CD135: MEMPOOL WITH WIZ AND SOFTSIMON

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NOTE
Transcription provided by Podhome.fm
Created: 7/30/2024 12:34:50 PM
Duration: 8172.544
Channels: 1

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This

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is the Bitcoin

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Reserve

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bill.

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I'm reading from the text

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in the senate of the United States

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to establish

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a bitcoin

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strategic

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reserve,

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a network of secure storage vaults,

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purchase program, and other programs

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to ensure the transparent

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management

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of bitcoin holdings

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of the Federal Government.

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My name is Cynthia Lemas,

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and I'm the Bitcoin senator.

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When Satoshi

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Nakamoto

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in January

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of

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2009

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mined the first bitcoin,

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he brought

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about

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an asset that will change

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the world.

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And this

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is our Louisiana

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Purchase Moment.

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This Bitcoin

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reserve

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that we're going to create

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will start with the

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210,000

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Bitcoin

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that president Trump just mentioned

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and pull it into a reserve

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stored in

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geographically diverse vaults.

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And that's only the beginning. Over 5 years, the United States

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will assemble

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1,000,000

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bit point 5 percent

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of the world's supply.

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And it will be held for

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a minimum of 20 years

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and can be used for one

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purpose,

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Reduce

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our debt.

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This Bitcoin

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is going to be transformative

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for this country.

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As president Trump just said,

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we are printing too much money. We are spending too much money.

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We printed

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in 22

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months during COVID

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the same amount of money that had ever been printed in the history of the

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will know more.

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With a strategic

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Bitcoin reserve,

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we will have an asset

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that

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in that period of time

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before

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2045

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can cut our debt in half.

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Happy Bitcoin Monday, freaks.

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It's your host, Odell, here

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for another little dispatch.

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The show focused on actionable

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Bitcoin and Freedom Tech discussion.

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It has been

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2 months since last dispatch.

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Honestly, I've been focused on a lot of important shit, and I didn't have a good dispatch to do.

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And I don't wanna waste your guys' time. So,

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today, we have a great great conversation.

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We got great people in the house. I got Wiz here. How's it going, Wiz?

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Hey. What's up, Matt? Good to have you in Nashville. Always good to have you in Nashville. I got Soft Simon here. How's it going, Soft Simon?

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Great. Or just Simon? How's it going, Simon? Yeah. It's great to be back in Nashville. You can tell you hear how far he is? That's why we call him soft, Simon. Mhmm.

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That was center Lummis

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at Bitcoin 2024.

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Freaks, we we have your live chat up on this big ass screen. So we see your live chat,

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and instead, I'm just gonna keep our video big, and then I'm gonna switch the live chat when you guys zap large amounts.

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So if you zap a large amount, it will be shown.

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But if you don't zap a large amount, it will not be shown, and we'll just keep the video. I think that's, like, a good compromise. What do you guys think? You think that's a good compromise?

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Of course. Because we can see the live chat.

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We do have a rider die freak, FOMO,

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both in the live chat, and he's actually, like, he's, like, he's, like, sitting, like, 5 feet away from us while he's chatting.

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So I'm not gonna take credit for that. I do see Lebanese Huddl in the chat.

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It was an honor and a privilege to meet him in person,

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and he deleted his Twitter.

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Who would do that? Yeah. I mean, you guys have a gold check on Twitter, but Lebanese Huddl deleted his Twitter.

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What does that say?

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There's something there. You wanna you really wanna talk about check marks? No. We we don't need to talk about check marks. I'm not even gonna hold it

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against you. But for the 3 that aren't aware, I did delete my Twitter. There's, like, 2 people that might not be aware of this because I do I'm a broke record about it. But, anyway,

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guys, this is gonna be a great rip. It was a crazy week.

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I'm gonna have more dispatches

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this week,

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starting with these guys. I wanted to start with the legends.

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I think I'm gonna have senator Hagerty of Tennessee on,

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probably the first politician on

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seal dispatchers is, like, a kind of crazy concept,

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to have

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politicians on civil dispatch, but the this is the new era we're in. I think I'm gonna have the Tennessee attorney general on,

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both Hagerty senator Hagerty,

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and the attorney general were here at Bitcoin Park. They talked about how they want FreedomTech

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to be,

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built in America

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and, FreedomTech developers

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to feel protected here.

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The attorney general himself said he's willing to sue the federal government

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to protect

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open source developers.

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If he has to do that. He says it's a a a key aspect of his job. It's just a crazy concept.

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And, of course, we had senator Lummis

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of Wyoming

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in our intro talking about the strategic Bitcoin reserve,

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which I think everyone in this room right now.

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By the way, we have, like, a powerhouse in this room right now,

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on camera and off camera.

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We've all been building our own personal strategic Bitcoin reserves.

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I think that's just the coolest way of calling your own Bitcoin stack. You know, it's like It's a stockpile.

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Yeah. Like,

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you have a strategic Bitcoin reserve. Mempool has a strategic Bitcoin reserve.

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It's strategic, and it's Bitcoin. It's a reserve. Awesome. We're all trying to accumulate as much Bitcoin as possible.

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So, guys,

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welcome to solo dispatch. It's a pleasure and honor to have you. Welcome back to Nashville. Dude, what a crazy week it was. That that was a hell of a conference. It's a ridiculous week. We're gonna talk to all things man pool,

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all things

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transaction fee market, everything you guys are building. But before we get there, let's can we just talk about this week a little bit? Because I I I feel like I haven't decompressed yet.

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It was all blur. I mean, there were some nights I just got zero sleep.

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It was,

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nonstop.

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No sleep?

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Some nights. Yeah. I mean, between, like, the you know, in between the the beef steak and getting the accelerator online, and then I gotta make my deck to go talk on stage. And So what'd you guys do what'd you guys do for Trump's speech? I mean, look. Regardless of what you think about

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former president Trump, he's gonna most likely be the next president of the United States, the most powerful country in the world.

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And he spoke at a Bitcoin conference.

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What'd you think of that speech?

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Yeah. It's, it's about time that the, powerful people are coming to the Bitcoiners. Right?

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I know my mic is very quiet, so I'm trying to enunciate.

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I apologize.

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They're both on

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a louder mic than I'm on,

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but I I took one for the team.

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Yeah. That conference was,

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like a blur. It was just a non stop. And and all the side events and the parties and the beefsteaks and the house

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gatherings.

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Are you even plugged in? I'm plugged in.

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I'm plugged in.

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I think I need to scream. I'm gonna scream this whole

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episode.

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We have, to the audio files to the audio files listening,

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we have only 2 cloud lifters at Bitcoin Park, and I gave them both to the guests.

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So

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I'm gonna be lighter

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on the on the mic. I'm gonna be way lighter on the mic than the rest of the people. So

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I'm just gonna Why don't you just take this one, and we'll show you this one so you don't have to yell. You wanna do that? Yeah. Should we do that? I mean, it's right here.

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And then something I'll just show this one.

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Yep.

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Good.

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Does this work? Is this better?

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Now I could be quieter. I don't know if I speak in all caps.

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Capsodel is

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Okay, guys. Is that better? Do you think that's better?

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What do what do we say, freaks? I I we were watching the live chat. Hates the loud mic. Oh my god. So much better. Okay. Should we start over?

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Welcome back to Scylla Dispatch,

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the show focused on actual Bitcoin and Freedom Tech discussion. I'm your host, Odell.

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Here after a 2 month hiatus, we're gonna be going

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going deep, deep on what happened this week and also going deep on what's happening with mempool space.

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Ride or Die Freak Wiz has handed me his mic because Bitcoin Park only has 2 cloud lifters. We're expecting a major Bitcoin bull market, so we didn't wanna spend $200

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on another cloud lifter. So we only have 2 of those.

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And this is wonderful. This is great that I don't have to scream for

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however many hours we go for. We are gonna be going deep.

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I hope you guys enjoyed senator Lummis

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as our intro. To me, that this is unreal. Like, she was

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she she graciously came to Bitcoin Park,

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and

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it wasn't the first time I met her, but,

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she's on a mission. She's on a mission to to to make Bitcoin the standard. She is truly our Bitcoin senator.

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It's weird to be involved with politicians. I will say

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that,

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once once the open source developers open source Bitcoin developers started going to jail, I I realized we really have no choice but to play the game.

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And it's all kind of accelerated quite quickly.

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I know some people will not forgive me for that.

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But to me, it's like, if if not us, then who?

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So

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so, Wiz,

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when you're when you're when you're thinking about so, I I mean, let we gotta talk about Trump. We gotta talk about Trump just real quickly. Talking about Trump. And then we can get into it. I mean,

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it's Monday. Trump spoke on Saturday,

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epic win 2024.

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The likely future president of the United States.

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What'd you what'd you think about that speech?

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That was, very surreal. It was intense to be there

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watching him. Like, basically, like, the most powerful guy in the world coming to our party.

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And literally, I'm on stage, like, right before Trump is. Like, in what timeline does that make sense?

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And, yeah, just seeing the whole experience, like, backstage too,

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Seeing, like, the Secret Service Army with all the machine guns and everything. I mean, that that's what you don't really see. Where were you backstage during it?

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Well, I was I was backstage a couple hours before Trump went on. And they were back there? Oh, there's, like, very You were like, do you know who I am? I run the mempool.

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They,

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they let me on. Yeah. You're like, you need your transaction accelerated like I'm your guy.

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There was, there was some very interesting things. Like, right before my talk or a couple of talks with when I was Max and Stacy Kaiser were on. Yeah. And after they finished their talk, Max tried to take

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a candy bar off of this table. Oh, that's his candy bar. That was Trump's candy bar. And all these secrets have been like, no. No. No. You can't touch it. You know, I guess they're worried about someone putting some poison candy bar there or something. No. No. No. He has you know how, like,

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musicians have this too? It's like they have their rider in their contract

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about what they need if they speak.

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And his rider was like

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well, from what I've heard, his rider was like a couple bags of Lay's potato chips,

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like, a couple Hershey bars and some gummy bears. Like, that was and, like, those were his. Like, you were A Diet Coke or something like that. Yeah. You weren't allowed to grab those.

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Yeah. But Those were his. It wasn't like a security issue. Like, those were his that was his food. He were trying to take his food from him. I don't know. I've never seen so much security because he had, like,

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what, Trump's security and RFK security and Elon's security and all the private security. I mean, Elon didn't show up. You heard what happened with Elon. Right? Tell us.

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I mean, so I was I was

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the hour before.

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Right? Like, I was on the live desk during the delay, streaming out to, like, millions of people,

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talking to them about what happens next.

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And we were expecting a special guest. That the special guest was gonna be Elon.

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And, supposedly, Elon, like, flew in, descended,

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and then he went into, like, the descent pattern like he was gonna land, and his security was on-site, and then he took back off. Like, he never landed,

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and then just went to Memphis, Tennessee.

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So he trolled the future president the likely future president of the United States. Why would he

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me personally,

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as someone who deleted my Twitter,

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many many might know.

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Many might not know, but I I did delete my Twitter.

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Tell us, Matt. All caps. You know he means it. Thank you, chief White.

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I was just really excited to comment afterwards

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on the livestream. That was so cool because it was like, all of a sudden, all of a sudden just put Odell on, and there's probably millions of people watching the livestream.

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And I'm like, alright, this is Odell's time to shine. I was I was like, I was did alright. I hope I made people proud. Oh, yeah. I tried my best. I retweeted your I know you can't see it since you don't have a Twitter account, but I retweeted it. Send me screenshots. I would love to see. You got this, beautiful grin on your face. Oh, I was so happy. You're so happy. Moment.

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I look, I think people take this a little bit too seriously.

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I mean, look, I have friends in jail that I would like to be out of jail.

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I think the stakes are quite high, but also at the same time, like, it's fucking insane that, like, at a Bitcoin conference,

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we have the likely next president of the United States coming to speak.

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That that is unreal. Like, even a year ago, you wouldn't expect that. It doesn't really matter what he says to me. Yeah. It Doesn't really matter what he says. Bailey is a g evil genius. Evil genius. Yeah. Got the president

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and, like, 10 senators

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to just come to our Bitcoin party. We had so many I mean, I will say,

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personally, I know senator Lummis.

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I know senator Hagerty. I know senator Blackburn.

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Those are the 3 senators I know. I didn't I didn't realize you were such a statist. They care. No. No. Well, senator senator Hagerty and senator Blackburn

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are state of Tennessee,

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and the Tennessee politicians, they actually I think they actually do care. Like, they want Tennessee to happen. Senator Lummis, I has been a big corner for a while, and and

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I do think she has her back. Now Lummis is great. I have this,

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photo of her. She tweeted,

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it's in her office where she's got mempool up on the TV in the office and all the staff around it with, like, pizza or something.

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And, they're getting a a like a class on how Bitcoin works using mempool space in her office. Yeah. There you go. I mean, look. Really? I think Bitcoin doesn't need politicians.

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But if you're an American

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and you're a public Bitcoiner

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and you're trying to build and support Bitcoin businesses,

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like, it's it's a massive positive sign. Like, you you need to it it is important to work with them, and they can be important allies. Oh, absolutely. You gotta you gotta have the government on board for as long as possible

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for the highest chance of success Exactly. Of the Bitcoin movement just winning against fiat. Right? I mean, that's what we're all trying to win

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is defeating the money printers. Yeah. And, I mean, I wanna free the samurai devs. Like, I think I think they they shouldn't be in jail. I think they're clearly not money transmitter businesses.

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And I think that if you look at open source development right now,

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the main thing open source contributors are thinking about is legal liability for open source code. And I think the issue that we see right now in America and across

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the globe

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is that these rules are very vague because we've never seen this before. We've never seen the ability,

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for people to use self custody open source software,

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to send money around the world, and those that type of software should not be treated as money service businesses.

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So it it's an education element, but I think also it's

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a it's a chance to explain to politicians

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why

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encouraging

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and facilitating

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and making it possible

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for open source projects to flourish in your jurisdiction is good for

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is good for your people and is good for the people your constituents, for the people that you work with. Right? And and I I think we're starting to make real progress there. I think this conference was a major part of that. I think Trump's speech was largely disappointing for a lot of people.

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I think most of us probably haven't listened to a full Trump speech before,

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and that is probably why.

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He did say that Bitcoin was gonna surpass gold in value, which is an insane thing for the future president of the United States to say.

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Or, like, at least it would have been the same a year ago. Now it's just what they say, I guess.

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It's it's kind of

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a self fulfilling prophecy. Whatever the president says, he, like, even he makes some kind of promise that he's gonna do something. Even if he doesn't actually do it, the market's gonna move so strongly on that announcement.

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Well, that's the cool part. Right? It's like it doesn't require you to believe in the promise. The one promise that I hope to see, and he recommitted it, is is commuting Ross's sentence.

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On day 1? On day 1. And I think an important

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important thing

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to keep in mind there is that this is not a pardon. He's not saying he's not guilty. He's just saying that time served is enough.

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But 15 years,

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a lot of time in solitary confinement

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is enough, and that we should commute him day 1. I think that's important, but we have to rely on him for that. We don't have to rely on him

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in terms of him saying strategic Bitcoin reserve or him saying that Bitcoin's gonna surpass gold because that actually becomes a self fulfilling prophecy. Like, he's only like, if he does win,

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it's 7 months from now,

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like, that he becomes president.

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And the market's gonna I think the market is gonna react to this in a

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It doesn't hurt. It doesn't hurt. It definitely doesn't hurt. President to be pumped. No matter what, it's just an it's just like an unreal experience. I thought they did a decent job, with the open source stage this year. I thought HRF leading it was a great

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great

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great move. It was almost as good as when you ran the open source stage. 1st year that I didn't run it.

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So I'm I'm glad it was in good hands in that regard.

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But, yeah,

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I don't know. I'm I'm quietly bullish. You guys can call me status. You guys can call me

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Illuminati,

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whatever. Like, I I wish you guys were doing it instead of me,

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but, someone's gotta I'm bullish. Get involved. The re reality is that the rest of the world is also watching what US is doing. Exactly. Because US is the biggest economy, and everyone's just following what you when US is going after Bitcoin or shutting it up, banning mining, whatever, all all the other countries are gonna do as well.

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So That's true. Like, if you look at Japan, they Yep.

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Are so

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into shitcoins and web 3 and d five, whatever.

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You know? Like, the government approves Ripple, but nobody's really supporting Bitcoin in Japan. So now that Trump is talking about Bitcoin Reserve and things, it would be great if Japan copied them. Right? Yeah. Japan just copy first. Right?

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Okay. I saw the headline news, in a Swedish newspaper yesterday saying Trump promised to make a strategic

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Right. Bitcoin reserve and make US the Bitcoin capital.

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So you're gonna have a lot of people, voters and politicians saying, hey. We don't wanna be worse.

299
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Right. It's gonna it's gonna have yeah. They have to catch up because they're gonna see the industry just moving to US and and feel everyone's just left behind. It's a weird situation to be a part of, to, like, witness. I mean, well, like, 3 years ago, we were excited about the president of El Salvador, a country of 6,000,000

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people being, like, we're gonna adopt Bitcoin.

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And then and Now it's America. My beer. I'm gonna buy all the Bitcoin. 3 years later.

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And then people are, like, oh, we're disappointed. Like, RFK was, like, he's gonna buy 4,000,000.

303
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Senator Lummis said 1,000,000 Bitcoin.

304
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1,000,000 Bitcoin over 5 years. There's an infinite amount of money at the Federal Reserve.

305
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Sure. It's it's micro strategy with the money printer. But do you think what Trump said he actually believed was someone just told him to say this because Bitcoin is gonna be happening. Yeah. Sure. But it it become once again, I think it becomes a self fulfilling prophecy. Right? It's like so Trump says it,

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and then, like, Trump's alkalites, like, all the podcasters and everything. Right? Like, they're like, oh, we like the coin now. Trump likes the coin. We like the coin. And then all their audience is like, oh, oh,

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podcaster said Trump likes the coin. I and podcast likes the coin. I like the coin. And then Trump's like, oh my god. My people like the coin. I like the coin. You just go full circle. And then all the other countries are obviously all watching it. Money manager, all watching it.

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He once again, he said that Bitcoin's gonna surpass gold. And, which is crazy. Works, right? Fiat is just a decree of the government. So if Trump is a president and he says Bitcoin is amazing,

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then it's true, Right? Yeah. Like, Bitcoin is amazing. It. It's like, oh, well, Trump said it's legit. So, alright, let's get some. Yeah. Once again, I don't think it's necessary. Like, I don't think Bitcoin needs

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the permission. But it's pretty darn hard. Yeah. I think it accelerates things.

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I think it accelerates things. Are you are you interested in accelerating things, Matt? I I think

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I think when you think about it, like, if we have

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I mean, look.

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I said on the stream. I said on the stream

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that I'm a single issue voter. My my single issue is freedom.

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And I have never had a presidential candidate in my lifetime that has run on that, and I hope that changes soon. I don't think Trump is that candidate.

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I'm not gonna come out here and be like, I'm incredibly pro Trump.

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But I do think it was a paradigm shift. I think it

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is underappreciated.

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I think we're gonna look back in 20, 30 years and be like, that was the moment that a lot of things changed.

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And I think it's just part of Bitcoin's adoption cycle. And I think

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that is particularly when you have a current US administration

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that is incredibly hostile to Bitcoin, that is incredibly hostile to Freedom Tech, that is incredibly hostile to open source developers,

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and particularly as an American Bitcoiner

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that is heavily invested in the space through 1031

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and through my work at Open Sats, which I make no money on, but I spend a lot of time on, and time is the only thing more scarce than Bitcoin,

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is incredibly optimistic. Like, it is it is what you wanna see. Like, I don't wanna spend

328
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I don't wanna spend the next like, it's hard enough

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funding FreedomTech

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without a hostile administration, without a hostile government. But you add a hostile government to it, it makes it so much more difficult.

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And so so for those incentives to align and to have

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him at the conference, to have the many senators at the conference, the many politicians at the conference

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that understand the incentives at play, that understand that if we want the next great American century,

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we we need to be pro innovation, that we need to be pro Bitcoin,

335
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that we need to be pro open source is incredibly bullish. And, like, that's just a pragmatic view. That's not

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you know, plenty of people are gonna accuse me of Coke. Like, it's like ridiculous. Whatever. I'm I'm glad you guys are the

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are the first the first,

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civil dispatch after this week because

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it's pretty crazy. I'm seeing it seeing a very important question in the chat.

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Yeah. Let me pull the chat back up. You didn't zap enough, by the way, but I'm still gonna pull the chat up.

341
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What thoughts on country music? What booth booth stood at you at the conference?

342
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Is that the important question? It's the light latest one without zaps.

343
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I have a question for Simon. What was your favorite part of your visit to Nashville,

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chief White? Pancake Pantry.

345
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Really? You like pancake pantry?

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I feel like it's a little heavy.

347
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It is. You know? Like But I'm very rarely in the US and Nashville and Big pancake pantry guy? Miso. Okay. Pancake pantry. That was Simon's favorite thing.

348
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What are your thoughts on country music since, project 2 product, a zap 420

349
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sets?

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What? My thought on country music? I like I like the You like the honky tonk, like the country music? Music.

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What booth stood stood out? Well, I think the foundry booth stood out. It was in the middle and was largest.

352
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That's true. They had a very nice booth. So I mean, I think foundry in general is doing a really great job. Yeah. Like, to me, Foundry was always the evil empire until, like, couple years ago.

