Self Custody Bitcoin Still Under Attack!

Hey, everybody. Happy Friday. Welcome back to the pleb underground. I'm your host, Phil.

Unfortunately, self custody still seems to be under attack. We're going to take a look at that bill, that house bill out of Kentucky.

What the hell is going on over there? We've got some solid hope to kick it off Bloomberg. That's right. Getting some hope him out of Bloomberg. What else? We've got the Bitcoin NASDAQ correlation. Apparently this matters. So we're going to take a look at that.

Interesting, interesting to statistic about the US national debt meta planet to host a special guest for their earnings call at the end of March.

That sounds fun, doesn't it? Morgan Stanley revealing their Bitcoin ETF ticker.

A lot of questions surrounding Bhutan. Bhutan stopped mining. Why are they selling? Why are they selling all of this Bitcoin? We're going to take a look at that. Of course, we're going to talk about that Kentucky bill on a shit show.

Bit 360 update and polymarket announcing its first ever prediction bar. I'm not really sure what I think of that. Not really sure.

And I don't know if you guys ever heard of the Barcelona ciphers conference, but I've never heard of it. So we are going to take a look at that guys. It is Friday kicking off the weekend. Let's break and do it. Here we go.

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All right. All right. Hey, good morning, Johnny. Good morning, turbo. Good morning, play a space boy. He's trolling me 12k. Dude, we get the 12k. I don't even know what I'm going to do. I'm going to have to actually mortgage my house and that is not financial advice.

12k. It's like, I'll bite. Hey, look, worst case scenario, end up in an RV.

Could be worse, right? Could be worse. All right. Anyways, let's kick it off here, guys. We are going to take a look at the Bitcoin fiat exchange, we're doing slightly better than yesterday morning. Why not?

That's yesterday afternoon 70,052 new all time high on the block on the block, I 941,451. Sat's per V bytes. One sat per V byte. Yeah. And the total public lightning capacity just bouncing like a yo-yo in that 5k range. Now we're back at 5,704. Yeah, 5,704.

Yes, we were like 5,200 something Bitcoin and on the in terms of public liquidity on the lightning network. Anyways, anyways, those are the numbers. Good stuff.

All right, let's kick it off. It's a market sentiment here. I actually think this is bullish financial stocks on pace for worst first quarter since 2020. That's right. I know it's terrible, right? That I'm cheering for this as private credit cracks flash.

Hello, warning. So look, there's a lot of hype around how the the private equity market is going to just sink this battleship, right?

Ruined the whole market, take everything down and also at the same time provide a fantastical reason for massive money printing.

Although I don't think it's going to be private equity alone. It'll probably be different things. However, I'm not sure if it's really the boogie man that it is supposed to be.

But I will take this sentiment. Okay, because we all know what happened next in Bitcoin when we saw that sentiment. So yeah, no problem. I'll take it.

All right, guys, hey, Rhino, Rhino Bitcoin app, you guys are doing a great job with the Hopium twice this week, twice this week. I have been featuring your post. Oh, let's dive into it.

Bitcoin, sorry, Bloomberg reporters are astounded by Bitcoin's resilience despite a geopolitical shock sending oil 40% and gold BTC just broke towards 76 K up 13% this month, which we saw right now. Of course, it's sitting at 70 K.

So we're a little pulled back from that, but the ETF inflows are back bearish bets are getting squeezed me.

Okay, okay, but so we're the longs, right? The longs are also.

Anyways, and institutional confidence is quietly returning is Bitcoin becoming the safe haven. Let's hear what Bloomberg got to say.

Look at where things stand for the last six days for Bitcoin. It's been resilient despite this geopolitical shock that has really set energy prices spiking and gold falling for much of the last month. It's actually.

Let's be honest, right? They expected this thing to just sink like a stone as every other time every other time they always expected to sink like a stone. I showed you guys the article last week, right? Bitcoin failed the COVID test.

What didn't? No, it didn't. It was just the most liquid asset in human history that was able to show in real time what the markets were doing. Simply that's all full stop.

And again, we're seeing that this time. Hey, good morning shift happens.

Elven this range from just around $65,000 up to $73,000, but look at this late last night it broke through to hit close to $76,000 per Bitcoin. That's up around 13% so far this month.

