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Transcription provided by Podhome.fm
Created: 1/29/2026 2:56:14 AM
Duration: 4636.44
Channels: 1

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Welcome back to Satoshi's Plebs for episode two forty two. I'm Macintosh.

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I'm Kenshin. And in today's episode, we are talking about how Bitcoin helps the unbanked.

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And ladies and gentlemen

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oh my goodness.

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Awesome.

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That is some fine technical production there.

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What was there a delay there or what? This is how you know we're amateurs.

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Oh

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my goodness.

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Alright, Kenshin.

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With that introduction,

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what's going on with you, sir, this fine week?

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We'll get that out of the way.

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It's cold in Sweden, but I I bet it's cold there also. Right?

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It is. Not as cold as you are.

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We got down to and I I only know this in Fahrenheit.

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I'm sorry. But Okay. Twenty

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twenty eight,

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twenty seven

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last night, and then actually late this week, I think Sunday, it's supposed to get down to, like, twenty two.

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So Oh, okay. Like

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well, it's like 10 degrees less than

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freezing, zero.

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So I don't I don't know. It'd be negative

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two or three or something. I don't know. Negative

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five

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Swedish.

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Okay.

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So not as cold because you already told me how cold it was there, and I need to turn the fan off. It was, like, minus 12 when I was on the way home out in the countryside.

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And here outside of, I think, our house is, like, minus 10.

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So, yeah, quite cold. And,

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yeah, it's at least the days are getting longer, so we're getting this out of the way,

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which

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is a big deal here. So it only gets dark at 04:30PM

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now, so that's not so bad compared to 03:00 before.

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So I'm gonna go ahead. We've got everything booked and whatever.

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I'm gonna tell you this. I I don't think I've told you this.

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Our family,

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a good portion of our family is actually going on a trip

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Okay. In June

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to go to Fairbanks,

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Alaska.

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Do you know where that is? You know where Alaska is. Right? Yeah. I heard of it. Yeah. So Fairbanks is right in the middle of the state.

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Oh, wow. And When when is that?

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June?

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Think we leave, like, the twenty third.

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The interesting thing what brings this up though,

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it's summer solstice, like, June 21 or something.

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And they have a celebration,

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which we won't be there for, but, you know,

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basically,

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it's it's light all day. It's the opposite of what it is during the winter. Right? It's light all day long.

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So I'm looking forward to that. But yeah. Sorry. I didn't mean to get sidetracked. It's just when you were talking about the sun. It's just

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Yeah. Whatever.

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Anyway. Yeah. But it in general here, it's always the topic. You start all the meetings around here in Sweden. It's always talking about the weather.

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It's cold. It's snowy. It's dark. Or

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It's like that. Do

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y'all deal with more depression

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during the winter when it's dark all the time like that? Yeah. For sure. Yeah. And Sweden is one of the highest places with

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depression and suicide,

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surprisingly. Really?

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Yeah.

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Nordic countries I think. Yeah.

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But I thought Denmark was the happiest place on earth. Right? Is it Denmark?

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Yeah.

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Maybe that's The Netherlands.

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Don't know. Could be all the stuff. Yeah. They

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Yeah.

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They they say the quality of life

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is also one of the best and whatever but Right.

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But you struggle

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think it has to do with the the darkness during winter? I

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think two two things.

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Darkness for sure

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Mhmm.

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And lack of sun because even in the summer you have a lot of clouds and rainy days.

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Mhmm. I remember when I was in another city, South Of Sweden,

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and Mhmm.

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One day was sunny.

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And I looked down and I saw my shadow, and I thought, wow. Okay.

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There's my shadow again.

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Yeah. It does realize on that moment, hadn't seen my shadow for, like, two weeks or something.

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So,

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yeah, sun is a big thing. And I realized it also when I came to Sweden first six months. I realized, wow, I miss the sun. I never thought about the sun in that way, that I miss the sun because, of course, I come from Greece and we have sun Right. Most of the year You're in the Mediterranean.

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Yeah.

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So that's a big big thing.

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Another thing is that

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it's

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very

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easy

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life, would say. Mhmm.

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In terms of you don't worry too much

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And I I find it that when you don't worry,

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it's how do we say?

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You don't activate the brain and the body in the same way as when you have things to fight for in life, you know? You get too complacent and then you get lazy and then you get depressed. You

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don't have a motivation

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in life Right. If I say in a better way.

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I saying that clearly Sweden is too easy.

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Actually, yeah. It is too easy.

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And and I saw that even more stark difference when I went to Brazil

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for one summer vacation.

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And it I real it really felt like Brazilians were the the poorest

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people I ever met, the poorest people Right. But at the same time, the happiest people I've ever met.

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And that's conflict,

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know.

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Yeah. It's weird. Was difficult to understand.

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What's the word? It's a weird paradigm. And paradigm's

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not the right word but Yeah. Yeah, it is weird. I have been out in the countryside in China

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where

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I remember

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and this has been a number of years ago, in fact it's been two over two decades ago.

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But

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we went to visit some people

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and they had built a block house, concrete block, okay,

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with concrete floor,

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which was a big upgrade for them.

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But there was one one

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light bulb in the entire house.

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Okay. And it wasn't a big house, but literally that was There was just one

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that was the sum total of the electric

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electricity,

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you know, in the in the place.

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But my point is extremely poor people,

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but yes,

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very,

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very happy. I I and it's weird because these

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people are

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basically fighting to survive,

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but at the same time, they're they're just happy. I don't I don't I can't I don't have an answer for that. I just I agree completely with what you're saying though.

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Yeah. And I remember one other big aspect that

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kind of combines to all of this is the very Sweden is one of the most individualistic

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societies.

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So everybody

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has an apartment,

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you could say, you know, and and they live alone and they go to work and then home and then back to work. You know, they don't live together, big families with a grandfather and the grandmother and,

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you know. When

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you are 18, you go out of the house.

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Even if you're in the same city, you go to the student apartment.

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Right.

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How is it called? So So you're instantly away from the family and you There's a lack of community.

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Right? Do you know what I mean? Yeah. Unfortunately.

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Interesting.

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Alright. What else?

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Yeah.

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Well, talking about family, yeah, my mother is visiting for a she will stay maybe a month.

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Awesome. Yeah.

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Will stay until

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actually,

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no.

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She flew first to

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where did she go?

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She went to France.

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Oh. I think she went to France first. Yeah. She went to France to a couple of places, then to Italy. And from Italy she came here. Oh, she's just traveling around. Go go go mom.

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That's awesome.

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And then she wants to buy

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yeah. She wants to buy here a campervan. How do you call it? Oh. You know the camper van that you live inside?

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That's funny.

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So she's gonna drive around.

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Yeah. And then she wants to drive back to Greece and then to the whole of Europe after that.

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I'm jealous.

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Yeah.

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That would be awesome. Good thing about being a pensioner.

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I would love to to drive through the Alps,

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especially. Yeah. My wife gets carsick,

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but I I I so

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there's a problem there but I love driving through the mountains like that.

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Right. Maybe it's your driving style.

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No. It's not.

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I'm super careful.

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We were just up in North Carolina,

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know.

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And it's certainly not the Alps but you know there's

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a lot of curves and whatever and I am I'm very careful. I I drive really slow actually. I probably

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I know I annoy people up there that live there because I don't

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unless I'm by myself, I don't drive

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very fast Mhmm. Because of that.

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And in fact, like we'll be going up a mountain

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and

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I'll start getting two, three cars behind me and I'll look for a place to pull off because I just I don't wanna block people. I don't wanna be that kind of person. Right. You know? And so we pull off and let them you know, we just take our time. I don't know. It's whatever.

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Okay. So I wouldn't like to drive behind you then?

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Probably not. Probably not. So I do need to ask,

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how's this project going?

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Really

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close. Right?

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Never been closer.

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Is this like is this like mining a block? Is this what it is? That's Yeah. Yeah. Exactly. It's it's it's a difficulty has a it's adjusting.

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It's adjusting.

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Oh, man.

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Well, you're making Yeah.

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And, you know, I I started

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since a month ago tracking all the issues on GitHub.

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Mhmm. So now is the first time that I don't have a big issue on GitHub. I look at all the issues and I'm thinking,

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okay.

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Is not crucial for launch. Right. This is not. This is not.

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Do you have an MVP?

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Do you know what that means? A minimal viable product? Viable product. Yeah.

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You could call it deaf, more than MVP right now. There you go.

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I

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yeah. I think

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I would give it an extra week because actually we want to,

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how do you say, put data into the site. It's a site that has Mhmm. Data points. Right? I want to put data points before going live so people have stuff to look

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data to look and not be empty. So I would give it an extra week just for that.

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But I think the main stuff are done and then just to write some press release, some social media posts.

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Get her done.

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That's Larry, the cable guy.

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I know you don't know who that is but

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that's I think I heard of it. He's a redneck that's why I identify

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with him.

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Do

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you know what a redneck is?

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I heard of it. Yeah. It's a southern person.

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A southern person.

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Actually

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comes from

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in the old days the people of course were they the majority were farmers they'd be out in the field

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and in the Southeast

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Of The United States. It's humid, it's hot, it's

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the sun is out,

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you know, a lot unlike in Sweden

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apparently.

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And people would get burned like on the back of their neck.

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So they called them rednecks. That's literally where that comes from.

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Anyways. Yeah.

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Cool.

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Alright. You

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have some news. I

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got a few things going on. What was I gonna tell you? I said I was gonna wait.

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Something with the Internet. Mediacom. Yeah. So as everyone on this podcast

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knows,

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sadly,

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I have a lot of Internet trouble. In fact, I'm running on my phone today

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because our Internet is out. But the reason why it is actually out,

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Mediacom came out yesterday

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because our Internet started going out again. They came out. The guy looked over everything, and he says, oh, we need to replace your line from the road to the house because

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the squirrels have been eating it.

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I am like, are you kidding me? Apparently,

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they get up there and they chew on the lines

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and

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they

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it's just what they do. I mean, they're squirrels. They're just stupid little animals and they don't know any better.

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But the line is old enough that they've literally chewed through a lot of the casing and it's exposed it to the elements and whatever.

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And so

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they're go ahead.

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What what type of cable is that? I mean, is is it It's a it comes on the air, the cable, and then Well say it's

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a phone cable, old school phone cables or what? It's a I'm not sure.

246
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It it normally would be a coaxial cable.

247
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So this is a cable company like what we used to get our cable TV with. Now everything's over the Internet, but, you know,

248
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I'm not even a 100% sure that's what that is,

249
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but they have a box right across the road from us

250
00:15:04.480 --> 00:15:06.640
that's like a a patch

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center for the area. And so they're gonna run a new line up across the road because we do live on a fairly busy road

252
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and then down.

253
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And then, actually,

254
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not down.

255
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It's through the air over to our house, and then

256
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that'll come in to the box that's on the side of our house. They've already rebuilt the line from the box

257
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going

258
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from that box to our modem.

259
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So, essentially, when they get done, we will have brand new

260
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equipment all the way from our modem all the way out to the switch box.

261
00:15:46.245 --> 00:15:58.980
So I actually think this is gonna make a significant difference. I'm very hopeful. We'll see. Yeah. My wife said earlier that the internet was back on, we switched it over and it didn't really work very well so

262
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maybe they're still tweaking it but

263
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I hope so. I'm so tired of this

264
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And we pay a decent amount of money and it's supposed to be like half a gigabit, like 500 megabits down and like a 100 megabits up. If

265
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everything is okay, we do get that kind of speed

266
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But Yeah. There's so many times when it just go kinda goes in and out and it's really annoying.

267
00:16:25.480 --> 00:16:32.040
So we got that going on. I did wanna say one more thing and I know we've kinda talked a lot about our personal stuff but

268
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I have to tell you this. We don't talk a whole lot when we're not we just don't have time, neither one of us. And our hours are almost exactly opposite of each other, which doesn't really help. You get up, it's like 02:00 in the morning here.

269
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It's like when you're going off to work. So a lot of times there's actually a little bit of overlap there because I still love like last messages.

270
00:16:58.220 --> 00:17:03.315
Right. I start message. Oh, I'm like, he's awake. Okay. Start sending me messages.

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I even told you last night, was off to bed as I put the outline up for the podcast and I said I'm taking melatonin and going to bed because I needed to get a few hours of sleep.

