Hello, This is NPK and this is Gary Leland and you're listening to episode
one thirty seven of the Crypto Cousins podcast. Feed your interest in bitcoin and
cryptocurrencies by joining Hall of Fame podcaster Gary Leland on the Crypto Cousins podcast.
And remember we are all cousins in the world of crypto. This week's price
of bitcoin eight thousand, eight hundred and ninety two dollars. That's up thirteen
dollars or point one percent over the past seven days. How how do you?
How do how do you? Dawful? Welcome to the show for the
second time. Oh, thanks for having me. It's always fun. Nice
to see you, see you again. It's it's always enjoyable talking to you.
I enjoyed meeting you this uh last summer down here in Dallas at we
had some good barbecue. We had some good barbecue, We had some good
times. It was you know, well, I don't care what it is.
If you've got a lot of bitcoiners around, you're gonna have a good
time, right. It is quite amazing, isn't it. Like? I
don't think I have ever had a bad time just hanging out to bitcoinners.
It's always fun. Even with the ones that don't agree. It's just it's
such a it's a crowd that's interested in talking about the things that may be
uncomfortable, right right, you know, I think I think some people.
Now I don't know you're in Canada. What part I think, Well,
you know when you're at but I think you're in Canada, and I don't
know if where you live, if you see a lot of bitcoin people where
I live, I really see a couple, but not many. So when
I'm around him, I'm wondering. I'm wondering if someone like me who sees
some but not many, if it's just way more enjoyable than for someone who
sees a bunch all the time. Yeah. I mean, we have some
locals here that we have dinners with. We often have like we go to
a nice steakhouse and we get like a private room and and we get like
say like twelve people or so and eat there. Just bitcoiners. But we
don't have a lot of bitcoin conferences in thro and we have a lot of
shit coiners here. It see gonna be a lot of shit cooiners everywhere.
Wow, Yeah, there is that. I think the biggest issue for us
the stenches old Ethereum started here. Oh I didn't know that. Yeah,
we had some interesting stuff too, I mean like dark wallet was invented here
and a hackaton, and like we have like a lot of cool old stuff.
But you also have a lot of the scammers. I guess the scammers
are everywhere. Yeah. I think that just goes with the territory of being
a kind of currency. Yeah. Yeah, I mean it's money, right,
When you have money, you have when you have money, you have
people wanting to take the money, that's right. I mean, but I
also can't blame right, a lot of this, uh, I mean I
can't blame their their character, but like I can't really blame the incentives,
right, I mean, there's just too much dumb money on the table for
people not to want to take it, right, take advantage of that,
Yeah, compare to the other moneys you can steal, right, Well,
this may be Actually you want to say bitcoin is the hardest money and it's
the safest money, but in another sense, maybe the easiest money to steal
because so many people have poor habits. You know. I love that.
I think was Pierre that brought back the word. I love that word so
much. Bitcoin is extremely soluble. That's one of my favorite words. A
lot of people actually like they seem to confuse and conflate fungible with solable,
and bitcoin is actually more soluble than it is fungible. Explain that more in
detail to me. So it's offered or suitable for sale, marketable, it's
capable of being sold purchasable, hence finding a market in demand. Right,
So what happens with bitcoin is that bitcoin because bitcoin is insensible, it can
be bought, sold, and purchased without any any barriers, and so anyone
can buy and sell it anywhere. So it's almost like fungible. It's just
that fungible has a few different connotations there. But it's a very liquid asset.
I mean, I think arguably bitcoin is the most liquid assets, the
most soluble assets. So with gold, I used to be into gold way
back. I lost most of my love for gold. Gold. Well,
you can't board an airplane with gold, right, You a little wheelbarrow you
can come toute in your goal with here, right? Good luck with that,
gold has extremely cost to maintain, to store, to verify. You
know, we don't live in a world that it can bite the gold bar
anymore and and be sure it's real, right, I mean, there is
some pretty incredibly like high qualities of fake stuff out there. You need extremely
expensive equipment to verify it. I see every time I've seen that you know
that someone's selling gold, or I get some email about get you some gold
and stuff, I'm going, how do I know that's even gold? I
mean, are maybe just the outside goal. I have to drill a hole
through it. Yeah, and even if you put hold through it right like,
they can make like very interesting alloys that will look like it as well.