353
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Foundry evil? Why? Barry Silbert,

354
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segwit 2 x. Well, that's Suits, KYC,

355
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Miners.

356
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VCG, and and historical We're the owners of Foundry.

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I don't know. I my point is feel good to me. My point is my whole point is that they've they've become the

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leading by example, like, what you wanna see actually. Like, I my my whole point was that my opinion of them has completely changed. There are a lot worse mining pool,

359
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operate like, you you could be so evil as a mining pool operator.

360
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And they're cool. You know, they started by giving us a grant in the early days to develop a lot of mining related functionality in the Mempool open source project. And then slowly over the years, we developed

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the transaction accelerator together with Foundry and then to launch it, you know, wide open to the whole world. I mean,

362
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they're great. And

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maybe I'm biased, but I think you'd be a lot worse. Not gonna name any names, but No. No. I think they're crushing it. I I I I would go further than that. Like, I think they're just

364
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I think they're leading by example right now, and I'm incredibly impressed with what Foundry is building out. I mean, Foundry recently

365
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released their open source funding program,

366
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where any minors of Foundry have a drop down,

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and OpenSats obviously included. We helped

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iterate and test out that implementation with them. But they can do a drop down, and they can pick how much of their rewards go to open source development,

369
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in a very low friction way,

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which is fucking awesome. I mean, I think they've led the way with Stratham v 2, which I think is incredibly important for the space.

371
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And just more and more,

372
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I'm just impressed with what Foundry is building.

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We had a bunch of the leadership here at the park this week. By the way, Freaks,

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I know I've taken a break from dispatch. Look. It's been the summer.

375
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I don't I don't wanna I don't wanna burden you guys with bad conversation.

376
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I just I want good conversation only on dispatch. If you're listening to me in your ear, it should be worth it.

377
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We have a bunch of great conversation that we're working on producing,

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that will be published to the civil dispatch feed,

379
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throughout the week. But we had

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just a who's who of of of both industry leaders

381
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and

382
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local politicians while we're on it, that were here.

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And they will they they will all be broadcast feed. I had Michael Sailor himself came to,

384
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Bitcoin Park. Were you guys here for the Michael Sailor concert? Sure, and it was super cool. Did you enjoy it? I I really enjoyed it. See Michael's sailor up close, and you had a very interesting Packed house. Yeah.

385
00:30:51.390 --> 00:30:53.570
Packed house for for Michael.

386
00:30:55.164 --> 00:30:56.304
It was pretty funny.

387
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I think he's

388
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you know,

389
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I've, there's a lot of mutual respect there. We've had a lot of productive conversations

390
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recently.

391
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I thought it was kind of funny that, you know, when he walked in, like, the governor was speaking.

392
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So he was, like, 2nd fiddle. I don't think that's he's used to that. Like, the governor's security detail,

393
00:31:17.015 --> 00:31:17.995
particularly after,

394
00:31:19.015 --> 00:31:22.075
the Trump incident a few weeks ago was very serious.

395
00:31:22.840 --> 00:31:25.180
They they were serious people, and they they

396
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he the governor was number 1. Michael was number 2, and Michael had to come second.

397
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But that was a great conversation. That will be posted to the feed.

398
00:31:35.755 --> 00:31:38.174
But yeah. Oh, yeah. We have MC in the chat,

399
00:31:38.790 --> 00:31:42.169
and also, like, Louie on the couch, like, 5 feet away from us,

400
00:31:42.790 --> 00:31:46.890
saying that it was an awesome time at Pickland Park. So Yeah. Pickland Park is obviously

401
00:31:47.855 --> 00:31:50.195
one of the better park better parts of Nashville.

402
00:31:50.575 --> 00:32:03.570
More of Bitcoin. Besides pancake pantry. Yeah. Exactly. Yeah. We got we got pancake pantry in Number 1. Park. Pancake pantry. Number 2. Close second. Close second, pick one park. Okay, guys. Okay. We talked enough about politicians.

403
00:32:04.705 --> 00:32:06.405
I do think shit is accelerating.

404
00:32:06.945 --> 00:32:08.885
Like, are is nation state FOMO

405
00:32:09.665 --> 00:32:11.684
upon us? Like, does things get

406
00:32:12.070 --> 00:32:20.010
I think so. I mean, El Salvador kind of started the trend, and now the US is gonna be the 2nd nation to do that.

407
00:32:20.935 --> 00:32:23.275
What about I mean, there's other, countries

408
00:32:23.695 --> 00:32:24.195
that

409
00:32:24.615 --> 00:32:25.115
have

410
00:32:25.535 --> 00:32:26.035
quietly

411
00:32:26.455 --> 00:32:29.995
started a strategic Bitcoin reserve. I mean, you remember Butanj

412
00:32:30.650 --> 00:32:31.390
showed up

413
00:32:32.570 --> 00:32:33.470
in the bankruptcy

414
00:32:33.850 --> 00:32:34.809
proceedings of,

415
00:32:35.690 --> 00:32:41.445
True. But of Celsius and But I think when it comes to, like, really serious Bitcoin stuff,

416
00:32:42.145 --> 00:32:44.965
like the entire country adopting the Bitcoin standard

417
00:32:45.529 --> 00:32:49.470
or the US adopting this this, strategic stockpile, whatever.

418
00:32:51.049 --> 00:32:54.429
That's that's huge. Yeah. I mean, it's clearly not Germany.

419
00:32:55.705 --> 00:33:02.205
Germany Germany sold all their coin. Yeah. They just Right before all this shit happened. El Salvador has more Bitcoin than Germany.

420
00:33:03.120 --> 00:33:07.380
No. Okay. Can we talk can we talk I mean, while we're talking about nation state adoption,

421
00:33:08.799 --> 00:33:13.715
are you really a nation state that has a strategic Bitcoin reserve if you don't have your own hosted

422
00:33:14.335 --> 00:33:15.394
mempool instance?

423
00:33:15.855 --> 00:33:17.634
That's true. You can go to bitcoin.gob.sv

424
00:33:20.780 --> 00:33:35.515
to see the Bitcoin office of El Salvador's custom instance of the mempool open source project. And I love that they buy they buy 1 Bitcoin per day, which is, like, if if if you're a small country, that is the most meme worthy

425
00:33:36.750 --> 00:33:38.210
Bitcoin accumulation strategy.

426
00:33:38.510 --> 00:33:45.170
It's just it's literally just staircase. It just goes up constantly forever. It's just like 1 Bitcoin per day just

427
00:33:45.575 --> 00:33:50.695
up into the right. They're they're following your strategy perfectly. They're staying humble and stacking

428
00:33:51.095 --> 00:33:56.139
Stacking sets? They're stacking whole coins, though. They're they're stacking 100,000,000 sets per stack,

429
00:33:56.679 --> 00:33:58.059
but they're still stacking sets.

430
00:33:59.000 --> 00:34:03.899
I mean, one day, maybe we'll see I mean, the US government owns the dot gov

431
00:34:04.535 --> 00:34:07.674
suffix. Right? Oh, yeah. That actually So we might have bitcoin.gov

432
00:34:08.295 --> 00:34:12.555
is some MAMPUS empowered. Yeah. That's the truth. Ask Trump about that?

433
00:34:12.960 --> 00:34:16.420
I'm sorry. That's confidential. I can't review. Wait. Hey. He might be listening.

434
00:34:17.519 --> 00:34:18.420
Mister president,

435
00:34:18.960 --> 00:34:20.420
we would love to have bitcoin.gov,

436
00:34:21.680 --> 00:34:22.180
be

437
00:34:23.655 --> 00:34:25.275
a self hosted mempool instance.

438
00:34:25.815 --> 00:34:26.535
Yeah. That's,

439
00:34:26.934 --> 00:34:31.115
that's the dream, right, that the US does this strategic Bitcoin reserve, and they

440
00:34:31.619 --> 00:34:45.205
self host their own instance of mempool. And, they have a nice ladder on there too. Although they're probably different shape than a ladder or a stepladder. It's gonna be Just up. Just just like a hockey stick. It's a straight, I can say. I would say one thing,

441
00:34:46.625 --> 00:34:49.365
and I don't think a lot I'll ever win this argument

442
00:34:51.990 --> 00:34:53.690
with our politicians, but

443
00:34:54.549 --> 00:34:55.770
it is a little bit

444
00:34:56.869 --> 00:35:02.404
concerning that they're starting it with 200 k c's Bitcoin, which is, like, mostly Bitfinex's

445
00:35:02.704 --> 00:35:03.204
Bitcoin

446
00:35:04.065 --> 00:35:08.244
from the greatest rapper of all time. A 60102 attack. Right? They're gonna say,

447
00:35:08.610 --> 00:35:19.025
oh, yeah. We need to confiscate everyone's Bitcoin for our strategic stockpile. Yeah. I I Because they're hoarding Bitcoin. That's exactly what I would I would like a policy that said, if you seize Bitcoin, it has to be burned.

448
00:35:20.525 --> 00:35:26.520
They will never do that. I mean, the president is kinda set. They do burn cocaine. Like, they don't sell the cocaine,

449
00:35:27.700 --> 00:35:28.760
back to the

450
00:35:29.220 --> 00:35:34.200
to the market. They just straight up burn it, and you can prudently burn it. It would be good to see that.

451
00:35:35.224 --> 00:35:41.360
Short of that, it'd be great if we had a law that said, sees Bitcoin had to be donated to Open Sats.

452
00:35:42.880 --> 00:35:45.780
That's pretty good. I would like that. We probably won't get that either.

453
00:35:46.400 --> 00:35:52.965
I'm down for a three way split between HRF, Brink, and Open Sats. Like, I'd be cool with that as well. Probably will never get that.

454
00:35:54.224 --> 00:35:58.165
But, yeah, they're gonna start with the seized Bitcoin. That was a little bit weird with Trump. He was like,

455
00:35:58.545 --> 00:36:03.059
they took they took your Bitcoin. And they're like, yeah. And I'm gonna put it in the treasury.

456
00:36:03.599 --> 00:36:04.339
He was like,

457
00:36:04.799 --> 00:36:10.099
he he he, like, almost was like, we shouldn't take your Bitcoin, but then he was like, no. No. No. But I'm gonna keep it.

458
00:36:10.445 --> 00:36:12.305
They took it, but I'm gonna keep it.

459
00:36:13.885 --> 00:36:15.665
But that was a little bit odd.

460
00:36:17.405 --> 00:36:18.840
I mean, it's it's kind of

461
00:36:19.320 --> 00:36:26.220
how the government would do a 6102 attack. Right? They would use their surveillance powers and use their monopoly on violence

462
00:36:27.135 --> 00:36:48.065
and say, you're a criminal. We're gonna seize your Bitcoin. Yeah. And now it's our big point. Bitcoin reserve. Yeah. Right? And everyone loves a strategic Bitcoin reserve. I love the terms strategic Bitcoin reserve. I mean yeah. Do you get better than better than that they just sell just like the Germans did. Like, sell it and it distribute it among all the plebs. No. Just burn it. Burn it. Burning is distribution.

463
00:36:48.445 --> 00:37:00.240
Yeah. That's true. Burning is even better because you you take away that incentive. Right? They can't even use it. Yeah. I mean, one of the cool things that senator Lummis did say was that the strategic Bitcoin reserve can only be used

464
00:37:01.735 --> 00:37:05.675
for paying down the debt. You can't use it for a 1000000 different,

465
00:37:07.255 --> 00:37:08.395
government expenditures.

466
00:37:08.820 --> 00:37:11.080
Right? Like, you can't use it for war. You can't

467
00:37:11.540 --> 00:37:12.040
use

468
00:37:12.500 --> 00:37:14.120
it for, I don't know, what whatever,

469
00:37:15.140 --> 00:37:17.240
like, salaries for senators, shit.

470
00:37:19.395 --> 00:37:23.895
So I like that aspect. I like that you said you can only use it for that. So let's put more

471
00:37:24.675 --> 00:37:29.210
liens on it. Let's say, like, oh, you can't if you seize, you can't take it.

472
00:37:29.990 --> 00:37:32.250
But I that'll probably never happen.

473
00:37:33.665 --> 00:37:34.705
Yeah. Like, donate

474
00:37:35.585 --> 00:37:37.445
Josh has got a good point in the chat.

475
00:37:37.984 --> 00:37:39.845
Donate the Bitcoin to Open SaaS.

476
00:37:40.464 --> 00:37:45.550
Never gonna happen, but a man could try. I make no money from Open SaaS, so, like, it's not

477
00:37:47.770 --> 00:37:51.215
it's not paying me. It's paying open source developers that need it.

478
00:37:52.095 --> 00:37:53.875
You give out any cool grants recently?

479
00:37:54.575 --> 00:37:56.595
Do we give out any cool grants

480
00:37:56.895 --> 00:37:57.395
recently?

481
00:37:58.310 --> 00:38:00.570
Yeah. We gave out a lot of cool grants recently.

482
00:38:02.790 --> 00:38:04.250
Well, you can go to opensats.org.

483
00:38:06.234 --> 00:38:07.214
If you go to opensats.org,

484
00:38:07.835 --> 00:38:08.734
we have a

485
00:38:09.035 --> 00:38:09.855
great blog

486
00:38:12.795 --> 00:38:13.615
that lists

487
00:38:15.660 --> 00:38:17.680
our recent grants. I know we gave,

488
00:38:19.820 --> 00:38:21.600
a long term support grant

489
00:38:22.755 --> 00:38:24.454
for Noster. And, by the way,

490
00:38:25.875 --> 00:38:30.214
I never really talk about individual grants and, like, the specifics about it.

491
00:38:30.550 --> 00:38:33.610
Grant recipients actually ask for how much money they want.

492
00:38:34.550 --> 00:38:36.570
If we had Jeff is on the NOSR Committee,

493
00:38:36.950 --> 00:38:38.010
he can see

494
00:38:39.035 --> 00:38:41.454
what other people ask for for grants,

495
00:38:42.795 --> 00:38:49.430
which is a concern. Right? It's like a corruption concern to a degree. I mean, I think we were insulated by that because OpenSats

496
00:38:49.890 --> 00:38:53.270
requires 5 of 9 board members to approve any grant regardless.

497
00:38:54.195 --> 00:39:05.560
He asked for a lot less than, like, a lot of other people get. He's a humble guy. Right? Yeah. I mean, I was really impressed. I like, to the point where I was like, dude, you should ask for more. He's like, I'm I'm good. This is, like, a good amount.

498
00:39:06.260 --> 00:39:08.920
So I'm glad we supported him. We supported Hadelbad,

499
00:39:10.180 --> 00:39:11.080
who's awesome,

500
00:39:11.815 --> 00:39:15.515
also in the Nostra community. Those obviously come out of our Nostra fund,

501
00:39:16.055 --> 00:39:21.309
recently out of the Bitcoin the Bitcoin grants out of our general fund. We supported Enuance,

502
00:39:22.250 --> 00:39:25.790
which is a great Cashew project. We supported Blitz Wallet,

503
00:39:26.329 --> 00:39:27.869
fantastic lightning project.

504
00:39:29.655 --> 00:39:30.474
We supported,

505
00:39:31.174 --> 00:39:31.674
VLS,

506
00:39:33.095 --> 00:39:33.595
validating

507
00:39:34.214 --> 00:39:35.194
lightning signer,

508
00:39:36.540 --> 00:39:38.640
which is the way to take,

509
00:39:40.860 --> 00:39:43.120
instead of lightning while it's being hot,

510
00:39:44.060 --> 00:39:45.360
they're working on

511
00:39:46.335 --> 00:39:47.234
making it,

512
00:39:47.775 --> 00:39:49.635
you can have your keys cold,

513
00:39:50.095 --> 00:39:55.330
and you can sign channel opens and channel closes, which I think is, like, quietly really important

514
00:39:55.630 --> 00:39:57.490
and impossible to monetize project

515
00:39:57.950 --> 00:40:01.890
because you need it to be open, and there's no way you can be in the flow of funds.

516
00:40:03.065 --> 00:40:06.205
That issue isn't solved yet with having cold storage

517
00:40:06.825 --> 00:40:12.339
on your lightning node running a running node, for example. No. You need to you need to have,

518
00:40:13.760 --> 00:40:18.020
you you need to have your keys hot right now. Like, all the routing nodes are all hot,

519
00:40:20.545 --> 00:40:22.965
which is crazy. Like, particularly as Bitcoin

520
00:40:23.665 --> 00:40:24.725
increases in price,

521
00:40:25.345 --> 00:40:33.190
it's more and more purchasing power are on these large routing nodes. Like, if you think like Asynx node, for instance. Right? Like Phoenix's node.

522
00:40:33.890 --> 00:40:38.895
Like, there's a shit ton of Bitcoin on that node, and it's all a hot wallet. And and back in our day,

523
00:40:39.515 --> 00:40:42.495
the rule of thumb was very simple. It was like you keep

524
00:40:43.435 --> 00:40:48.630
small amounts in the hot wallet, and you keep the majority in the cold wallet, never connect to the Internet.

525
00:40:49.170 --> 00:40:50.790
And lightning changed that,

526
00:40:51.809 --> 00:41:07.740
dynamic. It was like more and more money is in the hot wall, and you have no choice in validating, like, the Sandro's. Own personal lightning node, then you probably don't need that much liquidity. But, yeah, if you're an Yeah. This is for the routing. Let's see. Yeah. Yeah. But let's say you have a point of sale

527
00:41:08.119 --> 00:41:09.740
system and accept only accepting,

528
00:41:10.075 --> 00:41:22.350
then you can use this kind of cold storage solution that and set rules on it that it should only sign transaction when you have in incoming transactions, for example. So you don't can't get hacked. Someone just drain all your funds because then

529
00:41:23.130 --> 00:41:25.230
some rule kicking that just blocks that.

530
00:41:26.305 --> 00:41:27.285
Yeah. I like

531
00:41:27.905 --> 00:41:29.605
that. But you need to have a

532
00:41:30.385 --> 00:41:37.510
signer that is able to do that. Yeah. And so that's what VLS is working on. I mean, at this point, OpenSats now is supporting

533
00:41:37.890 --> 00:41:38.870
almost 200

534
00:41:39.170 --> 00:41:40.150
open source contributors.

535
00:41:40.450 --> 00:41:41.270
Did you ever,

536
00:41:41.810 --> 00:41:43.670
sponsor the Memploop open source project?

537
00:41:44.135 --> 00:41:45.194
Did you guys apply?

538
00:41:45.655 --> 00:41:46.954
No. I think opensas.org

539
00:41:48.055 --> 00:41:51.835
No. I think slash apply. I think when we were doing the grants and the sponsors

540
00:41:52.789 --> 00:41:59.609
was before OpenSats started. Yeah. Yeah. I mean, and now you guys What year did you start? Now you guys are a sustainable Sats flow business.

541
00:42:00.055 --> 00:42:04.875
Like, we're we're, like that's what we're gonna talk about, I think. But you guys are actually still

542
00:42:05.815 --> 00:42:17.490
welcome to apply. Like, you are well within the mandate of of of open SaaS, which is an open source project. That funding for people. Yeah. Because you guys are ethical and amazing. But you I I don't think

543
00:42:18.285 --> 00:42:19.185
I I think

544
00:42:20.765 --> 00:42:23.585
the fact that there is a business model that exists

545
00:42:24.205 --> 00:42:26.225
doesn't preclude you from applying.

546
00:42:26.590 --> 00:42:28.290
And and to be clear, 1031

547
00:42:28.590 --> 00:42:29.090
is

548
00:42:29.470 --> 00:42:31.330
the largest investor of mempool.

549
00:42:31.950 --> 00:42:33.650
So I would recuse myself

550
00:42:33.950 --> 00:42:35.010
from that decision.

551
00:42:35.825 --> 00:42:38.484
And we have a full audit trail with all of our votes.

552
00:42:39.105 --> 00:42:39.605
But

553
00:42:41.265 --> 00:42:45.160
I I don't I don't think I think that's the goal. I think it would be great

554
00:42:45.960 --> 00:42:49.180
to have more open like, to me, the cool part about mempool

555
00:42:49.480 --> 00:42:53.180
Yep. Is that it's this beautiful dream of an open source project

556
00:42:53.924 --> 00:43:03.360
that has a path to sustainable funding that doesn't require grants. And I think that didn't exist before Bitcoin. And, I mean, I that's what we're gonna discuss. So let's talk about that.

557
00:43:05.280 --> 00:43:07.540
You have something to say before we talk about that?

558
00:43:08.240 --> 00:43:14.095
No. I think there's some open source projects you can monetize and some you can't. Like you're saying, if there's

559
00:43:14.795 --> 00:43:22.640
some VLS or You can't monetize validating Lightning signer. It it's if it's gonna be like a protocol level project. How do you how do you monetize

560
00:43:24.700 --> 00:43:29.680
separating keys from signing on a hot? It's like a library or a protocol

561
00:43:29.980 --> 00:43:30.480
thing.

562
00:43:30.905 --> 00:43:33.005
Even Bitcoin Core. I mean, you can't really

563
00:43:33.385 --> 00:43:35.565
you never monetize Bitcoin Core.

564
00:43:36.025 --> 00:43:42.150
And so if you're like an application, which is what mempool is, then I think you have a shot. And there's

565
00:43:42.770 --> 00:43:53.595
very, very successful open source companies like MySQL was acquired for a $1,000,000,000 or even, Red Hat Enterprise Linux was, like, 20 something $1,000,000,000. Yeah. But their model was, like, support. Right?

