Cristiano Ronaldo Faces Lawsuit? | Britcoiners by CoinCorner #105

Join Danny, Molly, Zakk, and Dave for industry-led opinions on important Bitcoin stories from the week. Topics this week include: Bitcoin price, CoinCorner win Tech Business of the Year, Wallet of Satoshi removed from US app stores, Javier Milei confirms he will shut down central bank, ECB chief Lagarde says her son lost money on crypto, Antoine Riard says Lightning devs must ‘wake up’ and fix security bugs, Judge denies CZ from leaving US, CZ steps down as Binance.US chair, Charlie Munger dies at 99, Opensea revenue stats, Binance not registered in Philippines, could face SEC charges, Cristiano Ronaldo faces class action lawsuit for promoting Binance, and Ocean Mining. Britcoiners is a Bitcoin podcast by CoinCorner ( - a global leader in Bitcoin and Lightning services. #coincorner #britcoiners #bitcoin #bitcoinpodcast #bitcoinnews

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they were're doing billions yeah must be charged billion in a month and now they're doing 50 million in a month that's [Music] insane we're going hello we're back right uh price we've got uh Awards cheap impression we've got wallet satosi uh we've got Argentina and Central Bank we've got uh ECB Miss Mrs lagard again as usual with a crazy comments uh lightning security issues um CED and the whole binance thing which I'm sure everyone's mostly aware of uh Charlie Monga which is a sad piece but nice to touch on and openc revenue oh and we've got more we've got Ronaldo and we've got ocean mining's good agenda that is quite a good agenda I'm quite excited for some of these let's dive in oh was that a play on the ocean mining definitely wasn't it sounded good price 38,2 120 never dollars up a little bit um I think that's roughly right but um slightly lower than that well is I just sent out the push notification so yeah there you go slightly low I might jump up that yeah just to prove honestly yeah I'm at one with that price why um just check it all the time just know what it is so is what is still on the increase um 2 and a half% up today so we've got what we up this year click on the Year Mikey we like aund 130% W um yeah I think it's just anticipation of ETFs and everything that will will come on to surely anyway um and Harin obviously um coin Corner won a tech business of the year at the digital Alam man Tech Awards back to back Awards award in two weeks that was a nice one wasn't that was um what was the title of that award the tech business of the Year Tech business of the year that's a strong award to win isn't it I like who we beat in these categories as well which didn't realize who who in that one we beat Ms Telecom in this one I think was it oh was that okay man Telecom being one of three kind of telecommunication companies on the AL the biggest one old Rosie now just collecting Awards clean up clean up cabinet F all a desk yeah that's good that was um peer voted as well wasn't it it was open to the public to vote Yes yeah oh so that's slightly better isn't it I think it was PE voted and PE nominated as well it was although I nominated us as well I us don't away it was how many votes in the end was like was this 6,000 votes was it I think for overall there was some numbers pretty good going for a local kind of awards yeah he is we've got a nice little Awards collection now Haven we and yeah for us to actually win that from the businesses that were in our category that's proud of yeah yeah well guys to anyone listening of our team MH um cool wallet satosi removed from the US app store that's a big loss for them for everyone so they've been forced to do that up by Regulators they've chos chosen to do it I assume off the back of the binance news yeah oh they've chosen to do it yeah which has to be expected they do KY they know it's a Us customer obviously because they have us IP and whatnot and then they don't do any kyc or anything they don't even collect I think they can it's like optional I think email addresses um and obviously they're going to be people sending Bitcoin to they're leaving before they're forced and before a regulator comes down on them I think so right um so I think one you saw with bances it was like 100,000 transactions to Iran so I think um and obviously that's breaking sanction rules and things which obviously wall satosi you're going to be sitting in that realm of uncertainty I think there's always to be expected this wasn't it it's a sh it's a shame for a Us customer though because well stashi is pretty good isn't it it's very easy I quite like it it's custodial without or anything yeah so it's they need to get licensed and correctly over there if they wanted to do that unfortunately definitely definitely but still anyone that has to pull out of a market will they not have a knock on effect other markets as well will they not to pull out of other jurisdictions probably M yeah they don't have a license any as far as I'm aware I don't think they have anything I think they'll have to start going for some they'll have to do some form of kyc at some point um yeah unless they operate from a jurisdiction that won't introduce that but then you you're risking operating in jurisdictions that imagine the push back they're going to get on that from their client base it it'll kill to be honest they need to move to custodia or some like Phoenix um because it will just kill wet to be honest if they had GC CU why would you bother at that point it's a shame it is oh well they can change their platform to their app like I say to move to Phoenix where it's more non-custodial do it that way that would be the way they need to move to um but Phoenix and uh some of these other ones excuse me Breeze a breeze try which on Breeze were the ones that were doing unchain transaction for every transaction that was Moon Mikey peace loveing Bitcoin bet you hear that don't you I kind of like it it's got a good vibe to it peace love and Bitcoin great sign up isn't it can you please start signing your emails off no I go with many thanks Dave many thanks any questions or queries please let me know many thanks Dave I don't think I've ever I've never received an email from you like that you normally just swear words yeah saying why have you done this um yeah to be expected but yeah it's news because a lot of people do use wall Tashi so yeah um let's wait and see