It's pretty hopeless there without some very fancy equipment what gold has going for
it. It's the straw man argument of ultimate currencies. Right. So,
oh, if the power is out and no internet and no this and no
that, the shit hits the fan kind of deal, right then people are
gonna say, oh, gold is the only way that works that way,
And I don't believe that's true because you're not going to be able to transact
that without verifying it. In that scenario too, it's going to cost you
an arm and a lag to maindate security. And three, the reality is
in those true hits the fan scenarios, you know, bullets will probably be
worth more than gold, right, bullet and food. I think a little
tiny points of Jack Daniels could be pretty good, exactly. I mean,
they're gonna need that to survive. That you pull up to the checkpoint,
he's been drinking out of it still for a year, and you pull up
with a pint of Jack Daniels right through the checkpoint. There you go,
right, I mean it's kind of funny. But during during the communist era,
right, like I mean cigarettes and booze, we're some super high demand
currency, right, So it's that's that's what people really need. And bitcoin
would still function with failed states, right, It's very unlikely that you would
have a scenario in the world where all the states, the whole planet fails
at the same time. So if you have places where the internet still work,
you can still connect all of them through you know, mash net,
satellites or whatever and still get things going. You can use radios, you
can use you know, it's all possible with bitcoins. So I guess I'm
a little tired of that strong and argument for gold, right. Yeah,
you know what, I think personally, a lot of people don't keep their
gold with them. I mean, if you have a large amount of gold.
I don't think you really keep a large amount of gold in your house.
If you have a large amount of gold, they're gonna need the forklift.
Yeah yeah, and so our us gonna and it's gonna be somewhere else
probably too. So you've got to in a case of if all shit did
hit the fan, you've got to get to it, that's right. I
mean, so you may have to go to another city even, you know,
to get to your goal, according to how much you have and how
much you know, how it worst and storage. Because I think a lot
of people who buy gold, maybe they don't. I'm not a goal bug,
so I'm just going off what I see on TV, you know,
on shows and things I watch. But I think a lot of people don't
accept delivery of their goal. Yeah. That's a huge problem, right there
is we don't even know if there is enough gold to deliver for everybody to
take delivery. And then the world comes. Where are they getting in a
jet and flying to another country to pick up their goal in the flat back?
Even then, it's not that simple, right, you know, even
small airports are somewhat controlled. You might just not be allowed to take your
gold and then what you're you're going to pack their airplane with a bunch of
guys fool of guns too, and you know it's completely unrealistic, right Yeah,
and then you got to find someone who's gonna leave their family during this
time period and fly you there. Well, and then there's the cost of
all that. Right, So say the average family, right with their savings
and stuff, it's a few hundred thousand dollars, right, Well, they
can't afford to fly private to another continent. Yeah, they're going to spend
more than our goals worth. So it's one of those things, right,
Like they've been enjoying the strong man argument for too long, So I think
it's time to reclaim that. Well, I think you're correct, and I
think the fact that you can well, actually, I guess if you get
down to it, you just got to memorize your keywords in your mind.
Yeah, you know, brain wallets are are a little bit dangerous just because
you know, you might not get the interpy right or whatever. But if
you just do it right, I mean, it's not advisable, but it's
a solution. Right, But but remember right, I mean it go.
You can also just you know, write the twenty four words on something split
it or whatever or encrypted or mic rest cardivor could card or whatever and and
just cross sub border, right. Or you can go to the other place.
