BBC: "Every Bitcoin Payment Uses a Swimming Pool of Water" | Britcoiners by CoinCorner #106

Transcript

just a lazy hideous piece of Journalism the Danny sent it to me I was Lally like well I cannot defend this like if you read it it's [Music] garbage hello right let's not talk let's get on you've got a time limit here to your problems and you're already interrupting you're calling his kids problems that's his problem is what I mean I mean I'm not WR it's a problem turbo uh turbo pod right price 44,48 no that's last episode's price current price 43,9 20116 Mikey we've got something the current price is is oh cuz I've changed it since print last episode's price wasn't 44,000 was it that's a liot uh no that's high since sorry sorry I've just sent out a price notification so I can tell you we're up 15% start again if you want no F $4,040 current price um yeah quite a run at the minute obviously but yeah is what it is um we've got micro strategy buy more Bitcoin we've got BBC publishing swimming pools we've got coinbase and their new adver and their new Feature Feature we'll come back to uh new feature great new feature uh Bitcoin uh National strategic importance from the US space force um IBM and Quantum Computing Bitcoin gold moving opposite directions and black rock apparently buying Bitcoin throughout the bare Market class very good let's get into it micr strategy go Sailors laughing is he I mean he should be yes it's quite an additional 16,000 Bitcoin yeah yeah so if people I don't know he bought another 16,000 Bitcoin that's about 600 $100 million um at the price when he bought them at an average price of about $ 36,7 185 per Bitcoin um obviously it's already at 44,000 so yeah even the recent purchase he's up plus all the previous purchases and now yeah their entire average is now 3,252 per Bitcoin is he something like is it 2 and a half billion up now or something 2.3 2.3 billion up um yeah well played that guy I saw him sorry I don't know if you mentioned it but um El Salvador they are they say the first time in profit since they've been dcing they like one half it 3 and half million dollar or something what are they dcing a Bitcoin a day or something yeah well they said they were weren't they she they're still doing it but it's the first time they're init DCA has been yeah strategy I guess for micro strategy as well as yeah uh everybody else the normal people um so I think we want to things on that I've been asked a couple of times actually recently about is it a risk with Michael sailor holding so much Bitcoin or micro strategy holding so much Bitcoin under the Helm of Michael sailor um well a risk to what a risk to I don't I don't think people know that when they're asking that question they just think oh he he owns like it's about 1% of all Bitcoin not even in circulation Bitcoin that's one so it's like a price risk if he sells it all cuz it'll be flood the market I with but that's not a risk really I think there's an uneducated comment maybe around do do like when people ask do you not think that's a risk and I say why do you think it's a risk you're Mark that Bitcoin is it less of a risk cuz they are public companies well people one sorry I'm saying from a risk is because one person's got so much yeah people don't understand that that's if they think oh he owns loads of Bitcoin he's probably going to be able to control like not talking about neily the price price could be the network it could be like influencers like what what's the actual risk and I honestly personally don't see a risk no he has no control of the network over the guy that owns 20work risk um he hasn't maybe an influence but that's because he's a very well-known guy now rather than him owning Bitcoin um he's known for holding Bitcoin so he's known for that reason but it doesn't give him any more influence over the network in the industry I mean a micro strategy investment is just a Bitcoin Play Now isn't it it's literally the share price just correlates to the Bitcoin price so it's gone up quite a lot recently as the Bitcoin price has increased did we say this on the last pod about if he if bitcoin price say 10 X's he we were just looking at that wer we in terms of how how how big their balance sheet of micro strategy could actually become and where it place them in global scales of the big companies racket them up quick pretty quickly well it if Bitcoin 10x is from even from the valueable we talking about I think then micro strategy would and if they held their Bitcoin throughout that time they would hold more in their balance sheet in value than Apple do you know I think he would still get he would still get criticism even if that happened like there's still haters out there that think it's a a risky strategy for micro strategy to be endeavoring even if he took them into like top five most valuable companies in the world I think there still be frowned upon micro is it Microsoft own have like say 150 bill I think on B she is just a little bit more aramco like 200 something I think uh but Apple only like 50 I think at the minute or something only used to be the big yeah they'll be cutting cutting I think cafeteria I think they've dropped quite a bit charging more they still make a lot of money don't get me wrong but they're spending obviously in different ways yeah um see yeah I I just see it as and why is he doing that maybe it's a question to him do you know also I like the fact he's been pretty consistent like it's very easy to like show off now in terms of whil the price going up and it's above your average