272
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So,

273
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anyways,

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I did a thing this week. I I I

275
00:17:22.509 --> 00:17:28.125
forgive me if I've already told you about this, but I started a project for my wife a couple weeks ago.

276
00:17:28.445 --> 00:17:32.685
And I didn't it doesn't matter. It's AI based and

277
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we're pulling in transcripts and building a knowledge base essentially.

278
00:17:37.485 --> 00:17:38.685
I'm training

279
00:17:38.925 --> 00:17:48.130
an AI system is really what I'm doing. So it's called RAG and I do not know what that stands for, but you can look it up like AI RAG

280
00:17:48.130 --> 00:17:52.769
and you can find it. It's basically a way of building a specialized system.

281
00:17:53.090 --> 00:17:58.735
So when I query it, it literally looks at these this data I'm pulling into the database

282
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and then uses that as part of the information

283
00:18:02.335 --> 00:18:04.175
that it goes out to ChatGPT

284
00:18:04.175 --> 00:18:07.455
to return the the real query. ChatGPT

285
00:18:07.455 --> 00:18:14.279
is still doing the majority of the lifting, but I've I've got this pool of information over here that it

286
00:18:14.600 --> 00:18:16.279
it makes it smarter.

287
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Okay?

288
00:18:17.559 --> 00:18:20.679
Okay. It uses what's called a vector database,

289
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which is just a specialized database

290
00:18:23.655 --> 00:18:24.535
specifically

291
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for these systems.

292
00:18:27.495 --> 00:18:33.735
I'm so happy, Kenshin. It took me about a day, a day and a half, and I had

293
00:18:34.055 --> 00:18:35.735
I don't have that MVP.

294
00:18:35.735 --> 00:18:38.455
Actually, I do. I would say I do have an MVP.

295
00:18:38.850 --> 00:18:42.450
I literally have a little product that I can go in there and query

296
00:18:42.610 --> 00:18:43.730
chat GPT

297
00:18:43.730 --> 00:18:50.049
and it pulls it and it I mean, it's good information. It's what I would expect to come out of it.

298
00:18:50.895 --> 00:18:58.015
It's crazy. All's I gotta do now, I'm gonna do a couple more things. I've got more data. I've only transcribed like

299
00:18:58.175 --> 00:19:10.320
five hours of data and I have a decent amount more to pull in. And then I'm gonna build a little web interface so she doesn't have to query it from the command line. So there'll be a little web server, she'll query it and

300
00:19:10.559 --> 00:19:13.360
and it'll go do its thing and return its results.

301
00:19:14.080 --> 00:19:14.720
And

302
00:19:15.600 --> 00:19:19.679
Cool. I'll be the hero and it'll be awesome. No. I'm just kidding.

303
00:19:20.215 --> 00:19:28.295
I it's been really cool though. I really it's been neat diving into this. And I honestly, it's it might even be something I'm well,

304
00:19:28.695 --> 00:19:29.735
it's really cool.

305
00:19:30.215 --> 00:19:31.335
Yeah. It's really neat.

306
00:19:32.230 --> 00:19:35.110
Amazing what you can do nowadays, all those dashboards

307
00:19:35.110 --> 00:19:36.549
and It's incredible. Yeah.

308
00:19:37.269 --> 00:19:38.389
It is in I

309
00:19:40.230 --> 00:19:40.789
am

310
00:19:41.110 --> 00:19:41.989
sorry.

311
00:19:43.190 --> 00:19:48.294
I am so excited about what's coming. I I may get fired from my job.

312
00:19:49.654 --> 00:19:51.095
I mean, it's a possibility.

313
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It it's terrible economy,

314
00:19:53.735 --> 00:19:54.374
whatever.

315
00:19:54.615 --> 00:19:56.615
But as an entrepreneur,

316
00:19:56.615 --> 00:19:58.135
which really deep down I am,

317
00:19:59.370 --> 00:20:05.210
I have never been so excited about the ability to create things. It's just it's just,

318
00:20:05.770 --> 00:20:20.825
bah. It's like Yeah. Oh, I'm gonna do this and I'm gonna do this and I'm you know, something eventually has to work. Right? Yeah. So Yeah. I had also this epiphany like a few weeks ago. I was thinking we will we will be 10 in ten years time, look back

319
00:20:21.225 --> 00:20:23.705
and think, wow. At that time,

320
00:20:24.025 --> 00:20:30.479
we could you know, it's like the the the start of the .com era. Right. You could buy any website

321
00:20:30.720 --> 00:20:36.240
and you're in that phase and you look back now and it's like, oh, those guys could actually make cat.com

322
00:20:36.240 --> 00:20:37.999
or whatever. Exactly.

323
00:20:38.320 --> 00:20:46.595
We are at this phase now. It's like, you have an idea Exactly where we're at. You're Yeah. You don't need a 10 people programmer team

324
00:20:46.914 --> 00:20:51.634
and millions of of investment to start a project. You you can't just,

325
00:20:51.955 --> 00:20:54.275
yeah, start it yourself. It's incredible.

326
00:20:55.260 --> 00:20:59.179
Okay. Look. We're twenty eight minutes into this. I

327
00:20:59.660 --> 00:21:04.539
don't know exactly when we started, but we're a ways into this. We need to get moving along.

328
00:21:05.020 --> 00:21:05.659
Yeah.

329
00:21:06.060 --> 00:21:08.060
The Kenshin and Macintosh

330
00:21:08.060 --> 00:21:08.940
discussion

331
00:21:09.900 --> 00:21:10.700
hour. I don't know.

332
00:21:11.534 --> 00:21:15.054
Block height as we go is nine three four one one five.

333
00:21:15.294 --> 00:21:19.774
Okay? So I we're gonna talk about that a little bit more later.

334
00:21:20.095 --> 00:21:21.294
Things are

335
00:21:21.615 --> 00:21:29.450
are slow Slow and dime. On the Bitcoin network right now. And I love it, but we'll get to that later. What's today's topic, sir?

336
00:21:30.330 --> 00:21:32.410
Well, today's topic is

337
00:21:32.890 --> 00:21:34.090
how Bitcoin

338
00:21:34.090 --> 00:21:36.010
fits in the unbanked

339
00:21:36.010 --> 00:21:43.514
world. Okay. And a bit yeah. The purpose it can fulfill, and it's it was designed also to fulfill.

340
00:21:44.555 --> 00:21:45.034
Right.

341
00:21:46.075 --> 00:21:47.995
Yeah. I do believe this was

342
00:21:48.875 --> 00:21:56.340
maybe not initially. Maybe he wasn't directly thinking about this, but I think early on this became very important.

343
00:21:57.059 --> 00:21:58.099
Mhmm. So

344
00:21:58.340 --> 00:22:01.859
dealing with Bitcoin, dealing with reaching,

345
00:22:02.340 --> 00:22:09.705
for lack of a better word, the unbanked. And what we mean simply by unbanked is people who they don't have access to

346
00:22:10.985 --> 00:22:27.480
a banking system. Banking system, yeah. Maybe it's because of where they live, maybe it's because of who they are and we'll talk about that a little bit more. But I'm banked, I mean I have two different banks that I work with, I don't know, I assume you work with at least one,

347
00:22:28.200 --> 00:22:29.240
right Kenja?

348
00:22:29.480 --> 00:22:33.720
And most people in the Western world are but there's so many people

349
00:22:34.360 --> 00:22:39.754
that aren't. So when when we talk about banking, we're talking about

350
00:22:40.475 --> 00:22:47.834
things that in general, although I feel like things are maybe not doing so good these days, but they're easy, they're convenient.

351
00:22:48.075 --> 00:22:53.509
Things like Mhmm. Apps on your phone, things like credit cards. Right? Things like

352
00:22:54.309 --> 00:22:55.749
instant transfers.

353
00:22:55.909 --> 00:23:01.669
They may ask you a bunch of questions, but the transfer doesn't take that long in direct deposit. I mean, my paycheck,

354
00:23:02.070 --> 00:23:02.549
I

355
00:23:03.135 --> 00:23:06.335
I used to get a paper paycheck, I haven't done that in years,

356
00:23:07.215 --> 00:23:15.615
you know? And you'd get the paper paycheck, you'd take it down to the bank, you'd put it in. Now it just shows up in my account. I mean that's just another example

357
00:23:15.890 --> 00:23:17.090
of convenience.

358
00:23:17.490 --> 00:23:19.010
But unfortunately,

359
00:23:22.290 --> 00:23:25.890
there are over a billion people, about 1,400,000,000

360
00:23:25.890 --> 00:23:30.315
people worldwide that not only is it inconvenient,

361
00:23:31.115 --> 00:23:35.674
they just don't have banks. They they they have no access

362
00:23:36.235 --> 00:23:37.115
to that.

363
00:23:37.595 --> 00:23:38.955
Mhmm. And then there's

364
00:23:39.595 --> 00:23:41.835
probably a couple billion more who

365
00:23:42.300 --> 00:23:44.460
it's very very difficult for them.

366
00:23:44.860 --> 00:23:47.420
Yeah. It's like two to 3,000,000,000 more

367
00:23:47.420 --> 00:23:50.620
Yeah. Barely works. They don't have savings.

368
00:23:50.620 --> 00:23:53.180
They don't have ways of moving money that

369
00:23:53.500 --> 00:23:57.020
work very well. There's no protection from inflation,

370
00:23:57.100 --> 00:23:58.125
from corruption.

371
00:23:59.085 --> 00:24:01.085
And these are themes,

372
00:24:01.325 --> 00:24:04.924
if you wanna call it that, I think that very conveniently,

373
00:24:04.925 --> 00:24:05.885
very easily,

374
00:24:06.925 --> 00:24:07.965
they mesh

375
00:24:08.365 --> 00:24:09.725
with Bitcoin.

376
00:24:09.725 --> 00:24:11.565
It's the things that we talk about.

377
00:24:12.830 --> 00:24:15.710
These people don't have to wait

378
00:24:15.950 --> 00:24:18.590
for Bank of America to open up a

379
00:24:18.910 --> 00:24:20.190
branch.

380
00:24:21.310 --> 00:24:22.269
They can

381
00:24:22.510 --> 00:24:24.029
run their own node

382
00:24:24.190 --> 00:24:26.030
and manage their own Bitcoin

383
00:24:26.625 --> 00:24:29.505
whether that's by Lightning or on the main network.

384
00:24:30.385 --> 00:24:30.945
We

385
00:24:32.705 --> 00:24:36.144
talk about a lot of things in Bitcoin. We talk about prices,

386
00:24:36.145 --> 00:24:39.345
know, and I think honestly sometimes we're probably

387
00:24:39.505 --> 00:24:41.745
a little too much on talking about price.

388
00:24:44.040 --> 00:24:51.320
It's very difficult not to, but, we talk about price. We talk about where it's going. We talk about all

389
00:24:51.640 --> 00:24:52.919
the other things

390
00:24:53.559 --> 00:24:59.154
in the world about banking and whatever, but in the end, Bitcoin is really

391
00:24:59.795 --> 00:25:05.395
one of its fundamental features. I'm not gonna say the only thing, but one of its fundamental features

392
00:25:05.395 --> 00:25:06.995
is simply access.

393
00:25:07.395 --> 00:25:09.154
Bitcoin doesn't care

394
00:25:09.555 --> 00:25:10.435
where you live.

395
00:25:11.250 --> 00:25:12.929
Bitcoin doesn't care

396
00:25:13.170 --> 00:25:15.490
your privilege level,

397
00:25:15.570 --> 00:25:19.730
so to speak. Bitcoin doesn't care how much money you have in the bank.

398
00:25:20.850 --> 00:25:26.930
If you have a job or not. Yeah. Bitcoin is for and and it doesn't care what the government thinks, frankly.

399
00:25:27.785 --> 00:25:28.985
Okay? Right.

400
00:25:29.304 --> 00:25:29.945
But

401
00:25:31.304 --> 00:25:32.585
because of all that,

402
00:25:33.145 --> 00:25:38.505
I would make the argument that Bitcoin is for the unbanked, and I think it's the best option out there.

403
00:25:41.240 --> 00:25:42.600
Does that make sense?

404
00:25:43.160 --> 00:25:43.960
Yeah.

405
00:25:44.680 --> 00:25:46.679
So we've got all these people,

406
00:25:47.240 --> 00:25:50.280
right? They don't have a bank account, they don't have credit.

