What it's up freaks to boy Marty bank here on a beautiful Thursday afternoon and Brooklyn New York for this week's edition of rabbit hole recap right. Now the Bitcoin xbx index according to trade Bloc is sitting at five thousand three hundred ninety nine dollars and sixty six cents. Matthew have the block at hand. No, I do not but I am ridiculously bullish. I am a super excited this week. We've got a lot of topics before we jump into them. Let's give a shout out to our sponsors.as this week's edition Rabbit Hole recap is brought to you by Unchained Capital you freaks know all about them already and they're two of three multisig volt service that they just launched go to www.hsn.com Capital.com vaults to check these out it's compatible with your treasure and Ledger when you guys are not connected to your computer's it's a hundred percent cold storage and these vault Solutions will also give you access to credit them aligned with with unchanged loan services on top of this if you sign up now using RF link, which will be provided in the links. You freaks get three months free of safety in a Moose's the Bitcoin standard research bolt in some very good economic information about Bitcoin that you're getting with your Vault services. So again, go check out www.hsn.com Capital slash vaults or use the link that we provide in the show notes. God I got an old sponsor coming back Matt. She has also sponsored by the cash yet. You freaks know about them or favorite app to stack sets here in the US Cash app has been the number one finance app in the app store for almost two years. It was the first major peer-to-peer payments app to support Bitcoin you freaks know all about it. It's still the fastest and easiest way to on-ramp Bitcoin users from the Fiat world no more waiting for five days for ACH transfer to come through with cash app. You can buy Bitcoin instantly and Send it to a wallet of your choice. - I've also comes with standard banking features and direct deposits and others your bank would never even consider like the cash card we've talked about this before. It's a debit card you get comes with their booze program lets you save money every time you use lift Whole Foods Chipotle Chick-fil-A Starbucks Dunkin local coffee shops and a bunch of other stuff save money at these Merchants use that to stack sets download cash app today from the app store or Google Play Matt. It's only been six days since we last met a lots going on. Bit the next Heather Still Still big in the news. Well, let's not even well just hold off for a sec. I mean, well first of all the block block height is 570 4311 slaw blocks getting closer to block 630,000 by the day. It's just you know, it just feels good this week. You know, I just everything just felt really I don't know. Am I being too enthusiastic and felt really like bullish this week just the Calm before the storm before the bitfenix ships shitstorm. Yeah, it could quite possibly be we wanted to start with something else. My let's jump into this. We're talking about this topic. So bitfenix tethers been in the news all week. It seems as though bitfenix to get around their their liquidity was but that 851 million is going to launch an ieo initial exchange offering I believe for 1 billion dollars. Is that correct? Yeah. Yeah. Yeah 1 billion dollar. I yeah, there's rumors swirling that it's already half. Half the the Rays has been committed. These are Twitter Trader rumors. We cannot confirm them. But it seems as though since the last time we met that bitfenix as a company and tether as a stable coin is held up. Pretty pretty well despite. This is my name is the premium bitfenix is what like six and a half percent right now. Yeah, I checked. I've been tracking the premium for the last few days. It was at 6.25% six and a quarter percent three days ago trickled down. It's about like five and a quarter percent two days ago yesterday started creeping back up and now yeah, it's about like six six and a half percent second-highest cyber. It's been since two years ago. Yes, correct. So that's some you look at the premiums basically created with people are looking to get out of tether are on bitfenix in particular probably buy Bitcoin on that platform, which is driving the price up you can't It's like I don't know if it's possible to withdraw. Well, it appears that it's very difficult to withdraw US dollars from bitfenix, which makes sense because that's where their money was supposedly came from the 850 million that was seized through the withdrawal process. So the proof that that US dollar withdrawals aren't working. Well is this is this premium right? Because but because if you can't get dollars out you can Arbitrage it away the only way to get money. Of a phoenix right now, which is similar to other exchanges that have been when they were failing is is you convert to bitcoin or a different cryptocurrency and then you would draw that way. So all of their pairs have premiums on them. Yeah, and this is so that premiums has materialized on bitfenix of the last week. And then this is obviously drawn a lot of attention to tether which is held its Peg pretty pretty well throughout all this chaos and there's a bunch of chatter today in particular to other trading at like 98 cents or something. Yeah things back about 97 pulling back towards the dollar but there's a lot of speculation not even speculation. It's a lot of questions out there about why I some people aren't I believe there's a premium to lend out together right now. If you're willing to lend out to shoot it's really hard to short together. Okay, you either have to do it through Phoenix itself. Yeah or through like an OTC desk. Yeah, and the rates are like ridiculously high up to 20% I've heard I think they're higher on bitfenix. I would imagine because that's like P2P like retail ish. Yeah, and especially on bitfenix. You're really Vulnerable there because a bit for next is you know, they're all different X runs tether there. They could totally just like screw at the price and shit too. They can manipulate it to take money there. Yeah. Well, we also touched on this last week to a lot of other bigger exchanges or sort of entangled and tether to so maybe there's some game theory of play where to keep the the stability of their exchanges are forced to sort of hold tether not put it out there. Market Yeah, I mean, I don't know when you have like something centralized like this. Do you ever really get like true? Like I feel like you can never really get like that proper downward exposure because you never know what could happen. Yeah, it's too tightly controlled. So the market doesn't really find itself. But obviously, you know it we haven't heard any issue surprise. I'm really surprised that we haven't heard any issues with bid for next withdrawals. Like you said, the peg is staying like decent amount and like my question is like who the fuck? Would be holding money on bitfenix or in tether right now, like who are the people that left holding it? Right? They must either be like insiders or like close to the inside that I have a lot of faith in the project because I'm just amazed. I feel I feel like they should have run out of money by now if they were. If that was the issue if the issue was like exit scam fraud type issue not government closure because I could just still happen at any time. Yeah. That's interesting The Saga of bitfenix and tether continues on it's one that we don't necessarily love here on Tales from the Crypt but it seems that the issue has been forced Upon Us in the last couple weeks. I have a fun little thought experiment. Okay, so, you know, we're just like mind your own business and like in a week or two weeks like bit for next stops processing withdrawals. They stopped processing