You can set up a wallet there, you know, bring the address
you want to send the coins to back with you and then sign it transaction
if your Herder wallet, and then leave the country. So you sent the
coins before you left, so you don't have to start to go through the
airport. Yeah, that's true. So yeah. In other words, though,
it's a heck of a lot easier, is what we're saying. I
mean, you know, bitcoin is copy and paste money, right, I
mean, if you can copy and paste an address, you can send a
billion dollars for like ten twenty dollars in transaction fees. Yeah. Yeah,
yeah, very nonimal, man. I see it all the time. I'll
see a post billion cent for eight dollars and sixty two cents, you know.
So that's right. Hey, we were talking before the show, and
I didn't have this in my notes to go over, but I think it's
kind of an interesting thing to talk about. Is right now when we're recording
this show, it's April the thirtieth and bitcoin went up like seventeen percent yesterday.
You know, it went from maybe seventy five hundred two hit ninety three
hundred proably at one point. And my wife, like a ton of people
on Twitter, we're seeing our happy days are here. We're never going to
see eight thousand dollars again, you know, blah blah blah blah blah,
because they've never really seen this and they've never gone through a happening, which
I haven't gone through a happening, but I have seen this happen a couple
of times by now. Spike up to nineteen, down to thirty two,
Spike up the fourteen, down the thirty eight. So you've gone through several
happenings, I assume too. I don't know when you got into it,
but I feel like you got into it early, am I right? Well,
I mean there was a bolt accident and you know, and business happened,
you know, and all that stuff. But I've been around for a
little while. Well, what are your thoughts on what we probably would see
coming up after the happening to the happening and after happening. I know we're
not giving financial bis, just what your thoughts are because I think we're going
to see something that would be classic for the stocks you buy on the room
or sell on the news. Yeah. So so the problem with the havinging
is it's impossible to price seeing anything right because markets are not efficient. What's
going to happen is very likely, if story repeats itself, is you're going
to see a run up right before the havning because the market is trying to
find the price. And then after the havinging, you know, nothing happens
and miners need to sell some coin, and then the price the presses,
right, so you're gonna have a big correction there and then and then a
few months later, you know, price starts climbing again and uh, and
then you have you should have a rally as usual, right, but it's
it's the immediate sell off after that. I'm not a miner, Like we're
talking about miners. You know that they're spending a fortune and they have to
sell their coins because they got to pay for their electricity and equipment and staff
and stuff. But you would almost think that if you were a mining company
going into the havning, like thirty days ahead of time or two months ahead
of time, you quit selling because you know it's gonna go up. This
is not your normal market, right, like your standard sort of industry,
because bitcoin is still a kittie pooh, right, it's still a small market.
Any sort of mead sized to large investor right can have one a monumental
effect on price. Right, it's very easy for ten guys with one hundred
million dollars to move the price. And two is you can have large investors
right funding miners where the miners are in a position where they don't have to
sell for a long time. And another nice thing too is smart miners are
accruing debt or they are accruing like just losses on the balance sheet, right
that they can offset their games later on. There's a lot of interesting stuff
that could happen there. I think there's a lot of at least most of
the miners I know are not playing the short term game here, right,
Like these guys are all sort of using very long term horizon either that or
other instruments to fund the mining facility. What do you mean by that?
I'm not sure I understand what you're saying. So, so these guys are
playing with say, you know, like ten year runaways okay, right,
so that they don't have to sell coin now to pay for their mining costs,
because if you're doing mining right, you're acquiring bitcoin for a lower price
than retail, right, right, or you should just turn your machines off
and just buy it exactly right. So so this guys that are doing right
in this right scale, they are just accumulating. They're using the miners as
an accumulation device. Really, like everything bitcoin is impossible to know. We
can speculate the death, but but you know, it's a very opaque system,
even though it's the monetary policy is transparent, which is pretty cool.
Actually, yeah, well I said everything about bitcoin's pretty cool. And in
my mind, hey, I want to go over next some things with you
about coinkite dot com because I have some real questions about for me, and
you know, I've always found if I have questions, someone else does and
the best way to find out is get the guy who can answer the best
and everybody can find out. But before I do that, I do want
to take this moment to make sure everybody listening knows about bit block Boom.