407
00:25:51.255 --> 00:25:59.414
It's funny, my wife and I were talking about our credit rating the other day. They don't have a credit rating. They don't have a line of credit at the bank.

408
00:25:59.735 --> 00:26:03.015
They have nothing like that. They don't have savings. They don't

409
00:26:03.255 --> 00:26:05.415
have any kind of identity

410
00:26:05.415 --> 00:26:06.615
in the financial world.

411
00:26:07.180 --> 00:26:08.860
And maybe their country,

412
00:26:10.300 --> 00:26:12.380
maybe it's the Argentine peso,

413
00:26:13.660 --> 00:26:15.340
not stable. Still

414
00:26:15.660 --> 00:26:20.460
better but maybe not as stable as it hopefully will be down the road.

415
00:26:20.700 --> 00:26:21.020
Right?

416
00:26:22.225 --> 00:26:27.424
And they don't have any kind of access to a global financial system except through Bitcoin.

417
00:26:28.145 --> 00:26:28.784
Right?

418
00:26:30.065 --> 00:26:31.105
And another

419
00:26:31.105 --> 00:26:34.625
thing, some of them might not even have Internet

420
00:26:34.870 --> 00:26:35.830
because Bitcoin

421
00:26:36.549 --> 00:26:41.990
there are some systems in Africa, right, that you can use Bitcoin with SMS? That is correct. You technically

422
00:26:42.230 --> 00:26:44.629
and I don't know how usable it is.

423
00:26:45.110 --> 00:26:47.429
I would not wanna depend on it,

424
00:26:48.470 --> 00:26:49.110
shall we say.

425
00:26:49.825 --> 00:26:50.385
But

426
00:26:50.945 --> 00:26:52.785
there's a system that

427
00:26:53.665 --> 00:26:59.665
that doesn't yeah. It it's it literally does not connect to the Internet except at the very end.

428
00:27:02.770 --> 00:27:03.409
So

429
00:27:03.570 --> 00:27:07.250
it is possible even in that case. One nice thing,

430
00:27:08.370 --> 00:27:10.050
places like Africa,

431
00:27:10.050 --> 00:27:10.929
developing

432
00:27:10.930 --> 00:27:13.010
areas, if you wanna call it that,

433
00:27:13.970 --> 00:27:15.250
unlike The United States,

434
00:27:15.725 --> 00:27:20.845
they're not stringing a bunch of phone lines everywhere and, you know, we gotta run this kind of

435
00:27:21.725 --> 00:27:23.405
they're using wireless,

436
00:27:23.405 --> 00:27:27.885
whether that's your data phone, you know, your your phone, or whether that's,

437
00:27:28.445 --> 00:27:29.085
like,

438
00:27:29.725 --> 00:27:32.419
satellite Internet or or whatever,

439
00:27:32.660 --> 00:27:36.899
and they're actually able to build out that infrastructure much faster.

440
00:27:37.060 --> 00:27:39.779
It took us decades in The United States

441
00:27:40.180 --> 00:27:41.380
to build a

442
00:27:41.620 --> 00:27:43.059
semi reasonable

443
00:27:44.500 --> 00:27:45.780
Internet infrastructure.

444
00:27:46.565 --> 00:27:50.245
But now you could put up a tower and cover a gigantic area,

445
00:27:51.125 --> 00:27:54.404
and give access to whoever lives in that area.

446
00:27:54.805 --> 00:27:56.004
Does that make sense?

447
00:27:56.645 --> 00:27:59.525
So Yep. We will see that Internet

448
00:27:59.840 --> 00:28:00.880
adoption

449
00:28:00.880 --> 00:28:01.680
accelerate

450
00:28:01.680 --> 00:28:03.440
in places like Africa,

451
00:28:03.760 --> 00:28:05.760
where frankly they need it the most.

452
00:28:06.560 --> 00:28:10.159
One of the things I wanna touch on real quick is why

453
00:28:10.880 --> 00:28:14.880
these people get excluded. Why are the unbanked left out? It's

454
00:28:16.055 --> 00:28:17.654
can be a number of reasons.

455
00:28:19.255 --> 00:28:21.655
They may not they may not have

456
00:28:24.215 --> 00:28:28.695
well, I'll I'll add one to this list. I have a list here, and there's one that's not even on here.

457
00:28:29.260 --> 00:28:31.820
They may not live anywhere where there's a bank.

458
00:28:32.220 --> 00:28:33.899
I mean, somebody in

459
00:28:34.140 --> 00:28:35.100
Africa

460
00:28:36.140 --> 00:28:37.980
I'm trying to give a good example.

461
00:28:38.700 --> 00:28:40.620
I'm not thinking off the top of my head.

462
00:28:41.875 --> 00:28:49.235
But let's say they live whatever nation they live in, they may live 500 or a thousand miles from their capital city,

463
00:28:49.554 --> 00:28:57.930
and that capital city is the only place where there are banks. They don't have regional banks out in a village of a thousand people in rural

464
00:28:58.650 --> 00:28:59.450
Africa.

465
00:28:59.450 --> 00:29:01.050
I'm sorry. They don't.

466
00:29:01.850 --> 00:29:05.930
So they may not just even be able to get to the bank.

467
00:29:06.650 --> 00:29:07.930
So that's one problem.

468
00:29:09.025 --> 00:29:10.785
They may have a documentation

469
00:29:10.785 --> 00:29:18.304
problem. They may not be able to prove that they are who they say they are. And when you walk into a bank to open up an account,

470
00:29:18.705 --> 00:29:24.029
they're gonna want two forms of ID and a note from your village elder, you know.

471
00:29:25.309 --> 00:29:26.270
That

472
00:29:26.270 --> 00:29:27.390
also

473
00:29:27.390 --> 00:29:28.909
excludes a lot of people.

474
00:29:29.710 --> 00:29:32.910
These days, we've got KYC and AML

475
00:29:32.910 --> 00:29:33.869
measures,

476
00:29:33.950 --> 00:29:37.309
and it's not just in The United States. We're the ones who

477
00:29:38.185 --> 00:29:39.545
sadly pioneered

478
00:29:39.545 --> 00:29:40.105
this.

479
00:29:41.145 --> 00:29:41.785
But

480
00:29:42.185 --> 00:29:43.065
because

481
00:29:44.025 --> 00:29:47.705
you could make the argument that The US is the world leader in finance,

482
00:29:49.720 --> 00:29:50.680
basically,

483
00:29:50.840 --> 00:29:52.520
country in the world who's

484
00:29:52.920 --> 00:29:58.920
deeply involved in in finance and whatever, they have taken over these standards for their own.

485
00:29:59.640 --> 00:30:03.160
Does that make sense? Yeah. Yeah. Well,

486
00:30:03.320 --> 00:30:08.335
I am I have been a personally declined banking services

487
00:30:08.575 --> 00:30:09.215
Okay.

488
00:30:09.455 --> 00:30:11.455
Here in Europe from

489
00:30:11.615 --> 00:30:14.654
a neo bank. You you know what a neo bank is?

490
00:30:15.054 --> 00:30:21.519
The term? Like like an online bank only? Yeah. Yeah. Exactly. Those modern online banks. Right.

491
00:30:21.919 --> 00:30:28.640
So one fancy one that says, yeah. You know? We're the best and more modern and this and that. And Mhmm.

492
00:30:29.674 --> 00:30:30.874
And I thought

493
00:30:31.195 --> 00:30:34.554
because they they ask all those KYC AML questions.

494
00:30:34.794 --> 00:30:36.234
Mhmm. And

495
00:30:36.635 --> 00:30:42.475
some of the questions were, are you gonna send money outside of your country, basically,

496
00:30:42.794 --> 00:30:44.075
to other countries in Europe?

497
00:30:44.990 --> 00:30:53.309
And I'm like, what should I say? And I said, yes. I answered yes because I thought, okay. Maybe I will. Maybe I will use one of those

498
00:30:53.630 --> 00:30:56.190
services in Switzerland where you do some

499
00:30:56.830 --> 00:31:00.110
exchange from Bitcoin from euros to Bitcoin. Right? Right.

500
00:31:00.695 --> 00:31:07.495
So I thought, okay. I don't want to open an account and then send some money and they block it. You know? So I'm like, okay. I will be super honest

501
00:31:07.975 --> 00:31:15.175
and see what happens. So I said, yes. I will. And, of course, the next question is, what why? What's the reason?

502
00:31:16.530 --> 00:31:21.570
And I wrote, oh, I'm gonna do some exchanges with Bitcoin.

503
00:31:21.890 --> 00:31:22.610
And

504
00:31:23.570 --> 00:31:24.770
I wrote Bitcoin.

505
00:31:26.050 --> 00:31:26.850
So

506
00:31:26.850 --> 00:31:27.970
I submitted all this,

507
00:31:28.635 --> 00:31:30.875
and I was declined.

508
00:31:30.955 --> 00:31:33.515
Right. And and I asked why,

509
00:31:35.275 --> 00:31:40.635
and they didn't say why. They said I I don't remember what they said. Oh, and then I applied again

510
00:31:41.035 --> 00:31:42.555
a few weeks

511
00:31:42.555 --> 00:31:43.355
or months later,

512
00:31:44.730 --> 00:31:46.570
and I didn't mention Bitcoin.

513
00:31:47.210 --> 00:31:52.409
And I I was declined again, and then a per person from the KYC

514
00:31:52.490 --> 00:31:55.130
officer or whatever said Mhmm. Why

515
00:31:55.945 --> 00:32:06.825
before you said you would do some exchanges with Bitcoin and now you didn't mention that. I said, well, because now I have a much better service to do that I don't need you guys for Right. That purpose.

516
00:32:07.305 --> 00:32:14.150
Right. I will not send you money in for that purpose anymore. So anyway, and I was still declined because they

517
00:32:14.710 --> 00:32:16.790
apparently, I was in a blacklist now.

518
00:32:17.190 --> 00:32:17.830
So

519
00:32:18.070 --> 00:32:19.030
so

520
00:32:19.670 --> 00:32:26.390
there's a couple more here I wanted to cover. So one of the issues is simply profit. Right? They don't wanna spend

521
00:32:27.205 --> 00:32:28.565
a significant

522
00:32:28.565 --> 00:32:34.325
amount of time helping someone who they're gonna make very little profit off of versus,

523
00:32:34.725 --> 00:32:42.245
you know, somebody who's bringing in a large pool of capital or whatever that they can they can manage and and profit from.

524
00:32:43.350 --> 00:32:53.909
So a lot of times they'll just filter you out based on that. Another is simply political targeting. That's not some well, I say that's not something that happens here in The United States.

525
00:32:54.550 --> 00:32:58.390
I believe it happened in the Biden

526
00:32:57.655 --> 00:32:58.695
administration,

527
00:32:58.775 --> 00:33:00.375
the previous administration

528
00:33:00.535 --> 00:33:01.735
with the

529
00:33:03.495 --> 00:33:07.975
Jack Mollers talks about it. It happened to him. He went to they

530
00:33:08.775 --> 00:33:09.815
were

531
00:33:11.120 --> 00:33:13.359
removed from a bank they'd been in for

532
00:33:13.440 --> 00:33:14.479
a long time.

533
00:33:15.200 --> 00:33:17.200
There's no real reason for that

534
00:33:18.159 --> 00:33:21.200
other than they weren't happy about

535
00:33:22.335 --> 00:33:27.374
I guess maybe that was more about the Bitcoin than maybe a political affiliation.

536
00:33:28.095 --> 00:33:29.855
But there was no reason. I mean, that

537
00:33:30.735 --> 00:33:34.815
I don't know. It's crazy stuff like that. And it's worse in other countries.

538
00:33:36.110 --> 00:33:41.549
I cannot imagine what's the country? I talked about them a couple weeks ago. Uganda?

539
00:33:41.950 --> 00:33:44.989
I needed to follow-up on that. Remind me in the news.

540
00:33:45.389 --> 00:33:45.950
But

541
00:33:46.429 --> 00:33:51.925
talk about political targeting. I'm sure it would be very rampant in a country like that.

542
00:33:52.405 --> 00:33:55.045
Okay. Sanctions and capital controls

543
00:33:55.445 --> 00:33:57.845
also this again is

544
00:33:58.325 --> 00:34:00.325
more or less in places,

545
00:34:00.885 --> 00:34:02.804
maybe developing countries.