I guess the question a lot of people have might have right now is is this acting like a safe haven?

I'll answer that for him. Yes, but I know that people in the bear chat would disagree with me and be like, we're down 50%. That's not a safe haven.

But I would say yes. Let's also flip the chart and look at how flows to crypto ETFs have been doing. They're actually surging if you look over the past couple of weeks.

Net flows for the 12 US listed spot Bitcoin ETFs top $763 million last week. It suggests that there's maybe scarlet this return of some institutional confidence.

All right, well, take a look at cryptocurrencies from Bitcoin to smaller digital coins are definitely standing out this month as winners compared with volatility and more traditional assets since the start of president wars war president.

Okay, we already looked at that information yesterday, the statistics we talked about this.

It reminds me of humble when when humble says you are loved you are tolerated.

The bear chat is tolerated. But I said this before I enjoy it.

You know, I think if anything else, it's it's just solid entertainment.

And I enjoy the the high spirited conversations that that happened there. It's good times. It's good times.

Anyways, let's continue. So the experts know work the experts always know, right?

Not, no, they don't. These guys are shocked, right? Like you could see it. They were surprised to be doing that new segment. They're like, what's going on? What are we missing here?

There's got to be some reason why it just seems like a stone. Look, you're not like they're not going to be able to stop it.

And they're not going to be able to stick it into a box. I've been talking about this for so long. I know that ACP is going to appreciate that.

It's the better for cross these, right? Always the they're always trying to stick Bitcoin in a box so that they can say this is what Bitcoin is.

It's not going to work.

Alright, so this this Bitcoin NASDAQ correlation.

The lowest level since 2018. Okay, so we've got this this correlation. That's the lowest level since 2018. We've got the we've got this thing, right?

Financial stocks on pace for the worst quarter since 2020.

Is this the freaking? Are we getting the bottom a little bit early? Okay, so look, here's some hope from that.

At least this is what I'm thinking because we did start the quote unquote bull run a little bit early, right?

We actually did start to rise before the having took place. So maybe it would fall in line that this timeline is sped up a little bit as well.

So, you know, hey, feel good morning.

Just some thoughts, just some thoughts from somebody who's not paid the lie to you about Bitcoin.

Alright, so let's continue here at current prices. The US national debt grows by more than one Bitcoin every second.

I obviously had to look this up, right? It means that one million Bitcoin left to be mined over the next hundred plus years represents 11 days of debt.

Of debt increase. We read that back to you guys again. The US national debt grows by more than one Bitcoin every decade.

Okay.

So the people that sit there and think that somehow the US government is going to buy Bitcoin to pay back the debt. And of course, obviously I know that the Bitcoin Fiat exchange rate goes up and up and up and up.

And of course, it would take less and less Bitcoin to pay back that debt. But this is my point.

Look at how fast this is happening. Buying Bitcoin doesn't help them. Okay.

And this is something I've said from the beginning, our economic system exists entirely from debt. It is spawned from owing money.

The first dollar that ever came into existence. There was already more than a dollar owed. Where's that going to come from?

It's perpetual guys. Perpetual. The debt will never be paid back. Everyone needs to understand that. If the debt is paid back, the economy literally ceases to exist.

Just ceases to exist. God. Goodbye. It's over. It's just like that South Park episode. We must appease the economy. Anyways, anyways. But obviously I have to go look this up.

Yeah. Now, dude, Phil, forget it, man. It's...

We are just humans and infinite stupidity. It is just absolutely brutal.

Hey, oh my gosh. What is this? Hey, thank you. Like what do you have to say? Claude thinks that Bitcoin is evolving from a risk asset to reserve asset. Let's freaking go, Claude.

And that's why the war has sparked growth. That means the less risk premium, but still solid growth going forward, man.

I appreciate the gift, too. That's... And look at that. We've got AI on our side, guys. AI on our side. Okay. Anyways, I know I'll shut up. I keep going.

So look, obviously I had to look this up. So look, the 11 days, okay, is a rough estimate. And this is what is actually even funnier about this.

It actually is less than 11 days. It's closer to 10 days. And in some cases, I saw that it could be closer to nine days.

