The Bitcoin Group #334 - Proof of Reserves - Minin

The Bitcoin group, the American original, for over the last 10 seconds, the sharpest sitoshis, the best bitcoins, the hardest cryptocurrency talk. We'd like to welcome our panelists, Josh Gala from the standard dot IO. Well folks, another week, another week. Well folks, Martin Wismer from General Bites. Howdy ho. Ben Arck from LN Bits. Hello. And I'm Thomas Hunt from the World Crypto Network, moving on to issue

proof of reserves. And we expect to see more proof of reserves in the future. Josh Gala, what do you think about Binance stepping up to the plate and proving their reserves? Yeah, it's a massive step forward. I think the well done. Finally, it's it's very late in the game though. They should have done this. And actually one of the biggest things that I'd like to see

that I've seen now is that coin market cap actually has a page dedicated to exchange that list reserve. They haven't even listed Valtoro. Like when we've been there since 2015. But we we have a really that was the whole point of launching Valtoro because when we invented the glass books protocol, which is actually easier to read than proof of reserves, which is by the protocol by

Gregory Maxwell and Peter Todd. It's it's just easier to read that that's that just gives you a tick. But if you don't understand Merkel trees and stuff, you kind of just have to trust a tick. So yeah, but anyway, the only issue I see with proof of reserves is that there's no real proof of liabilities. And because an exchange could go off to a bank or

something and say, Hey, we've got all these assets. Can we ever loan and it's all on paper. You don't know. So that this is the issue with proof of reserves. You don't see the proof of liabilities. That's the great thing with decentralized finance with defi when you lock up assets into a smart contract. You know how many people are borrowing against the asset. You know how

much assets are in there. Like everything's transparent and in the system and and and the legals are it's regulated by code. So I think at the end of the day, people should just head towards defi and drop centralized finance altogether. Well, and previously, Josh, there was one exchange that proved their reserves and then transferred the money out the next day. It turned out as a temporary

loan put up to prove the reserve. So it's very difficult to say whether they're proving it or if they've proved it just once as like a magician's trick to like fool you and then keep going. Yeah, yeah, yeah, exactly. And this was the good thing about the glass box protocol. It was real time constant. So anybody could check in real time. And we wouldn't know that

they're checking so we couldn't fiddle with the numbers. But when we shipped it around to all of these exchanges, they didn't want to take it. And I figured, well, it's because they're in fractional reserve. So let's just build our own exchange. And that's actually how Valtori got got started. Yeah. But anyway, it's good to see that finances doing it. At least it's a step in the

right direction. I definitely think defi is better. So I agree with you that it shows the crypto reserves, but it might not show the euro and dollar reserves that are on there. And I don't know. It doesn't really confide me with a lot of trust. If I see all the shit coins listed, then that gives me this trust. So yeah, it wouldn't work for me. I

noticed though that others like Nexo, they've got a third party that does the auditing for them. Also this Merkel tree style proof of reserve. So it's something many exchanges are working on. I think it should be mandatory. So yeah, maybe something good comes out of this whole FDX drama after all. So yeah. And do you also think that it'll lead to people using exchanges like they're

supposed to be like an exchange where you go on there, buy something for something else, and then take it off there, maybe even putting it into your own home cold storage. I always tell people that an exchange is not a bank. They have, they have a totally, the different type of company and the exchange. Well, often, runs away with your money. Well, banks can't be trusted

with it either. So the only way is a story in your, in your wallet on your own, on your own hardware wallets. I mean, if you're buying for hundreds of crypto, then at least spend the first 60 bucks on a proper wallet. It will save you a lot of FDX later. And it's funny, because in many ways Satoshi invented Bitcoin, because he was upset about the

banks and how they'd been managing their money and their mortgages and all the other things they were doing. Mortgage back securities and so forth. But then of course, the immediately, the immediate thing that humans did is created places like coin base and blockchain.com where you could store your keys with them. And you can trust them that everything will work out fine. Then arc, what do you

think about Binance and their reserves? Yeah, it's a separate direction and a big props to Josh, but trailblazing and then also cracking for more recently for kind of setting the bar that exchange should be having these proof of reserve. Systems put in place, send up, buy lots of following suit. And they do also plan to have regular auditing as well, which is good. You know, an

outside body coming in and auditing the books. Currently, it's just a Bitcoin, then they're going to try and do it for Ethereum or the, you know, things. Use these merpautries to say, yeah, they do have the Bitcoin, whether they have the private keys, I don't know. So I can't imagine this is this system is all like in a hot wallet. It's going to be in cold

storage. So there is a bunch of things you should go wrong. And that's why I suppose you have like a mix of match approach and then you have some external auditors coming in, who also verify the funds are there. But it's just such an eye watering amount of money these people have. And quite quite incredible. There's half a million Bitcoins on Binance. It's kind of like,

man, McDonald's had those signs and it said millions and millions served. They should put a little counter on the corner of Binance of how much you trust them. You trust them 500,000 Bitcoin worth. That's an incredible amount of trust that we're extending to a company that doesn't even really have a home address. I guess, yeah, this is why they put in these things in place because

people, you know, we built these amazing tools. Again, like Josh said, you know, we, we, we, we, we, we, we, we, we, we, we, we, we, we, we, we, we, we, we, we, we, we, we, we, we, we, we, we, we, we, we, we, we, we, we, we, we, we, we, we, we, we, we, we, we, we, we, we, we, we, we, we, we, we, we,

