of the UK.

573
00:36:53,787 --> 00:36:57,767
And I want to pair these two because you have this happening in the European Union.

574
00:36:57,907 --> 00:36:59,148
I don't know if the UK is back in there.

575
00:36:59,587 --> 00:37:03,507
But regardless, similar things happening in the UK.

576
00:37:03,507 --> 00:37:14,827
I guess The Telegraph did an in-depth sort of investigative journalism report on the Labor Party's plot to silence migrant hotel critics.

577
00:37:15,688 --> 00:37:24,807
And they became aware that the UK government was sending letters to TikTok and other social media platforms,

578
00:37:24,807 --> 00:37:31,807
basically highlighting some posts that they saw saying that they really don't like what was posted.

579
00:37:31,807 --> 00:37:48,907
They want more information on those people and asked explicitly for TikTok to begin reporting sort of posts they see from UK citizens that are critical of the migrant situation in the UK.

580
00:37:48,907 --> 00:37:56,168
And this stemmed from, I believe, the Pakistani rape gangs and the protest after that.

581
00:37:56,407 --> 00:38:01,627
And so these governments do not like people talking freely.

582
00:38:01,807 --> 00:38:17,307
And this article specifically talks about the justification for these data inquiries and sort of forcing the hand of these companies to share the information is to protect the children.

583
00:38:19,148 --> 00:38:24,747
I think it's ECASM is the acronym they're using.

584
00:38:25,027 --> 00:38:25,887
I forget what it stands for.

585
00:38:25,987 --> 00:38:26,607
Let me find it.

586
00:38:31,807 --> 00:38:32,567
Let's see.

587
00:38:38,727 --> 00:38:40,107
Can't find it, but

588
00:38:40,107 --> 00:38:43,567
lo and behold,

589
00:38:44,307 --> 00:38:45,907
trying to protect the children again.

590
00:38:47,127 --> 00:38:48,247
They really just want to

591
00:38:48,247 --> 00:38:52,407
monitor your speech and make sure that you're not

592
00:38:52,407 --> 00:38:53,807
speaking outside of party lines.

593
00:38:55,447 --> 00:38:56,727
It's all about control.

594
00:38:56,727 --> 00:39:02,447
it's not actually about protecting children or stopping terrorism

595
00:39:02,447 --> 00:39:03,567
yeah

596
00:39:03,567 --> 00:39:09,847
criminals will figure out a way to get around all this shit

597
00:39:09,847 --> 00:39:13,807
it just affects average people

598
00:39:13,807 --> 00:39:16,267
they're just trying to live their lives

599
00:39:16,267 --> 00:39:20,007
not be completely exposed in the digital age

600
00:39:20,007 --> 00:39:23,527
we have Matthew D. Zaptis, 21,000 sats

601
00:39:23,527 --> 00:39:27,707
Lake Satoshi last weekend, hundreds of plebs being the change, pure signal.

602
00:39:28,168 --> 00:39:29,547
I saw good vibes coming out of there.

603
00:39:33,627 --> 00:39:35,407
Is Lake Satoshi, is that in El Salvador?

604
00:39:36,827 --> 00:39:40,967
No, I think Lake Satoshi is US-based.

605
00:39:42,407 --> 00:39:42,967
Oh, yeah.

606
00:39:43,807 --> 00:39:46,267
There's Bitcoin Lake in Guatemala.

607
00:39:48,307 --> 00:39:52,107
Lake Satoshi is in Michigan, it looks like.

608
00:39:53,527 --> 00:40:07,047
i mean it looks kind of more like a big pond but i respect it yeah mini lake mini lake it's a mini

609
00:40:07,047 --> 00:40:19,007
lake moving on to the more optimistic part of the show we've got open sats uh what are you guys

610
00:40:19,007 --> 00:40:25,207
calling this a mid-year update it's not a mid-year update we're calling them impact reports the impact

611
00:40:25,207 --> 00:40:37,527
report um yeah so uh it's a very common thing in charity circles is to release like super flashy

612
00:40:37,527 --> 00:40:43,267
impact reports on what they're doing because they have massive operation budgets that they

613
00:40:43,267 --> 00:40:48,767
siphon off of their donations um but we're a very lean organization we're 100 pass through

614
00:40:49,727 --> 00:40:54,527
If you donate a Bitcoin, a Bitcoin goes to open source devs.

615
00:40:55,307 --> 00:41:00,067
But at the same time, we're trying to be the most transparent charity in the world.

616
00:41:01,547 --> 00:41:08,007
And a lot of people do ask, you know, okay, well, what successes have been made through OpenSats?

617
00:41:08,387 --> 00:41:10,367
And a lot of them are behind the scenes.

618
00:41:10,707 --> 00:41:13,587
A lot of them are things that you don't necessarily see on the surface.

619
00:41:14,307 --> 00:41:17,168
So we are releasing more impact reports.

620
00:41:17,168 --> 00:41:39,407
I think this is our third. Everything you can find at opensights.org in our blog. But this one focuses on developer libraries. So this is specifically backend stuff, stuff that helps other developers build apps, open source apps without doing a lot of the heavy lifting hard stuff.

621
00:41:39,407 --> 00:42:03,267
And one perfect example of this is BDK. We've seen many wallets get built on top of Bitcoin DevKit. And it makes the developer's job much easier to build nice, feature-rich, secure wallets without worrying about the heavy lifting and cryptography that is needed to have a secure Bitcoin wallet in the first place.

622
00:42:04,047 --> 00:42:05,867
Another example is Payjoin DevKit.

623
00:42:06,427 --> 00:42:08,207
So we go through all of these examples

624
00:42:08,207 --> 00:42:10,007
and the impact that they've made

625
00:42:10,007 --> 00:42:12,627
and the successes that we've seen from our grant recipients.

626
00:42:13,967 --> 00:42:15,007
Quite proud of it.

627
00:42:16,707 --> 00:42:19,487
Yeah, and I think you're really underselling

628
00:42:19,487 --> 00:42:21,247
the importance of these developer libraries.

629
00:42:21,607 --> 00:42:24,427
I think it becomes significantly easy.

630
00:42:24,507 --> 00:42:25,607
I mean, you alluded to it,

631
00:42:25,607 --> 00:42:28,668
but I think if you talk to anybody building applications

632
00:42:28,668 --> 00:42:33,007
on top of Bitcoin and the different layers above it,

633
00:42:33,267 --> 00:42:49,688
these developer library kits are extremely important to enabling those projects to go from zero to one without having to do the heavy lifting of basically understanding all the sort of protocol logic and packaging it up the right way.

634
00:42:49,688 --> 00:42:50,987
So BDK, LDK.

635
00:42:51,607 --> 00:42:53,987
I mean, you have the cryptography library in here,

636
00:42:54,168 --> 00:42:57,407
SEC, what is it, SECP256K1.

637
00:43:00,747 --> 00:43:01,807
What else do you have in here?

638
00:43:01,887 --> 00:43:03,747
DLC dev kit, love to see that.

639
00:43:03,847 --> 00:43:05,867
Big fan of DLCs, pay join dev kit.

640
00:43:06,927 --> 00:43:09,427
Splicing in LDK, had a good conversation

641
00:43:09,427 --> 00:43:13,287
with Rusty Damon about splicing.

642
00:43:13,447 --> 00:43:15,407
Obviously, he did that for Claire.

643
00:43:16,447 --> 00:43:17,867
And CLightning is implementing it.

644
00:43:17,867 --> 00:43:26,067
LDK implementing splicing will be massive for channel management and privacy between on-chain and the Lightning Network.

645
00:43:26,067 --> 00:43:36,668
And so these development kits are sort of the yeoman's work of the space above protocol development.

646
00:43:37,267 --> 00:43:38,787
So it's great to see you guys supporting this stuff.

647
00:43:41,207 --> 00:43:41,967
You're muted.

648
00:43:44,307 --> 00:43:45,387
Yeah, thanks, Marty.

649
00:43:45,487 --> 00:43:46,668
I mean, it's foundational stuff.

650
00:43:46,668 --> 00:43:48,648
it's incredibly important

651
00:43:48,648 --> 00:43:51,307
I think a lot of people don't realize this work

652
00:43:51,307 --> 00:43:53,347
is even happening how much we all

653
00:43:53,347 --> 00:43:54,047
rely on it

654
00:43:54,047 --> 00:43:57,387
so we're going to try and be louder about it

655
00:43:57,387 --> 00:43:58,648
yeah

656
00:43:58,648 --> 00:44:03,267
moving on business development strike

657
00:44:03,267 --> 00:44:04,967
business bill pay has been released

658
00:44:04,967 --> 00:44:07,407
Jack did one of his

659
00:44:07,407 --> 00:44:09,367
ex-video announcements

660
00:44:09,367 --> 00:44:11,688
so now if you're a business

661
00:44:11,688 --> 00:44:13,527
with a strike business account

662
00:44:13,527 --> 00:44:14,787
you have the ability

663
00:44:14,787 --> 00:44:21,148
to get the modern financial stack checking account buy and sell bitcoin bitcoin wallet borrow against

664
00:44:21,148 --> 00:44:26,847
your bitcoin pay bills and cash or bitcoin now alter your strike business account

665
00:44:26,847 --> 00:44:31,707
yeah i mean this is a big one businesses have been asking for it

666
00:44:31,707 --> 00:44:40,007
um we tried to get it out as quickly as possible um it's been live for individual accounts for

667
00:44:40,007 --> 00:44:48,107
a while now. But the idea is relatively simple. You can hold Bitcoin in Strike and then use it

668
00:44:48,107 --> 00:44:54,407
to automatically pay any of your fiat bills. So whether that's credit cards or

669
00:44:55,427 --> 00:45:04,067
insurance, rent, you can pay any fiat liabilities you have running a small business,

670
00:45:04,067 --> 00:45:08,627
you can now easily pay using strike and only hold Bitcoin.

671
00:45:09,668 --> 00:45:14,567
And I think there's a lot of hype around public Bitcoin treasury companies.

672
00:45:15,967 --> 00:45:19,567
And while at the same time, it's really underappreciated

673
00:45:19,567 --> 00:45:23,407
how much Bitcoin supercharges the small business.

674
00:45:24,107 --> 00:45:27,907
A small business that is stacking Bitcoin, that is profitable,

675
00:45:28,927 --> 00:45:31,867
that is growing a Bitcoin treasury themselves.