It's like their printing money so fast, they don't even know what to do. It is just absolutely insane. But yeah, I just... I'm sorry.

I know that Bitcoin fixes a whole lot of stuff, but Bitcoin is not going to fix this debt. Okay, but it is going to help us.

Okay, that's the key, right? As individuals, okay, it's going to help us. So at least that's been my experience. So that's why I stack.

But yeah. Yeah, that's right. And it's gone.

I believe this too, Rork. Bitcoin is there to protect you from the States. I do see some other people, though, pushing back, you know, pushing back on that stuff, saying that like really it's, you know, they believe it's more favorable for businesses and governments to get involved, you know, that the individuals holding Bitcoin is like some type of a pipe dream that just, you know,

it's just a feel good type of narrative. I don't agree with that. I really don't. And the reason is is because I was able to change my life with Bitcoin.

So no, I don't care about companies buying Bitcoin. I was able to do that before the ETFs. And I'm not saying, I'm not saying, oh, yeah, you know, like people aren't going to be able to do that going forward. Absolutely.

They will because this is the thing, right? All of this paper Bitcoin, all of these products. This is all smoking mirrors. This is all designed to make us forget about the actual qualities of Bitcoin, the fact that the government can't produce more of it, the censorship resistance, the hard cap, the double spend problem that's fixed, all of these things, these are real qualities of Bitcoin that can't be messed with.

So traffic needs us to refocus, right? We need to refocus it on being one of the stupid products that tradify controls and Wall Street and the government. That's just not the case.

Hey, good morning, Mr. Dinkles. That's right. Skeptic, cautiously optimistic friends. We just don't want to get wrecked. That's the deal.

Like and subscribe if you don't want to get wrecked. There you go. It's like the first time I ever shilled like that. Anyways, all right, let's keep going guys. We got way more to go.

All right. So meta planets, meta planet, bless their hearts. And I know what I've said, I've said some obviously bad things about meta planet have also said some good things right there. Their strategy essentially is to use covered calls or to be selling covered calls.

And in that way, they are supposedly deluding their shareholders a little bit less, right? But they still don't have any actual revenue that comes in from their hotel business, which is very small.

But guys, this to me is a massive red.

Shareholders meeting is going to feature a performance by special guest. Can you guess who will make an appearance about this? If it's not somebody who's going to fix this train wreck of a chart by making this company cash flow positive and growing.

I got to tell you, I don't think shareholders are going to give a shit who you're going to put on that stage. Okay.

I'm going to be 47 at some point this year. I've been watching stocks in the market since I was 19.

I've never seen a company pull this kind of bullshit. And I do call it that is what it is to me.

Because investors, right? I don't want you to talk to me about some singer. You're going to put up on stage that's going to fluff my balls about my investment.

Nobody wants that. You want you want the investment to perform. So if you're buying this crap. Hey, cool, Mike.

We're all.

I'm all and I'm coming back.

But yeah, you know, it's like that to me is major red flags. I would not want to see that. I don't want to see a special guest. I want to see a game plan. Okay.

And I think that, you know, although many of these Bitcoin Treasury companies have used a lot of the techniques that were used on Twitter to drum up hype for their shares.

This is the real world. Like this is not. Okay. This is this is not just like online Twitter shenanigans. Okay. Big money, big businesses. They don't give a shit about your special guests. They don't care about somebody singing on stage. Okay.

They care about numbers. They care about returns. That's it.

Hey, another Gen Xer. They shift happens. Very cool.

Yeah, exactly. Here you go. We're or you know where I'm going. Meta Planet was another BTC ink. Absolutely all of these are all of these are. It's just so bad.

But yeah, another red flag for those guys.

But that thing is a frickin train wreck. And you know what they did, right? They did something very similar to strategy, right? Similar to strategy.

They did a share split. Now they did not do a reverse split. Okay. They they did a share split. So they actually, right? They they actually put the carrot on the end of the stick and incentivize their investors to hang on.

Again, nothing wrong with that.

So you see what the outcome was.

Okay. Anyways, I will continue. Let's move on. We've got more stuff. Let's see what we got here. Let's see what we got. More instantly files for its. What is it? What are they getting? Oh, they're ticker. They're ticker is going to be MSBT. Yay. More paper Bitcoin.