in but he's always done this he's always said look this is my average this is how much we hold it's the same tweets every time he's buying the same mechanism of them the same structure he's not like they're not like showing off it's just like right we're buying we're buying we're buying this is consistency which I like and he's obviously personally buying as well he's quite public when he does that he's playing the infinite game leaving his legacy in micro strategy if I hear you honestly the infinite game you that the he in theory his his theory behind it is that that Bitcoin value continues to incre if it continues to increase then micro strategy would have a never ending he he did say he's never sell cost of uh currency or money whatever you want to call it um that he can convert to Dollars and make use of for forever so the company can last forever and pivot that company into different directions like you've seen what was the example you said that was was it Nintendo you used to be game cards used to playing cards no Nintendo used to be it was even worse in terms of a pivot more odd than that yeah as a pivot I know I think Nintendo was playing cards was it playing cards I thought thought that was the case yeah they're slightly PIV not pivoted but they started to release like lightning stuff Haven they lighten in products someone was telling me that have to sell eventually I was like no they don't it's not how it works make borrow against it to run against yeah they can borrow against then mhm yeah play okay playing card2 and eventually obviously pivoted to what think there are better examples of a more extreme pivot to Market Kodak as well is it Kodak if you check Kodak Kodak very old company actually they were pre I think they were pre cameras oh they were yeah yeah but I don't know what they were doing yeah pharmace Pharmaceuticals now I think I think yeah like companies just have to grow don't they historic were like what were they before cameras I'm given time if we known this popup I could could brought some brilliant examples of Mega pivots you just don't know where the conversation's going to go though they were a chemical company say so yeah the chemicals just trying to put it back to that I guess now in aware with Pharmaceuticals here um but the point is yeah micro strategy in theory what saor is setting up there is like when I'm saying the infinite game it's a a NeverEnding company that can go on and do effectively whatever it wants to do supported by an extremely strong balance exactly and they can pivot to do try different things and do different things um and eventually see what works for the market and I mean they don't have to do it for a a monetary Revenue sort of chasing uh pivot they can do it to a pivot of what they believe is good for the world or whatever they want to do yeah so it's an interesting position that he could put himself or not himself but Micro strategy in in you know decades to come is there a percentage of holding where you do think there's a risk at all to the network of one guy has like so much Bitcoin yeah proof of stake yeah which is not um other than that the only risk is price yeah that would you know if they dump x amount we've seen dumps in the past of billions of dollars of Bitcoin and yeah the price moves it's volatile um so obviously people are worried maybe incorrectly about M strategy right now with all these ETFs coming in um buying similar amounts I assume it'd be interesting you had maybe not as much but how much they could end up with a few companies with a chunk but well it doesn't achieve anything yeah yeah that's what I'm saying yeah um it will achieve a financial incentive for them companies to drive the network in the direction they want to do they might try and force the network in a a direction like we've seen in the past with the block walls yeah but we've seen that and it doesn't doesn't work which it didn't in the past this will be the next challenge yeah it'll be a test for the kind of yeah will the network will the corporations be able to por and influence uh bitcoin's Network in a way that is not necessarily good for the network good for them as an Corporation they've not managed to do that in the past and we've been through that the next step after that would probably be myad governments and would governments be able to then force it in Direction that's good for the government but not for the network um that'll be the two two big ones for me that I think we'll have to cross yeah interesting topics BBC publishing uh an article that is every Bitcoin payment uses a swimming pool of water the problem the problem I have like I believe it might have been last week that I was a big advocate for the BBC it's and I was like the quality of reporting the perfectly neutral resarch information it's about inform educate entertain and then moments later they kind of prove me wrong by publishing what getting ahead of it by admitting it just a lazy hideous piece of Journalism mhm the Danny sent it to me I was Lally like well I cannot defend this like if you read it it's garbage some of the research Bitcoin is so power hungry it's essentially saying that to generate electricity you have to use water as a coolant in power stations right and thus if anything uses electricity you can try and work out how much water they use and it's just you're great and it's it's grasping and straws a little bit I think with gone from Bitcoin uses dirty energy to okay now that's been debunked it's kind of okay Bitcoin uses too much water and it's but