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Marty Bent (TFTC Podcast), Matt Odell (TFTC Podcast)
Marty Bent: [00:00:00] what is up freaks? Welcome to this live edition of rabbit hole recap. Matt almost missed the beginning of this cause he ran to go get a bottle of whiskey. He's drinking at 11:00 AM on a Monday. I'm going to refrain, I'm drinking coffee cause my in-laws would look at me weird if I started drinking whiskey this early.
Matt Odell: The video got me going.
Marty Bent: Yeah. Yeah no, that was a good pump up video. Good music. what a day we're here. Obviously the halving is upon us looking at Clark Moody's dashboard. We are, exactly according to his node, looking for 28 blocks away. Going to check my node. Just double check that.
And we are 28 blocks away on my node as well. so, getting close the block reward subsidy, the block subsidy, excuse me, is about to get cut from 12 and a half Bitcoin per block to 6.25. These halving events, produce a lot of, energy and excitement within the Bitcoin community. That's why we're here today.
We are going to do what we usually do on rabbit hole [00:01:00] recap when we do them live, which is we got two topics we want to talk about and I'm going to open up to Q. And. A. Matt sent a tweet out earlier and we've got a bunch of questions that we're going to respond to. The first on the list is our boy, Paul, our boy Paul out there pumping the corn this morning.
Matt, what did you think? One to 2% of his assets are in there. We've got a lot to talk about with our boy Paul. We got some advice for him too,
Matt Odell: Paul Tudor Jones, as the freaks heard last week, announced that he had price exposure to Bitcoin in the form of futures. not your keys, not your coins.
Paul. he doesn't actually own any Bitcoin, even though he thinks he does. but today he was on CNBC and dude, that was just, it was just pure, pure bull feel. Pure bull, feel absolutely insane. He, I mean, he went through. Like, just like the classic narratives, right? Store value, the world's going digital, a great monetary inflation, and just the adoption idea, right?
[00:02:00] Just the simple idea that you have a scarce asset like Bitcoin. , he said 55 million to 75 million people own Bitcoin. I think it's way less, as we said, he doesn't even own Bitcoin. so I'm saying like 20, 30 million, tops is what I would think. And he said, as more people adopt it, the price should go up.
And I think that's like been my thesis for a bit now. it's just too simple for some people.
Marty Bent: Yeah. I mean, it goes back to the saToshi quote. You might want to get some just in case it catches on. It seems like Paul is attempting to do that. , he's technically not doing that cause he only has exposure in the futures markets.
But Paul, if you're listening to this, I know you're watching this live stream from your office. can we get you to buy some, some actual Bitcoin and send it to an address that you custody? this is important for this revolution. And if you're going to hop on board, you might as well do it correctly.
Do it right or don't do it at all. That's the, it's the mantra. but another thing you said during that. which stuck out to me is like one to 2% of your portfolio, but I [00:03:00] think it's going to be the best performing asset in my portfolio. So he's extremely bullish on the future prospects of Bitcoin's price appreciation.
Matt Odell: Paul, we want you to buy your Bitcoin without KYC. We want you to send it to keys, you control using your own full node, and we want you to make every spend a coinjoin. It's going to take you some time to get there though. I think.
Marty Bent: Hey, if you need somebody to help you, if you need an uncle Jim, or maybe two uncle Jim's, you got us.
You can always hit us up, paul. the other thing we wanted to talk about before we jump into the Q and a section is what I wrote about in the Bent this morning, and I think it went a little underscored over the weekend as everybody was hyped up for the halving, the approaching halving a, is the fact that the Trump administration and big chip manufacturers here in the United States are beginning to push the conversation that we need to get a chip fabrication factory, on U.S. Soil, particularly, fabs that, that produce
chips that are, that are less than 10 nanometers, which are the highest, [00:04:00] highest caliber chips on the market in the world today. We do have factories, on US soil. Currently. There's one, Samsung has one in Texas, I believe there's another in Washington state. but they do not produce the highest level of chip that is on the market right now.