546
00:34:03.365 --> 00:34:06.085
But that affects a large number of people.

547
00:34:07.450 --> 00:34:14.730
Whether they like it or not, the way that these banks are set up, they're simply designed to control everything. They're not designed

548
00:34:14.970 --> 00:34:15.850
to be

549
00:34:16.089 --> 00:34:17.050
universally

550
00:34:17.050 --> 00:34:17.930
accessible

551
00:34:17.930 --> 00:34:19.609
to everyone. Does that make sense?

552
00:34:20.645 --> 00:34:21.285
Yeah.

553
00:34:22.005 --> 00:34:26.325
And we are their customers and it doesn't even feel that we are the customer

554
00:34:26.964 --> 00:34:28.165
in that way.

555
00:34:28.645 --> 00:34:29.285
Well,

556
00:34:29.445 --> 00:34:38.990
the good news is, of course, we can flip this around. You can look at at Bitcoin. Bitcoin doesn't care who you are. It is permissionless.

557
00:34:39.390 --> 00:34:40.990
If you've got

558
00:34:41.630 --> 00:34:43.150
a item

559
00:34:43.150 --> 00:34:45.230
or money to exchange

560
00:34:45.230 --> 00:34:46.990
someone for Bitcoin,

561
00:34:47.069 --> 00:34:47.549
Bitcoin,

562
00:34:47.885 --> 00:34:49.645
there's no bank involved

563
00:34:49.645 --> 00:34:50.205
to

564
00:34:51.244 --> 00:34:53.085
to stop that from happening.

565
00:34:53.645 --> 00:34:54.285
Okay?

566
00:34:55.005 --> 00:34:56.605
It's certainly borderless.

567
00:34:56.605 --> 00:35:00.444
I thought one of the very interesting things about El Salvador,

568
00:35:01.010 --> 00:35:01.970
to be honest,

569
00:35:02.770 --> 00:35:07.010
when El Salvador first legalized Bitcoin, this came up a lot.

570
00:35:09.010 --> 00:35:10.050
Traditionally,

571
00:35:10.130 --> 00:35:13.890
and I'm sure it to an at least to a large extent, it's still continuing.

572
00:35:14.955 --> 00:35:18.555
El Salvador receives a lot of what they call remitted

573
00:35:19.035 --> 00:35:20.315
remitances,

574
00:35:20.315 --> 00:35:21.755
man. Words,

575
00:35:22.075 --> 00:35:23.355
remittances,

576
00:35:23.915 --> 00:35:25.515
which simply means

577
00:35:26.315 --> 00:35:28.075
someone from El Salvador

578
00:35:28.630 --> 00:35:30.230
left the family,

579
00:35:30.310 --> 00:35:32.790
went to The United States, in this case,

580
00:35:33.190 --> 00:35:33.910
worked,

581
00:35:33.990 --> 00:35:35.110
made money,

582
00:35:35.430 --> 00:35:37.830
and they're sending some of it back home

583
00:35:39.109 --> 00:35:40.470
to support their family.

584
00:35:41.975 --> 00:35:43.575
That's traditionally

585
00:35:43.575 --> 00:35:45.975
done through a wire transfer.

586
00:35:46.215 --> 00:35:48.695
I'm gonna go to a Western Union station

587
00:35:48.855 --> 00:35:51.575
and I'm gonna wire say 200.

588
00:35:51.895 --> 00:35:57.650
The problem is the base fee to wire someone is like $25

589
00:35:57.650 --> 00:35:58.530
or something.

590
00:35:59.090 --> 00:36:00.290
So in that case,

591
00:36:01.410 --> 00:36:03.090
it's more than 10%

592
00:36:04.130 --> 00:36:06.734
just to have that privilege

593
00:36:06.734 --> 00:36:08.415
of wiring that money.

594
00:36:08.815 --> 00:36:10.734
And on the other end,

595
00:36:11.055 --> 00:36:15.615
someone has to go to the Western Union Station to pick up the money,

596
00:36:15.855 --> 00:36:17.454
which has implications

597
00:36:17.454 --> 00:36:23.040
beyond just the fact that they have to travel to the station and pick up the money,

598
00:36:23.600 --> 00:36:24.320
people

599
00:36:24.480 --> 00:36:28.480
know that they went to the station and picked up the money.

600
00:36:29.680 --> 00:36:32.480
So they could be targeted for robbery.

601
00:36:33.520 --> 00:36:34.720
Right. Right?

602
00:36:35.235 --> 00:36:39.235
So they're literally putting themselves at risk by doing that.

603
00:36:41.235 --> 00:36:41.875
Bitcoin,

604
00:36:42.755 --> 00:36:49.120
if I send if I'm from El Salvador and I'm up here, I could send somebody bitcoin,

605
00:36:49.120 --> 00:36:51.520
it would cost a few Satoshis and

606
00:36:52.400 --> 00:36:54.320
they would not have to go anywhere.

607
00:36:55.200 --> 00:37:00.640
Yeah. It would go right to their wallet. Do you see I'm a I mean that's so much simpler and cleaner

608
00:37:01.405 --> 00:37:02.605
than having

609
00:37:02.605 --> 00:37:03.485
to do

610
00:37:04.205 --> 00:37:08.125
that banking system, that traditional banking system which

611
00:37:08.525 --> 00:37:15.885
sending a wire is is is a part of the banking system. People maybe don't think about it like that but that's exactly

612
00:37:16.160 --> 00:37:21.840
what it is. You can hold it yourself, of course. We talk about self custody all the time.

613
00:37:22.560 --> 00:37:25.120
It's so important that you self custody

614
00:37:25.120 --> 00:37:27.840
when you get to the point in your journey where that

615
00:37:29.120 --> 00:37:30.960
where you're able to do that.

616
00:37:32.135 --> 00:37:35.495
And go ahead and tell me what I'm gonna say that you should have.

617
00:37:37.575 --> 00:37:38.935
Can you see it? A

618
00:37:40.855 --> 00:37:42.935
cold wallet. Well,

619
00:37:42.935 --> 00:37:45.110
a cold wallet but specifically,

620
00:37:45.110 --> 00:37:47.670
this is my Seat Signer. Seat Signer?

621
00:37:47.750 --> 00:37:48.390
Yeah.

622
00:37:48.710 --> 00:37:50.310
Seat Signer is good.

623
00:37:51.350 --> 00:37:54.230
Seat Signers are awesome. I'm about ready I to get a new

624
00:37:55.190 --> 00:37:57.750
have a Seat Signer, but only for

625
00:37:58.185 --> 00:37:59.065
experimentation.

626
00:37:59.065 --> 00:38:00.505
I've never used it

627
00:38:01.065 --> 00:38:01.865
properly.

628
00:38:02.585 --> 00:38:04.265
It's my primary driver.

629
00:38:04.585 --> 00:38:11.465
Yeah. It's good. I love it. I like I like it with the QR codes and everything. I they they've got a newer version now

630
00:38:11.829 --> 00:38:15.510
that's got a bigger screen and I've talked about this. This is my one

631
00:38:15.910 --> 00:38:17.030
big beef.

632
00:38:17.990 --> 00:38:22.550
That screen is too small for somebody like me who has vision problems. Right?

633
00:38:24.575 --> 00:38:28.815
I am going to get one of their newer ones that has a bigger screen.

634
00:38:29.295 --> 00:38:43.180
They've like doubled the screen size or whatever. I would I mean, I wouldn't mind it if they had one that was like that big because I don't carry it around all the time. But but it's a Raspberry Pi. You can buy the seven inch Raspberry Pi screen and

635
00:38:44.060 --> 00:38:47.100
I guess the interface will Well, yeah, it is a Raspberry Pi.

636
00:38:47.420 --> 00:38:53.500
Yeah. Well, join the seed signer like telegram group and you get hacking on that.

637
00:38:54.725 --> 00:38:58.165
And I bet they'll take the input and

638
00:38:58.885 --> 00:39:00.245
you could like

639
00:39:00.645 --> 00:39:02.405
add code to the thing.

640
00:39:03.365 --> 00:39:04.085
Sure.

641
00:39:04.965 --> 00:39:06.245
Censorship resistant.

642
00:39:07.230 --> 00:39:10.350
Bitcoin doesn't care who your president

643
00:39:10.590 --> 00:39:11.470
or

644
00:39:12.110 --> 00:39:13.390
country leader is.

645
00:39:14.510 --> 00:39:15.310
Doesn't.

646
00:39:15.870 --> 00:39:16.670
And

647
00:39:16.750 --> 00:39:19.070
those people can't stop you

648
00:39:19.310 --> 00:39:20.350
from getting Bitcoin.

649
00:39:21.494 --> 00:39:22.775
They tried.

650
00:39:23.015 --> 00:39:23.975
They try

651
00:39:24.295 --> 00:39:28.375
and maybe it's difficult but it's not impossible. There's anything

652
00:39:28.375 --> 00:39:31.734
that they do virtually there's a workaround for.

653
00:39:32.454 --> 00:39:33.095
Yeah.

654
00:39:33.255 --> 00:39:36.295
And even when Europe tried to ban self custody.

655
00:39:37.890 --> 00:39:44.050
But, yeah, it's not Thanks for bringing that up. Now we got a downer. I'm just kidding. Right?

656
00:39:44.530 --> 00:39:46.130
It's not gonna happen. And,

657
00:39:46.530 --> 00:39:47.170
of course,

658
00:39:47.490 --> 00:39:49.250
Bitcoin is open source.

659
00:39:49.490 --> 00:39:56.225
You don't have to depend on a company. We talk about Strike a lot, who makes a Lightning

660
00:39:56.545 --> 00:39:58.545
wallet and Lightning service.

661
00:40:00.145 --> 00:40:00.945
Strike

662
00:40:01.425 --> 00:40:03.184
doesn't run Bitcoin.

663
00:40:03.184 --> 00:40:03.665
They don't.

664
00:40:06.690 --> 00:40:10.450
People like Kenshin and I who run nodes

665
00:40:10.450 --> 00:40:12.290
who mine bitcoin,

666
00:40:12.849 --> 00:40:14.530
we run the network.

667
00:40:15.170 --> 00:40:22.615
Doesn't that make you feel good? It makes me feel good. Didn't even say that. We run the network. I think I'm gonna put that on a shirt. We run the network.

668
00:40:22.934 --> 00:40:32.214
Oh, that's good. That's good. And see, you're not saying Bitcoin so you're not trying but but the people in the know, they know, baby. Yeah. I like that. We run the network.

669
00:40:33.690 --> 00:40:37.530
Yeah. It it feels now I need to turn on a a second

670
00:40:38.089 --> 00:40:39.370
a second note.

671
00:40:39.690 --> 00:40:45.369
I like that. I'm still We run the we should like make that the show title. We run We run Okay. Anyways,

672
00:40:46.545 --> 00:40:54.545
I need to at least post it on Noster. We run the network. Alright. When I'm listening to this, I'll hear it and I'll go to Noster and post it.

673
00:40:54.865 --> 00:40:55.665
Alright.

674
00:40:57.905 --> 00:41:00.625
Bitcoin doesn't ask who you are unlike

675
00:41:01.349 --> 00:41:03.589
every one of these other banking systems.

676
00:41:03.910 --> 00:41:07.349
It only asks if you control your keys. Are those your keys?

677
00:41:07.589 --> 00:41:09.109
You have their your keys?

678
00:41:09.430 --> 00:41:10.950
Here's your Bitcoin.

679
00:41:11.190 --> 00:41:17.285
What a great way of looking at it. Yeah. Even your kids can have the wallets.

680
00:41:17.445 --> 00:41:20.405
They can. And I think they should,

681
00:41:20.885 --> 00:41:21.445
actually.

682
00:41:22.165 --> 00:41:24.485
I started with my son already.

683
00:41:25.365 --> 00:41:27.365
That's to send him some sets.

684
00:41:27.605 --> 00:41:28.485
Send him some sets.

685
00:41:29.180 --> 00:41:29.900
And

686
00:41:30.060 --> 00:41:35.980
kid you cannot do anything with these until you're at least 25 by the way. Not 18 because

687
00:41:36.620 --> 00:41:37.340
males

688
00:41:37.660 --> 00:41:38.620
specifically

689
00:41:38.700 --> 00:41:42.380
their frontal cortex does not finish developing

690
00:41:42.460 --> 00:41:43.580
until they're 25.