we, you know, really a few questions that you haven't fastened here, for example, Ruby Lyft. And we should all move to, you know, decentralized exchanges at some point, but I suppose if people do then having these safe, they said measures in place, uh, every helps, but it's quite credible that we're able to make the same mistakes again with this new technology, which supposed to prevent those

mistakes. Well, you see the same discussions out everywhere. They're like, it's too hard to have a hardware wall is too difficult to learn this stuff. But if you had your money in FTX and you'd bothered like Martn said to buy a $60 hardware wallet, even if you don't need to transfer to half of your funds out of the centralized exchange, you would get to keep half

of your funds. They wouldn't be gone. You wouldn't have to worry every time you read the newspaper or news.google.com. Let's move on to the exit question competing against the Bitcoin predictor ball, the greatest and most knowledgeable predictor of all Bitcoin. Will the price of Bitcoin be higher this time next week? We did see a little bump upward, maybe a short squeeze, then we went immediately back

down. Josh Schigaller, are you optimistic or pessimistic? I'm optimistic. Um, it's been a long, long winter and the weekends of sold, unless there's a big, another calamity, which is sort of some sort of contagion, which is highly likely. It's also, so, um, but I get a, even if that happens, like you saw with the FTX, FTX thing has been so grand of magnificent in its, this

big ableness. But the price really, it knocked it down, but it's sort of has been surprisingly just going sideways. And that was the end of it. Now it's sort of heading back up. So I think the weekends have left a long time ago. The strong hands are just holding on and that shock in the system was just the last of them. And now, yeah. But saying

that on a wider macro market, you know, the crypto, it doesn't matter what crypto might, if the whole global market is going to be a big deal. The global market starts to really have a massive disruption. We'll see. The good thing is, you know, usually Christmas brings spending stimulus. So yeah, a doubt it'll happen this month. Martin, higher or lower? Actually, I think we'll be higher

this, uh, this time next week. I emptied my entire bank account and brought it to the exchange and bought Bitcoin. Then transfer to my wallet. But yes, I am super bullish this week. Bitcoin will and higher. Incredible optimism. Also, I emptied out my centralized exchange accounts and took the losses. So of course, that's another important bottom sign. Ben, arc, higher or lower? I'll go that one

else higher. Although I've got a feeling in my gut that maybe. Yeah. I sure like we've had that there was, there's a lot of fun. I mean, the F tech seems obviously awful. Terrible. But there was plenty of negative news cycles around it, which we've got people are scared and loosened their grips on them. The Bitcoin and the start selling the Bitcoin. Um, but I'm just,

and then I kind of felt that maybe we like oversolving them, but I'm kind of feeling that, you know, maybe there's still some time. I'm pressured to come. But yeah, I'll go over one of the higher. I'm incredible optimism. Obviously, we're looking at a huge fall here. Let's see if the ball agrees. Will the price of Bitcoin be higher this time next week? Very doubtful. Very

doubtful says the pessimistic ball. And I also want to go with a bonus exit question here, because I'm just curious to see what you guys think. To me, crypto has always been a generic term for Bitcoin and other crypto currencies. It's like Kleenex or band aids. It's a generic catch all that people use. But lately on Twitter and other places, there's been a movement to separate

Bitcoin from crypto. And while I do think that Bitcoin's different than all the other altcoins. I don't think that we can ever separate from crypto, which is part of our brand name. It's part of cryptography. It's part of how the system works. I just want to get your guys opinion really quick. Josh, what do you think about Bitcoin versus crypto? Yeah, I mean, this is the

world crypto network. You know, and you guys, this channel specifically has been just mainly about Bitcoin for years. And of course, we cover the bits and other pieces. But, um, yeah, it's ridiculous. This is a cryptography. Is the cornerstone of what made Bitcoin, you know, the SIFPunks tried to use cryptography to have a rare digital asset. And so some people never liked the word crypto, especially

cryptographers, because they're like, no, crypto means cryptography. And so Yeah, but they're not trying to separate that. They're just trying to separate Bitcoin and crypto. Yeah, I think it's really odd like they're trying to do damage control. And I just don't think they're going to get damage control. And then they're kind of angering all the people who do like crypto and who are interested in more

than just one coin, which is, you know, up to you, you make your own decisions. I say this crypto and then it's altcoins. Exactly. And if that's a whole nother argument, maybe we call them other coins. But Martn, which mayor, what do you think about Bitcoin versus crypto? Yeah, well, okay, Bitcoin is the cryptocurrency, the original cryptocurrency. So yes, crypto, but crypto has been abused so

often in so many scams that I think in 99% of all the cases where you see crypto blockchain, not Bitcoin. It's like take your money and run. I mean, it's a scam. So I do understand the whole sentiment. Like, you know, we're not going to be able to do that. Bright of crypto, we are Bitcoin. But yeah, you know, you can't deny that Bitcoin is a

cryptocurrency. So yeah, yeah, I think we should have been the world Bitcoin network. Well, historically, we would have done that. If James, D'Angelo hadn't gotten to it first, James, who did the Bitcoin blackboard series which is a great series. He was a professor and he drew things on a board. It's unbelievable to watch it. Bitcoin's like a 300. And he draws this, you know, S shaped