it's grasping it's that article actually books the books the trend of 2023 because most of the articles are are now coming out and in more favorably in terms of Bitcoin using renewable and Bitcoin being actually an incentive for renewable energy I I signed up to that um Daniel bitten baton yeah his sub his uh newslet yesterday it's actually really interesting in terms terms of how much that's improved in terms of the renewable side and what that means per transaction and how how that's is that the incentive that we always talk about and what that actually affects is so I might throw a good chart in there in terms of it looks at how banking transaction efficiency against Bitcoin uh transaction efficiency in terms of the energy they use and it's very interesting yeah um so that to have that article is just embarrassing yeah well who Chris Val technology report is great heard of him before it's just so it's really one like so one-sided terms of How It's reported it was Alex the I think research he did it was his research they used yeah they keep quoting him I'm just wondering who he is and why he's got such an agenda I think this the fell already worked at deut bank or something like that yeah okay right uh from a while back yeah remember he's a specialist yeah there you go he worked at the Dutch Central Bank yeah brilliant so obviously he got a bit of gender it's just that's bad isn't it yeah but I think as well like even forgetting all like the renewable energy stuff and how bit and you know the actual mechanisms of what you're talking about there with the actual energy usage you they're forgetting that Bitcoin transactions you're ignoring lightning you're ignoring other scalability solutions that starting to come you are treating it like one they're treating it incorrect still all these years later that we've already debunked over and over again article even referencing the Cambridge work yeah but they from like 2018 or something really old data but Cambridge have Sub they' sub come out and said actually this year they've released an article saying actually it's it's it's it's no we've overestimated we've got this wrong so they're already saying that that data that they've used for this is the Cambridge data is great as well really it is good data because it's it's useful information to know but then we know that it's renewable like if they all are ignoring lightning we've done the lightning research and we ourselves and said okay you can do in theory infinite lightning transactions off the back of one Bitcoin transaction because it's just the channel that needs to be created and you go back and forwards so you can theoretically do that um but they ignore that that's all that sort the problem you don't there's just always this bias against it you don't hear the good articles it's not a rounded opinion it's cuz the idiots writing these articles don't actually know they don't know what lightning is they don't understand how Bitcoin works very e advocating for proof of stake as well but it's worked it's like got everyone talk funded by a proof of steak like my I think my mom sent me thatle that's the reach that BBC have and it's just like that's really annoying she must have heard what you said last week you so much en of swimming pool en every transaction my mom and dad didn't s me that cuz they don't read the BBC ad let's not get into parents are better okay there's only one winner there but yeah extreme extremely frustrating article people that we we should I'm a big advocate of getting rounded opinions on both sides um and that's signing up to this Daniel baton newslet is very interesting read it's a new one i' recommend everyone having a little his content is good yeah it's very good um so yeah frustrating AR made me look like a idiot you're ready for the next frustration that's also going to make you look like an idiot I mean I do enough a good enough job on myself right now help back it up it's just proof coinbase uh releasing their new advert and I've had a beam upon it about this you have I don't know why it's brilliant adver I'm fuming at it yeah what's your problem there's been a couple of them so they've got two that I've seen which is one that's based around for people have not seen it it's kind of a it's a it's a good process it's like showing people growing up and going to school going to University ending up with that's what come soon in a that's that's the bit that me they're going to school going to University they're getting into lots of debt uh and then they can't do things that you know 30 years ago might have been possible buying the house and so there's then the mortgage one where um the it shows like people in the 1950s buying a house then the 1970s and then eventually today getting rejected to try and buy a house because they can't afford it um and then it just says uh it's time to update the system I think is the the term and then it just says the coinbase logo at the end whatever um update the system buy some shitcoins what's your problem exactly so so the two things my big problem one thing is they're saying update the system if somebody doesn't know what coinbase is like they for one wouldn't know what what's the no it's your opinion what coinbase is this is an advert to inscribing what coinbase want to be like what do they want to be they want to be you know the the the almost like the anti-hero they what they're putting a a mirror up to the face of reality and saying it doesn't have to be like this Dave's just talking philosophical [ __ ] now just to try