This week in Bitcoin- 5-22-2020- Fake Satoshi coins, Pizza day, Mempool, Lightning, BTC 365-day avg.

by birtanpublished on August 4, 2020

Hello everyone this is adam meister the bitcoinmeister the disrupt meister welcome to this week in bitcoin today is may the 22nd 2020 strong hand long-term thinking bitcoin

Is the next bitcoin offended by selling unconfiscatable oh yeah don't you wish you had that bitcoin from pizza day and you never uh sold it okay we're gonna talk about that dudes hello my elite friends we got juan galt

In the house he's uh crossing the border into san diego apparently i mean literally he's in a car and said uh guy swan is here and uh gigi is also in the house they're they're all

Returning guests remember if you got questions i got answers you could type them into you can type questions in there i will try to answer get there then to answer your questions

Uh they'll ask each other questions too well it's going to be a big round table of fun so there was lots of news this is this week in bitcoin shit so we got to go over what was in the news this week

And my oh my i mean it was kind of like a flashback but kind of not it's like i've lived through it's like groundhog day today's pizza day was kind of like groundhog day uh

Big big news the other day that the satoshi's coins they said all of a sudden they said some old coins moved so it must have been satoshi all of a sudden everybody's panicking

Everybody and their brother is scared what what's going on with this guy swan what was your reaction uh you know i didn't actually get to see the somebody posted uh a a screenshot of the

Transaction and if i'm not mistaken it was just 150 bitcoin block like it was just one coin base if i'm not mistaken it wasn't like like a hundred million dollars worth of bitcoin moved which i thought was kind

Of funny that everybody's freaking out just because it was an old block um but everything i've seen is that uh the satoshi had actually a particular way of putting the block height

In his nonce and so when he was mining blocks or whatever you can actually go back and look at the strings of blocks that we assume are satoshi's and that this was actually just just one

Of the early miners a bunch of people blamed it on marty mommy um and marty actually responded on twitter and was like yeah this this was not me uh and we had actually this would

Already had already been released at this point and i'm sure there were you know people were claiming it could only be three people satoshi marty or hal um and he was like nah it was it was

Released we had a bunch of people kind of coming in and out like it could have been anywhere any of 20 or 30 people um so basically it doesn't seem to be that there's any real evidence that

Satoshi aside from the fact that it's like three months in like it was like it was like in the first like three or four months of bitcoin that the block was mined

Um it was one 50 bitcoin block that got moved as far and unless anybody has any information otherwise that's the only thing that i saw so the pattern i think they call that pattern the patoshi pattern or something

And the potoshi yeah yeah so it didn't match the pattern yeah but it's it's it speaks loudly about uh how the the media works in this little corner of the world

Uh it was all over coin telegraph i mean it was the biggest story out there uh just anything that has to do with satoshi it seems like it just i mean is this one big soap

Opera or what gigi what do you think about all this yeah well i think people always go nuts if if um if this is a possibility you know even just in their minds

Uh like even if there's just some some i'm not not even wanting to say misinformation because once the news hit a lot of people just didn't know and couldn't know better what was going

On and people had to really look at the details of the transaction and if it could be true or not but you know people like a good story and you know how the human brain works you

Know it's very you try to find a pattern in everything and you would like to believe the best version of the story that there could be and don't even have the conspiracy theorists to to think

That maybe satoshi is still alive and maybe he made a mistake and moved some coins or something or whatever and i i yeah people just eat it up and i just i just like to sit back

And watch the drama because i think the the the further you you're down the rabbit hole the less you care about things like these because even if i put hypothetically it would be true um

You know maybe it would crash a bit would be more cheap satoshis for us and uh you know the daily stackers alone would eat this up in no time even all of satoshi's coins you know

So i think it wouldn't even be such a big deal if it would indeed be satoshi but um except to know that he is still alive for someone who is still alive but yeah

That'd be pretty cool to be honest um yeah and i totally agree i i can't believe uh particularly like in our crew like how much we kind of joke about it but then

Everybody's like posting like i think it's become like this weird norm that like the hardcore bitcoiners uh now like the true bitcoiners fomo when the price drops like i get so panicky when the price

Drops like you know with that 40 or was it 50 or 60 percent drop or something like i can't i've never spent so much energy trying to figure out how to buy more bitcoin when i was fiat broke or at least i

Thought go sell a kidney you know up to 3 000 again how quickly can this operation happen i only need one i could buy it back later it's probably it probably won't take long and maybe it's already we had

A great time during that drug bitcoiners are generating full mode uh um just for the price to crash all right i wanna hear i wanna hear from juan galt here

If you had uh if you noticed uh this uh this story this week uh about the uh fake uh not not they weren't really his coins but uh some people said they were here i mean and that that's something that i

Want to point out the whale alert the whale alert that told everyone usually whale alert is like an automated thing it was actually the guy who does the whale alert that like

Pinned it to his profile uh and put it out there and said you know these could be satoshi coins so it seemed like he was going through for the drama also why what was your take yeah i mean

It was all over twitter it's impossible not to see it um i mean again i'm with everybody else here i don't i think it's a it's a non-story but there's a couple of funny things about it one of them is

Uh there's a few people that i saw asking uh looking at the screenshots and being like what does coinbase have to do with it right it's like no it's not it's not

Coinbase it's it's the coin base it's it's it's like a word that it was supposed to be is a piece of the technology that then the exchange copy the word and now all these noobs are

Confused they think coinbase had coins in 2009 no coinbase did not exist in 2009 the exchanges copied a technical term like you would say announce right they could have called or

Exchanged the nouns but now they went with coinbase thanks coinbase for confused for confusing a bunch of people so that's what i thought was kind of funny and then the other thing was that

