Bitcoin Runes Explained | Britcoiners by CoinCorner #125

Join Danny, Molly, Zakk and Dave for industry-led opinions on important Bitcoin stories from the week. Topics this week include: Bitcoin price, someone was testing 1 and 2 block re-orging on testnet, viaBTC mine block 840,000, Bitcoin users spend record $2.4M in fees on halving block, thread of people burning thousands of dollars on Runes, Bitcoin Runes airport analogy, 1 year chart of Bitcoin transactions in mempool, IMF warns US its fiscal deficit poses risks for global economy, IMF releases “A Primer on Bitcoin Cross-Border Flows”, Bitget Research report claims 72% of UAE have invested in Bitcoin, Tether vows to freeze assets after Venezuela looks to USDT to bypass sanctions, ARK destroyed more wealth than any asset manager over the previous decade, Jack Dorsey’s Block working on a Bitcoin miner, PayPal proposes cryptoeconomic rewards for sustainable miners, Dear Daves, and nnouncements. Have your say in the conversation by joining our Telegram group - Britcoiners is a Bitcoin podcast by CoinCorner ( - a global leader in Bitcoin and Lightning services. #coincorner #britcoiners #bitcoin #bitcoinpodcast #bitcoinnews

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I'm a go get need a I need now did you need now need a first did anybody genuinely need to open a channel on the Saturday morning when the SP the fees were that high you never know C everyone's got I might look at the meal see if anyone tries did anybody try and open a Channel at that point like why would [Music] you we're back oh we're back the second too soon go go go go brick coin is episode 25 still always amazes me that we're that far in um yeah welcome back like And subscribe please please manners are important manners are really important please and thank you okay moving swiftly on to the agenda I've put my mic in the wrong place where I just can't see could have read the agenda by now uh someone's testing one and two block reorgs on text test net uh Financial Times reporting uh that IMF has given a warning to the US IMF has also released a document on bitcoin crossb flows you can tell I got hold of the agenda a little bit see what I was ticking I was a sh all the stuff I shared yeah you read it I'm surprised s wait um 2.4 million was uh in fees was spent on the harving Block uh via BTC Min the Haring block Danny's done a tweet no it's my tweet got and we'll expand on that in a bit uh bull Bitcoin is commenting on people uh many thousands of dollars on runes we'll come back to runes in a bit uh bitg research uh tether freezing as vowing to freeze assets Arc is destroying more wealth than any asset manager uh Jack dorsy and there is company blockers an ounce full Bitcoin mining system and PayPal is looking to reward sustainable Bitcoin minus we got couple of who what a lot to get through maybe announcements maybe first of all we just got some ad congratulations to whoever guessed the right Haring date I don't know who it was Guy the first topic Mikey who was it oh I think I do think it might have been me I I think think it was you 20th of April I called it start of the Year said it would be 20 if we were on UTC would it have been 20th right I don't we've moved to British summer time must been a times Z like 50 yeah to be fair yeah somewhere in the world it was the 19th Mike in America you got it right kill no you wouldn't I did actually specify time zone though didn't I I did say 5m GMT you say G said GM not even in GMT anymore we'll have to double cheat this it could be a win for it wasn't hour behind it was more than an hour in it 50 minutes wasn't not no was it 10 to1 UTC I thought it was like 4:00 a.m. no no it was originally 4:00 a.m. when we were talking about it but come back so I think it was like 10 to 1ish okay anyway I was so unlucky do you want to know what's really weird is I went to bed on the harving night cuz I just was like I'm not going to stay up you stay up for the Haring the K the poers going plot twist I went to bed and then plot twist woke up randomly in the middle of the night with one block to go and I I woke up to see the yeah it was so weird I got my phone off and checked I was like oh one block to go I'm I'm the blockchain I'm so in sync with it wow I know that is pretty decent how how did what we have you got block clock on there or something what have you got no just on Twitter all right oh everyone I mean there was a live countdown on there wasn't it yeah that's pretty cool T topic bitcoin price oh yeah oh yeah uh life price 66 600 66 last episode's price was 62 on the high since last episode of 67 so we're not too much going steady pretty upwards yeah steady up not much steady it's gone up $4,000 yeah but that's not much in this day and ages well 6% M 6% up in a week y it survived the harving it surviv ridiculous comment what a ridiculous yeah but you look at Main mediate worried about the Haring it's still going I again it's Tick Tock next block yeah we've survived let crack on okay on to the next one agenda uh okay so someone is testing one and two block reorg re oring re I like this just re yeah just quickly just cuz that was we survived the Haring walk in some ways people were expecting a reorg um which didn't happened nobody even tried it from what canell uh but preh Haring people were doing it on testet to play around with it and um that's it really there's not really much more to it I expected some of the minors to play play Bad and and try it no one did your expectations of them is low right the miners those guys keep the network going no they do not the the nodes keep the network going the people keep the network going Community the bitcoiners keep the netw going yeah the miners all survivors the miners just hit the boxes o um I'm not enemies here I'm not sling or you personally are creating enemies miners do miners people give too much credibility to the miners I think for that it's not um we've seen that in the past in terms of Molly saying I love miners it's just just CP that one up and line after it um but we've seen that in the past with the hot with the 2017 user activated softw Fork side where people were uh thinking the miners controlled the network and obviously clear showed that they didn't and they are doing the job of um they're getting paid to do a job effectively in more Li and that's the way the world works okay the way Bitcoin works right anything else to add to this one no I we come on to the the backlog and the runes things I think anyway surely so okay do you want me to stick to this agenda or do you not what you don't want to like you know naturally side swivel into that topic don't mind you're in control of the agenda you take us where you want us to go well let's talk do you want to talk about runes then let's go to runes go on then so Dave just trying to find it well let's let's stay on the Haring and then naturally go to runes yeah okay if if if we can is that okay no now I'm trying to now I'm trying to see what are the we oh okay so for again on the back of the I expected some reorgs we thought that' be big backlog lots of fees to grabb which there was but there was enough for multiple blocks I think as well so that may have been a bit of a swaying factor for miners that there's no point trying to reorg way hash rate when it might not work whereas there's plenty of fees to be made over the next 24 hours there was a lot of fees to be made so do you think it was funny that mining ignored Aller if they' won it they wouldn't have put any of that in in terms of the Rune stuff would they no yeah which would have been great that would have been a preferred option but yeah it's just leaving all that fee income on the table just for principles what we do that's this industry right I know I was like that's cool that's why we like ocean right we M at ocean that's is what we do I like it stuck to their guns we've we've done it in the past people we had this conversation earlier today actually like in the P past back in years ago people were offering to pay I still got emails from a loot of these people as well actually offering to pay anywhere from $100,000 to a million dollars just to list their coin back in the day um on coin corner and we never took any of that we never listed them coins yeah so via BT got got the block that everyone wanted or the SAT that everyone wanted the rare sat the the so-called rare sat um and then they're going to auction it off and um give the um give it out to their pool contributions okay um thoughts on that well I mean it's a free market isn't it the ultimate free market about fetch in the auction I don't know really I don't know I presume really put a value on it right this yeah it's to to whoever you know someone will pay for it who has the other ones so this is the fourth Har have we done now fourth har in is it the fourth it's the fourth so it's one of four so yeah there's only four SATs in circulation um no not for that particular thing well we kind of had a little nosy when was when ordinals first came out and played around but we didn't we had lots of rare ones not not that sense rather um not epic that no so yeah there is only four available at the minute mhm I imagine it's going to get a good price I think I did try to find out uh where the other three were but I couldn't see any information on Epic harving sets just they just kept coming up with the most recent one go we're going to put some guesses on dollar price I think it' be a million dollar do you think yeah I think cuz someone's going to pay it no I think it' just just be under that I think like maybe half a mil that around that so I was going to go even lower than that it's for one Satoshi yeah does so does this this won't affect the Bitcoin price so this is kind of like off nothing to do with Bitcoin price nothing to do with Bitcoin quite honestly only if you P value on it right to me it's so to but it's like art that's art that's like the rare coins that you find and stuff like that where people pay Charizard they'll pay yeah you'll pay ridiculous amounts for them talking about language now yeah mhm it's collectible in a sense yeah um yeah so on the Haring block as well Bitcoin uses spent uh 2.4 million in fees and that particular block as well came with a 40. 