We are excited by the paper Bitcoin. Okay. Let's talk about Bhutan.

Yes, a hard huddle worried about privacy. Join a network that doesn't ask for your information in order to use it exactly, right? Not that tough.

You know, Bitcoin.

Bitcoin doesn't need your information to use it. Bitcoin is opted if they completely voluntary network. It's not like the banking system, which is entirely exclusionary, which we all know.

Anyways, Bhutan has stopped mining Bitcoin.

This is what came out of Arkham intelligence. We also saw Bitcoin news put out a post to this effect as well. Let's dive into what details we actually have though.

Bhutan just moved another 44 million Bitcoin out of its accounts. Bhutan has moved 72.3 million BTC out of its addresses in the past 24 hours. This is true. Okay, like that's.

It's not not true.

Anyways, there we go. We've got the the actual analysis, right? From Arkham, but did they the real question is did they stop mining Bitcoin? That's that's the real question. Okay.

So look, there's there is no official statement from the Royal Government of Bhutan or DHI, which is their custodian. Okay. Confirming any stop pause change in their mining strategy.

Okay. The on-chain data shows mining inflows have dried up and operations were likely reduced post having, but there's zero public evidence. They've fully stopped. Still completely speculation. Okay. So it's good concern trolling. It's good concern trolling when Bitcoin is down, but no, it's not actually real. It's not what's actually happening. Sorry, not sorry.

Alright, guys, we've got more more garbage stuff. Yeah, this is this is really weird. BPI has just learned of an amendment buried in Kentucky House bill 380 that would require hardware wallet providers to reset users seed phrase on request. That is a full stop insane thing.

That becomes a honey pot. Everybody knows that. There's no question. This would effectively outlaw self-custody in Kentucky.

It doesn't actually outlaw say self-custody. However, it makes it completely useless. Like it's at that point, self-custody becomes a total large, right? Like it doesn't even make a difference anymore. BPI is sending a letter to the Kentucky Senate informing them of the harmfulness of

this language. Yep. I agree. I know, right? It's, you know what it is. It's just, it has to do with FOD mic. It's, you know, it's like, I personally, I couldn't care less again. It's a state, right? It's a state and they're mining Bitcoin. Good for them, right? But for me, it's, it's all about the individual. It's all about people like you and me getting to be able to store our value into the future. So yeah, you know, it's a giant nothing burger. But of course, when it comes to the

when it comes to the, when it comes to the mainstream media or even the Bitcoin crapto media, right? New headlines like that are meant to scare you, right? They're meant to scare you. They're meant to scare me. Oh, no, this is bad. Look at that. We've got a country that's dumping Bitcoin. They must know something. I don't, you know, it's just the typical stuff, right? That's all it is. But I totally agree with you. BPI sending a letter to the Kentucky Senate informing them of the harmfulness of this language. Okay. So can they do this?

The mandate is technologically impossible for non custodial wallets hardware wallets are specifically designed that no one including the manufacturer can access or recover a user's seed phrase requiring a backdoor for seed phrase recovery breaks bitcoins fundamental security guarantees and pushes users towards centralized custodians that are all vulnerable to acts and failures.

So that's a good question, Mr. Dinkles. I am going to assume that what that means is that they can simply quote unquote reset it in the sense that they can generate. I'm assuming this, okay, that they would be able to that they would generate a new seed that would then give them access or you access, right?

Because they always want to frame it like they're helping you out that would give you access to your existing Bitcoin from the previous seed. I mean, I have to assume it's something like this. Either way, it's insane.

Yeah. Okay. It's okay. Fine. We're going to be mean to Kentucky, huh? We're going to we're going to do that. I don't not disagreeing. It's like, come on. Like, let's face it. Right. It's just a bunch of boomers that that are making these rules and they don't understand it. Like they're picturing themselves what if I forget my password. And then I can't get in. Look, nobody said that personal responsibility was going to be easy. Nobody said that self sovereignty was going to be easy. The trade offs are that you incur.

More personal responsibility. That's the trade off. You are fully responsible. That's it. Now, if you don't want that, you don't have to have that. There's trade offs, but there are some of us who have experienced what it's like to be completely kicked in the nuts by the financial system and be left with no access to your funds. And for some of us, health custody.