676
00:45:31,867 --> 00:45:37,668
it becomes it becomes almost a superpower it gives you a lot of flexibility as you build out

677
00:45:37,668 --> 00:45:42,847
your business and gives you a lot of sustainability as well so we're going to try and ship as many

678
00:45:42,847 --> 00:45:47,627
tools as possible to make it easier to run your business on a bitcoin standard in a fiat world

679
00:45:47,627 --> 00:45:56,127
i was talking to uh another small business that implemented this i guess they were part of the

680
00:45:56,127 --> 00:46:05,247
beta run and they were really excited and pumped about being able to do it and they're highly

681
00:46:05,247 --> 00:46:11,027
recommending tftc with our strike business account to do this because thinking if you are a bitcoin

682
00:46:11,027 --> 00:46:17,527
company running on a bitcoin standard like being able to receive revenue straight to strike convert

683
00:46:17,527 --> 00:46:22,607
it to bitcoin and then if you have bills just to pay directly from bitcoin you can actually operate

684
00:46:22,607 --> 00:46:25,887
100% on a Bitcoin standard while interacting with the fiat rails.

685
00:46:29,107 --> 00:46:31,207
Yeah. I mean, I like to, I kind of think of like,

686
00:46:32,107 --> 00:46:36,787
strike is like almost like a translation layer between the Bitcoin world and the

687
00:46:36,787 --> 00:46:39,087
fiat world. Like it's like,

688
00:46:39,207 --> 00:46:45,247
it translates between a bank account and a,

689
00:46:45,307 --> 00:46:59,231
and a Bitcoin wallet And so all the different and like these features really start to compound on each other Right So like if you build up a Bitcoin treasury then you can take out a small modest loan on your Bitcoin treasury to pay bills without selling the Bitcoin

690
00:46:59,331 --> 00:47:05,231
without incurring a tax hit. Particularly small businesses, it's, it's, it's hard to,

691
00:47:05,431 --> 00:47:12,631
it's harder to get lines of credit and, and small business loans. So it can be very useful to people.

692
00:47:15,351 --> 00:47:21,731
yeah and they're doxing themselves in the zap.stream comments but the small business i was

693
00:47:21,731 --> 00:47:27,391
talking about was tochi pacioli uh they got the beta test and joe was uh joe was telling me he's

694
00:47:27,391 --> 00:47:32,791
loving it yeah he was joe was very excited about it best accountants in the industry

695
00:47:32,791 --> 00:47:41,251
your mic cut out again best accountants and if you're looking for a part-time cfo

696
00:47:41,251 --> 00:47:43,111
So they do that for us at TFTC.

697
00:47:43,291 --> 00:47:43,611
It's great.

698
00:47:44,231 --> 00:47:45,831
I don't know why it just muted itself.

699
00:47:47,731 --> 00:47:49,791
But yeah, I was just saying exactly what you said.

700
00:47:49,991 --> 00:47:51,431
Thank you for doing the hard work, guys.

701
00:47:52,011 --> 00:47:52,831
Best accountants.

702
00:47:54,911 --> 00:48:00,431
And then separately on Strike News, Strike loans are now live in Missouri.

703
00:48:01,631 --> 00:48:06,771
So a lot of questions on Strike is like, when my state, when my country?

704
00:48:06,771 --> 00:48:14,511
And the answer is, you know, every license is a state-by-state, country-by-country basis.

705
00:48:16,631 --> 00:48:19,251
And support is rolling out as quick as possible.

706
00:48:19,831 --> 00:48:21,191
But Missouri is live now.

707
00:48:22,911 --> 00:48:24,111
Go check it out.

708
00:48:25,271 --> 00:48:30,531
We are on to the Financial Freedom Report section of the week.

709
00:48:30,531 --> 00:48:40,871
But before we get to that, I'm going to do it before because I forgot last week to read the boost from you podcasting 2.0 freaks.

710
00:48:40,971 --> 00:48:46,571
And there is a pertinent meetup announcement from last week that we missed.

711
00:48:46,631 --> 00:48:49,071
But luckily, the meetup hasn't happened yet.

712
00:48:50,451 --> 00:48:54,731
So we got four boosts to read from Rabbit Hole Recap 368.

713
00:48:54,791 --> 00:48:55,871
No privacy, no freedom.

714
00:48:56,791 --> 00:48:58,531
This is last week's.

715
00:48:58,531 --> 00:48:59,771
And then we'll go back to the one before.

716
00:48:59,771 --> 00:49:03,351
from Pringle Mac, 22,222 sats,

717
00:49:03,451 --> 00:49:04,071
twos across the board,

718
00:49:04,171 --> 00:49:04,871
Ballandrum Boost,

719
00:49:05,311 --> 00:49:06,051
never bend the knee,

720
00:49:06,191 --> 00:49:06,771
we will win.

721
00:49:07,011 --> 00:49:07,731
Love Sil and Tony.

722
00:49:08,291 --> 00:49:09,071
Love you too, too.

723
00:49:10,051 --> 00:49:11,231
From At Cum Rocket,

724
00:49:11,451 --> 00:49:12,491
haven't heard from him in a while,

725
00:49:12,591 --> 00:49:14,391
21,069 sats.

726
00:49:14,971 --> 00:49:16,771
Grand Rapids Bitcoin Meetup Wednesday,

727
00:49:17,911 --> 00:49:19,571
August 13th, 2025,

728
00:49:19,871 --> 00:49:20,871
from 6 to 9 p.m.

729
00:49:20,891 --> 00:49:22,051
at Founders Brewing Co.

730
00:49:22,931 --> 00:49:27,311
That's located at 235 Cesar E. Chavez Ave,

731
00:49:27,471 --> 00:49:29,131
Southwest Grand Rapids, Michigan,

732
00:49:29,131 --> 00:49:31,911
49503. Join us for our happy hour.

733
00:49:32,511 --> 00:49:35,631
There is no agenda. Just come hang out and connect with local Bitcoiners.

734
00:49:35,731 --> 00:49:39,991
Talk about Bitcoin and Freedom Tech. This is a less formal event than our end of the month

735
00:49:39,991 --> 00:49:44,351
meetup, which involves group discussions and some presentations. Come early, come late.

736
00:49:44,891 --> 00:49:47,371
Stay as long as you want. We look forward to having you join us.

737
00:49:48,031 --> 00:49:53,331
For more information, please contact us via grbitcoin at pm.me.

738
00:49:54,291 --> 00:49:54,891
Check it out.

739
00:49:54,891 --> 00:49:55,311
I'm Rocket.

740
00:49:55,311 --> 00:49:55,371
I'm Rocket.

741
00:49:55,471 --> 00:49:55,651
I'm Rocket.

742
00:49:57,611 --> 00:49:58,771
You had to hit him with it.

743
00:49:59,131 --> 00:50:03,411
21,000, 12 sats, palindrome boost from Stim D.

744
00:50:03,731 --> 00:50:05,031
Hello, Central Maryland freaks.

745
00:50:05,131 --> 00:50:07,591
Bitcoin veterans meet August 8th.

746
00:50:07,611 --> 00:50:08,831
So that is tomorrow, 2025.

747
00:50:09,131 --> 00:50:14,231
And every second Friday at the Mount Airy VFW at 6 p.m.

748
00:50:14,231 --> 00:50:15,731
Open to all, ride or die.

749
00:50:16,451 --> 00:50:17,071
Thank you, Stim D.

750
00:50:17,991 --> 00:50:20,571
At Eric99, haven't heard from you in a while either, brother.

751
00:50:20,831 --> 00:50:21,611
People are coming back.

752
00:50:21,611 --> 00:50:22,171
Ride or die.

753
00:50:23,611 --> 00:50:25,771
Eric99, ride or die, 21,000 sats.

754
00:50:25,771 --> 00:50:27,991
Can you guess what the boost was?

755
00:50:29,131 --> 00:50:30,871
Stable stack sets.

756
00:50:31,391 --> 00:50:32,031
Yes, it was.

757
00:50:32,171 --> 00:50:32,531
Correct.

758
00:50:32,651 --> 00:50:33,271
Great advice.

759
00:50:35,411 --> 00:50:36,711
Appreciate you, Eric 99.

760
00:50:36,991 --> 00:50:38,851
Glad that all is good over there.

761
00:50:39,491 --> 00:50:39,671
Yeah.

762
00:50:40,611 --> 00:50:40,871
All right.

763
00:50:40,871 --> 00:50:43,151
Going back to Rabbit Hole Recap 367.

764
00:50:43,371 --> 00:50:45,431
First Bitcoin company in the S&P 500.

765
00:50:45,591 --> 00:50:48,131
Pringle back 33,333 sets.

766
00:50:49,571 --> 00:50:50,491
Threes across the board.

767
00:50:50,551 --> 00:50:51,091
Pound drum boost.

768
00:50:51,191 --> 00:50:51,771
Don't complain.

769
00:50:51,931 --> 00:50:52,331
Compete.

770
00:50:52,471 --> 00:50:53,271
Wise words, Matt.

771
00:50:53,631 --> 00:50:55,871
It's a beautiful thing being the change you want to see in the world.

772
00:50:55,871 --> 00:51:00,791
I'm so glad our kids are seeing what their parents are capable of doing with a Bitcoin mindset.

773
00:51:01,011 --> 00:51:03,051
Onwards, but always touch grass too.

774
00:51:03,651 --> 00:51:04,871
Love always, Syl and Tony.

775
00:51:05,131 --> 00:51:05,951
Love you, Syl and Tony.

776
00:51:07,471 --> 00:51:08,611
Constant supporters.

777
00:51:09,151 --> 00:51:10,071
Appreciate you guys.

778
00:51:11,211 --> 00:51:11,531
Yes.

779
00:51:12,171 --> 00:51:15,971
Chef Foyzy, 25,252 sats.

780
00:51:17,311 --> 00:51:18,871
That is a palindrome boost.

781
00:51:18,871 --> 00:51:22,191
Beach Bash Meetup at Foster Beach

782
00:51:22,191 --> 00:51:24,891
Sunday, August 10th, 10 a.m. to 2 p.m.

783
00:51:25,271 --> 00:51:27,951
at 5200 North Lakeshore Drive in Chicago.