751 Bitcoin reward which is the2 and a half million dollars isn't it oh yeah I can do the ma um yeah that's I said there was no reorgs I think the block after it was still pretty hefty wasn't it as well it was still the next 24 hours of blocks were still big because of the runes side yeah so the runes launched on the Haring block did they not so that's why the Staggering feet yeah in there so what is runes should we just jump into that let's jump into that what is runes do you want me to explain yeah yeah because your words were I'm fuming about it so you must know I am fuming about it a little bit Yeah Saturday morning fuming about R yeah um she made me chuckle my my mind's moved on in sense I can't remember why I was that fumin at the time um I was fumed not from the sense of what they've done on the har and all that sort of thing it's what they're doing in terms of Bitcoin we treat Bitcoin as as a monetary system and using it for money and payments um they've treated it like a database where they can store stuff and they were they're tweeting and they're all happy that there's a backlog and it takes $100 to make a transaction on bitcoin and they're happy about that and they're like celebra that but as you know people say Bitcoins for everyone and so on um that means people in countries that are less fortunate can theoretically at the minute not able to use and transact with Bitcoin and make use of it um in the sense of what it's set out to be as as money um so I think that is my fuming piece that these guys are just pissing around to be honest um and doing it and disrupting the rest of it now that's one side the other side of me obviously has always I think we've mean zacha spoke about this quite a lot and on the Pod I think as well touched on where you can't we can be mad at them and angry at them and everything else which is all fine and it's natural we'll get mad and we'll get angry but you can't tell them not to do that because it's the point of Bitcoin and Bitcoin if Bitcoin can't survive the attack of of runes and the attack of that what that side of is then Bitcoin doesn't deserve to be money and doesn't deserve to survive so there's a at the minute it's like you've got to see which way it fight and Bitcoin in my head Will Survive and this will be a fad and it'll pass and it'll move on to there'll be another fad at some point in the future and we've seen this come and go in history um but there's still a fight to be had which is what ocean are doing so if you listen to like mechanic on Pete McCormack's podcast who's the CEO whatever he's called of uh ocean mining pool and he does explain a lot of this it's like people are just ignoring it thinking it'll pass and it's a fad which I I believe it will but in the meantime they're trying to P up the fight against it to help you know they want to process the transactions that are money transactions actual Bitcoin transactions not the the jpegs and things that the are the meme tokens that they're effectively minting now on there um so in my head I had in like you know in the future at some point if you have you know for even like you know 30 40% of the hash rate on oceanes mining pools that are only processing for monetary purposes and money purposes then you would still get your transactions through at a lower fee than everybody so you end up with two fee rates on in the in the men pool so you end up with a fe rate of put my JPEG and my me meme token on the blockchain Fe rate up here which certain percentage of miners will go for and then C certain percentage of miners will go for the monetary angle and process them at a lower fee so you may end up with like which we already have that in a sense where ocean will ignore all these high fee ones and take the lower fee ones Unfortunately they don't get enough blocks in a day for that to be useful for us at the minute from a coin corner it takes a lot of conviction to do that right as well cuz economic incentive says you go for the fees but long-term you know reputation that kind of thing all plays into it did they lose a lot of hash rate over this period did you checked in terms of they saw a massive Spike coming up yeah cuz they were just giving out that rare sat to whoever had the most that they' make more money they'd get that R and make right a t yeah um so for a nony like me what's the difference between runes and ordinals that we saw uh it's it's the same concept of what they doing to allow tokens effectively on bitcoin same way as you've seen on salana and ethereum Etc but um they've just technically done it in a different way in the backg yeah there's storing the day in a different place but it's still all within the transaction it slightly saves more space than doing it in the ordinals method so there there's a slight difference in it I only ask because everybody you know obviously when ordinals happened everybody was up in arms about that but that came and went yeah so it's ordinals 2.0 basically is it's effectively what it is but you kind of expect the same to happen again but we then saw um the meme coins being created on on runes uh have you got is it one of the subjects one of the topics here uh but what the names of them no not the Nam we go down that before you talk about that little stories oh yeah so this is uh Francis from Buro and he created a thread of people burning thousands of dollars on runes so people didn't understand how Bitcoin works and people were then so what happened is it's kind of like domain squatting and sniping back in the day so when the internet first came around and people would domain squatting on like a particular thing like they thought would have value that they thought it have value in the future and they'd sell it off to someone so but you could go and buy that and you would just pay you know $10 for it done well with runes and the way this is done and when the meme token is created they basically to just around to look at that tweet [ __ ] sucks I've wasted 25k doing the stupid sh um but they um they effectively uh you bid so say for example you want um table token and you want to call it table token so you want to Mint the name and the token and say how many tokens come into it as you put that in as a transaction on the blockchain it takes obvious up TOS 10 minutes to get into a block for example so for it to be confirmed you might pay a big fee and you're paying you know $200 I see that because I can see your transaction and I now snipe it and I say I know you want uh table token sorry I'm going to put a transaction in for table token myself and put a higher fee so the The Miner will theoretically take the biggest fee one there was a couple of things there The Miner will take the biggest fee one and then I'll get table token I'll control it and be the the owner of that um but also if they got into the same block at the same time they would go into the same block even if you've paid $100 and I've paid $200 our transactions go in your $100 has gone because you you've effectively sent that somewhere to to to Mint this and you've not been able to get it because the order that the miner will put the transactions in the block is the order that uh runes looks at it so mine would be higher because it's a higher value so it looks that first that's the one that gets it the second one doesn't and you've lost your $100 which is what all these so yeah there's essentially a massive race to get these what would be considered good names for ruins yeah um and then people terrible Nam as well they wer even good names one of them was quite funny but they would they some here there ticker as Elsa a narco Cat Bus what this ticker is I don't even get it what's ticker is Elsa