withdrawals and then They like basically go like completely belly up within the next month. Let's just say this happens. Like how does that affect Bitcoin? How does that affect the rest of the ecosystem? It said it definitely affects the perception but it does not affect Bitcoin at all. Sure. There would be you think we would dump hard on the price like dumb part on the news. It's good question. I mean Quadriga was 190 million quadriga was like a nothing exchange. Yeah my opinion but there was a bit of hoopla after that like a lot of I know a lot of people a lot of Canadians who are on quadriga definitely think of Bitcoin in a in a worse life than they did before. They got exit scammed. Oh absolutely and definitely like Canadians of General probably a more exposure to that. Yes, so bitfenix failed. Yes. I think it would be bad for the market temporarily short-term medium-term and long-term. No Bitcoin. itself could be long-term healthy for the ecosystem just to get this this wart on the industry's ass the not from a just from a PR perspective. Like it's just like there always seems to be problems throughout the years with bitfenix and tether and it's just seems like an Avenue through which no coiners and shit coiners like to attack Bitcoin, but it really does not affect Bitcoin at the end of the day. Yeah, but if it's I agree, I mean I think like obviously medium to long term would be no effect. Definitely no negative effect. I think that I think if it's not tethered there just pick a different reason, you know, like I could see like bit Max being an easy target as well. And I personally hope that we will always have you know. Like the more the more Cowboy ask elements in in the Bitcoin space like you as regulations are have a huge overreach. So whether or not you know, the specific situation of been given X and tether like I hope we see a lot of these companies like like bit Max that you know, don't do kyc don't you know do things the Bitcoin way Yeah, and this is this actually brings up wasn't on our list. Maybe it wasn't our list. I haven't seen it yet. But now I don't think it was you. I saw you and I responding to CZ today and his explanation for why they need to implement kyc a mallee saying it's to stop hackers and fraudsters and to help users. But you made a very is the third company they've hired in like a month. He just and they're not firing the other companies. They're just adding on top of it chain Mouse is company. It's a chance. Alice's company and they're doing what we talked about those shotgun kyc request for they lock your account and won't let you withdraw and he's not and he's selling it as security bonus, but I guess it's like kind of security for him, but it's not security for his users. It just puts them in more risk, and he didn't respond. He didn't respond. Yeah, let's put it in layman's terms puts users are more risk as you just have your information out there and some data Repository. Held by somebody that could be bitfenix tin the future. Yeah. I was talking to some of these people like they were Anonymous already. And then they have to do kyc and like-likes easy saying it's like for like account verification likes easy has nothing to verify it against there's no person on file to begin with, you know, that's the first so like that does it doesn't even if you get your account hacked it doesn't help you in that situation because the hacker will just do the kyc or just get a straw kyc person do it like have someone else do the kid was he so there's some orwellian wordplay at play here with the by now. Is implementation of kyc. It just comes down to that that Regulators are compelling this stuff and finance has become that big of a Target, you know, we saw it happen with bitch extra saw it happen with Polo and now by now it says become this big of a Target that they have to if they interact with the you know, the traditional banking system. Yes, which is also you know bid for next for the longest time. Like how do you imagine moving billions of dollars without permission without Bitcoin? Like with actually US Dollars like that's insane. Yeah, I think I think save just three it out. It was like a 220 million dollar Bitcoin transaction that happened yesterday. I think the fee was like three dollars or something like that just crazy thing. Some people are speculating on siwell moving moving to dump but who knows that's was the funniest about all this shit is every time like a lot of people don't know like gox like was also just a fraudulent business. They what really tipped it over the iceberg was they had money seized to in a u.s. Bank account and I feel like every time this type of thing happens. It just people always blame Bitcoin for it, but it actually proves the value prop of Bitcoin that you know that we do need a value transfer protocol that we can just easily transfer value around the world. That's why we have a Bitcoin and good segue here because the latest release of Bitcoin was released last night. Night version 0.1 8.0. Is it considered a major release? I guess yeah, we're on from 17 to 18 now. Yeah. Yeah. So with this comes a couple of upgrades of running a node could be could be opportune time to upgrade and start testing this out one known issue. This is for advanced users. You've enabled coin control and are using multiple wallets with the HD feature. The core developers are recommending that you do not use coin control features if you have To while it's loaded up and then speaking with the wallet sub-project a Bitcoin core now provides Hardware wallet interaction scripts, which allow you to interact with your Hardware wallets and the Bitcoin core while it via the command line. So bunch of cool upgrades haven't gone through all of them yet still have to but yeah that drop last night. We'll put a link if you're running a full node. You can update that now. The Hardware's while its supporters really is a big deal. It's a huge step in that direction. And that's I think I think that's the same. That's what Wasabi used to integrate harder while its support in their wallet. And I think that'll be like a huge Advantage for people to run their full nodes is that they could actually use their Hardware while it with them. Yes, I think in this upgrade also, it's forcing miners to recognize seg wit transactions as well. Yeah and the get blog template. Yeah and again get blog template help. Get as much fees as possible. But I yeah, I think and like pretty much every minor already is unless they fuck something up because otherwise you just wouldn't make as much money. Yeah, they've included like an error message to let you know that you're not not making as much money as you could it's Bitcoin version 0.1 8.0. It's out there another big thing that was in the news yesterday Square announce their quarterly earnings from the first quarter and their cash app. Their cash at team on their platform sold sixty five point five million dollars worth of bitcoin stack in sad stack and SATs freaks disclaimer obviously catch up sponsor of the pot. But hey, do you think hashtag stacking SATs had any influence on this? You know, I like to think I like to think so but you know, I think definitely they didn't they report that most purchases like it was very distributed very small amounts of Yes, another interesting thing is like this in catch the run-up in early April which is second quarter. So right exactly. So I think I think it really shows the power of just the masses like large amounts of people just buying small amounts on just weekly basis to stack and SATs. Yeah, and that sort of lays into what I touched on in the been today is again, maybe these incumbent companies like a square which has an established Revenue stream via its Point of Sales