784
00:51:28,811 --> 00:51:30,331
Barbecue, music, and Bitcoin.

785
00:51:30,591 --> 00:51:32,371
For more info or RSVP,

786
00:51:32,511 --> 00:51:34,371
comment on my Noster note,

787
00:51:34,611 --> 00:51:38,731
which you can find in Fountain if you want to.

788
00:51:38,751 --> 00:51:39,351
If you want to go to Fountain,

789
00:51:39,431 --> 00:51:41,631
you want to go to Rabbit Hole Recap 367,

790
00:51:41,671 --> 00:51:42,671
you'll find that Noster note

791
00:51:42,671 --> 00:51:43,671
and you can reply to that there

792
00:51:43,671 --> 00:51:45,051
because it is a Noster client now.

793
00:51:45,151 --> 00:51:45,751
Beautiful thing.

794
00:51:46,391 --> 00:51:46,691
Nice.

795
00:51:46,691 --> 00:51:47,411
You'll reply right there.

796
00:51:47,411 --> 00:51:49,891
and that was it for the boost

797
00:51:49,891 --> 00:51:52,251
when it rains it pours

798
00:51:52,251 --> 00:51:53,251
yeah

799
00:51:53,251 --> 00:51:55,571
Eric 99 to come back

800
00:51:55,571 --> 00:51:56,891
coming back from the dead

801
00:51:56,891 --> 00:51:59,731
we had very few boosts for the last

802
00:51:59,731 --> 00:52:01,691
two months over 21,000

803
00:52:01,691 --> 00:52:02,451
sats and then

804
00:52:02,451 --> 00:52:05,911
just feel like that was a ton right there

805
00:52:05,911 --> 00:52:07,111
thank you for your support freaks

806
00:52:07,111 --> 00:52:08,571
thank you freaks

807
00:52:08,571 --> 00:52:12,031
now on to the financial freedom report section

808
00:52:12,031 --> 00:52:13,791
brought to you by the human rights foundation

809
00:52:13,791 --> 00:52:15,131
this week coming out of Burma

810
00:52:15,131 --> 00:52:18,851
where invasive cybersecurity law comes into full effect in January.

811
00:52:19,431 --> 00:52:21,711
This newsletter, that is the Financial Freedom Report,

812
00:52:21,831 --> 00:52:28,351
reported on a repressive cybersecurity law enacted by the military junta in Burma

813
00:52:28,351 --> 00:52:31,551
that empowers officials with sweeping controls over digital spaces.

814
00:52:31,691 --> 00:52:33,411
Last week, the law came into full effect.

815
00:52:33,531 --> 00:52:38,971
It criminalizes the use of VPNs, mandates the platform store and hand over user data

816
00:52:38,971 --> 00:52:43,931
to officials upon request, and allows authorities to shut down internet access at will.

817
00:52:43,931 --> 00:52:49,811
It also empowers regime-aligned law enforcement with the absolute authority to check citizens' phones on the street.

818
00:52:50,411 --> 00:52:59,291
Penalties include up to six months in prison for sharing posts deemed quote-unquote misinformation or for using encrypted apps like VPNs to access information.

819
00:52:59,711 --> 00:53:10,351
Reports have already surfaced of police extorting bribes from people at checkpoints for having VPNs or illegal social media like ex-Facebook or YouTube on their phones.

820
00:53:10,351 --> 00:53:22,731
The law poses immediate threats to journalists and activists critical of the military regime or using privacy tools amid the Hunta's effort to stage a sham election to expand militarized control.

821
00:53:23,271 --> 00:53:31,371
This deepens Burma's retreat from the civic freedoms and shrinks the already fragile space for independent voices and the free flow of information.

822
00:53:32,371 --> 00:53:39,711
For more stories like this, make sure you sign up for the Financial Freedom Report newsletter at financialfreedomreport.org.

823
00:53:40,351 --> 00:53:49,511
stakes are high freaks that's pretty fucking bad remember when the military junta started

824
00:53:49,511 --> 00:53:53,791
like during covid and you had like the video of that woman working out like in the

825
00:53:53,791 --> 00:53:58,111
the capital square with her mask on and you just see all the tanks riding behind her

826
00:53:58,111 --> 00:54:06,631
yes that was pretty crazy like that felt like it was ai but it wasn't yeah pretty sure it wasn't

827
00:54:06,631 --> 00:54:09,911
I am

828
00:54:09,911 --> 00:54:10,891
not going to lie

829
00:54:10,891 --> 00:54:11,931
I don't know much about Burma

830
00:54:11,931 --> 00:54:15,051
the resistance there

831
00:54:15,051 --> 00:54:15,811
has been using

832
00:54:15,811 --> 00:54:16,771
3D printed guns

833
00:54:16,771 --> 00:54:17,351
at scale

834
00:54:17,351 --> 00:54:18,611
I think is the first

835
00:54:18,611 --> 00:54:19,511
such case

836
00:54:19,511 --> 00:54:24,071
which is a fascinating

837
00:54:24,071 --> 00:54:25,211
development

838
00:54:25,211 --> 00:54:27,991
it's been pretty effective

839
00:54:27,991 --> 00:54:28,531
it seems

840
00:54:28,531 --> 00:54:30,831
they were using

841
00:54:30,831 --> 00:54:34,131
like the last gun

842
00:54:34,131 --> 00:54:34,851
the JSTARC

843
00:54:34,851 --> 00:54:36,211
designed right?

844
00:54:36,631 --> 00:54:40,771
I think they have, but I think they use a bunch of different models.

845
00:54:41,471 --> 00:54:41,651
Yeah.

846
00:54:44,171 --> 00:54:47,251
But yeah, they're running mostly 9mm.

847
00:54:52,831 --> 00:54:59,391
Yeah, shout out to all you Burma freaks who are living under the oppression of this military junta.

848
00:55:01,931 --> 00:55:04,551
Yeah, I got to read up on what the hell is happening over there.

849
00:55:04,551 --> 00:55:08,051
Just remember that video from COVID.

850
00:55:14,751 --> 00:55:26,851
This last comment actually ties in well to the next subject, next topic, which I skipped over accidentally, but is important to bring up.

851
00:55:27,031 --> 00:55:29,931
Somebody says, I'll just carry a travel phone with me at the airport.

852
00:55:29,931 --> 00:55:35,191
So if you're going to do that, make sure you have a Faraday case for that.

853
00:55:35,851 --> 00:55:40,811
Silent or SLNT, which is the brand name.

854
00:55:41,091 --> 00:55:41,391
I think it's pronounced silent.

855
00:55:41,771 --> 00:55:46,151
It's pronounced silent, but SLNT is, they go by on social on their website.

856
00:55:48,431 --> 00:55:55,531
They announced that they're going to be, they are accepting Bitcoin at slnt.com through Strike.

857
00:55:55,531 --> 00:56:08,371
So for those of you who are unaware, Silent, they're a company that provides Faraday bags, backpacks, fanny packs, laptop covers.

858
00:56:08,371 --> 00:56:08,631
Closing.

859
00:56:09,911 --> 00:56:10,191
Yeah.

860
00:56:11,711 --> 00:56:12,771
They're awesome.

861
00:56:12,991 --> 00:56:13,851
I love their products.

862
00:56:14,371 --> 00:56:24,711
And so the whole idea of a Faraday pouch, a Faraday bag, is that it's designed to cut all radio transmissions from the devices inside.

863
00:56:24,711 --> 00:56:31,771
um so it's like physical airplane mode right if you go into airplane mode we we used to take out

864
00:56:31,771 --> 00:56:36,711
our batteries of our phones now they stop you from taking out your batteries but if you turn

865
00:56:36,711 --> 00:56:43,291
on airplane mode you're really trusting the device if the radios are actually off um so it's good to

866
00:56:43,291 --> 00:56:47,131
uh if you're if you want to keep your devices secure it's good to keep them in faraday bags

867
00:56:47,131 --> 00:56:51,871
and silent is is one of the best in the business uh this is a cool phenomenon it's one of those

868
00:56:51,871 --> 00:56:58,911
situations where um the founders and leadership are bitcoiners uh and they want to start accepting

869
00:56:58,911 --> 00:57:03,891
bitcoin and they're using nostor too which is pretty fucking cool um so definitely check out

870
00:57:03,891 --> 00:57:11,171
their bags i will say on the travel phone segway you used um i don't think a faraday bag necessarily

871
00:57:11,171 --> 00:57:18,731
solves that position like you should any any devices you travel with uh when i was looking

872
00:57:18,731 --> 00:57:24,291
for any reason for a segue there come on give me i know i understand but no no i mean i'm sure you

873
00:57:24,291 --> 00:57:30,571
understand but i to the listeners right like why why mention travel phone right and it's because

874
00:57:30,571 --> 00:57:38,851
if you cross borders you have no rights they will absolutely search anything you have on you if they

875
00:57:38,851 --> 00:57:44,651
if they so choose and that goes for pretty much any government um so you should operate under the

876
00:57:44,651 --> 00:57:49,771
assumption that any devices you have on you, any bags you have will be searched. The contents

877
00:57:49,771 --> 00:57:56,391
could be compromised. And you should travel accordingly. And now that more and more of our

878
00:57:56,391 --> 00:58:02,711
lives are on our digital devices, an easy way to reduce that risk is to travel with a different

879
00:58:02,711 --> 00:58:10,271
device that has very limited information on it. Of course, you should also, you know, modern phones,

880
00:58:10,271 --> 00:58:14,231
whether you're running graphene or even iPhone or even stock Android are

881
00:58:14,231 --> 00:58:16,211
encrypted at rest when you turn them off.

882
00:58:17,451 --> 00:58:24,191
And so you should do that as well just to make the oppression a little bit

883
00:58:24,191 --> 00:58:26,231
more difficult, but in general,

884
00:58:26,231 --> 00:58:30,291
you should not travel with anything you don't want to be taken from you.

885
00:58:31,271 --> 00:58:31,411
Yeah.

886
00:58:32,571 --> 00:58:37,671
All you freaks traveling through the European union on your way to Baltic

887
00:58:37,671 --> 00:58:39,791
Honey Badger next week.

888
00:58:41,051 --> 00:58:41,831
Consider it.

889
00:58:42,451 --> 00:58:43,951
The festivities have already started.

890
00:58:44,131 --> 00:58:45,111
They have BTC++.