and get out they don't have I thought it was a good advert but why because for what system the system is something extremely personal what everyone's got their individual fight is the system the system is historically it's institions that's ingrained in people's upbringings it's the system right schooling education medical anything like that Mortgage Banking that's the system we this argument that's the system so but that's different for everyone and everyone has their own different problem so it might be finances educational it might be let down and a different part of it coinbase is saying doesn't have to be like that you could buy Pepe you could buy Pepe and be worse off yeah but the point with that you exactly what you said there the system is lots of different things to different people they're talking about it in the sense of the system from the financial system aren't and that's where they're trying to go at they don't say that and they don't explain that our industry is in a you can't mean our industry is in a bubble we know what they mean in that respect people outside of our bubble don't know who coinbase are don't know what the hell that means it could be itical campaign look quite political it's completely it's trying and create the Intrigue so they go off and to what is coinbase you then go to coin so it's pointing out it doesn't matter what coinbase is at this point out that these people are struggling to get a mortgage because of the system wherever the system is go to coinbase and you can get mortgage no you can't you can buy Pepe though you can buy buy some Rand I don't know if you can buy Pepe at coinbase I don't know you can buy random [ __ ] coins and and gamble away it's not helping them buy a house is it so the mess message is disjointed to me there's a disconnect between the company coinbase and then the message of the advert yeah it doesn't make but that that it's still that doesn't make it a bad adver it's it's it's still the Intrigue that it creates okay the thing is good in our industry it's got people talking like we're talking about now so it's done its job in getting people talking but to the this is my always my problem with our industry of we target adverts and things to people within our industry not outside of our industry and we need to be targeting outside of our industry to people that don't really understand what's going on you try to educate them and help them on things and trying to educate them people showing them something like this it's relatable to a lot of people it is but it doesn't explain anything it kind of says perfect ad which means that relatable to From coinbase's perspective that's great because then they can come to coinbase but coinbase don't educate on the it also does explain it if I Google coinbase have like a landing page telling me and coinbase actually have all these [ __ ] coins on so the coinbase aren't the Bitcoin Advocates we we would want them to be forget Bitcoins in general but the update the system is not a thing they're doing they are just adding lots of coins for speculation on on price we've seen that which is one of the ones I've ranted about a while back with Brian now tweeting about using crypto for payments because he knows the speculation on all these shitcoins is eventually going to slowly squeeze and die down and the the long-term goal is to make crypto payments I think but you have been happier is they it featured a casino in there and they will update the system me a new type of Casino it would have more synergies with coinbase financial system I would agree with that yeah yeah yeah um so I they it may be good but it's like the wrong company did it kind of thing I mean even if they just hadn't finished with the coinbase logo and they could have just finished with the Bitcoin logo yeah that would have that would have made more of an impact the guy never tweets about Bitcoin he still uses crypto and why because he needs to people to believe that the the the shitcoins there have some value and have something behind why fundament because his business model yeah because it's a business model so I'm saying they've done this from their business perspective to pull people in to trade [ __ ] that's the only reason anyone have t is it business but our industry are jumping on saying this is an amazing advert because it's update the system and they've got the system thing in their head because that's they understand the bigger picture of what that means but outside our industry don't understand what that means and it will be pulling in more unsuspecting I do understand why why you dislike the adverb it frustrates me yeah I can also understand why a lot of people like it but I want I want education to be done corre like correctly as in actually teaching people stuff that is just leaving people it's enticing people into coinbase to go and buy lots of random coins not enticing yeah it's like you're intriguing people to think about it but then you're not finishing it off with the education because you go to coinbase and there's no education on it their education is here's the shitcoin it it does X Y and Z but we just say that because there's no other thing it does and it is frustrating that that would educate people properly don't trick them into coming into something did well on Twitter though didn't it it did that's what I'm saying it's got us talking talking so it has work in that sense and honestly you know it has a a a slight thing of the old Apple advert and stuff like that and that was seen more as a political one