services and his merchant services and everything is built up to this point. Maybe it's easier for them to implement and spread Bitcoin because they are one already have a bootstrapped user base with all their clients and app users and then to they're able to sort of laser focus on Bitcoin in particular. To worry about other revenue streams provided by the risk of getting into all coin trading and stuff like that. No offering tokens that token Casino if you will so I touched on this in the fence and I think maybe squares the first not the first but one of the biggest probably Overstock You could argue has been in it for a while, but they're not on level of square I would argue but I like in a Convent institution stepping in being able to provide Bitcoin with like an on ramp that doesn't need to sort of bootstrap. Beep bootstrap a whole user base right like a like a nap. They already have 15 million users. Exactly. It's early without Bitcoin. It's like the number one app on the app store. Number one Finance after last two years without Bitcoin like the majority of users that are downloading. It aren't even downloading it for Bitcoin. They're just downloading because cash up so dope app and and right there in two clicks. They just have Bitcoin at any point if they if they so desire And who knows the Integrations they could do like could be they you know, they could there's there's multiple different paths here. They can go down. Yeah, so and it's interesting that this Revenue growth is happening in the depths of a bear Market as well, which is extremely promising. Yeah Revenue like massive growth. I mean Larry Larry from the Block he was he was La Master Lemaster yet. He was making fun of projected square cash app growth chart and it was like by like 20 24 cash. I would be selling more Bitcoin than the total Bitcoins in circulation. and like obviously like there you can't sell more Bitcoin than our total in circulation. But like you really like start to think like how much that like adds up like when you have like access to bitcoin so easily just so many people and so few people own it right now like, You know you really start to unreal. I have any of that. Yeah and like house scares Bitcoin really is pretty crazy. Yeah, I mean that's what we talked about with Tom and Tom Garrett boat. And Johnny Dilly few weeks ago is that these bull runs are precipitated by on-ramps being produced that make it easier to buy Bitcoin. Where in 2017 to get set up probably took three weeks between initiation of a coinbase account to really selling Polo accounts. You remember that shit. Like and people are trying to buy Bitcoin and I would have to wait weeks. And now I'm in cash at probably take a couple days to get your account set up in your bank account hooked up. You only refined it was see after you and when you only when you enable Bitcoin do digital kyc, is that it I'm not positive. Yeah, I'm trying to think like if you're just a cash app user do you actually have do you have to do more verification than you already did to enable Bitcoin? I think to which were all possibly it happens at the withdrawal process. Possibly. I think it might be when you activate it. But either way it definitely requires more right? Yes. It's a selfie. Yeah selfie or a driver's license picture belief. So it'll still take like a new my point is it will still take like a regular cash app user if they wanted to buy Bitcoin. I'll take them like two days or something. Yes the first time and then even so once you if you are set up already instead of having to wait five days the ACH transfer and then five days for the Bitcoin to hit your coinbase account, you get it immediately and send it to a treasure within minutes, right? You already have it yet still the quickest way even with that process and new users will feel way more comfortable doing that with with a company like Square, you know publicly traded billion dollars. Break billions of dollars and so this then like a rando. So this ties back to like what I was touching on a bit earlier like does do you think like incumbents are sort of waiting on the sidelines? Like for certain Lindy threshold to be hit again. I mentioned in the been today, I think a decade is a big mental sort of checkpoint for a lot of people. Do you think you think These Guys these a lot of incumbents are waiting on the sidelines just looking at Bitcoin startups killed themselves. Figuring out how they can perfect like an onboarding process just to come in later sort of takeover. I think there's a huge difference between nine and a half years and ten and a half years. It's just some weird human psychology thing and this is not to like discourage Bitcoin starts. I think it's just something I'm curious about. I mean they're going to try to you know, whether they'll be effective at doing that or not is is yet to be seen. I mean, we're seeing it with cash app versus like a coinbase which was like the main America it still is the main American point of adoption. So will you know we'll see how that plays out. There's probably room for for both of them coin basis, like kind of an exception when it comes to bitcoin startups though because it's like the like the heavyweight in the room vc-backed and whatnot. I don't know I think like something like coin kite like you can't replicate coin Kite from a big business. Like there's no big business that's going to come in and make bitcoiners by you know, Lose faith in Rodolfo and coin kite unless you know, he does something completely separate from that big business coming in but like he's carved out a really strong Niche and reputation. There's like a web of trust their element the guys at Treasure have the guys that take TFT. See we have to watch our backs from like the accompany media try to come in. They went like CNN. Just trying to take her jobs. Yeah. It's going to happen at some point. We just hope you freak stay with us, you know been around no no ice. I don't think any income is going to come out like better Hardware like then Rudolfo or a treasure or Ledger like so like an interesting one is like a think on-ramps is like a very specific vertical where they could easily easily take because they Flex their regulatory muscle right there their Fiat compliance like Square already had banking relationships and everything. I think with like exchange products you could see that, you know, really easily you see it would like the Futures. You know what CME futures I'll bid for necks. I bit Max has to operate in like a complete legal gray area and have no Fiat connections CMEs just has full banking privileges. So yeah, like II absolutely anywhere that it connects to like the an interesting one will be like Fidelity like the Fidelity versus like a zap. Oh, right, right. Let's go to see like fedele has people like Bob mcelrath on their team. I'm sorry if I Your name there Bob if you're even listening to this, but he seems like to know what he's talking about. And it seems like they snipe somebody who's very sort of aware of the nitty-gritty stuff that's going on with in Bitcoin, which is what you want to see. Oh, yeah. No exactly. That's why it'll be interesting. Yeah, I mean infidelity is like an extremely established custodian but then Zappos an extremely established Bitcoin custodian. So yeah. Should be interesting to watch it all play out. Zap. Oh, this is a small tangent here. It's a company with CEO when societies are as is one of the few people in the space who has had the balls to swallow his pride and with that he was wrong the only one right? Yeah. Literally the only birds that you applied who apologized for Sigma 2 x shout-out to winces a true man of Honor. I don't think there was a single other person. I don't either of like the top dogs. I