Bit block Boom is in Dallas, Texas every August. They end up August
this year, and I called a real bitcoin conference because that's all we talk
about's bitcoin. We don't talk about all coins, blockchain, just bitcoin.
This would be our third year in Dallas. So if you're interested in bitcoin,
please take a moment go to bitblock boom dot com, check out our
list of speakers, and if you decide to come, use the code cousins
CEO U, S I N S at checkout and that'll save you thirty percent.
And this year, Amy Randolpho, I think we're gonna have a sellout.
Oh yeah, man, it was such a great event last time.
I really I'm really looking forward to the next one. Well, we were
selling, had a really really good clip way ahead of last year, and
then you know, everything shut down and sales. Sales didn't stop. That
was kind of odd at all, but they did trickle down to a crawl.
But now Texas opens up tomorrow and a lot of places are opening back
up. And the way I'm looking at it, Ralpho was Boom's probably going
to be the first conference of the year. Yeah, that's that's actually very
possible, and everybody's going to be going. I've been waiting to go to
conference this all year. This is the first one, and we were selling
good anyway. So I think now I feel really confident. And I haven't
been really pushing it hard because I didn't want to be seen, you know,
people going I can't believe everybody's suffering and stuff, and here he is
pushing this conference. I've been kind of on the download. But now that
things are getting better, when is it again? Is in November August?
Last weekend in August August? Yeah, and you're one of our speakers on
the lineup this year. We have a great lineup of speakers we have.
This is going to be a great, a great conference year. I'm pretty
excited. Yeah, I know it's it's gonna be fun, Matt O'Dell said.
I like Matt O'Dell's quote that he may some time ago he goes having
a conference in Dallas, Texas in August, could end up looking like the
most genius idea ever. That's hot down here. You can agree to that,
right, Yeah, I know it's it is definitely hot. I mean,
just so people get a sense. On the last one, I went
straight from the airport to the shooting range and he must have been like forty
degrees Celsius. I don't know how much that is, probably was like one
hundred and five. Yeah, and uh it was a very text and experience
to just immediately get out of the plane, you feel the heat, and
then you go play at the range of the guns. It was It was
fun. And I know that he's planning on doing that again this year,
but that hasn't been set up. But he's doing that, and we have
Bitcoin of barbells, and we have the Citadle Workshop and Matt O'Dell is gonna
do an event. And you know, my goal for this was to do
you know, because bit block Boom's really Saturday, you know, if you
think about it in Sundays the brunch, you know, which is really fun.
And then but my goal is to finally when this all starts, is
the maybe we get a whole week a bitcoin stuff going on and it's ended
up with bit block Boom, which I'm doing in the brunch I'm providing,
but all these other people the whole week are doing stuff. You're doing two
days this time or just one day. Well, we're doing the one day
bit block Boom like we did the last time, and the brunch again on
Sunday, which is nice ten to two, and then Friday, we have
two workshops already and Matt will make the third workshop, and then we have
the Setosian Nakamoto dinner that night. I'm sure you went to last year.
It was the barbecue dinner. Actually it was awesome. That's all day Friday.
We got Jimmy to auction in his head. I think that's the first
time he auction. He's done it since, but I think that's the first
time he ever auctioned his hat. So it was kind of my fault.
I think I screamed, put your hat on the pile the first time,
and then when we were in Riga, Latvia for the other conference, he
was auctioning his book and I screamed, again, put your hats on the
pile. I told Jimmy, if I was you, I would start bringing
another hat just to where that whenever you're going to an auction event, could
you know, yeah, because it takes a while to get a hat,
you know, broken in and comfortable, you know. So I would take
two hats when I went somewhere from now and Jimmy, and one is the
one you wear and then when you're going to an auction event, that night
put on the new hat. It's not broken in yet, that's right.