566
00:43:53.900 --> 00:43:58.880
Yeah. That's a valid business model for an open source project. I mean, we do that. We have an enterprise offering.

567
00:43:59.260 --> 00:44:00.480
Yeah. Lots of

568
00:44:01.585 --> 00:44:04.325
lots of customers actually on Mempool Enterprise now.

569
00:44:05.425 --> 00:44:06.805
Some you might have heard of.

570
00:44:07.744 --> 00:44:21.964
Chief White mentioned Shotgun Willie's. That's the best best best Texas barbecues in Nashville, and it's called Choco and Willie's. I like how it's the best Texas barbecue in Nashville. They're actually former Texans, and they moved to Nashville, and that's great barbecue.

571
00:44:24.984 --> 00:44:33.580
Yeah. I mean, there's certain projects that have a chance to monetize, and there's certain don't. And then there's certain projects that only have a chance to monetize because Bitcoin exists.

572
00:44:33.960 --> 00:44:35.980
And I would say mempool is

573
00:44:37.105 --> 00:44:43.204
kind of on the bleeding edge of that with the transaction accelerator. So should we talk about let's let's jump into the transaction accelerator

574
00:44:43.984 --> 00:44:51.119
a bit. Like, I it's now public. Right? Like, what was this? Like, 2 days ago? Yeah. So if we start at the beginning when Simon and I first

575
00:44:51.500 --> 00:44:54.640
cofounded the mempool open source project back in 2019,

576
00:44:55.845 --> 00:44:57.305
The mempool was empty,

577
00:44:57.765 --> 00:45:04.025
and we were just kind of developing the project in the early days. But at some at sometimes, the mempool would get congested,

578
00:45:04.570 --> 00:45:06.990
and we would suddenly get 9,000 messages

579
00:45:07.690 --> 00:45:10.590
from people who thought we were the mempool

580
00:45:11.050 --> 00:45:23.045
and ran the mempool and could magically confirm their. Account. Or just reached out for support because they were desperate. Right? Yeah. And so at some point, I'm like, oh, well, maybe we should just do that as a service and, like, charge the money to

581
00:45:23.660 --> 00:45:25.680
confirm their transactions. And so

582
00:45:28.060 --> 00:45:36.385
at the time, the mempool was mostly empty. Like Catan's famous tweet, you could always do one sat per v byte and get it confirmed in the next block. So why would you

583
00:45:36.685 --> 00:45:42.625
build a transaction accelerator? But we were always kind of ahead ahead of the curve in in the terms of the mempool stuff,

584
00:45:43.359 --> 00:45:50.500
Especially, like, the first few years of the project, mempool is completely empty, but we just kept building it anyway because we knew in the future it would be

585
00:45:50.885 --> 00:45:56.585
very relevant. And just like we know the accelerator is gonna be super relevant in the future,

586
00:45:57.445 --> 00:46:03.560
we've been building over the past past few years. Yeah. I mean, when did we start the idea for the accelerator? I guess it's 2020.

587
00:46:05.140 --> 00:46:12.465
Yeah. I think you started pitching the idea of building an accelerator. And I remember back then, I didn't think of any,

588
00:46:12.765 --> 00:46:14.945
like, way reasonable way to monetize

589
00:46:15.245 --> 00:46:16.465
the project because

590
00:46:16.849 --> 00:46:25.190
we have a no ad policy, for example. So we can't put any ads. We can't have any error. I like that. We can't have a mempool token. We can't have any of that. So I couldn't really

591
00:46:25.765 --> 00:46:28.025
come up with any great idea. And I think

592
00:46:28.405 --> 00:46:31.065
given all the messages Damn it. Can't have a token.

593
00:46:31.445 --> 00:46:33.865
Can't come out with any great idea. Store is donation

594
00:46:34.250 --> 00:46:35.950
based, maybe, like, grants based.

595
00:46:36.569 --> 00:46:36.890
But,

596
00:46:37.369 --> 00:46:40.510
And we did get all the grants in the early days that we could.

597
00:46:41.210 --> 00:46:43.230
I mean, the project was very

598
00:46:44.295 --> 00:46:50.395
popular as soon as the mempool got full, and and everyone was very generous. And we got grants from Spiral and,

599
00:46:51.280 --> 00:47:03.744
Foundry and Unchained and Blockstream and Gemini and, you know, everybody was was very generous and supportive of us. And I also contribute it personally. That's true. Odell is the number 1 The first one. OG sponsor.

600
00:47:04.125 --> 00:47:06.065
First one. Technically, Jameson

601
00:47:07.090 --> 00:47:14.230
sent first, but I paid a higher fee. But he's second. I paid a higher fee. Mine confirmed first. Nice. Yeah. You're Which is more important.

602
00:47:14.565 --> 00:47:19.145
It's because it's settled. Thank you for sponsoring the Memplo. You're welcome. I made it all possible.

603
00:47:20.725 --> 00:47:21.285
But actually,

604
00:47:21.800 --> 00:47:27.260
our biggest sponsor was probably Jack Dorsey over the years, both individually and Many such cases. Spirals,

605
00:47:27.800 --> 00:47:28.619
grant program.

606
00:47:29.240 --> 00:47:30.140
And then later,

607
00:47:31.000 --> 00:47:31.500
we

608
00:47:32.185 --> 00:47:39.950
made deals to power the, Bitkey wallet back end for the hardware wallet they developed. So cool that you guys know that.

609
00:47:40.589 --> 00:47:44.770
Yeah. And now we're just, you know, kind of doing mempool space for all of

610
00:47:45.470 --> 00:47:47.010
the the Jack Dorsey Companies.

611
00:47:47.495 --> 00:47:48.955
I mean, we have a slide

612
00:47:49.735 --> 00:47:56.635
when that we shared investors at 10:31. It was, like, different partnerships among 10:31 portfolio companies.

613
00:47:57.260 --> 00:48:05.120
And it's literally just, like, mempool in the middle, and you guys just have lines to Yeah. We have 36 portfolio companies, like, 34 of them.

614
00:48:05.420 --> 00:48:06.720
You have lines too.

615
00:48:07.645 --> 00:48:11.025
It's insane. But when people go to the website, they don't really see,

616
00:48:11.805 --> 00:48:16.305
the whole enterprise offering of it all. Like, the infrastructure that we have built up

617
00:48:16.720 --> 00:48:16.960
is,

618
00:48:17.520 --> 00:48:22.580
allowing us to provide this, like, reliable API infrastructure to a ton of

619
00:48:22.880 --> 00:48:24.820
companies and businesses like Bitkey

620
00:48:25.125 --> 00:48:29.545
for the wallet back end. And that's not, and that's helping us funding the,

621
00:48:29.845 --> 00:48:38.740
finance, financing the project. Right? And that's not really what a lot of people are seeing because a lot of people ask me constantly, but how do you make money? How do you guys make money?

622
00:48:39.280 --> 00:48:41.220
Because they only see this free available.

623
00:48:42.095 --> 00:48:44.595
Right. Completely free website with no ads,

624
00:48:44.895 --> 00:48:47.315
with no service. It's what we use for

625
00:48:48.950 --> 00:48:49.990
the background of,

626
00:48:50.470 --> 00:48:51.370
so dispatch.

627
00:48:52.630 --> 00:48:58.650
Yeah. That's a nice, we made that for the Bitcoin conference last year, actually. We had that giant clock tower,

628
00:48:59.255 --> 00:49:00.454
and it was running this,

629
00:49:00.855 --> 00:49:04.954
circular clock face. And then you custom made this nice chat thing

630
00:49:05.895 --> 00:49:06.714
for me.

631
00:49:07.210 --> 00:49:12.670
I I think it's cool. I love it. I think it's great. By the way, if you're listening, I see we have

632
00:49:13.530 --> 00:49:16.430
a couple thousand listeners in the YouTube chat.

633
00:49:17.815 --> 00:49:19.595
If you go to nostril,

634
00:49:20.215 --> 00:49:23.835
the the live chat that is shown is the nostril live chat. So that's sidledispatch.com

635
00:49:25.360 --> 00:49:27.220
/stream. And if you go to sidledispatch.com,

636
00:49:28.720 --> 00:49:30.420
you have all the links you need,

637
00:49:31.280 --> 00:49:32.100
for everything.

638
00:49:33.475 --> 00:49:41.655
Yeah. So Bill is asking Bill paid a 1,000 sats for this question. So And he paid he paid with lightning, so we don't have to wait for it to confirm.

639
00:49:42.010 --> 00:49:42.170
Yeah.

640
00:49:42.890 --> 00:49:48.750
Can you send a 0 sat per v byte fee and pay the lightning invoice to get into a block? So currently,

641
00:49:49.085 --> 00:49:49.825
your transaction

642
00:49:50.365 --> 00:49:51.665
already has to be

643
00:49:52.285 --> 00:49:53.025
on mempool.space's

644
00:49:53.724 --> 00:49:54.224
mempool.

645
00:49:54.685 --> 00:49:56.945
So what is the fee button? And a 0 set

646
00:49:57.320 --> 00:50:09.175
per byte would not get in there. So currently, we're just running the stock bit by default. A 1 sapper byte, they could do that. That's correct. If you do one sapper view byte, you can get you can broadcast it directly to our node, and then you could accelerate.

647
00:50:10.115 --> 00:50:14.380
In the future, we'll probably expand the accelerator to do a little bit more,

648
00:50:16.040 --> 00:50:23.035
nonstandard stuff like I mean, that's fine. Like, they could pay once separately. You have the new, like, mempool policy of you can see BFP

649
00:50:23.894 --> 00:50:34.070
group Child pays for personal billing. Package relay. Yeah. Yeah. So you can actually have a 0 fee transaction that is getting bumped by a higher fee, and you can broadcast those 2 transaction together.

650
00:50:34.450 --> 00:50:39.590
And then suddenly the first one that's 0 set will be a valid Bitcoin transaction, and then you can accelerate

651
00:50:40.005 --> 00:50:44.265
this group together. Let's pull it back for a second. So there's there's currently

652
00:50:44.805 --> 00:50:45.305
200,000

653
00:50:46.005 --> 00:50:46.505
plus

654
00:50:46.805 --> 00:50:48.660
transactions that are unconfirmed. Right.

655
00:50:49.220 --> 00:50:53.079
Effectively, if you send a Bitcoin transaction, you're in a waiting list to get confirmed.

656
00:50:53.780 --> 00:50:59.305
Those that waiting list is mempools, and those mempools exist on everyone's notes.

657
00:50:59.765 --> 00:51:00.725
Right? And it's it's

658
00:51:01.445 --> 00:51:02.025
and, particularly,

659
00:51:02.725 --> 00:51:05.065
it sits on miners' nodes, and the miners

660
00:51:05.540 --> 00:51:07.960
are usually taking the highest fee transactions,

661
00:51:08.900 --> 00:51:15.255
are are are are are getting included in the next block and getting confirmed. You can imagine if you went to a restaurant,

662
00:51:15.715 --> 00:51:17.495
and the waiting list for the restaurant

663
00:51:17.875 --> 00:51:21.095
was based on how much you bid to enter the restaurant.

664
00:51:21.395 --> 00:51:22.600
And that is what

665
00:51:23.080 --> 00:51:27.020
how Bitcoin works, and it's how we deal with scarce block space.

666
00:51:27.480 --> 00:51:27.980
So

667
00:51:28.360 --> 00:51:29.900
based on this concept,

668
00:51:31.394 --> 00:51:34.135
and based on the increasing adoption of Bitcoin,

669
00:51:35.394 --> 00:51:37.255
as per our earlier conversation,

670
00:51:37.610 --> 00:51:40.910
we actually have future presidents, likely future presidents,

671
00:51:41.530 --> 00:51:43.630
talking about Bitcoin strategic reserves.

672
00:51:44.010 --> 00:51:48.734
I believe this waiting list will never clear, and there will always be a forever waiting list.

673
00:51:49.595 --> 00:51:51.135
The beauty of this

674
00:51:52.234 --> 00:51:53.295
mempool accelerator

675
00:51:53.994 --> 00:51:59.260
is that if you are stuck in the waiting list and you send a transaction and you're you're, like,

676
00:52:00.200 --> 00:52:00.700
number

677
00:52:01.079 --> 00:52:01.579
155,000

678
00:52:02.359 --> 00:52:04.744
in the line, you can just open mempool.space

679
00:52:05.204 --> 00:52:06.025
in your browser,

680
00:52:06.885 --> 00:52:07.785
click a transaction,

681
00:52:08.325 --> 00:52:14.350
and it'll pop up a nice little lightning invoice. And you can just scan that lightning invoice, and you'll get into the next block.

682
00:52:14.970 --> 00:52:16.510
That is fucking cool, guys.

683
00:52:16.970 --> 00:52:18.110
Well fucking done.

684
00:52:18.490 --> 00:52:19.390
That is impressive.

685
00:52:19.690 --> 00:52:20.350
It was

686
00:52:21.365 --> 00:52:28.825
a lot of work, many years of hard work to get to that point where, yeah, you can just push a button and and accelerate it to the front of the line. But,

687
00:52:29.230 --> 00:52:36.130
we got Cheapway with 21,000 SaaS. I'm gonna go back to the chat on the live stream. Boom. Done. That's awesome. Yeah. So the

688
00:52:36.750 --> 00:52:38.690
accelerator was something we built

689
00:52:39.475 --> 00:52:40.615
over many years.

690
00:52:41.075 --> 00:52:43.335
It was, you know, of course, developing

691
00:52:44.275 --> 00:52:46.455
the mining dashboard functionality,

692
00:52:47.360 --> 00:52:48.820
the block visualization,

693
00:52:49.200 --> 00:52:50.660
the block audit functionality.

694
00:52:51.040 --> 00:52:52.420
The block audit's key.

695
00:52:53.040 --> 00:52:59.125
Yeah. Absolutely. Because we have to implement the accelerator in an open and transparent way

696
00:52:59.745 --> 00:53:04.625
to pass our, you know, ethics rules. And so we did it to the best of our ability,

697
00:53:05.420 --> 00:53:06.720
putting everything in the open

698
00:53:07.180 --> 00:53:14.994
and making it fully auditable using our own open source software that we put out there so that you don't have to trust mempool space to not do any shenanigans.

699
00:53:15.535 --> 00:53:16.355
You can just

700
00:53:16.815 --> 00:53:18.914
audit the audit that we show on Emplespace.

701
00:53:20.174 --> 00:53:20.914
And so,

702
00:53:21.760 --> 00:53:25.860
yeah, we got a question from Bill. It would be nice to send a coin joined 1,000,000

703
00:53:26.160 --> 00:53:28.020
sat UTXL with a lightning invoice.

704
00:53:28.480 --> 00:53:32.275
If it's one sat preview, but it breaks out UTXO. Yeah. There's probably tons of use cases

705
00:53:33.215 --> 00:53:34.015
that you could,

706
00:53:34.415 --> 00:53:35.795
do with 0

707
00:53:36.175 --> 00:53:36.675
sat

708
00:53:37.295 --> 00:53:50.130
0 zero fee transactions again. Right? Well, why don't they just do according to transaction when they pay 1 sapro bite and boom. Done. I don't understand the question. You'll have to ask, Bill. That. I mean, you I mean, you answered the question because he spoke in caps,

709
00:53:50.495 --> 00:53:52.835
which, I mean, says a lot just there.

710
00:53:54.255 --> 00:53:56.995
Yeah. I think he wants to keep it like a nice round number.

711
00:53:57.600 --> 00:53:58.100
Right?

712
00:53:58.400 --> 00:54:00.660
Like, sometimes when you look at coin joints, they're all

713
00:54:01.200 --> 00:54:22.820
one with the sets except for, like, one that had to pay the fees or It had to pay the fee. Right? So it kind of ruins a little bit of the anonymity set maybe? Yeah. I mean, I guess, but I think at the end of the day, you you pay yeah. Look. We had a Lebanese Huddl saying fantastic view. The the design is so it's exactly what you would expect. It doesn't require BTC sessions to do, like, a 2 hour video about it.

714
00:54:23.295 --> 00:54:25.315
Like, it would be the most boring video

715
00:54:25.935 --> 00:54:29.475
because it's so obvious. Like, you just go to the transaction at mempool.space,

716
00:54:29.855 --> 00:54:35.490
and you press the accelerate button, and an invoice pops up, and then you open your lightning wallet and you pay it.

717
00:54:35.950 --> 00:54:39.010
Right? And I I think you guys should be commended on that. Like,

718
00:54:39.485 --> 00:54:41.425
it's just incredibly clean UX,

719
00:54:42.605 --> 00:54:44.465
and it did take a lot of work.

720
00:54:44.765 --> 00:54:49.980
And It's it's very simple, but it's a huge system underneath that took a long time

721
00:54:50.360 --> 00:54:54.300
and just getting everything to work and handle all the edge cases and the

722
00:54:54.600 --> 00:54:58.885
attack vectors and the way people can screw with it. Yeah. Can we talk about how it works a little

723
00:54:59.265 --> 00:55:04.165
bit? It's very simple. Yeah. It's a Rube Goldberg machine. There's this

724
00:55:04.500 --> 00:55:08.840
built in command in Bitcoin Core called prioritize transaction.

725
00:55:09.620 --> 00:55:12.280
So we're sending the transaction ID

726
00:55:12.855 --> 00:55:14.635
to the mining pool partners

727
00:55:15.335 --> 00:55:25.010
with the new fee fee rate. Right. And they just call Bitcoin Core and prioritize that transaction in their mem And then you pay the mining pool partners. And after

728
00:55:25.390 --> 00:55:26.850
the transaction is confirmed

729
00:55:28.030 --> 00:55:44.350
with whoever minds that we settle that, like, each month or so. Then you send them once a month, do you send them the stats or how does that work? Is that too much information? Should I just you kinda rolled your eyes at me. Yeah. I I think the agreements with the mining pool partners are all a little bit different,

730
00:55:44.730 --> 00:55:46.030
in in those

731
00:55:46.465 --> 00:55:47.925
business details. But

732
00:55:48.385 --> 00:55:51.845
I think under the hood, it's actually not simple. It's actually very,

733
00:55:52.225 --> 00:55:53.765
very complicated because

734
00:55:54.720 --> 00:55:55.780
we have to

735
00:55:56.320 --> 00:55:58.180
we have to do things like

736
00:55:58.720 --> 00:56:02.660
make sure we don't take money from North Korea. We have to make sure we don't

737
00:56:04.045 --> 00:56:05.265
accelerate transactions

738
00:56:05.565 --> 00:56:07.984
for addresses on the OFAC sanctioned

739
00:56:08.525 --> 00:56:11.505
OFAC list. Right? Right. We have to make sure that

740
00:56:11.960 --> 00:56:23.655
your transaction is not some kind of, denial of service transaction or an attack transaction or some kind of shenanigans. Yeah. We're we're working huge transaction and then they re make a refund

741
00:56:24.435 --> 00:56:28.454
or something and they just But how do they get a refund on it? Well, some people

742
00:56:29.165 --> 00:56:31.280
flashback. Some people trust unconfirmed

743
00:56:31.660 --> 00:57:03.925
transactions, which they obviously shouldn't, but they do anyway. And so Oh, so you could be the replaced by fee. There's a lot of shenanigans you can do with an accelerator. Be like a fake replaced by fee that when you replace by fees, like, actually 1 sapper buy and then accelerate it through mempool. There's a lot of attacks you can do, and so we spend a lot of time mitigating these things. And we don't wanna break Bitcoin. Right? I mean, if you if you call up all the mining pools and you say, hey. Give me Root on your block template generator so I can accelerate. It's a huge trust, and we can't you know, we take that responsibility very seriously. We can't So what do you say to people?

744
00:57:05.350 --> 00:57:07.450
And then the pricing model is rather complex.

745
00:57:07.830 --> 00:57:15.255
Like Well, yeah. How does the pricing model work? If you're a very if you're a Plaab and you have a regular transaction Yeah. It's, it's rather cheap.

746
00:57:15.894 --> 00:57:16.295
But,

747
00:57:16.855 --> 00:57:18.714
as soon as you're gonna do some

748
00:57:19.095 --> 00:57:37.935
huge JPEG or something, you're gonna have to pay a third charge for that stuff. So Well, because this transaction is larger. Yeah. So so you pay, like, a shitcoin premium kind of thing. Shitcoin premium. The shitcoin premium. Now we only do valid Bitcoin transactions, but That's Yeah. So what do you I mean,

749
00:57:38.600 --> 00:57:41.420
we're all friends here. What do you what do you say to the people that

750
00:57:41.720 --> 00:57:42.220
that,

751
00:57:42.760 --> 00:57:44.220
this is an attack on Bitcoin?

752
00:57:44.680 --> 00:57:48.505
If you're not attacking Bitcoin, what are you even doing with your career in this industry?

753
00:57:49.545 --> 00:57:50.045
Well,

754
00:57:50.345 --> 00:57:58.204
I have a way of steel manning. I think Wiz has his his way of, That's the quote of the episode. And I have a way of applying to this question.

755
00:57:59.240 --> 00:58:01.580
But Okay. Yeah. Simon, what's your answer?

756
00:58:02.360 --> 00:58:03.500
So, like,

757
00:58:05.720 --> 00:58:07.420
so my answer is that

758
00:58:07.825 --> 00:58:08.325
this

759
00:58:09.265 --> 00:58:13.765
was already taking place, like, for several years before we launched Accelerator.