curve and we're riding the top of it now. But for a couple episodes, there James was calling himself World Bitcoin channel or something like that. And we're like, well, we can't, we can't steal from this guy. And plus we thought crypto is a level up where we could discuss everything. And I think it's a catch all for me. Ben Arck, what do you think about Bitcoin

versus crypto? Yeah, I'm only speaking for what, you know, crypto is crypto cryptography. That's what it's short for. Cryptography. So I think it's like a co option of the word crypto. I don't like it. I think it should be stuck for cryptography. And I think it's these are crypto currencies called digital currencies. There's probably more fitting for the wider industry because there's a whole bunch which

don't really belong cryptography. So digital currencies. And then Bitcoin is a big deal. And then we're using crypto cryptography. So when anyone talks to me and they say, oh, yeah, you know, I love Bitcoin and crypto. I'm like, and I know they're talking about cryptocurrencies and these digital currencies. It kind of makes me wince. And I was saying, Cryptography. And I feel sorry for all those

cryptographers who, you know, it must really rock them up the wrong way. So yeah, I want to those assholes. Sorry. There are three, three unique skies with long white beards who are cheering Ben's answer. But there's only three of them. Moving on to issue two issue two New York governor signs proof of work mining moratorium into law. Yes. Once again, New York leads the way as

they did with Benjamin super Nintendo, Loskey and the bit license in banning new technologies. As predicted on this show, proof of work has been set up for the new state. And proof of work is the enemy. New York says no more proof of work mining because it's dirty. Martine Wishmare. What do you think about New York's stunning decision to be first once again? Yeah, I think

it's really bad. It's probably lobbying by environmentalist or this ripple pre-mine scam guy that just want to get rid of proof of work. I think it shows that they don't understand what it actually is. On the other hand, maybe they do. And they want to get rid of it because traditionally New York was like, a finance up and Bitcoin is more of a sort of finance

power play from Silicon Valley. So these two don't don't match very well. So yeah, I think it's ridiculous. Bitcoin will not be censored like this. New York, okay, maybe no New York, but I don't know. Most of the mining is not in New York anyway. I think the really disappointing part is that Adam back won't be able to visit New York. So we're essentially denying all

of New York state of the wisdom of Adam back. Ben Arck, what do you think about New York and their POW mining moratorium? Thank you. It's good. It's a good bill because it's not banning proof of work. It's banning mining, Bitcoin mining using fossil fuels. And it's saying quite openly within the bill that open to Bitcoin mining was renewables. And it's also not a ban. It's

a season. It's it's stopping issuing new licenses, allowing people to set up big Bitcoin mining operations in New York state. Large of the back of a country I see around things called Greenwich energy generation. They do some Bitcoin mining in some of New York. And they produce a lot of horrible smells and the locals are complained about it. And these New York senators have reacted as

you do from from your public public opinion. There was a great proposal. By the BTC policy folks at BC policy.org by a year ago where they suggested, because there's already measures in place for regulating data, you know, computer data centers and stuff from from, you know, having seen which environmental impact. And you can just apply that exact same legislation to Bitcoin proof of work mining. And

there's a little bit more nuance. And I think that with this bill, though, going for kind of a PR piece. It's just a shame that in the PR piece that it just comes across as that ban improved for work. It's ridiculous. But absolutely they can ban companies from using fossil fuels to to my Bitcoin. And that's, you know, that's these are big operations operating in local

communities and people can ban them. But it's cool that they're staying open to renewables. And I think it will, you know, trash from above on mine. As is probably one of the ways in which a lot of Bitcoin mining industry is going to switch to new subrenuables. So I'm all for the bill. I wish you'd been doing more nuance way using the suggestions by the BTC

policy folks here ago. But sadly, I don't think that maybe the sale it's a Kathy whatever name is you think, you know, read about that work. We say, don't was very academic. Good work. And and they went for this kind of PR piece. So whatever this this bill, but you know, ultimately, I don't think it's particularly a bad thing. I think it's probably a good thing.

And the sort of, you know, sort of thing. The sort of sort of regulation, which needs come down from government on these mind these mining operations, they're not the site of pro crypto anarchists. So the big public entities, you know, using all this energy, producing all the sound and noise and he and having to get rid of it. And they can be regulated by by by

governments and they they showed and it will push people towards mining operations towards using renewables and so just to go about to our saying the it's they're just so corrupt people mining. New York, they can continue to mine. But within this two year period, they're not going to be issued any more licenses, but a license as last few years. So if they're able to get a

license now, then they can continue to mining. So the this is two year period. And then they will just stop any new operations. If they want to mine with fossil fuels. You do have to be careful with United States and licenses, though, when they pass the marijuana stamp act of the 1920s, they said anyone with a license can grow marijuana. But they never gave out any

licenses. Josh Shigalo, what do you think about New York and their ban? Yeah, this is the same thing with with the UK and the FCA and their licenses. They say anyone with license can operate, but they don't, you know, they just make it almost possible. So yeah, I know it's it sounds like the sort of the don't say gay bill. This is sort of like just

pronounced a different word, a different name for a bill when you think, oh, what they banning mining. When really like Ben spelled out, they're not actually banning mining. It didn't say don't say gays. There's nothing to do with it. Don't want to emulate children. So, you know, this is the. This is the thing these bills. Well, I think the government's going to if you if you

think you want to ban something, you know, that's that's what governments do. They ban stuff. There's a great documentary, by the way, everyone called the great global warming swindle, which is fantastic. It's actual. But like a lot of really top scientists talking about, you know, getting outside of the fear and the mongering and just talking about the actual data. So it's a great documentary. You can