didn't look too far into this. Amazon manage blockchain takes aim at Central I should point. This one was fun. You like my headline. That was a great headline could have my know they can just like they they called him decentralized apps which is hilarious but that you can just spin up a blockchain. I think what is it hyper wave? And the theory of right now is what they've hyper Ledger Fabric and aetherium similar to what Azure did yeah, but now Amazon is doing it. Okay. I just it was like another day like If you have a centralized project like I can just spin up one right now on AWS and like I'll have amazing connectivity and whatnot. Yes was pretty predictable. This is this meaneth areum's getting adoption know it does is not any it's not I guess like it helps them like test apps and stuff. They have like that going that Advantage but it doesn't it's not any meaningful Amazon's not like using etherium. Will it eventually be connected? No. Good questions. Yeah, that's is a it's the normal ones. Yeah, we should find out. Yes, that's things completely expected. Facebook's is unless either but they're turning their very private private privacy conscious now, apparently they're working on a blockchain as well. Do you have faith in that broad? I need the blockchain for the Privacy. No, I mean they're just private in there just it's just lip service. They're just giving lip service obviously, you know, and they're adding the blockchain buzzword. Also unlike a i to moderate things with machine learning. They love all the buzzards and they bought a PR Company. Turn them all together. Yeah, I have not been on Facebook for about eight months now and I've never been happier. I deactivated. I deleted my account couple years ago. I don't miss it at all. Delete. Delete delete. This was cool. It's dropped yesterday. I was happy to see this not a huge fan of this product because I don't think is the best way to get access to bitcoin the product being gbtc offered by gray scale Investments, but they dropped a hell of a meme of a an expensive commercial man campaign so that drop goal.com if Reset will put the link in the show notes obviously drop goal.com gray. Scale Investments is advertising their GP T. See it's Barry sobered Sarah Silverman its way to get an excuse me exposure to bitcoin. It's very limited very little vague ETF. So basically a fake ETF trades at a very high premium leaves like twenty percent twenty to twenty-five percent of time preview changes. Yeah, just based on a date. I own like a certain amount of Bitcoin and then they keep there's a Redemption process where you can add to the amount that they hold and basically Arbitrage is a premium, but that process takes a year because it's not a true ETF. It's like I don't know. It's like I'm pink sheets or something. Yeah, it's something she's so there's that there's that premium there but it's an investment product that a lot of people like it because you can use it for your retirement accounts and stuff like that in America at least. Yes, so Drop gold campaign is them basically hitting Bitcoin verse gold buy gold buy Bitcoin byye gold bu I Bitcoin it was a very they say that in the video. I don't know if they said it in the video, but it was on the landing page. It was in their copy Oh, I thought that was your I thought you wrote that you came up with that. I was like, I'm already that's a great medium. Well done that. Well, yeah, it wasn't in there was two headlines once said by gold and then I give a little Spiel the next one said by actually feel sort of combine them. Them help them out a little bit simplified the message for them. But again, like this is incredible messaging is going to be blasted out to normies all across America. I think it's gonna be on like CNBC commercials and shit like that. Yeah, and I think expensive commercial. Yeah, I can see it's definitely I would not be surprised to see it on CBS on Sundays watching golf but it's going to be it's great guerilla marketing and I think one thing beautiful that it seemed a little selfless on their part of just basically Bitcoin versus gold didn't really pump gbtc too hard. I think it's like the gold verse Bitcoin is like it's kind of like a false dichotomy. I think Bitcoin Superior to Gold but I don't think it just completely replaced. Like I think like to quote Litecoin like I think gold is like the silver to Bitcoins gold, right? It's a back-up plan. Yeah, and it's like a physical kind of a physical scarce representation, but the important thing about this is its triggering a ton of Old bugs and there's going to be this whole debate that happens while they try and prove it wrong where people are basically comparing the properties of Bitcoin and gold and that's got to bring some new people in Bitcoin is going to win out on Merit there. We would we would argue and like just qualities. It has better money. Yeah, and the few freaks haven't seen the commercial yet the Sort of visualization that the commercial brings to light. It is like trying to transport gold people are carrying it like chain purses and wheelbarrows and dollies and stuff like that. And then like the second they dropped the golden like took the Bitcoin they were just they were sprinting and they were free and they were running and everyone was like young and good-looking. It was it all down a Wall Street that had to be expensive to shut down Wall Street to get that supposedly. They've someone said they filmed in Buenos Aires. Really? Yeah. I don't know. That's just a random tweeter. Responded to my to my tweets the replicated the Wall Street subway. Stop. This is that very, well, then maybe not. Maybe they didn't who knows that was just a random Tweeter and now follow up on it at all. So you Americans out there. That should be coming to a TV screen to hear you be on the lookout for it just awareness drop goal.com. This is going to be better than the bitpay Super Bowl or excuse me college bowl sponsorship. I think it's very but I think honestly, I think There's a lot of things that were better than that. I was going to like starting. There's so many that were that were better advertisements than she's in the bit my hand. I'm going to give some props Roger ver I think is Bitcoin as the honey badger money. That was a pretty good meme. That was a big billboard, right? Yeah. That was a good one. Yeah. So again be on the lookout for that taco and like that's obviously custodial. They're not your keys. Yeah. Yeah like it's used for most people you Of custody your own key is not your keys. Not your coins for most people I would imagine the process of getting access to GPT C would be too arduous. They would just choose something like the cash up anyway, but this is going to pump Bitcoin no matter what Not it's not going to pump the point when I say pump no matter what guys know, I mean pump in an average is going to advertise bit. Yes. Yes, it'll end. It should increase adoption. I would say priests awareness pump awareness. That's absolutely not the price tell you about awareness. They blockchain cap had that new study that was like nine of ten Millennials. I have the extra pair the cohorts were more granular than just Millennials. I think it was like 1825 year olds. I was even smaller. Yeah 9 of 10 have heard of Bitcoin. 