WEBVTT 1 00:00:04.799 --> 00:00:10.359 Hello, This is NPK and this is Gary Leland and you're listening to episode 2 00:00:10.439 --> 00:00:15.400 one thirty seven of the Crypto Cousins podcast. Feed your interest in bitcoin and 3 00:00:15.480 --> 00:00:21.679 cryptocurrencies by joining Hall of Fame podcaster Gary Leland on the Crypto Cousins podcast. 4 00:00:21.760 --> 00:00:27.960 And remember we are all cousins in the world of crypto. This week's price 5 00:00:28.039 --> 00:00:33.159 of bitcoin eight thousand, eight hundred and ninety two dollars. That's up thirteen 6 00:00:33.240 --> 00:00:37.439 dollars or point one percent over the past seven days. How how do you? 7 00:00:37.520 --> 00:00:40.119 How do how do you? Dawful? Welcome to the show for the 8 00:00:40.159 --> 00:00:43.840 second time. Oh, thanks for having me. It's always fun. Nice 9 00:00:43.840 --> 00:00:48.039 to see you, see you again. It's it's always enjoyable talking to you. 10 00:00:48.079 --> 00:00:53.200 I enjoyed meeting you this uh last summer down here in Dallas at we 11 00:00:53.280 --> 00:00:56.600 had some good barbecue. We had some good barbecue, We had some good 12 00:00:56.640 --> 00:01:00.000 times. It was you know, well, I don't care what it is. 13 00:01:00.039 --> 00:01:03.960 If you've got a lot of bitcoiners around, you're gonna have a good 14 00:01:03.960 --> 00:01:06.640 time, right. It is quite amazing, isn't it. Like? I 15 00:01:06.640 --> 00:01:11.000 don't think I have ever had a bad time just hanging out to bitcoinners. 16 00:01:11.040 --> 00:01:14.200 It's always fun. Even with the ones that don't agree. It's just it's 17 00:01:14.239 --> 00:01:19.040 such a it's a crowd that's interested in talking about the things that may be 18 00:01:19.200 --> 00:01:22.719 uncomfortable, right right, you know, I think I think some people. 19 00:01:22.760 --> 00:01:26.319 Now I don't know you're in Canada. What part I think, Well, 20 00:01:26.319 --> 00:01:30.000 you know when you're at but I think you're in Canada, and I don't 21 00:01:30.000 --> 00:01:33.519 know if where you live, if you see a lot of bitcoin people where 22 00:01:33.519 --> 00:01:36.640 I live, I really see a couple, but not many. So when 23 00:01:36.640 --> 00:01:38.680 I'm around him, I'm wondering. I'm wondering if someone like me who sees 24 00:01:38.760 --> 00:01:42.599 some but not many, if it's just way more enjoyable than for someone who 25 00:01:42.680 --> 00:01:46.959 sees a bunch all the time. Yeah. I mean, we have some 26 00:01:47.040 --> 00:01:51.480 locals here that we have dinners with. We often have like we go to 27 00:01:51.480 --> 00:01:55.120 a nice steakhouse and we get like a private room and and we get like 28 00:01:55.159 --> 00:01:59.079 say like twelve people or so and eat there. Just bitcoiners. But we 29 00:01:59.159 --> 00:02:01.000 don't have a lot of bitcoin conferences in thro and we have a lot of 30 00:02:01.000 --> 00:02:04.760 shit coiners here. It see gonna be a lot of shit cooiners everywhere. 31 00:02:05.599 --> 00:02:07.879 Wow, Yeah, there is that. I think the biggest issue for us 32 00:02:07.960 --> 00:02:14.360 the stenches old Ethereum started here. Oh I didn't know that. Yeah, 33 00:02:14.479 --> 00:02:17.680 we had some interesting stuff too, I mean like dark wallet was invented here 34 00:02:19.159 --> 00:02:23.360 and a hackaton, and like we have like a lot of cool old stuff. 35 00:02:23.520 --> 00:02:25.479 But you also have a lot of the scammers. I guess the scammers 36 00:02:25.479 --> 00:02:30.439 are everywhere. Yeah. I think that just goes with the territory of being 37 00:02:30.479 --> 00:02:34.599 a kind of currency. Yeah. Yeah, I mean it's money, right, 38 00:02:34.840 --> 00:02:37.199 When you have money, you have when you have money, you have 39 00:02:37.319 --> 00:02:40.080 people wanting to take the money, that's right. I mean, but I 40 00:02:40.120 --> 00:02:44.319 also can't blame right, a lot of this, uh, I mean I 41 00:02:44.360 --> 00:02:46.479 can't blame their their character, but like I can't really blame the incentives, 42 00:02:46.520 --> 00:02:49.919 right, I mean, there's just too much dumb money on the table for 43 00:02:49.960 --> 00:02:52.439 people not to want to take it, right, take advantage of that, 44 00:02:52.759 --> 00:02:57.159 Yeah, compare to the other moneys you can steal, right, Well, 45 00:02:57.199 --> 00:03:02.159 this may be Actually you want to say bitcoin is the hardest money and it's 46 00:03:02.159 --> 00:03:07.439 the safest money, but in another sense, maybe the easiest money to steal 47 00:03:07.680 --> 00:03:09.800 because so many people have poor habits. You know. I love that. 48 00:03:10.319 --> 00:03:14.439 I think was Pierre that brought back the word. I love that word so 49 00:03:14.560 --> 00:03:17.680 much. Bitcoin is extremely soluble. That's one of my favorite words. A 50 00:03:17.719 --> 00:03:23.599 lot of people actually like they seem to confuse and conflate fungible with solable, 51 00:03:23.840 --> 00:03:29.280 and bitcoin is actually more soluble than it is fungible. Explain that more in 52 00:03:29.319 --> 00:03:34.800 detail to me. So it's offered or suitable for sale, marketable, it's 53 00:03:35.039 --> 00:03:39.680 capable of being sold purchasable, hence finding a market in demand. Right, 54 00:03:39.879 --> 00:03:46.840 So what happens with bitcoin is that bitcoin because bitcoin is insensible, it can 55 00:03:46.879 --> 00:03:51.000 be bought, sold, and purchased without any any barriers, and so anyone 56 00:03:51.039 --> 00:03:53.479 can buy and sell it anywhere. So it's almost like fungible. It's just 57 00:03:53.479 --> 00:03:59.960 that fungible has a few different connotations there. But it's a very liquid asset. 58 00:04:00.520 --> 00:04:04.479 I mean, I think arguably bitcoin is the most liquid assets, the 59 00:04:04.560 --> 00:04:10.080 most soluble assets. So with gold, I used to be into gold way 60 00:04:10.080 --> 00:04:13.599 back. I lost most of my love for gold. Gold. Well, 61 00:04:13.960 --> 00:04:18.920 you can't board an airplane with gold, right, You a little wheelbarrow you 62 00:04:18.920 --> 00:04:21.639 can come toute in your goal with here, right? Good luck with that, 63 00:04:23.759 --> 00:04:30.000 gold has extremely cost to maintain, to store, to verify. You 64 00:04:30.000 --> 00:04:32.120 know, we don't live in a world that it can bite the gold bar 65 00:04:32.199 --> 00:04:34.959 anymore and and be sure it's real, right, I mean, there is 66 00:04:34.959 --> 00:04:41.600 some pretty incredibly like high qualities of fake stuff out there. You need extremely 67 00:04:41.720 --> 00:04:45.279 expensive equipment to verify it. I see every time I've seen that you know 68 00:04:45.360 --> 00:04:49.600 that someone's selling gold, or I get some email about get you some gold 69 00:04:49.759 --> 00:04:53.879 and stuff, I'm going, how do I know that's even gold? I 70 00:04:53.959 --> 00:04:57.879 mean, are maybe just the outside goal. I have to drill a hole 71 00:04:57.959 --> 00:05:00.959 through it. Yeah, and even if you put hold through it right like, 72 00:05:00.000 --> 00:05:04.600 they can make like very interesting alloys that will look like it as well. 73 00:05:04.879 --> 00:05:10.120 It's pretty hopeless there without some very fancy equipment what gold has going for 74 00:05:10.279 --> 00:05:14.800 it. It's the straw man argument of ultimate currencies. Right. So, 75 00:05:15.120 --> 00:05:17.920 oh, if the power is out and no internet and no this and no 76 00:05:18.079 --> 00:05:21.160 that, the shit hits the fan kind of deal, right then people are 77 00:05:21.160 --> 00:05:24.720 gonna say, oh, gold is the only way that works that way, 78 00:05:25.279 --> 00:05:29.879 And I don't believe that's true because you're not going to be able to transact 79 00:05:29.959 --> 00:05:32.800 that without verifying it. In that scenario too, it's going to cost you 80 00:05:32.839 --> 00:05:36.560 an arm and a lag to maindate security. And three, the reality is 81 00:05:36.600 --> 00:05:42.000 in those true hits the fan scenarios, you know, bullets will probably be 82 00:05:42.079 --> 00:05:45.319 worth more than gold, right, bullet and food. I think a little 83 00:05:45.360 --> 00:05:49.199 tiny points of Jack Daniels could be pretty good, exactly. I mean, 84 00:05:49.240 --> 00:05:53.399 they're gonna need that