what their next Players Big L uh yavier oh hello jaier you n m that's his banish speaker uh confirms he will shut down Central Bank we spoke about this didn't we last week we said that he did he was in his election campaign he said he was going to blow him up it's now it's now he says non-negotiable he's closing them down will get closed down so how does the logistics work on that c I think you just should lock the door even like Lo the door like dozing the nation how does the logistics work on it I suppose our Salvador have gone through something saw that didn't in real time Bitcoin um they didn't have a central bank and do that way they had the dollar didn't they the US dollar um but so yeah does it start by Argentina saying US dollar is legal tender it starts with a lot of mess a lot of red tap of literally changes to every process ever just be chaos it depends on like look what look what El salador did with that and they went in like he just went in Kelly just just did what he wanted in some respects in terms of the Bitcoin legal no just everything in the terms of the country of what he's done he just went ahead with it and just did it but now years later could Bitcoin have been more successful in non Salvador if he had done it in a more programmed Manner and got more people involved more buying rather than just saying poten transactional volume there not great is it no but potentially it could have been you're right but that will take time for infrastructure it's new technology any new technology infrastructure do the same here well the same the first step here is dollarization yeah so making the local currency redundant making USD legal tender so you've got all that thing about's got bring up the cash back to bank yeah that's why I'm saying Logistics of it so you can't close the central bank until you gold a local Curren a dictated rate of which they'll give you as a dollar so it's we' seen that in some way don't we with the UK when the notes are going out of circulation you have to take them into the bank they're like for like though AR they replacing a new10 with another1 no isn't the same as Bas yeah yeah but you can't you couldn't use the old ones eventually no no you couldn't use them after it was but they give you long enough don't they no you could then no they give you then years to take them to a bank cash them in exchange them so I assume that would be the process in my head that's what I'm saying I he's saying he's closing down the central bank but it's not going to be like next week this whole years they'll be able to exchange it but you to get new ones my issue would be what rate they use yeah well they'll probably pick a rate and go with it at a time won't they I had a quick read on like the last can of nation two doll o one of them Zimbabwe 20 2009 if and they've only recently dollarized right so they've gone back to a local currency now literally a couple years ago did they keep the Central Bank through that process as well I don't know or did they even have ever have one they might not dollar so went completely to dollar and then D dollar yeah back again a few years ago is Zimbabwe didn't help initially like stabilize the economy it was because of hyper inflation at the time and it did curb that initially yeah I don't I don't know the reasons for going back but oversight of monetary policy and that kind of thing but is that not another one where they probably the infrastructure presume Zimbabwe Robert mugabi and he did a lot of the clearing of farmers out it was traditionally was it rodesia yeah so I think they probably probably they cleared out like any banking infrastructure and then had to use do um because it is a banking infrastructure globally renowned isn't it yeah so inter play out it's just interesting they've gone back already though yeah yeah pretty Qui yeah I don't know and obviously El Salvador not gone back but they've tried to go to bitcoin it's like well that's this is their migration process they want to move eventually to bitcoin only and remove the dollar but that will take time yeah so this is good news for the dollar essentially is it whole country the size of Argentina is going to start using the dollar that short term yeah I think it would in a sense but then I think their angle as well is to they're not going to want to be at the whim of the US so they'll want yeah that's the whole thing shortterm is going to help the country stabilize the economy but then you realize we have no control all Central American countries that use the dollar they're all sort of moving away from it for the exact reason yeah yeah cuz fundamentally you are controlled by the us at that point CU you're using the dollar The Backs stop is a US Bank US Bank could just then easily put sanctions on yeah mhm the disagreement with then I think Argentina are doing which would be then making Bitcoin legal tender so they could they could have a conflict instant as soon as they introduce it yeah we'll see but he was in the was he in the US recently meeting with the IMF and stuff I read he was having meetings already I don't know made that he was is he actually has he been is he actually the president I thought he was just N I don't know how yeah meet with Biden Administration go back there one yeah yeah he just got voted in all right meets with Biden Administration and the IMF with immediate effect candidate like a running candidate I didn't know he'd actually been elected in yeah we still by last week yeah watch the episode long long day yes he's already on his victory tour nice there's an old saying that if you owe if the if you want the to borrow some money from the bank you have to go see them but if you borrowed enough money from the bank they always come see you so I'm surprised he's G to visit them and IMF hasn't just visited probably have the lights are off the do was locked yeah um cool let's move on ECB um actually it's not really about ECB but it's just uh what she called Chris lagard name um she's saying her son lost um what was it what was the actual thing was it I do think they said what investment was but me royally with his privilege which is which is his like that basically her son's lost money trade yeah 60% wasn't it yeah 60% um trading crypto and then he's saying now that he says she was right and he was wrong and blah blah blah two sons in the mid 30s so it's it's you