Volcano Bitcoin Mining in El Salvador | Britcoiners by CoinCorner #92

Join Danny, Molly, Zakk, and Dave for industry-led opinions on important Bitcoin stories from the week. Topics this week include: Bitcoin price, Bitcoin Core 25, Tether mining in Uruguay, Volcano mining in El Salvador, Dave's been mining, Mining latency, Bitcoin gentrification in El Salvador, Bitcoin adoption vs IMF "support", Nuclear mining, SEC lawsuits, FTX to reopen in Q3/Q4, and BoE extends CBDC consultation deadline. Britcoiners is a Bitcoin podcast by CoinCorner (https://www.coincorner.com) - a global leader in Bitcoin and Lightning services. #coincorner #britcoiners #bitcoin #bitcoinpodcast #bitcoinnews

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[Music] crack on with your pod did I take two my girl this is already take two we're two minutes and 15 seconds into recording and it wasn't working bitcoin price will touch on bitcoin core new release uh El Salvador Uruguay mining oh come on to that shortly sec to win lots of people which I'm sure everyone's aware of but we can touch on um most of these stories are about that uh FTX relaunching and UK Central Bank um cbdc consultation deadline that was much faster than the first time really yes no interruptions um didn't take his pen off him this time no what will he just uses a point in devices it's just frustrating that's true you point at me um um so yeah what I was saying before before we we had to do take two uh it's been aluman TT here for the last couple weeks so we've been a little bit um Bare Bones Glory as well dog loved it they don't know the fair by the way now 15 pounds the black kids had to go each five reach when you work there you win you win every time it's like guaranteed wait yeah wow that's not good but it only costs like 50p oh yeah they're making there's a margin and a fair play to them uh they love it and then you ask them what what you know what have you done this week went to the fair yeah it made me feel bad I thought Charlie couldn't go I spent so much money I told him until he can go down the slide at the NSC by himself he's not going to the fair because I'm not having that but if you there was one the ice maze there's nothing so funny of seeing your kid think they've gone through a maze and then hit something they can't see the windows here come in that's showing off boom I was just watching them from the outside trying to negotiate this thing enjoy it well I think they came out of that I didn't feel like that was all the worst thing yeah he's like someone's suddenly just whacking you in there I loved it um so yeah we're a little bit busy which is why there's an episode last week um and news this week as well I think of the whole team and just been catching a bumpy at a minute so we've not um we're not too clued up is what we're going to say let's talk about that's not what you want in the intro is it yeah because we've been on holiday watching some really fast Bikes let's say whilst most of us here have by the way next CTX we arrange some sort of Meetup well it seems like everyone's here the size of the island swells I didn't meet up last year I just didn't go around it must have been well I standed last year so yeah you can make a little tradition like 40 or 50 people as well exactly because everyone's around bikers a little Bitcoin all right I should have done it okay but I didn't go around to it okay there's a few Bitcoins over it yeah tweeting about it see what's that movie style that was around that you're showing pictures of Channing tape Channing Tatum yeah a lot smaller than I thought it would be I know only because in the photo that I sent you something more he's an absolute Union shoulders yeah it'd be tall as well he's like six seven six what six six seven I'm trying to say it was that small no just just like he shared a picture I was like this guy looks like time I still think so six foot seven yeah oh is that what it was he was stood next to someone huge we've just said that that's what I thought you said I thought you said Channing Tatum was six seven yeah I don't know he's really tall but yeah then six foot and a half inch yeah so it was your brother-in-law yeah wow he's a big guy but Channing Tatum is a big guy as well what's he doing documentary or something no oh it was actually over scoping out for a documentary as well but it was with the FH he's got private Green Lane tour from David Knight yeah there's some sort of racer let's let's just move on you know you know the Point rides bikes Channing yes David I gave him at all uh the green Lanes so who's Drew who's David Knight who's David Knight yeah yeah that's what we'll keep last year yeah and you keep asking answering if you know you know what she'll say Max Legend that's why we don't know that's why we don't know thanks he's just a Motocross uh racer [Music] some money see the most famous we've had over for TT no what about Elton John Elton John's been over fatigue he did the in the park didn't they did you see the red arrows he was so excited about it red Arabs I can't get enough of I did no one see him watch them a year I was actually in Douglas and I actively left oh yeah they're so impressive like I was watching him at onkenhead you could see into the cockpits and my kid now wants to be a red arrow oh that's cool yeah that's it when she saw Matt motorbike she wanted to be a motorbike yeah you can be whatever you want to be a motorbike or a red arrow now and they also they all still think Matt's a celebrity with us all they've still got it's autograph on the side he's a writer anyway incredible let's do a meet up next year cool you saw it yeah and let's advertise it or something because it'll be well attended cool I think it just comes around they well attended yeah yeah you can imagine yeah I think we mentioned in the previous intro that's not gonna be shown but no Bitcoin sponsorship no Bitcoin sponsorship but the flow coin goes well of course yeah so sorry was floated exactly I Googled it and I couldn't find anything no I couldn't no two two flow coin girls are Bentley wrapped with flocoin all around it just parked up there and the girls are walking around and there's no sign of it on the internet but I couldn't really find anything I wanted to stop and ask them and be like so tell me about flow coin but they're also internally intimidating yeah tell me the fundamentals and flow coin you can't go into [ __ ] coins no matter where you go no everywhere and so for them to be there as well it was a bit odd yeah so I don't know who's behind it and why the pics the Alamance come and do that um incredibly odd yeah um so yeah we're back in and trying to catch up trying to catch up yeah um so Bitcoin oh surprise actually 26 000 and 17. is the current price yeah um same same kind of but not yeah add a little dip when all the SEC came stuff came out didn't it yeah chasing coinbase and finance not much though only a couple of grand I was here uh 27s and then I think that's all mid 25 at one point yeah we're a little twice buying that um but yeah nothing significant in comparison to the alts which all the drops 30 40 and stuff which was quite significant um or a lot of Chantel sweeping statement um but yeah uh actually surprisingly held up pretty well I think in some ways it has all the negative news at the minute it's just holding very very well um I'm glad I'm surprised or not to be honest um nobody seems to care no she's good the Bitcoin call um I haven't read anything on this by the way so oh I I start that because I thought