find on BitShoot, BitShoot and that sort of thing. But yeah, I mean, Bitcoin mining. We've said it before on the show. So, uh, pretty much work actually pushes, uh, pushes forward. The, the, the, the, the renewable energy thing anyway, because people need to find cheaper and cheaper energy and there's nothing actually cheaper than water running down a waterfall. It's just there. You just need a sticker

wheel on it. Yeah. So it's, you know, whatever. Go for it in New York, ban another thing. Actually, the trouble is, you know, we're not. Now in, we're now in a hyper growth of AI and the whole world is going to be, the internet is going to go from 99% bots to 99.9999999999999% bots. And you won't know who, if you're talking to a bot or you're

human or anything, the only thing. So I think a lot of the, the answers to that problem will be proof of work where people will demand some sort of proof of work to talk to, talk to me. So that I know that you've paid something. And if they ban actually ban proof of work, and maybe they'll just be spammed to all hell. Well, very few people

know that the NASA scientists in the 1960s, when they sent men to the moon, they based all of their scientists evidence on video documentaries, video documentaries. Let's move on to the next issue. And you have more on proof of work. Go ahead, Ben. Yeah. No, I was just going to say as well, like, and, and, and more pressure on these these big mining operations makes it

more profitable for people to mine a home as well. And then also for these, you know, these are the mining operations, which are small mining operations using something like Josh set with hydro, which is kind of good work being done in things in our area with the many high stations, which provide a small grid for like a town or two. And I think it's OB from

a Fed him, he's going to do his offering investment and they expanded the energy production operation, and they they use the mining Bitcoin mining to, as a way of capturing some profit for themselves. They just say, yeah, we'll build, make it bigger for you. But we're going to say this percentage, the energy produced to mine Bitcoin. So stuff like that, like that, it makes targeting these

big fossil fuel operations makes these more, you know, interesting, big corporations, more profitable to skip. And it's cold in New York as well. They could use the heat from the mining to heat their homes. But don't think about that now. Moving on, check out the world crypto network world crypto network.com. We've got more than 3000 videos. You could watch the shows for three months and 14

days straight exactly without sleeping. Check them out at world crypto network.com. We've got podcasts to. Number two, three US senators, urge fidelity to stop offering Bitcoin 401k retirement plans. Yes, senators Warren, Dick Durbin from Massachusetts and Minnesota's Tina Smith expressed concerned about the crypto markets volatility highlighted by the collapse of the Bahamian exchange FTX, which was advertised on television by Tom Brady, Giselle Bundren, Larry David

and so many more with no penalties given. At all, yet Ben Arck, what do you think about the idea for US senators to ask fidelity to stop offering Bitcoin retirement plans? This is a way of in which pension funds can get exposure to Bitcoin. And the, I think the main issue I suppose is, you know, with a pension fund is quite important that, you know, you

have low risk asset classes, which you can. You can make use of, but you still have like volatile assets and the portfolio in the pension funds portfolio, that's just a very small percentage, it's like a high risk high return, you know. Part of your portfolio, so pension funds can still have that small, the actual asset asset classes, and I suppose, which can be so, you can't

have too much of it in your portfolio, so. I can see why they're saying this because yeah, you want to protect the pensions and we're uncertain economic times and. The last thing we all want is for Bitcoin to have some part in destroying some of these pension funds. It's like two steps forward, one step back, you know, that's how we are on Bitcoin and currently we're

taking a step back and some of the good work progress we made. As you know, step back and but that's okay because you know. We need things like FTX don't happen again and this is part of that process. So yeah, I don't have a feel about it, I mean mixed feelings mixed feelings. Certainly in the United States, we already have laws against companies using customer funds

to pay off debts of other companies. It also seems unlikely that you'd be able to steal the Bitcoin from Fidelity because you can't withdraw it yourself. It's more locked in the system, right? So it seems very strange. I tied up with the ETF. Why don't we have a Bitcoin ETF? It seems like they're blocking certain people's access to this asset while we've heard larger funds at

these companies have been offered Bitcoin access. Yes, I think it's just years ago, Josh, Agala, what do you think about the Fidelity retirement issue? Yeah, I like. This is the typical thing of governments wanting to control what people do instead of instead of relying on education and stuff. Like Ben said, anyone worth any sort of financial advisor worth anything would put tiny is risky asset classes,

a really good for young people because they can afford to earn stuff back. As you get older, you want to diversify that out, minimize risk and have a more of a blue chip sort of strategy. You know, the other thing I don't understand is let's become Bitcoin, but let's get old people to just press the button on the slot machines all day long. You know, let's

allow them to bet on the horses all day long. Let's allow a lot of games where the odds are ridiculously basically zero. It's such hypocrisy and nonsense and it's such a political move. It's interesting the things we protect and the things we don't protect. For example, Amazon, maybe the greatest company in the world, their stock went down 40% like this year, 40% which is unheard of

in anything other than Bitcoin and cryptocurrency were down much more of course, but the idea that they're protecting some people, but not others. And all the time you can advertise whether you're advertising the FTX Bahamas Exchange or if you're advertising your casino where you can buy stocks or if you're advertising a Josh and actual casino where the odds are even worse directly against the players. I