691
00:41:44.495 --> 00:41:49.055
Okay? That's why 18 year old boys

692
00:41:49.055 --> 00:41:50.255
in particular

693
00:41:50.255 --> 00:41:52.415
act so stupid. Sorry.

694
00:41:52.975 --> 00:41:54.655
Love you, son.

695
00:41:56.255 --> 00:41:57.615
I have one that's 18.

696
00:42:00.510 --> 00:42:02.670
Yeah. They're just not developed.

697
00:42:03.070 --> 00:42:07.550
It's just not so I I personally probably wouldn't be giving them real

698
00:42:09.150 --> 00:42:10.030
real

699
00:42:10.750 --> 00:42:12.750
wealth, if you wanna call it that,

700
00:42:13.230 --> 00:42:13.790
at 18.

701
00:42:14.855 --> 00:42:20.295
No. I'm DCA ing, but in a cold wallet, so he will not know about it.

702
00:42:21.734 --> 00:42:22.455
Yeah.

703
00:42:22.934 --> 00:42:26.775
But yeah. Alright. Some lightning sets. Yeah. No harm.

704
00:42:28.440 --> 00:42:33.000
Real world examples of this, El Salvador, Nigeria, Argentina, Lebanon.

705
00:42:33.160 --> 00:42:35.240
I mean, every one of those. Lebanon

706
00:42:35.720 --> 00:42:37.160
experienced crazy

707
00:42:37.960 --> 00:42:38.840
currency

708
00:42:38.840 --> 00:42:39.400
debasement.

709
00:42:39.705 --> 00:42:40.825
Argentina

710
00:42:40.825 --> 00:42:52.905
certainly did. Nigeria did as well. El Salvador is actually the only one who really didn't. But El Salvador in particular, I know the whole remittance issue with them. It's like 7% of their GDP.

711
00:42:53.460 --> 00:42:55.620
And just switching to Bitcoin,

712
00:42:56.260 --> 00:42:59.860
just all those fees are just essentially gone.

713
00:43:00.740 --> 00:43:07.859
Yeah. And you hear those stories from people like Chuck Mullers and stuff. They they say in their statistics, could see how much

714
00:43:09.415 --> 00:43:13.335
Yes. Such and not only such, even stablecoins.

715
00:43:13.494 --> 00:43:17.415
That's why they enable stablecoins because Right. Countries like Philippines,

716
00:43:17.415 --> 00:43:18.855
that was a big thing,

717
00:43:19.175 --> 00:43:20.135
those type of countries.

718
00:43:22.390 --> 00:43:22.950
So

719
00:43:23.190 --> 00:43:24.950
in places like Sweden

720
00:43:25.990 --> 00:43:28.630
No. That's the best one. Or

721
00:43:29.350 --> 00:43:30.630
The United States,

722
00:43:31.350 --> 00:43:33.590
even places like China

723
00:43:33.910 --> 00:43:35.190
and, you

724
00:43:35.430 --> 00:43:37.190
know, a lot of countries like that,

725
00:43:37.935 --> 00:43:39.855
Bitcoin is is speculative.

726
00:43:39.855 --> 00:43:40.495
We we

727
00:43:41.135 --> 00:43:46.815
a lot of us, not all of us, but a lot of us invest in it because we expect it to go up.

728
00:43:47.295 --> 00:43:48.655
That's what almost

729
00:43:48.655 --> 00:43:50.495
always brings people in.

730
00:43:50.655 --> 00:43:52.095
Oh, Bitcoin go up.

731
00:43:53.310 --> 00:44:00.430
Some of us figure out along the way Bitcoin can change the world. I feel like I'm there. I'm I don't wanna speak for you. I believe you

732
00:44:00.830 --> 00:44:02.190
think that. No. But

733
00:44:02.830 --> 00:44:04.190
Yeah. Yeah.

734
00:44:04.190 --> 00:44:14.215
For me, I think it's a savings, not investment anymore. So that's that's where my mind clicked Right. In a in a different way. But in a place like Nigeria

735
00:44:14.375 --> 00:44:15.735
with the e nero,

736
00:44:16.055 --> 00:44:17.575
I think that's what it's called,

737
00:44:18.775 --> 00:44:20.615
Bitcoin is is survival.

738
00:44:20.615 --> 00:44:24.135
Bitcoin is a way to actually break the cycles

739
00:44:24.510 --> 00:44:25.630
of poverty

740
00:44:25.630 --> 00:44:27.230
and inability

741
00:44:27.230 --> 00:44:27.870
to

742
00:44:28.030 --> 00:44:29.470
to better yourself.

743
00:44:31.470 --> 00:44:32.910
Lightning,

744
00:44:32.910 --> 00:44:38.830
one of the great ways of making this work. We don't talk about lightning in particular a whole lot on this show,

745
00:44:39.395 --> 00:44:42.035
but it is a layer two over Bitcoin.

746
00:44:42.115 --> 00:44:45.315
So essentially, it's tied into the Bitcoin main network.

747
00:44:45.635 --> 00:44:48.835
You deal with Satoshis just like you do with Bitcoin.

748
00:44:49.555 --> 00:44:50.275
But

749
00:44:50.595 --> 00:44:55.250
unlike the Bitcoin main net where you get a new block every ten minutes,

750
00:44:55.890 --> 00:44:58.610
I can basically send Kenshin some

751
00:44:58.930 --> 00:45:00.930
Satoshis instantaneously

752
00:45:00.930 --> 00:45:07.055
over the Lightning Network. We we've talked about the details of that in the past, but yeah. You

753
00:45:08.255 --> 00:45:09.855
know, I haven't sent

754
00:45:10.015 --> 00:45:12.655
Bitcoin in the main net sent.

755
00:45:13.055 --> 00:45:16.734
I haven't sent in maybe over a year. Wow.

756
00:45:17.295 --> 00:45:18.575
Hey. All my

757
00:45:19.214 --> 00:45:20.815
purchases now. These days.

758
00:45:21.390 --> 00:45:24.270
No. Exactly. But I still prefer Lightning.

759
00:45:24.430 --> 00:45:25.150
Right.

760
00:45:25.390 --> 00:45:27.869
And as the network builds,

761
00:45:28.030 --> 00:45:30.270
as Bitcoin goes up, as

762
00:45:30.829 --> 00:45:34.990
more traffic is on that main net, the price of sending a transaction

763
00:45:35.705 --> 00:45:37.945
will happen. Mark my word.

764
00:45:39.225 --> 00:45:42.505
I wanna think about what I'm about to say. 2026,

765
00:45:43.865 --> 00:45:45.545
by 2035,

766
00:45:46.425 --> 00:45:47.385
nine years from now,

767
00:45:48.440 --> 00:45:50.839
it will cost typically

768
00:45:50.839 --> 00:45:53.480
more than a $100 to send a transaction

769
00:45:53.480 --> 00:45:57.800
on the main net. And at that point, you'll be thinking about it very carefully.

770
00:45:57.960 --> 00:45:58.520
Right?

771
00:45:58.760 --> 00:46:00.599
Do I need to send this on the main net?

772
00:46:01.505 --> 00:46:03.905
If I'm gonna pay off my house mortgage,

773
00:46:03.985 --> 00:46:07.745
I'm gonna send it on the main net. If I'm gonna buy a a Coke,

774
00:46:08.065 --> 00:46:08.785
I wanna

775
00:46:09.585 --> 00:46:14.330
use lightning or liquid or something similar. There are other systems.

776
00:46:14.490 --> 00:46:16.970
Lightning is just frankly the most prevalent.

777
00:46:18.570 --> 00:46:21.210
Yeah. I I would argue that might not happen.

778
00:46:21.530 --> 00:46:22.890
Not in nine years.

779
00:46:23.130 --> 00:46:24.650
Because we go into

780
00:46:24.890 --> 00:46:26.010
0.1

781
00:46:26.010 --> 00:46:26.970
Bitcoin

782
00:46:27.050 --> 00:46:28.410
Mhmm. SATs right now.

783
00:46:29.715 --> 00:46:33.955
So we we see below one already, such per v b. Why is it so low?

784
00:46:36.675 --> 00:46:39.955
Low because the lack of traffic on the network. Is that correct?

785
00:46:41.730 --> 00:46:42.690
Not really.

786
00:46:43.570 --> 00:46:44.850
Right, not. I

787
00:46:47.250 --> 00:46:49.090
mean, the main pool is not empty.

788
00:46:49.890 --> 00:46:51.410
But it's near empty.

789
00:46:51.970 --> 00:46:53.090
No. It's not.

790
00:46:53.570 --> 00:46:55.570
It's 30%. It's a 100 megabytes.

791
00:46:57.605 --> 00:46:59.285
It's 40,000

792
00:46:59.285 --> 00:47:00.244
unconfirmed

793
00:47:00.244 --> 00:47:01.045
transactions.

794
00:47:01.045 --> 00:47:01.845
40,000.

795
00:47:01.845 --> 00:47:08.885
It's 20 blocks. Never argue with Kenshin, Macintosh. I don't know what I was thinking. You're right. It it is 20 blocks.

796
00:47:09.605 --> 00:47:11.285
People feel like it's empty.

797
00:47:11.980 --> 00:47:12.700
Right.

798
00:47:13.500 --> 00:47:14.860
When we get busy

799
00:47:15.260 --> 00:47:16.380
it'll go up.

800
00:47:16.700 --> 00:47:19.820
I believe. We'll see. It will but

801
00:47:21.580 --> 00:47:22.700
I

802
00:47:22.700 --> 00:47:25.180
guess what I'm betting is that countries

803
00:47:26.065 --> 00:47:27.505
will start settling

804
00:47:28.625 --> 00:47:31.505
deals, payments, whatever in Bitcoin.

805
00:47:31.585 --> 00:47:35.505
They will not be doing it over Lightning. They will do it on the main net.

806
00:47:36.625 --> 00:47:37.265
Yeah.

807
00:47:38.065 --> 00:47:40.305
Yeah. For sure. As that traffic picks up,

808
00:47:41.920 --> 00:47:42.720
I mean,

809
00:47:43.120 --> 00:47:44.400
it is constricted.

810
00:47:44.400 --> 00:47:48.480
There's a certain amount of transactions and I don't know what it is offhand,

811
00:47:48.640 --> 00:47:51.360
but there's only a certain amount that you can send

812
00:47:51.600 --> 00:47:57.095
over the Bitcoin main net in the course of a week or a year, however you wanna phrase it.

813
00:47:57.735 --> 00:48:01.495
Yeah. I mean the limitation is the block. Right? And you can send around 4,000

814
00:48:01.815 --> 00:48:03.735
Right. Per block. Right.

815
00:48:03.895 --> 00:48:07.415
And there's Best case. Block every ten minutes and you can do the math.

816
00:48:08.000 --> 00:48:12.240
There's numbers there. That's why people are building things like liquid and

817
00:48:13.119 --> 00:48:13.920
lightning.

818
00:48:14.559 --> 00:48:15.119
But

819
00:48:16.240 --> 00:48:19.119
when enough people are using the main net because

820
00:48:19.280 --> 00:48:20.880
that's the ultimate settlement.

821
00:48:21.805 --> 00:48:23.245
When we send a

822
00:48:25.725 --> 00:48:27.725
when we send a payment to,

823
00:48:28.365 --> 00:48:31.005
I don't know, Saudi Arabia for oil,

824
00:48:31.405 --> 00:48:33.405
that's not gonna be done over

825
00:48:33.645 --> 00:48:35.645
Lightning. It's gonna be done over

826
00:48:36.549 --> 00:48:38.790
the main net. It doesn't matter

827
00:48:38.950 --> 00:48:40.869
if it cost a $100

828
00:48:41.190 --> 00:48:41.990
when

829
00:48:41.990 --> 00:48:43.430
you're sending

830
00:48:43.990 --> 00:48:44.869
$5,000,000

831
00:48:44.869 --> 00:48:47.350
worth of value. I mean, it's nothing.

832
00:48:47.750 --> 00:48:48.069
Right?

833
00:48:48.795 --> 00:48:49.355
But

834
00:48:49.755 --> 00:48:55.275
it's just about scale. Alright. I don't wanna get bogged down in that. I already said 2035.

835
00:48:55.515 --> 00:48:56.555
Write it down.