you techies would know I've been laid on a hair for a week what's going on I was hoping one of you guys could explain it to me for the last two weeks I've had no last week I've had no Tech Team now I've been in dealing with everything so I've no longer say anything um what does it kind of mean like Bitcoin core so they bring out iterations what every four years it's just like a software like blender blend brings out like yeah Bitcoin core software right this is something I'll do this like every piece of software yeah that's my go-to as an open source software piece but the key piece with a bit of a tangent but the key piece of Bitcoin core is they don't there's no like auto update in there for security reasons right so that's why it's kind of a big deal when they do have a latest version they try and post it out for you to upgrade if you want to right and but you don't want to auto update in there for security reasons okay sounds like a malicious update and everyone's notes get updated Keys get stolen yeah okay shall I shall I reveal some of the new updates and you guys can be like you're like whoa if there's anything significant well I don't know because I'm not techy so go on give us a couple all right um one notable change is the allowance of transactions of non-witness size 65 bytes and above which opens up new use cases and enhances protections against vulnerabilities like cve 201 17128 yeah cool was that exciting there we go is that good no another Edition is the scan blocks our PC which allows for fast wallet rescans by returning relevant block caches from a set of descriptors that's good is that good do you like that one cool uh release also includes changes to the build system updated settings and new features for instant the shutdown notify option allows users to specify a command to execute before Bitcoin core begins its shut down sequence oh that's good is that good I like it yeah it might be useful how exciting well it reminds me to talk to you too actually after this again that was the other thing I forgot this morning right then like nothing like being alienated live on a podcast I can't need to speak to you too not you yeah how do we get off the party actually after last week's ratings oh don't Dave's already been highlighting us this moment what is Molly required for this pod should be the question the highest yeah because I've put it in a newsletter it's probably all four as well it's probably all about our team the same happened when I wasn't in as well Molly how many joking yeah you could have had me for diversity you can't have three white straight males on a podcast you need a female I had right I had something similar happened to me actually I'm the company catcher who was there the company catch up thing we had the other the other week yeah and someone was phoning in and they were like right I need to speak to you you and you oh and it wasn't me and everyone's like oh not Dave okay yeah it was fella yeah yeah um yeah so uh upgraded great and I need to have a look and see but yeah I assume everybody upgraded you know it's um but you could choose not to you can choose not no issues which luckily takes time for a lot of people to upgrade yeah this you can see what version everyone's running and there's uh I said Luke dashes is he still got a site running I'm not sure is usually probably one of the better ones which she then breaks down which version is running how many nodes out there running which version you can see you you do realize how long it takes for a lot of these people to upgrade to the latest version could you call someone on this using the oldest version as not having their finger on the pulse when you don't hear the note is a lot of people run old versions to make sure consensus changes don't change and that kind of thing because you should be able to run these early versions still yeah you theoretically can run the original Satoshi version yeah but you have to make I think there's some tweets yeah some slight tweaks there's some uh I've seen a um walkthrough of how to do it and how to run that so you could be running you can put Toshi's original one which would theoretically still abide by the rules but there was like there's like one or two little tweets did he call it 0.1 in anticipation of further changes uh at least it's a software thing I'm calling it novices to touch you there as well yeah he called him here okay I did lay them it's a group known as Satoshi yeah sorry it could be yeah it could be a group but you know you're right to call me out on that because that was just being chauvinistic should we get on some interesting Bitcoin stuff anyway yeah rather than David's opinion yeah crack on um it's not just the SEC isn't it well before you see the page there's a little bit of one here which I thought it's not actually in here but it reminded me so there was one in here that uh tether a beginning mining in Uruguay um now I've not read the article sorry we flagged that um because I saw an interesting one uh sorry mining Bitcoin mining I think ice cream so yeah okay yeah Bitcoin mining yeah in Uruguay in Uruguay yeah I don't know why isn't that electricity assume so assume they've got some deal somewhere there um but what flagged up for me for this was the El Salvador one because they recently the El Salvador uh volcano Mining and that's now starting to actually kick in the use so jealous they've got that as a resource well pretty cool Max Kaiser tweets on them which is actually really full provoking should we say and um clever I don't know how let's say thought provoking but he's tweeted about saying um El Salvador is kind of like the next uh they say Saudi Arabia or like Middle East um where they've had the oil for so many years and they've generated all their wealth and value from oil um whereas uh El Salvador now we're running away with the Bitcoin mining angle and they've got so much volcanic energy that they can pull in they are going heavy and I guess making the uh confident assumption that Bitcoin is going to be the future of energy in some respects of um instead of oil mining is it almost the only thing you can use the energy for if it's not Bitcoin what else could we use the energy because it's isolated yeah so they are going to try and become the one the wealthy the next Saudi Arabia basically Saudi Arabia and UAE in place like got rich off the back of oil these guys are trying to make the approach of they're going to get rich they're going to be one of the richest countries in the world in the coming decades because they've got this energy and they've gone first mover in some respect to mine Bitcoin is it stable though like does it have to be yeah that's what I don't know how they've tapped into it but it's geothermal isn't it there you go decision yeah I mean like are you correct I know but it's like okay it's GSM but why specifically volcano like I think it's geothermaline but is it consistent like yeah it's like I don't know I have no idea is it an active volcano because you've got like dormant volcanoes would that still have the same effect on oh man I'm looking at Danny to be about it no because they're good yeah but dormant okay not exploding I'm sleeping aren't they active yeah there's something there but it wasn't that's the energy you get from a volcano but could you if you had a doorman volcano lying around could you but yeah because obviously they're heated steam with the lava to generate turbines what would be I thought how they would generate electricity from it um but like Volcano by the