And as geopolitical tensions continue to rise between the East and the West, I think the Trump administration and business interest here in the States are beginning to realize that they should probably secure the supply chain for the tech sector. specifically the, the chips that make the tech sector go round.
if tensions continue to rise, we could find ourselves in a weird situation where we don't have access to the, to the highest end technology and chips on the market, which could put us at a severe disadvantage as a country. And this is good for Bitcoin because if we, this is one thing I talk about a lot on this podcast and in the newsletters that
my biggest worry for Bitcoin in the long run is [00:05:00] the centralization of the chip production, of the ASICs, of the ShA-256 AICs that make mining go round, if you only have two fab plants and TSMC and Samsung's plant, TSMC is in Taiwan, Samsung's in South Korea. If they're the only ones producing the Asics that make Bitcoin work, that's a huge centralizing factor.
So if we're able to get some of that production over here on US soil, that is really good for Bitcoin in the future.
Matt Odell: but just to be clear here, it's, it's an improvement that it's manufactured in America, but it would be the same companies involved pretty much, right?
Marty Bent: Yes. Or in the article. So, yeah, they're the us government's talking about TSMC and Samsung who have control of the factories in Taiwan and South Korea.
Samsung has one, the one in Texas, TSMC, is talking with the Trump administration about building one here in the States. But then Intel sort of comes into play and they're, they're trying to get their foot in the door here too, [00:06:00] and they could potentially have control, over a fab plant. At least that's
what I got from the article that came out in the Journal over the weekend. So hopefully Intel gets involved, but, yeah, it could be Samsung and TSMC. bringing those operations over here.
Matt Odell: It's good to see regardless, right? We want to see a more localized manufacturing in general, not just with ASICs, just with everything, I think would be of benefit.
Marty Bent: Matt, did you see we got a comment as the coordinated stack in 15 minutes? I'm surprised this is the first live episode we haven't demanded everybody pull out their phone and stack on air.
Matt Odell: No, I did it. I did at during Bitcoin 2019 at the local top. Obviously people didn't listen to me otherwise it wouldn't have been the local top.
That would happen a little bit later. But, we, we did try that last time. I can't see the Periscope comments I'm seeing...
Marty Bent: I'm seeing them flow in. I'm seeing them flow in . We need a coordinated stack in 15 minutes. It's 11:17 where I am. so at [00:07:00] 11:32, let's do a coordinated stack.
Matt Odell: That works for me.
I just wanted to say a couple things here before we go into Q and a. Razpiblitz got updated. this update brings joy market. It's a pretty huge update. so check that out. If you're a razpiblitz user, it's a full node, fantastic full node. A fully open source. the other thing I wanted to say is to the listeners here who don't know who we are, I'm Matt Odell.
This is Marty bent. we have a podcast called tales from the crypt that you can find in your favorite podcast app. So give us a search. and hopefully you'll, you'll join us for future episodes. and then the other thing is no one should be using BitPay. Don't use BitPay. You should use BTCpay server.
It's an open source alternative to, to bitpay where you have no trusted third parties involved at all. You can host it yourself and you don't have to pay anyone a fee as a result.
Marty Bent: thanks for getting the TFTC schill in. I'm terrible at that. that's why you're on board here, Matt. And, [00:08:00] agreed.
Been a BTC server user for a year now. I think actually almost a year since we launched the site that's compatible, iwith BTCPay server, huge fan. It just works. the sats stream straight to my, my hardware wallet, and it makes me feel more comfortable as a user. And there's no middlemen, it's just me, the developer I'm working with, and
the software that BTCPay Server has provided, they're one of the first movers, to enable payjoin in their software so that, that makes, the ability to automatically coinjoin when you interact with the TFTC store, possible. And so we've, we've enabled that. Matt, actually,
maybe we should mention this because we were very confused, we're like, is it enabled is it not, they've been able toput in a QR code, so it's automatically works.
Matt Odell: if you have a compatible wallet, it'll automatically pick up the page in support. Basically payjoin is where the sender and the receiver are participating in a coinjoin transaction.