clearly not a Disney fan are you well that's in my head I'm thinking Disney that's exactly what I thought well I'm assuming it's something different it's not going to be oh it's like is it's not going to be Elsa from persono ticker is frozen ticker is El I don't know oh answer don't know but the there's so many of some understand all the cool kids they know what they're the token's called the ticker is Elsa and then the ticker is just going to be Elsa what's Elsa that's the ticket very it's in the name unfortunately yeah we've ended up with lots of meme tokens being minted which is what we've seen the backlog um of transactions so yeah we've seen massive demand in people minting these but I don't think I haven't seen much demanding people wanting to buy them no so like the the okx marketplace I mean it had some volume right but it didn't didn't blow me away when I looked at it no same there some were still staying at high prices but the like the volumes have already dwindled we should clarify as well what's the point of that token all these tokens literally have no point they're just a name same way as a lot of the other mean tokens it's like they don't have anything so it's very hard with a collectible cuz the value is purely in the eye of the beholder so that's that's like saying every CR shiny charizard put it in that perspective I would say it's completely worthless you might say give that value no my point is your you're saying that the shiny charizard it's a Pokemon thing okay where's the other 15,000 replicas of Pokemon with their own version of Charizard and that's a shiny and then it's like it's no different to the other one that's what we're looking at here all the different 15,000 meme tokens getting created all over the place are effectively 15,000 versions of Pokémon that all have their cards their characters within it which is like like this one meme token will have 15,000 but the shy Charizard itself isn't scarce is it why can't they just print more is that not the same thing in terms of the shiny charizard the rarest Pokemon card yeah the one the ones in Pokemon for the Charizard It's like because they were ones that they have dates on them so it's the ones that in first edition second Ed and the different ones yeah there's one that's like an off cut where it's like the shiny bits slightly messed up again I would you know it's only valuable cuz you can sell it for quite a lot because someone out there can but there's one Pokémon right there's there's there's there's 250 Pokemon whatever isn't it and I don't know enough about Pokemon to say there's not imitation Pokemon there's digim there was Digimon and there but they which exactly copyright stri that singing I used to watch it as well that's my point you've got you've got Pokemon is like one of them mm and all the ones within it and then but you've got how many meme tokens and coins do we have now there's like meme tokens being created every 10 seconds which then within that you're saying is like the 250 Pokemon within that one meme token but there's tens of thousands of these coins and tokens which then over time dilutes and makes them less valuable is what I'm saying there so it's not just like there's one and then within it you've got Collectibles they're not collectible they're not a thing Pokemon had a substance behind defensive pokon they did didn't it yeah how dare you SL only only if you're interested in crappy cartoons it had yeah Danny hold a lot of Pokemon cards I do it sounds like it and no runes exactly that I hold Pokemon cards and no runes but there'll be people with runes and no Pokemon cards on the exact call other end of the Ring really but the it's the point of that has substance behind it it had a cartoon it had a game it had like a thing behind it these don't have anything brand are you worried bearing in mind that the airport analogy that Mike Shar yesterday didn't read it which I thought was brilliant and I would recommend people read that best airport analogy for Bitcoin ever miles I heard I heard a medial lining one once which once upon but the the airport I wrote on an airplane if I I could probably I could probably add a bit into a sense did you read it it was I did read it yeah so it was basically saying um so I can't really remember I could do it a little could I'd be doing it in Injustice people need to go read it but but the airport was essentially the essentially Bitcoin or or the the blockchain itself and the airport in it had a casino which was basically runes but to get through to the airport piece you needed a plane ticket which is essentially the transactions so you would the people wanted to get involved with the runes the casino crappy element they would have to buy a plane ticket and they the planes ending up but no one gets on the plane they just want to play the fully booked planes with no passers yeah so they want to play in the casino in the airport they're not bothered about the flight but they get the cheapest plane so that that's like fully full Bitcoin blocks but no monetary transactions it's all Ru filling up the block which is the plane and then but no one's actually going on it but they're all playing in the casino so in the end the incentive is not to even run the planes it's just to get get more casinos get get more casinos because that's where all the action is so it's it Al went through about the that's how the long-term play could be with Bitcoin if this trend continues which I certainly don't think it will um stopped already all right that was my tweet that we I think it was one think it's already over runes are dead well do you think now then because obviously this could just happen time and time again which we've seen it a few times it's done the past but like the ocean guys are more like they consider it a bug so they want to fix fix the bug to stop it from happening they well they took around so they've got cuz is it quite exploitative in terms of is it the out out the I've read briefly about it but I'm not a techie so it's literally like you're sounding pretty good there yeah it's the the op return is it something like that you can you can inscript on the operat ter by a few a few kilobytes or something like that that's what people were doing frustratingly this came in yeah with segwit and tat rout stuff on that side and that allowed for this to then happen um which is then you would say yeah that was was an over over it's the intention of the initial change right so they've exploited an oversight within the code to allow this to happen but it's now in there and people are using it so yeah and you'll never get consensus to to remove it to remove it I don't think no so censoring it at the minor level and then you can censor at the node level as well so you if you receive a transaction with something in that is like a runes um transaction and just not a standard Bitcoin transaction you would then tell your node basically to ignore it and don't broadcast it anywhere so it will only get broadcast to the ones that are actually caring about doing it so it doesn't bother filling up your bandwidth and what still would you'd still have to process it guess to no not to to broadcast others but it would save a bit on bandwidth and processing times um but if it gets added to a block you will still deal with it because it's in a block and you have to that's the issue right cuz the miners are now creating these out of bound ways of getting transactions in blocks anyway so if all the NOS even blocked them I could still go directly to a miner and get it in a block yeah which then they would have to process it at that point right yeah I think it's just the free market it'll just play out as it plays out right I think Dan's right it's already dying off I did I was going to buy as a celebration of the having every on a rune oh was that the gift that you I was going to do it but I literally couldn't find them cheap enough you couldn't figure out how to do it no it's it's relatively you can find them cheap enough so didn't really want they've set floors haven't they there's floors yeah so I was like I'm not paying that for that [ __ ] I'm honest do you want to Marky for that uh sorry this is my tweet from that um do you mind pulling up the website the minute as well and just seeing just so we be fair to him let's let's get the website up uh just m dot what's on that graph there um cuz my graph is looking at I don't want to do what we slag off a lot the time oh yeah it did calm down but then it has biked up it's the Joo isn't of looking at the data that suits your agenda so I don't want to do that you can just Google that and it will come up yeah mle do space is good as well I'm in Joo original joo's been my day day one mle um and at the top just change the top right is youve got like change that to a week well it should be fine give us a bit an indication there we go that's fine so that give us an idea um actually scrub a up again uh just change the weight count there we