There was an adam back tweet where he was obviously saying that you know that though she probably wouldn't do this and everybody below it is like yeah you would say that satoshi right and

Then and then uh calvin ayer who's basically the financial backer of fake satoshi of craig wright is like well i think i mean i talked to satoshi myself personally

I'm good craig right and uh yeah he says that you know it might have been him but uh you know it could have been some of the coins of the trial of the whole scam they were trying to run and then

Samsung mao replies below yeah but you know in that trial you had addresses from roger rare from bitstam from coinbase from like basically like you just threw all the public addresses you could

At it so anything moves and you can claim that in satoshi right so it's just it's just a big uh circle jerk a crypto twitter circle jerk and uh i enjoyed it very much

Yeah that's a good way of summing it all up i think uh and you mentioned uh you mentioned some big jerkers in there too just now we won't go over all of them but hey one thing that i've forgotten

About that came out this week or maybe it was last week someone just sends me an uh a dm a good person and he says is adam back satoshi and i'm just like no

No i mean i think that's the correct answer because i get people spend so much time worrying about who it is and they come up with these almost conspiracy theories about it

Yeah no it's not man all right uh so let's let's move on people said are in the in the chat reminding us what today is it's it's pizza day a long time ago someone the first transaction ever

A bitcoin was made someone bought bitcoin or someone bought pizza with a lot of bitcoin that's worth a lot of money now okay but this is for me on this day this is what i think about i don't need to

Think about the pizza anymore i don't eat pizza i don't drink coffee either but what i think about on today is that as late as 2016 people were buying i mean bragging about

Buying all sorts of things with their bitcoin okay and let's talk about the 100 coffees that people bought in 2016 because that's what it ended up being i mean people over a hundred dollars a

Bitcoin they spent what it's worth today uh and they spent on coffee so uh i we were just before we went on air the guys were talking about lightning networks so i'm sure

We'll get into that uh because they make really small transactions with that but what what's your take on pizza day today von god yeah well i mean i'm excited i think uh

You know there's some there's it was a different time you know back then bitcoin didn't actually have any value so we were trying to give it value i mean i came in uh definitely a few years later than

That but like people were trying to give value and you know when i was saying we were all trying to make it you know expendable right because that would potentially grow the pie right

We're in a time now when you know that it doesn't really make sense to spend it and it's kind of a different culture and there's there's lots of cultural reasons why we wouldn't really do that or if it did it it wouldn't be

Really a big story but i mean it was a ton of bitcoin uh i'm excited we're gonna have a virtual reality pizza party today uh look at bitcoin vr on twitter uh stone stone crypt is a guy leading it

We're gonna do it's just vr chat you know kind of like what you meyer is doing i can never pronounce his name without reckless vr so you know we're going to celebrate it i think it's a

It's a happy moment in bitcoin history despite uh how tragically funny it is and you know if all of us i think there's a lot of us that would probably be rich if we hadn't spent any but maybe

Bitcoin wouldn't be worth as much if we hadn't spent it you know so i think we can be grateful for that all right good uh good approach there pound that like button everybody for one god all right

Gigi your thoughts on pizza day yeah well i think it's a very interesting day if you're a bitcoin historian pretty much um and like it was the first transaction transaction for a real

Good like a real physical thing i think bitcoin even had a price before that like it was traded before that uh in very very tiny liquidity of course but um yes uh tron was saying people

Were trying to figure out what a bitcoin is worth and what you can do with it and i think we're still in that phase you know like most people are still trying to figure out um what a bitcoin is worth and of course

There's a group of bitcoiners that will tell you it's worth so much to them that you just can't have any like you can't have any of my bitcoin but the ironic thing is also that you know i still use bitcoin

Daily pretty much and i also spend it almost daily especially with with lightning you know like if something is like one cent i'll just yeah just today i i got a guy's um bitcoin holiday calendar because i i

Was trying to uh do that for a very long time you know like it's one items at least one item on my to-do list that's just endless and of course i was spend some i was i

Will spend some bitcoin if it's the only thing that this seller will take and there are more and more people that are like that you know like just last week i bought some stickers for

With lightning uh and and um yeah sold my bitcoin for that i exchanged my bitcoin for that and um i know i will regret all this in the future but i also don't care because it's it's part of the progress and it's

It's actually i think it's interesting that even laszlo talks about it uh and he talked about it a bunch and he doesn't really regret it first of all he was very very early in the space he was he obviously still has bitcoin he was

One of the first uh gpu miners as far as i know and so um i don't think he cares about the 10 000 uh bitcoin or how however much it was that much uh i'm pretty sure he still

He still is around and i'm pretty sure he still has some bitcoin and i hope that we will all think about the bitcoins we spent in the same way you know like a couple million satoshis who cares i spend it back in the day

Gigi is serious man he before the show him and guy swan as he said they were making lightning transactions as we were waiting for juan so these guys are hardcore okay then let's let's hear from uh guy

Swine about uh this yeah that was actually kind of funny is like right before we got on here he bought my calendar and then i i paid for one of his uh the three cent for uh his own bitcoin dash quotes

There's one from bitcoin tina and it took me to uh the tweet from early last year um but uh that's always when when fees get high i just love i love the uh just going

Over and sending a bunch of lightning payments for just no reason whatsoever just be like what fees man what are you talking about i'm a lightning baby so dude are you are you happy about a

Pizza day do you have thoughts on it uh yeah um see pizza day is actually one of my favorite holidays um uh gigi said and there was there has been like um speculation and there was actually