And it helps the privacy of everyone that uses Bitcoin because it looks like a normal transaction, but you can't [00:09:00] assume that all the inputs belong to the same user. And not only does BTC pay have, payjoin support, they also have lightning support. you know, there's no way BitPay has lightning support.
I don't even know. Do they even have a segwit support yet? I don't even know. It doesn't matter because no one should be using it.
Marty Bent: Maybe that's a, a good segue into one of the first questions we got. it was about lightning. So it's a three part question by @bitbreather. As the world gets more and more dystopian by the hour, do you fear some kind of retaliation from governments to Bitcoin educators like yourselves, China style,
I mean. is it really true that you have to have sexual dysfunction to work at chainalysis? That's not nice, bitbreather. And has lightening network failed, or does it need time?
I'll go first. The first point: potentially, but who cares? I believe thatBitcoin is imperative for the future.
And I believe that free speech should exist and should persist within the U S particularly. So I will keep talking about [00:10:00] Bitcoin and using Bitcoin because I believe in it and I want it to exist in the future for my child and future children to come after him. About the chainalysis company, hey, come on.
Let's be bigger. Let's be bigger than that. All right? Yes, they're trying to surveil all Bitcoin users, but we don't have to throw sexual dysfunction jokes at them. Hey, maybe some of them are sexually incompetent, but you can't, you can't paint a broad brush across all of chainalysis companies.
You know, it's the same thing with Bitcoiners. You can't Say Bitcoiners are all or nothing, you know. And then has lightening network failed or needs time? No, I don't think it's failed. it works. I use it, pretty consistently. I use it at least three or four times a week. People, I mean, I use it every day. If you consider the fact that we receive transactions on our site every day via the lighting network, and I've had a lot of people reach out to me in their first usage of the lightning network has been purchases of that BTCPay Server hat that you're wearing, Matt [00:11:00] and they've said it's magical.
Does it need time? Yes. It's going to take a lot more time. All this is going to take time.
Matt Odell: what did you say to the chain analysis employees in the bent? You said that they, what are they
doing with their lives?
Marty Bent: I asked them what the fuck are you doing? Yeah. I didn't call them sexually incompetent though.
Matt Odell: That's true.
That's true. You know, assholes are good at sex too. I mean, to the first question, yeah, absolutely. I mean, it depends where you live. It's... different governments are going to have different responses here. You know, hopefully I don't end up being a target. Right? Like, that's what I'm hoping for.
But it's, it is definitely a distinct possibility. And if that's the case, then I hope like all the education that we've been doing becomes worth it. you know, that's, that, that's the risk. And I think that's the benefit is education. So hopefully we'll have more educated Bitcoin stakeholders and that will help everyone as a whole.
Marty Bent: Yeah. So Paul, reach out. We need you to get educated.
Matt Odell: what was the last question [00:12:00] about lightning? Has
Marty Bent: it failed or does it need time?
Matt Odell: No, it's, you know, I mean, I wouldn't say it's succeeded, but I, I don't, I think it's a little, it's a little ahead of the game to say that it failed. We see it growing all the time.
you know, multipath payments or multi-part payments, whatever the different teams want to call them, just got merged into the big implementations. And I think that's a massive improvement, in terms of both privacy and, just routing capacity because you don't need to have all your liquidity in a single channel.
and for active surveillance, like if you're going to spy on lightening transactions, you're going to need more nodes. You're going to have to be running more nodes with more liquidity locked up, in order to do the same kind of surveillance you can do without multipath payments. So that alone is a major improvement.
And then the second thing is like, we really haven't seen fee pressure increase too much. Like recently, it's been a little bit, a little bit, pumpy a little bit frothy, but if no one has an incentive to move on to lightning, because of lack of high fees, then [00:13:00] obviously you're not gonna see a major buy-in by, by the user base.