And having access to liquidity outside of the banking system is incredibly important. That's all. You know, so yeah.

Right. That's right. That's what they want. Bitcoin service providers. Why not? Why not the Bitcoin service providers. But yeah, I just I don't see how that's enforceable. And I mean, which, which hardware, which signing devices actually going to comply with this crap.

Right. Like, I don't see cold card complying with this stuff. I see ledger totally complying with anything they have to comply with. So, yeah, I definitely see ledger doing it.

Yeah, there you go. It's Mr. Dinkles. We are in sync. Right. Maybe ledger can reset your seeds. They already have a backdoor.

Oh, gosh, it's freaking brutal. They are freaking brutal.

People in Kentucky can always build their own hardware wallet with generic hardware. True. Absolutely. Seed signer.

ESP 32 boards. And there's also the do it yourself a specter signing device, which I know doesn't get that much talk, but it is a great device touch screen. There's also added security where you can have smart cards. Right. So that essentially you can secure your wallet with the chip. So you've got a password.

Plus the card. That's cool stuff. You know, hey, sovereign society. Hola. Welcome to the show.

All right. So here we go. And by the way, what I read to you about it being a technological impossibility that will from BPI Institute pushing back on house bill 380. Okay. So we're going to follow this. Obviously, we're going to track it. We want to make sure that everybody knows what's happening.

But that I know that some people may think it's a giant nothing burger and to Humbles point about it being Kentucky. Yes. However, I was thinking about this yesterday. I'm like, why would I care if Kentucky does this? Right. I don't.

But I think it again, it's one of those things where it sets a precedent. It's the over to the window. Right. Once again, it's like, oh, well, look now we've got this one state that if you want to be able to sell hardware wallets in that state, then you need to implement this.

Fail safe, right? Because they're going to have to market it a certain way. They're going to market it most likely as some type of a fail safe feature.

And then all of a sudden, you're going to have somebody in another state that's going to have an issue. And boy, are they going to wish there was a back door into their signing device, right?

And all of a sudden, you have another one, another one. It just goes on and on and on.

I think it just sets a precedent. That's what it is. And I'm not interested in that in any way, shape or form.

All right. Moving on, guys, we've got an update on the quantum stuff for Bitcoin. As of right now, this is really the only the only BIP that this is almost seems like it's the only project that's even remotely close to attempting to try to address quantum.

So BTQ technologies, which is a company, okay, announces first deployment of BIP 360 on a Bitcoin quantum test net.

And they are the ones, if I understood correctly, BTQ is the company that is hosting that.

I think it's a good, I think it's a step in the right direction, obviously. It doesn't mean that that's going to be our solution, right?

That's the other thing, right? When people see a BIP or something like that, I'm painting with a broad brush, it doesn't mean that just because it's a BIP that it's going to happen.

It doesn't mean that automatically this is our only solution. It's quite possible that BIP 360 leads to another BIP that maybe draws us closer to maybe, I don't know, maybe a more accurate solution.

Maybe, maybe a solution that has different and less tradeoffs, I don't know, but definitely a step in the right direction and I'll take it.

Everybody says, braid, afraid of quantum. And I don't know why. Yeah.

That's the other question, Rork. That's the other question, right? Because you know how this goes, right? All of a sudden, like once, once there's like some momentum behind it, maybe all of a sudden it's going to.

You know what it reminds me of? It reminds me of when they stuff those bills, right? With the with the pork. So to speak, right? It's like, that's what it is. So there's like the actual laws that they want to pass. And then there's all the slop that they give each other, right?

So that they get all of their kickbacks and all of that stuff. I'm talking about politics and government. I'm talking about developers. But in this case, it's like, it's kind of the same thing.

You know, like, yeah, we'll give you taproot, but you're also going to now have access to making this garbage.

Food for thought.

All right, guys, the polymarket, the polymarket live X feeds flight radar, Bloomberg terminals and polymarket screens. They're going to have a nice little situation bar. I guess it is that what it is. And I guess this is like some VR mockup of what it would look like.