891
00:58:45,111 --> 00:58:45,751
BTC++.

892
00:58:45,751 --> 00:58:46,591
What are you going on?

893
00:58:48,351 --> 00:58:50,151
Looks like vibes are high over there.

894
00:58:50,791 --> 00:58:51,171
I know.

895
00:58:51,911 --> 00:58:54,691
The BitChat experimentation has been

896
00:58:54,691 --> 00:58:56,911
really interesting to see.

897
00:58:56,971 --> 00:58:58,011
And I saw Callie tweet out

898
00:58:58,011 --> 00:59:00,011
in posts on Noster that

899
00:59:00,011 --> 00:59:02,091
they sort of vibe-coded,

900
00:59:02,271 --> 00:59:02,931
hackathoned

901
00:59:02,931 --> 00:59:06,271
a non-custodial cashew mint,

902
00:59:06,811 --> 00:59:07,611
I believe.

903
00:59:07,671 --> 00:59:22,991
so um not really uh that's a that's like a little bit the mint is a non-custodial

904
00:59:22,991 --> 00:59:31,291
um so they're using they're using whether it's a little bit weird i've only barely looked into

905
00:59:31,291 --> 00:59:43,611
Obviously, I haven't used it, but my understanding is that they're using Spillman channels, which is what the ARK team is using for their ARK deployment.

906
00:59:45,351 --> 00:59:55,491
And so then you're converting from Bitcoin to eCash on the fly only when you make a payment.

907
00:59:55,491 --> 01:00:04,291
And I liked Luke Child's example of this as basically, think of it like a nodeless lightning node, right?

908
01:00:04,431 --> 01:00:16,811
So instead of using a lightning channel, which is the current status quo for converting from Bitcoin to eCash, you use a Spillman channel and you do it on the fly.

909
01:00:16,811 --> 01:00:19,791
So you don't have any of the liveness requirements of Lightning.

910
01:00:19,951 --> 01:00:27,891
You don't need to have a node that's running 24-7 or any of the other trade-offs that you have with Lightning because they're using Spillman channels.

911
01:00:29,111 --> 01:00:29,291
But yeah.

912
01:00:29,511 --> 01:00:31,811
Here's how Luke described it in his proposal.

913
01:00:31,811 --> 01:00:36,911
This proposal introduces a self-custodial credit system that sits in front of an existing e-cash Mint user.

914
01:00:37,671 --> 01:00:45,691
The user's balance is held in a trustless credit contract that can be instantly swapped for e-cash tokens off-chain at the time of payment.

915
01:00:45,831 --> 01:00:52,711
Custodial risk only exists while payments are in flight, which is usually seconds, and only for the amount currently being transacted.

916
01:00:53,071 --> 01:00:54,791
The balance is always self-custodial.

917
01:00:55,251 --> 01:01:01,231
And if the Mint disappears or is uncooperative, the user can unilaterally exit and reclaim their credits on-chain.

918
01:01:01,231 --> 01:01:05,811
The protocol works on Bitcoin today and does not require a soft fork or any new opcodes.

919
01:01:05,971 --> 01:01:08,271
In fact, it doesn't require any opcodes at all.

920
01:01:08,371 --> 01:01:10,331
The protocol is almost entirely off-chain.

921
01:01:10,871 --> 01:01:13,871
Every possible way to execute the trustless credit contract results.

922
01:01:14,771 --> 01:01:17,551
In a musig to taproot key pass spend on-chain.

923
01:01:17,791 --> 01:01:18,931
No Bitcoin drifts required.

924
01:01:19,291 --> 01:01:19,711
Really cool.

925
01:01:20,511 --> 01:01:20,671
Yeah.

926
01:01:21,031 --> 01:01:27,371
I think the main trade-off between Spillman Channels and Lightning

927
01:01:27,371 --> 01:01:31,931
is that Spillman channels are one direction only.

928
01:01:33,731 --> 01:01:35,911
So I think you can use this for sending,

929
01:01:36,091 --> 01:01:37,191
but not for receiving,

930
01:01:37,751 --> 01:01:39,251
which in this context works.

931
01:01:40,331 --> 01:01:42,131
Yeah, at least, correct me if I'm wrong,

932
01:01:42,191 --> 01:01:44,251
but Spillman channels were the first ever

933
01:01:44,251 --> 01:01:47,331
type of payment channel proposed on BitcoinTalk.org

934
01:01:47,331 --> 01:01:48,431
many, many years ago.

935
01:01:50,071 --> 01:01:51,591
Yeah, I believe that's the case.

936
01:01:53,391 --> 01:01:56,011
And basically, the innovation of Lightning

937
01:01:56,011 --> 01:02:01,051
is that the payment channel goes in both directions bilateral yeah but it comes with a

938
01:02:01,051 --> 01:02:07,311
bunch of additional trade-offs that you have um so yeah pretty cool yeah

939
01:02:07,311 --> 01:02:16,351
next step i see gary gary is also mentioning in the chat they also have spillman channels also

940
01:02:16,351 --> 01:02:22,951
have the trade-off that they expire in a predetermined amount of time rather than a

941
01:02:22,951 --> 01:02:25,251
lightning channel that stays open until you close it.

942
01:02:27,135 --> 01:02:33,775
yeah that's why arc has the rounds right yeah i like all these um

943
01:02:33,775 --> 01:02:37,655
i don't know clever different ways of handling

944
01:02:37,655 --> 01:02:44,835
you know the current situation which is that is very difficult not very difficult but there's a

945
01:02:44,835 --> 01:02:50,955
lot of trade-offs to using lightning in a self-custody way um and we need to crack that nut

946
01:02:50,955 --> 01:02:56,835
because the answer isn't everyone using custodial wallets.

947
01:02:58,935 --> 01:03:04,635
If you ask Matt Corallo, he's pretty confident and bullish on non-custodial Lightning,

948
01:03:06,055 --> 01:03:07,575
particularly towards the end of this year.

949
01:03:08,655 --> 01:03:10,535
Look, we've been hearing it for years.

950
01:03:10,935 --> 01:03:12,675
I would love to see it in my hands.

951
01:03:15,255 --> 01:03:16,095
I would too.

952
01:03:16,095 --> 01:03:21,175
Gary's also saying we need more cryptographic

953
01:03:21,175 --> 01:03:23,115
technicians playing with primitives

954
01:03:23,115 --> 01:03:24,155
study math folks

955
01:03:24,155 --> 01:03:28,035
unfortunately for me

956
01:03:28,035 --> 01:03:31,015
maybe too late to learn the math Gary

957
01:03:31,015 --> 01:03:34,075
I'll get my children on it

958
01:03:34,075 --> 01:03:38,255
speaking of math and cryptographic technicians

959
01:03:38,255 --> 01:03:40,315
recorded with Andrew Polstra

960
01:03:40,315 --> 01:03:43,635
last week posted this on Wednesday

961
01:03:43,635 --> 01:03:45,475
if you want to learn more about simplicity

962
01:03:45,475 --> 01:03:49,895
and sort of smart contracting, scripting language trade-offs.

963
01:03:50,395 --> 01:03:51,415
Very technical.

964
01:03:52,515 --> 01:03:57,235
As you predicted, Matt, very few questions asked on my end,

965
01:03:57,415 --> 01:04:01,235
but it was an incredible conversation.

966
01:04:01,455 --> 01:04:05,115
Everyone dive deep on sort of technical scripting language stuff.

967
01:04:06,155 --> 01:04:09,115
I mean, protect Polstra at all costs.

968
01:04:09,235 --> 01:04:11,015
I'm very grateful we have him working on Bitcoin.

969
01:04:11,715 --> 01:04:13,075
I'm looking forward to listening to that.

970
01:04:13,075 --> 01:04:20,255
I also had Liberty Farmer on Sill Dispatch this week.

971
01:04:21,195 --> 01:04:25,535
We had a great conversation about ham radio, Noster, and Bitcoin.

972
01:04:26,795 --> 01:04:27,795
You should check out.

973
01:04:27,915 --> 01:04:29,095
It was a really fun conversation.

974
01:04:29,655 --> 01:04:33,375
That's a rabbit hole that I need to dive down harder.

975
01:04:34,255 --> 01:04:36,215
Should we do that?

976
01:04:36,315 --> 01:04:39,655
Should we do a little side quest where Matt and Marty go get their ham radio licenses?

977
01:04:40,395 --> 01:04:41,435
Yeah, we should do that.

978
01:04:43,075 --> 01:04:44,435
How hard is that?

979
01:04:45,295 --> 01:04:46,095
Isn't it online testing?

980
01:04:46,875 --> 01:04:52,255
If you listen to the show, he said, don't get overwhelmed by it.

981
01:04:52,615 --> 01:04:53,655
You can do it.

982
01:04:54,975 --> 01:04:56,835
It's literally an online test, right?

983
01:04:58,055 --> 01:05:03,335
They started doing online tests after COVID.

984
01:05:04,895 --> 01:05:08,415
I mean, that's for licensing, right?

985
01:05:08,415 --> 01:05:12,975
I think in a lot of parts of the world, particularly if you're dealing with authoritarian governments,

986
01:05:13,075 --> 01:05:15,315
licensing isn't your concern.

987
01:05:16,015 --> 01:05:17,695
But to me, it seems like,

988
01:05:18,215 --> 01:05:19,695
I mean, if you can self-custody of Bitcoin,

989
01:05:19,815 --> 01:05:20,575
you can do this shit.

990
01:05:22,255 --> 01:05:24,375
But it's really, it's fascinating

991
01:05:24,375 --> 01:05:28,515
the intersection of ham, Bitcoin, Noster,

992
01:05:30,475 --> 01:05:31,155
mesh nets.

993
01:05:32,315 --> 01:05:33,995
Like this is all of a sudden you start to get

994
01:05:33,995 --> 01:05:36,055
really robust freedom infrastructure

995
01:05:36,055 --> 01:05:38,535
that's very hard to stop

996
01:05:38,535 --> 01:05:41,075
and just empowers individuals around the world.