to survive. That you pull up to the checkpoint, 85 00:05:53.480 --> 00:05:56.120 he's been drinking out of it still for a year, and you pull up 86 00:05:56.160 --> 00:06:00.360 with a pint of Jack Daniels right through the checkpoint. There you go, 87 00:06:00.480 --> 00:06:03.079 right, I mean it's kind of funny. But during during the communist era, 88 00:06:03.279 --> 00:06:09.839 right, like I mean cigarettes and booze, we're some super high demand 89 00:06:09.959 --> 00:06:15.879 currency, right, So it's that's that's what people really need. And bitcoin 90 00:06:15.959 --> 00:06:23.480 would still function with failed states, right, It's very unlikely that you would 91 00:06:23.480 --> 00:06:27.079 have a scenario in the world where all the states, the whole planet fails 92 00:06:27.120 --> 00:06:30.439 at the same time. So if you have places where the internet still work, 93 00:06:30.959 --> 00:06:33.600 you can still connect all of them through you know, mash net, 94 00:06:33.639 --> 00:06:38.480 satellites or whatever and still get things going. You can use radios, you 95 00:06:38.519 --> 00:06:41.879 can use you know, it's all possible with bitcoins. So I guess I'm 96 00:06:41.920 --> 00:06:46.319 a little tired of that strong and argument for gold, right. Yeah, 97 00:06:46.360 --> 00:06:49.439 you know what, I think personally, a lot of people don't keep their 98 00:06:49.519 --> 00:06:54.519 gold with them. I mean, if you have a large amount of gold. 99 00:06:54.560 --> 00:06:58.399 I don't think you really keep a large amount of gold in your house. 100 00:06:58.680 --> 00:07:00.040 If you have a large amount of gold, they're gonna need the forklift. 101 00:07:00.399 --> 00:07:03.600 Yeah yeah, and so our us gonna and it's gonna be somewhere else 102 00:07:03.680 --> 00:07:08.639 probably too. So you've got to in a case of if all shit did 103 00:07:08.720 --> 00:07:11.920 hit the fan, you've got to get to it, that's right. I 104 00:07:11.920 --> 00:07:15.199 mean, so you may have to go to another city even, you know, 105 00:07:15.319 --> 00:07:16.720 to get to your goal, according to how much you have and how 106 00:07:16.800 --> 00:07:18.839 much you know, how it worst and storage. Because I think a lot 107 00:07:18.839 --> 00:07:23.160 of people who buy gold, maybe they don't. I'm not a goal bug, 108 00:07:23.360 --> 00:07:25.639 so I'm just going off what I see on TV, you know, 109 00:07:25.680 --> 00:07:28.680 on shows and things I watch. But I think a lot of people don't 110 00:07:28.759 --> 00:07:31.319 accept delivery of their goal. Yeah. That's a huge problem, right there 111 00:07:31.439 --> 00:07:34.839 is we don't even know if there is enough gold to deliver for everybody to 112 00:07:34.839 --> 00:07:38.000 take delivery. And then the world comes. Where are they getting in a 113 00:07:38.120 --> 00:07:42.600 jet and flying to another country to pick up their goal in the flat back? 114 00:07:43.120 --> 00:07:45.680 Even then, it's not that simple, right, you know, even 115 00:07:45.800 --> 00:07:48.800 small airports are somewhat controlled. You might just not be allowed to take your 116 00:07:48.839 --> 00:07:53.199 gold and then what you're you're going to pack their airplane with a bunch of 117 00:07:53.199 --> 00:07:57.879 guys fool of guns too, and you know it's completely unrealistic, right Yeah, 118 00:07:57.879 --> 00:08:00.959 and then you got to find someone who's gonna leave their family during this 119 00:08:01.079 --> 00:08:03.759 time period and fly you there. Well, and then there's the cost of 120 00:08:03.759 --> 00:08:09.040 all that. Right, So say the average family, right with their savings 121 00:08:09.120 --> 00:08:11.560 and stuff, it's a few hundred thousand dollars, right, Well, they 122 00:08:11.600 --> 00:08:16.759 can't afford to fly private to another continent. Yeah, they're going to spend 123 00:08:16.759 --> 00:08:20.639 more than our goals worth. So it's one of those things, right, 124 00:08:20.680 --> 00:08:24.399 Like they've been enjoying the strong man argument for too long, So I think 125 00:08:24.399 --> 00:08:28.120 it's time to reclaim that. Well, I think you're correct, and I 126 00:08:28.160 --> 00:08:31.919 think the fact that you can well, actually, I guess if you get 127 00:08:31.960 --> 00:08:35.519 down to it, you just got to memorize your keywords in your mind. 128 00:08:37.120 --> 00:08:41.279 Yeah, you know, brain wallets are are a little bit dangerous just because 129 00:08:41.919 --> 00:08:43.840 you know, you might not get the interpy right or whatever. But if 130 00:08:43.840 --> 00:08:46.360 you just do it right, I mean, it's not advisable, but it's 131 00:08:46.360 --> 00:08:50.679 a solution. Right, But but remember right, I mean it go. 132 00:08:50.879 --> 00:08:54.919 You can also just you know, write the twenty four words on something split 133 00:08:54.000 --> 00:08:58.399 it or whatever or encrypted or mic rest cardivor could card or whatever and and 134 00:08:58.519 --> 00:09:03.240 just cross sub border, right. Or you can go to the other place. 135 00:09:03.320 --> 00:09:05.360 You can set up a wallet there, you know, bring the address 136 00:09:05.399 --> 00:09:09.559 you want to send the coins to back with you and then sign it transaction 137 00:09:09.600 --> 00:09:11.159 if your Herder wallet, and then leave the country. So you sent the 138 00:09:11.240 --> 00:09:13.879 coins before you left, so you don't have to start to go through the 139 00:09:13.919 --> 00:09:18.080 airport. Yeah, that's true. So yeah. In other words, though, 140 00:09:18.360 --> 00:09:20.399 it's a heck of a lot easier, is what we're saying. I 141 00:09:20.440 --> 00:09:24.679 mean, you know, bitcoin is copy and paste money, right, I 142 00:09:24.679 --> 00:09:26.120 mean, if you can copy and paste an address, you can send a 143 00:09:26.200 --> 00:09:31.639 billion dollars for like ten twenty dollars in transaction fees. Yeah. Yeah, 144 00:09:31.720 --> 00:09:33.120 yeah, very nonimal, man. I see it all the time. I'll 145 00:09:33.159 --> 00:09:39.080 see a post billion cent for eight dollars and sixty two cents, you know. 146 00:09:39.320 --> 00:09:43.000 So that's right. Hey, we were talking before the show, and 147 00:09:43.080 --> 00:09:46.399 I didn't have this in my notes to go over, but I think it's 148 00:09:46.480 --> 00:09:52.519 kind of an interesting thing to talk about. Is right now when we're recording 149 00:09:52.519 --> 00:09:56.799 this show, it's April the thirtieth and bitcoin went up like seventeen percent yesterday. 150 00:09:58.200 --> 00:10:01.600 You know, it went from maybe seventy five hundred two hit ninety three 151 00:10:01.639 --> 00:10:07.519 hundred proably at one point. And my wife, like a ton of people 152 00:10:07.759 --> 00:10:11.679 on Twitter, we're seeing our happy days are here. We're never going to 153 00:10:11.720 --> 00:10:16.799 see eight thousand dollars again, you know, blah blah blah blah blah, 154 00:10:16.840 --> 00:10:20.360 because they've never really seen this and they've never gone through a happening, which 155 00:10:20.440 --> 00:10:22.519 I haven't gone through a happening, but I have seen this happen a couple 156 00:10:22.559 --> 00:10:26.919 of times by now. Spike up to nineteen, down to thirty two, 157 00:10:26.000 --> 00:10:31.639 Spike up the fourteen, down the thirty eight. So you've gone through several 158 00:10:31.720 --> 00:10:35.240 happenings, I assume too. I don't know when you got into it, 159 00:10:35.279 --> 00:10:37.639 but I feel like you got into it early, am I right? Well, 160 00:10:37.679 --> 00:10:41.200 I mean there was a bolt accident and you know, and business happened, 161 00:10:41.360 --> 00:10:43.240 you know, and all that stuff. But I've been around for a 162 00:10:43.240 --> 00:10:48.679 little while. Well, what are your thoughts on what we probably would see 163 00:10:48.799 --> 00:10:54.399 coming up after the happening to the happening and after happening. I know we're 164 00:10:54.399 --> 00:10:56.919 not giving financial bis, just what your thoughts are because I think we're going 165 00:10:56.960 --> 00:11:01.480 to see something that would be classic for the stocks you buy on the room 166 00:11:01.559 --> 00:11:05.399 or sell on the news. Yeah. So so the problem with the havinging 167 00:11:05.759 --> 00:11:11.279 is it's impossible to price