11% of Risperidone Let me pull this up. It seemed like a lot of people have heard of it. But a lot of people don't most don't own it. This isn't it. I'm pretty sure I put them there and then the other one was Fidelity Fidelity surveyed 400 institutional clients and I think 22 percent said they already held Bitcoin or another digital asset and 47% including that 22 percent said that they wanted exposure in their portfolio. Yes, so I got this unblocked chain capital. Study a Bitcoin awareness is gone up to 89 percent from 77% overall from the fall of 2017. When we were in the midst of a bull market mind you to the spring of 2019. Let actually a couple weeks ago. I believe the data was collected. Yeah. So we're in this is at 90% between 1834 year olds almost 90% of between thirty five forty four year olds almost 90 percent across the board. A lot of people are familiar with it 43% have a respondents had a positive connotation with it where it was 34% the fall of 2017. So across the board at least it seems that people are more aware of Bitcoin and more the tribute tribute a positive feelings to it more than they did a couple of years ago and but they don't own it. They don't own it. I believe ya. So Nick Carter really try to cross. Numbers of the total number of Americans. This is all Americans to mind you that were that were surveyed he crunched the numbers and it's a number like 25 million would have owned it if those projections are true, which seems a bit High there's no way I feel like it's got to be lower than 25 million own Bitcoin. Yeah, but somebody in the somebody respond to send Nick in that thread znd Toshi leave. Yeah, he's in a non and he actually brought up a good point. That people may have just been sort of virtue signaling that they own because they see it as like a think of status like yeah, I don't Bitcoin like yeah, I mean on it like plenty of people lie about yeah having stack sets which is like another and I guess we get into service the survey is obviously not foolproof a hundred percent. I'm looking at the sample right now and like they had like pretty good samples 2,000 people 2029 people and it's like split up pretty well. They actually They surveyed more women than men interesting. Yeah, it's interesting. I you know, I think the interesting thing is every time when you start your podcast your interview series you say how did you get into Bitcoin? A lot of people almost all the people actually say they first heard about it and they just dismissed it and then eight months year and a half two years later, whatever. Or something brought them back in and then they jumped in I you know, that's how it happened to me. I think that's how it happened to you. Yep. So all these people they've been primed there. They are aware of it. Now now just needs to jump back into their Consciousness another time or another two times and bang bang bang bang is right, maybe a grayscale help us with that that Consciousness jumpstart that but again, this is slowly but surely Shirley and I think the one thing that Spencer pointed out in his conclusion with this is a reference it as a mega demographics sort of trend and it's the youth leading it and sort of understanding Bitcoin more innately than the older Generations makes sense for a lot of reasons, obviously because we are internet natives at least people. Our age are I would say I'm just on the cusp. I remember life without the internet, but it wasn't too long. Really AOL. Yeah, we get AOL chat rooms. I got AOL in the back of the Millennium Backstreet Backstreet Boys album. I'm pretty sure but again, it's just it's more natural like a conversation with Jack. He said you look at kids. Now. I've got nieces nephews cousins of kids. There are two three years olds. They already know how to enter their parents passwords find pictures of themselves and stuff. Like it's going to be more an 8 for them. That's another reason and another factor of this is probably I like generational. I don't know if they Envy but like hey, we sort of got the shit end of the stick here and maybe Bitcoin could provide a better future. That's what I would imagine sort of are the reasons for that that demographic push from the younger people to sort of come to pick one more easily. Yeah. I mean, I feel like Yeah, it's it seems like it's like one of those every once in a while like a generation has like an opportunity for like massive wealth transfer events. Is it every generation though? No eyes every every so often a generation gets that chance like we saw the like the I don't know what generation they were. But like if you're in like that prime age group of like 22 to 30 in like the late, 70 is going into the 80s like in finance like you just made fucking bank. Yeah, or like real estate or something like that. We were nearing opened up the credit this or excuse me, the collateralized debt obligation markets really writing jackets off. They just like everything exploded and it's just right place the right time. So it's that's not unheard of for that to be the case. And I think that young people in general are it's easier for them to grok and understand. And the shit having value online and they have much less to lose. They they've been sold a bad rap. They're young. They can take higher risks. So like I'd be really surprised and I think we see that in Bitcoin. I think it's skews young in general. Yeah, I would say with a lot of certainty that it definitely does. I mean, I love are older like a older community, but shout out to bitcoin Tina. And now you're listening but like we definitely it definitely skews younger. I would say and I think that's going to be awesome I do as well because because the older folks they talk down to us, you know, expect the older no corners or the worst Learners if they have more to lose, right? Yeah. Exactly. Yeah. I'm excited to watch them lose it. Speaking about losing it lose that this chain analysis companies following you enjoying the people who were coin joining on the Bitcoin Network recently. I believe Kyle torpy reported this on Long hash.com coin joined Bitcoin payments have nearly tripled in account for four point zero nine percent of all transactions on the network. It's not a huge number, but you know, it's not too shabby that is looking at that chart. It's funny going back. The coins are very popular in like 2012. They made a Resurgence in 2014. Yeah, but they were worse implementations. The early ones were like people testing there's a lot of mixers to back the yeah, but those don't show up as a coin. That's true in that chart. Yes the big hump that it looks like we were doing really well and then we like loss progress was blockchain doubt info shared coin service, which was like Queen George. Your browser and there was a lot of issues with that implementation. So like even though like I remember using that you never did you ever use shared come I never use the blockchain that I don't feel. Well. Well I use a gesture shared coin because you know, I wanted to try it out a river. It was just horrible. This is a horrible experience and supposedly like the Privacy wasn't I think you had a huge obviously trusted them, you know, it was going through their servers and everything and then as a result they were liable. So they they made themselves like a regulatory Target at the same time and it just was ineffective from a privacy perspective. So that's like this is really the best on the best percentage the strongest the strongest use of coins that we've ever had. I would say yes, and it's rising and like we said I had a massive I like I would be awesome at the price Rose at that rate. Just everyone's just it's awesome to see ya like we said privacy loves company. If you're not going joining and you're looking to I know can be stressful stressful for me as well. We're not just pretty simple right? It's pretty simple, but it is stressful moving moving you tx's yeah. I mean, I think like if you move like a small amount, I mean The minimum is point one. So that's like five hundred dollars. So it's like impossible to really move a small amount. So I guess I'll take that back. But if you start with like smaller amounts and like get used to it, like that's good. Yes, and the