997
01:05:41,075 --> 01:05:44,275
I mean you mix in 3D printing

998
01:05:44,275 --> 01:05:47,495
and things get really

999
01:05:47,495 --> 01:05:50,775
really hopeful and optimistic very quickly

1000
01:05:50,775 --> 01:05:52,655
well building on that

1001
01:05:52,655 --> 01:05:56,175
shout out to the MPUB

1002
01:05:56,175 --> 01:05:57,075
I can't see your name yet

1003
01:05:57,075 --> 01:05:58,395
Liberty Farmer

1004
01:05:58,395 --> 01:06:00,055
there we go 22,000 sats

1005
01:06:00,055 --> 01:06:01,135
let's go get them

1006
01:06:01,135 --> 01:06:02,135
there we go Liberty Farmer

1007
01:06:02,135 --> 01:06:03,575
nice to see that you're listening in

1008
01:06:03,575 --> 01:06:05,675
nice to see that we're talking about ham radio

1009
01:06:05,675 --> 01:06:07,335
as well

1010
01:06:07,335 --> 01:06:07,755
but

1011
01:06:07,755 --> 01:06:17,695
And I'd love to get your thought on this because we've talked a lot about these sort of alternative messaging protocol technologies in the past.

1012
01:06:17,695 --> 01:06:23,335
We were talking about LoRa and Mesh Networks when the podcast started in like 2018.

1013
01:06:24,555 --> 01:06:36,695
And even though the topics we discussed at the top of the show pertain to infringements on individual privacy, both within Bitcoin and just broader freedom of speech in the European Union specifically.

1014
01:06:36,695 --> 01:06:42,055
specifically now we have age verification but it does seem like the momentum behind these alternative

1015
01:06:42,855 --> 01:06:49,735
protocols is stronger than it has been um and i don't know if that's a necessity is the mother

1016
01:06:49,735 --> 01:06:55,255
of invention people feel the pressure and deciding to go full bore or if the sort of awareness of

1017
01:06:55,255 --> 01:07:01,415
this is picked up to a critical tipping point where installing in the attention and development of

1018
01:07:01,415 --> 01:07:03,375
enough people to actually get some momentum.

1019
01:07:06,295 --> 01:07:12,935
Yeah, I mean, I think it's kind of just been a slow grind upwards, but in the positive

1020
01:07:12,935 --> 01:07:13,515
direction.

1021
01:07:14,815 --> 01:07:19,995
I think the open source ecosystem in general has grown tremendously and has gotten stronger.

1022
01:07:21,795 --> 01:07:24,415
So that's something to be very optimistic about.

1023
01:07:24,415 --> 01:07:31,915
um i mean i think what's really interesting is how all these different technologies compound on

1024
01:07:31,915 --> 01:07:41,855
top of each other um because it's not just one that does everything right you you kind of need

1025
01:07:41,855 --> 01:07:48,135
them all to work in tandem um and we're starting to get there we're starting to get close i mean i

1026
01:07:48,135 --> 01:07:52,855
liberty farmer told me that he had a bunch of people reach out to him after the show about

1027
01:07:52,855 --> 01:07:57,335
getting started with ham and contributing to hamster which is his nostor ham project

1028
01:07:58,215 --> 01:08:06,375
um cali has been blown away by bitchat reception uh there's a relatively recent protocol called

1029
01:08:06,375 --> 01:08:12,455
reticulum that tries to like bridge a bunch of different communication channels across each other

1030
01:08:12,455 --> 01:08:21,015
you know different types of mesh nets and ways of of transmitting together including ham um so

1031
01:08:21,015 --> 01:08:29,315
So there's a lot of wins there, but we need to see it all kind of come together in practice and be accessible enough for the common man.

1032
01:08:32,715 --> 01:08:42,435
Particularly, I think this is what people don't realize when they hate on NOSTER and say there should be a more complicated option for people instead of NOSTER.

1033
01:08:42,435 --> 01:08:45,175
is that the simplicity of Noster

1034
01:08:45,175 --> 01:08:47,175
in that it's literally just a protocol

1035
01:08:47,175 --> 01:08:50,175
for transmitting hashed and signed messages

1036
01:08:50,175 --> 01:08:52,635
mean you can just send it over him.

1037
01:08:52,735 --> 01:08:53,815
You can send it over Bluetooth.

1038
01:08:54,035 --> 01:08:56,115
You can strap it onto a fucking carrier pigeon

1039
01:08:56,115 --> 01:08:58,295
and the other side can type it back into their computer

1040
01:08:58,295 --> 01:08:59,015
if they want to.

1041
01:09:00,475 --> 01:09:02,215
You can't do that with Blue Sky.

1042
01:09:04,895 --> 01:09:06,655
Blue Sky is designed in a world

1043
01:09:06,655 --> 01:09:07,895
where they just expect internet

1044
01:09:07,895 --> 01:09:09,595
and expect a massive company

1045
01:09:09,595 --> 01:09:11,435
to run a centralized server for people.

1046
01:09:12,435 --> 01:09:22,015
So I think it's all coming together. And I do think, yes, you're right, though. I mean, without the need, then there's no motivation for people to leave the status quo.

1047
01:09:22,735 --> 01:09:31,355
In a perfect world, banks would act ethically and provide really good service and regulators wouldn't stimmy them and we wouldn't need.

1048
01:09:32,575 --> 01:09:39,655
And they wouldn't inflate the money supply and dollars would be a good store value and you wouldn't need Bitcoin.

1049
01:09:39,655 --> 01:09:46,795
And in a perfect world, we could just have big tech companies providing really fantastic communication infrastructure.

1050
01:09:47,335 --> 01:09:51,095
And we can just live very convenient lives and focus on the things that matter.

1051
01:09:51,215 --> 01:09:52,775
But that's not the reality either.

1052
01:09:53,175 --> 01:10:14,450
So here we are trying to build out alternatives that protect people Well speaking of alternatives that protect people as I not sure if you were watching at all right before we hopped on you had OpenAI do their GPT sort of unveiling

1053
01:10:14,950 --> 01:10:17,350
Pretty impressive what they've got going on there.

1054
01:10:17,550 --> 01:10:20,470
But as we know, privacy nightmare.

1055
01:10:20,990 --> 01:10:25,170
If you're pinging OpenAI's models,

1056
01:10:25,170 --> 01:10:26,870
So you're using an open AI account.

1057
01:10:27,070 --> 01:10:27,990
You're picking those models.

1058
01:10:28,210 --> 01:10:31,090
They're logging all of your chat history.

1059
01:10:31,510 --> 01:10:35,430
They know very intimate details if you're sharing them with the models.

1060
01:10:35,610 --> 01:10:37,450
And that's actually freaks.

1061
01:10:37,750 --> 01:10:43,210
If you're using these models where it's open AI, anthropic, anything.

1062
01:10:44,130 --> 01:10:44,470
Grok.

1063
01:10:45,070 --> 01:10:45,910
Grok, whatever.

1064
01:10:46,870 --> 01:10:50,270
So my mindset, I'm not sure if this is your mindset, Matt.

1065
01:10:50,270 --> 01:10:55,330
I should get interested, but I literally use it for a tool when I'm trying to provide.

1066
01:10:55,630 --> 01:10:58,290
I don't think I've ever talked with any of these models about my personal life

1067
01:10:58,290 --> 01:11:02,450
or asked them advice about something outside of something technical

1068
01:11:02,450 --> 01:11:06,730
or informational I was trying to do for the business.

1069
01:11:08,090 --> 01:11:13,070
But I'm not sure if you saw the report earlier this week where if you go,

1070
01:11:13,170 --> 01:11:18,230
like even if you go and you share, like if you say you're a husband and a wife

1071
01:11:18,230 --> 01:11:22,630
and you don't want to go to a marriage counselor god forbid you need to or you think you need to

1072
01:11:22,630 --> 01:11:28,310
but people like using chat gbt as a marriage counselor and then if you go like say you do it

1073
01:11:28,310 --> 01:11:33,910
as a husband you're like all right i talked to gbt about our problems and then you share with your

1074
01:11:33,910 --> 01:11:41,510
wife that share that link with all that chat history it was getting cashed to google um for

1075
01:11:41,510 --> 01:11:47,830
seo purposes and so like you had a bunch of people just openly sharing their chat history with google

1076
01:11:47,830 --> 01:11:50,750
and that was getting indexed and searchable on Google.

1077
01:11:50,870 --> 01:11:53,790
And this is similar to what happened with Meta a few months ago

1078
01:11:53,790 --> 01:11:58,510
where people were talking to the chatbot that they had on Facebook, I guess.

1079
01:11:59,250 --> 01:12:03,610
And they were sharing it publicly as well, like very intimate details.

1080
01:12:04,790 --> 01:12:06,070
I mean, it's a privacy nightmare.

1081
01:12:07,570 --> 01:12:12,490
And I think in both of those cases, I mean, maybe not in the Meta case.

1082
01:12:12,550 --> 01:12:14,410
In the Meta case, I think it was by design.

1083
01:12:14,730 --> 01:12:17,550
But in the ChatGPT case, that was an accident.

1084
01:12:17,550 --> 01:12:22,010
Like it wasn't supposed when you press the share link, it wasn't supposed to get indexed by Google.

1085
01:12:22,830 --> 01:12:24,310
They fucked that up.

1086
01:12:24,490 --> 01:12:33,750
But in either case, these actually big tech companies are they have all of your search history and the LLMs are building profiles on you.

1087
01:12:34,030 --> 01:12:41,870
Right. They're they're seeing their deepest, darkest thought processes, every little minutia of your lives.

1088
01:12:41,870 --> 01:12:43,310
And they're building profiles on you.

1089
01:12:43,310 --> 01:12:50,350
I mean, I've seen people ask, you know, you like ask ChatGPT, it's like, okay, like, what do you know about me?

1090
01:12:50,450 --> 01:12:56,250
And the responses are fucking crazy because people are just like unloading their lives into these things.

1091
01:12:56,990 --> 01:13:02,670
And so this is why it's incredibly important that not only we have open source models that you can run yourself.

1092
01:13:03,070 --> 01:13:07,870
And the news of this week is that OpenAI finally released an open source model.

1093
01:13:07,870 --> 01:13:09,010
It's like been dominated.

1094
01:13:09,170 --> 01:13:13,950
The open source AI scene has been dominated by Chinese developers, which is crazy.

1095
01:13:15,750 --> 01:13:22,550
I mean, Grok, Elon promised to release Grok open source, and he still hasn't released the older versions of Grok open source yet.

1096
01:13:22,630 --> 01:13:24,930
So hopefully this starts to create some motivation.