836
00:48:56.795 --> 00:48:59.195
You can say you were right when we get there.

837
00:49:01.115 --> 00:49:03.515
Do you still think we'll be doing this in 2035?

838
00:49:04.569 --> 00:49:05.210
No.

839
00:49:05.770 --> 00:49:06.650
What?

840
00:49:10.170 --> 00:49:11.290
Oh man.

841
00:49:12.010 --> 00:49:13.690
Now I'm hurt.

842
00:49:15.530 --> 00:49:17.450
I'll probably not be in Sweden.

843
00:49:19.235 --> 00:49:23.395
Hey. I don't know if you know this, but there's this thing called the Internet.

844
00:49:23.875 --> 00:49:26.355
You don't have to be in one location.

845
00:49:27.395 --> 00:49:31.475
No. I just think my life will be so different. Wait. My

846
00:49:33.395 --> 00:49:34.355
son will be old.

847
00:49:35.300 --> 00:49:37.460
Old. No, he won't. Older.

848
00:49:38.100 --> 00:49:40.500
Older. He won't even be out of the house. Anyways.

849
00:49:41.540 --> 00:49:42.260
Alright.

850
00:49:42.420 --> 00:49:43.859
We really need to There move

851
00:49:45.619 --> 00:49:46.740
are limitations.

852
00:49:47.619 --> 00:49:50.500
People need to understand this. They they

853
00:49:51.245 --> 00:49:52.765
lack of education,

854
00:49:52.925 --> 00:49:54.125
lack of training,

855
00:49:54.365 --> 00:49:56.525
lack of teaching, whatever you want to call it,

856
00:49:56.925 --> 00:49:59.085
simply blocks this process.

857
00:49:59.165 --> 00:50:01.245
People are not gonna do it on their own.

858
00:50:01.645 --> 00:50:03.965
We do have infrastructure challenges.

859
00:50:04.205 --> 00:50:05.805
We do have

860
00:50:06.510 --> 00:50:11.150
custody risk in cases where people are not self custodying.

861
00:50:12.750 --> 00:50:17.310
Maybe you've got a fetement set up, which we've talked about some before,

862
00:50:18.714 --> 00:50:19.515
for

863
00:50:19.515 --> 00:50:24.475
a group of people. There is a risk there of a rug pull, essentially.

864
00:50:24.635 --> 00:50:26.555
It's difficult but it can be done.

865
00:50:27.115 --> 00:50:33.194
And we do have volatility and this is the thing that scares people. They don't understand why there's volatility.

866
00:50:33.570 --> 00:50:37.650
It's because Bitcoin is of course, it doesn't seem so volatile lately.

867
00:50:37.650 --> 00:50:38.850
But regardless,

868
00:50:40.130 --> 00:50:42.450
you know, they're worried about

869
00:50:42.770 --> 00:50:43.650
losing

870
00:50:43.730 --> 00:50:45.090
their value.

871
00:50:45.730 --> 00:50:46.450
Yeah.

872
00:50:47.970 --> 00:50:49.170
Yeah. Isn't this funny?

873
00:50:49.704 --> 00:50:52.105
People wonder if volatility debug now.

874
00:50:56.665 --> 00:50:58.665
We yeah. We're never happy.

875
00:50:58.984 --> 00:51:00.585
I wanna wrap this up.

876
00:51:01.305 --> 00:51:05.145
I think one of the most important things that this brings to people

877
00:51:06.270 --> 00:51:08.030
is their dignity

878
00:51:08.030 --> 00:51:10.190
and self worth, and I mean that.

879
00:51:11.230 --> 00:51:12.110
When

880
00:51:12.830 --> 00:51:13.630
somebody

881
00:51:14.190 --> 00:51:16.350
lives in a village in Africa

882
00:51:16.510 --> 00:51:19.390
that's hundreds of kilometers from the nearest

883
00:51:19.630 --> 00:51:20.350
city

884
00:51:20.694 --> 00:51:24.215
and they don't have access to a financial infrastructure,

885
00:51:25.414 --> 00:51:28.935
they do not have the ability to think

886
00:51:30.375 --> 00:51:34.454
it makes it much more difficult to think long term

887
00:51:34.349 --> 00:51:35.630
because when

888
00:51:35.950 --> 00:51:39.869
you save what little bit of money you've got under your pillow

889
00:51:39.869 --> 00:51:40.670
or

890
00:51:40.750 --> 00:51:44.750
you know in a jar in a hole in the ground or whatever,

891
00:51:46.190 --> 00:51:47.230
that's not

892
00:51:47.515 --> 00:51:49.355
that's not a good system.

893
00:51:50.075 --> 00:51:51.435
It's very fragile.

894
00:51:52.155 --> 00:51:56.955
And giving them the ability to have powerful security,

895
00:51:57.115 --> 00:51:58.395
self custody,

896
00:51:58.795 --> 00:51:59.915
and be

897
00:51:59.915 --> 00:52:01.115
a part of

898
00:52:01.980 --> 00:52:03.980
this global financial

899
00:52:05.420 --> 00:52:11.180
system that we are building that's got all the benefits that it has, which we've talked about.

900
00:52:12.940 --> 00:52:15.580
When they understand that and when they grasp that,

901
00:52:16.655 --> 00:52:20.895
they realize they're equal to anybody in the world. They may not have the same

902
00:52:21.455 --> 00:52:24.895
ability to make money as say

903
00:52:26.175 --> 00:52:29.295
somebody who's working at Meta

904
00:52:28.350 --> 00:52:29.630
or whatever

905
00:52:29.790 --> 00:52:30.590
but

906
00:52:30.670 --> 00:52:33.230
they have the ability to participate

907
00:52:33.230 --> 00:52:36.830
on a level playing field in terms of

908
00:52:37.550 --> 00:52:39.470
that money. Does that make sense?

909
00:52:40.205 --> 00:52:41.645
Yeah. It's good.

910
00:52:41.965 --> 00:52:51.325
And it unleashes something. The things that I see coming out of Africa in terms of development and whatever is just mind boggling.

911
00:52:51.965 --> 00:52:52.765
And it's because

912
00:52:53.289 --> 00:52:54.250
you are essentially

913
00:52:54.650 --> 00:52:57.050
I believe it's because you're essentially

914
00:52:57.369 --> 00:52:58.810
freeing these people

915
00:52:59.849 --> 00:53:03.289
in a way that they've never had the ability to before.

916
00:53:08.885 --> 00:53:09.845
How's that?

917
00:53:10.885 --> 00:53:11.605
Good.

918
00:53:11.925 --> 00:53:15.445
Very good. And it already gave us the show notes. Look at that.

919
00:53:18.885 --> 00:53:20.885
What do we got? Question of the week.

920
00:53:22.460 --> 00:53:23.740
Yeah. Where is that?

921
00:53:24.859 --> 00:53:25.900
We

922
00:53:25.900 --> 00:53:28.540
don't have a question this week, ladies and gentlemen.

923
00:53:29.819 --> 00:53:33.180
Where can I get that shirt that says we are the network?

924
00:53:36.045 --> 00:53:38.925
That's the question. Do you would you buy it?

925
00:53:40.125 --> 00:53:47.085
Here is the question of the week, ladies and gentlemen. If I go out on a limb and make a shirt that says we are the network, would you buy that?

926
00:53:48.800 --> 00:53:52.080
I need at least a 100 people to boost in and say yes.

927
00:53:52.720 --> 00:53:54.880
Yeah. And now someone else would do it.

928
00:53:55.440 --> 00:53:56.240
Yeah.

929
00:53:56.400 --> 00:54:00.320
Kinda concerning. I need to grab that domain, wearethenetwork.com.

930
00:54:02.185 --> 00:54:04.585
I bet it's I bet it's already done.

931
00:54:06.425 --> 00:54:07.785
I can check. Alright.

932
00:54:08.665 --> 00:54:09.705
Hey, we

933
00:54:10.185 --> 00:54:11.625
got a boost this week.

934
00:54:11.945 --> 00:54:14.425
Good to see. Yeah. Friend sending Mike,

935
00:54:14.990 --> 00:54:17.070
thousand and 69 sats.

936
00:54:17.550 --> 00:54:18.670
And he said,

937
00:54:19.550 --> 00:54:20.350
he

938
00:54:22.109 --> 00:54:26.510
said, I believe Kenshin is approaching the completion of his project

939
00:54:27.015 --> 00:54:28.775
asymptotically.

940
00:54:28.775 --> 00:54:34.935
And that's what we were talking about with calculus where you approach the end and you never get there. Right?

941
00:54:35.414 --> 00:54:46.390
Looking forward to seeing it when it's done. Well, it's done. Send it, Mike. He's got an MVP. Don't let him he's just over there fooling around with chat g b t. Don't you don't worry about that.

942
00:54:47.190 --> 00:54:56.015
And then he said you talk about the cost to send email. That was the origin of Adam Back's hashcash p o w, a proof of work system

943
00:54:56.015 --> 00:54:57.775
to eliminate email

944
00:54:57.855 --> 00:55:02.655
spam. I'm familiar with that. It it is actually the basis

945
00:55:02.974 --> 00:55:03.535
of

946
00:55:03.775 --> 00:55:04.575
Bitcoin

947
00:55:04.575 --> 00:55:05.375
as well.

948
00:55:06.494 --> 00:55:07.135
That

949
00:55:07.775 --> 00:55:08.575
idea

950
00:55:08.575 --> 00:55:09.134
at least.

951
00:55:10.150 --> 00:55:18.070
Let me go ahead and finish this. I'll come back to that. I'm bullish on Bitcoin though. I'm a little concerned about my outperform silver prediction.

952
00:55:18.630 --> 00:55:31.925
I personally would prefer the gold and silver price update in ounces. I thought this was maybe a good idea since market cap comparison is hard to make tangible in day to day life. I'd like to do both actually. I don't wanna make it longer but

953
00:55:32.005 --> 00:55:36.565
maybe we could do what are you sending me? Maybe we could do both.

954
00:55:39.730 --> 00:55:41.410
Yeah. Of course it is.

955
00:55:44.369 --> 00:55:45.090
Okay.

956
00:55:46.130 --> 00:55:49.890
Two two things real quick and I know we're going long so I don't wanna make this too long.

957
00:55:51.055 --> 00:55:52.415
Yeah. Hashcash,

958
00:55:52.415 --> 00:55:54.575
I get it. That was about email spam.

959
00:55:54.975 --> 00:55:56.895
Part of what I'm doing is

960
00:55:57.135 --> 00:56:04.340
dealing with spam. There's other aspects to it, a lot of other aspects. I don't wanna talk about it too much. I appreciate the input.

961
00:56:04.820 --> 00:56:11.940
I'm gonna have an MVP on that very soon and once I get things up and rolling. It's going to be open source.

962
00:56:12.740 --> 00:56:15.300
I'm gonna be looking for people to help, frankly,

963
00:56:16.905 --> 00:56:19.785
because I can't I'm not gonna do it all by myself.

964
00:56:19.945 --> 00:56:20.985
I believe

965
00:56:21.385 --> 00:56:23.865
if I'm correct in my thinking,

966
00:56:24.585 --> 00:56:25.065
even

967
00:56:26.665 --> 00:56:31.385
open source, all of that, there will be the opportunity to make money

968
00:56:31.500 --> 00:56:33.340
by providing a service.

969
00:56:34.300 --> 00:56:35.660
Okay? Because

970
00:56:36.060 --> 00:56:38.060
you should get paid for what you're doing.

971
00:56:38.540 --> 00:56:49.415
And so anyways, we'll talk about all that. I'm bullish on oh, the silver. I did wanna talk about this. I have a thesis actually. I've kinda put it together.

972
00:56:50.135 --> 00:56:55.735
We all know that gold is basically going up because of inflation. It's kind of predicting

973
00:56:55.735 --> 00:56:57.255
the printing of money.

974
00:56:57.815 --> 00:57:00.615
I believe this year in The United States in particular,

975
00:57:02.420 --> 00:57:06.340
the money printing is about to be unleashed like a like a tsunami.

976
00:57:07.700 --> 00:57:13.620
I believe personally that silver is basically kind of moving back to its rightful place.

977
00:57:14.100 --> 00:57:15.060
Silver

978
00:57:15.300 --> 00:57:16.500
up until

979
00:57:16.660 --> 00:57:17.300
the

980
00:57:17.555 --> 00:57:20.115
probably the early seventies, mid seventies.