760
00:58:14.760 --> 00:58:18.619
But it was unknown because it was all happening behind closed doors,

761
00:58:19.079 --> 00:58:23.900
dark man pulls, and nobody even complained about it because they didn't even know about it. They had no idea

762
00:58:24.315 --> 00:58:26.975
So suddenly we launched this world's first

763
00:58:27.515 --> 00:58:34.130
accelerator that is fully transparent Right. And auditable. Right. And people start complaining like this is something new. It's

764
00:58:34.750 --> 00:58:35.650
not. We're actually

765
00:58:36.430 --> 00:58:36.930
making,

766
00:58:38.349 --> 00:58:40.690
some progress in in this market.

767
00:58:41.150 --> 00:58:41.650
But

768
00:58:42.045 --> 00:59:27.680
as like if you're a Bitcoin purist, you could say that this should not happen off chain. We should all use the Bitcoin protocol. Right. Everything should go through the usual mempool phone. But you can go tell that to the guy that has a stock transaction, like a lightning close for, like, 6 months and tell that guy, just use RBF. He's, like, trying to deposit in fucking Cash App. But that's, like, the first Right. That's, like, the first reply. Oh, just use RBF. Right? What is it while it doesn't support RBF? Then you're fucked. Right. And this Or what if he's receiving a transaction from There's so many there's so many He's just, like, accepting a a transaction from some There's so many case cases and and like it's a very common thing with the multisigs and time locks like the lighting closures that you can't use RBF or CPFB even if you want to. If there's no anchor output for the right and close.

769
00:59:28.060 --> 00:59:28.880
So actually

770
00:59:29.340 --> 00:59:30.080
off band

771
00:59:30.620 --> 00:59:37.335
fee bump is the only solution in that case. And you guys made it super transparent. So we're actually solving a problem for people that have a problem.

772
00:59:37.875 --> 00:59:40.535
And, that's just Well, I I think a lot of

773
00:59:41.430 --> 00:59:42.170
core developers

774
00:59:42.630 --> 00:59:59.005
kind of take a little bit of personal offense that the fact that Mempool Accelerator can even exist. I get it. And It's like they're doing their job poorly. Right. And even And I need to exist. I don't see it that way at all because at the end of the day, a centralized

775
00:59:59.880 --> 01:00:04.140
company doing a centralized service is always gonna be more efficient than

776
01:00:04.520 --> 01:00:09.100
a decentralized peer to peer network trying to do it with, you know, no trusted

777
01:00:09.944 --> 01:00:11.484
party running it. And so

778
01:00:11.944 --> 01:00:20.750
we can always undercut, you know, just in our MySQL database, we can do accounting a lot more efficiently than on a blockchain. Right? And so I don't feel

779
01:00:21.290 --> 01:00:22.030
it's some

780
01:00:22.490 --> 01:00:27.630
flaw in Bitcoin that and that in, you know, an out of band fee market exists.

781
01:00:28.105 --> 01:00:39.480
It's just the free market, and the free market is gonna do what the free market's gonna do. We're just trying to do our implementation in the most ethical way possible and the most transparent and open way way possible.

782
01:00:40.020 --> 01:00:43.480
Yeah. I agree with that. I mean, I don't think it's an attack on Bitcoin.

783
01:00:44.339 --> 01:00:47.160
I think it's important for us to accept that as a

784
01:00:48.485 --> 01:00:49.385
valid argument

785
01:00:50.485 --> 01:00:54.265
and to counter it and to have open discussion about it,

786
01:00:54.965 --> 01:00:55.465
because

787
01:00:56.390 --> 01:00:58.790
it could be. And I think I actually think

788
01:00:59.430 --> 01:01:00.570
by the way, to,

789
01:01:01.990 --> 01:01:09.185
Ivan's question, what plumber accepts Bitcoin? If you want your plumber to accept Bitcoin, offer him 20% more if you pay him Bitcoin.

790
01:01:09.565 --> 01:01:10.705
He will accept Bitcoin.

791
01:01:11.405 --> 01:01:17.079
Then pay him in one separate bite, and he will need to use the mempool accelerator in order to get his transaction confirmed.

792
01:01:17.619 --> 01:01:20.119
And and now we've hit the use case.

793
01:01:21.275 --> 01:01:22.975
I think Wiz made a good point,

794
01:01:23.595 --> 01:01:26.975
to me, I think, privately, and I'll just share this publicly,

795
01:01:28.780 --> 01:01:31.119
and I don't think you won't mind me sharing it publicly.

796
01:01:31.980 --> 01:01:35.040
If not us, then who is the answer? And it's it's

797
01:01:35.820 --> 01:01:38.079
if if we don't make it a transparent

798
01:01:39.165 --> 01:01:40.305
auditable process,

799
01:01:40.845 --> 01:01:43.185
someone else will do it in a dark way,

800
01:01:44.045 --> 01:01:49.430
because the need exists. The need exists regardless. If you believe mempools will never clear again,

801
01:01:49.730 --> 01:01:53.030
if you believe that Bitcoin transaction volume increases,

802
01:01:54.210 --> 01:01:55.030
with adoption,

803
01:01:55.955 --> 01:01:58.775
and that Bitcoin block space is scarce,

804
01:01:59.235 --> 01:02:02.695
then people will come up with way worse methods of handling

805
01:02:03.530 --> 01:02:04.830
this use case.

806
01:02:05.369 --> 01:02:12.190
And I think I think you guys handle it in a very ethical and responsible way. Well, not only that, but all of the transaction

807
01:02:12.735 --> 01:02:13.235
accelerators

808
01:02:13.935 --> 01:02:15.395
that existed before

809
01:02:15.855 --> 01:02:16.835
Mempel accelerator

810
01:02:17.935 --> 01:02:21.875
were essentially created during the block space wars,

811
01:02:22.360 --> 01:02:22.860
and

812
01:02:23.160 --> 01:02:24.220
they were intentionally

813
01:02:24.520 --> 01:02:26.380
made as shitty as possible

814
01:02:27.000 --> 01:02:27.500
to

815
01:02:27.880 --> 01:02:36.405
serve as, like, propaganda for b cash. Right? They wanted to show how terrible Bitcoin is with its full mempool and full blocks,

816
01:02:37.345 --> 01:02:39.365
and it was all part of this propaganda.

817
01:02:40.150 --> 01:02:47.770
And after the block size wars, those transaction accelerators were still there with their terrible pricing models and opaque

818
01:02:48.445 --> 01:02:49.645
everything, and you and,

819
01:02:50.125 --> 01:02:52.065
it didn't make any sense. Terrible UI.

820
01:02:53.085 --> 01:03:06.724
And they never improved them. But the mempool got full again. And that's the only thing that the Bitcoin community had for acceleration was these terrible accelerators. And so, yeah, we had to step in and raise the bar and say, this is how you would do it properly

821
01:03:07.825 --> 01:03:08.964
if you are

822
01:03:09.640 --> 01:03:13.100
a real Bitcoiner. Right? You would do it open source. You would do it transparent.

823
01:03:13.480 --> 01:03:23.845
You would let anybody audit what you're doing. You'd partner with all the best mining pools and make a, well, I call it like a marketplace. But, essentially, when someone accelerates a transaction on mempool space,

824
01:03:24.305 --> 01:03:27.045
we relay that request to all the mining pool partners,

825
01:03:27.780 --> 01:03:30.200
and whoever mines it gets the money.

826
01:03:30.660 --> 01:03:31.720
And that way,

827
01:03:32.180 --> 01:03:33.080
we can accelerate

828
01:03:33.700 --> 01:03:40.515
with a much larger percentage of hash power than you would have from just accelerating on a single mining pool.

829
01:03:40.815 --> 01:03:41.474
And they

830
01:03:42.255 --> 01:03:46.194
and then the individual might like, every mining pool is not just one miner.

831
01:03:47.040 --> 01:03:49.300
The individual miners are able to actually

832
01:03:49.600 --> 01:03:54.420
see the block audits, see the transparency, and make sure that the mining pool operator

833
01:03:54.994 --> 01:03:56.855
is not just taking that big

834
01:03:57.395 --> 01:04:01.015
and not distributing it out to the rest of them. Right? Like, that's a key part.

835
01:04:01.395 --> 01:04:06.410
I mean, that's the decision of the pool operator to how to redistribute those. I mean, there's other,

836
01:04:07.270 --> 01:04:14.685
solo miners. Like, I think, Mara is just mining using their own hash power. Right? So they don't have to But I'm saying for the ones that aren't,

837
01:04:15.385 --> 01:04:20.445
like, that's one of the key aspects of the block audit. Right? Like, that's why you guys provide these.

838
01:04:21.619 --> 01:04:27.880
Yeah. I think it's gonna be interesting to see what each individual pool operator does in terms of

839
01:04:28.420 --> 01:04:28.920
redistributing

840
01:04:29.700 --> 01:04:30.200
these

841
01:04:30.655 --> 01:04:33.555
out of band fees to the individual minors.

842
01:04:34.015 --> 01:04:40.290
Some might just keep it. Some might pay it out as negative fees. Some might redo their FPPS calculations.

843
01:04:41.410 --> 01:04:41.910
Right.

844
01:04:42.690 --> 01:04:50.125
You know, it seems like a lot of them haven't even figured this out yet, and they're just kind of starting and and seeing how it goes. We're we're still very early with this

845
01:04:50.765 --> 01:04:58.385
accelerator. It's only been live for, what, a few weeks now in in the closed beta. Like, publicly, like, what, 3 days or something?

846
01:04:58.685 --> 01:05:01.800
Yeah. I mean, the conference is, like, 2 days ago. We turned on,

847
01:05:02.200 --> 01:05:06.525
Google Pay and Apple Pay, and now anyone Oh, wait. You can just pay with the Apple Pay now?

848
01:05:07.724 --> 01:05:14.145
Yeah. I mean, if you have a a wallet with lightning in it, that's certainly the best. I mean, that's how I've done it.

849
01:05:14.530 --> 01:05:17.490
But, yeah, if you have Cash App Pay or Apple Pay or Google Pay

850
01:05:18.930 --> 01:05:22.870
Currently, most are paying with Apple Pay actually. And Really? It's really understandable

851
01:05:23.330 --> 01:05:28.535
that if you're a regular That's insane. And you have a stock transaction, you probably don't have a lightning

852
01:05:28.914 --> 01:05:31.494
wallet prepared. And they just pay with Apple Pay.

853
01:05:32.559 --> 01:05:35.359
I think one of the cool parts about it is, like, you can just, like

854
01:05:36.880 --> 01:05:42.805
if you're maybe a little bit drunk, you know, you're just feeling charitable, you can just, like, go you go mempool.space.

855
01:05:43.105 --> 01:05:48.865
You just accelerate some random transactions. Like, oh, nice. I got it confirmed. That that's actually pay with money.

856
01:05:49.345 --> 01:05:50.805
Do for testing the service

857
01:05:51.210 --> 01:06:03.055
is I go deep in the mempool and I find some pledged transactions has been stuck for months. Yeah. I'm gonna accelerate it. Use that for a test case Yeah. Instead of just making one wasting That's kinda awesome. Right? Yeah. Yeah. And you feel good about it?

858
01:06:03.355 --> 01:06:14.020
I mean, I'm just trying to fix my thing. I feel like that's, like, the charity of the future, like, mister beast of of, like, 20 you know mister beast? Of course. He just, like, builds wells for Africans and shit.

859
01:06:14.320 --> 01:06:15.300
Like, that's his

860
01:06:15.680 --> 01:06:25.500
identity. He would totally just go and accelerate, like, 1,000 people. Just random people. It's just like, I'm gonna pick you get a car. You get a car. But it's a 0 fee. Like, if you're accelerating a transaction, you're

861
01:06:25.900 --> 01:06:31.200
displacing another transaction from the next block. So It's actually kinda fucked up.

862
01:06:31.580 --> 01:06:38.035
Well, that's how scarce it works. Deep ethical question. I mean, some asshole's gonna write, like, a 1,000 page book on this,

863
01:06:38.974 --> 01:06:42.115
about the ethics of accelerating random person's transaction.

864
01:06:45.170 --> 01:06:47.910
I'm not gonna buy that. Me think about it that deeply. Okay. Sorry.

865
01:06:49.810 --> 01:06:50.930
Guys, do you think,

866
01:06:51.490 --> 01:06:52.470
so right now,

867
01:06:52.875 --> 01:06:53.375
there

868
01:06:53.835 --> 01:06:56.815
are 200,000 transactions waiting to be confirmed,

869
01:06:57.995 --> 01:07:01.215
and I lost my mouse. Where's my mouse? Right there.

870
01:07:02.470 --> 01:07:02.970
But,

871
01:07:04.070 --> 01:07:06.490
next block is, like, 4 sats per byte.

872
01:07:06.869 --> 01:07:11.095
For whatever reason, a shit ton of hash has joined the network probably because they listened,

873
01:07:12.855 --> 01:07:22.070
to former president Trump's speech, and they're like, I need Bitcoin in my strategic reserve, and they just all jumped on. So the next difficulty adjustment's gonna be,

874
01:07:23.250 --> 01:07:23.750
11%

875
01:07:24.210 --> 01:07:24.710
jump.

876
01:07:25.345 --> 01:07:31.045
And mempool right now is actually predicting that for 31 hour in 31 hours, so it's about to happen.

877
01:07:31.665 --> 01:07:33.205
And usually in these periods,

878
01:07:34.220 --> 01:07:35.280
mempools decrease,

879
01:07:36.380 --> 01:07:37.119
in amount

880
01:07:37.820 --> 01:07:38.560
of transactions.

881
01:07:38.940 --> 01:07:40.160
I think it's been

882
01:07:42.674 --> 01:07:45.335
over a year now that mempools have not cleared.

883
01:07:46.515 --> 01:07:47.575
I have famously

884
01:07:48.650 --> 01:07:52.590
It's not gonna clear again. I've I was I was asking that was my question.

885
01:07:53.130 --> 01:08:10.100
Did you agree with me that mempools will never clear again? Yeah. No. It won't clear. I mean, we are if if it was like normal like a few few years ago, like, no no weird stuff in the mempool. The mempool will totally be clear now. But now we have these ruins and stuff and there are people mining tokens by just

886
01:08:10.640 --> 01:08:11.540
spamming transactions.

887
01:08:12.000 --> 01:08:22.685
So the whole mempool like 200,000 you don't have 200,000 people out there sitting and waiting for a transaction Yeah. Transaction. It's like 1 guy, 10 guy making tens of thousands of those transaction

888
01:08:24.010 --> 01:08:31.710
each as, like, a RUNE token mint thing. So you agree with me, but I think that's it's like they are like the buyer of block space.

889
01:08:32.145 --> 01:08:33.605
Like, the last resort

890
01:08:33.985 --> 01:08:37.204
buyer of block space is are these Rune Miners Minters.

891
01:08:37.585 --> 01:08:51.170
So as soon as the fees start to go down again, they start they will ramp up their minting so they it will never clear. Yeah. I remember people would laugh at Odell on Twitter for saying that mempools would never clear again. This was before I deleted it. Remember Yeah. No. Remember, like,

892
01:08:51.665 --> 01:09:01.790
Capsule Dell was tweeting out things like the mempool fees are designed to pump forever. And, obviously, we're working on the mempool open source project. We understand that, you know, arguably,

893
01:09:02.250 --> 01:09:05.310
better than anyone. But, like, people were really

894
01:09:05.690 --> 01:09:11.925
laughing at Odell. They're like, this is crazy. People are betting against you. I mean, how many sats did Marty have to pay you?

895
01:09:12.945 --> 01:09:17.765
We have we actually have a current bet out. Like, he's gonna owe me a 1,000,000 sats next

896
01:09:18.219 --> 01:09:21.199
next having. I thought it was the end of last year or something.

897
01:09:22.460 --> 01:09:23.120
I actually

898
01:09:23.739 --> 01:09:26.560
briefly lost that bet, and then I doubled down.

899
01:09:26.875 --> 01:09:34.655
But we have a million sats outstanding right now. About man pool never clearing? Yeah. Yeah. I think you're gonna win it. I I made back my money

900
01:09:35.680 --> 01:09:36.420
on the rebets,

901
01:09:37.600 --> 01:09:39.699
but I actually I never got any money from,

902
01:09:40.160 --> 01:09:43.060
so Trinity actually owes me a round of golf.

903
01:09:43.395 --> 01:09:45.175
Wow. So I got that going for me.

904
01:09:47.315 --> 01:09:49.094
I think I made maybe 200,000

905
01:09:49.475 --> 01:09:50.215
sats altogether,

906
01:09:50.720 --> 01:09:53.220
But I have a 1,000,000 sats outstanding with Marty,

907
01:09:54.000 --> 01:09:57.060
for next leap year, which is always during havings.

908
01:09:57.440 --> 01:10:03.525
I think it was kinda beautiful that Satoshi made leap years, Like, leap years are always having years. I suppose if you

909
01:10:03.985 --> 01:10:09.045
are running an accelerator, you're inherently betting that the mempool will never clear again.

910
01:10:09.770 --> 01:10:15.309
So I'm obviously I think we seriously has to consider if we just gonna just purge all the one sats

911
01:10:15.610 --> 01:10:22.465
or vBuy transactions from the from our mempools because they're just hanging there and they're never gonna confirm. No. But we can accelerate those now.

912
01:10:22.845 --> 01:10:26.065
That's No. People accelerate 1 sat per v bytes all the time.

913
01:10:26.490 --> 01:10:37.534
Yeah. But I'm So why are we gonna purge them? Yeah. Why would you purge them for 6 months, and they're never gonna confirm again. So But now the accelerator exists, they can lose That's the floor. True. Why don't you just delete the whole mempool then?

914
01:10:37.835 --> 01:10:43.375
Yeah. Why once why not do zaprify? Yeah. Well, why would you make So it seems like a slippery slope.

915
01:10:44.250 --> 01:10:54.395
Re enable our time out because I think there's a default time out thing in the in in It was, like, 2 weeks? 2 weeks, and we we removed our time out completely. That's why we have transactions that have been stuck for over

916
01:10:54.695 --> 01:11:03.500
6, 8 months. The reason we disabled the time out is because we were planning to launch an acceleration service that would be able to accelerate these stuck transactions.

917
01:11:04.120 --> 01:11:07.500
And so if you expired them from our mempool, they would Well, then I can recreate

918
01:11:07.880 --> 01:11:14.005
a new one with a higher fee. That's another option. I mean, I think the cool part is I think the cool part is,

919
01:11:15.105 --> 01:11:18.005
with your accelerator is that it's it's legit.

920
01:11:19.390 --> 01:11:23.090
It's like almost it's like a perfectly free market. Like, you can

921
01:11:23.390 --> 01:11:29.375
you can just pay exactly what is needed to get into the next block if you need to get in the next block. Yep.

922
01:11:29.994 --> 01:11:32.815
And the market basically dictates that price.

923
01:11:35.195 --> 01:11:40.280
And and a person shouldn't dictate the price. Because if a person can dictate it, then we'll just have

924
01:11:41.060 --> 01:11:47.455
we'll have corruption. We'll have greed. Like, the whole system breaks breaks down to a degree, and you guys have added a compelling

925
01:11:48.555 --> 01:11:50.015
option to that aspect.

926
01:11:50.875 --> 01:11:55.040
It was always kind of there. It's just that no one built the tools to really

927
01:11:56.219 --> 01:11:59.040
add an arbitrary fee bump on any transaction

928
01:12:00.620 --> 01:12:06.355
that simply and easily and taking various payment methods and just putting all the pieces together.

929
01:12:07.054 --> 01:12:10.355
Like, it was always possible. Right? Yeah. By the way, Freaks.

930
01:12:13.520 --> 01:12:16.100
The purge. I didn't I didn't stop,

931
01:12:16.880 --> 01:12:21.220
broad this is the first dispatch that's not broadcasted to Twitter ever,

932
01:12:22.505 --> 01:12:27.485
and it's not for ideological reasons. I actually left the civil dispatch account up just for broadcast.

933
01:12:28.745 --> 01:12:30.845
It it's because I was right.

934
01:12:31.770 --> 01:12:36.750
And, to broadcast to Twitter, it requires KYC now. And I would have to

935
01:12:37.130 --> 01:12:41.475
get a blue check to broadcast to Twitter, and that's why it's just YouTube and Nostra now.

936
01:12:43.295 --> 01:12:45.875
So feel free to just if you're still on Twitter,

937
01:12:46.335 --> 01:12:49.570
like, send out a tweet real quick. Just say, Odell was

938
01:12:49.949 --> 01:12:51.170
right, period.

939
01:12:53.150 --> 01:12:55.489
And then send send tweet. Send the tweet.

940
01:12:56.270 --> 01:12:56.770
Then

941
01:12:57.985 --> 01:12:59.365
Just sit there for a second

942
01:13:00.305 --> 01:13:02.085
Just like think about your life choices

943
01:13:03.505 --> 01:13:06.805
Just like think just like just sit there for a little bit like think

944
01:13:07.700 --> 01:13:10.760
And then and then delete your Twitter and then go noster only.

945
01:13:12.500 --> 01:13:14.440
I think that's the way you should handle that.

946
01:13:16.195 --> 01:13:28.639
Can Bitcoin survive without a working coin joint implementation? Yeah. What's your answer to that? By the way, are we answering questions that are only a 1000 sat saps, or are we are we gonna should we Are we raising the phone? Bump it?

947
01:13:29.420 --> 01:13:34.675
I feel like if you want your answer question if you want your question answered, it should be at least 2,000 sats.