know it's not like it's a them problem him problem makes me think that her whole bias against it is just based on one personal experience this my family now going to get it um but it is quite telling that her son's disagreed with her went and bought these things but they obviously we've gone to a bare Market at the minute with crypto so and of course everything's been down during the bare Market um and we see this every cycle where people flick backwards and forwards just to um you know give them another couple of years if we're then at a bull market in crypto and they still have hold of that will they be going back to her and say and told you so to what mid-30s year old people individuals listen to their pen like what do you still get advice from your mother at mid-30 no I don't know anyone I'm not mid3 I'm me oh you I'm early face oh again but I would never especially on don't disrespect your mother on the podcast no I'm not but I wouldn't ever ask for is financial not on cryptocurrencies as the head of the ECB I wouldn't to her me going to my brother and say should I buy this [ __ ] coin essentially what he's done yeah well it's one of them you sit around it's the the always joke in America about the Thanksgiving M and each Thanksgiving depending on the Bitcoin price depends on how the conversation goes with the rest of the family when it's down obviously there's there always like getting Abus when it's up the no one wants to talk about it cuz yeah that is true you were right at that point M and that's in my head that's probably going to have this plays out and I would haard a guess in the next two years there'll be a flip of this of the sun coming out saying something back to Christine reluctantly admitted you yeah it'll be interesting to see if that happens um but yeah I think it's just one another one of them which she tried to use it as ammunition again against hasn't she and pushing back on crypto in general um yeah but yeah she has got an agenda hasn't she I think she admits it there really in that quote I have as you can tell a very low opinion of Crypt she's on his but it's it's telling I think Generations as well like she's obviously the older generation and her sons are of the younger generation and they've you know they experimenting I'm not a massive fan of lagard anyway and I don't think anyone in our space probably is right oh yeah it's un unelected I believe you're yeah she was she European bank she was a criminal when she got done for True or allegedly allegedly don't know she didn't do any jail time or anything like that she done for um shoplifting or something uh um crime was some sort of fraud thing yeah keeps keeps job she kept it's just she's so in she knows every nation's Dirty Secrets just like held by her so she she's Untouchable the IMF back yeah cor just got a good thing going don't just don't rock the boat she she had a little fine I think she got got in the end and she avoided jail time proving a massive pay of tax M's controversial French businessman but kept but kept a job within the ECB it's just like it's crazy absolutely yeah I mean like there's literally blood on those guys hands this Central African Frank and they're keeping that thing going and she's their lording over crypto industry part me that's why I despise the woman well you've gone from not the biggest fan to despise just testing we all let's go um but yeah and also just highligh I think some of that as well it's crypto that she's talking about there the sons have bought crypto shitcoin yeah what they training they're not Bitcoin what they were buying sort of thing you know we don't obviously we don't know because there's no no uh detail of that um but again you know of course if you're going to go and buy all sorts of random coin Geo gambling um so yeah just don't you can say don't do that to people as much as as you want but people are obviously like you see there the son of her going and doing what he wants anyway in some respect yeah but yeah I mean it would be hard if you her son it would be hard to escape her Shadow anything you do I mean he might he might have lost 60 quid from 100 quid and yet mumm's bringing it up at all these conferences you you would be fuming at mainstream media but he's out there job trying to be a financer you buy 60% of your money it's pathetic anything like that yeah um okay cool move on the antoan Riad um says lightning devs must wake up and fix security bugs not please VCS oh um not pleased be yeah so I I don't really want to get into the detail of the depth highlight this one just cuz it was more of a um of course there are it's not necess security but it's there's issues and things to fix with lightning um and there's certain theoretical attacks they can be practical I guess attacks um but they've always been I think there's a big jump on either minute of people saying like Ling's broken and all these sort of things but realistically I think most of these attacks that they're talking about were actually in the white paper for light or were in the initial discussion board stuff yeah there's a lot of that and they were all highlighted as issues that would need to be resolved at some point and fixed at some point um they' have not been unknown to the industry and to us over the years they are known to the tech space um sorry the development space within Ling um it's just that and I guess what people are saying here and what Anan was saying there is like the VCS that are backing the companies that are then building lightning infrastructure um um are wanting these companies of course to try and make a business model and make a return on on investment um so they're forcing them down in directions that really is potentially not the best for the industry for for lightning as a whole um but the best for that company um and that's a fine balance outs that these guys are going to have to go through I think it's just one man's frustration isn't it he's very much he well respected developer and he just kind of raged quit kind of all got too muchly it's up to Industry that use lightning to have to start looking at these problems like ourselves to support the yeah because we're reliant on it are any of them serious issues uh they're like um was one you had up there the cycling attack there's basically like um Channel force closes and things so you can do certain things to make I'm