wasn't it and more of a um Revolution one the 1984 rip that also didn't feature a product which this one doesn't either no making for a great ad you don't even have to feature the it was Apple's a revolution and that's what they've tried to copy I think they've tried to clone that in in a respect and it does give that sort of vibe it does yeah that's what they've tried to I think do was it super well ad that back in the day the Apple One um I presume so it was a huge budget one was it but I think the time it didn't not go down the film did not get into trouble they realized it actually cuz they had to hire loads of skns and they turned out all to be like neo-nazis oh don't so oops a big memory at the time it didn't particularly do well and then it did it kind of come to life afterwards just smashing the screen anyway I've only got a few minutes you kidding me D day's got a go not gone all kicked off I know we then got on coinbase's new product I'm very excited about that I was going to talk about the stand coinbase well was in the this morning uh processor sling yeah no we're in the processor slagging coinbase officer oh this I saw this this morning Stan with crypto has now launched in the UK and it's basically Brian Armstrong retweeted it swith crypto.com crypto it's time to prove it yeah join the fight an amazing evening in Manchester the rhetoric is just but that'll be that's funded I mean that $2.4 million if they've had donated to them and raised and they're pushing crypto by crypto it's now launched in the UK as well like they're pushing in the UK it's all it's feeling like you know like The Big Industry like the the pharmaceutical industri is the uh food industry where you end up with like the big players pushing their agenda via different routs and this is like Brian donated a million dollars surprisingly what are we donate for what are they doing so he's pushing to with crypto crypto fight regulations in the UK oh so they employing lob lobbyist so they're lobbying now to make sure crypto has more favorable things not Bitcoin crypto we've already got the UK Bitcoin policy haven't we they're doing we've got a few we've already got a crypto one as well that's been around for a few years but again this is need this bu now funded well by guess who ran who has a shitcoin casino that wants to go and push this on to people and that's what's the regs been trying to climb down all around world problem is Bitcoin gets dragged along with these they'll use Bitcoin as the Forefront argument but try and get the rest of it in well in reality we want nothing to do with all this garbage and then just Bitcoin on its own caught in the crossfire yeah stop using bitcoin's name in vain and they're doing it for their own business purpose that's St part them they all tie this this whole push at the minute is all this and it's not for the good of the IND on it about it you oh it's frustrating it's cuz this is like your big corpse where eventually like the big food ones I'm saying about there and all that they have they Lobby in different ways and different genders and they fund different uh donations this pod could just be called why we hate coinbase well feat definitely another one new features class the new feature we did that years ago brand new feature they did it years ago they did they P it we did can you explain what it so their new feature they've started telling everyone that you can send crypto now via uh what Whata and Tik Tok and Facebook that sounds mint I mean it is amazing I'm all then just sign me up what they don't tell you is it's just you copy and it's basically copy and paste a link from your coinbase account to Whatsapp your friend on WhatsApp send them that link they click that link they have to go and download the coinbase app get a coinbase account and then the crypto whatever it is will be sent from coinbase customer to coinbase customer so it won't even be on chain I assume they just do internally i' probably guess maybe I don't know um they do have a non-custodial bit coin wallet I think I don't know if it that would work with it or not but it's coinbase customer to coinbase customer they don't it's not sending crypto through any of Snapchat Tik Tok Facebook it's not doing that like that is just a blatant lie that they are saying um and a lot of the industry just it's chairing it's something that coinbase did back in 2014 times we did it back in that time and we had it via email you could check you could click it it was called pay me um you could click it and then you would basically be an internal coin corner to coin Corner customer transer relaunch that we could relaunch that and then we can send via WhatsApp but nobody nobody really used it and nobody used it on coinbase so they pulled it so then now they've just brought it back rebranded it called it something different and but they're now making the claim that you can send it VI markting time it might be better but attention is it drawing to bitcoin so yeah I'm not not not dismissing their marketing efforts what because most most of the people on the comments on Twitter and that are like oh this is amazing it's a great Innovation it's it's come off it guys this is a copy and paste of a link to sign up at L yeah but no most people haven't been as around as long as you no no that's why I'm ranting to help tell people about that snip this and we'll put this on Twitter and not just that most people will just read the headline and assume it as fact when I heard it I was like that's that's class that's class yeah so it does take