u.s. Is getting better. And while we're on this topic Samurai, they're entering their main that testing phase for their Whirlpool, which is another sort of another coin joint join to another way to Mix up your you tx's and develop some sense of privacy Yeah, the more the merrier as many as we have so they were going through testing right now. They're doing so it's Abby's doing rounds of a hundred. At Point 1 minimum. I've seen samurais doing Point half the minimum half the amount because you have to do coordinated amounts. Everyone has to be sending the same amount no matter what otherwise you can't mix them together, but Samurai plans to because they're using smaller round sizes like five. It's quicker, you know the sake of some privacy it's quicker and and you get you can do way more denominations. Nominations because you can spread your liquidity out more. Yeah. So 250 million satoshi's is the minimum. Yeah, not 50 million if 50, right .05. Or five zero five million. Yeah, that's five million. Smarty math for you. Well, you're really fucking with me five million. I was like, there's no way it's definitely yeah five million citations excuse and yeah, there we go. I'm sorry. Well, at least we got it at least you got it thinking inside. So because started thinking that's night. Saw the demo somebody demoing. I don't know it was this Whirlpool or the Coots thing they have where you you can just in person coin joined by like scanning the QR code then you scan. Urk, yeah, that's their other. That's I think Hoots. Okay. So that's they're calling it right? I haven't I haven't tested either yet. I'm in the I've been meaning to test out the samurai Whirlpool, but I haven't yes and and Cahoots. I need someone to be in cahoots with so I'm working on now. Yeah, but yeah, that's like a small person coin joint. Yes, and they're with us now. They're gonna they plan to open source everything in the Future, correct not yes. Yes the back end. I don't think is still is still not open source. Still not open source So that's its is there there's a degree of trust there where you're running stuff through their servers, but they plan on moving away from that in the future. Right. Yes, and now they have tour integrated so Presumably they can't link your IP. Yes. Thank you for bringing up tour. We talked about this last week like run around toward Road was a Pierre or Max Hildebrand. I don't think they brought to our attention, but they brought the somebody's attention on Twitter that have tour goes down. You should have to have a kill switch internet because it sort of exposes you it's like you're a tornado goes down. Yeah while your information is running through it. So just be cognizant of that and like a lot of vpns to The first of My Views tales with tour it automatically it only connects us to tour a lot of vpns like in the VPN app or in openvpn if that's what you use or whatever you use like, there's usually like a checkbox to kill it when there's because you don't want it to just switch to clear nut. If you're doing all of a sudden it's just the nodes open and unclear net. Yeah. It's just like ripping your your All off if you're walking through the house. It was gonna be able to see your private parts. Or what you thought was private. Bad joke. I know I was just thinking about about the kill switch issue. Yeah, it is. So it's the issue is that of tour goes down on your device? You don't want you don't want it to all of a sudden be broadcasting whatever you're broadcasting. And if you're at your node if your nodes running through tor If you were if your nodes running through Tor and then Tory gets killed the node needs to stop running instead of continue to broadcast. Yes. So just be aware of that. I do not know of any sort of Simple Solutions to that off the top of my head. Well, I'm trying to if like for instance like Casa doesn't even run their node through through tour to begin with I'm pretty sure they only run the lightning portion through tour. I have to admit as the not I'm curious with the if the novel has a kill switch for their tour. Integration and then whoever who commented on Twitter about that thing was Pierre Max Hildebrand. I'm not positive. There was someone responded that so what I was talking about was like a software level kill switch. So that's that's like if the node just at the software level realizes tour goes down and it just shuts it. It just cuts it cuts the internet. I feel like there could be a fan function. Like if this isn't messaging through Tor than don't send it. Yeah, but there is but the guy who ever responded was like you still might leak there's so much like if you really do care about your privacy, like I think the only way to properly do it is separate Hardware. Like basically you have like a piece of Hardware in between everything that that runs that logic so that you can cut it out from the hardware level not rely on any of the software to do the right thing and make sure you don't leak any actual so like, you know privacy like it's just always trade-offs between convenience and privacy and convenience and security and hopefully these types of issues will become easier for the end-user. Hey, we're here to highlight pain points for all you Wiley entrepreneur. He's out there. Okay, these you guys see these issues and they aren't solved yet. Get out there fucking solve them probably should attack this onto the blockchain survey, but Fidelity surveyed 400 institutional investors dropped that while you were while you were supposed. Yeah, I was searching. All right you to drill this out. I gave that exact style, right 22% I have already already have exposure for 47. Exposure makes sense. You're 47, right? Yes. See I even have the numbers memorized. That's a good one. That's a really good one. 22% is still not that many of them. No, it's Marty's trying to do math in his head right now. It's not happening. 78% left. Yeah, and who knows how much the 22% and they probably don't even know that much. They're just dipping their feet and that's again slowly. But surely it's happening. Again. Lindy comes into effect. Every block that Bitcoin produces just makes it more probable that are survive into the future and the fact that it's becoming more probable that are it'll survive into the future is forcing these institutional investors these big public companies. And other in governments even to sort of think about this. It's a thing that they had to deal with out. I think the majority they said 47% were interested 22% already owned it. So that's 25 percent difference those 25% Like basically what they're waiting for is they're just going to fomo by in it like a little over 10 K and then that's just gonna be like they were Wait for the confirmation another stat out of this which may be more important is that financial advisors and family offices respectively have a 74 percent 80 percent favorable view of digital assets Bitcoin probably being the number one digital asset on their minds and those are the people selling to to the people with money. So that's good to see as well. Yeah. I mean, I think it's an easy sell for family offices and why not? One percent as our boy wences would say more institutions getting into The Fray E-Trade is joining the party this news dropped. I believe while we're recording last week. They plan all for Bitcoin trading to their five million customers and this just loose back to what we're talking about early is a Cummins basically creating just more infrastructure on ramps. Is this like a Robin Hood where you can't you're not gonna be able to access to your keys. Obviously the same with TD Ameritrade and shit. Yeah. It's super easy for them to integrate this. And like a lot of people are going to use it. Yeah, so he trades