trying to put this like an explain it like on five you can do things between two channels that would force the channel to close but they you would have to pay a very very large fee to finish that close for example so that the attacker there is not trying to necessarily steal your Bitcoin in sense they're just attacking you almost like dos style and saying your channel is not going to be oper like able to operate and I'm going to force you to close it and you're going to have to pay a big fee of you know 500 quid to close this 600 Quid Channel um and they're going to try and force that on people so it's kind of like it's almost like a dsack more griefing the network isn't yeah yeah well they're all very hypothetical require several people colluding together within the network and it's putting into practice is a question and I think that's an the incentive to put it into practice is is not there is not there at the moment there's no monetary incentive is in terms of to solve these problems it's kind of like you could say 51% attack sits in that cell not quite in the same realm but in a similar realm where actually that's still a theoretical possibility but there's no Financial incentive to to do that and if somebody and to actually practically do that it's just near impossible so actually do we need to fix 51% of tax in Bitcoin and okay some people might argue yes fix it make it bulletproof um but that's not necessarily being fixed but there's also not really too much of a risk of it because of the scale it is to perform that attack um and the financial incentive is just not there which is what drives a lot of people don't me wrong some people want to see the world burn and these things at some point but but as the network matures there's always mitigations coming in to counteract that like even the ocean mining which will come on to later is kind of a mitigation to a 51% attack yeah yeah and yeah so I think there's there's sort of I I appreciate and understand and agree with like you know yeah we need to be working on some of these issues and fixing some of these things to an extent it's a b is a balance that's what I said before between them as a company they're not doing it off the goodness of the heart that they're a PC invested company whoever that company is um and they have to please their investors at the same time is trying to do the best for the the industry um and for example like lightning Labs um who we deal a lot with they ask us on a regular basis what we need and what what our customers need and things like that and what issues we're finding and things so we would then feed that back to them and if they have the demand from the people they talking to saying this is an issue this is an issue this is an issue they'll try and fix them issues and prioritize they have to figure out how they prioritize the most shouted about issue the biggest issue and they themselves are a VC back company but still that focuses entirely on building thew as Lightning adoption grows surely more of these issues will get solved anyway if youve got more Alliance on the network some more infrastructure on it some of them yeah so so with time I would think they all get as they get attacked if someone starts attacking Network and doing something that it would be a problem and it would force everybody to prioritize that as a higher Rarity and and deal with um but because none of them are really being utilized in the wild nobody's really trying to fix it cuz it's if you were a new broken if you were a new Dev coming onto the scene right new Dev you just learned your your VB done your hello world you've just done your hello world you how do you get into the lightning Dev scene in terms of to be work because this could be like anyone could be working on these well it's all over most where find it where where do you get into how would you get into lightning Dev so how did just go and Google it though yeah is that all it is just there's nothing there's no as developers yourself there's nothing where you'd say my one key place where I found a place to go you go educate yourself and then you think that's what it takes yeah had Google it and find a tutorial to first of all run a lightning node and do that yourself and understand how it actually works on the surface little baby steps then go and learn about like read the white paper understand the concepts the me behind how the lighting networ Works before you get into like trying to change code and do it yeah in terms of developing you you even there you start you're not starting by changing a fundamental concept of the lightning no no no you're starting by fixing a little B in one notation yeah and that's kind of like the entrance of the rabbit hole isn't it okay so is is the community or is that just on GitHub is that where you'd find that sort of yeah okay that one just on the on the GI on the web on the line I'm just saying if that's helpful for people to to know who were interested in the scene but don't where to start you're just saying just Google it essentially I would Google it just start running your R and play around with it then as I say there go and read about the why people go to understand the actual protocol itself not from a technical code level but from an like actual theoretical level of how it all works before you start trying to then jump into go at that point you'll already come across links to various places is is there a telegram group we can start throwing my weight about when this and a really good one or I need to avoid to telegram now I'm all pretty much all over it by the way there's there's like one implementation there's um just sounds a bit too generic ones there's something for like lenel like you know there they're all different different ways um so you'd have to light spot got one don't know don't know probably not okay because they're not really I'm sure communicating with the community as well as they should be some of their developers are now in when you've got something like need to communicate with anyone anyway okay so yeah I think then then uh re reach out to people and other developers and ask questions there's been a lot of people get jobs off the back of that you know the famous one is um Nifty NY got her job blog stream by just emailing Rusty Russell a question about the lightning Network that she didn't understand first name