981
00:57:22.915 --> 00:57:26.515
How can I put this? It may have been older than that but

982
00:57:27.315 --> 00:57:34.160
it has a long history of being about 15 to one and you can look this up in terms of price,

983
00:57:34.320 --> 00:57:37.680
silver to gold. So in other words, 15 ounces of silver,

984
00:57:37.840 --> 00:57:39.040
one ounce of gold.

985
00:57:39.680 --> 00:57:40.320
Okay?

986
00:57:41.120 --> 00:57:42.160
The

987
00:57:42.160 --> 00:57:44.560
reality is we're nowhere near that right now.

988
00:57:45.204 --> 00:57:47.845
And in fact, I did a little calculation

989
00:57:47.845 --> 00:57:48.885
last night.

990
00:57:49.285 --> 00:57:50.964
When Bitcoin when Bitcoin

991
00:57:51.525 --> 00:57:54.724
when gold hits $6,000,

992
00:57:54.724 --> 00:58:01.600
which it's it's going to, I mean, it's just gonna keep going up, it's going to we're at 5,300 or something.

993
00:58:03.280 --> 00:58:04.880
When it hits 6,000

994
00:58:04.880 --> 00:58:07.040
a 15 to one ratio

995
00:58:07.440 --> 00:58:10.720
would be $400

996
00:58:10.720 --> 00:58:12.400
an ounce for silver.

997
00:58:14.095 --> 00:58:14.815
Okay? Right.

998
00:58:17.135 --> 00:58:17.775
Oh.

999
00:58:18.335 --> 00:58:20.015
And that's the historical

1000
00:58:20.015 --> 00:58:26.095
value ladies and gentlemen. That is not McIntosh just pulling numbers out of thin air.

1001
00:58:26.730 --> 00:58:32.170
That is if you go back in history and look at silver versus gold.

1002
00:58:32.330 --> 00:58:33.930
Silver is more common.

1003
00:58:35.050 --> 00:58:39.770
People don't like it as much as gold, whatever. That is the ratio.

1004
00:58:41.265 --> 00:58:41.985
Okay?

1005
00:58:42.065 --> 00:58:43.505
And there's two things.

1006
00:58:45.744 --> 00:58:59.920
I think well, I think the price was suppressed for a long period of time. I I don't I can't tell you how that was done. I mean, the Hunt brothers, we know tried to corner the market in the past. There's been things like that.

1007
00:59:00.960 --> 00:59:01.600
But

1008
00:59:02.160 --> 00:59:07.215
in a free market where everything is the way it should be,

1009
00:59:07.454 --> 00:59:09.535
we should see this 15 to one ratio.

1010
00:59:10.015 --> 00:59:14.015
And not only are we seeing gold shoot up and we're seeing silver

1011
00:59:14.255 --> 00:59:16.895
follow along behind or really outperform it,

1012
00:59:18.350 --> 00:59:22.350
What's something that silver has a use for? It's not just jewelry,

1013
00:59:22.590 --> 00:59:24.270
it is used in industry.

1014
00:59:24.670 --> 00:59:30.030
And we are in the middle of the largest industrial build out in history

1015
00:59:30.455 --> 00:59:35.175
because of AI. Whether it's a bubble or not, it doesn't matter. It's happening.

1016
00:59:35.975 --> 00:59:41.415
Have a friend of mine. I've never talked about this on the show. He does listen to this occasionally.

1017
00:59:41.575 --> 00:59:46.000
So if he's listening, hi. He's in the electrical business. Okay?

1018
00:59:47.280 --> 00:59:48.560
On a high level.

1019
00:59:49.200 --> 00:59:56.400
And he has talked to me about walking through these giant data centers and these giant industrial

1020
00:59:56.400 --> 00:59:57.760
like the t s m.

1021
00:59:58.494 --> 00:59:59.935
It's the Taiwan

1022
00:59:59.935 --> 01:00:01.295
chip manufacturer.

1023
01:00:01.535 --> 01:00:04.015
I don't know what their initials are but t s building m

1024
01:00:05.215 --> 01:00:06.975
a huge plant

1025
01:00:07.375 --> 01:00:08.895
out in Arizona.

1026
01:00:08.895 --> 01:00:09.615
It is

1027
01:00:10.255 --> 01:00:11.375
mind boggling

1028
01:00:11.630 --> 01:00:15.310
the electrical work and whatever that's being done for that.

1029
01:00:15.550 --> 01:00:17.070
All of that stuff

1030
01:00:17.150 --> 01:00:19.070
is driving demand

1031
01:00:19.070 --> 01:00:22.030
for silver from an industrial aspect.

1032
01:00:23.150 --> 01:00:32.135
I don't know when silver is going to get back to that 15 to one ratio and I am not making price predictions ladies and gentlemen, but I do believe

1033
01:00:32.454 --> 01:00:33.415
one day,

1034
01:00:34.055 --> 01:00:36.135
hopefully within my lifetime,

1035
01:00:36.375 --> 01:00:40.055
that we're back to that in general kind of 15 to one ratio.

1036
01:00:43.900 --> 01:00:48.220
So are we the silver plebs soon? No. We're not.

1037
01:00:48.540 --> 01:00:49.100
I

1038
01:00:49.660 --> 01:00:52.700
own zero gold. I own very little silver.

1039
01:00:52.940 --> 01:00:59.355
And by the way, I have not bought any silver since it started running up. So I'm not a a

1040
01:00:59.595 --> 01:01:01.355
jump on the bandwagon person.

1041
01:01:02.394 --> 01:01:09.275
Okay? I hope it does well but it's just a hard asset to me that I bought before I knew about Bitcoin.

1042
01:01:10.820 --> 01:01:12.180
Does that make sense?

1043
01:01:12.660 --> 01:01:13.540
I

1044
01:01:13.540 --> 01:01:19.140
I would not spend thousands of dollars on silver these days. If I had that kind of money to spend

1045
01:01:19.380 --> 01:01:20.580
on on

1046
01:01:20.980 --> 01:01:23.300
an asset, it would be Bitcoin

1047
01:01:23.540 --> 01:01:24.500
100%.

1048
01:01:26.335 --> 01:01:31.935
Send it, Mike. I really would like to sit down with you and talk. I know we've said that before or at least I have.

1049
01:01:32.495 --> 01:01:35.855
Kenshin doesn't think you'll go across the Atlantic, so whatever.

1050
01:01:36.495 --> 01:01:37.135
But,

1051
01:01:38.575 --> 01:01:46.350
yeah, you and I think a lot alike. It's interesting because we don't in some ways but a lot of ways we do. We'd love to sit down and have a drink.

1052
01:01:46.670 --> 01:01:51.470
Think wasn't he the one that said something about the Buffalo Ranch that you wanted to come out to the ranch? I think it was.

1053
01:01:52.315 --> 01:01:53.675
Yeah. Was that Anyways, somebody

1054
01:01:55.435 --> 01:01:57.755
once I get the ranch up and running, know,

1055
01:01:58.875 --> 01:02:00.955
I guess you're welcome to come out.

1056
01:02:03.755 --> 01:02:06.715
You'll have to like prove that you're you and

1057
01:02:07.210 --> 01:02:09.290
then I'll let you know where it's at.

1058
01:02:09.850 --> 01:02:13.450
Alright. That's enough. We're we're done. Oh, news and notes.

1059
01:02:13.930 --> 01:02:15.210
We're done with that.

1060
01:02:16.890 --> 01:02:21.530
News and notes. I I have one item and it's not the price of silver.

1061
01:02:22.484 --> 01:02:22.964
It Yeah. Is

1062
01:02:23.924 --> 01:02:26.885
What's going on in the mining market? Right?

1063
01:02:27.045 --> 01:02:28.724
Wow. We know

1064
01:02:29.045 --> 01:02:30.085
right now

1065
01:02:30.404 --> 01:02:33.605
if the difficulty adjustment were to happen today,

1066
01:02:35.660 --> 01:02:37.900
we would be down 18%

1067
01:02:37.900 --> 01:02:39.020
in difficulty.

1068
01:02:39.660 --> 01:02:40.300
Okay?

1069
01:02:40.540 --> 01:02:41.340
Which is

1070
01:02:42.140 --> 01:02:48.300
and I don't know that this is what's gonna happen. We're ten days out from the next difficulty adjustment. So we've got a ways to go.

1071
01:02:49.235 --> 01:02:55.395
But right now, I don't think we've ever had a drop this big. I would have to go back and look at the data but

1072
01:02:56.675 --> 01:02:59.395
it that's what it seems. That's a

1073
01:02:59.795 --> 01:03:02.915
staggering drop in one in one difficulty adjustment.

1074
01:03:03.990 --> 01:03:05.510
And it's because

1075
01:03:05.910 --> 01:03:09.110
The US is in the middle of a deep freeze and

1076
01:03:11.430 --> 01:03:15.270
Texas in particular which hosts a huge number of minors,

1077
01:03:15.350 --> 01:03:18.470
they have this deal a lot of them with ERCOT,

1078
01:03:18.470 --> 01:03:19.605
the energy

1079
01:03:19.925 --> 01:03:21.525
consortium or whatever.

1080
01:03:21.845 --> 01:03:25.045
And when ERCOT needs that energy,

1081
01:03:25.525 --> 01:03:29.125
the Bitcoin miners shut down. And that's what's going on right now, I believe.

1082
01:03:29.845 --> 01:03:39.950
This isn't China mining ban. This isn't, you know, it's it's pure we see this every year with the weather, at least the last few years, but we've never seen it to this extent.

1083
01:03:40.430 --> 01:03:48.415
Now my miners happen to all be online unless they're in for repair. I've got a few like that. So I'm happy cause this is benefiting me.

1084
01:03:49.295 --> 01:03:52.975
I looked actually at the ocean statistics

1085
01:03:53.615 --> 01:03:55.295
a few last night.

1086
01:03:55.615 --> 01:03:57.935
We've mined like 52 blocks this month.

1087
01:03:59.529 --> 01:04:00.250
Wow.

1088
01:04:00.329 --> 01:04:03.049
Yeah. It's crazy. 52?

1089
01:04:03.049 --> 01:04:04.570
Yeah. Like two a day.

1090
01:04:05.609 --> 01:04:08.890
Actually the pool hash has gone down not up.

1091
01:04:09.690 --> 01:04:10.250
So

1092
01:04:11.130 --> 01:04:12.490
that's kinda crazy.

1093
01:04:13.450 --> 01:04:14.730
I'm I'm happy with that.

1094
01:04:15.795 --> 01:04:18.435
But yeah, we're we're crazy

1095
01:04:18.435 --> 01:04:20.435
crazy low on the price.

1096
01:04:21.155 --> 01:04:24.275
What else were we got? Was there any other news? Zeus

1097
01:04:24.275 --> 01:04:29.720
for software updates. I know Zeus had a 12 dot two dot two I think came out.

1098
01:04:29.960 --> 01:04:31.319
I I reboosted

1099
01:04:31.319 --> 01:04:32.280
it earlier

1100
01:04:34.040 --> 01:04:40.440
or last night or this morning. I don't remember which. But they're just always turning out stuff but it looks like they have a

1101
01:04:41.865 --> 01:04:45.865
a an actual full release, not a like an alpha or a beta.

1102
01:04:47.385 --> 01:04:49.865
So if you're using Zeus, you should do that.

1103
01:04:51.385 --> 01:04:52.425
Let's see.

1104
01:04:54.345 --> 01:05:01.200
Bit Bit Chat has has had some good news. Okay. You wanna go ahead and I don't know about that. Please share.

1105
01:05:01.360 --> 01:05:04.640
Yes. It I'm sorry, but it's zero dot twelve dot two. Yeah.

1106
01:05:04.960 --> 01:05:06.080
Okay. Zeus.

1107
01:05:07.200 --> 01:05:11.680
Bit chat supports now photos audio notes in Bluetooth mesh.

1108
01:05:12.775 --> 01:05:14.935
It has better routing algorithm

1109
01:05:15.095 --> 01:05:17.655
for stable and longer range meshes,

1110
01:05:18.215 --> 01:05:20.775
uses TOR projects and

1111
01:05:21.175 --> 01:05:23.255
RT framework

1112
01:05:23.335 --> 01:05:25.175
for speed and reliability.