even think they have casinos in New York, New York, or maybe they keep them in New Jersey. And not just that. Bitcoin is literally known for being volatile. Like that's the only headline you ever see is how volatile Bitcoin is. It's not like that's new. Let's see what Martin thinks. Martin, what about the US's attempt to stop people from putting their retirement money in Bitcoin? I

think it's all part of the plan to be honest. I mean, how on earth did they send bankmen whatever SPF managed to get all this money, get all the politicians, so the guy from the SEC, everybody got like information. And then he blew it up and then eventually it just exploded because the Bitcoiners found out there was something fishy going on. I think they wanted to

just run this a little bit more, make it really implode big time and then use that as an excuse to shut down every single one of them. While we all know that this what happened has nothing to do with Bitcoin. It has been a huge mess. So we've got everything to do with this Rob Ross or Bob Ross or whatever. And his goblin girlfriend that ran

a shit coin casino from the Bahamas. It's they just ripped everybody off. This is a is doing a Bernie made off. This has nothing to do with Bitcoin. So fidelity shouldn't suffer because the clown in the Bahamas was spending the customer deposits. It is as if this is premeditated plan to shut bits. And that is not going to happen. I'll tell you. To me, one of

the most surprising things was to learn that FTX was in the Bahamas. I know they sponsored the stadium. I know they took over block folio. Personally, I never thought about investing there. I got a coin base account or whatever. But it's in the Bahamas. It's like a giant red flag like tax evasion essential. Ben Ark, what is let's move on to the exit question. Why can't

we have a Bitcoin ETF where anyone in the United States would be able to invest their stock market money, whether it be retirement or not into Bitcoin? Is it part of these senators fears that perfectly, perfectly good company as far as we know, fidelity investments, major company in the United States, not in the Bahamas regulated by US laws. And still these senators are afraid of something

happening there, even though we know fidelity or we can pretty much assume. Let's just be careful that fidelity investments is not being run by a 30 year old in the Bahamas. In a polycule with all this other stuff going on, that seems like a one in a million thing that already happened. But why can't we have an ETF then? I mean, but this is the problem

is it's not a one and a million thing is it like it's happened before. Hopefully this is the last time it has happened. But you would think that the Bitcoin industries look a little bit more evolved and less subject, you know, a rock pole from some centralized point of failure. And that's what people, that sort of gets people wanting to invest in. And it's interesting, you

know, what marks inside of it with some truth in what you said. Two steps forward, one step back, we'll get that. Just gonna hold it out and we'll get our ETF eventually. And then no one will care. It will be like, oh, we got ETF will be eventually. Okay. So we're now in wait. Exactly. Most everyone who really wants to buy Bitcoin could have bought it

by now. You don't necessarily need an ETF. Josh, what do you think about the ETF? Why can't we have not? Well, first of all, the chat wants to see Ben naked in the sauna, not just sitting here with. Just saying just passing out don't shoot the messenger. Yeah, look, that's because America is full of nonsense. When they talk about freedom and free markets, they're just full

of crap. In Europe, we've had ETFs. We're free of them. So just saying, I don't know, it's just weird. It's just protection. Let's record crap. Martin, why can't we have an ETF where people can buy Bitcoin with their stock market money? I, I think it is also done on purpose. They want to block it because they'll know Bitcoin will grow like crazy. And I hoped at

the time that eventually gray scale from with Barry Silver would confer to like an ETF instead of just like some stocks. Or I don't know what they do. But looking at their books now, it doesn't seem like this will happen anytime soon, because they're two billion shorts. Well, I know last time with Mt. Gox, a lot of the keys were found underneath Mr. Carpellis's cat. So

I suppose the only question left is, where is Sam Bankman freed's pussy? Oh, boom, boom, jokes, jokes probably on spades somewhere. Oh, we're running around like crazy on spades. We're going to learn and we're going to see so much more from those people than we want to know or see already rumors of a sex tape on the internet. So won't be on this channel. But moving

on to issue four Bitcoin addresses holding at least one Bitcoin close into a million. That right. That's right. That means there's more than one million whole coiners. So at the very least all of this promotion for Bitcoin or crypto or collapse coin or whatever you want to call it, it's working. It's getting the word out. There are a million one coiners. This isn't like just saying

where there's a large exchange moving their money around. These are specific individual accounts, maybe hold by one person. Maybe someone has more than one coin. My goodness. But yes, a million Bitcoiners. Josh, a golla. This is a huge celebration for Bitcoiners everywhere. We did it. FTX or no one million Bitcoiners. Wow. So who the 1% and the 99% in this economy, I'm not sure. But you

don't actually know it. Like because they're addresses. They're not people. And yeah. It's a. It's called. One million addresses. One million addresses. Pretty cool. It's pretty awesome. I mean, that's that's that's solid. I like it. I don't really have much to say about it, but it's a cool statistic. If you had to count to a million, it would take days and days. But will that Mr.