One other that i found like kind of in my bitcoin holiday uh my calendar research um when i went through is actually found even though laszlo's is so famous as being

The literal first public transaction that assigned a value like a price to bitcoin um there is actually one that happened on the forums like two weeks earlier um and but it was just it didn't

Catch the attention and it was just kind of obscure on the forums and it was somebody paid um i'm not gonna remember the specifics but it was literally somebody paid like a couple of dollars

For some specific amount of bitcoin some obviously ridiculously high amount of bitcoin um but it really is though like like i think those are the most some of the most important

Transactions that ever happened in bitcoin because it was the first time someone attempted it it's it was the beginning of price discovery it was the very beginning of finding out

That okay this system worked okay we actually had a scarce system like we have a scarce thing that you can buy what is that worth and it was still this huge experiment

At the time you know like nobody really knew it was but it's like that was proof that was skin in the game of let's this thing does work this thing is working and

Like particularly if i was laszlo um and i know he feels this way because like there's been so many interviews and stuff with him on this is it like i would never regret being that transaction you know

Like i was the first one that found value and used bitcoin for for a money like that's the first you know real public example of that and that's

Amazing to to be that early and that that important of a first like bootstrapping step like just like satoshi said is like you know even if just for collectibles it

Doesn't really matter why bitcoins adopt a value actually become valuable it's just that after it does attain value for whatever reason that then it can work then it can move money

Then you can move money to anywhere anybody in the world without third parties um and they did that that was that was the reason pizza pizza was the reason now i got a

Question for you something that you you briefly mentioned and that uh gigi mentioned tell us about this calendar of yours oh yeah yeah yeah i just uh some some time ago and i've got a couple

Of little minor corrections actually to make to it um one to add in the fact that there was a transaction uh shortly before laszlo's that was public um

But uh i basically just went through um bitcoin history trying to find all the all the major holidays um and they're all just posted like publicly like you don't have to pay for the calendar the calendar is just a

Shortcut so you don't have to copy and paste all that crap um because it took a long time to actually write it all up uh but it's on the cryptoeconomycom and if you want to see like like tomorrow is

Actually uh new york disagreement day um the day that everybody that the new york agreement was signed and all the users were like absolutely not what the hell like there was outrage about

You know a bunch of companies saying we're gonna change bitcoin and there's nothing you can do about it um and i find that another another great holiday particularly for something that i thought was crazy

Eventful at the time but yeah it's just a collection of all the major events and uh moments in bitcoin's history that's a good idea good you're in motion baby making stuff like that up that's that's

A good a good product right there all right so let's uh and we'll talk about lightning network in a second uh your your lightning network news and we'll talk about uh gigi's uh

Latest article too people so pound that like button but i'll start out uh well the block we got to talk about what happened with block fi block by uh they got hacked but it was

Information got stolen from them uh i don't know who here is familiar with that on the panel wants to speak about that if anyone i mean i heard about it a little bit

Everyone it seems one got you you spoke up there yeah i'll give you my thoughts on this and i think i have to jet right after that so i'll give you a special rant for this one i mean i

Haven't really looked at the particulars of the case so the of the hack but what i heard is obviously some kyc documents got hacked some uh some person working for block fight

Got their sim card hijacked probably and then they did this hacker game gained access to the system and then they got a bunch of keywords a bunch of like selfies of people you know like uh

Probably all of us have done at some point you know just with the id card like a total pleb right getting trying to get our bitcoin stack from stats

And uh yeah that got hacked right and and and it really shows how dangerous this kyc um standard is in the digital age you know the kyc standard was developed in the banking

Industry when there was no internet there's barely telephone right like we're doing pay everything was stacked in papers you couldn't really hack a bank's kyc you have to break into the bank and log

You know boxes of paper to to do anything useful right but we're still using ancient security authentication uh protocols in the digital age so it's it's completely ridiculous

It's terribly unsafe and it leads to identity theft which is way more more devastating than somebody hacking your bitcoin somebody's stealing your identity they can open loans on your behalf they can take

Credit they can take mortgages they can ruin your life and this is the main reason that that we need to be concerned with sort of um non-biometric authentication to our

Services and and and the sort of financial services out there but also there's a really funny sort of flip side to this and is that if you get if you get your kyc sort of hacked like

This and and then you you have a kind of possible deniability you know if if if there's a loan you don't want to pay you know how do they know that it wasn't somebody that hacked your

Identity and and and uh you know and and open that on your behalf fraudulently so um i think this is this is the kind of hacks that are gonna collapse the current bike banking system and uh

There's i guess a silver lining there but we'll have to build it back up so hopefully we'll get some nice buildings and some cushy cushy couches all right uh juan so i guess you you got a jet or

Uh yeah i got a jet but thank you for having me on everybody enjoy uh the pizza day and uh pleasure being with you all right thanks for uh coming in today all right well he he brings up a really

Good point about uh kyc being a scourge uh what's your take on that gigi yeah well i think the most problematic thing about this leak is that the actual addresses

Like the postal addresses of people were leaked as well like that's quite a security risk um if someone wants to come knocking at your door and get your bitcoin they now can

And um i think in general kyc is just a terrible idea and bitcoin doesn't need any of it it's it's very unnatural for bitcoin to have kyc and i think we will continue to see these leaks and i

Think we will also continue to see these friction points on on and off ramps and that's also why i think that everything kind of has to and will develop in parallel and we

Can't get to a circular bitcoin economy fast enough because once you are in the bitcoin economy all of the kyc bullshit um sorry about that family-friendly show all of that kyc

Nonsense um ceases to matter because um bitcoin doesn't care who you are and where you live and what your postal address is um you just send transactions and i really like to take of beauty on