joining the party joining Robin Hood TD Ameritrade Fidelity other other big institutions. That's crazy. Like that is absolutely insane. Imagine if we had that infrastructure in 2017. Can this can this bullish fundamental news? Overcome the the bearish news of potential it featherbed phonetics is going to I mean, you could go just like it you guys are two ways basically, right? Yeah, but I think no matter what like we're gonna have to talk about tether and Bedford X4 like way too long for some for it's like nothing's going to happen quickly unless it just all implodes T think nothing good. Nothing good is going to happen quickly. Let me there the possibility of something just being Rosie and everything going great and not having to talk about it. All the time is 0 there's no way that happens, especially with this Ico. They're doing in shit. He has before next about the Red Wedding us like everything's all cheery and then they just everyone dies. You know that be exciting use a little bit more excitement. It's been it's been a pretty boring six months has it been so it hasn't been born at all. It's true. It's never boring. Maybe we're just jaded or I'm just jaded jaded about what just been seen too much shit. What kind of shit? Where should we start? I mean should we go all the way back to like 2013 the the altcoin launches remember that Kurt went David Seaman was going around pumping hyper hyper coin when I always forget about Dave what's price was was launched in Zeta coined our coin Drake dear Rach. That was some shit get an exit scammed by men pal. I was that was my hard first lesson. No matter what. Well, no matter what era, there's always an exchange that everyone thinks is going to be the best exchange for ever and ever and just dominate everyone else and no one else has a chance and like right now that's Finance like for solid period there it was been pal. I feel like you know it never really I don't think it was ever like the main Exchange on the topic state, but it was like oh ways for around that. That's such a good Mutation and it just yeah, apparently the the founder of been Pals Superior huge scumbag pretty sure it's a domestic abuser and shit like that and then just took that's pretty fucked up just took a bunch of people's obviously big one's fault. Yeah anyone's fault that he's as shit person you remember neon be this rings a bell. Yes. It was like the bank in Cyprus. Danny Brewster's yeah Danny bruisers and he sold an IPO or I mean, I guess I was supposed to stand for initial exchange offering but he sold Equity of niobium is going to be like a big coin bank and like Cyprus was going through shit at that point. So it was like the Venezuela situation where I was, you know, Bitcoin kids help Cyprus. Yeah. And yeah that just that whole thing just completely imploded on itself. I've come a long way since that era. I thought that was going to be the future I won't point. I was like, yeah, they're just gonna be like Bitcoin. tanks in the corner Hey, we don't know there may be in the future gonna like do like customer support us, but I don't know say guesses we have that. Yeah, I ciose of just ahead of its time going to an ethereum meet up and having them pitch. I see as the company like the day after Vlad was like, please do not build critical lapse on ethereum. That was a another thing to Jeremy little nuts. There was a couple months there where I just I just thought I was like maybe I was wrong, you know, like maybe and it's funny because a lot of people, you know, like you get that during the bear Market but like I gotta during like the height of 2017 bull market because like none of it made sense. The like the token crazed the whole Ico fucking mess. I was just like maybe madhu I am I missing something am I an idiot like what's going on here? And I know this is a good segue into the last topic which is ethereum dot-org officially updated their website with your eith is money. Now youth is money now. So this goes in is like that token economy didn't make sense token economy built on Arc 22cans fueled by gas, which is ether it was always money like people every like every A new even during that the Ico and shit. It was just all marketing. Yeah, so they've changed our marketing they pivoted from Unstoppable touring complete World Computer Applications to fueled by Ether which is gas to I believe a decentralized finance platform with ether as the money token. Is this is this goalpost moving? Is this sharpening The Narrative? Is this a pivot? What is this? Yes, I would say all of those but I mean look we've all been saying that eith is a competing is a competing money for like the longest time. So for them to admit it is like that's got to be a positive right? I don't know. I'm like happy about that like now like like if you compete on terms of money like Bitcoins is the better money like Bitcoin is the best money we have now degree. I just think it's Various watching the ethereum thought leaders sort of adopt the Bitcoin narratives that pick winners have been trying to educate them on for years and now it seems like they're finally coming around will be able to out-compete pick one. We shall see I'm not too optimistic on that, but you're not you're not optimistic on ethereum now not too too optimistic even know what a theorem is going to be. I've yeah, I mean, I'm not positive any of their mind but will include the ethereum dot-org included in the show notes. You can just go to it if you want to go to but it was interesting. I thought was a they put money like three times on that the front like it's money now like they went full it wasn't and the site has been a Cause for contention over the years because they haven't updated it since like 2014, I believe. Yeah, I went back. Did you go back to the archives? I saw the one somebody posted the archive link to a certain State. I was just going I you know you go to like Archive.org and you can just click through all the different years and it's pretty interesting watching you can see the pre-sale like it's just pretty interesting watching it progress. Yeah. What's going on? Programmable po W is that I believe they're taking the foot off that gas pedal. I'd say I'm probably I don't have no idea who the hell knows. I haven't been following it. I think I heard rumors are taking their foot off that really I'm not sure I was surprised that I'm good for them Prague power was a I don't think it was a good idea. So yeah, that's all got four topics. We got a few minutes to riff here. I think topics on top of your head. We're going to be a bit block boom and the San Francisco Bitcoin conference 2019. I think our codes are a jar for both our HR for both. I'm gonna be at the value of Bitcoin conference in Munich in June to speaking about Bitcoin and traditional banking. This is cool conference. It's bringing a big winners in bunch of German Bankers together sort of pitch Bitcoin excited for that. I guess one thing to Riff on here To end it too is that I guess there was an article in Queen desks or Venezuelan came out. Basically saying that Bitcoin is not a Panacea for Venezuela shouldn't be marketed that way and it's something we agree with here at TFT. See it's absolutely we've said it many times. It's not a Panacea. It's simply a tool that is available. If Venezuelans want to use it and you really want to have it before the crisis happens. Yes, they give you get sag really hard to get afterwards, you know. This is way more difficult. The ideal situation is to have big one. First I have something to Riff on is Bitcoin a Ponzi scheme. Whoo. This was Fudd that I thought thought of this is extinguished as from the stripe guy. What is this from the stripe guy? Yeah, this is from twitterers tweeters. Yeah, like people So my