go I'll keep it there um cool so yeah um mind jumping back to the Tweet again sorry mik I was just getting that in preparation so yeah as we're saying runes have they come and gone already this graph that my key will display for everybody uh is a Year's worth of um the data of meol data and the bit on the very right hand side at the end is basically runes and the Harin which is down at like just over 200,000 transactions in the men poool so even though people were paying ridiculous amount fees it was because they were trying to snipe each other on these names that ended up causing massive fees for the miners but there wasn't that many transactions in there which means people didn't care that much when you look back to the left and you can see the big spikes elsewhere I think one of them the biggest spikes was there was nordal Spike which was on the uh I think that's the very left one I think was the ordinal Spike uh I think binance actually did binance sweep a load of stuff at one point yeah maybe into but they put it through with ridiculously low like five sat and under transaction size so they just knew it'd get into the the blocks eventually um the middle Spike I think the middle to the right with a bit of yellow that's uh ETFs so as the Bitcoin price is rising as we see every time cycle bull market kicks off you see more Bitcoin transactions as you naturally do there's more people so in anticipation for the ETF and the Bitcoin price starting to rise that's where we've seen a bit of a spike and then we' calm down so it didn't even surpass the runes side of it didn't even surpass the um ETF bitcoin price in terms of the amount of transactions on the blockchain getting pushed out um so in the sense of is it dead already it's not had a big impact on the network realistically um it's had a shortterm weekend impact okay and then to be fair to them so going back to a different graph it's the same sort of graph but it's just narrowed in on a bit more um it's over a week period rather than the year period so you can see the the black in the middle on the left was the Haring time so that's the Haring piece kicking in and that's the black is the high fees basically that they're will the runes guys are willing to pay so yes it's spiked yes it start to come down we've seen a bit more of a ramp up over this last day or so now um but not as high a Fe rate as we saw from the the half in piece and it actually now it's come quite far coming back down now again hasn't it so it's caling down again where was Peak fuming for Danny Scotland the black yeah to yeah these scenario are good light in the fact that um this is why lightning as well right so during this period of high fees I didn't have any kind of issues in terms of if I wanted to pay for something I could just use my lightning wallet so it's kind of highlights the benefit of light could have open a channel though could you but why why would you do this is already this was a few what like people every Co saying oh bitcoin's broken cuz now I can't use lightning it's like you can use lightning well I can't open a channel why would you open a channel when the Fe are at the highest point there' been in ever like that's just stupid that's it doesn't make sense like there's always going to be spikes and and drops and stuff where it will be expensive and then it will be cheap and so on and it will might have to wait to open my channel but why why are you picking now to open a channel why didn't you open it a month ago I'm a go get need a I need now did you need you need the first did anybody genuinely need to open a channel on the Saturday morning when the SP the fees were high you never know C everyone's got I might look at the M see if anyone tries did anybody try and open a Channel at that point like why would you see we could see that see the block see if anyone actually congratulations now if the fees were always that high then I can understand the art if that ran for 12 months consistently at that high rate then you can see the argument and don't that's people arguments going forwards that that might be the thing and that becomes the norm but when it's the norm that's where then you would lock a channel in for a year or something why do you need to close Channel um and you can make use of it I think once you're making it's like chicken and egg in it in some respects where you can't say okay you can open a channel and run for a year because what if you need to close it what if you need to do things but then actually there's new developments coming along like with uh splicing and all sorts of things where you can then make use of that same channel and just top it up and take out when you need to so you still technically do nonch things could I argue there PS option in 2140 we will need runes for because you need what's your logic well you block youve mind the last block so there's no more block rewards right it's a fee only Marketplace so you need those blocks to be filled well you need competition for blocks to drive up fees so there's still a manual but you don't know the level of Bitcoin adoption then and like how it's been used in the world play hypothetical let's play back with 12 billion there's 12 billion people using their Global Reserve currency of Bitcoin yeah go I think with it with if yeah there might be competition for B right because yeah the scale's there that might might might cause some competition you're right but with all the the the efficiencies that you're talking about the spicing and the the channel management bits of pieces runes might play a big part or something along that side might play a big part in why I just it's it's very hard to say 2140 but you see what I mean no I really don't know when you need it you need do you need those box full why you know what I mean cuz the mind is nobody knows what you mean yes well Sur you know what I mean Molly the the block still need a Min if you've got 12 billion people using Bitcoin as a global Reserve currency and they're using it all around everyday life everyone's already got Nations mining point where economic incentive is not as important as validating transactions I kind of think so if you're talking hypothetical you can bring all sorts because you need you need countries to adopt mining in terms of to have a piece of the pie I suppose that's that's a very interesting Dynamic us don't have 90% of the hash rate and decide to try and take over the the Bitcoin Network other countries are using it as their their it might not be a revenue play at that point in mightbe control yeah o yeah it's interesting isn't it when he thinks far ahead hypothetical 214 120 years ahead Global political plays so I think it's silly to talk hypothetical for a lot of that stuff just silly ridiculous silly man I was enjoying it but no it's a good uh like philosoph not philosophical but like a theory and thought process process um but it doesn't help our current situations the thought experiment that was a thing for a while wasn't it all the thought experiment okay right okay right back to the agenda come on guys yeah I've bought three um the financial times have reported that the IMF has warned the US uh its mass massive fiscal deficits have stoked inflation and posed significant risks for the global economy um I'm just stting to believe that the financial times listen to Brick coiners and basically must explanation they just following me in because that's my warning and they I read this on Bloomberg Bloomberg then deleted the article which was this the one that you was saying I've just read that and I swear it was unber I was reading it and then I was going to try and share it cuz I was like that's just and then then I couldn't find it and I was like well that's interesting they might have got rid of that article but then the FD picked it up it's and they didn't they didn't quote you either didn't Source you no they've probably got much more highly qualified individuals to quote actually do you think yeah you scraping the barrel ever got to me no I'm I'm even being nice to you here I well I like the think they do but anyway on the economy and Bitcoin com combination and IMF I say you're one of the top guys few and far between in the world that I don't know that have a grasp of all anyway can't do I can't I can't what a compliment from you makes me feel very uneasy almost sick I just Li see it's just um highlighting uh countries huge economies with global deficits and the problem that that's causing in terms of uh inflationary problems when they're using tactics that the Americans are using and they are actually highlighting and a lot of people are starting to that Trump is catching Biden in the in the in the polls in terms of the election the next election and Trump has already promised to make permanent his tax cuts um which Biden repealed on slightly um say bloody ft is copying me but yeah so the people are even more people are even more worried about that because it makes the problem