On in that whole regard because bitcoin really is just text and you're just sending messages and it's just a protocol like it's just a messaging protocol and

You don't need to do um kyc to use uh to use like a messenger you know like and i think bitcoin should be treated in the same way and the fact that it isn't is kind of

Hypocritical like um on the one hand people are saying that bitcoin isn't really money uh on the on the other hand they treat it in a very special fashion because um yeah they can't wrap your head

Wrap their heads around the fact that you're just interacting with a messaging protocol so that's my take on it um if if you can't avoid kyc you should like their decentralized exchanges and their

Peer-to-peer ways to acquire bitcoin and if you have to use kyc i would recommend to take your privacy in your own hands and use tools like samurai to mix your

Coins so um i think that's just common sense yeah man i i am no fan of the kyc uh and all these people all these traders signing up for so many different

Exchanges sending their passport and driver's license all over the freaking world dude it's not gonna end too well uh but hey what do you have to say guy uh it was perfectly predictable um

It's just you know it's inevitable inevitability it's a question of when that information gets hacked not if in my opinion um and it just shows it just shows like you know both of them said that how

Unbelievably dangerous kyc aml policies actually are um for the consumer uh like like the illusion at least i hope that the illusion that it's

A form of consumer protection is falling away um because at least for everybody in bitcoin i don't think there's anybody who it is so naive still and i'm that could be completely

Wrong about this but i would be uh upset to find that people are so naive is to think that this is somehow protecting them from something when obviously it's a means of controlling the user not protecting them

Um and it doesn't make sense that this is still the way we do business like it is it is the worst possible opsec for everyone on the internet it's forcing insecurity it's forcing

Weaknesses and vulnerabilities into a system that does not need to be that way um and i wouldn't be surprised if i got excited oh sorry um i just i'm excited about all these like lightning

Derived and like like keysight derived uh authentication stuff because the only thing that we can do and you know maybe it's decentralized platforms like you said other exchanges like bisque and like sort of things like

That um that move the needle potentially but something's got to change like this can go on forever like the the fallout's going to get worse and worse and worse

Well i i would hope bitcoiners don't think that kyc is uh there to protect them but there are a lot of different types of bitcoiners out there there's some that think the government is here to

Protect them from a virus so i wouldn't be surprised if some still think kyc is there to protect them now you mentioned you mentioned lightning network so i want to hear your uh

Your your lightning network thoughts we were talking about it on air some so so give the people what they want to hear they want to hear some innovative uh lightning network uh stuff that's out there all right so uh

I've been playing with every time fees get high i start playing with lightning again um just partly just for fun just to uh kind of self brag um but uh uh there's been a lot of

Interesting developments lately that i've been trying to take advantage of and one that i haven't really gotten to play with yet is multi-loop um but probably in the last

Three weeks i guess there's been like five or six really really big updates so multi-path payments have come to lightning and i'll give you a little brief uh lesson here for anybody who

Really doesn't have a visual grasp of what lightning is um so rather than sending a normal transaction where i would send a bitcoin to adam here um what i do is i open up a one bitcoin

Channel with adam and what that means is like um think about like when you're you know you like have a little foosball game and you have little points over on the side and you can slide them to your side

Or the other side um that's that's basically like a channel and that's what we do is we make payments back and forth and we slide bitcoin um from his ownership to my ownership but because he has other connections in

It we can do this in like through like a uh you know the phone game like we can do it through a chain but the key part is that we have these channels

I want to open up multiple ones into the network but that means that i have individual channels that i'm limited for spending and a multi-path payment is something that has been in the works for

A long time where you can use all of your different channels at once as if it's a single balance which is critical you don't want you know it's weird to like if you have

Money on lightning or money on bitcoin like it needs to be one balance you know you don't want to be like oh you have 500 on lightning but you can send up to 100

Payment it's like why that doesn't make that feels odd um and that has finally released very recently and multi-loop is the ability to um basically refill or empty all of your

Channels at once at one time again it's the move from lightning being this kind of weird user experience that you know you have to know what you're doing you have to know what you're

Looking at to you have one balance and you can send payments and the client on the back end is doing all of the confusing it's obscuring away or hiding away all

Of the complexity uh in the background and i think that's a huge development because it just makes it so much more um capable i guess you could say the ability of better functionality and a

Better user experience is is a major major step in my opinion um and then at the same time uh we're seeing the security of it mature um and they just raised

The default limit for the client for how big a channel can be you know so every channel comes with a certain amount of risk you know you got to have good backups you have to be able to watch the network

So they they kept it really small to begin with so you couldn't move a lot of capital and i think that's why exchanges and other services haven't really adopted it a lot because there's

There's really small limits there's basically the protocol itself is saying be careful you know this is getting risky and the fact that they just upgraded that that they just said okay now we can put you know 500

Or a thousand dollars as default in the channel it's saying that this is getting more secure that this is maturing where it's it's no longer as reckless as it has been to participate

In this thing and that's a really exciting thing to see the people the developers or whatever who are all about adversarial thinking and spend their days and nights trying to figure

Out how to break this thing and then re-fix it that they are growing in confidence that's cool i think i think this is another major step um but then there's then there's like

Lsat there's update to the rtl um uh interface there's sphinx um uh chat that i've been playing with which is awesome it's you're using lightning to send

Encrypted messages back and forth i've been playing that with uh paul um and been trying to get i'm trying to sneak invites for people since it's still beta um but i love this little thing it's

Awesome what exactly is the lsat lsat lsat is uh um the you know how uh the internet http um protocol had a 402 payment not found this old error code that never found the use