some diving into that one so this whole section of the been my sweeping up which he sweeping I might have to go now just apologies I do have to shoot I have a sick child oh they had so many more arguments to with you there sorry these topics next week missing the US space force back to the original crew space force is my favorite Force wow um part time Delta three I mean Mike come same day take over Dave um watch The View sky rocket now I on the thumbnail for some reason halfway through the part the views are just coming so yeah coin Bay done and dusted there but is what it is um it's section on coinbase frustrating time because we're we're fighting and battling against us all the time and then the regs there pushing we're actually pushing in the opposite direction in a lot of it because they want crypto and nfts and and it's like um none of that is is real it's not there's no substance nothing real still behind any of it except they make money on all the trades of people buying jpex MH um yeah let's move on cuz I'll run again uh you're now sat here with like me Zach and Mikey who will just not argue like right you'll see well uh US Air Force have you I haven't seen this tell me about it I was hoping you'd seen this um Molly tell us about it I have not seen that either Mike is gonna try seen the TV show so us so it's um Jason don't know what is Jason Lowry oh he's back so he's done a I think it's him but correct me if I'm wrong with this miky it is him yeah I'm trying to find a link I'm much further away screening can't see uh so he's done a um a letter basically to the us space force saying the importance of Bitcoin as a national strategy and why we should be um Dave is not only left halfway the door open while the drilling and banging I like he's struggling to find this L I'll try to help you out just cut this five minutes the get rid so right this is the behind the scenes that nobody St so did he release this letter on Twitter because he's been gone from Twitter for a while hasn't he uh he's been on LinkedIn I think been on LinkedIn I'm not sure where he released it hopefully if Mikey can ever get is be there somewhere oh there you go hey Jason Lowry space Force Major Jason Lowry to prioritize the investigation of proof of work systems like Bitcoin for the country's defense that's dramatic isn't it but that that's actually genius though sorry let you read more of that if you want four Page Letter it must be public P it's out there so if it's because he's pushing on the proof of work obviously that's great and proof work from a cyber security perspective means that you would to break that effectively similar to bitcoin you're going to need that electricity usage that mining power that hash rate um so securing that all forms of data of all sorts of data that governments may want to keep secure it's I can understand his his agenda and angle here yeah because there's no question that Bitcoin has a network is probably one of the most secure networks in the world if not the most secure y based on proof of work so yeah so yeah why wouldn't you use that to secure the data but the hard part is you you're not going to store data on the Bitcoin blockchain because it's going to become yeah expensive meab blocks and so on um but you need it to be proof of work at a scale where it's unattackable exactly scale is oh theoretically it's attackable but in practice it's unattackable um so yeah definitely it needs to almost Beyond Bitcoin some capacity in some way so I guess like that's where your side chains and things like that will start to come in and you um utilize the security of Bitcoin but Peg it somewhere and store that data elsewhere sorry you still reading that yeah sorry that's it's good that you're still pushing Bitcoin after the whole B debacle that he had where he was forced to stop selling it and pull I think he must have found the proof of workers the way to help explain it to you how they can have a positive here data data storage side of that so are they thinking it like say say it's not on bitcoin they have their own network then they would use the grid for the basically the the hash rate they would just plug into the grid for the secur gr yeah I haven't read this four pages so I don't yeah the scenario that would be interesting wasn't it you have a network that's backed by the grid essentially that another country would need to overpower yeah which the US is pretty much the they use the most energy or is it China I assume they're up there yeah and we got Brian jumping in there as well just to just to Echo that thought don't set them off again he probably released a six page letter on the back of the yeah look look what he's coming yeah argued the bit that Bitcoin and cryptocurrencies could play pivotal role in helping the United States maintain its dominance with the US dollar according to but that's probably nothing to do with what uh Jason's talking about and it's also not crypto again yeah it's it's just Brian just talks about Bitcoin as some Wy fancies like it will all be all crypto and then like one one tweet you'll put out will be purely Bitcoin mean Bitcoin and crypto he knows it's Bitcoin he knows for his business and because public draw the interest in the alt coins yeah he has to keep that because that's where their revenue comes from playing the game isn't he for his business sake straighten do you think he goes goes to bed at night hating himself and and it's quite a deep thought do you know what I mean like if that's not really I'll try later I'll give he might think