948
01:13:36.594 --> 01:13:39.735
But we'll answer this one because we just increased the floor.

949
01:13:40.114 --> 01:13:42.775
What do you what do you what do you what is your answer to this question?

950
01:13:43.370 --> 01:13:45.310
I don't even know what coin joining is.

951
01:13:46.330 --> 01:13:51.290
We have we have a working coin join implementation right now, and it's join market. And,

952
01:13:52.155 --> 01:13:54.975
the easiest way to use join market is

953
01:13:55.355 --> 01:14:01.775
is I mean, you have to self host it by design, but the easiest way to use it is is using star 9. I I think

954
01:14:02.320 --> 01:14:07.699
the easiest way to run a mempool self hosted is is also probably star 9.

955
01:14:08.560 --> 01:14:09.619
One click installation.

956
01:14:10.225 --> 01:14:16.565
Yeah. And you don't have to buy their hardware, pay them any money. You can just I have one right here. The you see this desktop?

957
01:14:18.040 --> 01:14:22.220
Like, it's just I didn't pay star 9 shit. I'm just running start OS on that.

958
01:14:23.160 --> 01:14:39.630
It's complete overkill. The fans are actually worrying right now. Can you hear the fans? Oh, yeah. We can hear it. So actually They can hear the fans. Wiz is offended that he can hear the fans. This is perfectly soundproof. It's just we're in this, like, super nice recording studio, and we got this, like, power PC over. That's my note,

959
01:14:40.170 --> 01:14:40.670
running

960
01:14:41.290 --> 01:14:43.070
running join market transactions.

961
01:14:43.450 --> 01:14:48.105
No. So speaking of start 9, we're about to ship mempool 3 point o, which will

962
01:14:48.805 --> 01:14:52.645
be everything you see on mempool space more or less. But with,

963
01:14:53.650 --> 01:14:59.670
you know, running on your own node, of course, for Umbrel and Start 9 and all the self hosted platforms out there.

964
01:14:59.970 --> 01:15:01.270
And it will,

965
01:15:01.935 --> 01:15:03.475
if you enable the feature,

966
01:15:04.735 --> 01:15:08.595
integrate with Benpool Accelerator. So everything you're browsing on your own

967
01:15:08.975 --> 01:15:21.265
local Bitcoin node will stay the same as always, but you'll have that accelerate button there where you'll be able to get a QR code and zap some lightning stats directly from your own node to accelerate transactions directly from your own node.

968
01:15:22.305 --> 01:15:23.125
That's awesome.

969
01:15:24.465 --> 01:15:27.675
Yeah. Couple more day. I think we're just waiting for some translators to,

970
01:15:28.750 --> 01:15:37.010
finish some string translation. So maybe in the next day or so, we can bump that up. That's cool. So if you're a translator for the mempool open source project,

971
01:15:39.135 --> 01:15:40.595
everyone is waiting for you.

972
01:15:42.335 --> 01:15:47.960
Oh, like, Brian figured out Brian, we I don't I don't know how to attach a zap to the question in amethyst.

973
01:15:49.140 --> 01:15:53.800
Does all caps make you happier? Bitcoin Bennett, you didn't pay anything. I can't answer the question.

974
01:15:56.225 --> 01:15:58.405
Yeah. Of course, all caps makes you happier.

975
01:15:59.025 --> 01:16:00.085
I'll answer it.

976
01:16:00.545 --> 01:16:02.405
I mean, it's important to speak clearly.

977
01:16:05.180 --> 01:16:06.720
I can't I mean, I'm amazed

978
01:16:07.500 --> 01:16:14.125
that I'm amazed that you can get into the next block of 4 sapro fight. Odell, have you been spamming the chain to win the bet?

979
01:16:14.685 --> 01:16:17.185
Asks Ivan. No. I don't have

980
01:16:17.805 --> 01:16:24.780
to. I don't have to. Then why why is it I don't think people realize, like, I send more Bitcoin transactions than you.

981
01:16:25.240 --> 01:16:30.540
Like, I it's better for me. And, like, it I would make way more money if I can just

982
01:16:31.085 --> 01:16:34.705
if I if I could just pay one sapper bite and it just gets confirmed.

983
01:16:35.085 --> 01:16:35.905
Like, Mempools

984
01:16:36.285 --> 01:16:37.105
not clearing

985
01:16:37.860 --> 01:16:42.920
is a it's almost like I'm I'm doing the 1st fee market insurance scheme.

986
01:16:43.940 --> 01:16:45.719
Like, I'm trying to get insurance

987
01:16:46.725 --> 01:16:47.225
on

988
01:16:47.525 --> 01:16:50.665
all of the Bitcoin transactions I'm gonna have to make in my lifetime

989
01:16:51.685 --> 01:16:57.579
by making this bet. And Marty is not liquid enough to make a large enough bet with me

990
01:16:58.040 --> 01:17:01.179
that will pay for all of my future transaction fee burden.

991
01:17:01.719 --> 01:17:04.139
So I'm I'm actually still

992
01:17:05.155 --> 01:17:07.415
short mempools never clearing again.

993
01:17:08.114 --> 01:17:28.865
I would like that. We have to correct you on your terminology. It's not a transaction fee market. It's a block space market and a mempool space. Yeah. Blah blah blah. That's what Merck says. I mean, a block space block space is finite. Right? And and the amount of users of Bitcoin is effectively infinite if everyone has children and they have children.

994
01:17:31.040 --> 01:17:34.660
We stack for our children and our children will stack for their children.

995
01:17:35.199 --> 01:17:40.685
I love that. I I think that who who said that? Matodell. All caps. CapsoDell.

996
01:17:42.185 --> 01:17:45.005
Yeah. We stack for our children, and they will stack for their children.

997
01:17:46.170 --> 01:17:47.469
You're one

998
01:17:47.850 --> 01:17:56.625
of those high IQ people Trump mentioned is if you are one of those No. I'm the I'm the left I'm the left curve. I'm on the left curve.

999
01:17:57.005 --> 01:18:01.025
It's I think it's, like, very basic logic. What do you think about MC's question?

1000
01:18:01.724 --> 01:18:04.280
Rider died 3 sufficient fee. With

1001
01:18:04.580 --> 01:18:12.520
2,100,000 status asking why are so many wizards in Bitcoin? There's only 1 I didn't see any wizards. There's only 1 wiz in Bitcoin.

1002
01:18:13.255 --> 01:18:16.475
There's only one Wiz? What what is your opinion on the,

1003
01:18:17.095 --> 01:18:23.560
Israeli tech company named Wiz that was purchased by Google recently. I cannot comment on pending litigation.

1004
01:18:29.455 --> 01:18:30.915
Break huge breaking.

1005
01:18:32.735 --> 01:18:33.795
Any other questions?

1006
01:18:34.095 --> 01:18:39.960
Yeah. Guys, feel free to hit us with questions. I'm gonna hit them with questions if you don't hit us with questions. Hit it.

1007
01:18:43.140 --> 01:18:45.240
So did you guys see Michael Sailor's

1008
01:18:47.795 --> 01:18:50.935
21 year prediction for Bitcoin? No.

1009
01:18:51.955 --> 01:18:53.015
Right. Was it, like, $45,000,000

1010
01:18:54.980 --> 01:18:57.220
I think it's 20 years or something. I think,

1011
01:18:57.620 --> 01:18:59.400
his bear case was

1012
01:19:00.820 --> 01:19:01.320
$3,000,000.

1013
01:19:02.020 --> 01:19:05.765
I mean, by that point, you know, a beer is gonna cost a $100

1014
01:19:06.065 --> 01:19:08.085
or something. Right? Like His,

1015
01:19:10.145 --> 01:19:11.845
his his major case

1016
01:19:12.305 --> 01:19:12.805
was,

1017
01:19:13.570 --> 01:19:15.750
was he is he just he's a sailor?

1018
01:19:18.290 --> 01:19:18.790
Sailor.

1019
01:19:21.855 --> 01:19:25.715
Let's see. Okay. Here it is. I got it. I got it. I got it. 2045.

1020
01:19:26.175 --> 01:19:27.955
Right? 21 years from now.

1021
01:19:28.740 --> 01:19:29.880
Bear case, $3,000,000

1022
01:19:30.180 --> 01:19:32.280
for Bitcoin. Base case, $13,000,000

1023
01:19:33.140 --> 01:19:35.080
per Bitcoin. Bull case, $49,000,000

1024
01:19:35.780 --> 01:19:36.440
per Bitcoin.

1025
01:19:37.985 --> 01:19:40.725
How do you guys feel about this? Why is he so bearish?

1026
01:19:41.505 --> 01:19:45.685
Yeah. That's an There's an infinite number of money in the What is who are we talking about price?

1027
01:19:46.540 --> 01:19:47.680
People care about price?

1028
01:19:48.219 --> 01:19:51.840
Wait. You don't care about price? I think price is the most important metric. Okay.

1029
01:19:52.300 --> 01:19:56.265
I'm in it for the tech, and I measure it by price. Oh, okay.

1030
01:19:56.645 --> 01:19:58.265
Is that a ridiculous concept?

1031
01:19:58.725 --> 01:20:01.545
Wait. Can I have another beer? Yeah. I have another beer.

1032
01:20:02.550 --> 01:20:03.050
2045,

1033
01:20:03.510 --> 01:20:04.010
$49,000,000

1034
01:20:04.390 --> 01:20:06.010
for Bitcoin. Have another beer.

1035
01:20:07.350 --> 01:20:10.010
Yeah. How much is a loaf of bread in Sailor's Future?

1036
01:20:10.665 --> 01:20:20.364
A 1,000 sats. Yeah. A $100. Right. That's the correct answer. Whatever. The same number even less sats than it costs now. Right? Yeah. It's, like, 45 sats for a loaf of bread.

1037
01:20:20.970 --> 01:20:22.750
Sailor will never be the 1st trillionaire

1038
01:20:23.050 --> 01:20:25.070
because Satoshi will be the 1st trillionaire.

1039
01:20:25.850 --> 01:20:29.230
I I isn't, like, Satoshi already the richest person in the world?

1040
01:20:29.795 --> 01:20:30.295
Probably.

1041
01:20:31.555 --> 01:20:33.415
Do you think he walks among us?

1042
01:20:33.875 --> 01:20:35.415
Do you think he was at the conference?

1043
01:20:36.670 --> 01:20:48.385
Do you think he was on live no. He definitely wasn't on the live desk. Do you think he was watching the live desk? Do you think if he was at the conference, do you think he was in the main stage, or do you think he was in the expo hall watching the live desk?

1044
01:20:50.605 --> 01:20:52.280
Do you think he's in a live chat?

1045
01:20:54.820 --> 01:21:02.415
Probably not because we've only we've only been zapped, like, 40,000 stats. He's on the sofa. Do you think he's on the couch? It's literally just MZ.

1046
01:21:03.995 --> 01:21:04.770
No. I think,

1047
01:21:05.330 --> 01:21:07.910
I've been zapped 45 stats. Definitely not Satoshi.

1048
01:21:09.410 --> 01:21:19.795
Satoshi would have zapped more. What do you think would happen to Fiat in the short term if RFK won and actually started stacking towards 4,000,000 Bitcoin? I mean, that's ridiculous.

1049
01:21:21.380 --> 01:21:24.600
First of all, RFK will never win. 2nd of all, that's ridiculous.

1050
01:21:25.380 --> 01:21:29.480
Well, the price would go up. So that that's a simple answer. I think

1051
01:21:30.015 --> 01:21:38.869
I zap shaming. Yeah. I am zap shaming you. I love you freaks. You're all right or dies. I got to shake many of your hands this week. Wasn't there, so no. But

1052
01:21:39.170 --> 01:21:40.389
we also have no ads.

1053
01:21:40.690 --> 01:21:41.190
So

1054
01:21:42.369 --> 01:21:43.670
a man's gotta eat,

1055
01:21:44.290 --> 01:21:52.675
and I'm trying to stack my strategic Bitcoin reserve for my family. By the way, I love that we're all calling it strategic Bitcoin reserve from now. It's not Bitcoin treasury.

1056
01:21:53.215 --> 01:21:55.315
Stockpile. It's not like your savings.

1057
01:21:55.840 --> 01:22:07.255
It's just like my whole life is just accumulating my big strategic Bitcoin reserve. It's a strong meme. It's a good I really like that Senator Lummus called it the Louisiana Purchase. I mean, her state, Wyoming, is in

1058
01:22:07.875 --> 01:22:09.975
the land of they paid, like, $10,000,000

1059
01:22:10.835 --> 01:22:12.295
for, like, half of America.

1060
01:22:13.870 --> 01:22:16.610
It is it feels similar. It feels similar.

1061
01:22:18.110 --> 01:22:38.435
So, yeah, 4,000,000 Bitcoin. I mean, 1,000,000 Bitcoin. I've the market has barely moved on to 1,000,000 Bitcoin bill. Like, a bill that says, like, straight up, we are gonna accumulate 1,000,000 Bitcoin. Yeah. The Merck's not moving. The mempool is completely dead. It's like the whole world is sleeping on Bitcoin. Like Yeah. What's going on? This work is global. Anyone in the world can just get a wallet to make a transaction, and yet

1062
01:22:39.475 --> 01:22:42.375
I don't know what's what people are doing. They're just

1063
01:22:42.755 --> 01:22:44.615
they just don't care about their kids.

1064
01:22:45.155 --> 01:22:50.920
Oh, I've been exactly over 45¢. We're early. That's that's what it is. Are we we're still early.

1065
01:22:52.260 --> 01:22:53.720
People are not using Bitcoin

1066
01:22:54.100 --> 01:22:57.880
yet. It feels like every time we come on Matt's show,

1067
01:22:58.485 --> 01:23:04.824
it's like we're saying the same thing. So the fees will pump forever. We are so early. We stack for our children.

1068
01:23:05.445 --> 01:23:09.770
What happens if the state does x? Right? Like true. And

1069
01:23:11.110 --> 01:23:17.025
it's it's kind of interesting to think back what we said a year ago or 2 years ago or 3 years ago. Yeah.

1070
01:23:17.425 --> 01:23:22.885
I mean, I remember the first, Citadel dispatch we went on. Must have been 3, 4 years ago,

1071
01:23:23.425 --> 01:23:24.245
like episode

1072
01:23:24.929 --> 01:23:26.389
4 or something like that.

1073
01:23:26.770 --> 01:23:30.869
And we were, it was just me and Simon talking about the Memplo open source project.

1074
01:23:33.954 --> 01:23:36.935
And now we're still talking about the Memple open source project.

1075
01:23:37.395 --> 01:23:37.895
Yes.

1076
01:23:38.755 --> 01:23:44.790
The fees are still low. And the fees are 4 sats per Vivo. I would say the single biggest thing RFK said

1077
01:23:45.650 --> 01:23:49.030
was not the 4,000,000 Bitcoin. It was the cap gains treatment,

1078
01:23:50.745 --> 01:23:56.365
which Yeah. I think he legal tender. Right? He might have pushed the Overton window on that one because

1079
01:23:56.910 --> 01:23:57.950
I did not even think

1080
01:23:59.790 --> 01:24:00.450
you know?

1081
01:24:00.990 --> 01:24:04.395
Or, like, just say Rod is in charge of Illuminati here at the park.

1082
01:24:05.595 --> 01:24:09.455
He is not. Yeah. He's head he's the head he, like, he he deals

1083
01:24:09.915 --> 01:24:12.575
Oh, with with the local politicians and stuff.

1084
01:24:13.770 --> 01:24:17.310
I didn't know that was something I could ask for. Like, I didn't think

1085
01:24:18.330 --> 01:24:20.270
we could remove Cap gains treatment.

1086
01:24:22.175 --> 01:24:26.275
Wow. We got a I think everyone Look, ride or die freak. MZ gave 21,000

1087
01:24:26.575 --> 01:24:27.795
sets. 21,000

1088
01:24:28.335 --> 01:24:29.795
sets? Here, have a beer.

1089
01:24:30.280 --> 01:24:30.780
Yeah.

1090
01:24:31.560 --> 01:24:33.980
Yeah. Yeah. You I'll deliver it to you for 21,000.

1091
01:24:34.360 --> 01:24:36.699
Free beer free beer for m z.

1092
01:24:38.745 --> 01:24:41.085
And Josh zapped 10000 sets.

1093
01:24:42.425 --> 01:24:44.365
Cap gains tax. I mean,

1094
01:24:45.120 --> 01:24:48.900
that is a big limiter for people. Japan, they have unrealized

1095
01:24:49.280 --> 01:24:58.485
cap gains tax. I mean, Bitcoin's perfect for unrealized cap gains. So it's like they print more money. That. The unrealized cap gains are in the fiat denominated

1096
01:24:58.925 --> 01:25:16.855
Right. Currency. So, like, they print more money, and they're like, Your Bitcoin went up in our fiat. Yeah. So you have to unrealized again, so you have to pay it. You're like, what? And the beauty of Bitcoin for them is that it's completely liquid, so you can pay it. Like, if if they do unrealized cap gains for, like, real estate, like, what are you gonna do? Like, sell your house to pay it?

1097
01:25:17.390 --> 01:25:28.885
Like, that's insane. Like, it's not like what are you gonna sell your Apple stock to pay it? Thank god we don't know any of this coin now. Yeah. And those are in the country with capital gain stocks. Good thing I don't have a strategic Bitcoin reserve.

1098
01:25:30.145 --> 01:25:34.405
But you could, like, set up a family office in El Salvador or somewhere.

1099
01:25:34.900 --> 01:25:36.280
They have capcans. Right?

1100
01:25:36.659 --> 01:25:38.040
No. Not on Bitcoin.

1101
01:25:40.420 --> 01:25:50.375
Do they? Not? In El Salvador? No. Bitcoin is the legal center. That's why they can't have cap gains on it. Yeah. But the difference is, like, if you're in El Salvador and you say something bad about, you just die in jail.

1102
01:25:51.395 --> 01:25:53.175
But, like, at least you're not cap gained.

1103
01:25:54.180 --> 01:26:03.320
Is that how it works? Is that how it works? I don't I don't know. I haven't been to I don't know. I I don't mean to, like, forbid you guys from going to El Salvador. I'm not gonna be too I went there. It was quite nice.

1104
01:26:04.835 --> 01:26:06.855
The beaches are nice. The people are good.

1105
01:26:08.755 --> 01:26:10.775
No. I think There's a little bit of concern.

1106
01:26:12.510 --> 01:26:18.449
Yeah. Move to Puerto Rico for no cap gains. Yeah. If you're American, you can move to Puerto Rico. And for 10 years,

1107
01:26:19.035 --> 01:26:29.630
you pay no cap no federal cap gains tax. There's a long list of countries that have no cap gains like a Bitcoin. Yeah. But Puerto Rico is like a special beast because in the US, if you move to, like, Portugal, for instance Yep.

1108
01:26:30.410 --> 01:26:37.150
You still have to pay US cap gains tax, but if you move to Puerto Rico, you don't. Okay. For America. But the locals still have to pay it.

1109
01:26:39.055 --> 01:26:41.795
So the local like, it's like a weird dichotomy

1110
01:26:42.895 --> 01:26:45.555
kind of fucked up thing that goes on over there.

1111
01:26:48.000 --> 01:26:52.239
And there's, like, a very much a class system that has developed as

1112
01:26:52.960 --> 01:27:05.844
but, like, the here's the key. Right? Like, you move to Puerto Rico, you don't pay cap gains tax. And the way you repent is you just walk up to local Puerto Ricans, and you say, do you have a transaction stuck in the mempool? And then you just pay their acceleration fee.

1113
01:27:06.490 --> 01:27:12.910
And that way You don't have to pay give back. Yes. Yeah. You give back you give back to local Puerto Ricans. That's true.

1114
01:27:13.885 --> 01:27:15.505
Okay. So Josh is asking

1115
01:27:16.204 --> 01:27:21.025
he Josh actually gave 10,000 sats. So he has he has banked 5 questions.

1116
01:27:21.890 --> 01:27:42.300
How it works? Yeah. If yeah. 2,000 sats per question. He he banked he banked 5 questions. Oh. It means MC's got, like, Yeah. MZ, by the way. MZ, you have 10 questions if you if you have questions for us, but you have to put in the chat. But can you outbid it? I thought you outbid each other. So, like, you put 20 k SATS on a question that'll bump out a guy. No. No. We're not bump this the mempool

1117
01:27:42.600 --> 01:27:43.560
the mempool of,

1118
01:27:44.440 --> 01:27:46.380
of civil dispatch is not full.

1119
01:27:47.095 --> 01:27:59.539
Hopefully, one day, it will never clear again, but we're not there yet. Simon ever retire? No. No. No. No. No. No. We have to answer Josh's question first. So Josh is asking, what's your guys' GOATS and other stuff? Do you know the the origin story of GOATS and other stuff?

1120
01:27:59.920 --> 01:28:04.015
No. So you know what Nasser stands for. Right? Yeah. Notes and other stuff. Right?

1121
01:28:04.715 --> 01:28:07.355
So do you remember Balaji's prediction of

1122
01:28:07.835 --> 01:28:08.335
Yes.

1123
01:28:09.035 --> 01:28:14.650
$1,000,000 Bitcoin in 90 days? Yes. So me and Marty were talking about a rabbit hole recap. Right?

1124
01:28:15.269 --> 01:28:27.275
And Marty was like I was, like, making fun of Balaji. I was like, this is ridiculous. You know? It it was kinda redeeming for me. Right? Because a lot of people gave me shit for 200 k by conference day, and I'll never make another price prediction again.