1113
01:05:25.175 --> 01:05:27.255
I don't know what is that. RT framework.

1114
01:05:30.299 --> 01:05:35.660
And it's now audited by third party security group and addressed all findings.

1115
01:05:35.819 --> 01:05:36.700
That's good.

1116
01:05:37.020 --> 01:05:40.140
Good to hear that, especially when you're dealing with people's lives

1117
01:05:42.185 --> 01:05:44.505
as sometimes is the case here.

1118
01:05:45.385 --> 01:05:48.345
For those of you who don't know, a bit chat is a

1119
01:05:49.145 --> 01:05:52.185
Bluetooth based tool that builds a mesh network

1120
01:05:52.599 --> 01:05:53.880
for communication.

1121
01:05:54.200 --> 01:05:57.640
So if you have a large group of people, say

1122
01:05:58.040 --> 01:05:59.800
protesters in Iran,

1123
01:06:00.440 --> 01:06:03.800
people could have this as a way to

1124
01:06:03.960 --> 01:06:04.760
talk

1125
01:06:05.000 --> 01:06:05.800
and

1126
01:06:06.119 --> 01:06:07.079
the

1127
01:06:07.795 --> 01:06:08.515
government

1128
01:06:08.755 --> 01:06:19.315
cannot shut it down. You can't block Bluetooth like that. You can block the cellular data, which is what they do. They shut down the cell towers or whatever in the area. That kind of thing.

1129
01:06:19.635 --> 01:06:23.400
Doesn't work the same way for Bluetooth. So people can communicate

1130
01:06:24.280 --> 01:06:28.200
if there's enough of them using it in in a given area

1131
01:06:29.000 --> 01:06:31.560
and it works very very well from what I hear.

1132
01:06:32.520 --> 01:06:33.160
Mhmm.

1133
01:06:33.480 --> 01:06:34.280
Really cool stuff.

1134
01:06:34.974 --> 01:06:36.015
Glad to hear it.

1135
01:06:36.974 --> 01:06:38.735
We did not try it

1136
01:06:39.055 --> 01:06:40.895
and see if we can send a message

1137
01:06:41.935 --> 01:06:43.055
between us.

1138
01:06:44.095 --> 01:06:45.855
I don't think it's gonna reach.

1139
01:06:46.335 --> 01:06:46.655
No.

1140
01:06:50.650 --> 01:06:51.450
Complete random

1141
01:06:51.850 --> 01:06:54.170
not no. Nope. Not doing it.

1142
01:06:55.130 --> 01:06:56.490
Not doing it.

1143
01:06:59.370 --> 01:07:00.570
I'm exercising

1144
01:07:00.570 --> 01:07:01.290
my

1145
01:07:02.090 --> 01:07:03.770
don't go down that rabbit trail.

1146
01:07:05.945 --> 01:07:08.585
I need a price. I did not update price.

1147
01:07:10.345 --> 01:07:11.145
I

1148
01:07:11.705 --> 01:07:13.865
don't even know where to look for price these days.

1149
01:07:14.425 --> 01:07:15.945
Go charting.

1150
01:07:16.025 --> 01:07:22.920
I had the links there. Okay. I've got a price right now of 88,981

1151
01:07:23.079 --> 01:07:24.520
in US dollars.

1152
01:07:25.240 --> 01:07:26.680
What do you have, sir?

1153
01:07:27.480 --> 01:07:28.680
I have

1154
01:07:29.400 --> 01:07:34.135
the up to date is 74,466

1155
01:07:34.615 --> 01:07:35.095
I

1156
01:07:36.055 --> 01:07:37.895
heard some kind of sad news.

1157
01:07:38.455 --> 01:07:41.335
It looks like we close out this month.

1158
01:07:42.135 --> 01:07:44.295
We'll be down for the fourth month in a row.

1159
01:07:45.560 --> 01:07:49.640
Okay. Not good. But we haven't gone down. I mean, 88,000,

1160
01:07:49.640 --> 01:07:51.400
I still it's 30%.

1161
01:07:52.040 --> 01:07:52.920
You people,

1162
01:07:53.320 --> 01:07:55.160
if you think this is bad,

1163
01:07:55.640 --> 01:07:56.360
nah.

1164
01:07:57.000 --> 01:07:57.480
Nah.

1165
01:07:58.194 --> 01:07:59.315
It's just not.

1166
01:07:59.875 --> 01:08:03.635
Try 50. Try 70. Try 80%

1167
01:08:03.635 --> 01:08:04.515
drawdown.

1168
01:08:04.755 --> 01:08:08.115
And maybe that's what still happens in the end. We don't know. But

1169
01:08:08.595 --> 01:08:11.795
it seems to me like I keep saying we just kinda keep

1170
01:08:12.540 --> 01:08:17.020
we're in this little box. You know? We're just kinda bouncing back and forth. I don't know.

1171
01:08:20.060 --> 01:08:23.660
Let's go ahead do the market cap. We got $1,800,000,000,000

1172
01:08:23.660 --> 01:08:25.740
US in for Bitcoin,

1173
01:08:26.695 --> 01:08:28.695
33,100,000,000,000.0

1174
01:08:28.935 --> 01:08:34.855
for gold. Do you even remember what it was when we started doing this? I it was in the twenties. Right? The lower twenties

1175
01:08:35.335 --> 01:08:42.520
for gold? I think below maybe then. Maybe. Yeah. Actually actually now right now, it's it's even more.

1176
01:08:42.920 --> 01:08:43.400
Wait.

1177
01:08:45.560 --> 01:08:47.160
Wait. Wait. 37,000,000,000,000.

1178
01:08:47.160 --> 01:08:53.960
Bitcoin was at like, we touched 10% at one point, the Bitcoin versus gold market gap, and now we're down to 5.4.

1179
01:08:54.265 --> 01:08:55.625
Oh, 37,000,000,000,000

1180
01:08:55.625 --> 01:08:57.784
for the gold market gap. Yep.

1181
01:08:58.265 --> 01:09:03.625
Crazy stuff. And, of course, silver has shot up. We were look silver's now the number two asset. Right?

1182
01:09:04.265 --> 01:09:06.825
Right behind gold? Yeah. It is. Yeah. It is. Yeah.

1183
01:09:09.030 --> 01:09:14.310
Just a few months ago, it was like seven or eight. I mean, it's just insane what silver's been doing.

1184
01:09:15.030 --> 01:09:17.429
Yeah. Not financial advice people.

1185
01:09:17.510 --> 01:09:21.270
It could go down to 50. It could go down to, I don't know,

1186
01:09:21.510 --> 01:09:22.230
25.

1187
01:09:24.304 --> 01:09:25.344
Just saying.

1188
01:09:26.385 --> 01:09:27.985
But it is interesting.

1189
01:09:28.945 --> 01:09:32.065
And I will operate on that thesis I outlined until

1190
01:09:32.145 --> 01:09:34.785
otherwise proven. Wrong fees and mimple.

1191
01:09:35.520 --> 01:09:40.719
Oh, you wanna hit that? Sorry. Oh, no. No. That's an old one. Okay.

1192
01:09:41.440 --> 01:09:43.119
Fees. So we are at

1193
01:09:43.599 --> 01:09:51.355
one sat per v bytes. That's If it's a high priority. Yeah. Oh. That's now high. Go for it. Half.

1194
01:09:52.555 --> 01:09:54.715
Yeah. And low priority

1195
01:09:54.715 --> 01:10:01.035
is 0.1 SAT per v byte. And I saw one transactions I picked up on random that had 0.13

1196
01:10:01.035 --> 01:10:01.515
SATs,

1197
01:10:02.330 --> 01:10:05.690
and they paid a total of 16 sets

1198
01:10:06.170 --> 01:10:10.090
for the transaction, which is $0.01.

1199
01:10:10.970 --> 01:10:14.090
We should make a web page on the website,

1200
01:10:14.745 --> 01:10:17.705
Kenshin and and Macintosh bets

1201
01:10:18.425 --> 01:10:19.385
put

1202
01:10:19.385 --> 01:10:20.665
$20.35

1203
01:10:21.865 --> 01:10:23.385
cost. Oh, no.

1204
01:10:25.465 --> 01:10:26.505
4.82

1205
01:10:26.505 --> 01:10:28.985
percent of the way to the next happening.

1206
01:10:29.145 --> 01:10:29.785
Habit happening

1207
01:10:30.670 --> 01:10:35.070
And that's gonna be on April 12. It slid back a day because everything's behind.

1208
01:10:35.869 --> 01:10:38.510
In 2028, two years, seventy four days.

1209
01:10:38.989 --> 01:10:43.709
And we are, as I said, when I wrote this down, 18 o 7%

1210
01:10:44.349 --> 01:10:46.349
downward adjustment in like eleven days.

1211
01:10:48.375 --> 01:10:49.255
Yes. Love

1212
01:10:50.215 --> 01:10:51.335
it. Love it.

1213
01:10:51.975 --> 01:10:57.895
It's the I think the fourth downward third or fourth downward adjustment in a row as well. Yeah.

1214
01:10:58.295 --> 01:10:59.175
I mean Yeah.

1215
01:11:00.230 --> 01:11:09.429
But I mean when you zoom out we are at a level higher than That's why I wanted to go down. That means that servers are going offline.

1216
01:11:09.910 --> 01:11:14.150
Yeah. Exactly. I mean August we were at where we are now basically.

1217
01:11:14.310 --> 01:11:19.585
It's Look. So bad. If I woke up tomorrow and Marathon

1218
01:11:19.985 --> 01:11:21.185
had pivoted

1219
01:11:21.585 --> 01:11:25.825
to AI and shut down every one of their Bitcoin servers,

1220
01:11:26.145 --> 01:11:27.425
I would be extremely happy.

1221
01:11:29.420 --> 01:11:35.739
Bitbet Farm by the way is doing that. I mean they're they they closed down their Paraguay businesses as public news

1222
01:11:36.060 --> 01:11:37.820
and they're pivoting

1223
01:11:37.900 --> 01:11:48.525
more to AI. They say they're gonna maintain like a mix but I believe in the long run they're just gonna become a because they make more profit per space

1224
01:11:49.165 --> 01:11:50.445
for AI Sure. Right

1225
01:11:51.645 --> 01:11:57.085
Yeah. Sure. But they need different hardware. Not so easy It's the mindset thing. You're right. But

1226
01:11:57.840 --> 01:12:00.880
they think, oh for the same amount of

1227
01:12:01.360 --> 01:12:02.960
energy It's we can make more

1228
01:12:03.840 --> 01:12:07.440
just pure fiat thinking. They're not thinking in the long run.

1229
01:12:09.520 --> 01:12:10.320
That's

1230
01:12:10.320 --> 01:12:27.210
it. Satoshi's Plebs is a value for value podcast supporting podcasting two point o. We strive to bring you honest Bitcoin content every week. We ask, are you getting value from this show? Support it through time, talent, or treasure. Help with future projects like our chat room,

1231
01:12:27.450 --> 01:12:28.810
which needs to be

1232
01:12:29.530 --> 01:12:33.210
I don't know. Or you can stream sats and boost with messages.

1233
01:12:33.530 --> 01:12:39.290
Even a 100 sats saying great show or you suck. We'll read it. Check out the apps at podcastapps.com.

1234
01:12:39.290 --> 01:12:46.074
Support independent bitcoin media. If you like the content, I would love it if you would write a review on Apple. Please,

1235
01:12:46.395 --> 01:12:47.114
people,

1236
01:12:47.355 --> 01:12:50.235
and tell your friends about the podcast. Is that begging?

1237
01:12:51.755 --> 01:13:06.469
It's okay. That's the best way for us to grow. This week's music, and I promise this will be the last week. I hope you've enjoyed the song though. Empty passenger seat by Joe Martin. Any boost streaming of Sats during that song will go straight to the artist.

1238
01:13:07.190 --> 01:13:11.670
Thanks for joining us again this week. You will hear from us again next Thursday morning.

1239
01:13:12.115 --> 01:13:16.995
We hope this has been helpful, and we would love to hear from you on Nostril on Fountain.

1240
01:13:17.235 --> 01:13:21.555
You can also find all our contact info at satoshi.plebs.com.

1241
01:13:21.555 --> 01:13:25.875
Stay humble, DCA those sites, and have a great weekend. We'll talk to you all soon.

1242
01:13:26.435 --> 01:13:26.995
Bye bye.