the opposite he might think he's Trojan oring it so much that so cleverly yeah yeah maybe but you would for me the minute like him he just for million into a million dollar into the Bitcoin policy guys that million because they're trying to push Bitcoin not crypto but it doesn't fit with his company and his um Direction I guess is it his direction or is it a shareholders Direction well it's it's a personal donation it looks like from from right there so is bstr strong. e yeah so whether it's is genuinely a personal whether it's his business done it I don't know yeah I'm not standing out for him just you know get out who I'm going to read that P though if it is public Jason that'll be interesting to read that properly um IBM this is can be a quick passing one IBM says it will have hit Quantum Computing inflection point by 2029 what does that mean for someone who's not tacky so the only reason I've flagged this one was because um obviously last couple years and even going back to like 2014 15 16 times people were talking about Quantum Computing breaking Bitcoin and it's it's on the edge of you know we're nearly there we're at an inflection point of quantum Computing and there's been I think there was one was it a couple years ago that's saying like you know Google's got a quantum computer that can break Bitcoin there was a story yeah remember or something stupid um and actually when you actually look into Quantum Computing I've said about it before there a really good podcast there's a couple of them um that I'd listened to during that time and I think one of them was a pmor one with the guy from the UK who owns a Quantum Computing company that builds them and sells them and he explains about how many cubits you would need to break cryptography and certain things um and they were selling were they selling 10 Cubit computers and he's saying you need millions of Cubit computers to really Break Stuff and be powerful enough to do do things um and they're not there yet so it's years and years away but everyone always thinks oh it's coming next year it's coming you know now IBM is saying by there anle ction point which yeah scroll up mean anything yeah they gave the cubits uh what I saying 1,000 Cubit quantum computer so I'm saying yeah that guy was selling in the UK 10 cule years ago said like 100 million G 200 cubits in 2029 before 10x Improvement by 2033 how do they know that they just don't know that's had to make models for that yeah that's only 200 cubits M and then a 10x you're talking 2,000 cubits by 2033 this guy is saying you need millions of cubits to actually make it m like breakable int of but even then we've always talked as well as the years going and there'll be Quantum resistant Technologies as well it's not just one side of it yeah yeah theoretical Quantum Computing Quantum resistant algorithms that are cryptography sorry that's and if the encryptions encryption algorithms get compromised due to Quantum it's more than Bitcoin that has a problem it's the whole internet really it's like Doomsday but it's another one of them attacks on bitcoin that people say once Quantum Compu here it'll destroy feel bit like y 2K doesn't it yes what like that if you can get into Bitcoin are you going to get be able to get into Banks and stuff yeah um but they've been saying this for like the last 10 years and then actually now IBM are talking about in another 10 years there'll be an inflection point where they might have 200 Cubit computers which are or 2,000 sorry Cubit computers um just still 998,199 we need to bring modern day cryptography which is 10 years away which modern day cryptography will keep improving so it's just another want to flag maybe for along the way in case there's more during this uh next couple of years I'm sure the fot will come back out yeah and it's yeah and they'll be there'll be a Quantum Computing one I'm sure at some point um ah Dave's gone for this one Bitcoin and gold moved sharply in up direct tell us all about that I wanted to know what that meant well I don't really have an answer for that because Dave was Gonna Fill Us in Dave um okay we'll just leave that one gold went to its all time high and then it dropped significantly didn't it yeah massively significantly as well which was interesting I just assumed that was like that's a crazy sence 85% yeah yeah when you look at it like that yeah cuz the gold market is so so big it's like is it 8 trillion something like that the gold market yeah say some like an8 trillion Doll Market um it might so I thought it kind of Hit the alltime high based off like the speculation the rates are going to come down and then I I I put the drop down to the markets opening but I don't know how the gold markets work they're not 247 are they I think some of the gold markets are so like because it can be traded around places um so I don't know if the drop was something to do with like a certain Market opening or or not or just I don't know everyone's talking about the drop but no one's giv reasons why yeah I nobody knows the answer $113 trillion market cap here yeah for gold um so yeah the dro in what it was was 85% of bitcoin's market cap total which is quite which is crazy um I don't have the crazy part of that is more the crazy part of that stat is more like it highlights the room for growth for Bitcoin more than anything not that it's it's bad that it it wiped nearly the entire market cap out got this amount room to grow it was a very bullish tweet I saw from someone the other day doing their stats their little numbers that ran