very nature would be yeah geothermal quite an unreliable source of energy no well I think unless there's a good Baseline they use it this is like a lava pool that you can tap into to heat stuff they use it in um in Iceland they do there's yes thermals there isn't that's massive in that that powers a lot of the grid as far as I'm understanding yeah um so I don't see why it would why would why do you think it would be up and down like why wouldn't it be consistent because the nature enough but they like okay Pompeii it's bubbled away he's probably gonna explode and might destroy is it nearby industry where do they build it well they'll build a near the volcano yeah but volcano then volcanoes might erupt once every 200 years yeah so you've got a whole lifetime but if that makes sense can we find it when it lasts 50 odd is it or something okay in El Salvador yeah uh right okay it's not one sorry I thought it was one I thought it was one I think I don't know if they're just doing it one initially but yeah I think how many volcanoes are in El Salvador there's a lot earthquake zone and bits like that there must be the unreliable in there because it's that's like the whole world no it's not everything's in the UK is not very close to a plate yeah we get tiny little ones we're not we're not on the San Andreas phonics yeah but we don't have to worry about oh my roads crumbling away and Bridge is falling down because we get mild Tremors because someone's fracking um I know about broken so El Salvador has 20 volcanoes and I think the main one which is San Salvador last erupted in 1917. 17. it's about halfway but it might not be a cataclysmic yeah there's 100 years I've once read the the math behind predicting when next eruptions happen yeah it's kind of kind of it's somewhat flawed it just because it didn't happen if it's not happened for 100 years I'm not saying it's going to be no I'm not going to say it's you you might have no effect on the infrastructure whatsoever I just I don't really know how El Salvador's tapping into that volcanic what can they make but they do seem like they've got loads of it it's geothermal energy make use of it however many volcanoes I don't understand what you're not getting it's not about getting it it's just like how how reliable is that energy source how reliable is this 100 of the time throughout them yeah but it's like renewable like solos you can't guarantee you can't count on solar to divide heat from the volcano's always there yeah I think you're waiting for it to erupt I think you just no no no yeah it turns out like there's a lava pool of some sort all that's been running for hundreds of years thousands of years if not a lot of years hundreds of that million okay then it is millions of years I don't understand the consistency here this is probably one of the most consistent bits of Envy volcanic energy is some of the most consistent but if it's not consistent why isn't what like it's not a popular method of filming no because it's it's isolated yeah people don't build like a city around a volcano in case it erupts and distributes and see but El Salvador have done no no they've built mining machines I thought they built volcano uh what you call it Bitcoin City at the bottom I don't think that's near the volcano yeah so I think it's kind of opened that ability to take this isolated power and monetize it in a way so there's like um just a house sometimes this pod would highlight knowledge points that we haven't got and that we try and discuss with maybe some GCSE geography I mean I think I got ages but yeah but you get the point the geothermal Engineers as far as that's probably the most consistent okay I don't know like to me they have to rely on quite a near to the surface lava flow but that can change but like you say in Iceland and a lot of countries they have built a huge infrastructure on their geothermal which is reliable so maybe it's as reliable as that maybe that alsoever they're just joining the infrastructure the maintenance on the infrastructure I don't know where they don't need a population to require that energy they can now just use it all for yeah which is what's very exciting yeah and I think that is if they can run that say they run that for the next 10 20 30 years and Bitcoin goes the way that we all expect it and hope for it to go they could be what Max guys is there saying the wealth one of the wealthiest countries in the world in the next 20 34 years that's exactly what I was looking at before because I looked at which uh which country in the world had the most uh sunlight hours because that obviously if you can yeah I'm very close we had one thing you talk about it hey fella I'm Matt I mind Bitcoin this weekend do anyone else mind some Bitcoins that wasn't with your solar no that was a different so I've got actually plugged in basically it says Plug and Play right and to me that should be very like that should just be plug and play and it pretty much I use brains OS and it was an S9 with a heat modification so I can use it as a heater in Winter and I could just plug it in find my IP address and was mining within 20 minutes of plugging it in oh yeah up and running it is that yeah does it automatically go to pick a pill for it yeah oh did oh it might pick a pool you just put an address you want to receive and you could change the watch you say [ __ ] watch watch the Bitcoin fly home and away and I'm still on that we left it on no of course electricity it's got the fans at the end that aren't caged at the moment and it's on like a surface where my kids are just they've already one of them's already put their fingers of Bitcoin mining in the home not cage fans though so they would just have to make it kid friendly but they were using it after bath time as a hairdryer which I thought was quite cool hair dryer make sure nothing get the hair stuck watching them do it because they were like you know like kids do like dancing in the air like and I was just like oh my God if you could just imagine that you know I was mainly concerned about the S9 but it goes back to that point there's a huge amount of untapped solar I think in the world and there's places in Arizona that get like 14 hours a day you could just easily profit miners think in Africa's and stuff and that's a big so I'm trying to think of any other Bitcoin is the only thing there's nothing else is there well you can say maybe like uh servers sort of data settings and stuff like that so that's where you can put data centers and things so yeah you could do that because they do require a lot of energy yeah electricity I mean I don't know how many of them do that these days so they're generally in more I suppose you need more stuff doesn't need people to go to them and um I don't know how many it would be in a date average in a Data Center and comparison is it as uh accessible a market it's not is it Bitcoins it literally you just pull again most liquid match so let's literally sell it I think some of the day it's although I'm having said that when think about um uh latency and stuff so for example uh there's I've done a few talk about this recently with the in New York it's the most expensive real estate in New York is around right next to the New York Stock Exchange Server um because the Traders want the quickest latency to you know Stock Exchange to get an advantage so people have been doing this for decades and it's like an arbitrary not not Arbitrage but uh um Advantage so we say um going forwards with Bitcoin mining I'm curious if that will make a