Nifty second name NY no no ni9 it's said Alias side oh okay okay um I knew that yeah okay so that's how I do it have discussions yeah I was talking to you about the book programming Bitcoin wasn't I you were yeah we said that was probably not a good idea for me to go down that I don't want to discourage you I would say don't do it it I'll be Brut have you have you gone through that book yeah I've read that and heavy I mean I read that that was we talking the old that when he was born that's the one we did yeah as a group it was like 2016 was it really no later than that was it new version well there'll be probably new version Jimmy s yeah I thought it was like 2016 maybe I I saw it as a challenge from Zach that how MTH was you said it was pretty a pretty difficult book to get your headed heavy pretty heavy bits are yeah um it's a good even if you didn't actually properly takey song and understand the detail of code yeah you one you'll be interested in it right you could still probably there get a good grasp of put me off how expensive it was 202 2019 yeah it cost me a lot the honey modu I might have a little no look still like secret need oh than go anyway okay should move on yeah um so lightning is new technology being built takes time there'll be issues along the way as with Bitcoin that you fix along the way there's it's people will argue fundamentally broken from n custodial and things but we won't go down that rabbit holders [ __ ] but no we're still pushing forwards um with line in development from our side um bance oh surely we're done with them and know we spoke about them last week didn't we so there's not too much more to cover but it was just that CAD can't leave the us at the minute so um he's more to come for him then I'd say he's going to stay there it's never a good sign if they don't let you out well they they've put it in and we still don't know if there's an official cuz there was some things that was saying it was like a judge says they can't leave and stuff but actually like bit Mex was it there oh yeah no final decision has been so I've not seen a real final decision yet or not so where's the just never can't leave yeah yeah but he's voluntarily gone over to the US to to sort of plead guilty and do whatever he did for this side um and they've kept him there at the minute until they can make a decision on whether he has to stay or whether he's allowed to go any idea on how long that sentencing is going to take no no idea to be honest I don't know what they've really said um to stay there does he have to does he just stay in a house somewhere is he in a Cell no yeah no be stay but like yeah in a house I've never been jail so I don't take his passport off him oh so he just can't leave the country guess is worst places to be stuck true I know the cash is got Vegas right yeah true winning it all back4 billion on rent should be seen there spotted in Vegas it's 3:00 a.m. playing Black yeah massive piles of chips in front of him um but yeah he's also stepped down as chairman as well from bance us um so he now has nothing to do with binance us uh which is all part yeah part of the settlement stuff isn't it I think um and I didn't realize bance us is trying to continue running from what I was reading I don't think they were allowed any uses no not open to any us not the US they've got a binance us there separate companies yeah I'm one the covered them the same restrictions that binance were them but they've put out saying they put a statement out bance us saying that they weren't part of the doj stuff and all that so yeah it was a bit weird no they're still under SEC investigation so the SEC looking at them at bance us bance us but nothing to do with B they actually bought a tweet out saying about that they weren't I think just just really quick had the doj investigation stuff had nothing to do with bance us it was all it was just a bit yeah it was a bit odd I didn't realize they were still even open and operating I'm not buying that buy us T I'm probably not going to be able to access oh struggl to [ __ ] I know will it show you any yeah there last week's to R an update yeah as you know so if you click into that we'll give you more yeah it's not part of the settlements here bance us is not part of he's not party to the settlements announced last week nor do we have any outstanding enforcement matters within the doj finen blah blah blah we remain fully operational and are committed to continuing to serve our customers with the same ignore and carry on kind but they'll still be listing oh anyway so yeah I just curious he's then when this was announced he then obviously stepped down as chairman and had no involvement so by us is still being ran obviously we're not in the US I've never treding to log in and look at what they've got there but yeah is is it just a platform that m is the other one I don't know I assume so yeah I mean the regular binance platform still had like 17% American user base it we should have been on B the real one yeah yeah so yeah interesting um Wild Charlie Monga R yeah 9 a good age a good is very strong age slightly annoyed who you are you get to 99 just hold on a little bit that letter from the queen yeah he wouldn't get that he's American so yeah we would will did they not get something from the president a liot from the King yeah of course yeah yeah um so famous in our space for calling Bitcoin rap poison squared right was it him I think that was buff War I think he said it they both said it I think haven't they they both pretty much abused Bitcoin along the way mhm um but Charlie Monga and War bu you know they are um there you go no still don't think he said it what did Charlie Monga say about Bitcoins further down going to zero there you go and I they labeled it as rat Po and that was it he said it was rap poison and then someone interviewed Warren buffer that was poison squ extreme what an amazing D the dynamic du yeah maybe that's right their history and their investment strategy over the years like the the way they've stuck to that strategy over decades and decades and what they've done is is pretty impressive uh I used to be a fan of Buffett I read a few of his letters of Buffett I read that um it not I'm not a massive fan of what in terms of what they invested in big Coca-Cola investors yeah world's biggest polluter lots of lots of moting stuff I'm not