even worse so just I wonder if this is the same watch this space that someone tried to put on Bloomberg got deleted that same person F and allowed it and I've just read it claiming follow me but I follow that who wrote this article is it a contribut or is it so did it say SP to the very top says at the top you go down a little bit it'll say there CLA Jones and Sam flaming yeah very interesting on the 17th interesting though okay very interesting so yeah the IMF article coming on to that oh okay by the way they also they also dropped China in it China got a very similar problem so not saying that imbalance which is weird because they're not talking about India who are the number one leader of large fiscal deficits no why they only worried about the US trios because their economies are more relevant to the global stage 100% yeah they also highlight UK's got a problem even though we're in mid table but we're a big big player I think Mike's right in terms of that M she just want to keep an eye out on just to add a bit of yeah the imfs kind of what they do is they lend out US dollars so yeah they want it to be as strong as possible right so there is probably part of that as well so the IMF okay coming on to the IMF they released a paper document called a primer on bitcoin crossb floats everyone missed this by the way as well I really I saw you tweet about it no [Music] no I guess because you share all it all with us no they released it like a week before anyone even noticed it it was just got completely Miss did you did you read it I've skim read it I didn't read it did you go straight to the conclusions I went to the conclusion what is that conclusion uh big it's quite funny cuz it's like oh no [ __ ] guys yeah um the finding indicates that Bitcoin may be used to circum vate capital capital controls that was one of the findings that's literally in this front page he's like yeah yeah yep and I get that he like Global Freedom yeah aren't the IMF anti- Bitcoin there yeah historically yes this is why this was quite well not even historically it's like a this is yeah it's it's it's almost like a a catch-up document like an admission that Bitcoin they particularly focus on crossb payments they they said crossb payment usage is actually very widespread um it's you know but it's one of their first releases on that which makes it interesting so it's like a they've acknowledged it that focus on it the acknowledgement is the point I think of this whole thing yeah because what they saying it is stuff we've known for years yeah yeah it's like oh there's growing adoption it's it's quite a lengthy report as well it's not yeah but I would say first 20 pages of of the metrics of data collection and the models they use to determine that local Bitcoins is their reference yeah I was a bit confused that yeah so when did local Bitcoins close down presume so the date is isn't it they have difficulty determining what's a um a cross transaction cuz this is all about flows it's nothing about price it's just about global flows that was a year ago a year ago that they closed down but they have they've referenc like 74 times in that document so that was the main used someone else as well there was local Bitcoins and there was something else to reference chain analysis was used yeah there was another like exchange style is the one that kept propping up like okay that's quite an old data then but it's just IMF and now acknowledging that the there is flows crossb flows of Bitcoin and it's growing quite rapidly that is a Bitcoin use case well IMF basically world yeah that currency they told other guys not to bother with otherwise they won't give them a loan yeah acknowledg and they're actually saying it responds differently from traditional Capital flows or Capital flows drivers so it's it's like saying yeah this is happening it's an alternative to the fear Market but yeah I agree a lot of people did miss it it wasn't picked up anyway I think it was five days before it really got picked up on Twitter do you think do you think that's because they didn't really want to shout about it they've kind of they feel like they've had to do it but they don't want to make a big deal out of it therefore it's kind of flown under the radar cuz they've not I think the harving probably hit it a lot I think there G it's a noisy noisy period wasn't I don't know if they announced that they yeah assume they have like all set way of releasing kind of this kind of paper just goes on the website something nobody's and it takes yeah someone in the inury to pick it up I imagine many people are hanging out on the IMF website are they probably should yeah might check it out a bit more there we go the exact person probably I don't know if they don't think they tweeted it I don't believe they would have oh maybe they did have done it I would have thought that got picked up if they tweeted it but weird relasing this at the same time as the whole L Salvador thing that's the Crux of them not getting their next kind of loan from the MF they were looking at like ratios of GDP and the actual inflow of Bitcoin and thinking that that would be a metric for um but I assume it's just a negative I'm just wondering if it's going to have a negative Twist on it eventually where people say this is a huge problem because your GDP doesn't represent Capital infl what that they should have and that they could then save right we need to start someone need to sanction in some way inflows of Bitcoin you just try it okay um bitg research reports claimed that 72% of UAE users have invested in Bitcoin oh yeah I just called [ __ ] on this that's just few again 73 7 73 was it 72 72% that's the sort of market research gets PR though how many how many people did they test on a thousand people something in Dubai city center in probably the D I C like the financial place where every probably have it as opposed to like I don't know I'd love to I don't know the source why you calling [ __ ] because we know the the population of UAE is heavily immigrant so there's uh is it 25% of the population is emirati locals and then 75% is made up from immigrants from UK Bangladesh India Philippines there's lots of them so and a lot of them don't necessarily so 75% of that population as well maybe immigrants that are coming on in low paid salaries and low paid jobs and are they the guys that would be investing in things or are they the ones that are then sending the money home and things and I don't get me wrong they might be using cryptocurrencies to send back to home and cross border um as we've just been touching on um but I just felt 72% is far too high it's quite High just believe it it's it doesn't make sense um yeah does it say on that Mikey do know it's not it's it's talking about whole assets here but then it's it's cting different numbers down here cuz they're talking specifically about Bitcoin as well aren't they actually 7% of them investing in Bitcoin if you the alaman or UK why do you think the percentage would be well the UK last one was like 5% yeah the US was those reports a couple of years ago but I don't see it having those they're the sort of numbers I vaguely remember as it being around there but you want a comparative Mark in terms of um economics don't you yeah us and and uh UK talking 5 to 15% Max and then we're saying it's crazy popular projects and it's all like um shitcoin stuff not even Bitcoin not Bitcoin so yeah okay so then we're talking on two different things and I wi but that means they've worded it wrong or they're just and it's like a whole thing on just cryptocurrency but they it's quite a long report that they've done here we need to know how many the question the GU don't we which scroll down was it something there up uh you nothing major um yeah I mean we can probably we've not officially opened in in Dubai yet and the UAE so we don't have much data to share from coin con perspective we will have we do have pre-registrations of people that have been signing up with us and they are at what maybe thousand UAE customers I think at the minute maybe something like that that are not customers they've just pre-registered in set of registered an email address with us um so be out of how many people are in UAE it's 7 million mhm I some of is it I know with the Russian recent Russian population increased it might be 9.4 I think we in 9.4 41 I think that's in 2022 though guys I'm actually thinking it's 9.5 it'll be over 10 no it be over 10 cuz it's been about a million relocated recently so probably about 10 and a half I said 9.5 9.55 pretty much okay so we say you're saying the survey is wrong it's a bit of a sweep our data would say that it sounds wrong wrong to me just way way too high especially yeah how many of the people I'd love to see the disparity between the wealth cap in UAE as well and see what that looks like because you'd see then how many would theoretically even be able to have disposable income to invest in things um because they're talking UAE