difference for um Bitcoin miners because the latency and speed that you get blocking if somebody else like beats You by a couple of seconds is that because they were closer to the data exchange um like your internet basically access um as opposed to being out near a volcano which is an hour drive from where you've your ASP all Factory be um will that make a big difference I don't know I have to run numbers on that well it's interesting but so it's almost don't know this is all about block propagation is it how fast you can get the block out yeah so it's almost how close you are to all the rest of them as well can you put yeah yeah to the other miners yeah yeah so does the mining actually it's a little bit centralized in terms of so you've got one bit late and see how quickly used to the internet connectivity yeah then from there how quick does that push it out yeah mine is to then propagate that throughout the network that's very interesting yeah the real there will be some mechanisms that play out there that I don't think we're quite there yet as an industry no no maybe we are maybe some miners will come forward and say otherwise but I think we're maybe a few years off that but eventually that might become you start seeing miners more closer together is it is it that competitive at the moment whether like because you're talking about less than a millisecond aren't you in terms of are you talking about minus that close in terms of who's winning the block so if you think so so say for example one of them you're in um you're in El Salvador and you're a volcano and you've got one Miner that finds a block and pushes that block then out there to the note it pushes out to the nodes so as it pushes out to nose the nodes propagate to the each node is connected to say by default eight all the nodes and they'll push it to their M8 nodes and their mate nodes I'll push it to their eighth nodes and so on and so on and eventually propagates out to the whole of the network um what you would then potentially see is if this Bitcoin miner in El Salvador they could actually run lots and lots and lots of nodes themselves maybe which would then give them lots of connections to the whole network where they might then be on like one or two hops away from the whole of the rest of the network so they might end up with a minor in an isolated area might and we're in loads of nodes just to help propagate that a lot quicker than the other ones technically I have no idea of how much of a difference time wise or even like that scenario say you're in El Salvador and I'm in the UK and you're in the UK mining why do I keep getting alienated in it sorry what's going on before sorry was wow and Danny might mind the block first but it takes longer to propagate to me than your Bot can get to me so I just go based on whoever's block I get first so you will send it out to your eight yeah yeah but what if they'll Salvador want to send it to their rate yeah and that's where you end up with um orphan blocks eventually yeah yeah you always get competing blocks and yeah so you're an orphan block and the one that dies off because the rest of the network picks it up yeah once I've got yours like once Danny's comes along I'll just say no I've already yeah it's not balancers who can get it out to the rest of the network quickest so it would make sense and some respects for the minor to then host lots of nodes themselves that are connected to as many different nodes out there and appears as they can so they can push it quickly to theirs who then can distribute get the data on that to say which block was second almost you see all the orphan blocks yeah whose website actually this wasn't it wasn't a lot positive there's there is one out there that actually lists like all the orphan blocks and um I think bitmax did a good research study on it as well makers out there yes bitmaps I've got a good little article right I will read that because that's very interesting but I don't think we're at the arms race yet of no no from a mining perspective I think everyone's just trying to get as many Minds because they can just go with it and averages out that they'll still make lots of money um but I think eventually long term that might start to play out of like game theory of yeah and how they all compete um could you see uh nations in infrastructure improve because it would determine the revenue from these sort of endeavor well that's what the El Salvador thing is all about what Max guys that's not full effects to the hello look at the UAE bless you look in the UA look at Saudi Arabia and stuff where they've built like the UAE with Dubai and things like that they've built up this whole these cities in the deserts bless you because of the Network as well but to grow with it they'll have they'll want faster internet and faster access to everybody they'll then put on like we have for example the under underwater cable don't we connected to the UK at the minute we don't have one to Islanders at the minute but they're on that putting one in so if you're El Salvador you would be like for our mining operations yeah let's get underwater cables and cables to as many locations as you can to have direct access to that yeah I was going to connect my solo on through Wi-Fi but that might be a disadvantage [Laughter] they've got the money from the Bitcoin that they've mined then they'll be able to build out the infrastructure for the ISP side and then will they build out um someone's what you've seen in UE Saudi Arabia the UAE Dubai areas they're trying to make it into a holiday destinations tourist destination aren't they which it has become it has become that over the decades so will our Salvador become that because they'll be able to build I guess the guy's looking almost like a Vegas sort of style thing where they've just built this big city in the middle of the desert um with ridiculous skyscrapers and everything else there so would El Salvador do that to help create tourism doesn't have to necessarily be skyscrapers and in that style um but will they build that whole country to then have extra tourism to bring people in and or will they just think you wouldn't really need to do they care yeah exactly Dubai and the likes need that eventually long term because oil will run out on the oil will drop or we'll use different sources of energy which is what people predicted so they need to have a play of Tourism is what brings them money into the country so that's why they're spending so much money on creating this tourism now because they know oils don't last forever so actually with El Salvador if Bitcoin is going to last for and say forever but it's longer than oil maybe they don't necessarily need it and they can just build for their residents their citizens basically their population and make it the best place to live for that um because they'll be have an abundance of money practically but it's it's within El Salvador there's not if they're all like access to volcano energy will be controlled so the government are very wealthy the government will be using it to do it so the government doesn't win but they call them ain't no energy but can the government that's why the government needs to be able to then give back in certain ways to the people the man on the street to actually yeah but if you've got an abundance of cash and you know that's what UAE and Saudi Arabia in theory uh part on the street kind of yeah well I'm just I'm just having Deja Vu of the podcast episode we did last one before where we got caught up in El Salvador