Okay, so look, I do think this is cool. I'm not going to lie. I do think that that's cool. I think it's interesting. The only thing I don't particularly, and it's not that I don't like about it. It to me, it's what it represents.

And it's not that we don't know this already. But it means that we're living in a clown world. And everything is accelerating. The stupidity is accelerating the chaos is accelerating. All of this is accelerating.

And to me, this is evidenced by the fact that we are going to have a space like this where you're going to have live X feeds flight radar, Bloomberg terminals, Bloomberg terminals are not cheap.

So I don't know if they're going to get a deal from Bloomberg, but Bloomberg terminals. I think what would they like $30,000 a year or something like that. All right, I got to look it up. I'm sorry.

Bloomberg terminal subscription.

I need to know this.

Okay, so the typical, the typical subscription cost between 27 to 30 K contracts are typically structured for a two year period, resulting in a total cost of around 60 K.

Okay, so they're going to have a Bloomberg terminal. And I'm guessing that they're going to have to figure out a way to split that feed because I highly doubt that any one of those locations are really going to be able to pay for the cost of just that terminal alone, not to mention all the other bells and whistles.

Yeah, pretty much right.

And I hope they're going to have more chairs or at least a couch or something because I don't see a whole bunch of people just standing around there waiting for shit to happen.

But let's be honest, at some point all that's really going to happen is they're going to stick a bunch of calcium screens in there and it's just going to become the, you know, degenerate prediction market gambling.

Not that there's anything wrong with that. It's just what it's going to be. What it is. What do you want?

Oh, yes. Okay, so Bloomberg terminals give you essentially deep insight into not just individual, not just individual stocks, but also sectors.

And it's the kind of information right essentially like Bloomberg from what I understood from what I remember him explaining it's

he had he had wanted to have all of this data together for him. He wanted to have a certain type of insight into the data. And so they started to build out all of these different reports and analytics and it turns out that

no other product on the market gives you as much insight gives you as quick, quick return of real time data than a Bloomberg terminal. So like it's like anybody worth their salt doing this full time is is going to have a Bloomberg terminal from what I've understood.

So that's pretty crazy though.

It's really for stocks though, right? It's I don't know anybody that actually uses a Bloomberg terminal for Bitcoin. So for me, the framing, the framing of a Bloomberg terminal is really for equities.

I mean, I'm assuming you could use it for commodities also, but just most of the people I know for equities.

Alright, I have never heard of this conference before the Barcelona ciphers conference, but I wanted to bring it up. If anybody is near or in Spain, right, you've got you've got a Bitcoin conference that's popping up May 29th to 30th solid Bitcoin or speakers.

It looks like it's it looks like it's more of a technical conference, but look at what they marry together Bitcoin privacy sovereignty and permaculture. Look at that, right permaculture is kind of has a bit of an undercurrent in, you know, I guess in the Bitcoin space and it's nice to see that permaculture is finally making it to the, you know, to the big stage. It's cool stuff.

Ah, guys, the end of another week, these two guys in jail, right, please consider signing the petition if you haven't already.

Also considered donating if you feel so inclined, all they were doing was writing privacy tech. That's all it is. Okay.

All they did was something that the government doesn't like. Okay, they didn't even actually do anything that was illegal. So, but hey, guess what?

Not everybody can afford to fight this system for years and years and years and eventually you're just going to, you know, plead guilty and that's the end of it.

But it doesn't mean that we shouldn't fight for them. It doesn't mean that we shouldn't sign the petition and it doesn't mean that we shouldn't try to help them out.

Guys, that is going to do it for this episode. I hope you have a great week and a great rest of the day.

Monday, you know, I'm back 12, 10 p.m. Eastern. There's already so much news for Monday. It's it's absolutely crazy.

And don't forget Monday night Monday night 8 30 p.m. Bitcoin tonight.

And our side segment is going to be Hollywood. That's right. We're going to do a little bit of Hollywood.

Thank you so much, sovereign society. Really appreciate it.

Yeah, I hope you guys will join us for that. We're going to we're really going to dive into the.

All of the nuance about Hollywood, some stuff you're going to be surprised by some stuff you may already know, but I'll tell you this.

It's going to be a very interesting conversation. Alright guys, have a great rest of the day. Take it easy. Thank you again.