seeing anything right because markets are not efficient. What's 168 00:11:11.320 --> 00:11:16.639 going to happen is very likely, if story repeats itself, is you're going 169 00:11:16.679 --> 00:11:20.279 to see a run up right before the havning because the market is trying to 170 00:11:20.320 --> 00:11:26.120 find the price. And then after the havinging, you know, nothing happens 171 00:11:26.159 --> 00:11:30.200 and miners need to sell some coin, and then the price the presses, 172 00:11:30.279 --> 00:11:35.000 right, so you're gonna have a big correction there and then and then a 173 00:11:35.080 --> 00:11:37.159 few months later, you know, price starts climbing again and uh, and 174 00:11:37.200 --> 00:11:41.879 then you have you should have a rally as usual, right, but it's 175 00:11:41.919 --> 00:11:45.759 it's the immediate sell off after that. I'm not a miner, Like we're 176 00:11:45.799 --> 00:11:48.000 talking about miners. You know that they're spending a fortune and they have to 177 00:11:48.039 --> 00:11:52.000 sell their coins because they got to pay for their electricity and equipment and staff 178 00:11:52.039 --> 00:11:56.519 and stuff. But you would almost think that if you were a mining company 179 00:11:56.039 --> 00:12:00.799 going into the havning, like thirty days ahead of time or two months ahead 180 00:12:00.799 --> 00:12:03.440 of time, you quit selling because you know it's gonna go up. This 181 00:12:03.519 --> 00:12:07.840 is not your normal market, right, like your standard sort of industry, 182 00:12:07.879 --> 00:12:11.240 because bitcoin is still a kittie pooh, right, it's still a small market. 183 00:12:11.519 --> 00:12:18.799 Any sort of mead sized to large investor right can have one a monumental 184 00:12:18.320 --> 00:12:24.039 effect on price. Right, it's very easy for ten guys with one hundred 185 00:12:24.080 --> 00:12:28.919 million dollars to move the price. And two is you can have large investors 186 00:12:30.039 --> 00:12:33.960 right funding miners where the miners are in a position where they don't have to 187 00:12:35.000 --> 00:12:39.840 sell for a long time. And another nice thing too is smart miners are 188 00:12:39.879 --> 00:12:43.600 accruing debt or they are accruing like just losses on the balance sheet, right 189 00:12:43.799 --> 00:12:48.639 that they can offset their games later on. There's a lot of interesting stuff 190 00:12:48.679 --> 00:12:52.679 that could happen there. I think there's a lot of at least most of 191 00:12:52.679 --> 00:12:56.000 the miners I know are not playing the short term game here, right, 192 00:12:56.039 --> 00:13:00.639 Like these guys are all sort of using very long term horizon either that or 193 00:13:00.679 --> 00:13:03.360 other instruments to fund the mining facility. What do you mean by that? 194 00:13:03.919 --> 00:13:07.759 I'm not sure I understand what you're saying. So, so these guys are 195 00:13:07.759 --> 00:13:11.440 playing with say, you know, like ten year runaways okay, right, 196 00:13:11.600 --> 00:13:15.919 so that they don't have to sell coin now to pay for their mining costs, 197 00:13:16.399 --> 00:13:20.840 because if you're doing mining right, you're acquiring bitcoin for a lower price 198 00:13:20.000 --> 00:13:24.759 than retail, right, right, or you should just turn your machines off 199 00:13:24.799 --> 00:13:28.759 and just buy it exactly right. So so this guys that are doing right 200 00:13:28.840 --> 00:13:31.639 in this right scale, they are just accumulating. They're using the miners as 201 00:13:31.679 --> 00:13:37.120 an accumulation device. Really, like everything bitcoin is impossible to know. We 202 00:13:37.159 --> 00:13:41.840 can speculate the death, but but you know, it's a very opaque system, 203 00:13:41.879 --> 00:13:46.879 even though it's the monetary policy is transparent, which is pretty cool. 204 00:13:46.919 --> 00:13:50.120 Actually, yeah, well I said everything about bitcoin's pretty cool. And in 205 00:13:50.159 --> 00:13:54.480 my mind, hey, I want to go over next some things with you 206 00:13:54.559 --> 00:14:01.480 about coinkite dot com because I have some real questions about for me, and 207 00:14:01.960 --> 00:14:03.720 you know, I've always found if I have questions, someone else does and 208 00:14:03.759 --> 00:14:07.720 the best way to find out is get the guy who can answer the best 209 00:14:07.799 --> 00:14:11.480 and everybody can find out. But before I do that, I do want 210 00:14:11.519 --> 00:14:16.679 to take this moment to make sure everybody listening knows about bit block Boom. 211 00:14:16.519 --> 00:14:20.159 Bit block Boom is in Dallas, Texas every August. They end up August 212 00:14:20.159 --> 00:14:24.879 this year, and I called a real bitcoin conference because that's all we talk 213 00:14:24.879 --> 00:14:28.919 about's bitcoin. We don't talk about all coins, blockchain, just bitcoin. 214 00:14:28.000 --> 00:14:33.200 This would be our third year in Dallas. So if you're interested in bitcoin, 215 00:14:33.320 --> 00:14:37.639 please take a moment go to bitblock boom dot com, check out our 216 00:14:37.679 --> 00:14:41.679 list of speakers, and if you decide to come, use the code cousins 217 00:14:41.919 --> 00:14:46.679 CEO U, S I N S at checkout and that'll save you thirty percent. 218 00:14:46.879 --> 00:14:50.919 And this year, Amy Randolpho, I think we're gonna have a sellout. 219 00:14:52.159 --> 00:14:54.600 Oh yeah, man, it was such a great event last time. 220 00:14:54.919 --> 00:14:58.399 I really I'm really looking forward to the next one. Well, we were 221 00:14:58.440 --> 00:15:03.360 selling, had a really really good clip way ahead of last year, and 222 00:15:03.440 --> 00:15:09.000 then you know, everything shut down and sales. Sales didn't stop. That 223 00:15:09.039 --> 00:15:13.320 was kind of odd at all, but they did trickle down to a crawl. 224 00:15:13.759 --> 00:15:18.679 But now Texas opens up tomorrow and a lot of places are opening back 225 00:15:18.759 --> 00:15:22.120 up. And the way I'm looking at it, Ralpho was Boom's probably going 226 00:15:22.159 --> 00:15:28.759 to be the first conference of the year. Yeah, that's that's actually very 227 00:15:28.799 --> 00:15:31.240 possible, and everybody's going to be going. I've been waiting to go to 228 00:15:31.279 --> 00:15:33.360 conference this all year. This is the first one, and we were selling 229 00:15:33.399 --> 00:15:39.279 good anyway. So I think now I feel really confident. And I haven't 230 00:15:39.279 --> 00:15:41.840 been really pushing it hard because I didn't want to be seen, you know, 231 00:15:41.879 --> 00:15:43.960 people going I can't believe everybody's suffering and stuff, and here he is 232 00:15:45.000 --> 00:15:46.360 pushing this conference. I've been kind of on the download. But now that 233 00:15:46.399 --> 00:15:50.720 things are getting better, when is it again? Is in November August? 234 00:15:50.840 --> 00:15:54.519 Last weekend in August August? Yeah, and you're one of our speakers on 235 00:15:54.600 --> 00:15:56.279 the lineup this year. We have a great lineup of speakers we have. 236 00:15:56.639 --> 00:16:00.240 This is going to be a great, a great conference year. I'm pretty 237 00:16:00.240 --> 00:16:03.639 excited. Yeah, I know it's it's gonna be fun, Matt O'Dell said. 238 00:16:03.799 --> 00:16:07.519 I like Matt O'Dell's quote that he may some time ago he goes having 239 00:16:07.759 --> 00:16:12.639 a conference in Dallas, Texas in August, could end up looking like the 240 00:16:12.679 --> 00:16:18.639 most genius idea ever. That's hot down here. You can agree to that, 241 00:16:18.759 --> 00:16:22.519 right, Yeah, I know it's it is definitely hot. I mean, 242 00:16:22.679 --> 00:16:26.440 just so people get a sense. On the last one, I went 243 00:16:26.480 --> 00:16:32.200 straight from the airport to the shooting range and he must have been like forty 244 00:16:32.240 --> 00:16:34.480 degrees Celsius. I don't know how much that is, probably was like one 245 00:16:34.519 --> 00:16:40.440 hundred and five. Yeah, and uh it was a very text and experience 246 00:16:40.519 --> 00:16:42.600 to just immediately get out of the plane, you feel the heat, and 247 00:16:42.639 --> 00:16:45.519 then you go play at the range of the guns. It was It was 248 00:16:45.600 --> 00:16:49.120 fun. And I know that he's planning on doing