1097
01:13:26,090 --> 01:13:29,810
The best American open source model we've had for a while actually came out of Facebook.

1098
01:13:30,030 --> 01:13:32,470
It was Lama, and it was quite shitty.

1099
01:13:32,470 --> 01:13:40,310
so they released gbt os and it's their open source model it's a little bit behind their

1100
01:13:40,310 --> 01:13:48,870
proprietary models but it's now live on maple ai so you can use you can use it in a private way

1101
01:13:48,870 --> 01:13:51,390
so with these open source models you can self-host them

1102
01:13:51,390 --> 01:13:58,090
there is a piece of software called lm studio that makes it really easy to self-host on your

1103
01:13:58,090 --> 01:14:04,910
own computer, but your computer needs to be relatively beefy. And obviously then you can't

1104
01:14:04,910 --> 01:14:08,870
access it for mobile, which is what a lot of people like. So that's where something like

1105
01:14:08,870 --> 01:14:13,350
Maple sits in the middle, right? Where it tries to offer you a single level privacy guarantee,

1106
01:14:13,350 --> 01:14:19,870
like the messenger. But you can use the latest open source models. And they just added GPT,

1107
01:14:20,590 --> 01:14:26,130
the new GPT open source. It's fast. It works really well. It's a little bit cucked,

1108
01:14:26,130 --> 01:14:27,410
because it came out of OpenAI.

1109
01:14:27,890 --> 01:14:29,710
But I mean, all these models are kind of like that.

1110
01:14:29,830 --> 01:14:31,110
Like you go to the Chinese models

1111
01:14:31,110 --> 01:14:32,590
and you ask them about Tiananmen Square

1112
01:14:32,590 --> 01:14:33,370
and they're like,

1113
01:14:33,450 --> 01:14:34,290
oh, that never happened.

1114
01:14:34,770 --> 01:14:35,610
That doesn't exist.

1115
01:14:37,210 --> 01:14:40,910
So I mean, the cool thing about Maple

1116
01:14:40,910 --> 01:14:41,890
is that you can choose

1117
01:14:41,890 --> 01:14:43,290
which open source model you want

1118
01:14:43,290 --> 01:14:44,910
and you can just run different,

1119
01:14:45,130 --> 01:14:46,810
you can like run the same question

1120
01:14:46,810 --> 01:14:48,190
across multiple ones

1121
01:14:48,190 --> 01:14:50,330
and compare and contrast them

1122
01:14:50,330 --> 01:14:51,370
all in a private way.

1123
01:14:51,370 --> 01:14:54,130
And I will say once you are either self-hosting

1124
01:14:54,130 --> 01:14:55,450
or using something like Maple,

1125
01:14:55,450 --> 01:14:59,650
it really unlocks a lot of very helpful tools.

1126
01:14:59,830 --> 01:15:02,070
Like I've used it to troubleshoot things around the house.

1127
01:15:06,430 --> 01:15:09,850
I've used it for random like health questions

1128
01:15:09,850 --> 01:15:14,270
that I wouldn't trust most people with,

1129
01:15:14,650 --> 01:15:16,830
but I trust their tech stack

1130
01:15:16,830 --> 01:15:19,170
and the secure enclaves that they're working with

1131
01:15:19,170 --> 01:15:21,010
to keep that confidential.

1132
01:15:22,350 --> 01:15:24,210
So it can be very useful.

1133
01:15:24,210 --> 01:15:26,210
is you just need to be...

1134
01:15:28,210 --> 01:15:30,770
People are leaking so much of their lives

1135
01:15:30,770 --> 01:15:32,990
to Sam Altman.

1136
01:15:33,370 --> 01:15:34,990
Sam Altman is the guy who's making

1137
01:15:34,990 --> 01:15:37,850
the WorldCoin orb scanning bot,

1138
01:15:37,970 --> 01:15:39,530
and you're putting your deepest, darkest secrets

1139
01:15:39,530 --> 01:15:40,750
into his fucking chat app.

1140
01:15:40,830 --> 01:15:41,690
Stop being retarded.

1141
01:15:42,630 --> 01:15:42,730
Yeah.

1142
01:15:44,230 --> 01:15:48,070
Mark's co-founder of Maple AI and OpenSecret,

1143
01:15:48,110 --> 01:15:51,030
he's saying the smaller GBT-OS 20B

1144
01:15:51,030 --> 01:15:52,130
runs well on a MacBook.

1145
01:15:52,130 --> 01:15:58,730
so yeah bigger is better bigger is better and you can run with maple you can use the 120b one

1146
01:15:58,730 --> 01:16:03,550
that's not what she said which is 6x who said that your wife

1147
01:16:03,550 --> 01:16:08,030
no not my wife Fred's wife

1148
01:16:08,030 --> 01:16:19,350
I mean look we're already we're already if you care about using these things privately and using

1149
01:16:19,350 --> 01:16:26,690
these open source models and using them privately, we're already at a disadvantage from the people

1150
01:16:26,690 --> 01:16:28,090
using the proprietary models.

1151
01:16:28,370 --> 01:16:30,850
And that disadvantage seems like it's going to get bigger and bigger.

1152
01:16:33,030 --> 01:16:40,950
So the goal needs to be to close that gap and still make it as convenient as possible.

1153
01:16:41,070 --> 01:16:45,830
And that's why Maple is so intriguing to me and so useful for my day-to-day life.

1154
01:16:45,830 --> 01:16:47,970
because most of the time I'm using these things,

1155
01:16:48,110 --> 01:16:50,710
it's like most of the time I'm using Maple.

1156
01:16:50,870 --> 01:16:51,570
It's on mobile.

1157
01:16:51,790 --> 01:16:53,210
I'm like out and about in my life.

1158
01:16:53,350 --> 01:16:55,970
I need to ask something really quick.

1159
01:16:56,550 --> 01:16:57,970
Get a gut check.

1160
01:16:59,130 --> 01:16:59,250
Yeah.

1161
01:17:00,570 --> 01:17:02,330
And shout out to the Maple team

1162
01:17:02,330 --> 01:17:06,870
getting some recognition from Jason Calacanis this week.

1163
01:17:07,810 --> 01:17:10,510
He was, I guess he explicitly

1164
01:17:10,510 --> 01:17:14,070
on last week's episode of the Rabbit Hole Recap knockoff

1165
01:17:14,070 --> 01:17:16,650
described that he wanted

1166
01:17:16,650 --> 01:17:20,910
LLMs with end-to-end encryption.

1167
01:17:20,910 --> 01:17:23,490
And the Maple team's like, hey, this is exactly what we're building.

1168
01:17:25,830 --> 01:17:30,030
Yeah, I mean, in his mind, he was like, I'm going to call my buddy Elon,

1169
01:17:30,030 --> 01:17:45,185
and Elon going to add it to Grok Grok has a private mode which is like incognito in your browser Like he still sees everything They just don keep it in your local history And that probably unfortunately fine for most people

1170
01:17:46,325 --> 01:17:46,845
I don't know.

1171
01:17:47,225 --> 01:17:52,325
I think there's going to have to be massive leaks and compromises

1172
01:17:52,325 --> 01:17:57,865
and profiles made of people and thought police and thought crimes

1173
01:17:57,865 --> 01:18:01,525
and people getting arrested for things they haven't done yet,

1174
01:18:01,525 --> 01:18:04,765
but they're thinking about doing before, uh,

1175
01:18:05,605 --> 01:18:09,185
before there's a people really make a move at length.

1176
01:18:09,185 --> 01:18:13,425
And I don't think any of the big companies are willing to actually offer that

1177
01:18:13,425 --> 01:18:17,045
because they can monetize the data so heavily and they can do like when you run a

1178
01:18:17,045 --> 01:18:20,745
business with analytics and you can see how your customers are using things,

1179
01:18:20,745 --> 01:18:24,365
it's actually makes it much easier to improve the models and improve your

1180
01:18:24,365 --> 01:18:26,505
product and whatnot. Like most,

1181
01:18:26,585 --> 01:18:30,345
most founders you talk to that are trying to run, uh,

1182
01:18:30,345 --> 01:18:34,245
businesses that respect the privacy of their users will tell you firsthand

1183
01:18:34,245 --> 01:18:37,005
that they're running it in hard mode, right?

1184
01:18:37,005 --> 01:18:39,265
They have no idea how their users are using the product.

1185
01:18:39,365 --> 01:18:40,125
They're kind of guessing.

1186
01:18:41,625 --> 01:18:47,025
So it's not fully malicious that they're doing it the way they're doing it,

1187
01:18:47,025 --> 01:18:50,745
but people should seek out more private options.

1188
01:18:51,665 --> 01:18:56,545
I will say that, I don't know.

1189
01:18:56,545 --> 01:18:58,985
every time I listen to All In, I'm like,

1190
01:18:59,065 --> 01:19:00,745
why the fuck did I listen to this show?

1191
01:19:01,625 --> 01:19:01,825
Yeah.

1192
01:19:03,025 --> 01:19:04,805
Last week was the first one I listened to in a while.

1193
01:19:06,025 --> 01:19:06,545
I hate

1194
01:19:06,545 --> 01:19:09,005
listening to every

1195
01:19:09,005 --> 01:19:10,765
episode just to see what they're up to.

1196
01:19:11,305 --> 01:19:12,685
I don't want to make them obsolete,

1197
01:19:12,985 --> 01:19:15,065
so I feel like it's important to give a listen.

1198
01:19:15,065 --> 01:19:17,205
And shout out to the freaks that hate listening to this show

1199
01:19:17,205 --> 01:19:18,425
trying to make us obsolete.

1200
01:19:18,845 --> 01:19:20,085
I hope you're successful.

1201
01:19:20,745 --> 01:19:22,005
Be the change you want to see in the world.

1202
01:19:22,765 --> 01:19:24,845
It will never happen. But I was thinking about this exact problem

1203
01:19:24,845 --> 01:19:27,605
you're describing, these privacy focused founders

1204
01:19:27,605 --> 01:19:31,685
and the context of OpenSecret and Maple AI specifically,

1205
01:19:31,685 --> 01:19:37,945
because we were thinking about this for opportunity costs.