Yeah, So that's the way. Hey, I want to talk about your
sitecoinkite dot com. First of all, how'd that come into me? How
do you get into So? You know, we got in bitcoin way way
back then, in the very early beginnings of this, and you know,
we were building bitcoin debit cards, bitcoin debit machines and infrastructure for other companies
and it was too early. And that's sort of like so we really decided
a few years ago to focus on what we actually like to do with our
lives, which is like making hardware, just really focusing on hardware. You
know, once when we closed our our hosting service for bitcoin, you know,
I looked at the market. You know, there was stressor a ledger,
uh, harder wallets and and uh, you know I didn't find there
were secure enough for for my stuff or for people I knew. And uh.
We created a you know, a better, safer, more secure,
harder wallet, uh and uh and the market seemed to really take on and
sort of like you know, became one of the best selling ones. And
you know, we do everything sort of like from the paranoid side. So
you know, it's it's it's like ultra scure, it's it's open source,
it's privacy by default. You know. We sort of like check all those
boxes, right because these are the boxes that we have ourselves. It's very
important to UH to do that. Uh and and we felt there was a
big gap in the market for that and UH and we also make an open
dime, which is like a dime was actually the first wallet I ever saw
or whatever you want to call me, and that's the first one. The
day I learned about bitcoin, someone showed me their open dime. Yeah,
it's a it's such a great device for that, right because it's a it's
a physical bitcoin. You don't have to explain anything. You just give it
to the next person and they have it. It reminds me if you watch
Blade Runner, they're like, here's a credit stick and it's got the money
whatever the money is during that error, you know, when the movie is
going on and they hand in the money. Here's a stick, you know,
And that's what it reminds me of a bitcoin stick. Hey, I
got a question and during UH I had I was telling Matt when he was
on the show. Recently, I ran into a guy at a lunch some
time ago at a bitcoin meetup, and he had ten bitcoin, he said,
and he put every bitcoin on a paper wallet, one bitcoin per paper
wallet, because he was really concerned and that seems to be one way to
do it. So I use this guy as my example when I'm talking about
wallets and security features and things like that. So with your open dime,
which is very secure. I watched the I'm actually I watched even though I
use it. I watched the video last night by Matt again on the open
old the cold card, Yeah, the colde card you're talking about right now,
I'm talking about the open dime. Okay, open dime. Could he
had an open dime as you plug it into your USB and it flashes green
and it hasn't been used yet and you poked a hole in it, right,
Yeah, you can tell if it's been used because you can't take off
the bitcoin, so you poked the hole in it. It's got great security
features. Yea. Now could this guy instead of using a paper wallet ten
paper wallets, could he do the same thing with ten open dimes? So
he could? The reality is like open dime was designed for commerce, for
gifting, for transacting right, because he doesn't have a backup. I prefer
if people don't use it for long term holdle. Right, and that's why
we create a cold card. Okay, So the whole concept to the open
dime is just for transferring bit point from one person to another in a physical
form. That's right. You get an anemity, you get everything. Now
with colde card. He has all the features and it's designed from scratch for
you to hold millions of dollars securely, privately and completely offline. And now
I have some questions about the cold card too. As you know, I
just bought some Now with this guy with his ten bitcoin, would he need
ten Cold cards? No? No, no, he only needs one.
That's what I'm thinking, because the cold cards now come with SD cards.
Yeah, and I figured I was looking at it and I said, well,
gosh, couldn't you just buy one cold card and ten SD cards and
put a Bitcoin on every SD card. Yeah, you could do that.
There's many ways you can use it, right, So you can have multiple
pass phrases, right, so so you have different holdles there. You could
you use it with multi signature between two colde cards. So if you want
to up the ante on your security. You can also just create multiple encrypted
sd cards with bitcoin in them and you know, just store those. There's
many ways. And what's important here is colde card is not going to let
you do poor bitcoin security from itself. So it has very high grade sort
of there's like it's like a sanity check, good hygiene on how to do
your bitcoins. So, for example, colde card, when you plug it
into a computer, it's not going to talk back to a server like Ledger
or thresor do to check balances and things like that. Right, You're going
to use it with a electrum or something else more secure, more private.