that again this year, 249 00:16:49.559 --> 00:16:52.639 but that hasn't been set up. But he's doing that, and we have 250 00:16:52.799 --> 00:16:59.279 Bitcoin of barbells, and we have the Citadle Workshop and Matt O'Dell is gonna 251 00:16:59.320 --> 00:17:03.440 do an event. And you know, my goal for this was to do 252 00:17:03.519 --> 00:17:06.960 you know, because bit block Boom's really Saturday, you know, if you 253 00:17:06.960 --> 00:17:08.839 think about it in Sundays the brunch, you know, which is really fun. 254 00:17:10.480 --> 00:17:14.240 And then but my goal is to finally when this all starts, is 255 00:17:14.240 --> 00:17:18.720 the maybe we get a whole week a bitcoin stuff going on and it's ended 256 00:17:18.799 --> 00:17:22.359 up with bit block Boom, which I'm doing in the brunch I'm providing, 257 00:17:22.440 --> 00:17:26.720 but all these other people the whole week are doing stuff. You're doing two 258 00:17:26.799 --> 00:17:29.559 days this time or just one day. Well, we're doing the one day 259 00:17:29.680 --> 00:17:32.559 bit block Boom like we did the last time, and the brunch again on 260 00:17:32.640 --> 00:17:36.440 Sunday, which is nice ten to two, and then Friday, we have 261 00:17:36.799 --> 00:17:41.519 two workshops already and Matt will make the third workshop, and then we have 262 00:17:41.119 --> 00:17:45.400 the Setosian Nakamoto dinner that night. I'm sure you went to last year. 263 00:17:45.400 --> 00:17:49.079 It was the barbecue dinner. Actually it was awesome. That's all day Friday. 264 00:17:49.240 --> 00:17:52.279 We got Jimmy to auction in his head. I think that's the first 265 00:17:52.279 --> 00:17:55.559 time he auction. He's done it since, but I think that's the first 266 00:17:55.559 --> 00:17:57.559 time he ever auctioned his hat. So it was kind of my fault. 267 00:17:57.599 --> 00:18:02.200 I think I screamed, put your hat on the pile the first time, 268 00:18:02.559 --> 00:18:04.839 and then when we were in Riga, Latvia for the other conference, he 269 00:18:04.920 --> 00:18:07.720 was auctioning his book and I screamed, again, put your hats on the 270 00:18:07.759 --> 00:18:12.960 pile. I told Jimmy, if I was you, I would start bringing 271 00:18:14.119 --> 00:18:18.240 another hat just to where that whenever you're going to an auction event, could 272 00:18:18.279 --> 00:18:21.200 you know, yeah, because it takes a while to get a hat, 273 00:18:21.240 --> 00:18:23.079 you know, broken in and comfortable, you know. So I would take 274 00:18:23.119 --> 00:18:26.000 two hats when I went somewhere from now and Jimmy, and one is the 275 00:18:26.039 --> 00:18:29.680 one you wear and then when you're going to an auction event, that night 276 00:18:29.839 --> 00:18:33.359 put on the new hat. It's not broken in yet, that's right. 277 00:18:33.440 --> 00:18:34.960 Yeah, So that's the way. Hey, I want to talk about your 278 00:18:34.960 --> 00:18:38.559 sitecoinkite dot com. First of all, how'd that come into me? How 279 00:18:38.599 --> 00:18:44.680 do you get into So? You know, we got in bitcoin way way 280 00:18:44.680 --> 00:18:48.319 back then, in the very early beginnings of this, and you know, 281 00:18:48.359 --> 00:18:52.960 we were building bitcoin debit cards, bitcoin debit machines and infrastructure for other companies 282 00:18:53.160 --> 00:18:57.240 and it was too early. And that's sort of like so we really decided 283 00:18:57.279 --> 00:19:00.400 a few years ago to focus on what we actually like to do with our 284 00:19:00.400 --> 00:19:04.240 lives, which is like making hardware, just really focusing on hardware. You 285 00:19:04.279 --> 00:19:08.799 know, once when we closed our our hosting service for bitcoin, you know, 286 00:19:08.839 --> 00:19:11.279 I looked at the market. You know, there was stressor a ledger, 287 00:19:11.880 --> 00:19:15.240 uh, harder wallets and and uh, you know I didn't find there 288 00:19:15.240 --> 00:19:19.400 were secure enough for for my stuff or for people I knew. And uh. 289 00:19:19.599 --> 00:19:22.920 We created a you know, a better, safer, more secure, 290 00:19:22.960 --> 00:19:27.319 harder wallet, uh and uh and the market seemed to really take on and 291 00:19:27.400 --> 00:19:30.559 sort of like you know, became one of the best selling ones. And 292 00:19:30.839 --> 00:19:36.440 you know, we do everything sort of like from the paranoid side. So 293 00:19:36.599 --> 00:19:41.079 you know, it's it's it's like ultra scure, it's it's open source, 294 00:19:41.759 --> 00:19:45.880 it's privacy by default. You know. We sort of like check all those 295 00:19:45.880 --> 00:19:49.039 boxes, right because these are the boxes that we have ourselves. It's very 296 00:19:49.160 --> 00:19:53.279 important to UH to do that. Uh and and we felt there was a 297 00:19:53.279 --> 00:19:57.319 big gap in the market for that and UH and we also make an open 298 00:19:57.400 --> 00:20:03.559 dime, which is like a dime was actually the first wallet I ever saw 299 00:20:03.799 --> 00:20:06.440 or whatever you want to call me, and that's the first one. The 300 00:20:06.559 --> 00:20:10.200 day I learned about bitcoin, someone showed me their open dime. Yeah, 301 00:20:10.240 --> 00:20:12.599 it's a it's such a great device for that, right because it's a it's 302 00:20:12.599 --> 00:20:15.920 a physical bitcoin. You don't have to explain anything. You just give it 303 00:20:15.920 --> 00:20:19.960 to the next person and they have it. It reminds me if you watch 304 00:20:21.279 --> 00:20:25.480 Blade Runner, they're like, here's a credit stick and it's got the money 305 00:20:25.559 --> 00:20:27.640 whatever the money is during that error, you know, when the movie is 306 00:20:27.680 --> 00:20:30.599 going on and they hand in the money. Here's a stick, you know, 307 00:20:30.640 --> 00:20:34.599 And that's what it reminds me of a bitcoin stick. Hey, I 308 00:20:34.640 --> 00:20:38.200 got a question and during UH I had I was telling Matt when he was 309 00:20:38.200 --> 00:20:41.279 on the show. Recently, I ran into a guy at a lunch some 310 00:20:41.359 --> 00:20:47.279 time ago at a bitcoin meetup, and he had ten bitcoin, he said, 311 00:20:47.559 --> 00:20:52.480 and he put every bitcoin on a paper wallet, one bitcoin per paper 312 00:20:52.559 --> 00:20:56.599 wallet, because he was really concerned and that seems to be one way to 313 00:20:56.680 --> 00:21:02.640 do it. So I use this guy as my example when I'm talking about 314 00:21:02.839 --> 00:21:07.279 wallets and security features and things like that. So with your open dime, 315 00:21:07.759 --> 00:21:11.599 which is very secure. I watched the I'm actually I watched even though I 316 00:21:11.680 --> 00:21:14.720 use it. I watched the video last night by Matt again on the open 317 00:21:15.039 --> 00:21:17.880 old the cold card, Yeah, the colde card you're talking about right now, 318 00:21:17.920 --> 00:21:21.839 I'm talking about the open dime. Okay, open dime. Could he 319 00:21:21.920 --> 00:21:25.519 had an open dime as you plug it into your USB and it flashes green 320 00:21:25.599 --> 00:21:30.839 and it hasn't been used yet and you poked a hole in it, right, 321 00:21:30.240 --> 00:21:33.359 Yeah, you can tell if it's been used because you can't take off 322 00:21:33.359 --> 00:21:34.720 the bitcoin, so you poked the hole in it. It's got great security 323 00:21:34.720 --> 00:21:38.920 features. Yea. Now could this guy instead of using a paper wallet ten 324 00:21:38.960 --> 00:21:42.880 paper wallets, could he do the same thing with ten open dimes? So 325 00:21:42.920 --> 00:21:48.160 he could? The reality is like open dime was designed for commerce, for 326 00:21:48.279 --> 00:21:53.440 gifting, for transacting right, because he doesn't have a backup. I prefer 327 00:21:53.480 --> 00:21:56.119 if people don't use it for long term holdle. Right, and that's why 328 00:21:56.119 --> 00:22:00.480 we create a cold card. Okay, So the whole concept to the open 329 00:22:00.559 --> 00:22:07.200 dime is just for transferring bit point from one person to another in a physical 330 00:22:07.200 --> 00:22:10.559 form. That's right. You get an anemity, you get everything. Now 331 00:22:10.599 --> 00:22:15.799 with colde card. He has all the features and it's designed from scratch for 332 00:22:15.839 --> 00:22:22.319 you to hold millions of dollars securely, privately and completely offline. And now 333 00:22:22.559 --> 00:22:25.880 I have some questions about the cold card too. As you know, I 334 00:22:25.920 --> 00:22:30.000 just bought some Now with this guy with his ten bitcoin, would he need 335 00:22:30.160 --> 00:22:33.839 ten Cold cards? No? No, no, he only needs one. 336 00:22:34.160 --> 00:22:38.559 That's what I'm thinking, because the cold cards now come with SD cards. 