1125
01:28:29.050 --> 01:28:36.190
And, honestly, we would have gotten it if it wasn't for SBF and his meddling kids, but that's besides the point. Like, I'm not gonna blame other people for it. Sure.

1126
01:28:37.935 --> 01:28:40.915
Marty was like, but what if Belagi's right? What if we get

1127
01:28:41.375 --> 01:28:44.675
what if we get 1,000,000 Bitcoin $1,000,000

1128
01:28:44.975 --> 01:28:48.880
per Bitcoin in 90 days? And my immediate reaction was, like, rabbit hole recaps over.

1129
01:28:49.260 --> 01:28:51.200
I'm just gonna do goats and other stuff.

1130
01:28:51.580 --> 01:28:51.900
Oh.

1131
01:28:52.620 --> 01:28:58.345
I'm just gonna get I'm gonna get, like, a 1000 acres. I'm gonna get goats, cows So you'd be in the farmer.

1132
01:28:58.965 --> 01:29:03.465
Yeah. Yeah. I'm just gonna I'm gonna enjoy fucking life. Okay. If we got like, a $1,000,000

1133
01:29:03.925 --> 01:29:05.510
Bitcoin in 90 days, like,

1134
01:29:06.309 --> 01:29:18.145
the whole world is, like, changed. You know? Like, that we're in a whole new paradigm, and, like, I don't wanna be a public bitcoin about it. So, like, what is your goats and other stuff like after Bitcoin? Like or, like, let's say we hit

1135
01:29:20.260 --> 01:29:24.760
a Dell price predictions for Gong. No. Running the mempool is such a

1136
01:29:25.619 --> 01:29:27.400
honor and serious responsibility,

1137
01:29:27.940 --> 01:29:28.440
and

1138
01:29:29.145 --> 01:29:36.285
it's like we don't do it for the money. We do it because we love to work to contribute to So if we hit a $1,000,000 Bitcoin in 90 days,

1139
01:29:37.510 --> 01:29:40.410
you're just gonna continue running mempool accelerator.

1140
01:29:41.590 --> 01:29:42.730
I mean I basically

1141
01:29:44.045 --> 01:30:00.160
I basically already retired, so I should start working on the Bitcoin stuff. And I started working on Bitcoin stuff, which means I built MapRed. So you're already doing the GOATS and other stuff? Yeah. Exactly. This is the This is the GOATs and other stuff. Exactly. We're all we're working on Bitcoin every day. Okay. Respect. Josh, you have 4 more questions.

1142
01:30:01.245 --> 01:30:07.745
Well, wiz okay. So you just answered the same wiz. You answered Cypher Havlam's question as well.

1143
01:30:09.040 --> 01:30:10.179
Where is Mononaut?

1144
01:30:10.800 --> 01:30:13.139
Asks Robin. Nim's cap Nimcapa's

1145
01:30:13.520 --> 01:30:15.460
question was, wait. You guys have bitcoins.

1146
01:30:16.800 --> 01:30:20.965
Who said that? Nimcap asked if you guys There's some troll. Don't ignore.

1147
01:30:21.825 --> 01:30:25.445
No. No. No. No. He paid 2,000 sats. Do you guys have Bitcoins?

1148
01:30:27.060 --> 01:30:34.679
I mean We have boating accidents quite frequently. Wait. So so, actually, I have a better question for you. Is the plural of Bitcoin Bitcoins?

1149
01:30:35.265 --> 01:30:38.085
Or is it like, do you have 10 Bitcoins or 10 Bitcoin?

1150
01:30:39.425 --> 01:30:46.960
I mean, not you. I don't have any Bitcoin. Okay. So if you see a transact, wait. So what does mempool do? Like One coin, 2 coins. If you go to mempool.space

1151
01:30:47.340 --> 01:30:50.240
and the transaction, is it 10 Bitcoin or 10 Bitcoins?

1152
01:30:53.195 --> 01:30:55.215
We displayed in Sats or BTC.

1153
01:30:56.074 --> 01:30:57.855
Yeah. So BTC. Is it BTCs?

1154
01:30:58.474 --> 01:30:58.974
No.

1155
01:30:59.880 --> 01:31:06.380
Just like it's not US Okay. So I'm right. Okay. So it should just be Bitcoin. Okay. We got that. Okay. We got Rob Ham underpaying

1156
01:31:07.115 --> 01:31:11.755
saying you guys need me to run more beers. Also, where is Mononaut? Yeah. Mononaut is,

1157
01:31:12.395 --> 01:31:17.510
a good idea. To run more beers. Yeah. I can do more beers, Rob? That would be great. Where's Mononot?

1158
01:31:18.770 --> 01:31:19.750
Mononot is

1159
01:31:20.290 --> 01:31:25.405
chained to a desk in our office. We don't let him out. Also, he cares about his OPSEC a lot.

1160
01:31:25.705 --> 01:31:29.485
He he would need, like, voice scrambler, the the one We can do that.

1161
01:31:30.185 --> 01:31:32.125
That'd be cool. Yeah. We should do that.

1162
01:31:32.560 --> 01:31:43.905
Yeah. Yeah. Yeah. Mempool is just like, Mempool can sponsor voice scramblers for We should have, like, the whole team on. We should get, like, Copa and Mononox. Did you did you hear the guy on the sofa over there. Did you hear the voltage one?

1163
01:31:44.285 --> 01:31:45.745
It was, like, 13 people.

1164
01:31:46.125 --> 01:31:52.920
What? 13 people on this batch? Yeah. It was No way. I think it's the most people on any podcast that's ever existed.

1165
01:31:53.940 --> 01:31:55.720
It was it was the best podcast.

1166
01:31:58.745 --> 01:32:07.245
Alright. Let's, There's been no better podcast. So let's do the next one. Next year, whenever we do it, we'll get the whole Mempool team out. And we'll get voice scramblers.

1167
01:32:07.860 --> 01:32:13.080
I like voice scramblers. Okay. What about the great gazoo? Thank you for helping me understand this technology,

1168
01:32:13.940 --> 01:32:16.680
and there's no question. I appreciate that.

1169
01:32:18.345 --> 01:32:26.480
Right? There's no question there. But he paid us sufficient, so we should call answer? We should answer. Yeah. You're welcome. Thank you for your support.

1170
01:32:26.780 --> 01:32:35.885
Thank you. Thank you for using the Manpower Space website. No. We didn't get the money. He, Matt got the money. So we have I mean, I think you for supporting Citadel dispatch.

1171
01:32:36.264 --> 01:32:40.764
I mean, it's it's big. I think that's, like, kinda supports you guys. Okay. Right?

1172
01:32:42.070 --> 01:32:43.610
You you appreciate it.

1173
01:32:43.990 --> 01:32:59.555
You're great because you're all good boys. There we go. Awesome. Josh, by the way, you have 4 more questions. I think MZ has 10 questions remaining. MZ, you got any questions for us? I only have answers. Yeah. MZ says he only has answers. Hey. Is there anybody listening who uses testnet 4?

1174
01:32:59.929 --> 01:33:03.710
If so, comment on the chat. Can we accelerate testnet 4 on mempool.space?

1175
01:33:04.489 --> 01:33:05.949
Well, the mempool is empty.

1176
01:33:06.409 --> 01:33:14.574
But, yeah, we should we should make that just for the laws. Right? Yeah. I mean, I wanna spend on Apple Pay to accelerate my test net transaction.

1177
01:33:15.840 --> 01:33:18.260
You could pay with testnet for Bitcoin.

1178
01:33:18.800 --> 01:33:23.040
Testnet 4 sats to accelerate on testnet. Yeah. Or testnet 1, 2, 3, or

1179
01:33:23.520 --> 01:33:24.820
Testnet 1, 2, 3.

1180
01:33:26.045 --> 01:33:27.025
It's kinda questionable.

1181
01:33:27.325 --> 01:33:32.305
I kinda it's a slippery slope. I you guys don't really you guys have no questions, really?

1182
01:33:32.685 --> 01:33:45.555
I got the Well, it's because you didn't tweet it out, so they're all on Twitter. Well, did you tweet it out? I did tweet it out. Okay. So what happened? You have a gold check. I'm not Can we talk about the Twitter Noster thing? Okay. Because I feel like you

1183
01:33:46.175 --> 01:33:50.435
you look down on me for it. What? Why do you think Because you're, like, you're a Twitter maxi.

1184
01:33:50.815 --> 01:34:03.195
I hardly use Twitter. I mean, you're you're like, literally, like, how many how much social media do you have? What other social media did you on LinkedIn? Did you did you link what is it called a LinkedIn post? Did you LinkedIn post this this episode?

1185
01:34:04.775 --> 01:34:11.835
Why why why you gotta be like that? Why you like it? Why you gotta be like I don't have LinkedIn. I retweeted this episode on my nostril.

1186
01:34:12.340 --> 01:34:18.600
We know you're not on Twitter, Matt, so I tweeted But what what other social medias are you on? Are you on TikTok?

1187
01:34:20.315 --> 01:34:25.375
Not that young. I'm, like, older. I'm not the TikTok channel. Did you send it to your WhatsApp group chats?

1188
01:34:25.835 --> 01:34:27.375
I don't have a WhatsApp.

1189
01:34:29.030 --> 01:34:34.730
What other are you not no other social media besides Twitter? I'm a Prime I mean, I'm Nostar. Nostar? Yeah.

1190
01:34:35.910 --> 01:34:38.135
Did we get you prameled on it /wiz? Yes.

1191
01:34:38.775 --> 01:34:39.275
Primal.net/wiz?

1192
01:34:39.815 --> 01:34:43.514
Milian is amazing, and he did that without Isn't he great? Yes.

1193
01:34:44.375 --> 01:34:45.114
So primal.net/wiz.

1194
01:34:46.375 --> 01:34:49.180
You can follow Wiz over there. I'm also primal.net/odell.

1195
01:34:51.320 --> 01:34:53.180
Do we have Of course you are.

1196
01:34:53.640 --> 01:34:56.060
And also this is this show is primal.net/cidadel.

1197
01:34:57.945 --> 01:34:59.805
And guess what happens if you go to primal.net/mempool?

1198
01:35:01.065 --> 01:35:02.845
Yeah. What what happens if you go there?

1199
01:35:03.865 --> 01:35:08.300
Well, you get to the mempool. Oh, wow. The Wiz profile is great. You look great.

1200
01:35:08.600 --> 01:35:09.100
What?

1201
01:35:09.719 --> 01:35:14.140
You look really good on that. What do you mean? It's just my I think you look great.

1202
01:35:15.614 --> 01:35:18.434
Oh, man. I trolled Will so hard on this.

1203
01:35:19.934 --> 01:35:23.110
What? He tweeted out the video. Oh, primal.net/manpool.

1204
01:35:24.130 --> 01:35:27.670
That looks good. By the way, I'm in all caps. If you do all caps, it still works.

1205
01:35:30.025 --> 01:35:32.685
Yacht rock season. Yeah. It is rock yacht rock season.

1206
01:35:33.305 --> 01:35:39.670
Testnet for accelerator will require a testnet for lightning network. So it's a full test net for a circular economy.

1207
01:35:40.210 --> 01:35:41.910
Okay. That makes sense. I mean,

1208
01:35:42.610 --> 01:35:44.469
Rob Rob is one of our best

1209
01:35:44.770 --> 01:35:54.135
resources here at Bitcoin Park. He's a local master, and now he moved his whole family here. Oh, Rob Rob and I cofounded testnet 4 along with Fabian.

1210
01:35:54.950 --> 01:35:58.650
Yes. I go it's a product of the Illuminati. I only use MAME. It was a,

1211
01:35:59.750 --> 01:36:02.810
we had a closed door meeting. We made a backroom deal.

1212
01:36:04.385 --> 01:36:04.885
We

1213
01:36:05.265 --> 01:36:11.525
we sacrificed the goat and other stuff. So why can't we accelerate transactions via Nostra yet?

1214
01:36:13.260 --> 01:36:17.600
Because nobody's ever requested such a Well, Ivan just requested it.

1215
01:36:18.780 --> 01:36:21.760
That's why I asked the question. Oh, so, like, if you

1216
01:36:23.565 --> 01:36:31.825
if you just, like, post a TX ID on Noster with a zap along with it, that should just fee bump it. We should just be able to zap the money. Mempool

1217
01:36:32.190 --> 01:36:33.090
with the TXID

1218
01:36:33.390 --> 01:36:36.050
and zapsat. That should just fee bump. Social acceleration.

1219
01:36:37.949 --> 01:36:44.785
Or, like, what if I what if I How big of a mark? What if I do, like, a nostril, and I'm like, please, sir please, sir, me, familia,

1220
01:36:45.725 --> 01:36:50.780
and then I put the t x I t, and then someone else zaps it. Zap it. Yeah. That makes sense. So it's like

1221
01:36:51.239 --> 01:36:52.620
social Social acceleration.

1222
01:36:54.120 --> 01:36:57.340
You like that. Right? Yeah. I see Greg would use that.

1223
01:36:59.305 --> 01:37:09.030
I heard a comedian got jumped after our our I didn't know about that. That sucks. I liked him. He was good. Did you did you guys go to the live rabbit hole recap? Yes. We were both there.

1224
01:37:09.890 --> 01:37:13.110
Oh, yeah. I heard about that, actually. Yeah. Did you actually hear about that?

1225
01:37:13.410 --> 01:37:17.670
Yeah. I just got something stolen. Yeah. That's fucked up. I mean,

1226
01:37:18.005 --> 01:37:22.265
you talked a big game. You said he was always carrying this. Like, fat was in his folds.

1227
01:37:22.885 --> 01:37:24.825
He talked a lot of shit. Yeah.

1228
01:37:25.730 --> 01:37:31.830
Damn. Well, RHR was we had a I didn't hear about that. We had a we had a sold out show of 600 people.

1229
01:37:32.130 --> 01:37:34.150
We had David Lucas there. He was

1230
01:37:34.955 --> 01:37:36.655
roasting us from kill Tony.

1231
01:37:37.435 --> 01:37:39.054
He's a little bit brutal, but

1232
01:37:39.435 --> 01:37:41.054
he's a good dude. He meant well.

1233
01:37:41.435 --> 01:37:41.675
I

1234
01:37:42.240 --> 01:37:47.300
he told me he was gonna sell all the shit coins for Bitcoin, but maybe not if the Bitcoin had jumped him. That's fucked up.

1235
01:37:52.764 --> 01:37:56.145
So was it really the last RHR ever? No. Of course not.

1236
01:37:56.764 --> 01:37:58.385
That was just a running joke.

1237
01:37:59.240 --> 01:38:21.130
Oh, because, what Bitcoin did had a last episode, so you had to have the same one? No. It's because Thomas from Pub Key said that we weren't selling enough tickets, and we were at, like, half we were half sold, like, 4 weeks ago. And on RHR, I was just like, oh, it's gonna be I just started doing Trumpism, so I was like, this would be the best RHR ever? I was like, it's the last RHR ever, and then we just kept running with it.

1238
01:38:21.670 --> 01:38:41.205
But, like, we had clues there that it was obviously not gonna be the last rabbit hole recap. I mean, the the most recent rabbit hole recap, we literally said that the winner of the hot dog eating contest would be on the next rabbit hole recap. Like, that's impossible if it's the last one ever. Like, they use don't just verify. Like, there's clues there. And, also, it's a $50 ticket, so I don't feel like I scammed anybody.

1239
01:38:41.605 --> 01:38:44.425
And it was a great show. I thought it was a a lot of fun. $50?

1240
01:38:45.045 --> 01:38:46.825
Yeah. We had a mariachi band.

1241
01:38:47.605 --> 01:38:54.000
It was a great show, and I tried to get some friends on it. The tickets were sold out. So Yeah. Good show. Sold out sold out sold that crowd.

1242
01:38:55.020 --> 01:38:55.520
MZ,

1243
01:38:56.380 --> 01:38:59.915
RHR rug pull. No. It wasn't a rug pull. You have 9 questions left.

1244
01:39:01.915 --> 01:39:10.230
He didn't get jumped, but I thought you were going to get him jumped for his. No. No. The it was all loved there. It was we we invited him down. Like, we brought him down.

1245
01:39:11.010 --> 01:39:12.150
It was a whole thing.

1246
01:39:13.010 --> 01:39:18.764
We're happy to have him. I thought he was going to roast you guys and not us,

1247
01:39:19.385 --> 01:39:24.410
but I'm a team player. The only thing that pissed me off when he said I looked like I was from Connecticut or Rhode Island,

1248
01:39:25.130 --> 01:39:29.230
And as a New Yorker, that's, like, probably the most offensive thing you could say to somebody.

1249
01:39:29.530 --> 01:39:33.550
So I told him to fuck off. Like, that is, I think, a completely reasonable response.

1250
01:39:36.345 --> 01:39:36.745
So,

1251
01:39:37.705 --> 01:39:41.230
He said Marty looked like an AI generated real estate agent.

1252
01:39:48.895 --> 01:39:52.915
He surprisingly owned Bitcoin. I assumed he didn't own Bitcoin, so I like that.

1253
01:39:53.375 --> 01:40:07.364
Oh, yeah. This is a good question. So MZ has 8 questions left now. What is the official way to display the mempool and blocks on mempool that space? Mempool right or left side? I mean, the official way is obvious. Yeah. The default. Mempool's on the left side. Right?

1254
01:40:08.304 --> 01:40:16.950
It's a user preference. Yeah. There is no right or wrong answer. It is for each user to decide on their own. I like it on the left side

1255
01:40:18.370 --> 01:40:18.870
because

1256
01:40:20.050 --> 01:40:21.430
we read left to right.

1257
01:40:21.905 --> 01:40:27.585
Exactly. That's the reason why it's weird. People disagree, and that's why it's a preference. I mean, Gigi was,

1258
01:40:28.225 --> 01:40:33.219
Yeah. Their argument is that time flows the other way. Yeah. How do I flip it? I press this button.

1259
01:40:34.320 --> 01:40:56.995
Yeah. Nope. That didn't work. Did that work? I think there you have 2 arrows now to choose from. One's that flip it the other way. What does the top one do? That's right. Feed I know. What is it what is it doing? Fights. Oh, I see what it's doing. Oh, it's just changing it. Okay. Yeah. So that is the next question. Like It looks way I don't like the other way. Size of the blocks or the feeds of the blocks? It's a big controversy.

1260
01:40:57.695 --> 01:41:07.550
It's not a big controversy. I created Is it a It created the Is it an internal controversy? Literally the only first one in the box. It's for all these years, all always show the

1261
01:41:08.010 --> 01:41:11.310
size of the blocks, like, 1 megabyte, 2 megabytes. And then

1262
01:41:12.565 --> 01:41:16.585
everyone decided if we should just switch it to default showing the fees,

1263
01:41:16.965 --> 01:41:18.184
and I didn't agree.

1264
01:41:18.485 --> 01:41:22.719
It's called dying on the hillside. You didn't agree? I still don't agree.

1265
01:41:23.020 --> 01:41:26.000
Wait. So it shows the fees by default, and you wanna show

1266
01:41:26.460 --> 01:41:40.400
the the size of the Yeah. Because that's how it always be. Like, just check the mempool model. No. No. But one one day, it's just gonna be all pretty much all the same size, and then the fees is all that matters. Is this the argument? Are you guys

1267
01:41:41.040 --> 01:41:45.655
I'm so glad you brought this up, Simon, so that we could have this discussion on air.

1268
01:41:46.614 --> 01:41:49.355
Look. As one of as one of the the

1269
01:41:49.895 --> 01:41:56.830
the the large I think we're the largest investor in Menphoo. Like, you should come to me with these internal debates, and I'm happy to wait for them privately.

1270
01:41:57.610 --> 01:41:59.469
Hear me out. Let's say you're a

1271
01:41:59.770 --> 01:42:01.469
regular average Bitcoin user.

1272
01:42:02.075 --> 01:42:06.975
You just care about your transaction. You go to mempool space. You wanna learn about the Bitcoin blockchain, how it works,

1273
01:42:07.515 --> 01:42:16.620
and you see some random numbers that representing the fees. Who cares? They don't know I care. That's what they care about. It looks technical. It looks weird. But if you see, this is a block. It's 1 megabyte. It's 2 megabytes.

1274
01:42:17.080 --> 01:42:18.860
That is very intuitive

1275
01:42:19.165 --> 01:42:21.985
to explain that this is a block, 2 megabytes big,

1276
01:42:22.285 --> 01:42:26.625
and this is how it's always been. This is like No. I disagree. You're wrong about this.

1277
01:42:27.245 --> 01:42:27.745
Okay.

1278
01:42:28.570 --> 01:42:30.910
Well Humbly. Humbly. Humbly.

1279
01:42:32.490 --> 01:42:35.230
I respect your opinion. I understand what you're saying.

1280
01:42:36.195 --> 01:42:44.295
It's kinda cool to understand how big the black but they're all gonna be the same size at some point. You realize that. Right? They're not. Like, right now, it's interesting. Same.

1281
01:42:45.170 --> 01:42:55.685
They're gonna all be full. Remember Yeah. They're all full right now already, but and they're, like, between 1 and 2 megabytes. Remember when we had in very early days, the mempool was always,

1282
01:42:56.545 --> 01:42:57.525
empty, basically.

1283
01:42:58.065 --> 01:43:02.165
And we had the mempool graph, that rainbow graph Yep.