Beast do that? Yeah. Markeen Wishmare. What about these 999 99 people that are now joining us? Isn't it great? I I ever makes feelings about this because one I read it on the coin telegraph. So the red flags already start popping up because it's essentially this article. And two, recently people have been withdrawing their funds to call storage. So if you have all these Satoshi's little

stacks and you'll body little bits and they're all in your wallet on the exchange, you just decide to withdraw them. Then all of a sudden, it might be just a bit more than one Bitcoin. They withdraw it to a single address. Well, before it was like stored on all these addresses, which were aggregated in your exchange wallet. So it might very well be that it is

not a news article at all that these people already had one Bitcoin on the exchange, but it was in all these little bits of wallets. There's a few sets here, a few sets there. And now that they withdrew it to their own wallet, now it shows them as whoa, a whole corner. So I think that's what happening. I don't believe the thing that people are suddenly

starting investing now the price of the money. They're just broke because they'd never do it. I always buy them and the prices up and they sell when the price is down. So I don't know what's happened, but I think this is what happened. Well, a friend of mine back in the day, I don't want to say his name and get him in trouble, but he used

to have to take his paper wallets and make them into smaller paper wallets because they were getting too big. So that same thing could be happening here. And as Martin said, coin telegraph might not be the best, but check out that incredible art. Never before have you seen a Bitcoin or look so cool. Look at him with the hat and the Bitcoin shirt and putting it.

Everyone's looking at their all just like that guy has a Bitcoin. Whoa. Their illustrator, I must say, is amazing. And I think they have been very consistent in always having a nice drawing with their article. I think there's like two of them with my photo picture in it. And I was amazed how quick they just created it. So yeah, good, good. I was on that. Yeah,

they make a makeup for the usually very fastly written and sometimes inaccurate articles, but yeah, they, the graphics look stunning and yeah, super. On one time they even drew a couple pictures of mad bitcoins. That was pretty neat too. Mad Bitcoin. Then, Arck, what do you think about a million addresses full of one Bitcoin? What might I say is interesting actually, these people pulling their funds

out of exchanges. And maybe that's, you know, partly prompted the the finance move. It seemed like an exodus of users funds. And they're worried that people, because obviously I'm going to get them. You haven't got your money on the exchange. You're less likely to press the buying cell, but nonetheless, I just get a fees. Because it's a pain to get the cold storage. You've got on

a hardware wallet kept someone a safe. Or something like that out plug it in. Move the funds onto the exchange. You're less likely to make rash decisions. So it'd be interesting, of course, from the FTEX stuff. If there's a side effect of people pulling their funds into cold storage. But I think it's just the, it's just the broadening of a fund distribution. I think all of

us knew or know people who had thousands of Bitcoin on Spongebob and then they've birthed through it. They have worked. They bought fancy things and they made bad investments. You know, they're all, you know, it's that classic anecdote. If someone who just comes, you know, easy come money, then easy go money. You know, people come into money quickly and they tend to not spend it wisely.

And they tend to party to your margin. And then they've spent through that stack. And there's a couple of private, private volatility. They try to do a bit trading. That's the workout forum. And then before they before you know, they've taken those thousands of Bitcoin, they've just got a handful left. So yeah, as they've done that, those coins have been who've adopted all these new participants.

Some of them people would be, you know, fast stacks like the Micro-Strikey guy. But in, you know, in bear markets like this, those guys use their grip and then they start to sell off Bitcoin as well and done their Bitcoin. So I think it's just, it's just a broadening and distribution of funds. And obviously, it's a coin telegraph. So it's a. Could be completely fiction. They're

in their special coin telegraph universe with a, I remember Vitalik's picture when they did a Vitalik article. And they would Vitalik, he'd have said handsome, he's a big and buff. And he had like a big shot. Square jaw, who's like, in this great picture. That's why I've realized that pictures. Cause they make you look good. Ah, it's only a matter of time before Ben Archan, the

LNBITS get a coin telegraph picture. And he changes his tune entirely for the exit question. Let's do another round of hardware wallet tips and tricks. Everyone's out there saying, I can't do a hardware wallet. It's too hard. Josh, the goal of what would you tell people about hardware wallets? Um, stick with the ones that have been around for a while, go to their actual website, don't

click on an ad on Google. And buy it from them, not on Amazon. And yeah. And then use it. But I still like paper wallets. I think paper wallets are really cool for Bitcoin only. I like them. I think they, I don't know, people have issues with them. But I think they're all. You do have to be careful. Sometimes the JavaScript randomizer is not as random

as it's supposed to be. It's a complicated math issue. But that's what I've heard could be the problem with paper. Yeah. I mean, hardware wallets are great. Just, just make sure you don't follow ads or links or some just, you know, try to go to the address, see it, type it in. Cause that's where they'll get you. That's where they'll get you. One of the things

I like to say about hardware wallets and I'm getting bored of it. Cause I say it. All the time, but you can buy more than one. You could buy two or three or four. If you're investment in Bitcoin or altcoins or whatever gets larger, you could put it in multiple places and split it up. And that way, if say this exchange dies or that exchange dies,

you still have your hardware wallet. And if you have one in the, you know, safe deposit box, one of the other safe deposit box and that bank burns down, but this bank survives. Still got some of your funds. If you bury one under your house or leave it at somebody's house, or bury it somewhere else, whatever it is, it's just, you could spread your money around.