Marty Bent: Yeah. Yeah. Again, this is all going to take time as we approach block 630,000 just realize we're still very early in this game. . We're about to finish Bitcoin's third mining Epoch so there's going to be many more after it, many more halvings to come in the future. If you're watching the stream right now and throwing question at us, you are early.
next question from the Twitter thread, or I'm pulling these from the Twitter thread. Just cause they there, there's a bunch there and they're going to stay there. They're not just going to fly up the screen. this is a good one for you, Matt. I know you made a, a few high time preference purchases during the last bull market.
What high time preference purchase will you make when the mayer multiple goes above three or four.
Matt Odell: it's not a high time preference, purchase. But I'm gonna do a low time preference purchase of land for sure. Just want a lot of land. I think that would be fucking fantastic. In terms of high time [00:14:00] preference,
I recently bought a VR headset. that's not in four years, but that is, you know, right now. whiskey. This is like a major high time preference for me. Bitcoin hardware, love my Bitcoin hardware. there's going to be a lot of high time preference purchases. The key is to try and minimize them. Let's be honest with ourselves.
our life is dominated by high time preference purchases. How about you, Marty?
Marty Bent: I too, am going to buy land. which is, but that's low time preference. I know. I got to buy a car at some point soon. That's considered high time preference by many.
Matt Odell: It depends what kind of car you buy. Like if you buying an old beater, then it's not, it's not a high time preference. But if you, if you buy like a Lambo. then it is
Marty Bent: certainly not buying a lambo, I don't think you can fit car seats in Lambos. so I will be buying a used car at some point in the future, but like if Bitcoin goes crazy, I don't plan on like making insane purchases outside of land. And at that point, I don't even know if I'd use Bitcoin at all.
[00:15:00] Hopefully I have enough fiat saved up to, to make that purchase. And who knows if the economy keeps going away cause we may have some dirt cheap land out there, which is a certainly a possibility.
Matt Odell: Can I pick the next question?
Marty Bent: Yes you can, sir.
Matt Odell: What are you most excited about that's coming to Bitcoin in the next four years that you're aware of?
Marty Bent: I mean, shameless shill here, but I'm very excited for what we're doing at great American mining and the prospects of further distributing Bitcoin hash rates specifically and actually getting more industries entrenched with the Bitcoin network, specifically oil and gas. Beyond the self schill there.
I think, again, actually this is something I want to do more research on. I obviously write the Bent every day and it's just like a quick thought, but I want to do some sitting down and thinking about my idea on Jevons paradox being applied to Bitcoin UTXOs. So if we get things like Schnorr, taproot, [00:16:00] and miniscript, and we're able to do all that, does my thesis that those improvements create more utility and efficiency for Bitcoin
uTXOs actually, is that actually true? so seeing those things like Schnorr and taproot get implemented, BIP119, check template, verify, get, implemented. If they do, do they provide more utility for a Bitcoin UTXO and does that in fact, create more efficiency and then drive more usage, creating a fee market in the longterm?
That's one thing I'm excited to see play out or not play out.
Matt Odell: I tend to agree with you. I think when you start extrapolating some of the potential of these improvements. Stuff like Schnorr, taproot, cross input, signature aggregation. And then you combine that with stuff like lightning.
It quickly enters, like, it's hard to fathom what the implications are and like how that works out. I try and think about it, but I bet too, we get completely caught off guard on what a lot of those [00:17:00] implications are to the better. Is, is hopefully, is what I think. On the short term, I think user-friendly, multisig
that doesn't rely on a trusted co-signer. So you can use it with your own node and you can pick who controls the keys, whether that's you or if you include family members or maybe lawyers, stuff like that. I think that will go a long way. To just improving the general UX around Bitcoin. and then obviously, I mean, the freaks that the, our listeners, they, they know, like I would, I would really like to see more user friendly privacy come to Bitcoin.
And I think that, we see a lot of teams working on a lot more excitement happening around it. then we did even just like two years ago. so I'm hoping that trend continues cause I think it's going to be a very important fundamental for Bitcoin going forward, especially because it looks like, cash restrictions worldwide are going to increase.
So with the restrictions in cash, people are going to need a private alternative. Otherwise all of our transactions are going to be tracked. I mean, they're, they're all are being [00:18:00] tracked right now except for cash. so, so it becomes extra important.