Um i've been sitting there for you know 25 odd years whatever it is uh well it finally has a use um uh lsat is a a web-based um lightning authentication it it it combines like

Your normal like uh macaroon your a proof of payment on lightning and then what's the other one i guess it would be like the url or something like that i i can't remember exactly

The the technical back end um but essentially it's a way to it's like a it's a proof of payment that allows you to authenticate who you are and what you have access to without usernames

And passwords um without having to sign up for some subscription it's sort of like paywall except that instead of just paying for access to the link you're paying for uh for activation of a token that

And not like not like a you know all coin token not like a garbage thing like that but like an authentication token like you know everything that you do online when you're logging in um

And uh and that gives you access to the thing so so it would be your lightning public key and your token that is actually uh allowing you to move around and do things have access to certain things

Behind paywalls so that if you move browsers and you're not logged in anymore you don't suddenly lose access to your article it's based on the fact that you've you've paid for a token sort of

Thing um but it's it's hard to explain without a bunch of examples of the value of this but essentially it's a native integration of lightning payments

And your public key as an identity into the web um and it just cuts so much of the unnecessary steps out of the entire process and really cleans it up and helps solve this whole kycaml problem uh by

Not having that your identity isn't attached to it it is your your authentication and your proof of payment that is your your authentication on the web not who you are not your username not your

Personal information um so it's a it's a bunch of it's a subtle thing but i think it's a another really really big improvement beautiful gigi any any thoughts on this lightning

Stuff you were playing around with it uh before the show started yeah yeah a couple like um uh to piggyback on on lsat also um there are a bunch of narratives from

The early days uh andreas antonopoulos popularized some of them like uh streaming money and paid apis and also this one step in that direction like you can actually

Think about doing stuff like that with such a mechanism and as guy said you can use it basically for two things for one for authentication but also for actually paying for services on an

Internet level like really integrated in uh as as a at the protocol level and you can think of it as a as a reverse proxy for the http 402 error like you can put services

Behind it that um that you actually have to pay to access and there's no other way around it so i think it's really really interesting from a technical perspective and one thing i

Wanted to point out because it's pizza day and we're talking about lightning i know this because of guys calendar of course so another shout out to that but there's also the lightning pizza day because laszlo who we mentioned before

Who bought the actual pizzas he was the one who again bought two pizzas on the on lightning network and uh it was one of the earliest real world transactions using lightning as well

So again as i said he's still sticking around and doing awesome stuff and that's on uh that was on february the 18th so it was on february i was i was just looking it up i was like when was

Lightning peak today february 18th 2018 that guy was a pioneer in spending definitely man wow yeah yeah of course he probably still is so we we have two pizza days

So two two days to sin you know all right that's a good way of looking at it okay so let's i want to give you the floor here gg to

Tell us about your uh latest article and to talk about the book too but tell us about the article yeah yeah you know the book is kind of old news for me because i i wrote it like over a year ago now and the it's

It's recent news because guy actually uh was able to put it on audible so it's not a very very official uh audiobook as well and everyone can get it there everyone can still get it for free

As well but if you're so inclined you can pay for it and get rid of the dirty fiat with audible and um yeah i wrote a bunch of things after 21 lessons and i'm i'm still

Writing like i'm still writing every day and if if it's good enough to be put into an article i i will try to continue to do that and i was i was writing

Actually a series of articles which i called um yeah letters letters for the next era like for the next epoch and i was writing for three audiences once for the legacy people which like

Traditional bankers and people that are just not born on the internet and just will never get this probably you know the people that have to die off for hyperventilation to happen and i was

Writing one for uh bitcoiners which is called dear bitcoiners which was a very optimistic letter to a bunch of known and unknown friends around the globe

And uh the last one was dear friends and family and i wrote this one because i i still have kind of a a double life that i'm living you know like my bigger life and my regular life and

Uh they're in the process of merging but it's it's also kind of really hard because uh i'm a name and i i don't use my real name and uh it's it's also hard because um i'm still having a very hard time

Convincing my friends and family bitcoin is an actual real thing you know like i'm from a first world country we have a working banking system um it's still funny internet money to to

Most of them and nobody really takes it seriously and i was just putting my thoughts into this letter what i actually want to tell everyone you know like it's an

Accumulation game and we are all running out of time so if you're near and dear to me please just start stacking some stats like please just believe me and just do it and i don't have the time to explain it

To you you know like as also as satoshi famously said like if you don't believe it or don't get it i don't have the time to explain it to you

So i wrote this letter and my plan is that now whenever someone asks me if now is a good time to buy or what about bitcoin or what about this shit coin i would just

Send them this letter and it's a distillation of what i've learned as well i try to keep it short i mention where i think things are going i mentioned the most common

Um pitfalls like people think that the coin is too expensive because you have to buy a whole coin of course bitcoin is old technology and bitcoin is too complicated and it's risky and speculative and all

All that and the bitcoin will be replaced like it's you know the multi or myspace or whatever so everything that a complete newbie that is misguided might think should be in there and a link to some

Other things as well and it's basically just my way of saying please please please do it for yourself just start stacking sets and you might be saved in the future all right so it is linked to below dear

Family dear friends people been retweeting it talking about it so there you got the author describing it so thank you uh for that and keep on writing keep on uh

Keep on doing your thing being in motion over there so let's let's talk about uh what was alluded to beforehand uh the mempool it's filled it's crowded over there the fees are getting higher

Uh guy your take on it uh i'm i'm excited uh this is i've always you know bitcoin is an adversarial system right all right it's it's it's about overcoming anything that could kill it

It's about uh sustainability it's about knowing that it will survive for the long term so when bitcoin gets stress tested those those i think it's it's anti-fragile like without pressures it does not