politics where we knew nothing about and he was not stopped us before I just feel like this is gonna energy works start the same again I think that that's if we're um like UAE Saudi Arab Muslim examples that they've built tourism so they've then created jobs for man on the street for the sort of create jobs for them and they've created um tourism which has done that El Salvador might not go the tourism route but they might do I don't know but they might find a different route where they actually give them on the street a different opportunity um and create jobs off the back of it because the government I don't have no idea what it might end up being it's for them to figure out I guess um but is they they're putting themselves in you know if Bitcoin becomes what they believe it to be in the future they are putting themselves at the Forefront of that and the front runner to be a very wealthy country with opportunities for their citizens so you can see why it might be then uh eventually in the long run a very attractive place to relocate no more Reliance on the IMF either yeah yeah well they still owe them don't they do they yeah they've did the the imfs thought they were going to miss their payment but they made it recently but they still sell power control much yeah um it all depends how much of a head start they have isn't it really yeah if it's 10 years it could be two years and then something bigger country five times as big could come in and yeah it depends access to the energy and the usage so there is already countries out there mining Bitcoin that were kind of aware of but um not at the scale much as El Salvador and it's public as El Salvador um yeah I think it is it's cool I also there's got to be an eye-opener for we need to push this out to other countries because other countries are just not going to be aware of it and half of them barely even know El Salvador made Bitcoin legal tender still so the issue with it is the main mainstream narrative makes me sound crazy but the mainstream narrative is from the IMF that's a bad thing to do yeah yeah so if you want money from the IMF that's a bad thing to do yeah don't do that you've got to do all those countries need to listen to us over the IMF yeah that'll be a hard sell you need it let's start well yeah El salvadoron did that because they had a Bitcoin Resort yeah the president yeah exactly but if you get other countries yeah there is opportunity yeah um as long as they can tap into excess energy and but that's hopefully what we're seeing with more and more politicians are kind of on board with Bitcoin hopefully it's genuine I'm sure there's a some that are just doing it too but we know he's a certain crowd yeah uh Fiji is this Fiji uh so it was through in Wonderland no no it's Fiji will ah it's one of these I know what you're talking I thought that was a great suggestion of Africa oh yeah sorry it is yeah Congo or I was like Congo is literally in the middle of Africa all right I'm just waiting for that apology yeah so Tonga um they so they've got a lot of volcanoes as well and they're trying to go with that as well but they're a small country smaller population access to volcanic energy and they are going to jump on the uh volcano mining so how many other small countries like that around the world probably don't rely like the other man doesn't rely on the IMF for anything really we're rely on the UK in some respects um but the Isle of Man could go and do that we our untapped energy is probably wind is probably what we've got access to mostly um but they're at the minute oh honestly I don't think that the balls to jump in and do that like anyone mining with nuclear energy just today there's a news article today on that yeah that's the point first nuclear Bitcoin miner has just been announced that's not unreliable though isn't it that was well no no is it not very safe and very concerned yeah yeah consistent yeah yes but that was Terror wolf starts nuclear empowered Bitcoin mining that was sick to March though that puts my bloody solar panels there's news articles today then maybe they've just started other than was it announced they must be leasing off an already existing plan for the energy from what I've read is like it takes decades just to get a nuclear power plant approved to build um the date which is a slight uh edit this this is this is live company find out if someone's nuclear manual nuclear power yeah and you think someone's release that today I think I've read that somewhere already it was uh can I find stuff from like a month ago but why did I I saw that so someone's doing it they're just starting to I think yeah I might read up about that I'll be interesting but I can it's not many people can access no nuclear power as a country you can though if you if you want to yeah so from I like that and it can come but I like the thought in the individual mind yeah yeah I agree much prefer that than all right governmental control on energy sources that then control the mining yeah no I agree so your independent power plants like your Jason Williams Tire plant yeah why did I read that I've got a lot of [ __ ] recently on Twitter what's he been doing well he still I dislike him because his book was good it's great but I'm pretty sure was he Shilling Pepe recently yeah was he yeah didn't he have an nft bot and then it's worthless or something I don't know I just saw people jumping on a movie last week right come on we'll have to move on I can't find that now I've literally just read that this morning though what was next I enjoy the second page uneducated talks about money yeah I was gonna do an udemy course on on what on well you're going to make one or you're going to do no do okay basically does anyone else have this problem with udemy who just buy loads of courses and then never do them well do them but don't do them don't finish them I'm an adult now so then oh you know everything you don't need can you tell from the conversations any further education you've done these are great resources this is become a volcano to you soon you just feel like you achieved something by buying it yeah they actually the worst is where it's at really oh my God there's someone you got off the start rating system yeah yeah can you get really good ones there's still a lot of crap so there's a really good one on solar arrays which is what I was gonna do yeah which I need to do I suppose there's a Bitcoin mom yeah it's like the meaning to buy really cool no by uh Nifty on a base 58 company yeah so she runs them in person but for people I can't attend you can buy on YouTube that would be good then yeah she's good so I've been meaning to buy it I mean there are plenty of good ones are there but the problem is if you buy someone just have a library untouched you Demi course one day dude one day sec I'm sure this course is unsecurities um send it to coinbase unless we get that um the so the SEC suing uh binance and coinbase um no crypto.com shut down the US institutional exchange because of the back of this um well Jim lack of Interest they said lack of Interest yeah sure guys yeah um whereas on the other hand you've got the coinbase uh the head of institutional for coinbase was on Pete McCormick's podcast uh a couple weeks ago and he's saying about how much demand there is from institutional and until the regulations get assorted then that'll start flowing in for the minute it's all sat on the sideline and they all want access but then not at the minute so he's saying the complete opposite someone's telling porkies