337 00:22:40.039 --> 00:22:41.640 Yeah, and I figured I was looking at it and I said, well, 338 00:22:41.680 --> 00:22:47.799 gosh, couldn't you just buy one cold card and ten SD cards and 339 00:22:47.799 --> 00:22:49.920 put a Bitcoin on every SD card. Yeah, you could do that. 340 00:22:51.279 --> 00:22:53.880 There's many ways you can use it, right, So you can have multiple 341 00:22:53.920 --> 00:22:59.559 pass phrases, right, so so you have different holdles there. You could 342 00:22:59.720 --> 00:23:03.240 you use it with multi signature between two colde cards. So if you want 343 00:23:03.240 --> 00:23:07.759 to up the ante on your security. You can also just create multiple encrypted 344 00:23:08.000 --> 00:23:12.920 sd cards with bitcoin in them and you know, just store those. There's 345 00:23:14.000 --> 00:23:18.039 many ways. And what's important here is colde card is not going to let 346 00:23:18.079 --> 00:23:26.079 you do poor bitcoin security from itself. So it has very high grade sort 347 00:23:26.119 --> 00:23:30.880 of there's like it's like a sanity check, good hygiene on how to do 348 00:23:30.960 --> 00:23:33.640 your bitcoins. So, for example, colde card, when you plug it 349 00:23:33.640 --> 00:23:37.640 into a computer, it's not going to talk back to a server like Ledger 350 00:23:37.680 --> 00:23:41.440 or thresor do to check balances and things like that. Right, You're going 351 00:23:41.519 --> 00:23:45.680 to use it with a electrum or something else more secure, more private. 352 00:23:45.920 --> 00:23:49.680 Right, So it has all those things by default and it's like fairly easy 353 00:23:49.720 --> 00:23:52.240 to use. But then if you really want to do it right, you 354 00:23:52.400 --> 00:23:56.440 never plug it into a computer. Yeah. I noticed when Matt was doing 355 00:23:56.480 --> 00:23:59.799 his he did all this stuff, pulled out the sd card, put that 356 00:24:00.079 --> 00:24:03.759 d card in the computer, think that with his wallet, put it back 357 00:24:03.759 --> 00:24:06.680 into the open nine to open that I mean cold card. The cold card 358 00:24:06.799 --> 00:24:11.440 never touch the internet. Yeah, you can definitely run it off of a 359 00:24:11.480 --> 00:24:15.799 battery in your secure room or in your you can even keep one, I 360 00:24:15.839 --> 00:24:18.759 don't know in a safe deposit box and then you just take a battery with 361 00:24:18.839 --> 00:24:22.240 you in a microst card and you do the transactions via what we call sneakernet, 362 00:24:22.359 --> 00:24:26.519 which is just you just shuffle around micros D cards to do transactions instead 363 00:24:26.519 --> 00:24:30.880 of using the USB of a computer. And that really increases the security a 364 00:24:30.880 --> 00:24:34.359 lot. Yeah, that would increase the security. So that sounds like that's 365 00:24:34.839 --> 00:24:40.680 a little more secure than writing down paper wallets ten paper wallets to me. 366 00:24:40.759 --> 00:24:44.160 And the biggest issue with paper wallets is that you still have to use a 367 00:24:44.200 --> 00:24:47.960 computer to generate them, and you have to use a printer to print them, 368 00:24:48.200 --> 00:24:49.640 right, and they can they can. The ink can just fade, 369 00:24:49.880 --> 00:24:55.119 I guess over time while and burn and all that stuff. But but like 370 00:24:55.279 --> 00:24:59.000 imagine this, right, you go through all that trouble of making a private 371 00:24:59.079 --> 00:25:02.000 key that is off line, right, but if you use the computer that's 372 00:25:02.039 --> 00:25:04.880 compromised to create that key, well, now you have a compromised key even 373 00:25:04.880 --> 00:25:08.799 though it's in paper, right, So you really didn't accomplish anything exactly. 374 00:25:08.880 --> 00:25:14.200 So for the people who like paper wallets, we created a feature inside of 375 00:25:14.279 --> 00:25:18.920 cold card so colde Card can generate the paper wallets for you, so then 376 00:25:18.960 --> 00:25:22.000 you don't have to use a compromised computer to generate paper wallets. Oh, 377 00:25:22.160 --> 00:25:25.920 that makes more sense. It's really cool, and you don't even have to 378 00:25:25.920 --> 00:25:29.799 trust us because you can actually use dice. And that was another saying. 379 00:25:29.839 --> 00:25:33.400 I didn't understand the dice deal. I saw you roll the dice and he 380 00:25:33.440 --> 00:25:36.599 put the numbers in. So on the video I watch for those listening, 381 00:25:36.680 --> 00:25:41.440 Matt Odell was setting up his wallet and when he was going to get his 382 00:25:41.519 --> 00:25:44.680 seed phrase or whatever, he was rolling dice and he would add these numbers. 383 00:25:44.680 --> 00:25:47.440 There's eleven he put in eleven. There's a five he put in five, 384 00:25:47.519 --> 00:25:49.920 and then he did his seed phrase. He said, create seed phrase, 385 00:25:51.359 --> 00:25:53.799 so that the numbers that you put in the random numbers from dice, 386 00:25:55.279 --> 00:25:59.119 that somehow affects the seed phrase. I am assuming exactly. We have a 387 00:25:59.240 --> 00:26:03.519 very secured ice. The random number generator that we have in or device is 388 00:26:03.559 --> 00:26:07.960 a verified one. It's like a very sort of like high quality specific like 389 00:26:07.039 --> 00:26:12.400 it has auditing on it right, unlike some other devices. But the way 390 00:26:12.440 --> 00:26:18.720 we function as a company is we like to trust minimize everything. Even though 391 00:26:18.720 --> 00:26:22.920 we have quality random number generators, why don't we just give the users a 392 00:26:22.960 --> 00:26:27.079 way of even not trusting that, right, So what we do is we 393 00:26:27.200 --> 00:26:32.240 created a little UI that you keep on throwing dice and typing in the number 394 00:26:32.279 --> 00:26:38.880 that the dice gave. That means you have an extra source of true entropy, 395 00:26:40.039 --> 00:26:41.960 right, so you have a source of random stuff that we would not 396 00:26:42.039 --> 00:26:47.160 even be able to know even if we were nefarious. Once you put those 397 00:26:47.240 --> 00:26:52.160 in, you know that, like that seed was generated without compromise, right, 398 00:26:52.559 --> 00:26:56.400 right, yeah, because now you've altered it with and you're the only 399 00:26:56.440 --> 00:27:00.240 one that even knows the numbers you put in exactly. Well, that was 400 00:27:00.599 --> 00:27:03.839 one of my other questions. So is cold card the only storage device like 401 00:27:03.880 --> 00:27:07.960 this that doesn't ever hook up to the Internet. It's only what I've seen 402 00:27:07.039 --> 00:27:11.119 is when I ask. So some other devices will will sort of confuse people 403 00:27:11.119 --> 00:27:15.000 with fake marketing, right They will say it's an air gapped but it's connected 404 00:27:15.000 --> 00:27:18.039 to a computer wall. Listen. If it's air gap, there is just 405 00:27:18.160 --> 00:27:25.720 air around it. That's what that means kind of right yeah. So so 406 00:27:25.799 --> 00:27:30.039 yeah, so colde card is sort of like the industry standard for security right 407 00:27:30.039 --> 00:27:33.319 now. Um, you know it's it's it's the only real air gap device 408 00:27:33.400 --> 00:27:37.240 on the market. And uh, you know, the way I like to 409 00:27:37.279 --> 00:27:40.400 say it is like, you know, you get Caesar's right, and then 410 00:27:40.440 --> 00:27:42.799 you cut everything that's around it, and if it still works, well, 411 00:27:42.880 --> 00:27:47.160 then it's their gaped. Hey. I think it was you that I first 412 00:27:47.200 --> 00:27:49.720 saw this, that you had posted it or had it on your website or 413 00:27:49.880 --> 00:27:53.319 talked about it. Was the five dollars wrench attack. Yeah, we have 414 00:27:53.400 --> 00:27:56.519 it on our website. Yeah, yeah, yeah, And that's for anyone, 415 00:27:56.559 --> 00:28:00.720 for anyone listening who's not familiar with a five dollars wrench attack or maybe 416 00:28:00.720 --> 00:28:03.599 ten dollar wrench. I how expensive wrenches are. But that's when you do 417 00:28:03.640 --> 00:28:07.279 all the security and someone just kinds up to you with the wrench and beat 418 00:28:07.319 --> 00:28:11.640 you in head to give them your how are we going to hack into this? 419 00:28:11.680 --> 00:28:15.640 And he just grabs a wrench and say, so, there's your wallet 420 00:28:15.640 --> 00:28:19.440 hab where you can have you can give them the password. So we have 421 00:28:19.680 --> 00:28:26.519 a bunch of different features against five dollars wrench attacks, against distress or beatings. 