Right, So it has all those things by default and it's like fairly easy
to use. But then if you really want to do it right, you
never plug it into a computer. Yeah. I noticed when Matt was doing
his he did all this stuff, pulled out the sd card, put that
d card in the computer, think that with his wallet, put it back
into the open nine to open that I mean cold card. The cold card
never touch the internet. Yeah, you can definitely run it off of a
battery in your secure room or in your you can even keep one, I
don't know in a safe deposit box and then you just take a battery with
you in a microst card and you do the transactions via what we call sneakernet,
which is just you just shuffle around micros D cards to do transactions instead
of using the USB of a computer. And that really increases the security a
lot. Yeah, that would increase the security. So that sounds like that's
a little more secure than writing down paper wallets ten paper wallets to me.
And the biggest issue with paper wallets is that you still have to use a
computer to generate them, and you have to use a printer to print them,
right, and they can they can. The ink can just fade,
I guess over time while and burn and all that stuff. But but like
imagine this, right, you go through all that trouble of making a private
key that is off line, right, but if you use the computer that's
compromised to create that key, well, now you have a compromised key even
though it's in paper, right, So you really didn't accomplish anything exactly.
So for the people who like paper wallets, we created a feature inside of
cold card so colde Card can generate the paper wallets for you, so then
you don't have to use a compromised computer to generate paper wallets. Oh,
that makes more sense. It's really cool, and you don't even have to
trust us because you can actually use dice. And that was another saying.
I didn't understand the dice deal. I saw you roll the dice and he
put the numbers in. So on the video I watch for those listening,
Matt Odell was setting up his wallet and when he was going to get his
seed phrase or whatever, he was rolling dice and he would add these numbers.
There's eleven he put in eleven. There's a five he put in five,
and then he did his seed phrase. He said, create seed phrase,
so that the numbers that you put in the random numbers from dice,
that somehow affects the seed phrase. I am assuming exactly. We have a
very secured ice. The random number generator that we have in or device is
a verified one. It's like a very sort of like high quality specific like
it has auditing on it right, unlike some other devices. But the way
we function as a company is we like to trust minimize everything. Even though
we have quality random number generators, why don't we just give the users a
way of even not trusting that, right, So what we do is we
created a little UI that you keep on throwing dice and typing in the number
that the dice gave. That means you have an extra source of true entropy,
right, so you have a source of random stuff that we would not
even be able to know even if we were nefarious. Once you put those
in, you know that, like that seed was generated without compromise, right,
right, yeah, because now you've altered it with and you're the only
one that even knows the numbers you put in exactly. Well, that was
one of my other questions. So is cold card the only storage device like
this that doesn't ever hook up to the Internet. It's only what I've seen
is when I ask. So some other devices will will sort of confuse people
with fake marketing, right They will say it's an air gapped but it's connected
to a computer wall. Listen. If it's air gap, there is just
air around it. That's what that means kind of right yeah. So so
yeah, so colde card is sort of like the industry standard for security right
now. Um, you know it's it's it's the only real air gap device
on the market. And uh, you know, the way I like to
say it is like, you know, you get Caesar's right, and then
you cut everything that's around it, and if it still works, well,
then it's their gaped. Hey. I think it was you that I first
saw this, that you had posted it or had it on your website or
talked about it. Was the five dollars wrench attack. Yeah, we have
it on our website. Yeah, yeah, yeah, And that's for anyone,
for anyone listening who's not familiar with a five dollars wrench attack or maybe
ten dollar wrench. I how expensive wrenches are. But that's when you do
all the security and someone just kinds up to you with the wrench and beat
you in head to give them your how are we going to hack into this?
And he just grabs a wrench and say, so, there's your wallet
hab where you can have you can give them the password. So we have
a bunch of different features against five dollars wrench attacks, against distress or beatings.