here to talk about the ethos and modals of these Investments as an investor not here for not not here for that Dave we're here for Pure Performance they are investors they are right okay investors their job is to make money and in all like for me the the way they've approached it as opposed to a lot of other investors where they're trying to get in and out quickly and things they've took the long long longterm approach and me that's a bit of a a Bitcoin mentality of the long they would be if they were younger I they would have been but they took over a lot of companies that in distress never really added value to them they a lot of you talking morals e why how can you separate that they've never really added value they just like read a lot of financial statements look for undervalued opportunities and invest in them and they did that very very well incredibly boring some of the richest people in the world they did that incredibly well they didn't have a one hit wonder did they in all fairness they had lots and lots of successes you have to give credit to that in some way regardless of the Coca-Cola and the morals and things I agree with you by the way on that I don't disagree I'm not saying that but I don't know can you can you separate your morals and stuff like that to make it like anyone can make I've seen you do it several times yeah and not anyone can make it more than happy to do it you know the actual story behind the three of them them two the other gu I've watched the documentary on Buffett simple would have covered this is a PO so if I just get no so to B halfway there was a third guy and was it the Graham guy uh that they all use his but they all like preach from like what he called Graham something he basically got um tell you be good on this Gandalf knows absolutely everything about Warren Buffett there you go Rick is that Rick garan yeah so I think so he basically he was the third guy to him but he basically um wanted more he got greedy he wanted more money quicker whereas them two sat back and did the slow investment play and and got to where they are the other guy got greedy and he ended up losing loads of money because he was going in and out of things quickly detail skipping over obviously but he then got bailed out by Warren and heend enjoy himself along the way he ended up no I think he sounds like the sort of guy you want to hang around with he ended up exiting I think he sold yeah he sold all his shares to the two of them um exit and ended up I think he ended up broke at one point what's B can you just check burway share price today it's a good the high level like kind of uh yeah story of long-term mindset shortterm mindset really good because it is a longterm like they have gone for is it 60 years yeah well he's a huge advocate you go not is that opened not opened um huge advocate of compound compound interest isn't he compounding everything and that's all about longterm um so it's and he the fact that he's stuck to it is him Buffett and Munga is admirable Buffett and Monga the other guy didn't that's why BR sold his shares which is interesting and that's very very re um relatable to the crypto IND that documentary about Buffett's just bizarre he goes to McDonald's every day markets are doing well he'll have a double cheeseburg they go through the dra as well which is hilarious but if it's doing badly it's only single same thing every CH to the the guy the exact amount out in his car sou for him drives himself to work the same McDonald's every day reads his newspapers the newspaper in the office bit got me he was just like but he was a young as a young lad he's an entrepreneur he used to the first bit of money was made with little gumball machines outside shops and he used to go around his um neighborhood selling like candy and a tray and stuff so it's from day dot really it's just about making money and I think for me big thing like our industry hates BN Buffett and all that and BN Buffett can slight you know you can agree to disagree and I think for me Warren Buffett and Charlie Monger are pretty reputable and pretty impressive in what they've achieved over time and you can't take that away from them regardless of their opinion on bitcoin um I disagree with their opinion on bitcoin but that's yeah agree to disagree yeah Warren Buffett bought his shares at uh $40 a piece from that Rick fella that was in the 70s was it and what they wor long time ago like just scroll down I think it tells you there ises it for do 450k yeah wow to pay for his margin loans yeah so he was basically in debt and the no choice but to sell to it's a good little story though yeah interesting what is wor re around Buffett cool open c yeah very quick one so their revenue in January 2022 was nearly $400 million remind me what and the audience what open did you you remind us Dave nft platform Marketplace yeah I knew everyone does it list you assume that everyone knows what op NFC Market I'm surprised 1.9 million yeah I'm surprised with thatal have they not got any on that no CU they don't support the Bitcoin Network I was looking before they only do e so I love youum the way the ordinals marketplaces are working with the way the bid it's quite clever actually but it's a u partially signed Bitcoin transactions PBT yeah but the as you bid you effectively sign and are willing to pay oh so you can't bid and then not pay so you're bidding and then the highest one basically goes in the miner will add to a block VAR terms of the fee and stuff um it was a weird it was a weird concept way yeah not read the full detail but I only skimmed it the other day um which means it's more of a more of a decentralized aspect I don't know how that has been structured with what Marketplace they've got but yeah no open see of a blog post about ordinals and at the end it says uh FAQ do you do you sell Bitcoin ordinal was like no we don't support the Bitcoin Network on so what did the revenue do went from $400 million uh a year and a bit later down to $2 million so is that is that sales volume uh it says Revenue there's actually a graph going around just um just do OPC yeah did you say you still surprised that in November so am I really but for the amount it's dropped you can see there's a chart around the amount it has dropped is that something like but it's still got some that it's incredible so that's the if you hover over the