somewhere yeah yeah oh they're talking to different people but I would Hazard of guesses crypto.com just fine boys well Compass have gone about a completely different in terms of how they're reacting to this remember that advert that Brian Armstrong put out in terms of saying America is going to be behind it's kind of almost calling out Regulators whereas other ones are just shutting down to stay out of trouble and you know more coinbase are going up it's cracking so so far cracking sorry Dave Kraken of of shut down staking and removed from the US um Gemini with their own product so they're also being sued by the SEC for the urn products and they're trying to push that back at the minute as well but I think they've shut that down of the temper I can't remember what they did without because they lost all the money anyway didn't they from Celsius and stuff um and then obviously binance and now coinbase as well uh and crypto.com so we've tried to pull little bits out there are some other ones as well smaller ones I've already pulled out from the US and because of this I think before they get hit with it or maybe they have been and they've come to an agreement with the US they'll just pull out and like part ways um but yeah you're right coinbase would actually turned around said no screw it we're gonna fight this in court also binance because they've got the cash to do it I guess yeah um Robin Hood was either one big one they've pulled a lot of the tokens as well have been named as Securities in the financing but we know from remember etara's numbers from a few years ago they were like 90 something percent was 91 in crypto or Bitcoin oh yeah yeah that was during during bull markets yeah that might have been big it's like 87 of people on itaro lose money yeah that's the scary thing and that is what the regular is going to look at and think we need to stop this that wasn't just a crypto that was stocks and shares as well let's forget that so most people must have volumes from crypto so you think of that one bull markets bear markets disappears falls off a cliff does it yeah the same as everyone's in like look at the evolution was predominantly there's people just use it as a crypto now itaro's Stock Exchange always has been the added crypto in like 20 he's 18. 19. um I had a call with them in the most like but that might have been in the ball pood they do it in a ball period yeah it's crazy and the volumes go up you can see the public volumes can't you from all the exchanges and it's died down to nearly all-time lows at the minute before well for the last six or seven years I think it's all low but having to close down to a big chunk of Market under some of these products uh yeah they're going to lose a lot of customers from it yeah and the place weighing up that cost risk versus oh yeah the coinbase one was interesting though because don't I saw the thing off I said the government used them to sell the shoes Bitcoin so it's a bit of mixed messaging the government is using an unregulated um entity to solve that Bitcoin yeah um an illegal regulated according to the SEC sure like this is all right this has just started okay so it's just but this will take five six years yeah like from Ripple is the example I would use yeah that's still ongoing are they four years in now I think three yeah just over three years and then three on three years yeah and that's still it's not concluded no so you're looking like this is like a plan do you think then the likes of coin made some binance just to have this drag it out hope the legal landscape changes over here that's what coinbase have already appealed to that yeah saying that no you're gonna lie behind the times kill off a growing Market with this sort of regulatory um damage a coinbase are carrying on with their they've not pulled stake in they've not pulled anything binance have um but binance I think more of a focus outside of the US whereas coinbase needs to focus on the US yeah um so coinbase are yeah I think that if it drags out for like say two three four whatever years they're gonna continue mistaken and continue everything next presidential campaign on it and say absolutely no we need to be in this Gary ganza will not be the head of the SEC by the time this girls to trial I think and it plays out so it could all I mean imagine get thrown out pre you can go in if Gary gets ousted at some point soon by luxury Knight um and somebody else comes in especially with the new presidential campaign kicks off and the president comes in could be a complete overhaul um so I don't think anyone knows what's gonna happen but I presume the SEC is in the might be in the politically independent moment I suppose Palestine would have biting campaign brought Gary and the most to me as far as I'm aware um because weirdly he was we spoke about him a number of times even before when he was before he was um SEC chair I think we've spoken about him on here um because of the MIT lectures on cryptocurrency and blockches and he was he could tell from them he generally was he was still on this blockchain Bitcoin thing for a lot of it but he was touching on all coins and all sorts of things and he was a bitcoiner in all respects without maybe realizing it boy's material shows up um and then all of a sudden he pivoted to be in the way he's being at the minute which maybe he's still a Bitcoin yeah just assume he still is because he's never called Bitcoin out being a security only thing he's done not as a security the only thing he said recently was the um uh the us only needs one digital currency and that's the dollar and so he was highlighting that you don't even need okay Bitcoin maybe it's not a Bitcoin but does he have to say that just because of his position of where he is and what he's doing and I mean he could have like winked while he said it couldn't make it happen good thing the Puppet Masters twice or something um okay so yeah I don't have a clue how any of this is really going to play out I think um you're right probably see multi-year drag out so it's one of them things where it's all scary now I think people jump on it it's scary but reality is this will take a long time to play out um and buy a lot of money from both sides yeah and I don't think the SEC they've been off more than they can chew in my head they're going to be under resourced and under staff to be able to go in and take on even just financing coinbase as two big court cases buy ants and coinbase is going to throw a billion to this and and make it work and but they've both got similar business model so maybe it's like a more efficient to do them at the same time but one is a and you couldn't like you couldn't do it to one and not the other you couldn't let them well they are because they're not doing it to some others there is other ones in the US that they haven't well they've not done it yet to I guess maybe it's parlor um but Kraken Gemini are in that mix as well so they've got if you think all these court cases they're gonna have to go through and even though the similar business models the the whole approach you worried about the workload of the Essex some of those interns the problem the problem will be for them is they are going to be overloaded and they're not going to be able to deal with the case as well as a billion dollars companies that are going to be throwing everything out because it's their whole business um they're going to be overloaded with like Ripple of done Ripple of just spent billions doing they've got the Ripple one they've got binance coinbase