1206
01:19:37,945 --> 01:19:41,185
Like if we were to build a consumer app,

1207
01:19:41,185 --> 01:19:45,605
ideally it would be similar to Maple AI leveraging OpenSecret's

1208
01:19:45,605 --> 01:19:49,145
sort of developer toolkit to have everything encrypted

1209
01:19:49,145 --> 01:19:54,185
on your secure enclave in the enclave of the cloud.

1210
01:19:54,845 --> 01:20:01,825
offer, like, is there a way that you can offer users the ability to opt into, like, once a week

1211
01:20:01,825 --> 01:20:07,545
hitting a button to share certain data, and you can, like, somehow, I don't know how you would do

1212
01:20:07,545 --> 01:20:15,385
this, but just thinking, like, sort of eliminate it, any PII, and just get, like, pure sort of usage

1213
01:20:15,385 --> 01:20:23,245
data to sort of get up their whole rounded picture of the experience that users are having and design

1214
01:20:23,245 --> 01:20:26,665
around that. Mark, you're in the chat. I'm sure you've thought about this.

1215
01:20:26,665 --> 01:20:26,925
No.

1216
01:20:31,805 --> 01:20:36,265
I think any data that's helpful, you can't really

1217
01:20:36,265 --> 01:20:40,505
anonymize it. It's like the big thing like, oh, we use

1218
01:20:40,505 --> 01:20:43,305
anonymized location data, I feel like is the best example.

1219
01:20:43,305 --> 01:20:47,845
What if you ran it through something like ObscureVP? Is there a way to

1220
01:20:47,845 --> 01:20:50,005
directly connect to that?

1221
01:20:50,005 --> 01:20:59,745
What you do is you make it easy for a user to voluntarily submit a bug report.

1222
01:21:01,165 --> 01:21:01,745
Yeah.

1223
01:21:02,165 --> 01:21:04,485
So you're not collecting data.

1224
01:21:04,885 --> 01:21:07,945
You have no insight into how the user is using the thing.

1225
01:21:08,225 --> 01:21:14,185
But if the user runs into a problem, or maybe it's positive feedback too,

1226
01:21:14,185 --> 01:21:19,285
they should be able to easily submit a bug report or positive feedback.

1227
01:21:19,285 --> 01:21:21,245
and you can go based off of that.

1228
01:21:24,425 --> 01:21:26,385
I mean, like in my case, right?

1229
01:21:26,785 --> 01:21:30,525
It's like Maple doesn't know how I use their product.

1230
01:21:31,165 --> 01:21:34,085
But if I run into something good or run into a problem,

1231
01:21:34,245 --> 01:21:36,625
like I just message Tony and Marks and tell them.

1232
01:21:38,405 --> 01:21:40,565
That's how they get their analytics.

1233
01:21:40,705 --> 01:21:41,965
But if you build it into the app,

1234
01:21:41,965 --> 01:21:43,405
then obviously that scales better

1235
01:21:43,405 --> 01:21:45,225
than having someone just send you a signal message.

1236
01:21:45,225 --> 01:21:49,845
interesting problems

1237
01:21:49,845 --> 01:21:50,245
to solve

1238
01:21:50,245 --> 01:21:51,305
building on hard mode

1239
01:21:51,305 --> 01:21:52,345
not easy

1240
01:21:52,345 --> 01:21:53,465
obviously it's hard mode

1241
01:21:53,465 --> 01:21:53,765
but

1242
01:21:53,765 --> 01:21:55,145
definitely necessary

1243
01:21:55,145 --> 01:21:56,025
if you want to preserve

1244
01:21:56,025 --> 01:21:58,385
privacy in the digital age

1245
01:21:58,385 --> 01:21:59,245
as I was saying

1246
01:21:59,245 --> 01:22:00,725
if any of you caught

1247
01:22:00,725 --> 01:22:01,885
part of the live stream

1248
01:22:01,885 --> 01:22:03,225
of the GBT5

1249
01:22:03,225 --> 01:22:05,045
sort of unveiling

1250
01:22:05,045 --> 01:22:06,345
it's crazy what it can do

1251
01:22:06,345 --> 01:22:06,525
and

1252
01:22:06,525 --> 01:22:07,565
I mean

1253
01:22:07,565 --> 01:22:09,305
I'll hold my hand up

1254
01:22:09,305 --> 01:22:09,605
honestly

1255
01:22:09,605 --> 01:22:10,205
like I use

1256
01:22:10,205 --> 01:22:12,185
AI in many different ways

1257
01:22:12,185 --> 01:22:13,185
like for

1258
01:22:13,185 --> 01:22:14,745
business purposes

1259
01:22:14,745 --> 01:22:23,085
without putting any sort of extremely critical private information

1260
01:22:23,085 --> 01:22:25,865
about the business into the models,

1261
01:22:25,865 --> 01:22:33,125
like using it to accomplish tasks is inarguably better than the private options.

1262
01:22:33,245 --> 01:22:35,665
And with GPT-5, now seeing what it can do, it's like, holy shit,

1263
01:22:35,785 --> 01:22:38,465
this thing is massively impressive.

1264
01:22:38,465 --> 01:22:42,945
yeah i mean i think a big unlock will be

1265
01:22:42,945 --> 01:22:51,585
adding real-time search um so that you get real-time information but yeah i mean there

1266
01:22:51,585 --> 01:22:59,885
there's definitely still a big gap uh there's there's still a big gap and that's that's the real

1267
01:22:59,885 --> 01:23:10,765
I mean, I have two major short-term concerns about AI. The first being that LLMs are really good

1268
01:23:10,765 --> 01:23:17,405
at weaponizing surveillance, right? They're just really good at sorting through large data sets,

1269
01:23:17,785 --> 01:23:26,385
building profiles on people. And it's been a quote-unquote problem that authoritarian

1270
01:23:26,385 --> 01:23:30,605
governments have had for a while, which is they have a ton of data, they surveil everything on

1271
01:23:30,605 --> 01:23:33,885
their citizens, but they can't actually sift through it and make it quote unquote useful.

1272
01:23:34,605 --> 01:23:37,545
And the Palantirs of the world and the open AIs of the world

1273
01:23:37,545 --> 01:23:45,365
are making that data way more useful to use against their citizenry.

1274
01:23:46,125 --> 01:23:52,325
And then the second piece is this gap between people who choose the convenient, controlled,

1275
01:23:52,325 --> 01:24:01,245
surveilled option versus people that are choosing the freedom path. And one of the cool aspects of

1276
01:24:01,245 --> 01:24:07,225
Bitcoin on the opposite side is people who choose a freedom path actually are at an advantage to

1277
01:24:07,225 --> 01:24:14,625
those that don't. You stack sats and you hold Bitcoin self-custody, you have an advantage over

1278
01:24:14,625 --> 01:24:23,985
people that are just buying the S&P 500 or whatever. But in this case, Bitcoin is unique

1279
01:24:23,985 --> 01:24:28,305
in that regard. Usually, that's not the case when you talk about these types of trade-off models.

1280
01:24:28,305 --> 01:24:35,985
Usually, you give up freedom for convenience and you have an advantage. That's the case with these

1281
01:24:35,985 --> 01:24:43,025
AI tools. The gap is going to get really crazy, I think. The more data you upload to them,

1282
01:24:43,025 --> 01:24:49,825
the more useful they become. If you upload your whole life to one of these major proprietary

1283
01:24:49,825 --> 01:24:56,785
models, it can be way more effective at being, quote unquote, helpful to you in the short term.

1284
01:24:56,785 --> 01:25:02,945
I mean, that's what part of the GPT-5 presentation,

1285
01:25:05,745 --> 01:25:22,440
there going to be a big focus on health and putting all your health records in and having GPT sort of guide you through uh your health journey and they brought on uh created they brought on a woman who got diagnosed with three different types of cancer

1286
01:25:23,240 --> 01:25:27,640
at the same time and she was talking about how she was using gpt-5 to

1287
01:25:27,640 --> 01:25:32,200
sort of make a decision on the multiple opinions she got from different doctors

1288
01:25:38,920 --> 01:25:43,360
yeah i mean there's definitely like really cool positive uses for it

1289
01:25:43,360 --> 01:25:48,100
yeah you see the video going around the guy the blind guy walking to the airport and he's just

1290
01:25:48,100 --> 01:25:55,900
holding up his phone and having chat chippy t guide him no but i mean look uh elon's gonna

1291
01:25:55,900 --> 01:26:00,180
make it so he can just implant a chip in his brain and then he won't have to hold up his phone

1292
01:26:00,180 --> 01:26:02,920
don't get the chip don't get the chip freaks

1293
01:26:02,920 --> 01:26:10,980
we have uh rider die freak pedro zap 21 000 sats and i we missed it but ben justman

1294
01:26:10,980 --> 01:26:19,700
the bitcoin wine purveyor uh zap 21 000 sats and he says higher higher we're we are going higher we

1295
01:26:19,700 --> 01:26:24,940
also have a comment on zap.stream keep talking boys bitcoin is pumping approaching 17 000 right

1296
01:26:24,940 --> 01:26:26,600
now. You know what? It's officially a pump.

1297
01:26:27,380 --> 01:26:28,700
It's officially a pump now.

1298
01:26:29,320 --> 01:26:29,500
Yeah.

1299
01:26:31,720 --> 01:26:32,620
Go buy some

1300
01:26:32,620 --> 01:26:33,240
Peony Lane.

1301
01:26:34,620 --> 01:26:36,740
Peony Lane. Excuse me.

1302
01:26:37,320 --> 01:26:38,580
Always mess up the pronunciation

1303
01:26:38,580 --> 01:26:39,020
there.

1304
01:26:43,440 --> 01:26:44,240
Great wine.

1305
01:26:44,580 --> 01:26:44,1000
Great wine.

1306
01:26:49,180 --> 01:26:50,540
Last on the list.

1307
01:26:50,780 --> 01:26:52,600
Primal version.

1308
01:26:53,460 --> 01:26:54,900
iOS version 2.3.

1309
01:26:54,940 --> 01:26:56,680
0.56 has been released.

1310
01:26:57,620 --> 01:26:59,060
Smoother feed rendering, improved

1311
01:26:59,060 --> 01:27:01,140
spread, reply UX,

1312
01:27:01,320 --> 01:27:02,1000
improved connectivity, and improved wallet

1313
01:27:02,1000 --> 01:27:04,620
UX. As always,

1314
01:27:05,820 --> 01:27:07,160
please let us know if you

1315
01:27:07,160 --> 01:27:08,920
run into any issues. That's Marco from the

1316
01:27:08,920 --> 01:27:09,700
Primal team there.