bottom right it's getting less and less and less and less volume so volume is $50 for October so that is revenue and we're doing billions yeah must be charged billion in a month and now they're doing 50 million in a month that's insane they just hoping it obviously the next ball R kicks back off again and yeah again kind of thing but you think like ccken Bild on NC Marketplace coinbase's a lot bance might would want it to get off again coinbase spent 500 million building them nft Market there'll be like any opportunity for that market to blow up again yeah they'll all want it and they all launched them after it did been so long I think would like do later Bas and kram about this year I think so Christ they completely missed the boat um but yeah you're right they'll wait for next pump him in the market and try and jump on the back of that I'm sure um but yeah I still it's what you know use cases and everything else around it still not do my Towing haven't bought my first nft yet you going to no no NE i' I'd like to maybe pay to see you try oh no I can do that pay to see me try and get an nft it's easy nowadays but it's easy nowadays now now I'm interested now next I'll have one record watching you recording your own wallet let's record you doing it fine that's going to be interesting you P me out to be some sort of tech now no no no this should be you said no I'm I'm actually it's the opposite I'm saying how DA got the process still is the normal man to understand what they're doing Dave's not the not nor us metam mask account right not very abnormal right should we move on that doesn't give a little bit we'll come back to nfts next week and Dave's B you can show us on on screen we add all this and why yeah and then why you think we Val and then I'll just cop it as long as everyone promises not to screenshot this ruin it for me um more binance I guess just touch on that to the SEC and the Philippines are Port thing out saying they're not registered there and they shouldn't be operating there um for Securities tokens and so on um I think I'm expecting probably more of this over the coming 10 years in jail if you if you use binance in the Philippines longer than that it was 18 years was it something like nearly 20 I think 21 years ago1 years or a 5 million peso F or both yeah the people using the platform I saw the other day that they said like a billion could be penalized the platform could be I think anybody Market people using that's going face serious jail time there Jesus that would be R yeah um but then obviously yeah that came on to then Ronaldo so Ronaldo people may have seen has been the face of binance for a while now and he's pushed his nfts again da uh and now he's facing a class action Ronaldo nft just to support the bo the reasoning being him his association with him to buy his nfts then led to people using binance to invest in unregistered Securities um so they so the class I've not read the detail of the class action have you read much on it or is there much on it everything I just said is what I've read haven't read anymore cool so I'm all INF on that one yeah but it's to do with not his actual nfts but his association with bance yeah they prompting people to they had a 500% increase when they launched Ronaldo's nft so it's that's the problem not specifically the Ronaldo nft well his NF is barely sold yeah you can't blame him for that well he can his nfts I think they're saying that he should have had more advice than whether he should have done this yeah I think the class action mentions like the official guidance that got put out for people promoting these and you know saying it's yeah yeah they can't just say that you know plead naivity they should have certainly have the resource to find out what they're doing yeah yeah but just ignore it I I don't know why Ronaldo even bothered like I know he'll be getting paid a lot from them I'm sure but at the same time does he need it like why is he bothered unless he like it was like a he really believed in what it is and he's doing but there's there's no chance there's no chance he believes any of that um so yeah it's a bit of a I could see how it could easily be sold to someone like with who's not in any sort of regulatory mindset like you can have this colle personal collectible we've seen that from you know Floyd Mayweather and that the US side the size of Ronaldo's team should be it's not just there is that that is a bit silly but you can see how they should have protected him basically his team cash we'll get10 million to just do this quick advert or something like that from B and they all get a little cut of it yeah but we say his team he's not going to have like compliance and Regulatory experts in a team do a legal guy might have a few legal he has rights like you know IM rights and stuff like that and they'll have a full team at the time these were you know the regulation on this is isn't clear and it's only just becoming slightly more transparent now but it's Stiller be their arum he was tweeting yesterday about I think was he yeah it's like he's still doing it he might just have some scheduled tweets lined up you know might forgot to cancel them it might be that yeah in October on October 11th they released a third nft collection so like they're still putting out I think he tweeted about it I think yesterday or he retweeted bances I think it was or something um sponsorship I can't get to it need to log in don't we um just put B has in Twitter Christiano RDO but he'll just get I wonder what happen what just get hit with a but who's who's brought the action against him it's not a regulator is no it's three it's a class action so it's people yeah three on three people are doing on behal of loads yeah so but also really see much happen from class actions they tend to fail more than they succeed I think 28th November that's what I saw yesterday and bernaldo retweeted it cooking up some cooking something up with binance and he's retweeted the binance's thing of him in a video yeah bance said cooking something up with Christian well that was original content wasn't it yeah and that was but how many likes and interaction like 24 million views is he supposed to do hasht ad he we are supposed to these days hasht Partnerships and stuff like that it'san ronal so do we report Christian to Twitter and see if we can get him to buy his account