Properly improve it does not grow um you know the the worst thing for bitcoin is that everything goes easily and happily for another decade and it has no stresses and then suddenly

Something happens that would be the worst case scenario and i think that um with right now particularly with the development and the improvements on lightning

And the further i think building out of that infrastructure we have been in the honeymoon phase for too long like there is a third era of bitcoin that has to happen we have to move this over to fees there

Needs to be a point where the mempool is literally always full that we are like persistently 10 blocks behind whatever it is um because otherwise

There is no security market for bitcoin when the subsidy ends and because of that um and particularly since like with fees the dynamics of lightning opening and closing channels shift

Um and one thing that makes me really happy even though it kind of in some ways like i kind of feel bad about it because i'm like oh good more work for the developers more complication like i kind of feel

Like i don't want to push that on anybody but at the same time all of those conversations have shifted to okay so what were our caveats what were our fallbacks when fees were high

How do we secure this htlc one fees or more than the payment like like all sorts of things like that um and it's necessary that we address that um plus we already we're in a place where there's only like

Uh we've kind of plateaued at 60 adoption of segwit addresses um there's still a lot of the network that uses legacy which is much less efficient like

If we all updated to segwit we could you know move our 12 megabyte 13 megabyte 15 uh uh meter up to you know 18 megabytes two megabyte um blocks

And this is exactly the sort of thing that finally makes pressure for the companies or the services or the users of the wallets that did not upgrade when they're paying a three dollar fee

When they could have paid 92 cent fee it's you know it makes sense to finally push the finally pull the lever on making that shift so again that's pressure for this and it

Has to sustain for you know weeks on end for people to realize that okay it's time to do something about it um so i i really just see this as a necessary pressure and something that will just

Continue to push this thing to get better and figure out what this market is going to look like in the third era way ahead of actually solving all the problems before you know

Time runs out essentially bite the bullet fix it now figure out how it works and make it robust and sustainable for uh a century to come all right that's a really great point on

The people that haven't gone segwit yet if they're if their fees are getting higher than that this will put some pressure on those dudes to jump on the uh the segwit train you said some

Controversial things there it's great i i that was a good uh that was a good rant gigi your thoughts uh on the high fees and crowded mempo yeah well you know um fees are always in

A quantum superposition like they're always too high and too low at the same time and people will moan about them in any case like if the fees are too low

You will have a whole bunch of people telling you that bitcoin will never transition to a fee based security and it will die because miners will stop mining because

The reward is too low and so on and if they are too high then people are complaining that they can't buy coffee on the bitcoin base layer and so you can you can never you know like um yeah you can

Never make it right with the kind of piece um it will always be like this i imagine and i just want to remind everyone that we have another technology that never scaled and that is the internet you know

Now now we have 4k streaming video and you have people complaining sitting in airplanes and the airplane wi-fi can't stream 4k youtube videos and uh the internet is just bad you know it was always bad and it will

Always yeah it will always be bad and i think that bitcoin on the base layer will be exactly the same way it it will it will never scale and if it actually works and will continue to work and gain traction

And adoption then it will always have scaling problems and uh yeah as guy said as well the blocks will always be full because also they will have to

Be full and um we will solve scaling on on higher on on on higher layers i'm i'm sure about that and it's it's a good problem to have in my

Opinion like i'm i'm excited as well it means that um people are transacting it means that you know bitcoin is entering a a larger audience again and it's yeah again this is good for bitcoin as

As all things are a good quote-unquote problem to have when people are actually using it that's and sending it around that's that that's very good okay i want to thank colonel swan jr sent me five

Dollars in bitcoin before the show and he wanted to say happy bitcoin pizza day well happy bitcoin pizza day indeed thank you uh for the the sending the bitcoin and supporting the show

Uh let's talk about uh some other news i think it was from the beginning of the week uh but the 365 day moving average uh for bitcoin reached an all-time high now i don't i'm not a fiat

Freak out there but i thought it was uh it was notable that it hit 9531 dollars and for any year period of time you can circle that's the highest average daily average ever so i mean

Uh things are we've had some peaks and troughs and now we're we're steadily we're steady going up and the average of the last year is uh

Five three one and it's never been that despite that it was you know over nineteen thousand dollars for a day or something uh that's cool i didn't even know that yeah yeah yeah that this is this is the high

So uh then you learned something new on this show every day people you got all right best guest in the space here all these dudes what what did you so

What's your initial reaction to that then that guy's one uh yeah that's that's awesome i mean i mean it goes to show that you know like if you stop looking at the day-to-day if you

Stop looking at these little short-term meaningless charts um then and you know trying to assign every damn five percent move to all this look what happened in this block oh did you hear that china farted

Like like you know whatever the heck it is like we're constantly trying to over analyze the noise you know like it's trying to it's like trying to point at like these giant weather patterns when like one

Breeze comes across your yard it's like oh it was look at this cloud over here like it's just nonsense but if you take a step back and you stop looking at all the wicks and all the one big fat candles and you say what is

This thing been doing we're growing bear market supposed bear market aside we've just reached an all-time high on the 365 day moving average that means we have sustainable long-term

Growth which has been the argument since the beginning that that's what this is designed for ignore the day-to-day and you see that yeah i mean that was what you just said

That get rid of the noise people long-term thinking that's what he said and that's what this is all about that don't get obsessed every day with the what did satoshi do

Just take a few steps back and when you take a few steps back you see this that's one of the statistics you see that it's a all-time high in terms of the moving average i'm sorry to interrupt you there i thought you were