as a whole aren't they as well there not just Dubai or not just Abu Dhabi what's their agenda for doing for doing that report clickbait PR this yeah being featured of brick coiners well yeah AB desperate time I'm not saying you know it could very well there you go what's up Mikey 1% top 1% constitute 22% of the total income while the bottom 50% make only make up 5.8% yeah so the top 1% of individuals hold 50% of the entire country's wealth wow I mean that's not indicative of anything though like it doesn't say the amount they're investing in Bitcoin they could just invest a small amount but they're fundamentally 70 70% of the population I mean you're clutching the straws in it's it's true I get it's true you're also clutching straws one they'd have to give a crap about investing then they'd have to give a crap about investing in Bitcoin then they'd have to be techsavvy to be able to then go on and do it and I just don't buy that any country in the world has that penetration you don't have to be techsavvy to buy Bitcoin nowadays you need to be able to use a website which we've seen Dave you struggle that's a low seen you you've struggled some websites are confusing a website probably the the world's worst googler he's terrible lot of plac have do F prom quizzes now as well you know you got to get your six questions right yeah educated invest okay let's not go down that route but I just don't buy it okay I don't buy it either I think it's I think it is high I'd agree with you right let's move on cuz we got a lot more sorry as well we'll move on second I'm very sorry got my hammer the point is but um it's not like I'm frustrated at that and and so we should be but seeing there's no point in saying that 72% penetration rate in that country because we're only lying to ourselves in terms of the adoption and what the adoption the job we still have to do ahead of us so people are getting in a false um mindset of thinking that adoption is there already and realistically we know for I mean we know a lot of people there now as well and a lot of them are bitcoins and you could ask them and I think they would very well that tell us like their family and friends don't have anything and that you could easily do we could probably do our own little sample and find out how many the people we know that they're family and friends what percentage of their family and friends own Bitcoin and we could probably figure that out um but we're lying to ourselves in the sense of thinking there's a big penetration rate when we know we've got a massive job ahead of us and a big long journey ahead of us still for this um and I think then it's getting into the right mindset for that journey ahead not in the mindset of oh it's all right everybody already knows how to use Bitcoin there because 72% have invested so it's it's a frustration in the sense of I don't believe that's the correct way for us as an industry to grow and to create more adoption I think it's a bad way to go about it which is why I'm frustrated right okay thanks moving on uh tether V freeze assets after Venezuela looks to crypto to bypass oil sanctions Yep this is interesting um cuz fresh us sanctions back on Venezuela and then they kind of said they're going to um ramp up their adoption of tether to get around these sanctions um then I don't think they realized tether will also just freeze freeze the funds when the US tell them to tether have put an announcement out saying they would is that what this is yeah yeah I didn't see this did someone mention this on the on the last pod in terms of like the sanctions that might be placed on some stable like having a stable coin um linked to like a usdc it's always right always going to be linked depend to the asset that the cability of it is still there so it's yeah there's a there's a technical way that there's some that I starting to try and do it without being pegged to an entity but you're having to effectively Arbitrage prices to keep with the dollar in that sense so you're to use like kind of defi markets in some sense if def the defi Market is actually defi as well uh so there is infrastructure around that being built out to try and allow for a stable coin that is not controlled by Central entity but it's not really there yet or doesn't really have Equity mhm I think yeah it's a bit of fot busting around some stable coins and the seiz ability I think this this article just highlights the fact that you know it's as good as the dollar in some cases okay um Arc apparently have destroyed more wealth than any asset manager over the previous decade it's not not a statement you want against against quite a damning statement you're going down in history it's all going uh yeah I mean this isn't even a Bitcoin related thing in some sense yeah I don't know why it's like Kathy Wood has got some Bitcoin history we know she's invested in coinbase a I think from the fund and I don't know what else I don't she got some Bitcoin ETFs of or is she just really bullish on the price yeah she's just always saying the price is going to go up yeah she's big on the price I suppose that puts a mockery of it if she her Fun's gone down so much and she's saying Bitcoin you can't really trust her you can't trust yeah this is always great my only thing with this is that why Ben McKenzie retweeted yeah yeah oh yeah he to associate with that yeah he wants to you attention Good Old Ben um but yeah he's it's more about like Slayer Heroes angle because she's been putting a pedestal over this last however many years which is I think what the article talks about as well because everyone thought she was a genius investor they went through the 2021 they always do for a short period of time they right no one beat a market six years in a row I've heard that saying before Warren Buffett that was a joke thought you're trying to claim it as your own wow I think it's statistically true so they all look great for a period and then it all falls down yeah um it's like the trading algorithms and things like that it works until it doesn't um so real that's exit some uh fund loses money High estim for Price shares for price 4,600 per share what they what they are now per share I don't actually know where they're are now the oh they've got two they got the Innovation ETF and they've got they've got like two different ETFs it'll be the other one um the one oh is it the Innovation one I don't know only showing the Innovation one yeah um but yeah it's don't don't put people on pedestals and avoid that as much as you can y yeah but like on Twitter if someone gives a bullish price prediction that's outlandish and they've come from what people consider some sort of authoritarian position like a position of respect Larry yeah lar think CE Black Rock puts that out there oh yeah bitcoin's got of course it is cuz you've just opened up the bit that you want to be successful all of a sudden you now want Bitcoin to go to the moon it's crazy so agendas are easy to spot if you look but people yeah you don't want to who pays attention to these people though anyway people do yeah they are influential aren't they but right straightly so next one Jack dorsey's block announces development of full Bitcoin mining system was this not already you think so yeah they they announced they were doing a chip about a year ago now they've announced they're going to do a whole mining machine and software I think that's what this is I'm not going to lie I thought they're already doing I thought they're already doing it as well yeah maybe they made an announcement about an announcement but the cool thing to me on this is It's the 3 nanometer chip which I think the S21 is a 5 Nom chip so this is significantly better has to be though doesn't it for the time it takes to manufacture and release yeah ahead of time yeah otherwise if they' done a five the other guys time it comes out first three n on hash R then no okay they take a long time they said as competitive but yeah yeah they take a long time to manufacture from start to finish saying it was as well well that not competitive one for anyone that happened with Samsung's didn't it when they released the data on theirs it was like oh that's not very competitive I didn't realize Samson had one yeah I think it was it partnership with someone there was something they they released the data of like their first one and everyone was like oh the S9 is better um so yeah they're going to do a full mining machine and software they've got like screenshots of the software I would love it to be slightly more Plug and Play than the ones we see well asking miners to get involved and help direct um what they want miners though feels about Min that's us I know so you can get touch some feedback yeah cuz you just want the G the street just to be plug in directed to his well and go you do right and at the moment it's it's nearly but it's not quite it's a bit of faf there are some of them out there like the the the gimmicky ones like the USB ones