And it might seem like not that much money right now, but maybe in the future, point one Bitcoin is a hundred K or something. And if you've managed to hold on to just one of those wallets through a more complicated system, then putting all your eggs in one basket, which I think is a common failure, it's better to have more. You can buy two treasurers or

two ledgers or whatever you like. I'm Arteen Wishmare. What do you think about? Hardware wallets. I'm here again. Okay. Okay. That's like, it's really simple. If your Mrs or your girlfriend likes to buy a birkin back for what thousands and she makes an issue of you spending well under $50 on a fancy Bitcoin wallet, then there's something seriously wrong with your relationship. If you want to

be cheap, go for a Fessor one. If you think they're ugly, no problem. You can use a ladder, fix it into ladder, make it a bit more chic. This one, I think it's awful, but I'm also totally going to ice it out with rhinestones over the, over the Christmas period that it will look better than that rapper's ledger. If you think Bitcoin, hardware wallets are complicated,

don't buy a ledger. They're very French. Also, the hell is structured stuff. It's super. It's super annoying. Get a treasurer. I'm not paid to say this, but over the years, I've been trying them all and I really keep stay going back to my treasurer. It's nice. It works. It's not too complicated. Yes, the screen is a bit small, but it also allows you to just take

it everywhere. The only thing you have to remember is that you generate the seat. If you buy it from a third party, don't do it as Josh said, buy it from the original manufacturer. There is never a seat. You create a seat. If you want to have multiple wallets, you can reset it back to factory settings. As long as you keep the seat, you can generate

another seat. You can even generate multiple wallets on the single wallets. There is plenty of options. I always advise you to toy around with it. Feel comfortable using it. So that when you actually put Bitcoin on it, it's not as scary as you normally do. The bitcoins are in this machine. Keep those seat words safe. There's plenty of ways. You can put them on a metal

plate and then burn it in the garden. I'm not sure if that's really clever because you can use a metal detector. You can use ultraviolet invisible ink and write it in a book. Maybe a certain book. Then when you use UV light, you will be able to use it. You can see those words. But do remember those ink things don't last forever. It's like a thermal

paper print for the paper wallets. Eventually they go. Make copies of it. Make sure you, in addition to the seat, you also create a password and a pin. You don't forget the password. That's very important. It will be fine. It's not that complicated. Use a rainy Sunday afternoon to learn about it. Make sure that your family also knows how to how it works. You will be

okay. You will be Bitcoin instead of just using Bitcoin. You will be Bitcoin. You own Bitcoin. This is very important. You don't have to worry when you read those headlines about such and such in exchange in trouble. You're like, oh yeah. My Bitcoin are locked up in a safe place. As Andreas has said many times, we're great with physical security. Things like safe deposit boxes and

banks and other things are very complex. We've figured them out. We're not great with cyber and digital security. It's relatively new. All kinds of things could happen, especially if you have a wallet that has Bluetooth or Wi-Fi or something like that. That could be a problem in the future. But writing down your words, keeping your words safe. These are very important things. What are your ideas

on your wallet? One thing I'm talking about wallets. I got this one. Bitcoin in Miami. It's an unknown SAIC-QIX brand. I don't know. Maybe it's really good. But the software isn't open source. So I can't check the software myself. And since it's this limited edition. Bitcoin 2022 wallet, I'm not going to use it for my Bitcoin. So as Jo said, go for the wallet with the

most street cred. In this case, it's probably a treasurer. One time I did a test of a bunch of other wallets and I put a small amount of Bitcoin in there. And then I put them all in like one bag. And my question will be which one of these wallets will work in the future. And unfortunately, probably not many of them. The software is very tough

to keep up to date. And it's pretty neat. I know Martins leather covered wallet there. Originally, he would carry that around with him and somehow attach it to his Android phone and be able to hold his own keys even when he was spending for sodas and beers and stuff. But then we got him the nice leather case to protect against any future scratches and damage. Because

it was a it was a weather war and treasurer there. It had seen some some action. So Ben, what do you think about hardware wallets? I agree with Martin either the treasurer is just. It's just coming out the first hardware right. And they do such a great job. And you know that you just don't want to break. And then of course, it does break. Make sure

that seed is somewhere safe. And then you have maybe a couple of copies. You have a copy which you secure yourself. You know, you've written a few pages of. Flist up and written into a book or something and then hidden away. You also have your tries. I'll put it somewhere safe. Like buy a safe. Get. Join one. But back to the future when when he has

the army back and he turns around to the bif. The bif. Juniors. So we've got a safe put the safe and the bif. Juniors. I've got a safe. Buy a safe. The safe is a. Buy a safe. One of the most important things you'll do. You can put your passport. So you never going to lose them again. But you drive and license and you never lose

it again. And put your hardware wallet. If you have like a significant amount like I would advise having a wrench at a comment on on a hardware wallet. So if someone, you know, kidnapped you and you could point them out how I want to be chast some bit going on. It's going to stay new, but you're starting to be like all your stash. Also having it

hard to get to I think is this like your main stash stops you from making rash decisions. So if you kind of use Bitcoin, which probably are if you're thinking about buying hardware wallet and you're likely to make rash decisions when you price see prices go up and down and those rash decisions usually end up, you know, not benefiting you because of your hand. They have

been thought out properly. You should, you know, you should always make those decisions. So, but so. Your your your your main stash. If you put a lot of money in Bitcoin significant amount of Bitcoin, I would say make it, you know, a day or two day event, actually, get that see those that see together and to be able to rebuild that. That call storage Bitcoin, but

yeah, I try so for for data, don't you say true for medium amounts, and large amounts as well, then you use a try so just also make sure the seat with a try so on that we're really the seat is the most important part because if the try so breaks you can always restore your your Bitcoin from that seat, so just make sure you write them

down. And then you make a couple of copies give some to some family members say here you are his, you know, four words keep them really say for me you hear his another four words make and then make sure you've got like two versions of the back. And you should be all right, but yeah, trust was great. High recommended and oh, in, in the books, we