422 00:28:27.640 --> 00:28:33.279 So one of them is a honeypot wallet. Right, you can essentially 423 00:28:33.359 --> 00:28:37.960 set up a second wallet that has a you know the robbers money, right, 424 00:28:37.000 --> 00:28:40.559 so just a little bit of money to give it away to make the 425 00:28:40.559 --> 00:28:41.680 beating stop right, and he goes, oh, I've got it, and 426 00:28:41.680 --> 00:28:45.000 they look in there and they go, okay, there's some bitcoin in here. 427 00:28:45.079 --> 00:28:48.400 Let's get out of here. And the bad guy won't know the difference. 428 00:28:48.480 --> 00:28:51.119 Right, If you just type this different pin, it just goes into 429 00:28:51.160 --> 00:28:53.880 the other one and everything looks the same, So they can inspect the device 430 00:28:53.920 --> 00:28:57.559 in front of you and they won't know the difference. And then we have 431 00:28:57.599 --> 00:29:03.200 another feature that's my favorite. It's called the brick me pin. It's essentially 432 00:29:03.240 --> 00:29:06.720 a self destruction pin. So you set this up if you want to. 433 00:29:07.400 --> 00:29:11.200 And what means is that if you type this spin, the device bricks itself. 434 00:29:11.319 --> 00:29:15.359 It's done forever, it's garbage. The only way for you to get 435 00:29:15.359 --> 00:29:18.279 those coins back is from your backup that's not there with you. Well, 436 00:29:18.279 --> 00:29:21.000 I would think that makes a guy go from a wrench to a gun just 437 00:29:21.000 --> 00:29:25.440 because you know he's pissed, but like, you know, it's over right 438 00:29:25.480 --> 00:29:29.599 there. So a lot of bad guys don't want to add more charges right 439 00:29:29.640 --> 00:29:33.240 to like when they are committing a crime, they rather not kill the person 440 00:29:33.359 --> 00:29:37.359 right because then it's a murder now in their extra screwed right, So they 441 00:29:37.359 --> 00:29:40.039 have nothing to gain at this point, they can't get it and no matter 442 00:29:40.119 --> 00:29:42.880 what they do to you. So's that's done. Now, it's there. 443 00:29:42.880 --> 00:29:45.960 Should me or leave right because there is no bitcoin for you. And another 444 00:29:47.039 --> 00:29:49.440 nice thing about that feature is, let's say you forget the device with you 445 00:29:49.519 --> 00:29:52.599 when you're crossing a border and and you know you're not allowed to cross the 446 00:29:52.599 --> 00:29:56.519 border it's certain amount of money or whatever, and you know, and you 447 00:29:56.599 --> 00:29:59.519 can't really go back, you can't do anything. So you know, maybe 448 00:29:59.519 --> 00:30:02.799 you just just right the device and you know, Bob is your uncle. 449 00:30:03.039 --> 00:30:07.240 And then we have another feature that's the past phrase. Right, So on 450 00:30:07.319 --> 00:30:11.119 top of your entropy, sorry, on top of the seat that's on the 451 00:30:11.119 --> 00:30:14.920 device, you can have an extra seed that you have to type in for 452 00:30:14.960 --> 00:30:18.640 you to see those funds. The key here is you can go very simple, 453 00:30:19.039 --> 00:30:22.079 you know. So, Grandma, can you use that kind of deal? 454 00:30:22.440 --> 00:30:23.960 Hey? I take that as an insult to grandma. Can you use 455 00:30:23.960 --> 00:30:30.279 the kind of deal Grandpa? Yeah, I'm want to look out for these 456 00:30:30.559 --> 00:30:36.920 subtle a little knocks here. That's right. It's agism. It is. 457 00:30:36.960 --> 00:30:41.000 There's a lot more of it than you realize. I mean, I'm giving 458 00:30:41.000 --> 00:30:44.559 you a hard time. I'm giving I know, I know. So, 459 00:30:44.559 --> 00:30:48.799 so the idea is, you know there is there is different levels of security 460 00:30:48.839 --> 00:30:52.519 for different comforts and different needs. That's that's how we like to make things 461 00:30:52.839 --> 00:30:55.559 right. I do have a question. You have on the site the option 462 00:30:55.599 --> 00:31:00.079 to buy the cold card and with two SD cards. Yeah, why is 463 00:31:00.079 --> 00:31:03.559 that an option? Why would you want one cold card and two SD cards 464 00:31:03.640 --> 00:31:07.599 unless you were going to divide it in half what you had. Why would 465 00:31:07.640 --> 00:31:11.319 you need to two backups? Never have just one backup? The cold card 466 00:31:11.319 --> 00:31:17.119 itself come with the SD card in it. No, it doesn't come with 467 00:31:17.160 --> 00:31:21.359 anything. Okay, So I thought maybe one was for your original right and 468 00:31:22.279 --> 00:31:25.599 okay, so sway that to me. You should always have a clear text 469 00:31:25.720 --> 00:31:29.799 backup of your seeds somewhere because digital stuff can go bed, right, That's 470 00:31:29.839 --> 00:31:33.440 just the reality of it. Yeah, everybody needs to and it shouldn't be 471 00:31:33.480 --> 00:31:37.759 a brain wad case of the final pipe tax. You might get hurt and 472 00:31:37.759 --> 00:31:41.000 not remember it. But but your seed is gonna be under a mountain, 473 00:31:41.640 --> 00:31:48.119 below a CEA somewhere right, essentially impossible to go get it in any reasonable 474 00:31:48.160 --> 00:31:52.119 amount of time. Okay, So what do you do is you have these 475 00:31:52.440 --> 00:31:57.920 encrypted backups? A little bit more accessible, still fairly well secured, and 476 00:31:59.079 --> 00:32:02.039 you know, in different hard to get places, but more accessible. What's 477 00:32:02.119 --> 00:32:07.119 nice is that they're not clear text. They're encrypted backups, so there is 478 00:32:07.160 --> 00:32:10.319 a little bit less fear of them being seen or being handled. So then 479 00:32:10.839 --> 00:32:15.799 say you know, you run your card over your code card accidentally or whatever, 480 00:32:15.920 --> 00:32:17.160 right, and it's destroyed. What you do is it just buy a 481 00:32:17.160 --> 00:32:22.519 new code card, You put the microst in, you type in the decryption 482 00:32:22.640 --> 00:32:25.279 key for the micros D card, and then you can restore your funds so 483 00:32:25.319 --> 00:32:31.279 you can continue business withoubt having to go a nerve your seed from the bottom 484 00:32:31.319 --> 00:32:36.000 of the lake. So basically, I want to make sure I understand sometimes 485 00:32:36.160 --> 00:32:38.000 say sometimes being a grandpa, it takes me a while to get stuff. 486 00:32:38.359 --> 00:32:44.319 I take my cold card, I put in my SD card, and I 487 00:32:44.480 --> 00:32:46.720 create my wallet and do all the stuff. Then I put in the second 488 00:32:47.039 --> 00:32:52.160 SD card and create a backup on it. Yes, and so if my 489 00:32:52.319 --> 00:32:54.880 backup SD card were somewhere safe, my house burnt to the ground, I 490 00:32:54.920 --> 00:32:59.440 could just go get another cold card, pull out that other SD card out 491 00:32:59.440 --> 00:33:02.359 of storage. Yep, type in my passphrase, and I'm in business, 492 00:33:02.759 --> 00:33:06.680 back in business. And I didn't have to get online. That's right. 