I don't know this just this this best case ever or best uh example ever for the case of you know auto dca swan bitcoin like you're buying every week every month uh cash app does it now

Bull bitcoin in canada amber app in australia like like just auto buy over time slowly and stack sets this is a long term game like and that's a that's a great example

Of why dude man you're dropping some good names they've all been on the show the amber app of course and uh swan dudes all sorts uh gigi your thought any thoughts on the uh

Moving average yeah um first of all it was news to me as well like um i uh i don't see charts um on my feeds because i'm not interested in trading

And i stopped looking at price in general like two years ago so the only moving average i care about is the amount of sets moving in average to me and and i exactly and i in in general i

I agree uh with everything that guy said and uh what he said previously about the the phases that bitcoin is in um and that we will have a next one i really like

The view also of the new stock to flow model that plan b um put out the stock to flow across asset model and i i really like the way of thinking that bitcoin went through a couple of

Phase transitions already and we're now entering what he calls phase five and i think this is just another indicator that it's probably about to happen

Because it happened before that uh bitcoin will just settle on one price point which is like 10x i higher at least than the previous one and then it will go sideways for a while and uh you know

We people are now freaking out because it dropped to like 9k or something you know which is insane the price point at this level i think was like 7

800 or so in in this phase and what that tells me is that probably you know uh as as before and as we like to say in the space it will happen gradually and then suddenly i think bitcoin will kind of

Steadily keep climbing and once once it really hits maybe new all-time highs or is that a certain point where people are uh paying attention again and who knows who who's

Paying attention this time you know like last last hype cycle it was regular people for mowing in and now we have some in investment guys you know like we have the book why buy bitcoin

Which is really written for an investment type audience and for professional investors with uh professional investment portfolios that uh take a very good and close look at bitcoin and we also just have the

Fact that you know as many people like to say it's the best performing asset of the last decade and if you're a professional investor and your job is to make your clients money then

The time to ignore bitcoin is is passed and i think the moving average and the fact that it's as high as it ever was it's just an indicator that we're about to hit the next phase

And that's that's of course exciting but i couldn't care less about the actual dollar price like i i care i care way way more about you know the fact that the blocks are coming in that's all that

Counts yeah like we said just before getting on to this is that the the the price going down is what makes us panic buy exactly one

Bitcoin one bitcoin equals one bitcoin that's his freaking price right there i'll tell you well uh we i didn't get your take on uh we're talking about different

Phases of bitcoin uh we we just had the having we'll have the 2024 having pretty soon i think uh yeah what do you guys have any posts having uh wrap up thoughts

Yeah i can i can jump in there like um i think the halving was awesome this time like it really felt like new year's eve and the great thing about it

Is that it even improves on new year's eve because it's happening at the same time for everyone like we have no time zones in bitcoin so i never thought about that it was a really awesome upgraded

New year's eve and i love how everyone was you know like running around in vr and on live streams and like yeah happy halloween to you yeah happy halloween and everyone was waiting for the last box to come in and

It was really cool and it's also kind of unpredictable you know because of the probabilistic nature you you you can't really do a countdown or anything it just happens and then you're

In this next epoch and i also loved how people were like listing their accomplishments of the last epoch and what they did and what happened in their lives and laid out the plan for the next epoch

Like i want to achieve this and that and that and i i really love it how this is shaping up because four years ago it was kind of a non-event you know there were some

Smaller parties and uh some very you know like some news articles and stuff like that and now it felt like it was a worldwide event even in the news you know like discussed on cnbc and people were

Talking about evolving and how it is the opposite of quantitative easing and bitcoin is doing its quantitative hardening and i really like it like it's it's it's so great to see

And also i just want to remind everyone what we're doing here is serious business like all the meme craft and everything we took we do on twitter it will end up on cnbc like two weeks

Down the road so choose your memes wisely measure your time and havings pound that like button all right guy what's what are your thoughts no beautiful everything that gg just said

Um like i uh it's it's so cool to me well just just one to have so many people now to share my enthusiasm with on this um but i never even thought about the fact that it's it's something that's that uh

You know new year's is uh because that was that was immediately you know the liking to it it's like oh my god everybody get ready for the count the block countdown you know um everybody got a live stream and we

All had shots ready to take when the block came in and uh also like amazingly we had like a bunch of people in the group watching their own node as opposed to you know watching some block

Explorer uh you know bitcoin magazines broadcast with the with the blocks up there um and uh uh but it was it's just really cool to see it become like this

Cultural thing and that's one of the beautiful things about bitcoin is that it is it is a culture like like things gravitate around it you know um and it's so cool to see

This evolve from you know the couple of people in the last having who are like oh it's cool and you know i kind of did my own thing at home and

I posted a tweet about it you know and now it's like these huge vr parties everybody we had like 40 people in zoom uh all uh just from the the crew and like the raleigh bitcoin meetup all

In watching the having um and how epic is the next one going to be like like we're gonna have to we're gonna have to pump up our game man and and the the number of participants and

The number the scope of the market in the network is going to be if it's not orders of magnitude then i i find that i find that a silly thing like the real

The real flipping you know the real flipping will be when the bitcoin halving is a bigger event than new year's eve i'm gonna tell you that hell yeah hell yeah i gotta say i like how you

Pointed out that i never really thought about that uh that it's the same uh time zone everywhere i mean it it new year's eve there's 24 different or whatever

It is uh different new year's eves and having is everyone's celebrating it at the same time as opposed to you know in los angeles they celebrate new year's eve one time new york at the other time but

All right let's get to our wrap-up part is the end of the show uh you guys can talk about things that were left off anything you want to promote uh we'll start with the guy swan um