Marty Bent: Agreed, agreed there. Shout out to @JgettBTC for that question. Next question comes from our friend brain Harrington, @brainharrington. What can nontechnical iPhone Cash Appers who have been around for a few years do to up their self sovereignty and continue to up their Bitcoin game?
I'll go first with one suggestion.
If you're an iPhone user, simply download green wallet and, and play around with that. try to move your Bitcoin a little bit at first, and then more as you get more comfortable from the cash app to Bitcoin green. Just to take a little bit of sovereignty back from, the exchange.
Matt Odell: disclosure: cash app is a sponsor of our podcast.
the first step, as Marty said, is like taking control of your keys. Green wallet is very useful on mobile and iPhone. Samurai's great on Android. so that's, that's the first step. Then you want to graduate to running your own node as well. [00:19:00] KYC is... if you buy in cash app or any of these other regulated entities like your linked with your KYC data that your address, your name, all of this information is linked to that data.
and then it's linked to your Bitcoin withdrawal addresses. When you, when you withdraw your Bitcoin, and this goesthe same, if you use one of these regulated lenders or something like that, and you send Bitcoin into their services, all of a sudden your deposit address is linked to the KYC that you did with them there.
so it's really important to realize what information you're leaking there, and, and use using tools available to you, specifically in this case, coinjoin and our favorite implementation on the podcast is, is samurai wallet whirlpool, to try and break those links. But ideally you just want to avoid KYC altogether.
So we have, there's two services, bisq and hodlhodl, which allow you to, buy Bitcoin without KYC. if you use a bank transfer, you're still giving that information to the other participant in that bank transfer. [00:20:00] So keep that in mind. Bisq had an amazing ad run on this, on this live stream earlier which got me super pumped up so you can go check out that video on their website.
Marty Bent: Excuse me, Matt. I hate to interrupt, but we gotta do our stack right now, it's been 15 minutes. As you, as you get into that diatribe, I just stacked
Matt Odell: and then. The other thing is you... okay, I stacked. The other thing is you have to, there's a lot of resources at BTC privacy.org curated by our buddy @6102Bitcoin on Twitter.
So follow him on Twitter and go check out those resources and educate yourself because Bitcoin is not private by default and you're leaking way more information than you think you are when you, when you use it.
Marty Bent: And, if you freaks haven't done so already, go check out the latest, report from Delphi where Matt, wrote a three page part on how to attain privacy in Bitcoin.
And I really liked what you wrote in there. Like, it is huge, [00:21:00] people think that Bitcoin private by default and it is not, and we've got to work to educate people to make it more well known that that is not the case and you actually have to work, at least at this given point in time to achieve better privacy on the Bitcoin network.
Matt Odell: Yeah. That report hasn't dropped yet, is getting dropped at block 630,000 at the halving block. so stay tuned for it later today and it will be freely available, to the public, but it's also going to get emailed directly to, all of your favorite compliance pros. So hopefully we can red pill a few of them.
Marty Bent: Hey, Hey, thank you for doing Satoshi's work there
Matt Odell: and shout out to Delphi because they, the report, I think people are gonna really like the report. They did a really good job with it.
Marty Bent: Shout out to Delphi. Keep, keep crushing it boys. and any ladies that work there. What do you got? You want to pick the next question?
You want me to go? I got a couple lined up here.
Matt Odell: Yeah, go shoot.
Marty Bent: Okay. Even with all , this is from, is this from user @ [00:22:00] sin_taxes. even with all the congestion the last few days, the mempool cleared last night compared to 2017 fees. 20 cents was getting you in the next block. Not really a question.
It's a good point to make. alright.
Prediction on how much you think hash rate will drop. Also, what percentage of hash rate do you think relies on chips from Chinese manufacturing? "bullish," exclamation point. That was just, an imperative statement at the end there. That from @provingwork. how much hash rate will drop?