493 00:33:07.359 --> 00:33:09.400 So the idea was, we are a business too, right, then we 494 00:33:09.480 --> 00:33:13.519 have to go back to business. Right, say the house burns down, 495 00:33:13.519 --> 00:33:16.519 the office burns down, the office is robbed or whatever. Right, we 496 00:33:16.519 --> 00:33:20.920 wanted to make sure that he can get back in business fast. So the 497 00:33:21.000 --> 00:33:24.720 idea is you should have at least more than one digital backup on top of 498 00:33:24.720 --> 00:33:30.319 your seed backup. So you're just removing all the points of failure. You're 499 00:33:30.319 --> 00:33:34.279 removing the needs to go a nerve, things that shouldn't be a nerve, 500 00:33:34.559 --> 00:33:37.880 and you know, and then you have peace of mind. I'm going to 501 00:33:37.920 --> 00:33:39.880 break this down again. I want to make sure I understand and if someone 502 00:33:39.960 --> 00:33:45.799 else's the nswers me. I've got my open Dime, I've done all my 503 00:33:45.119 --> 00:33:49.960 air gap, made a wallet on sd car, then I suck another SD 504 00:33:50.079 --> 00:33:52.559 card in or made a backup. Now I have those two. And this 505 00:33:52.720 --> 00:33:59.200 is Fred who's doing one bitcoin per wallet. Now I would put in another 506 00:33:59.359 --> 00:34:01.839 st car, air gap it and make a wallet on it in the same 507 00:34:01.920 --> 00:34:07.519 Open Dime, same cold card. Yeah, and I'd make a brand new 508 00:34:07.559 --> 00:34:09.719 wallet on this one and then do the same thing again, then make a 509 00:34:09.760 --> 00:34:14.719 backup a bit and I would do that ten times with twenty SD cards to 510 00:34:14.840 --> 00:34:20.679 have the perfect backup of one bitcoin per wallet if he wants to separated though. 511 00:34:20.719 --> 00:34:22.320 Eight, Yes, this is the pretense I work on. This guy 512 00:34:22.400 --> 00:34:25.880 is pretty anal. I'm not that anal. Yeah, no, no, 513 00:34:27.199 --> 00:34:30.599 it's and that's exactly how cold card functions, right. He can definitely do 514 00:34:30.639 --> 00:34:34.599 that, and so with his he would never have to set up the cold 515 00:34:34.639 --> 00:34:37.360 card again. Though as far as a password for it, no, he 516 00:34:37.639 --> 00:34:43.519 wouldn't have to from then on. The securities in the SD cards, yeah, 517 00:34:43.519 --> 00:34:45.679 okay, so I think I've got that down, and hopefully Fred which 518 00:34:45.719 --> 00:34:50.199 is a made up name for this guy, he understands that. So now 519 00:34:50.360 --> 00:34:54.639 what we do, what we're working on is essentially another device that's going to 520 00:34:54.719 --> 00:35:00.760 be sort of like a companion for a cold card, probably where you can 521 00:35:00.840 --> 00:35:05.920 have like more features and touch and camera and all that stuff. And we're 522 00:35:05.960 --> 00:35:08.679 also making another block clock that's cheap. Okay, yeah, because I looked 523 00:35:08.719 --> 00:35:12.519 at the block clock and that's like, wow, you really gotta want to 524 00:35:12.599 --> 00:35:15.039 keep up with the time they're on that block Now. It's a it's a 525 00:35:15.039 --> 00:35:17.519 piece of art, and it was very expensive to make. Oh I'm not 526 00:35:17.559 --> 00:35:21.440 saying it wasn't. I'm just saying, you really gotta want it, see 527 00:35:21.480 --> 00:35:24.280 exactly. Yeah, So we're making we're making an affordable version, which was 528 00:35:24.320 --> 00:35:28.199 pretty cool. We should we should have some news on that in the in 529 00:35:28.239 --> 00:35:30.920 the coming weeks. I think would be a huge hit because you know, 530 00:35:31.000 --> 00:35:35.400 I have a block clock in every room my house essentially. Oh wow. 531 00:35:36.440 --> 00:35:38.559 You know, I have like prototypes and I have like boards. They have 532 00:35:38.639 --> 00:35:42.360 defects and all that stuff, right, so I'm like, I made sure 533 00:35:42.400 --> 00:35:45.440 they all work, and I just have them everywhere. It's a very satisfying 534 00:35:45.519 --> 00:35:50.719 device because of that clicking sound. Oh yeah, yeah, I think that 535 00:35:51.039 --> 00:35:53.800 sounds interesting. Well I'm interested to see the cheaper version of that. Yeah, 536 00:35:53.800 --> 00:35:57.280 I want to make sure everybody can get one. It's it's just too 537 00:35:57.360 --> 00:36:00.840 nice to have it. Hey, I got some questions for you from Twitter. 538 00:36:01.480 --> 00:36:06.639 First one is from Al's Lacrosse at Lacrosse Underscore OWL. I like, 539 00:36:07.599 --> 00:36:09.719 oh the dirt bag, Al, Yeah, yeah, dirt right go and 540 00:36:09.719 --> 00:36:13.400 and and this is kind of an ages question. I want to let you 541 00:36:13.440 --> 00:36:16.039 know right now, maybe he did this for me. Any intention to offer 542 00:36:16.159 --> 00:36:22.559 a simplified you asked with an easy option on cold card or perhaps another hardware 543 00:36:22.559 --> 00:36:29.719 wallet for grandpa experiences. Yes, picturing jitterbug cell phone on hardware walls come 544 00:36:29.719 --> 00:36:36.320 on al yeah, grandma and grandpa stuff. So is there any option? 545 00:36:36.440 --> 00:36:38.440 Okay, that's coming up. It's coming Oh, then I could use it 546 00:36:38.639 --> 00:36:46.519 because okay, question number two, it's from away Deeter Bob Well tech giants 547 00:36:46.639 --> 00:36:54.079 eventually enter the bitcoin hardware wallet industry. I find it unlikely because well maybe 548 00:36:54.159 --> 00:36:59.840 maybe say another day in twenty years, but it's very early for bitcoin, 549 00:37:00.480 --> 00:37:05.239 and I think what's gonna happen is a lot of these giants we would essentially 550 00:37:05.280 --> 00:37:07.480 just have, you know, because they're not gonna go open source, right, 551 00:37:07.800 --> 00:37:12.880 especially for the hardware, and you can't really trust a closed source harder 552 00:37:12.920 --> 00:37:16.719 wallet period. That makes sense. So you know, it's just it's incompatible 553 00:37:16.840 --> 00:37:22.039 with these businesses. So you know, we're gonna we're gonna have our thing 554 00:37:22.159 --> 00:37:25.320 going, and they're gonna have a mass market solution that is not as secure, 555 00:37:27.400 --> 00:37:30.079 and then there will be some te years as people lose their money with 556 00:37:30.119 --> 00:37:36.079 those devices, but you know that will exist. I guess that makes sense. 557 00:37:36.440 --> 00:37:39.280 Chris coins one wants to know or he wants to tell you that he 558 00:37:39.360 --> 00:37:44.320 wishes his cold card could be an actual calculator on boot up? Was this 559 00:37:44.360 --> 00:37:49.639 feature never considered or discarded during development? And then Jack Spurt thirteen says you 560 00:37:49.639 --> 00:37:53.599 should sell calculators the shape of a cold card for twenty dollars. I didn't 561 00:37:53.639 --> 00:37:59.000 know there were so many people wanting to do calculations on their cold cards when 562 00:37:59.000 --> 00:38:02.199 they're starting after walls. You know, a quote card has a meme, 563 00:38:02.320 --> 00:38:06.400 is just a calculator? Okay, Oh, that's what it is, and 564 00:38:06.480 --> 00:38:08.880 it's the meme that they're making. Okay, I didn't know that, but 565 00:38:08.880 --> 00:38:14.000 but we did that. We actually did look into possibly putting a calculator feature 566 00:38:14.039 --> 00:38:17.320 in the device. But we only have two signs. There's only assual multiplication 567 00:38:17.400 --> 00:38:21.400 and check right, which is an X and yes, so we would need 568 00:38:21.440 --> 00:38:24.920 more keys for one and two. You know, we're not fans of security 569 00:38:24.920 --> 00:38:30.119 theater. And the reality is bad guys that are bad guys that are really 570 00:38:30.199 --> 00:38:34.280 sophisticated enough to come after you for your bitcoin. They're gonna know what the 571 00:38:34.280 --> 00:38:37.800 device looks like, so you know, there is no point. Yeah, 572 00:38:37.840 --> 00:38:40.679 it's not like you're gonna have a lane on your table anyway. The quicktions 573 00:38:40.719 --> 00:38:45.880 with Okay from f F Cross this he says, this is the most important 574 00:38:45.920 --> 00:38:50.280 question. And I'm not even sure I'm going to pronounce this right. And 575 00:38:50.400 --> 00:38:57.480 maybe in French, I don't know. Pekaho oo my mahaica okay, yes, 576 00:38:57.760 --> 00:39:00.000 and a question mark that's a question I don't know what means. So 577 00:39:00.000 --> 00:39:06.079 so those are two traditional Brazilian cuts of beef. Okay, So picaya is 578 00:39:06.159 --> 00:39:09.920 essentially try tip with the cap, with the beat with the with the fat 579 00:39:10.000 --> 00:39:15.360 over right, and mommina if I remember right, is that it's like bavett 580 00:39:15.719 --> 00:39:21.960 it's the tip of the skirt. I think I can't remember now anyways, 581 00:39:22.239 --> 00:39:24.800 who that's a very tough one. You know, I'm not a person who 582 00:39:24.880 --> 00:39:30.960 has favorites. I like both. I make both almost every week. There, 583 00:39:30.039 --> 00:39:32.360 you see, I didn't even know that. So I learned at I 584 00:39:32.440 --> 00:39:36.280 learned something new to day that it had nothing to do with it. Well, 585 00:39:36.360 --> 00:39:38.079 when you come by a Toronto, I'll make you some Brazilian barbecue. 