1317
01:27:11,680 --> 01:27:13,080
Yeah, we're just going to keep

1318
01:27:13,080 --> 01:27:14,500
shipping. Can't stop, won't stop.

1319
01:27:14,820 --> 01:27:15,840
Lots of work to be done.

1320
01:27:16,840 --> 01:27:18,120
You can download Primal in

1321
01:27:18,120 --> 01:27:19,860
your favorite app store.

1322
01:27:21,200 --> 01:27:21,400
Yeah.

1323
01:27:22,960 --> 01:27:23,800
Join us.

1324
01:27:24,940 --> 01:27:26,320
Send us your feedback.

1325
01:27:28,520 --> 01:27:31,300
It is much faster.

1326
01:27:31,480 --> 01:27:32,760
I downloaded it earlier this week.

1327
01:27:33,880 --> 01:27:35,420
The rendering is certainly faster.

1328
01:27:37,500 --> 01:27:39,640
Yeah, it's getting pretty smooth.

1329
01:27:44,160 --> 01:27:45,280
Pretty quiet week.

1330
01:27:46,900 --> 01:27:48,100
We got through a lot, though.

1331
01:27:49,380 --> 01:27:49,820
Summer.

1332
01:27:51,280 --> 01:27:53,560
And the big thing is the tornado cache ruling.

1333
01:27:54,660 --> 01:27:54,840
Yeah.

1334
01:27:54,940 --> 01:28:00,820
Everything else is, we were already live, might as well chat through it all with you freaks.

1335
01:28:01,820 --> 01:28:05,440
Do we have any Bitcoin treasury company updates that we want to make everybody aware of?

1336
01:28:06,200 --> 01:28:06,640
No.

1337
01:28:07,040 --> 01:28:07,420
Do you?

1338
01:28:08,160 --> 01:28:08,580
No.

1339
01:28:14,020 --> 01:28:15,980
Yeah, I got nothing on that front.

1340
01:28:18,600 --> 01:28:23,920
It is, oh, I guess we talked about the earnings last week of MSTR.

1341
01:28:24,940 --> 01:28:33,860
Not only was their earnings beat priced in, but it completely dumped on the news.

1342
01:28:33,940 --> 01:28:38,500
It was like a classic sell the news situation.

1343
01:28:38,860 --> 01:28:44,860
But it seems like it's almost back to where it was previously.

1344
01:28:46,760 --> 01:28:46,1000
But yeah.

1345
01:28:47,540 --> 01:28:49,060
It's under $400.

1346
01:28:50,380 --> 01:28:51,920
So $401, right?

1347
01:28:52,400 --> 01:28:53,140
Oh, $399.

1348
01:28:53,140 --> 01:28:55,280
Where was it last week?

1349
01:28:55,460 --> 01:28:56,180
What were we, Thursday?

1350
01:28:56,840 --> 01:28:57,920
It was like around the same, right?

1351
01:28:59,380 --> 01:29:01,140
It was...

1352
01:29:01,140 --> 01:29:03,360
Yeah, roughly.

1353
01:29:03,600 --> 01:29:06,080
It was like low single digits, 400.

1354
01:29:07,320 --> 01:29:08,780
Yeah, it was at 404.

1355
01:29:10,720 --> 01:29:12,320
That was 31st.

1356
01:29:12,320 --> 01:29:13,040
409.

1357
01:29:15,120 --> 01:29:18,140
He did notably say that...

1358
01:29:20,260 --> 01:29:22,140
They don't want to issue any more coming.

1359
01:29:23,140 --> 01:29:31,440
Yeah, they're going to stop selling common stock, the MSTR stock, unless it's over 2.5x.

1360
01:29:32,660 --> 01:29:42,360
So unless it's over 2.5 MNAV, they start leaning into those preferreds that they have, which is really what differentiates them.

1361
01:29:42,460 --> 01:29:52,920
I mean, besides the fact that their stock is fucking massive, they're basically building a yield curve of these preferred equities.

1362
01:29:53,140 --> 01:29:59,320
that gives them a lot of options in terms of fundraising to buy Bitcoin

1363
01:29:59,320 --> 01:30:05,500
that should benefit the common shareholders.

1364
01:30:06,320 --> 01:30:08,360
And it should be interesting to watch how that plays out.

1365
01:30:08,360 --> 01:30:11,440
But self-custody Bitcoin is a superpower.

1366
01:30:11,840 --> 01:30:13,080
Nothing beats self-custody Bitcoin.

1367
01:30:13,900 --> 01:30:15,740
If you are going to speculate on these things,

1368
01:30:15,880 --> 01:30:18,400
you should build a stack of self-custody Bitcoin first.

1369
01:30:18,400 --> 01:30:24,060
put the proverbial mask over your face before.

1370
01:30:25,520 --> 01:30:28,720
I guess the mask, no one wants to wear masks anymore.

1371
01:30:29,440 --> 01:30:30,160
Mask is bad.

1372
01:30:31,740 --> 01:30:35,220
Protect yourself first before you take on additional risk.

1373
01:30:35,220 --> 01:30:43,200
That is trying to outperform Bitcoin by buying MSTR, another stock.

1374
01:30:44,120 --> 01:30:44,140
Yeah.

1375
01:30:44,140 --> 01:30:46,060
Zoomer sats app

1376
01:30:46,060 --> 01:30:47,020
2100 sats

1377
01:30:47,020 --> 01:30:47,980
not the threshold

1378
01:30:47,980 --> 01:30:48,840
for reading this out

1379
01:30:48,840 --> 01:30:49,960
but since you're

1380
01:30:49,960 --> 01:30:50,820
the Zoomer friend

1381
01:30:50,820 --> 01:30:51,260
of the show

1382
01:30:51,260 --> 01:30:53,020
I'll read your comment

1383
01:30:53,020 --> 01:30:54,200
when does the Zoomer series

1384
01:30:54,200 --> 01:30:54,620
resume

1385
01:30:54,620 --> 01:30:55,780
should we get it back in

1386
01:30:55,780 --> 01:30:57,400
do we have any good

1387
01:30:57,400 --> 01:30:58,280
Zoomers out there

1388
01:30:58,280 --> 01:30:59,420
we need

1389
01:30:59,420 --> 01:31:01,300
what

1390
01:31:01,300 --> 01:31:02,880
we should get Moses on

1391
01:31:02,880 --> 01:31:03,760
who built the opportunity

1392
01:31:03,760 --> 01:31:04,340
cost app

1393
01:31:04,340 --> 01:31:05,380
yeah

1394
01:31:05,380 --> 01:31:06,500
we'll bring him on

1395
01:31:06,500 --> 01:31:07,920
we'll bring him on

1396
01:31:07,920 --> 01:31:08,380
next week

1397
01:31:08,380 --> 01:31:09,020
or the week after

1398
01:31:09,020 --> 01:31:10,780
probably the week after

1399
01:31:10,780 --> 01:31:11,400
traveling

1400
01:31:11,400 --> 01:31:12,120
we gotta figure out

1401
01:31:12,120 --> 01:31:12,520
next week

1402
01:31:12,520 --> 01:31:13,080
what's going on

1403
01:31:13,080 --> 01:31:13,700
I'll be traveling

1404
01:31:13,700 --> 01:31:14,120
but

1405
01:31:14,140 --> 01:31:16,180
Oh, I'm traveling the week after.

1406
01:31:17,260 --> 01:31:19,320
Okay, we'll make it happen next week at some point.

1407
01:31:19,340 --> 01:31:19,900
We'll figure it out.

1408
01:31:20,020 --> 01:31:20,940
We'll bring it...

1409
01:31:20,940 --> 01:31:23,540
I like the idea of just bringing on guests in general.

1410
01:31:23,740 --> 01:31:27,700
We'll bring on Ride or Die Freaks only occasionally

1411
01:31:27,700 --> 01:31:30,1000
onto the show to spice it up of varying ages.

1412
01:31:31,660 --> 01:31:32,920
It doesn't have to just be Zoomers.

1413
01:31:32,980 --> 01:31:34,680
The main reason we did the Zoomers series

1414
01:31:34,680 --> 01:31:37,220
was because Marty was really shitting on Zoomers.

1415
01:31:37,960 --> 01:31:38,700
He goes through phases.

1416
01:31:39,280 --> 01:31:40,780
I take back what I said, too.

1417
01:31:40,940 --> 01:31:42,420
Seth technically isn't even a Zoomer.

1418
01:31:42,420 --> 01:31:43,420
He's like a young...

1419
01:31:43,420 --> 01:31:50,1000
There was many such cases of questionable Zoomers that joined their Zoomer series.

1420
01:31:51,520 --> 01:31:53,160
A lot of them were on the top end.

1421
01:31:55,080 --> 01:31:57,180
But he's an honorary Zoomer.

1422
01:31:58,200 --> 01:31:59,600
All right.

1423
01:31:59,760 --> 01:32:00,500
Pump is official.

1424
01:32:00,580 --> 01:32:03,560
Over 117,000 going to all-time highs by the end of the weekend.

1425
01:32:03,700 --> 01:32:04,740
You heard it here first, Freaks.

1426
01:32:05,460 --> 01:32:05,780
Wow.

1427
01:32:05,880 --> 01:32:06,440
Really, Marty?

1428
01:32:07,640 --> 01:32:08,080
Dump.

1429
01:32:08,440 --> 01:32:08,880
I had to do it.

1430
01:32:08,940 --> 01:32:11,060
You know, I need to stack some cheap sets.

1431
01:32:11,060 --> 01:32:12,780
You can't have to run away from this.

1432
01:32:12,780 --> 01:32:18,480
show you start with the show by giving me shit for saying a little pumpage makes the mornings

1433
01:32:18,480 --> 01:32:23,360
better and then you end the show by saying all-time highs by the end of the weekend well

1434
01:32:23,360 --> 01:32:27,440
i'll reiterate what you said earlier it's we're seven years in you don't know how this works yet

1435
01:32:27,440 --> 01:32:36,540
fair enough fair enough we've got some military helicopters flying over up they're on to you

1436
01:32:36,540 --> 01:32:44,400
great rip love you all stay humble stack sets peace and love okay