I saw a report that I think from The Block they guesstimated that 25% of hash rate was from S9s, depending on how many of those S9s are being run on energy prices that are above four, 3 cents a kilowatt hour, I would say, you could see a large percentage of those drop off the network.
So of 25%, I don't know. prices are hovering around 9,000 right now. So a lot of people a couple of weeks ago were predicting like a 40 to 60% drop. And that [00:23:00] was when prices were like in the $5,000
range. 60% less
Matt Odell: than they are today.
Marty Bent: Yeah. So it's all, it's all dynamic, depends on your, your price of energy.
the price of Bitcoin at any given point in time. and I think we're going to be surprised to the downside. I don't think hashrate is going to fall as many, as much as many people think. what percentage of hash rate do you think relies on chips from Chinese manufacturing? I mean, the foundries we already talked about are in Taiwan and in South Korea.
Matt Odell: a hundred percent right?
Marty Bent: The companies that actually make the miners. Yeah. A hundred percent or no bitfury, is not in China.
Matt Odell: and they're in like Georgia, right?
Marty Bent: Yeah. But their chips aren't really that good. And I think there's other people working on Asics in North America, but, how popular they are is... there's a lot of white label ASICs too where they're not really Bitcoin specific, but you use them for hashcash SHA-256.
Matt Odell: I just want to point out... They're
Marty Bent: not as popular either.
Matt Odell: I just want to point out that anyone who implies that there's like a break even price for Bitcoin miners, which [00:24:00] below that price, like they become unprofitable. is signaling that they do not understand mining whatsoever because all of these miners have different, different fixed costs and different variable costs.
And you can't generalize all of their costs. There's so many different things at play based on where they're located, how much their rent is, you know, where they're getting their energy from and what the cost of the energy is. All these, all these things factor into it.
So some miners, will go on profitable and some miners will pick up the Slack and maintain profitability and Excel in the situation. And just, that's what it comes down to. It's just a big game.
Marty Bent: I saw a very misinformed thread this morning saying that the production cost of all minors per Bitcoin was going to go up to $14,000 today.
that did not make much sense to me. somebody does not understand the variables that go into production cost of mining a Bitcoin. just wanted to throw that out there. let's see. Let's see if we get
Matt Odell: before we go to the next question. And it appears we have 10 minutes. what time do we [00:25:00] think that having is going to happen? It's going to happen in about five hours, four hours?
Marty Bent: we are, 26 blocks, 260 minutes. If it's, I don't know where it's coming in at right now.
Matt Odell: I'm so bummed that I'm not celebrating this halving with drinks with bitcoiners, it's just like... the timeline that could have been, you know?
Marty Bent: so right now I would estimate like four hours, so probably around three 30:30 to 3:45 Eastern potentially.
Who knows? It depends on what hash rate does between now and then. we shall see mid-afternoon, it seems right now. Yeah one thing I tweeted out over the weekend, like, we do all this celebrating, we're doing this live stream now and everybody's freaking out. But the Bitcoin network, it literally just gets to block 630,000, the subsidy changes from 12 and a half Bitcoin from, 1 billion 250 million Satoshis to 625 million Satoshis and miners start mining blocks [00:26:00] 630,001 and the network just keeps chugging along.
Matt Odell: That's what people don't realize. The most bullish aspect of the halving is that it's just a complete non-event. And like, in terms of the actual protocol, like so many people expect it to create like a death spiral or have all these issues or, or maybe not happen, that when it just happens uneventfully it just continues the Lindy effect that is Bitcoin, that is the bullish aspect of it.
but now as like, the Bitcoin community has grown as more and more people buy Bitcoin, use Bitcoin, learn about Bitcoin, and we start entering the tens of millions of people that own Bitcoin. It's pretty crazy as a holiday, it almost feels, it feels like a new year's. but a new year's where there's no fucking time zones, like where everyone celebrates it on the same exact time zone, and that's block height and it, the consensus is distributed proof of work like that is fucking crazy.