belief with Bitcoin is that it's a scarce asset. So the more people that buy it the higher the price goes, right. The but the higher the price goes like when we have those price pumps like I think it's the main driver of new Adoption, like people actually here about Bitcoin and pay attention to bitcoin because the price is going up through the roof and then they like come in and like or maybe the get aware of it once and they don't get aware of it till the next run up or whatever. But then that new Adoption then brings the price up even higher in the next pump and then that brings even more people and it's like this ridiculous like feedback loops. Beautiful feedback. All right, so like then so I posted a tweet about that. That's all that I could have worded it a little bit better you missed you missed an important part hash power plays into that feedback loop as well. Right? Yeah, but that's just that's more adoption. Yes has powers more adoption. So I think that so then every so I was just getting tons of haters are saying oh like Bitcoins a Ponzi scheme and like a lot of them were either Bitcoin cash people or alt Corners. It wasn't even like no corners. That's why I think not having the hash power aspect into it sort of hurt your argument because hash power represents a sort of a sunk cost of hardware and energy that sort of proves that people are willing. Put skin in the game to acquire this scarce token, which I think would. Would sort of destroy the Ponzi scheme argument right but I wasn't making an anti Ponzi scheme arguments are Levering Ponzi scheme at me. And then yeah, the main response in my mind. Is that PO W gives you permissionless access, right? So you can exchange work at a true market rate that's not controlled by anyone for Bitcoin from the network. Yes, and I thought it was interesting that like etherium people were lovely leveling this at me and like proof of stake is More pyramid characteristics than Bitcoin like I would never say that to them but like it's ridiculous that they would I don't know say that Bitcoin is and like it's not even a Ponzi that gets more pyramid scheme than pain like you need to do name Ponzi at the top to be a Ponzi. Yes you Central you need to made off so I can still like a metallic type or something, you know, so would be pyramid. But anyway, that's besides the point O and what proof of stake like if we're playing out sort of like the logical thought experiment. Like if it ever does become successful people are going to be incentivized to lock up their their tokens and you can have like cartels that don't sell. Yes. They don't sell its so it's inherently requires more permission because you have to buy from an existing holder. You can't just plug in hardware and get distributed coins. Yes. So pick one is not a Ponzi scheme. It's a bad argument, but maybe a theorem is no, I think that's like I just I just think that like cryptocurrency be like multi Corners like shouldn't be they shouldn't be don't call Bitcoin upon Z like that's just starting a Bitcoin can be thrown at you like five times as hard. So yeah, I just end like it's just a losing I don't I just a bad a bad precedent to set you know, you know throwing stones from glass houses. And it's definitely I wouldn't say it was a pyramid scheme either like there's no other way that you could bootstrap like a new like a new money in a fair way. That was that I it's hard to imagine like a fairer method then like people buy in at their and voluntarily like when they when they want to hey, you're preaching to the choir brother. It's you know what to sell me on this. But yeah, I think if you through hatch power and Sierra your formula you would answer. Am I putting aspirin it? So write that sweet. I could have compose a tweet better. So because price so I would do it price leads to more hash power because miners are going after took and that is more values. So they're willing to put more capital on the line and which inherently makes Bitcoin more secure to an extent that in turn makes the proposition value of owning Bitcoin more valuable, which because it's more secure. Yes a coupled with the price I could see that. Yeah and then More people drives the price up which drives a hashmap. I was just trying to keep it really simple. I should have kept it simpler. It's just my Bitcoin Jesus is just with adoption. The price will go up. So as more people adopted the fucking price will go up and I think more people will adopt it. So that's my that's my thesis buy gold buy Bitcoin. That's all we're trying to say here drop gold. That's all we got for this week freaks. Thank you for joining us. As always. We haven't even talked about the site. I think we're in a launch that tonight at midnight or actually, I'm not going to put a date on. I'm not going to pressure on the dam. That way we won't announce a site on Twitter in the net and the next 24 hours. I love the hats will go on sale. They're very limited Supply. They'll be under the merch tab. You'll be able to find them there. So yeah, I think we had to use Shopify for the shop to start because baked. CPA Server doesn't have their shipping and the things figured out but I think will go completely Bitcoin native pretty soon. But it uses be TCP server for the Bitcoin payments. Yes. Yeah, it'll be using rbg's Pacer for that. Even when it goes through Shopify. I'm pretty sure yes. Yeah. I'm yeah, I think so. Yeah so you but you will be able to pay and Fiat if you if you sir please enter are looking to stack SATs spend Fiat stack sets. A real Ali partner now, we're not Lolly partner. You should become a loli partnership because that cost us any money. I don't know Alex if you're listening, he's hi Alex. Well, we'll talk about sidebar this. Yeah, well will message you. All right. You have a final note for the freaks. Stay humble stack sets. Yeah, peace and love stay chill. Just kidding freaks talk to talk to our Dev site will be launched on Sunday. Sorry for sorry. Forget your hopes up. There. We aim to please here. We want to make sure that the site is perfect before we launched it. It will be launched on Sunday.
This week Marty and Matt discuss:   - Bitcoin v.0.18.0 released https://bitcoinmagazine.com/articles/bitcoin-core-0180-release-heres-whats-new/ - Bitfinex spread increases, https://www.theblockcrypto.com/tiny/bitfinex-plans-to-raise-as-much-as-1-billion-through-an-ieo-shareholder-says/ - Cashapp $65.5M quarterly bitcoin sales  - Amazon Managed Blockchain  https://www.theblockcrypto.com/tiny/amazon-made-its-blockchain-service-available-to-the-public/ - #dropgold campaign - dropgold.com - Ethereum is now money according to ethereum.org - CoinJoins as a Percentage of All Bitcoin Payments Have Tripled to 4.09% Over the Past Year https://www.longhash.com/news/coinjoins-as-a-percentage-of-all-bitcoin-payments-have-tripled-to-409-over-the-past-year - Samourai Whirlpool enters mainnet testing phase - Nine in 10 Americans have heard about bitcoin, Blockchain Capital survey finds https://www.theblockcrypto.com/tiny/nine-in-10-americans-heard-about-bitcoin-survey-finds/ - Fidelity surveys 400 institutional investors, 22% already have exposure, 47% think exposure makes sense: https://medium.com/@FidelityDigitalAssets/new-research-institutional-investments-likely-to-increase-over-next-5-years-729fb1ca3c52 - eTrade joining the party, plans to offer bitcoin trading to its ~5M customers https://twitter.com/nathanielpopper/status/1121868559330598912  Shoutout to this week's sponsors:  Cash App, head over to the Apple App Store or Google Play and download it today to start #stackingsats Unchained Capital, check out Unchained's 2-of-3 multisig vaults product today and get 3-months free of Saifedean Ammous' The Bitcoin Standard Research Bulletin. 