have an eight dollar hardware wallet, which is a bit more technical and advanced, but you could do batch transactions taproot and you can. You can like create a species, you can a little bit more about how transactions built and made. And then you sign it from the device and then and broadcast it from the site in there. We don't really have to talk about that we

soon. But yeah, for general use, definitely trust. And we all think it's a fun idea to have a brain wallet, but that won't work out very well if someone smashes your brain or as your brain gets older and older, you're likely to forget your words, even if you sing them as a song every morning, it's still a bad idea. And remember, none of this is financial

advice. Obviously, all of us learn the hard way that treasures don't float and we lost all of our keys in a boating accident. So do not take your private keys on a boat. Your treasure does not float. We're almost out of time. Josh, you got to have a prediction or a story of the week. Go ahead. Story of the week is we went to NBX, which

is like next block expo here in Berlin. And it was epic. It was really big. It was cool. We served glue vine for all the folks out there and told them about the big event on Monday, which is the launch of the SRO. So check out the standard I owe. There's a really awesome yield farming opportunity. For the first people that get in there, it's a

liquidity base. So the more liquidity comes in, the less this can't become. And and then the private vault to be launching soon too. So yeah, it's all very exciting. I'm mega tired. I've done like so many podcasts and stuff lately. I've just been on tour on virtual tour. But it's been really fun to meeting a lot of people and yeah, so that was my story. And

yeah, I really actually, it sure is. It showed me how much I kind of missed events. I haven't gone to an event in like two years. Apart from the one in my or go. So yeah, it's it was nice. It was nice. That's very cool. Josh, everyone knows during the bear market, people keep building. And you can probably get a good opportunity. If you get there

early to the standard. I owe. Like Josh is saying, providing liquidity for the standard could actually make you money the earlier you get there, the better chance. So that's what's the biggest of that happening, not financial advice, blah, blah, blah, absolutely. Make your own decision and so forth. Martin Wishmeyer prediction or a story of the week. Story of the week we went. We was a new

success. We had through customs in time, which also highlights one of the problems there. And I don't know if I could last time, but we launched a conversion kit for the gen mega Genesis coin eight. So if you're using a genus coin and you're not happy with the fees you're paying or with the software features that are like limited and only any more. There's a few

hundred bucks. You can. And turn it to a flashy new general bites ATM and at the price we kept it low on purpose. So this way, if you find some dingy old ATM somewhere, it's the universal kiosk. Not even be a big coin ATM. It could be universal kiosk that gel mega makes. Then get in touch order yourself one of those conversion kits. And with the

GM conversion kits, you'll have a general bites ATM in no time. And you get a lot of money. The reason I'm selling is is they're going faster. There's already a backlog of of hundreds of hundreds for. I. It's sort of your hundred orders. So we'll take some time. So you know, I get. Get in touch with us as well. Just to see if it before Christmas.

I think the real story of the week is Martins internet connection, but it is a great program where general bites will let you upgrade your old. ATM from another company with brand new general bites software that secure and safe and let's you do all kinds of things that you probably couldn't do with your old software. A lot of these. A story of his life. A lot

of these old ATMS. The company abandons them. And there's no new software updates. You can't get the new stuff. So general bites is filling in that hole and giving an option to make your old ATM into a new one. So very cool. Ben arc prediction or story of the week. Go ahead. So after being on the last show, I spent like 24 hours traveling and then

did a bunch of tests on the way. Cause you know. Got stuck in London because of the strikes and then I spent the night and I spent the night in a stinky hotel. Like I woke up feeling funny got on the train and came home. Did it has before I entered the house and then test positive for the code. So I've been. Just hanging out outside

living in living in my. My camp of ad and my shed and that's also why I'm broadcasting for my sauna as well. Today. So that was that was the week, but I've always great. So then I did mention last week was it's great. I built into a couple of a couple of audience members. So that was a real privilege. Such as rap as well. So I

got me throughout that. And. Yes. So that was great. Also, we launched a shop for Ellen bits. So it's a way to try bringing some funds so we can like pay for some bits and pops to be done. And I think that's it. Yeah. I don't really have a story of the week or anything this week. It's Thanksgiving here in the US. So we had a

nice meal with the family. You just have to avoid talking about politics and at least this year. Avoid talking about Bitcoin. I saw a great chart on the internet was on my Twitter account. And the guy had past it out where his family every few years. They think that's not good. I think he's a genius. But most of the time they think he's an idiot because

the price of Bitcoin is usually down from its heights. And I saw a lot of great gifts and other graphics people have made where it's like not talking about Bitcoin with the family and embarrassing gathering after you pumped it hard last year. So this is one of those down times where we seem like an idiot. But hopefully the happening will save us in 2024. And so

on and so forth. The core things about Bitcoin that you invested in are still there. It's just the price. It isn't there right now. So embarrassing to the family. But thanks again for everybody for joining us. Be sure to give us a thumbs up down below. Thanks to everybody for chatting in the chat. It's good to have you guys with us live. It's Black Friday. A

lot of sales out there. Amazon and other places. So enjoy your shopping. Maybe get some Bitcoin hats from Bitcoin Hat Guy on Twitter. He's been providing my hat since 2013. I buy them. But he provides them. And it's great stuff out there. So thanks for joining us. Until next time. Until.