1284
01:43:02.680 --> 01:43:09.500
Was upside down and you had the dotted line. No. That was confusing. Right. Right. And once the mempool became full all the time,

1285
01:43:09.815 --> 01:43:12.635
that was became completely useless because

1286
01:43:13.095 --> 01:43:13.595
Yeah.

1287
01:43:14.055 --> 01:43:37.990
The mempool's full all the time. So why would you wanna see that dotted line? It's the same on the we had it on the dashboard. Right? And it was just showing this huge rainbow. And then, yes, even later after that, when it was the correct orientation for a full Menpool environment, it was so full that it was just this rainbow, and it's kind of useless. So then we replaced it with the Menpool goggles, which is much more I love the men pull goggles. Yeah. That was, Mononaut's,

1288
01:43:38.690 --> 01:43:39.670
beautiful visualization

1289
01:43:40.370 --> 01:43:40.690
and,

1290
01:43:41.410 --> 01:43:42.630
the ability to highlight

1291
01:43:43.065 --> 01:43:45.805
or Oh, that's so nice. Yeah. Certain types of transactions.

1292
01:43:46.585 --> 01:43:47.325
That's great.

1293
01:43:47.945 --> 01:43:53.010
But yeah. I mean, over time, the mempool changes, and that's why we switched it from bytes to Sats.

1294
01:43:53.550 --> 01:43:54.530
I think Josh

1295
01:43:54.909 --> 01:43:57.650
has banked a couple questions. What do you guys think of Federman?

1296
01:44:00.225 --> 01:44:07.125
Does is he asking about Fedimint specifically or e cash in general? I mean, he literally said, what do you all think of Fedimint?

1297
01:44:09.450 --> 01:44:11.950
Yeah. I mean, you can answer both questions. I'm curious.

1298
01:44:15.370 --> 01:44:17.150
I guess it's a good idea.

1299
01:44:19.605 --> 01:44:31.909
You don't sound very optimistic on it. It's an optional way of, like, scaling Bitcoin or something. But I mean, it's not scaling Bitcoin. It's making custodians better. Yeah. Okay. Yeah. And it's making Like our ETF scaling Bitcoin?

1300
01:44:32.530 --> 01:44:40.605
I think I think Cali does a good job with this. He's he never says it's scaling bit. It's not scaling. Mhmm. Yeah. But it's just It's improving custodians.

1301
01:44:42.185 --> 01:44:58.105
But it is scaling though. If you if a whole village just uses sentiments within themselves, they are actually not making What if a whole if a whole village uses Ibit, like BlackRock ETF, is that scaling? Yeah. It is. Why not? I mean, this goes back to, like, the whole liquid federation debate. You know, liquids,

1302
01:44:58.885 --> 01:45:01.705
you peg in, and then you get this IOU token.

1303
01:45:02.409 --> 01:45:08.269
And it's custodial to the federation and you have this 11 of 15 multisig or whatever it is. And

1304
01:45:09.845 --> 01:45:14.025
you're trusting the federation not to rug you. You're trusting

1305
01:45:15.365 --> 01:45:16.105
the Fedimint

1306
01:45:17.045 --> 01:45:18.185
not to rug you.

1307
01:45:19.250 --> 01:45:27.990
And actually, Liquid is fully auditable, but correct me if I'm wrong with the eCaching. Yeah. I actually spoke to Eric, and he actually gave me some more confidence that you can actually audit

1308
01:45:28.645 --> 01:45:37.150
the Fannie Mae. Is that? You can just call an API and it shows you the whole log of all the transactions. But how do you know that's legit? You can't.

1309
01:45:38.970 --> 01:45:44.270
And that's why they're building, like, a system, like, every 6 months or so, all the e cash gets burned and recreated.

1310
01:45:45.065 --> 01:45:47.385
That means if you have some dark fake,

1311
01:45:48.025 --> 01:46:11.075
create other thing there, those will expire. So it's like a 6 months audit thing and you can see the log. I mean, I think the real audit is, like, you we should just run the banks all the time. You know, I you know what's really ironic? Let's just run them. You know what's really ironic to me is, like, we supported liquid since the early days when the mempool was empty, and nobody cared about liquid. And that was fine. Shit. But now, like, e cash and Fedimint,

1312
01:46:11.900 --> 01:46:16.640
which you can't even fully audit like you can with liquid. Yeah. But e cash has better

1313
01:46:17.020 --> 01:46:17.520
properties.

1314
01:46:18.460 --> 01:46:19.905
No. But, like, if your concern is the

1315
01:46:20.704 --> 01:46:45.210
rug ability alright. MZ has some stronger With the rug I mean, MZ already posed the question, like, are you a Bitcoiner if you use a Fedimin? The problem is also that He's got 8 questions. So they are not protected from regulatory capture, and that's the probably the biggest issue. Like, the Fedimins are gonna require KYC in the long term. No. No. But, I mean, there will be many of them, and you can just swap between them really easily. So you mean that you're gonna run and try to hide from the government or running a

1316
01:46:45.850 --> 01:46:48.830
maybe we won't have to. Like, I mean, maybe Trump likes the pediments.

1317
01:46:51.530 --> 01:46:55.545
They're the best. We want all the pediments in the United States. It's possible, but

1318
01:46:56.085 --> 01:46:59.065
then all custodians are gonna be KYC free, is that what you're saying?

1319
01:46:59.765 --> 01:47:02.345
Kraken, Coinbase. Yeah. I mean, maybe.

1320
01:47:03.430 --> 01:47:26.110
No. I mean, no. I'm not saying that. Well, what's the threat model here? Is it the I just RFK said that we're not gonna have cap gains tax. So, like, maybe, like, yeah, maybe Bank Secrecy Act is, like, Bitcoin 2025. Like Okay. But Well, it's just just just just gonna be at the stage, like, we're getting rid of the Bank Secrecy Act to send my question. Was, what do you think of Fedimint? And then my response will be, well, what's the threat model? Is it the

1321
01:47:26.585 --> 01:47:27.085
self

1322
01:47:27.425 --> 01:47:27.925
custody

1323
01:47:28.265 --> 01:47:32.445
or, you know, custodial nature where you can get rugged, or is it the privacy

1324
01:47:33.305 --> 01:47:33.805
nature?

1325
01:47:34.120 --> 01:47:37.020
And so if you're making this huge trade off

1326
01:47:37.640 --> 01:47:42.620
of, you know, trusting a third party to custody your funds so you can have some privacy,

1327
01:47:43.885 --> 01:47:44.864
that's your decision.

1328
01:47:45.324 --> 01:47:52.900
But there's probably better ways to achieve that. No. No. I I agree with Ivan actually that Trump likes KYC, and we can dream.

1329
01:47:54.320 --> 01:47:59.380
And I agree with Bill Monroe that says we don't want the CCP running all the Fediments.

1330
01:48:00.355 --> 01:48:03.175
Also, it doesn't really matter if the CCP runs the Fediments,

1331
01:48:04.355 --> 01:48:07.815
because the beauty is the custodian can't see the transactions.

1332
01:48:08.195 --> 01:48:10.440
I would say the real question

1333
01:48:11.700 --> 01:48:13.000
is if we're pragmatic,

1334
01:48:13.860 --> 01:48:16.280
people are using custodial solutions regardless.

1335
01:48:16.865 --> 01:48:18.645
So if they're using Wallet as Satoshi,

1336
01:48:19.105 --> 01:48:23.525
I would rather Wallet as which, by the way, doesn't require KYC Yeah. No audit.

1337
01:48:23.830 --> 01:48:33.370
I would and there's no audit. I would rather they have privacy from that custodian, and it was interoperable, and you could use it in a programmable way. Like, one of the cool parts about eCash

1338
01:48:34.075 --> 01:48:36.255
is that the IOU itself

1339
01:48:36.795 --> 01:48:37.935
is self custody.

1340
01:48:38.875 --> 01:48:44.760
It's still an IOU Sure. But but you have ownership over that IOU in a cryptographically

1341
01:48:45.060 --> 01:48:50.355
verifiable way, so you can program you can program it in interesting zaps and shit in really cool ways when you integrate Nostra. And I feel like I let you guys

1342
01:48:51.605 --> 01:48:52.605
off the hook

1343
01:48:57.250 --> 01:48:58.710
with the Twitter Nostra

1344
01:48:59.570 --> 01:49:01.030
debate that we didn't have.

1345
01:49:02.849 --> 01:49:13.745
But, like, I I I think the zaps, like, you can do you can do really interesting things with the cash from a, like, programmable way. And it just makes it easier to run a custodian, and it makes the custodians more responsible

1346
01:49:14.430 --> 01:49:15.150
in terms of

1347
01:49:15.790 --> 01:49:19.170
and it doesn't make the custodians more responsible, but it makes the custodians

1348
01:49:19.790 --> 01:49:33.235
a better model if you're gonna use a custodian in the first place because a custodian can't see all your transactions. Yeah. But I think Period. And Fedimint, it's a multi sig custodian. So you the the Liquid Federation could have implemented e cash or or some proper

1349
01:49:33.989 --> 01:49:39.130
privacy. Yeah. Instead of just And it would have been way better than Confidential payments.

1350
01:49:40.150 --> 01:49:42.900
Yeah. I I mean, yeah, I have a lot of phases.

1351
01:49:43.355 --> 01:49:47.455
Well, if if your goal is to get privacy without trading off

1352
01:49:47.755 --> 01:49:48.415
the custody

1353
01:49:48.795 --> 01:49:49.455
so much

1354
01:49:49.835 --> 01:50:03.844
and having full auditability, yeah, I mean, there's Yeah. I mean, NIMCAP has the point. Like, it's basically u s a USD bill. Like, a USD bill like, you have a dollar bill in your hand. I don't think anyone calls it a USD bill, but you have a dollar bill in your hand.

1355
01:50:04.145 --> 01:50:06.405
It's basically like a self custody IOU.

1356
01:50:06.870 --> 01:50:11.929
Right? And that's what ECash is. It's recreating the dollar bill for Bitcoin. The

1357
01:50:12.550 --> 01:50:15.770
old school gold certificates and silver certificates

1358
01:50:16.315 --> 01:50:21.295
denominated in US dollars were IOUs. They were basically e cash. But nowadays,

1359
01:50:21.675 --> 01:50:24.735
US dollar is not an IOU. It's just pure.

1360
01:50:25.530 --> 01:50:28.590
It's still an IOU. I mean What are you gonna redeem it for?

1361
01:50:34.155 --> 01:50:37.614
And thank you guys for joining us. It's still a dispatch 135.

1362
01:50:39.675 --> 01:50:44.740
I don't know. I mean but that's what it is. Right? It's like it's it's it's the paper bill equivalent.

1363
01:50:45.440 --> 01:50:46.740
It's you get privacy,

1364
01:50:47.280 --> 01:50:51.060
but you're still trusting a custodian. That's true. And with Fedimintz, it's multisig.

1365
01:50:51.585 --> 01:50:55.844
Yeah. With the With Casu currently, I think, is only one custodian which makes the probability

1366
01:50:56.224 --> 01:50:59.364
higher. Yeah. But with Fedimint, it's a federation multisig

1367
01:50:59.665 --> 01:51:04.600
Yeah. That has to sign off of every e cash created. Yeah. So liquid and

1368
01:51:05.220 --> 01:51:07.960
Fedimint is a bit similar in that regard. You think,

1369
01:51:08.305 --> 01:51:10.405
Wiz, you've been a liquid bull for

1370
01:51:10.785 --> 01:51:20.120
way too long. Is It's not a liquid bull, I tell you. I wanna I wanna accept liquid payments for, like, accelerator, but does liquid can you can I pay with liquid for accelerator?

1371
01:51:20.900 --> 01:51:24.600
You cannot. Why not? Do do you not even care about liquid?

1372
01:51:25.725 --> 01:51:34.330
You're literally the first person to ask that, and I know you're not seriously interested in doing that. So I actually I know the only person who would pay for it is

1373
01:51:37.370 --> 01:51:41.630
is there's there's only 2 people, though. It was it's you and,

1374
01:51:42.715 --> 01:51:43.215
maybe

1375
01:51:44.715 --> 01:51:56.760
one other person. It's actually not even me. I wasn't gonna say so. Who wanted to see. Actually, I was the 1st user who topped up balance to my lightning accelerator account using liquid. So did you go to beefsteak on, Friday?

1376
01:51:57.139 --> 01:51:57.639
Yep.

1377
01:51:58.500 --> 01:51:59.000
So

1378
01:51:59.525 --> 01:52:03.865
I'm gonna can I dox him? I'm allowed to dox him. The only person that's ever paid

1379
01:52:04.245 --> 01:52:21.535
paid for beefsteak on liquid was Steve. We also mention this every year on Yeah. But but but, look, if you didn't But can I not liquid, there would be 0 people paying more liquid? Yeah. So instead we got one person. Yeah. So, like, when when can Steve pay for an accelerated transaction? I think liquid was a really cool idea

1380
01:52:22.235 --> 01:52:23.615
5 or 6 years ago

1381
01:52:24.300 --> 01:52:28.400
when it first came out. But for whatever reason, not blaming anybody,

1382
01:52:29.340 --> 01:52:44.710
the ecosystem was not built around liquid. The the ecosystem was built around lightning. You mean the market didn't want liquid. Right? No. I mean, you have to make it happen. Like, Blockstream could have made all these wallets and swap services and stuff, but they didn't really. They just kind of

1383
01:52:45.250 --> 01:52:47.350
shipped liquid and said, okay.

1384
01:52:47.970 --> 01:52:49.430
You guys build it. Right?

1385
01:52:51.395 --> 01:52:55.255
But we have Aqua now, and we have, a Yeah. Do you think Aqua makes sense?

1386
01:52:56.835 --> 01:53:02.080
It's kind of, like, too little too late in my opinion. So Aqua uses lightning, but at rest,

1387
01:53:02.380 --> 01:53:10.395
it holds everything in liquid. Yeah. It just use lightning as swaps. It doesn't And then Ambos released something similar. It's it's similar. It's called Mibanco

1388
01:53:11.015 --> 01:53:16.955
app. Mhmm. I think so so you gotta remember, like, when liquid first came out, lightning was just, like,

1389
01:53:17.340 --> 01:53:25.760
an idea and just starting out too. Right. And it wasn't really clear, like, which one Right. Liquids are much simpler. But lightning won. Like, the whole

1390
01:53:26.285 --> 01:53:31.265
ecosystem developed on top of lightning, and literally nothing developed on top of liquid. So

1391
01:53:31.965 --> 01:53:33.185
just being like a

1392
01:53:33.530 --> 01:53:38.110
like a realist like a reasonable person, like, yeah, I'm gonna go use lightning because everyone use lightning.

1393
01:53:39.130 --> 01:53:44.915
And nothing against liquid. It's just nobody use it. I mean, so I I can't use liquid to pay for a mempool acceleration.

1394
01:53:45.534 --> 01:53:46.195
That's correct.

1395
01:53:46.735 --> 01:53:51.230
We can do it every time, but we started off. That's the true story.

1396
01:53:54.650 --> 01:54:09.790
Well, I feel like you guys are just gonna get you're gonna get playing by, like, the 3 liquid wolves for not accepting that pull acceleration now after I think we should support the Bitcoin ecosystem and by support. Wiz is the one stopping it. Right? Is that what you're saying, Sam? I think we should support e cash and Arc

1397
01:54:10.170 --> 01:54:14.350
going forward. Arc doesn't exist. Can it exist without a soft fork? On liquid.

1398
01:54:14.715 --> 01:54:20.415
But it needs a fork. Right? Arc on liquid? Yeah. It's exist Are you bullish on Arc on liquid? It's like a layer.

1399
01:54:21.595 --> 01:54:30.830
It might act as a test then right now, but I actually tried it for You're gonna, like, go through the trouble of supporting it, and then, like, 95% of people are gonna use Apple Pay to pay for their accelerations.

1400
01:54:31.495 --> 01:54:46.110
Gonna happen. Not going to go through the troubles for you. Okay. M z m z's on his he's bank he's banked, like, 10 questions. This is his 7th question. In a very high fee market, people will start using liquid. Also, swap from lightning to this is not a question.

1401
01:54:48.775 --> 01:54:53.435
You sure about that? There in a high fee market, people aren't gonna use liquid. No.

1402
01:54:54.054 --> 01:54:54.554
Maybe.

1403
01:54:55.960 --> 01:55:09.235
We already saw it. That's happened. The the problem No one no one used liquid in the high 90s. Is that It's like Stefan, like, said, like, I'm using liquid, and then no one used it. The problem is that the tools aren't really there. Right? It's like,

1404
01:55:09.615 --> 01:55:10.515
where's my

1405
01:55:11.060 --> 01:55:16.120
multisig cold storage? Where's my Well, why would you have multisig cold storage on liquid?

1406
01:55:16.820 --> 01:55:17.960
Does not support.

1407
01:55:19.344 --> 01:55:23.184
Right? It's like What doesn't what doesn't support? I don't really wanna, like

1408
01:55:23.905 --> 01:56:04.730
like Should we fight about liquid? It's like there's a million things that just don't exist on liquid. Right? Whereas on Bitcoin I would like to see a coin joint implementation on liquid. Exactly. Like that would be good. No. There's a million things like like that that could have been built 5, 6 years ago, but then no one built it. Nobody What we what we're lacking is the Bitcoin super app, A great app that has everything that be people use today with Bitcoin, but it also has liquid and it will automatically use liquid. Oh, it's not Aqua or no? Yeah. But then it's like a new wallet you have to start using. So you have one wallet for this and one of the If you want the super app, it's obviously gotta be a new wallet. With my Phoenix wallet, I can pay lightning and on chain. It automatically figures out Yeah. Based on the QR code. But not liquid. No.

1409
01:56:05.910 --> 01:56:06.390
So

1410
01:56:08.145 --> 01:56:08.645
Awesome.

1411
01:56:09.105 --> 01:56:12.565
Well, guys, this has been fantastic. I've really enjoyed this one.

1412
01:56:13.425 --> 01:56:18.280
I think this has been a prolific episode. I'm glad this is the first one after the break. I think,

1413
01:56:18.740 --> 01:56:32.950
I wouldn't I I wouldn't rather have it with anyone else than you guys. Can we talk about the accelerator? Yeah. What do you wanna talk about? I mean, the accelerator is so awesome that we'd like you talk about it for 15 minutes, like, it just fucking works. What else do you wanna talk about? Do you have something to talk about?

1414
01:56:33.590 --> 01:56:37.450
I don't know. I I thought we would talk more about You're the host.

1415
01:56:39.270 --> 01:56:40.090
It's just

1416
01:56:41.465 --> 01:56:44.764
we worked on this thing for 5 years. Oh, wow. Ocean mind a blog.

1417
01:56:45.225 --> 01:56:46.525
Wow. Congratulations,

1418
01:56:46.985 --> 01:56:51.130
guys. 1st in a week. That was actually causing a bug for our interface.

1419
01:56:52.389 --> 01:57:00.235
They were only touching the pools that have mined the block in the past week. And so when it went over 1 a week, it started crashing.

1420
01:57:01.335 --> 01:57:01.655
So

1421
01:57:02.855 --> 01:57:09.500
So now we're good. You didn't have to fix the bug. Right. But you did fix it. Right? It's fixed, but not in production. So

1422
01:57:10.120 --> 01:57:26.860
Well, we were busy with other things. Did they mine it? No. They didn't mine. Oh, that's unlucky. They didn't mine any accelerated transactions? But they had mined in the previous Not today. Not today. But Not today. So what do you want Wizz, what do you wanna talk about the accelerator? Let's talk about it. I just think I'm happy to chat about it. I just think,

1423
01:57:27.820 --> 01:57:30.880
the psychology of the accelerator is such that

1424
01:57:31.580 --> 01:57:33.280
nobody cares about the accelerator

1425
01:57:34.284 --> 01:57:36.304
until they have a stuck transaction.

1426
01:57:36.605 --> 01:57:41.025
And that is the best thing that's ever And then they're like, oh, yes. Give me the accelerator. No.

1427
01:57:41.485 --> 01:57:41.985
And

1428
01:57:42.400 --> 01:57:45.380
it's an it's like a very high time preference

1429
01:57:46.400 --> 01:57:48.260
concept. And that's why

1430
01:57:48.800 --> 01:57:55.675
well, because, like, if you're if you're in trouble, right, like your transaction stuck. I need it. You need it right now. Yeah. But if you

1431
01:57:56.375 --> 01:57:57.755
are low time preference,

1432
01:57:58.215 --> 01:58:06.809
you're not gonna, like, set up your accelerator account. You're not going to like. Well, I mean, if you're you don't need it. That's the cool part is you don't need an accelerator account.

1433
01:58:08.425 --> 01:58:13.245
Right. And and that's kind of why we didn't build it to require we we, you know, don't require an account.

1434
01:58:15.200 --> 01:58:16.260
MZ asks

1435
01:58:16.800 --> 01:58:17.860
thank you, MZ.

1436
01:58:18.720 --> 01:58:20.660
He's got 5 more questions left.

1437
01:58:21.520 --> 01:58:26.574
Do you have examples of transactions that are stuck and a good candidate for the accelerator?

1438
01:58:27.594 --> 01:58:31.534
Lightning force lightning force closes. Yeah. All the lightning shit.

1439
01:58:32.130 --> 01:58:34.390
All the lightning shit. Actually, yeah.