slide cuz it's you know one of the most fun accounts on engagement platform he's got the biggest Instagram account hasn't he yeah is he I think so he's the most followed Sports person in the world I think so yeah Twitter will bow down to him I'm sure anyway anyway more exciting ocean mining oh this is exciting go on Zach oh go on Dave give us a breakdown um what do we see last night in terms of dorsey's investment in in it in it luk Dash junor compan which is The Rebirth of his old mining pool it's not a new new idea funded by Jack dorsy right just to clarify as well if everybody it's not mining in the ocean because I got confused about that to clarify that is not it does not involve mining in the ocean as of yet maybe in the fut didn't need to be clarified but maybe it does clearly all f is ocean mining I Googled ocean mining all it came up with it was deep sea mining yeah things like that I can appreciate that so it's working on an old idea that luk dasun used to run a mining pool back in the day which is kind of like supposed to be a decentralized mining pool um giving the the miners that are entering to the pool kind of more control so you're getting paid directly out of the coinbase transaction which is another which is a so you're getting the the actual coins you're mining I know we've had discussions in the past of do pools actually give you mined coins or they just giving you a different batch and the supposed premium on on freshly mined coins and big thing it it will try and prevent um uh what's the word um censorship yeah so yeah because we always talk about the 51% attack and like how much that would cost someone to do in the hardware to buy it but the actual real risk is the current mining pools loing with each other to do that attack which I think if you took the three largest ones they would have 51% yeah is if people defer like defin as a synthetic hash against physical hash 51% attacks so I mean and the calculations for miles apart and how actually approachable they are so synthetic ones are where you would attack pools and try and gain hash rate that way which is much more I would say approachable 5 so yeah this is very much about decentralized mining pool so you're getting the coins directly from the coinbase you get to see the transactions you're including usually the mining pool does that for you yeah so you have control if if you know certain pools are OFA compliant or someone sent a transaction to a minor in a DM and they won't they included in the pool you as a miner have control over if you want to mine that block put your hash rate towards that so I think we'll we'll have a play with it for the miners that are going to heat the office we could easily we are going to support that Luke 0% fees for the first two months they've currently got 130 pH in hash rate yeah that's aot it's good so yeah it was um we spoke about this a lot recently waiting um mining thought itself um yeah Luke is obviously for people that don't I assume most people will know who Luke Dash J is I always say Luke Dash J um but he's not called Dash he has a high from him his in his name everyone calls him Dash cuz he called himself oh um did you no I think I did I forgotten so much yeah I think his Twitter handle ended up as that Bo it was Luke hyen it's just luk junior l junior l that's junior he just know he's know as that now um so molan is the the company um I don't know where that name came from to be honest um yeah so they've L Luke in the past obviously has been a Bitcoin core development developer um he's um he was instrumental into a lot of things in the past in terms of various um flaws and issues within Bitcoin he was influential in the user activate softw in 2017 um over the years he has been and he is is he now the most uh committed Bitcoin core developer um in terms of contri most contributions um I think he is number one now in terms of contributions to bitcoin core development wow um so he's incredibly integral part to uh that development side um I've always I guess supported him over the years and I think he had a bit of controversy this year um and he's had in the past he has controversial views on things but he is such a net positive for Bitcoin it's good to see dorsy Rec izing that as well and kind of backing in with it yeah which with a good idea I think it's the decentralized mining Port is is good for the network good for the industry yeah yeah good to see they're also so it's non-custodial if you meet the threshold and you get it directly from the coinbase to your wallet 0.01 yeah which like 300 quid or something but if you're below that I assume it's custodial and they bringing in lightning next year fall under the threshold oh so it'll be straight straight outting mining always frustrates me when the thresholds are high and you've only got a small amount of Ming can take AES to get any payout so I was looking back at cuz obviously you used to run this mining pool back in the day of a previous transaction they linked to of like shown an example of the coinbase transaction usually just goes to another address but it had like 900 outputs which is all the miners why you taking it then I mean why what happened he stopped he gave someone else control to run it while he moved to bitcoin core development and that other person then eventually just shut it down so he's been working on bitcoin core development for years just self-funded and taking donations with people like I donated to him since 2015 or something maybe um every month along with a lot of other people so he's basically lived off that and worked on bitcoin cor he then uh he got packed in he was that recently this year and lost all his Bitcoin so he then took a step back for a bit and obviously a couple of mods was it and then obvious this is what's come off the back of that I don't honestly know if it was because of that hack um or whether it was just because he was trying to move in a different direction and try something different um but obviously this makes sense for him it's a proper business model and something he can do and it's actually a very positive thing for the industry um so yeah z% fees for the first two months yeah we'll be playing along with that one watching it closely good good that's all sound Sweet Sound cool my chair literally broke off that not interested your phone thanks guys it was my phone [Music] peace