they're not good they're not no I have a high expectations this one because like with the hardware wallet they've done as well still haven't played around with that but need to um they seem very good at building Hardware right and good ux so was it yeah well have they got good yeah course got good ux hasn't they by Jack cash app cash good ux square is the hardware side as well tw's not brilliant but tw Twitter in it all right anyway okay uh last one for the agenda then PayPal proposes crypto economic rewards for sustainable Bitcoin miners right so did you see you want read this no cool the end of the pod no the there's a bit so they so it makes this I not read the full detail of it either yet so five that's barely they come out last night yeah um but the point is they've they've made it sound like that PayPal are going to give these rewards that's not a thing so they they'll Sor coin Telegraph have made it sound like no just the news and J I don't know if it was Co I don't know who it I've read it in different places to beon but the whole thing it's always been like PayPal are doing it but it's PayPal have just like done an R&D thing and suggested why don't we do this I think from my understanding of what I've small amount of um but the point is what they'll do is similar to what I was saying before about ocean Mining and how you'll end up with a two different fee um structures where you've got one that's paying for the runes and the JPEG and one that's paying for the money transactions uh they've kind of gone that route in with a green minor ESG so if you are making a transaction and want a ESG minor I'm saying ESG in the sense of like just carbon neutral or whatever you classify as environmentally friendly minor um you can give an additional fee within the trying to talk about using smart contract I think to do it um but that would give them something that the green miners would have access to that can basically say I can take that fee and the other fee so I can take both fees whereas a not a non- green Miner that's not been signed off by somebody um wouldn't be able take the Green fee piece and they would only get the the other fee so you'd end up with two different fees so it would entice miners to be as green as possible um which is all well and good is it also in like anticipation of which I hope never happens but eventually like companies utilizing Bitcoin being forced to have their transactions mined by these green miners like mandated potentially potentially horrible it yeah um which would mean then you yeah that to got this New Market effect for transaction fees um which would be interesting I think it's something we've already spoken about in the past on this sort of stuff anyway uh in a similar sense and there is already proposals out there that other people have done in a similar way and I think some of the other proposals are meant to be better than this one as well so it's a bit playing catchup nobody's really done it um and I don't know in reality would it work in the real world and would anything happen I don't yeah it's a bit of Ann if it wasn't PayPal doing that and announcing that it would not even be a story it's just because think I agree with okay that's said that's the end of the agenda You' gone to some some dear daes first what do you um also yeah I love that everyone calls a Ste Dave now even though Dave doesn't really answer I don't think he's going to answer these questioners oh okay let's see them challenge challenge uh do we have plans for a multi custody service yeah okay answered that no you did to be fair do you know that do you want to expand that come on you have conversations them yes we do uh for more information can't give too much more information on that at the minute it'll be slightly different to what's maybe out there at the minute as well um but yeah coming up mhm probably another two or three months off maybe before we can maybe announce that yeah um yeah okay could be good though right otherwise why would we bother it will be good be be flicker coin okay ready uh can we president nominate a person to access Al Corner funds if we Peg it what happens if a uh to the funds if a customer dies suddenly heavy question but these situations do happen okay good question so yeah this a good question currently we can't nominate a person but that is quite a good idea we should maybe look into that but we current currently follow I don't know if we can nominate person actually but currently we can't can we not right now IDE though I replied to this last night in WhatsApp message all right I didn't see it and and said something about sometimes I thought I thought I'd already give you the answer to this but all right I'm going to right this is the answer right just edit this B no you don't you can have to right currently I don't think we can nominate a person but I think it's a good idea but we currently follow the same regulations as a bank so in terms of people would have to provide a death certificate and uh lawyers normally involved to make a claim on anyone that suddenly dies uh it does happen people do die um but y it's there's a wellknown well followed procedure yep which we've done we've had to do yep it's happened and we've MH but it's exactly same as a bank sometimes as well it's actually quite um nice so not nice situation obviously but weird let me finish let me finish let me explain myself here before I sound weird uh somebody had unfortunately passed away but the um their children I think it was two children and didn't know that their parent had an account with us and then obviously they able to get that and recover it and he actually had quite a chunk of Bitcoin in which was a nice little gift for them that they weren't aware of um and we were able to return that to him obviously which was nice what what did you what did you respond on what's up about the nomination thing um we've already been looking into that and uh We've so it's you've been looking into it you looking yeah no had compliance IL legal on it yeah um so the idea of that obviously yes there's a way you can we can just put something in like settings area for example it's like you can nominate someone and do it that way um what it was tying into was uh trust for um children or something like so for examp example it's not when you die but when your child gets to a certain age you've got this Bitcoin stacking account so you stacking account effectively has a legal hold on it to this person so it works in the same way of that so if you were to if the situation occurs you die or your child hits 21 they will get paid out and some so we l to the stacking account is a good idea yeah thanks did I come up with that possibly yeah so many good ideas I just can't remember them but so in sure in a short answer yes Quick Fix is that just to nominate someone write it down right in the admin area legal implications that bring it in and go you can you have to yeah you have to email support right email support and tell support the person nominate them that would be recorded automatically in this guy's just become a lawyer in our internal system Sur it's not that easy I say it is it's you could force someone to put you down in this has always been the the AR got get verif that's interesting so it's been with our legal team and so on but I that think it's it's currently been dropped for priorities of other things at the unforunately but it's on that but no you could like you in a will in Testament you can without the without the authority of the other person mentioned in the will you can put them in your will so you put a charity in your will yeah don't have to know it's done by solicitor isn't it that would theoretically some sense I mean you can do it outside side of that but then someone could try and argue against it is the the problem part I mean what sort of person do you have to be to go right this person's left you x amount as your nomination for oh no no no someone El having a claim to it rather than that person you put the next door neighbor or saying oh no they hated their their son or their daughter or something they wanted to leave and they were putting under your arrest yeah like any sort of will disagreement exactly there is that so you you've got to do it kind of right to make sure there's not we could just do a sounds so simple it's just absolutely murky isn't it like I said there legal impation yeah I know I forgot you passed the bar a few years the time it's probably perfectly fine to send an email with a yeah yeah you're completely right but actually there's those those Fringe bits and make more Awkward which is why we're trying to create a product or an offering to do that in some sense um or just an additional feature really not a product yeah how does it work Sor if someone dies and nobody knows they had an account the same like they need someone to come and claim and say that all key is nobody knows no but they eventually get like anyone they go into like something