Marty Bent: Cheers to that, right. Shout out to all you freaks, in parts of the world where it's the middle of the night, who [00:27:00] will be up waiting for this. Shout out to you guys. It's, it's like, it's not like new year's Eve where you see fireworks going off in Australia and then, going across the world throughout the day until it finally gets to your time zone.
Like you mentioned, it's block height. And that's again, like something fundamentally, That is changing our world is organizing and coordinating around block heights. which is something that not many people have really, really, taken home yet in their heads.
All right, Matt, how bullish are you and why are you not more bullish?
Matt Odell: I love this question.
I get more bullish every day. I don't know. physics is involved or something like that. you can't be more bullish than I am. I'm just always peak bullish
Marty Bent: Matt's always peaking when you see him. Every moment he's peaking in bullishness
Matt Odell: no, I guess there's, there's short term volatility. It's like Bitcoin, but it trends up over time.
I'm bullish on bitcoiners . All the time I spend with bitcoiners gets me more and more bullish every day. [00:28:00] just, you know, bitcoiners get shit done and the whole open source ecosystem, this idea of free open source software that everyone contributes to, that everyone can fork and make their own, and that everyone can read is just amazing.
It's just absolutely powerful and it's all about empowering the individual. so that individual can take personal responsibility. And I think there, there's, there's few things that are more powerful than, than that in this world.
Marty Bent: Agreed. Agreed. A hundred percent. All there. Great question to end it on from our boy tactical minivan.
What would you have done differently knowing what you know now?
Matt Odell: I think that was a question for Satoshi because the other guy asked if you could talk to Satoshi what would you ask them? Right?
Marty Bent: Oh, okay. I didn't see that thread.
Matt Odell: If you can talk to, to Satoshi anonymously, what would you ask them?
Marty Bent: What would you ask them? Ooh, this is from statusquont. Q. U. O. N. T. Hmm. Did you really know what you're unleashing? Like did Satoshi really know what he, she [00:29:00] or it was unleashing on the world? Like did they know the secondary and tertiary effects Bitcoin the network would have on the outside world? Again, getting back to what we're doing in mining, like could you foresee that the chips would progress from CPU, GPU FPGAs to ASICs, and then be able to sort of help industries outside of Bitcoin create efficiencies?
Like, could somebody have that amount of prescience? So I don't know. I don't think so. And if so, we may be dealing with something, beyond human.
Matt Odell: I mean, I would ask them two things. I would say, what's the deal with the keys? Like, what's the plan of action there? do you intend to dump a large amount of Bitcoin?
Did you burn them? and then the second thing is, why the fuck are you talking to me? Just go, you know, this is too much of a risk. Don't do this.
Marty Bent: Well,
the assumption is that it would just be like you two meeting
Super secure, super secure anonymous chat.
Matt Odell: Maybe
Marty Bent: Satoshi
Matt Odell: invented that
Marty Bent: too.
Matt Odell: That's
Marty Bent: one of my favorite [00:30:00] Satoshi theories though, is that his, his coins, they will be used after Bitcoin hits a certain market cap is going to become like a mechanical Turk like figure where he just contracts work out to individuals throughout the world, and, and pays them a Bitcoin like specifically in, People living in countries that have despotic leaders and are under fascist regimes. He can sort of help them find freedom by paying them to create things that enable freedom within their country.
Matt Odell: I
Marty Bent: like the
Matt Odell: idea of like a calculated burn too. Like you just wait until it to like a pivotal moment right before the next halving or something.
Or like major governments are defaulting and you just like burn a huge amount of the supply. I mean, I wonder if the question implies that Satoshi would actually, they would actually tell us the truth. Like, I feel like it'd be like a little bit coded. I don't know.
And yeah, I won't quit, dude. We're going to, we're coming up to 11:45 here. Shout out to you. Freaks for tuning in. Shout out to Bitcoin magazine for having us. we are currently, let me pull this up real quick, 26 blocks away still. so [00:31:00] shout out to you bitcoiners out there.
Hope you had a good second, or excuse me, third Bitcoin mining epoch and I hope the fourth brings you many, many fruitful endeavors.
Matt Odell: Stay humble, stacks sats, love you all.