which are already massive they've then got the Gemini to throw in there as well uh crypto.com they'll be on a hiring still dealing with the FTX yeah it's like you know there's so many there that it's it's chaos it's going to take them they're not gonna have the resource to handle it all yes I think it could end up with a bit of a what did it do to the coinbase share price I'm sure it just plummeted about was it only about it was eight or nine percent or something like that I think um it did go down but it's still not just going down isn't it no it plummeted I think around the it was around the FTX time I think there's a lot of time but I below the IP over is that though 95 is it yeah fruit is absolutely top of the market 110 billion I think at Peak and then it went down to about is it six six or seven billion I think around November time right like it's kind of checking um I think it's about it's about 11 12 billion at the minute Mike it's just had a week off he expected a bit of a restful day he's flapping he's like a duck [Laughter] kill him um but yeah the of course they're going to take hit but they're still going to be um spending a lot of money on this and pushing through here yeah if it's not where companies want to spend their money and be loath legal fees like this yeah thank you will remind me of the day for buying details um yeah yeah I've still married but actually don't remind me of that Molly choked away our company tea towels accidentally and then but use completely use the company card I was like what you should you should have bought that is your error right well you know think about it but yeah okay it probably pales into insignificantly compared to some of the course the other kind of issues we're dealing with yeah that's the level I think it's like to Humble you but a lot of people get complacent and they'd just be like oh yeah Tony did certainly completely money because you shouldn't every pen every penny count even legal cost we have a four pound 95 short of a legal you can come around oh we are we are spending a lot on legal these days we spend a lot annoying even first smaller company as ourselves in comparison to coinbase and likes and we have to not even for court case situations for advice and opinions and things to make sure we're doing things legit in countries that may not have laws yet which is part of like similar to this um as similar we know binance and coinbase have been doing that over the years did financing coinbase do that up for because we're doing it to Tiptoe Through The you know regulatory framework to make sure we're fully compliant with every every bit bits and pieces they ignore that initially and I think the nccu would be okay with this we'll just do it that's what I guess we'll see and see if it comes out if they've got their opinion to back up their products in their model they need help as you imagine that would have got legal opinion on all of it coinbase some aware I've got stuff yeah um Finance have no idea I shouldn't do well done and what they'll say I don't wonder if those initial lawyers that gave that illegal opinion and now they're going yeah it's got your name my Forge signature yeah oh yeah remember my drinking days but they'll have something they will without now I'll have something so yeah let's go sorry Mike uh coinbase market cap on the 3rd of June was 15.14 billion and now it's 11.75 billion not tough four bills yeah they're on a bad run is when the first one live thing was like the first couple of days they went to this despite 110 they probably didn't finish definitely yeah talking in pounds he does it might have finished the day at well Matthew said he spiked 110. the issue here okay chat work through the issue um anything else on the SEC no no just go you know no no no no nothing nothing okay I guess long term let's you've got to wait for it to play out there's no Panic needed right now even though we've seen a bit Panic um coinbase are cracking on uh business as usual see how it goes yeah um FTX better comedies to throw in for for the end FTX and relaunching you're looking very confused there David why would you relaunch with that name it is true they've been all about this I know they have but we launched us FTX are we I Wonder If like they thought a rebound brand would look like they were trying to hide something so they're just like right I should be thinking nope maybe they're just doing the opposite being like right let's people have heard of FTX yeah they kind of own it on the time is the biggest healer yeah you're never going to use it again anyone that's in the industry that's aware of it you're not going to use it again new people coming in potentially you know they're not going to go on Google the name of the company first before they go and use it if you use HSBC after the massive fines they got Mexican cartel money no no you wouldn't but other people all the people do yeah it does it happen yeah it's ridiculous yeah but the the HSBC just got a big fight customer funds to be lost yeah well it's a different story that they lost customer fun like literally the depositors look at the banks and the ones have been bailed out over time yeah and people still going to use them same Banks yeah but they have got the last resort so yeah got that so FCX didn't unfortunately it's incomparable really you can't compare it to that well you can compare it a little bit to them Banks would have gone into liquidation if you didn't get bailed out by the government so but you've also got you know yeah but it's the same scenario they just didn't get Bell ftx's didn't get bailed out they were doing criminal activity full stop like all the way Banks necessarily weren't doing criminals you've got a choice so you're saying no one will research the exchange they're gonna use I've got two choices to open exchanges what do I do I think it's even presented as that you just thinks people who I'm just saying time's the biggest healer in five ten years people do people it'd be like an old news article from 10 years ago when they did all the attraction initially is the thing because then initially if you don't get traction within the first six to 12 months that's something what they're trying to do there they'll probably just shut it down say them why are they actually bothering if they got some but I don't think that'll ever you know maybe if they do pay people back then what will happen if they pay everyone back and everyone gets the money back well people then God continue to use them I have no idea lies actors they might people might forget about it and say actually these are all right now and really if they've lost it's crazy absolutely crazy oh no it's crazy to Martin they'll have to we don't as an industry as an industry we don't want them [ __ ] you don't want that so it's at all you want them to think about relaunching like that um but people there's billions of people out there that have never that won't know won't even heard a coinbase won't know who buy an answer and things like that and they'll just jump into the first one they come across and buy it next time they want to buy him sure I worked for their higher like a really great PR team that just planned really great stories about them everywhere and like you know got the money to do it themselves around here it's what you'd do you're gonna have to do that to me yeah worthwhile and the whirlpool people in without a doubt I don't know who them people will be but they will yeah well that'll be fun just Australian yeah don't want it at all but