called probate I think and then the state claim it so it's it's it's like that cuz it happens with banks as well really yeah I think it's called probate don't know it's completely made that up lawyer but where but event eventually actually eventually the crown get it oh yeah I loveely okay there you go Dave thank you more or less right you passed not not the only lawyer in this room there are no lawyers in this room just just to clarify oh okay was that a nice question uh yeah the other question we had was uh so you have to be careful with the UK Financial promotions about how much effort and resources do you use for SEO which is search engine optimization and other avenues to get new customers to co and Corner a pass that on to you Molly the queen of marketing um yeah obviously we do have to be very careful um with UK Financial promotions um why are you laughing because we do have to be very careful it's funny that how careful we have to be even on this pod this a bit actually might get edited out who knows um depends if your mic's working it is um but yeah on the SEO front I mean that's something we've done from day one um in very early days we we built the company on on having good SEO um from marketing side and also from the technical SEO side so we've kind of always made sure that that is top of the the agenda when it comes to marketing um so that we do rank high other avenues to get new users I mean don't know how much of our Playbook we want to give away um but N Stop yeah I was just going to stop oh none but stuff is public whoa whoa whoa my well it's always out of the box thinking right we we don't really do traditional Mark traditional mark right classic is that all of them okay yeah that's it other avenues announcements here we go there's an announcement two two announcements so I I'll go with the small one first and the bigger one two announcements this is how we're doing it one of them is kind of already people are aware of it I some people are aware of it aren't they oh we going big first and then yeah cuz it's not depends what you toine is which one's the biggest all right come on then all right we'll go big first uh Emi accounts now available at coin corner so uh why you shaking your head this announcement it's quite big news and that's how we're doing it well people actively making it worse Spotlight on it yeah but deserves it so we haven't really told anyone publicly about that in any sense of Emi accounts e money accounts electronic money institution accounts so it's kind of like what you will see revolute and revolute are e money accounts Emi accounts as well um so we have the similar thing for coin cor customers so you get as a UK customer you would get your um account number and sort code the same ways you'd have HSBC bers Etc and you get um an iban number if you're a European uh for sepa um they've been kind of rolled out since late last year in terms of testing and beta testing and sort of touching um the edges of certain C so we've had certain customers allowed to come and do it and try it but now it's it's kind of open to everybody so people can start um getting their own Emi account uh currently for free Dave will dislike um ideally in the long run always for free Dave will also really dislike yeah um but we'll see as we go um So currently yeah fre accounts uh you effectively log into your coin Corner account on the website and you can then from there uhit section depit now is it yeah uh well yeah we two clicks yeah want to be actually two clicks out Mike Mike right again so here you're the producer of this you got to keep everyone on track sorry it's two clicks out the key benefits of these accounts right is that in your own name m yep automatic deposits and withdrawals yeah should should stop any problems with banks sending to from your name to your own name it should should be okay yeah yeah so is good there's lots more to come on the back of that at some point this is kind of first stage or first phase of of what we've got coming out of the back of that but um just takes time unfortunately as with everything um there GBP and Euro as well so both accounts are available yep and it's also available to business businesses as well B Toc and B2B yeah yep awesome cool cracking uh should we should we explain sorry we didn't explain some that so what Emi account is they'll be maybe we can include the the foot now and we can include the link to go to a read about them if people are unsure because it is a bit of an unfamiliar term even though people use it at like revolutes and some of the Challenger Banks they call themselves Challenger Banks star our bank um won't pull them into it not that but revolute and um mono monzo used to would be I don't know now Bank what not as well sorry um but yeah there's them kind of companies that are like the Challenger Banks as as the classifiers um they're using like Emi accounts to this C money accounts and it means that the money is my explanation will be terrible with the money if you put your money in your Bary hsbc's Etc that money is um used a fractional Reserve capacity and invested in different things and giv out in loans Etc so it's it's used your money your deposit is made use of with an E money account Emi account if you put pounds in or euros it's held one to one with uh effectively like with the bank of England on in the UK perspective and um on the European side it's uh Bank of Lithuania I believe which One Bank of Lithuania cut it out if I get wrong um so that is held your money is held one to one effectively so nothing behind the scenes is being done with it and trade like invested or anything um which means that with a Traditional Bank you have a um is it £85,000 yeah uh it's kind of like you you would classify I guess as insurance if you had a million in your bank account and the bank went bankrupt you would only be guaranteed £85,000 of that million back to you um with e- money accounts you've effectively are one to one pegged in that sense so you would still have the million pounds in your name in that account so it's actually um more beneficial um than the financial compensation scheme in the UK and I don't like yours say um oh did I get it wrong what his regulation being fed by the Dutch regulator to Netherland my bad there's we we'll dig it out we'll find it we'll share it in the full Notes too much information to remember very cool um very cool other announcement smaller announcement but still cool announcement is the coin cor price widget which didn't even do a drum roll we missed a widget doesn't deserve a drum roll it's pretty cool it's a pretty nice looking wget seen it it's okay seen it it's okay are you just upset you're not part of the official testing team so you got access to exactly um yeah it's a little one of a little announcement really but it was just something that it's frustrating for our team I think we've wanted one of these for a while and it's just never been there but means if you got the coin Corner app you can um depend on Android and a slightly different setup process but you can then add a widget from uh your dashboard um of your phone sorry um which will then have the coin Corner one in there available now for the widgets um and it will just pull in the latest bitcoin price I'm sure my will overlay some nice imagery while we're talking about it yeah um so you now don't have to open an app to check the Bitcoin price it'll be on your hoping that's available by the time this podcast goes out it's scheduled to be available 24 hours Thursday it's in the next release anyway for mobile apps so whenever they get pushed through the stores very good awesome um any mind updates no no we didn't get the set obviously yeah we were talking about solo mining it or not yeah that's why I was enticing the million dollar million dollar price we minded didn't we I was going to say like yesterday was hot in that office are we going to have you're welcome no too hot it was tooot oh we've won we've done it in the Alabama it was near 30° upstairs yeah so what happens that we going to have to turn those miners off you know you don't any Bitcoin with minus turned off Molly are you on yeah okay okay that's good good to know might want to let the rest of the team know I think we're getting into that period where it's getting sunny enough and warm enough nearly now the joy is that we can juuse down down the wage it's 10 degrees here on the island today so you could just turn some of the mans off yeah I did yesterday it was it was frustrating that you did we went up there like half four is it or something like that and it was absolutely roasting and no one's thoughts turn the miners off we play yeah that's the upstairs we have conviction sweat for Bitcoin conviction it was nearly 30° we walked upstairs it roasted why turn off yeah we might have to decrease the watch summer settings are coming okay good that's good to know yeah cool that's it sound cool thank you guys right cheers peace byebye [Music]