586 00:39:38.239 --> 00:39:43.239 Oh that sounds good. That sounds real good. Yeah, I'll go for 587 00:39:43.320 --> 00:39:47.519 that, okay. You. Last question is from child as what is your 588 00:39:47.559 --> 00:39:52.519 favorite canoe? Oh? So? Uh? I mean I'm a big fan 589 00:39:52.599 --> 00:39:57.840 of sixteen and a half footers, you know, as light as possible. 590 00:39:58.159 --> 00:40:01.800 So you know, you want about the can take both open lake and small 591 00:40:01.840 --> 00:40:06.880 streams because that's how you portage through our north in Canada. But you have 592 00:40:06.920 --> 00:40:09.679 to then carry that on, you know, three four kilometers, so it's 593 00:40:10.079 --> 00:40:15.159 the delightest is possible. That makes a lot of sense here. I don't 594 00:40:15.199 --> 00:40:16.679 go canoeing much, but the one time I went, it was heavier in 595 00:40:16.760 --> 00:40:20.159 hell and we got the low water. I got tired of toting that thing 596 00:40:20.199 --> 00:40:24.000 around. You know, I've only been to Canada once and that was just 597 00:40:24.079 --> 00:40:29.400 at the airport on the way to Venice. We had a layover in Canada. 598 00:40:29.519 --> 00:40:34.519 I didn't have a very good experience, Rodolpho in Canada there. You 599 00:40:34.599 --> 00:40:37.280 know, we are a fun country full of tough people. You know, 600 00:40:37.760 --> 00:40:44.800 it's unfortunate that only the progressive crape gets attention. In my case, I 601 00:40:44.840 --> 00:40:47.360 went to get on my plane, change planes, and I went and got 602 00:40:47.400 --> 00:40:51.320 on my plane and I'm sitting there, going where's my wife and daughter at? 603 00:40:51.360 --> 00:40:52.719 And I'm like, the plane's getting ready to take off. I'm going, 604 00:40:52.760 --> 00:40:55.400 man, I'm kind of worried. And I look at the guy sitting 605 00:40:55.400 --> 00:41:00.639 next to me and his ticket says, we're going to Cuba. He can't 606 00:41:00.639 --> 00:41:05.400 speak English. No one on the point because and I'm like, holy craft, 607 00:41:05.440 --> 00:41:08.159 I'm on the wrong plane. That's funny. Yeah, the entering and 608 00:41:08.199 --> 00:41:10.920 wrong plane is funny. Yeah, yeah, especially when you're getting ready to 609 00:41:10.960 --> 00:41:15.440 go to a country where I think, well, I guess I could have 610 00:41:15.480 --> 00:41:16.199 gotten in there because I don't know if I could to get in there with 611 00:41:16.239 --> 00:41:20.280 the US passport at that time. Yeah, I know, so I think 612 00:41:20.760 --> 00:41:22.679 so that was the stick, right, Americans will come to Canada to fly 613 00:41:22.760 --> 00:41:25.639 to Cuba. Right, Well, that's what was happening to me. I 614 00:41:25.719 --> 00:41:30.760 meant, Oh, well, I'm just joking. I had I had a 615 00:41:30.760 --> 00:41:34.199 fine time at the airport, I said, But it was an airport, 616 00:41:34.239 --> 00:41:37.039 so who knows, yeahs or airports. Yeah, yeah, we still want 617 00:41:37.039 --> 00:41:40.199 to go to Canada. So if we come to Canada and come your way, 618 00:41:40.320 --> 00:41:43.599 we'll thank you out for dinner man. Yeah, we'll definitely look you 619 00:41:43.679 --> 00:41:46.800 up. Hey before we go. Is there anything that maybe I didn't cover 620 00:41:47.079 --> 00:41:52.280 that you wanted to make sure that we talked about or I didn't want to 621 00:41:52.280 --> 00:41:54.519 like miss something you might want to talk about or promote or anything like that. 622 00:41:54.800 --> 00:42:00.159 Well, you know, uh, just just follow cold card while it 623 00:42:00.400 --> 00:42:04.519 on Twitter, Follow open dime on Twitter, Follow me on Twitter at NVK. 624 00:42:05.039 --> 00:42:08.519 If you're into telegram, we have a Telegram group for our cult products 625 00:42:08.960 --> 00:42:14.280 and it's at the telegram I think is Cold Card. You know, let 626 00:42:14.360 --> 00:42:16.760 us know how we can make stuff that makes her life easier and more secure 627 00:42:16.800 --> 00:42:21.159 as a bitcoiner. You know, if you have questions, just just reach 628 00:42:21.239 --> 00:42:25.119 out to us. We're happy to help people out. And I guess that's 629 00:42:25.159 --> 00:42:28.639 it. I mean, you know, buy our stuff. We keep on 630 00:42:28.719 --> 00:42:30.719 making it. Hey. Also, while we're talking about talking about helping people 631 00:42:30.719 --> 00:42:34.840 out last year, and I don't know if I ever really personally did this. 632 00:42:35.039 --> 00:42:38.440 Last year, you donated some cold cards and open dimes and caps, 633 00:42:38.480 --> 00:42:42.599 and you donated a bunch of stuff for us to give away at prizes at 634 00:42:42.599 --> 00:42:45.280 bit block Boom, and I wanted to personally tell you we're gonna do it 635 00:42:45.280 --> 00:42:46.519 again. Oh cool. I want to tell you thank you for doing it 636 00:42:46.599 --> 00:42:51.480 last year. People were it's amazing how my wife was handling the booth when 637 00:42:51.519 --> 00:42:54.039 people would kind of claim their prices. She was amazed at how excited people 638 00:42:54.119 --> 00:42:57.559 was because she didn't even know what they were getting when she had handed stuff, 639 00:42:57.800 --> 00:43:00.519 and she was like, people were really excited when they came and got 640 00:43:00.519 --> 00:43:02.280 their prizes, and I was like, cool, So that worked out pretty 641 00:43:02.280 --> 00:43:05.679 good. So I wanted to I just wanted to personally tell you thank you 642 00:43:05.719 --> 00:43:09.239 for donating prizes to give away to people. I think I had one left 643 00:43:09.280 --> 00:43:14.760 and we had a contest for our fifty five hundredth episode of Four Minute Crypto 644 00:43:14.800 --> 00:43:17.480 and did that a surprise. I'm glad people enjoyed it, and it's you 645 00:43:17.519 --> 00:43:21.880 know, it's nice to support events that do good. Yeah, well, 646 00:43:21.880 --> 00:43:23.719 we appreciate it, and I appreciate you coming on the show. It was 647 00:43:23.800 --> 00:43:27.400 nice talking to you again. I look forward to seeing you in August. 648 00:43:27.440 --> 00:43:32.159 And I guess I'm gonna say Eddio smochachas, I hope you've enjoyed today's show, 649 00:43:32.159 --> 00:43:35.519 and I want to give a big thank you to all my cousins out 650 00:43:35.559 --> 00:43:38.159 there for listening and subscribe. If you haven't subscribed yet, just go to 651 00:43:38.199 --> 00:43:42.599 Crypto Cousins dot com and you'll see the links for all the places you can 652 00:43:42.639 --> 00:43:45.800 subscribe. You want to take us a second, leave a great review or 653 00:43:45.800 --> 00:43:49.000 our four star rating. Even while you're at it, I also recommend you 654 00:43:49.039 --> 00:43:52.960 go to Crypto podcaster dot com and see all my other podcasts and websites for 655 00:43:53.039 --> 00:43:58.280 the world of bitcoin. There's a lot of the look at. Thanks for 656 00:43:58.360 --> 00:44:01.360 listening to the crypto Cousins podcast. Please share the show with your friends. 657 00:44:01.519 --> 00:44:07.400 They can subscribe by going to cryptocusins dot com slash subscribe, and if you 658 00:44:07.480 --> 00:44:10.159 want to know more about Gary, just go to Gary Leland dot com. 659 00:44:10.159 --> 00:44:15.079 Make sure and join Gary in all the Cryptocusins every week for a new episode 660 00:44:15.239 --> 00:44:22.000 of the Cryptocusins podcast. The Cryptocusins podcast and the information included in the podcast 661 00:44:22.039 --> 00:44:28.599 are not intended as investment advice. Investing in any cryptocurrency is risky and you 662 00:44:28.639 --> 00:44:31.920 should never invest more than you can afford to lose. Always seek professional advice 663 00:44:31.960 --> 00:44:37.519 before investing in any cryptocurrency. Please understand you are using any and all information 664 00:44:37.639 --> 00:44:39.960 from the Cryptocusins at your own risk.