yeah if it gets the customers the money back in some ways you'd argue that's even funding it I think the money they had left I think supposedly it's customers they won't reach up to yeah that's been distributed they haven't got any money left no I think they've been allowed of the with some of that cash to do it in the basis that they're going to use it to pay the customers back so it kind of comes out of bankruptcy I'm not sure the detail that Mighty might be up to five Checkers on it but that was my understanding okay crazy um crazy with them needs ahead checking crazy wearing the back and so we're in the knowledge and the know other people might not be and right should I find anyone that's been sided with them subsequently I'll say you need your ad checking when I meet them yeah please do okay I'll let you know how it goes yeah find the Hawaii they were being allowed to Russian is the money they were using and so um UK Central Bank extends CBD cbdc consultation deadline so the deadline was last week I think um the Central Bank uh the government forgot to include um one of the questions in the questionnaire that goes out to people so they've had to extend the deadline until I think it's the end of this end of June not a good start it's not a good start um it does give people more of a chance to give something back and and passed some feedback I think it's only using nine was it nine questions or was it number nine that was left hour I can't remember um but yeah it's worth just highlighting of people in the UK listening and go and give feedback on cbdc's um opportunity now to give back for this consultation and give feedback from the general public is now so please go and do that do your part yep um whether that changes anything is always the frustrating part and they just don't listen to it I kind of feels they have preconceived next steps anyway regardless of the consultation yeah the cracking arm regardless of it and which is the frustrating part and it just makes you think why do I even bother giving feedback but then if you don't give feedback then yeah if you don't yeah you know nothing's ever going to happen potentially yeah the worst thing you can do is not get feedback so you may as well give feedback yeah if you can um that's it and we're calling you on the news oh wow I'm calling news looking at you Molly we're not in Prague that's news we're not in Prague that the Apparently that was a really great conference was it yeah I've never I always thought make good announcements some decent panels no announcements no nothing I don't see anything no any good things people are building so that patent that mobile S9 that someone was wearing that looked cool that could be your next turn yours into a mobile backpack well think about that yeah yeah your wireless wow is the generator which then Powers I mean you saying balls wouldn't be enough but yeah if you've got walking though but this is the guy who tried to get the least amount of steps pedometers could be used are useful for that how efficient can you be yeah 300 sets in a day you're the only person in the world to use this to minimize your steps Michael must be looking at pedometer again right how can I reduce this doubt yeah that would be um but now all right it looked like fun tweets gutbers didn't see much from it again is it one we might go to the Future mollies when you want to go to I mean always Pride's a lovely city I do want to go to Prague another bed yeah it was nice maybe if the budget allows it do oh no but yeah there we go why did some milk like that do you want to go um other Quick One news got new staff two new two new which is cool got more jobs going on jobs out wasn't there yeah there will be probably midweek this week we'll get more out so having like mad six jobs out this week um new office bits yeah I was down there Sunday Grafton oh yeah um and do some heavy lifting I think it says a lot about going Corner the fact that we were down there like doing bits we just don't hire out and of course yeah this is more personal to us yeah we're literally getting out our whole office by ourselves if you get your stuff to just get involved and stuff this is I think it's much more unifying than just oh this is your new glamorous office yeah we're building something here and let's indicative that's the way we do our offices as well it's definitely a team Monday night we did it here we don't know the old ones building desks yeah it doesn't look too bad either but can I tell you how heavy a box of carpet tiles is they're heavy that's what they're all Heavy they're like 30 kilogram box upstairs yes yeah might be about yeah so it's like sweating yeah um just the one box then out to go that's how it was literally a brief drop in you did a feud and you didn't want him too he does the same way kind of floats around looks like he's doing stuff yeah last time I was there that's what yeah just make sure people are doing it so tries to navigate himself into a delegation role as always but it's slowly coming together now obviously yes yeah slowly getting there good we do have plans for a cool pod room didn't we but I don't know we means I could feel the plans for a build room it'd be the Hub of innovation which room one of the building the building yeah downstairs but that'll be where the action's at okay sounds wild imagine that it's easy lunch break me and Zachary just tinkering Soldier and stuff yeah oh right do you want to join the building come on pretty cool yeah [Laughter] the Tinker Club s that's what stuff that would be your imagination turned into actual product but yeah it sounds late Molly wow oh my Innovation sounds lame does it break in the envelope it's like what's the building called what's the building called Innovation house yes yeah yeah no I said no that's fine but the the Tinker room Tinker come to the Tinkerbell yeah no what sounds yeah it's reading print imagine so I want to tell you where I take apart an essay anyway so anyway it's so good okay so right that's it couple new staff got some new jobs out this week yeah uh new office that will be hopefully in very shortly yeah um and taking away doing that which is good we're just heads down keep on focusing ignoring the noise there's a lot of noise going on isn't there but yeah um a lot of uh noises the only way to describe it she's about to say something controversial on the podcast how would you describe it ambulance chasing oh Molly pulling people out yeah I'm just saying I've ordered the book fraud coin yeah yeah what's the fraud coin it was on Pim McCormack's had uh a Norwegian I want to say Economist um and he sounded quite quite intellectual he had a book out and every time I go on Pete McCormack and he's still in a book I normally just order it um he got it that's why I did so it's not arrived yet but it should be here next week and I'll read it can't wait for that review yep that's fair enough Mikey I should have might edit that better we do want to we've missed we've we're back on it now obviously we've been away we've not been away we've been busy for the last couple of weeks um we could do is uh the question time slot that we started doing and very briefly and then we've died off because we've been busy yeah distracted but let's take some of the questions we get in the Maxi chat if you want sounds like this could have been an after pod thing no I'm saying to the audience but please fire questions into us you know yeah Fashions welcome yeah cool cool thank you very much like And subscribe to peace cheerio foreign [Music]