on um Bitcoin being was it 5% of global wealth and it meant that every Bitcoin was worth like $9 million or something and he was saying this is going to happen in two years and I was like this guy smoking appreciate the ambition it was yeah a hell of a lot ambitious it got a lot of attention the Tweet see that but everyone was a bit like having I wonder what gold is as a percentage of of the world's wealth world's wealth 16 uh 13 trillion is it so yeah quite a big percentage I imagine there $360 trillion in 2020 wealth globally so uh we so it'd be like 5% or just under 5% for so this guing Bitcoin is going to grow to 5% of global wealth similar to guess Golds going to grow to Gold's kind of Market C in two years I mean I love the ambition yeah that was the the kicker that got like okay this is like this ous this is just going to be a wild ride God he must be excited that guy oh uh cool moving on Black Rock um this was a tweet I it's almost like an obvious thing is I didn't read it but I don't I I found a separate tweet to one you put in which had a bit more information had all this I didn't actually I cannot have a through it it so does it say in the Tweet um private trust was launched in 2022 with coin B is custodian so yeah so basically sorry for people listening that are not seeing what we see on the screen they're saying Black Rock um had been it set up a a Black Rock Trust basically in that private trust and the private trust has been buying Bitcoin since 2022 um which has been obviously over a year now and they've been buying Bitcoin because they must have been in anticipation for ETF that they must have known while but to be fair they did put this ETF in in July was it is it July so it's already been six months or whatever um I mean it kind of seems obvious that they they've been buying like surely yeah they been prepping that ETF that's what you would do a good six months of a year before that so it would be 2022 um but then for them to be buying and the trust I mean I don't know if don't it all does it say how much they're buying or not don't know no could then their ETF buy from that trust at the current market rate and then they would actually make a profit on that if they've been buying it last year for example would have been buying it potentially I don't no idea I don't know how it works but something like that could happened cuz it does say cut coinbase is the custodian for that trust as well doesn't it which would mean it would stay under the same custodian and it would so they just selling the Bitcoin to the ETF that they've already bought when the price was way down wouldn't be buying net uh Market yeah Bitcoin they've already got it effectively um maybe interesting I don't know if that's allowed or I don't know black crck can do what they want can't they seems pretty much yeah um that was the last that was actually the last one I think I assume all the people applying for ETFs are doing this as well not just black rock it would be my assumption but yeah they probably don't want people to know about it I don't know yeah there was another ETF submit by a Swiss company for us ETF again this week as well so it's 13 I think now 13 I can't remember the name of the company um but yeah 13 ETS um theoretical approval between the 8th and 10th of January was it or something that they could all be approved within that time period at the same time um it's not that long is it was that but if they get rejected and pushed back can't remember if it ends up being like a March deadline is it by that point I think um there's like a final final deadline in March I think is it well they can't just keep delaying it yeah yeah don't know how that'll end up playing out but yeah should be some March time yeah I for what i' seeing there was someone saying that there was optimism about January 5th and 10th for some reason that's that's the Gap where everyone all of them can be approved at the same time so it would be then the fairest way for the SEC to approve them all at the same time rather didn't do it in that window it'd have to be like one at a time so yeah it' then have to be maybe the next window which might end up being like March time or something right it would be the sensible approach from the SEC to do them all the same time whether that's January or March or whenever um it would be sensible for them to do that so no one gets a favorable Head Start and but it's history Ro and history shown they just like to delay until the very last moment it's all the run out of excuses yeah uh cool I think that's everything then um there's a few other on there isn't the but nothing nothing we didn't win any awards in this between last episode and this episode quite weak for us it's the Qui One S yeah quality slipp maybe next week I think next week oh maybe the week after we need to do our award show breor awards we do every year oh yeah for the third year running we actually done third I thought it was just a one year thing last year we did it once before yeah second year running yeah yeah but book best Bitcoin okay it might have to be next week then we'll get that prepped yeah we that next next week um you mind prepping Mike that was fun I enjoyed that one good we need we need the C ahead of time don't I'll pull I'll go through my all the agendas from last year find what used yeah it was best book in remember I the fans are waiting for it I had literally forgotten about it we both best employee till you get it um cool right nothing else guys no no right thank you thank you guys cheers [Music] peace