Yes so the show is no longer the crypto economy i'm still keeping i'm gonna make it part of the crypto economy network because we've got a lot of things coming and we're pulling in the raleigh bitcoin

Show um and trying to make a joint feed and there's a whole lot of other stuff i want to do to expand this thing and add new educational materials new shows that sort of thing so there's

A lot of stuff happening there but the show has officially moved to bitcoin audible um which i love and i've been kind of so many people have like referred to it as the audible of bitcoin and i've been

Doing that myself for months and months and months it's time it it's always been a bitcoin centered show and i'm i'm really happy to have finally made that next step in putting the

Library together online to to really make these for well you know dear friend dear family dear friends gigi's recent article read it on the show we got it available on audio so if you wanted to listen

Um uh you can go to the bitcoin audible podcast and scroll down i don't know which i don't know which number it is i do them daily so um but yeah you know speaking about podcast

Uh do you think it's uh i think it's a real positive development that uh joe rogan has gone uh to uh spotify i think do you think it'll boost uh the interest in a bitcoin podcast get some people dropping

The youtube habits and maybe into into the podcast land i think it's more of a i think it's more of a responsive thing like it's it's it's sort of a proof of concept of or a proof of

The value and growth of podcasting um that the spotify that there are huge investors and huge companies and very serious actors realizing what the potential here is

And that we want to we want to buy land while it's cheap similar buying bitcoin now is it like holy crap like i i need to be prepared for a couple years down the road

When this is really a game changer and i think that's just kind of a further declaration of the value of this thing and it's the biggest show in you know in podcasting like joe rogan has the show um

So i i don't see how it's a bad thing like i don't you know i listen to i have spotify for music and stuff and i usually only listen to joe rogan uh on like specifically the episodes that i'm interested in you know like

I've listened to one at every eight or something like that um well yeah i'm i'm happy for him i hope they paid him a crap ton of money for it and uh yeah they did it was a hundred

Million dollars i believe isn't it is that right i thought i thought that was just like speculation but if oh okay maybe it's a lot whatever it is i'm sure it's a monumental amount of money

But yeah totally fine with that yeah and more power to him i'm glad all right podcast we're talking you never know what you're gonna get on this show all right we'll end it with gigi what are your

Final thoughts anything we left down anything you want to talk about yeah i i have some final thoughts actually on the joe rogan moving to spotify thing um i'm not sure if it's good or bad because

One of the great things about podcasts is that you that they are actually decentralized like um it's great that you have an rss feed for every podcast pretty much and you can listen to it on whatever

Device using whatever software you would like it's an open system and spotify just isn't so um i will probably boycott uh joe rogan um and if i listen to it it will be on a pirated

Rss feed so i think every move to a closed system is kind of a bad one but of course good for him he obviously made a lot of money with this decision

But we will see we will see how all of this plays out um uh it's it's it's good in that sense that maybe youtube rethinks some things and some other platforms rethink some

Things um because obviously some parts of the internet are kind of broken and uh it would be just in the interest of humanity to fix those parts and yeah those are my

My thoughts i'll say like because because i i highly identify with that like concept of like rss feed like just the open nature of podcasts

Um but i think just kind of from a general like like market perspective i think it was inevitable that it ends up being a shared thing in the same way that like we can't really avoid

Bitcoin having custodians you know or uh third parties or banks or whatever like if this thing is actually to be the value that it's going to be um is that we're going to see centralized services and

There are going to be people who don't hold their own keys like that sort of stuff um and in that same way it's like while there are open blogs and all of that stuff there are pay for blogs there

Is content behind paywalls and subscriptions um and i don't think i don't think it's an indication that we're going to lose the openness of podcasts like i still

Personally would never do that so i don't know i think it's i think it's just what becomes the norm you know like bitcoin will always be an open system it will also rss feeds

Will always be an open system and whether you're doing news feeds with radio podcasts it doesn't really matter and it's fine if you have custodians uh for bitcoin and it's fine

That you have centralized platforms i'm perfectly fine with that what i'm not fine with is for example the current norm that if you're a certain like if you're a comedian or something and your content

Isn't on facebook i'm just you know i'm just pulling that out of my ass but just one example if if you're if you're not on certain closed platforms you just don't exist anymore and i think

It's a very dangerous um trajectory and the same is true as for search of course like if you're not found on google then you you'll exactly basically it doesn't exist

And that's a good point because we just ran into this with audible right yeah like there you go yeah and i think you know i personally believe that uh um we can have the best of both worlds

And i actually know that firsthand because my book 21 lessons so final shout out of the show it's available on audible you can buy it on amazon you can buy it for kindle and

You can also read it for free online and you can also listen to it for free online but many many people choose to pay for it i'm not sure if it's just to support me or support the cause or out of

Convenience i would guess that most people just do it out of convenience because they just don't know that book is available online and they don't know that you can listen to guys podcasts and just get the same

Thing pretty much some people just you know they type in bitcoin book on amazon and they they buy the first three that pop up and and that's that's the reality we currently live in and i just want to

Point out that we kind of need the open systems very much so because otherwise the internet wouldn't be what it is and we wouldn't even have podcasts and

Uh all the all the beautiful things come from open systems basically and um we should not forget that and be very cautious if we move to closed systems yeah all right on that note dudes

Best freaking guest in the space everybody pound that like button bang that bell you get uh this weekend bitcoin show every friday

We'll be back next friday and you get a new show here every day i've got that conviction baby all right i'm adam meister the bitcoinmeister the disrupt meister thank you very much

Guest uh shabbat shalom and tomorrow night we'll be back on the air with the beyond bitcoin show and so thanks everyone have a great friday see you tomorrow

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