1440
01:58:34.770 --> 01:58:38.230
We should make a filter for that so we can And then, also,

1441
01:58:38.690 --> 01:58:49.015
anytime you deposit into, like, an exchange or something, like, you deposit in the custodial wallet where you can't You can't fee bump it. And if you do yeah. If you if you can't do it, even do a CPFP

1442
01:58:50.510 --> 01:58:55.730
because you did a full you just full send max send to Cash App or something.

1443
01:58:56.190 --> 01:58:58.770
You know what it's actually really good for is,

1444
01:58:59.075 --> 01:59:00.855
I think, 2 or 3 use cases.

1445
01:59:02.115 --> 01:59:03.495
Number 1 is

1446
01:59:04.035 --> 01:59:32.440
when yeah. Say you have a Cash App account and someone sends you SATs into your cash up account. Oh, what's that? But at once, they listen to Catan. They're like, one separate bites going to clear this. I think a year and a half ago. You can't RBF it because you don't have the keys. You can't see it because you don't have the keys. Yeah. And all you can do is accelerate it. And then the another good use case is like a multisig vault where all the keyholders are in different countries, and it takes 24 hours for everyone to sign.

1447
01:59:33.140 --> 01:59:34.440
And by the time

1448
01:59:35.705 --> 01:59:40.365
you get everyone to sign, the fees went through the roof. Yep. And, it's just

1449
01:59:40.985 --> 01:59:45.090
it's just buried in the mempool or sometimes not even broad castable

1450
01:59:45.469 --> 01:59:47.170
because it's below the purge rate,

1451
01:59:47.710 --> 01:59:48.929
and you need the accelerator.

1452
01:59:49.309 --> 01:59:49.809
But,

1453
01:59:50.110 --> 02:00:01.690
honestly, I think in reality, 90% of accelerations will be people that don't know what they're doing. They don't know what RBF is, and they're using a wallet that's shitty. Yeah. It's just easier UX than RBF or CPFB.

1454
02:00:03.050 --> 02:00:05.550
Right. Right. Right. So so just

1455
02:00:06.570 --> 02:00:07.070
somehow,

1456
02:00:07.370 --> 02:00:10.510
if you're 2 hours into Citadel dispatch, 135,

1457
02:00:11.575 --> 02:00:13.035
and you do not understand

1458
02:00:13.415 --> 02:00:17.515
what RBF replaced by fee or CPFP is,

1459
02:00:18.375 --> 02:00:19.675
child pays for parent.

1460
02:00:20.780 --> 02:00:22.320
Let me explain it to you.

1461
02:00:22.780 --> 02:00:25.840
So replace by fee is you're the sender,

1462
02:00:26.300 --> 02:00:30.954
and your wallet supports replace by fee. You send a transaction. It's stuck in the mempool.

1463
02:00:31.415 --> 02:00:33.994
You open Sparrow or whatever wallet you're using,

1464
02:00:34.614 --> 02:00:36.635
but you probably should just be using Sparrow.

1465
02:00:37.530 --> 02:00:38.030
And

1466
02:00:38.730 --> 02:00:47.285
you wanna you your fee is stuck your transaction is stuck. You can replace it with a new transaction that has a higher fee. You're the sender in that situation.

1467
02:00:48.145 --> 02:00:49.525
Child pays for parent.

1468
02:00:50.465 --> 02:00:51.765
You receive a transaction,

1469
02:00:53.410 --> 02:00:55.190
and you have this transaction.

1470
02:00:55.570 --> 02:01:00.150
You can take that transaction, and you can send another transaction with a much higher fee rate.

1471
02:01:00.835 --> 02:01:02.215
And then that child

1472
02:01:02.995 --> 02:01:03.815
gets confirmed

1473
02:01:04.435 --> 02:01:06.054
with that parent transaction.

1474
02:01:06.594 --> 02:01:07.770
Child pays for parent,

1475
02:01:08.730 --> 02:01:11.470
and then it gets confirmed. Now we'll say in the CPFP

1476
02:01:11.850 --> 02:01:13.790
situation actually, in both situations,

1477
02:01:14.170 --> 02:01:17.230
it's kinda hard to estimate what fee you want to set

1478
02:01:17.575 --> 02:01:25.550
to get into the next block. And with your UX, it's just way, way, way, way easier. Yeah. You can And, also, just conceptually, it's just easier to cons you know, like,

1479
02:01:26.110 --> 02:01:27.730
understand. Right? Like, you just

1480
02:01:28.190 --> 02:01:29.010
go to mempool.space

1481
02:01:29.389 --> 02:01:46.900
and just Yeah. You need a special calculator for CPFB to hit the right fee. It's so hard. And also you might end up paying a lot. Way more. You need to pay a new transaction with a very high fee. Yeah. That bumps the other ones. And if the other transaction has a lot of inputs. Yeah. Like, it might be really high.

1482
02:01:47.440 --> 02:01:54.099
And you have no idea and then it might not even get confirmed. Like, the mempool mempools might run run away from you, and then it just doesn't even get confirmed.

1483
02:01:55.665 --> 02:01:57.525
If your transaction is stuck,

1484
02:01:58.385 --> 02:01:59.685
use mempool accelerator.

1485
02:02:01.025 --> 02:02:04.005
I mean, Wiz, you're the one who wanna like, I

1486
02:02:04.770 --> 02:02:12.160
I The beauty of this is it required a lot of work, but it's so easy and Yeah. It's hard to talk about. It's hard to talk about. It's hard to talk about. Discuss.

1487
02:02:13.295 --> 02:02:16.675
It's cool. I I think you wanted to talk about,

1488
02:02:17.135 --> 02:02:18.755
goats and other things anyway.

1489
02:02:19.295 --> 02:02:25.810
Who? Me? Yeah. Liquid. No. No. The the the ride or die free. The chat the chat Yeah. Yeah. Yeah. Steered this conversation.

1490
02:02:26.430 --> 02:02:30.975
I mean, like, I I just want you to be Nostar only. Like, I'm a simple man.

1491
02:02:31.375 --> 02:02:41.860
But I never even tweet anything anyway. Yeah. But when you do, you should just not, and you should just post it on noster. And we'll, Yeah. We have if you can go zap you. If you go to primal.net/mempool,

1492
02:02:43.119 --> 02:02:46.955
you can see we tweeted something 10 hours ago. What about primal.net/wiz?

1493
02:02:47.895 --> 02:03:13.850
Like, hey. You haven't posted in a while. Well, I didn't tweet anything from there either. Okay. I tweeted Odell was right about an hour ago. Oh, you did? Because someone told me to. You did. How how was the engagement on that? Are the people loving it? Are you are you FOMO ing for Twitter engagement? I don't know. I can't I can't see it because it has a paywall now. Like, I I not a paywall, but a login wall. Like, you can't check it unless you

1494
02:03:14.710 --> 02:03:15.770
have a Twitter account.

1495
02:03:16.230 --> 02:03:18.250
It's okay. I forgive you. Thank you

1496
02:03:19.030 --> 02:03:20.330
for saying I was right.

1497
02:03:20.745 --> 02:03:24.284
Everyone wants to know what you were right about, though. Is that what they're all Yes. Okay?

1498
02:03:26.505 --> 02:03:28.925
Well, clearly not paying attention because

1499
02:03:29.304 --> 02:03:30.340
plenty of things.

1500
02:03:32.580 --> 02:03:33.080
Guys,

1501
02:03:33.780 --> 02:03:34.920
this has been a pleasure.

1502
02:03:36.260 --> 02:03:37.560
Thanks for coming to Nashville.

1503
02:03:39.095 --> 02:03:49.760
Of course. We came here for you. The conference was just a satellite event. Yeah. Yeah. I agree. Bitcoin Park was the main event. Yeah. I stayed just near Bitcoin Park. He came here every day.

1504
02:03:50.140 --> 02:03:54.560
I think I went to a conference one day to see that, the Trump thing, historical.

1505
02:03:55.015 --> 02:03:55.515
So

1506
02:03:55.895 --> 02:03:57.755
it's a moment. And also Wiz's announcement,

1507
02:03:58.215 --> 02:03:58.875
of course.

1508
02:03:59.335 --> 02:04:00.555
That was my 2

1509
02:04:01.175 --> 02:04:07.220
slots on the He just saved his ass. Otherwise, I just hang out to The company was about to break apart. Yeah.

1510
02:04:11.155 --> 02:04:13.094
Are you you guys are both leaving tomorrow?

1511
02:04:15.795 --> 02:04:19.655
Yeah. I guess. You know we have Rust Bitcoin week this week. Right?

1512
02:04:20.630 --> 02:04:22.330
Did you see all the developers upstairs?

1513
02:04:22.790 --> 02:04:25.690
Yeah. We saw them. Yeah. We we we're busy.

1514
02:04:26.150 --> 02:04:30.625
We're running the mempool. We have to accelerate You're running You're running the mempool.

1515
02:04:31.405 --> 02:04:38.625
The conspiracies are real. There's only one mempool. Right? Pretty much. I mean, it's funny how that we kind of memed that into

1516
02:04:39.230 --> 02:04:40.370
existence, but

1517
02:04:41.070 --> 02:04:42.610
Let your memes be dreams.

1518
02:04:43.150 --> 02:04:45.170
Oh, Simon's getting calls. Simon's important.

1519
02:04:45.550 --> 02:04:54.765
You can put on speaker phone. They can join the call. It's like Marty's dad calling into the show. Is that your dad? You should put him on the show. What's a friend? What's a big winner, actually?

1520
02:04:55.705 --> 02:04:56.925
Nashville's cool.

1521
02:04:57.310 --> 02:05:01.890
Nice. Good vibes. You should have callers on the show. I think that'd be pretty cool. Should we have a caller?

1522
02:05:02.590 --> 02:05:05.410
But how would they call in? You'd have to use Twitter.

1523
02:05:06.185 --> 02:05:09.085
Well, they can call me on signal. Oh, signal? Yeah.

1524
02:05:09.625 --> 02:05:14.845
I could just hold it. When Mark's dad calls, they just hold it on speakerphone. Boomer. Uncle Boomer.

1525
02:05:16.570 --> 02:05:17.950
Guys, this has been great.

1526
02:05:19.770 --> 02:05:21.630
I have nothing else to ask you.

1527
02:05:22.890 --> 02:05:24.510
Do you have anything to ask me?

1528
02:05:25.385 --> 02:05:25.885
AMA.

1529
02:05:28.824 --> 02:05:30.284
No. You're tired.

1530
02:05:30.985 --> 02:05:39.460
MC has a we have a question from the live studio audience. MC, what's your question? Are you tired? He's at Mz is asking me if I'm tired. I'm exhausted.

1531
02:05:40.320 --> 02:05:43.460
It's been a long fucking week. That's true. I think

1532
02:05:43.935 --> 02:05:48.435
I think I'm glad it's over. It was great, but I'm glad it's over. It felt like a decade.

1533
02:05:48.815 --> 02:05:51.635
But it was a great experience. It was a hell of a conference.

1534
02:05:52.335 --> 02:05:59.290
It was really it was it was it was a good it was a good week. It was it was a monumental week. It was a momentous week.

1535
02:06:01.775 --> 02:06:19.505
It was it was pretty ridiculous sitting next to RZA during the livestream just like, we are moments away from the Literally minutes away from the 47th president of the United States joining us on stage with a special guest, Matthew Odell. What do you how do you feel about this situation?

1536
02:06:22.925 --> 02:06:24.705
That was pretty ridiculous, but

1537
02:06:25.245 --> 02:06:32.590
it was a pleasure to be a part of it. Honestly, I think you guys give you guys give Rizm a little bit too much shit. Not you guys. But

1538
02:06:32.969 --> 02:06:38.765
Are you pumped for the Vegas conference? I'm not. It conflicts with HRF with, Oslo.

1539
02:06:39.625 --> 02:06:41.804
Oh. So I will not be going.

1540
02:06:43.440 --> 02:06:54.295
I think Nashville was great for the conference venue. I'm kinda sad to see it go to Vegas, honestly. Like I thought it was gonna move here now because of Well, in their defense in their defense, their conference center wasn't had no openings

1541
02:06:54.595 --> 02:06:55.495
for next year.

1542
02:06:55.875 --> 02:07:04.400
Nashville's, like, sneaky one of whole year? Yeah. Nashville's, like, sneaky one of the best places to have a conference. So, like, their that conference center is, like, heavily booked. Woah.

1543
02:07:07.180 --> 02:07:09.395
Oh, oh, that's a good one.

1544
02:07:09.775 --> 02:07:17.795
Ivan said he said that so many times even in front of doctor Ron Paul. I was that whole time, I was wearing the same headphones as as Ron Paul.

1545
02:07:18.720 --> 02:07:22.340
I never had a moment to mention that on a live stream, but that was cool.

1546
02:07:23.200 --> 02:07:26.095
Same headphones. Our ears our ears kinda kissed.

1547
02:07:27.535 --> 02:07:29.155
Yeah. That's cool. That's a moment.

1548
02:07:30.495 --> 02:07:32.595
Yeah. I don't know about I mean,

1549
02:07:33.270 --> 02:07:38.010
maybe, like, for a DEF CONs or CES sized conference, you gotta go to Vegas.

1550
02:07:38.469 --> 02:07:45.915
But I still feel like the Bitcoin conference would have done very nicely in Nashville for at least a few more years. Yeah. I thought everything good fit. I mean, literally,

1551
02:07:46.295 --> 02:07:46.795
I

1552
02:07:48.215 --> 02:07:52.555
Vegas is it makes sense from, like, a conference running perspective, but it

1553
02:07:54.200 --> 02:07:58.220
like, my pitch to so many people I talk to is that, like, Bitcoin is the

1554
02:08:00.175 --> 02:08:12.690
safe haven asset. It's the conservative asset. It's it's it's the freedom asset. It's the thing that you just hold long term for your kids and your children, and you can spend it without permission, and you you can you can save it without permission.

1555
02:08:13.310 --> 02:08:15.810
And and Vegas is very much a

1556
02:08:16.505 --> 02:08:17.005
paradise.

1557
02:08:17.945 --> 02:08:20.605
And it was always like to me, it was like, you have Bitcoin.

1558
02:08:20.985 --> 02:08:22.285
Bitcoin is the

1559
02:08:23.469 --> 02:08:28.449
is the humble one, and then you have shit coins, which is the degen one and going to, like, degen

1560
02:08:28.909 --> 02:08:29.409
centers.

1561
02:08:31.765 --> 02:08:42.340
Kind of a bad look, but, also, you know, I understand where they're coming from. But my point is, if you're competing with if you're completing with the Oslo Freedom Forum, like, I just can't like, I go to

1562
02:08:43.199 --> 02:08:46.020
I go to HRF events. Like, that's just how it is.

1563
02:08:46.400 --> 02:08:50.739
Like, it's the one event that I'll always go to. It's it's special and

1564
02:08:51.095 --> 02:08:53.114
activists from around the world to go there, and

1565
02:08:53.895 --> 02:08:55.114
it is what it is.

1566
02:08:58.369 --> 02:09:04.710
So, Nostra, you're gonna use it more? Can you promise that you'll use it more with Yeah. We've been tweet I mean, we've been posting from the the.

1567
02:09:05.329 --> 02:09:19.130
Every time you send a LinkedIn message, will you repost it it to Nasir? LinkedIn. Fuck LinkedIn. I mean, you didn't say you didn't. LinkedIn is when you're looking for a job. Would you think I have LinkedIn? I don't know. You know, to connect with the suits that I don't wanna accelerate their transactions.

1568
02:09:20.150 --> 02:09:20.650
What?

1569
02:09:22.954 --> 02:09:30.255
We have a lot of tweet not tweets. We have a lot of posts on Nostril. We have a lot of goats and other stuff on Nostril.

1570
02:09:31.060 --> 02:09:31.560
Primal.net/menpool.

1571
02:09:32.660 --> 02:09:39.960
You can follow the mempool over the phone on on Nostril. Simon, are you on Nostril at all? Like, I feel like I've let you off the hook. I'm on Nostril.

1572
02:09:40.455 --> 02:09:41.275
Do you post?

1573
02:09:41.975 --> 02:09:43.114
I post occasionally.

1574
02:09:43.415 --> 02:09:45.195
I post more on Twitter.

1575
02:09:45.574 --> 02:09:46.395
Do you zap?

1576
02:09:47.175 --> 02:09:51.380
Okay. Occasionally. I feel like you should zap more. Okay. Okay.

1577
02:09:52.320 --> 02:09:55.699
Okay. I I don't mean to shame you guys. I I love both of you guys.

1578
02:09:56.560 --> 02:09:57.060
MZ,

1579
02:09:57.545 --> 02:10:04.764
you have 5 questions left. We're just we'll let you bank that for the next episode. Round? No. No. There'll be a next episode. There's always a next episode.

1580
02:10:05.340 --> 02:10:06.880
But not when he's on the sofa.

1581
02:10:07.580 --> 02:10:11.360
Yeah. Well, next I mean, next time, he can just join from the live chat wherever he is.

1582
02:10:12.060 --> 02:10:23.340
By the way, MZ, thank you for coming to Nashville. It's been an honor and a privilege to to host you over here. You get you are a fucking legend. I you know, when I introduced MZ, I introduced him as a default electrum node on, Sparrow.

1583
02:10:23.800 --> 02:10:25.580
That's the only thing that's the introduction.

1584
02:10:25.960 --> 02:10:28.300
The highest honor. Yeah. I feel like that's legit.

1585
02:10:31.114 --> 02:10:32.494
Wiz, final thoughts.

1586
02:10:33.835 --> 02:10:35.534
Thanks for having us on the show.

1587
02:10:36.315 --> 02:10:37.135
It's been

1588
02:10:37.470 --> 02:10:42.530
many, many years that you've been having me and Simon on the show, and it's been cool to kind of

1589
02:10:42.910 --> 02:10:47.090
come on every once in a while and and give us a chance to show our wares and

1590
02:10:47.775 --> 02:10:54.435
look back in the the past time we were on the show and think, oh, wow. The project has grown quite a lot since then.

1591
02:10:54.960 --> 02:11:03.460
But it's funny how we always kinda say the same stuff every episode more or less. You kinda love it. It's special. Yeah. It's it's special. Well, thanks for coming back on. Simon, final thoughts.

1592
02:11:04.245 --> 02:11:13.480
Well, it's cool to be on once again, and I hope next time we're on the feeds are gonna be, like, a 1,000 sats per vbyte to get into the You think they will be?

1593
02:11:14.040 --> 02:11:21.160
Yeah. They're gonna stabilize around a few 100 sats, 3 v bytes next time. When is it gonna be? When's the next time? Next time is,

1594
02:11:22.145 --> 02:11:37.630
maybe a year from now? A year from now. A year from now, it's gonna be a 1,000 steps. We're gonna come back to you next year. So a couple of 100. Let's say a 100. A few 100. A 100? 100 starts for right next time. Yeah. And I think it's gonna stabilize around a few 100, like, every year, year after year. That's right, bud.

1595
02:11:38.505 --> 02:11:41.485
Thank you, guys. Mhmm. Love you, freaks. Yeah.

1596
02:11:41.945 --> 02:11:42.445
Boom.

1597
02:11:47.460 --> 02:11:47.960
Yeah.

1598
02:11:51.700 --> 02:11:52.440
What condition

1599
02:11:52.980 --> 02:11:53.640
my condition

1600
02:11:54.100 --> 02:11:55.000
was in.

1601
02:12:38.380 --> 02:12:38.960
Ambition was

1602
02:12:53.400 --> 02:12:55.180
myself crawling up

1603
02:12:55.640 --> 02:12:56.540
as I was

1604
02:13:47.740 --> 02:13:48.240
Yeah.

1605
02:13:48.860 --> 02:13:49.360
Yeah.

1606
02:15:02.235 --> 02:15:03.135
Love you, freaks.

1607
02:15:03.755 --> 02:15:04.494
I got

1608
02:15:05.594 --> 02:15:07.295
a couple more rips this week.

1609
02:15:08.395 --> 02:15:11.135
No. I'll probably take a little bit of a break before Riga.

1610
02:15:11.630 --> 02:15:12.610
Riga is gonna

1611
02:15:13.790 --> 02:15:15.010
be loaded with rips.

1612
02:15:16.750 --> 02:15:21.605
I love you all. You can keep track of what comes next on the show either at primal.net/odell

1613
02:15:23.345 --> 02:15:24.725
on my Noster account,

1614
02:15:27.025 --> 02:15:29.205
or our our dope seal dispatch

1615
02:15:29.790 --> 02:15:32.050
matrix chat that is still running wild.

1616
02:15:32.830 --> 02:15:34.610
All those links are at still dispatch.com.

1617
02:15:36.350 --> 02:15:36.850
Huge,

1618
02:15:37.165 --> 02:15:41.344
huge love, huge shout out to both Wiz and Simon and everyone at the mempool.space

1619
02:15:41.885 --> 02:15:42.385
team,

1620
02:15:43.405 --> 02:15:44.465
for what they built.

1621
02:15:44.929 --> 02:15:52.230
And huge shout out for you freaks for continuing to support the show. By the way, that song was Kenny Rogers in the first edition.

1622
02:15:55.335 --> 02:15:58.715
I think it's called just dropped in. Yeah. Just dropped in.

1623
02:15:59.735 --> 02:16:00.235
1972.

1624
02:16:02.790 --> 02:16:08.090
Legit. Anyway, I love you all. I hope you're building your strategic Bitcoin reserve personally,

1625
02:16:09.098 --> 02:16:10.798
and, stay humble, StackSats.

1626
02:16:11.338 --> 02:16:11.838
Peace.