So one of them is a honeypot wallet. Right, you can essentially
set up a second wallet that has a you know the robbers money, right,
so just a little bit of money to give it away to make the
beating stop right, and he goes, oh, I've got it, and
they look in there and they go, okay, there's some bitcoin in here.
Let's get out of here. And the bad guy won't know the difference.
Right, If you just type this different pin, it just goes into
the other one and everything looks the same, So they can inspect the device
in front of you and they won't know the difference. And then we have
another feature that's my favorite. It's called the brick me pin. It's essentially
a self destruction pin. So you set this up if you want to.
And what means is that if you type this spin, the device bricks itself.
It's done forever, it's garbage. The only way for you to get
those coins back is from your backup that's not there with you. Well,
I would think that makes a guy go from a wrench to a gun just
because you know he's pissed, but like, you know, it's over right
there. So a lot of bad guys don't want to add more charges right
to like when they are committing a crime, they rather not kill the person
right because then it's a murder now in their extra screwed right, So they
have nothing to gain at this point, they can't get it and no matter
what they do to you. So's that's done. Now, it's there.
Should me or leave right because there is no bitcoin for you. And another
nice thing about that feature is, let's say you forget the device with you
when you're crossing a border and and you know you're not allowed to cross the
border it's certain amount of money or whatever, and you know, and you
can't really go back, you can't do anything. So you know, maybe
you just just right the device and you know, Bob is your uncle.
And then we have another feature that's the past phrase. Right, So on
top of your entropy, sorry, on top of the seat that's on the
device, you can have an extra seed that you have to type in for
you to see those funds. The key here is you can go very simple,
you know. So, Grandma, can you use that kind of deal?
Hey? I take that as an insult to grandma. Can you use
the kind of deal Grandpa? Yeah, I'm want to look out for these
subtle a little knocks here. That's right. It's agism. It is.
There's a lot more of it than you realize. I mean, I'm giving
you a hard time. I'm giving I know, I know. So,
so the idea is, you know there is there is different levels of security
for different comforts and different needs. That's that's how we like to make things
right. I do have a question. You have on the site the option
to buy the cold card and with two SD cards. Yeah, why is
that an option? Why would you want one cold card and two SD cards
unless you were going to divide it in half what you had. Why would
you need to two backups? Never have just one backup? The cold card
itself come with the SD card in it. No, it doesn't come with
anything. Okay, So I thought maybe one was for your original right and
okay, so sway that to me. You should always have a clear text
backup of your seeds somewhere because digital stuff can go bed, right, That's
just the reality of it. Yeah, everybody needs to and it shouldn't be
a brain wad case of the final pipe tax. You might get hurt and
not remember it. But but your seed is gonna be under a mountain,
below a CEA somewhere right, essentially impossible to go get it in any reasonable
amount of time. Okay, So what do you do is you have these
encrypted backups? A little bit more accessible, still fairly well secured, and
you know, in different hard to get places, but more accessible. What's
nice is that they're not clear text. They're encrypted backups, so there is
a little bit less fear of them being seen or being handled. So then
say you know, you run your card over your code card accidentally or whatever,
right, and it's destroyed. What you do is it just buy a
new code card, You put the microst in, you type in the decryption
key for the micros D card, and then you can restore your funds so
you can continue business withoubt having to go a nerve your seed from the bottom
of the lake. So basically, I want to make sure I understand sometimes
say sometimes being a grandpa, it takes me a while to get stuff.
I take my cold card, I put in my SD card, and I
create my wallet and do all the stuff. Then I put in the second
SD card and create a backup on it. Yes, and so if my
backup SD card were somewhere safe, my house burnt to the ground, I
could just go get another cold card, pull out that other SD card out
of storage. Yep, type in my passphrase, and I'm in business,
back in business. And I didn't have to get online. That's right.
So the idea was, we are a business too, right, then we
have to go back to business. Right, say the house burns down,
the office burns down, the office is robbed or whatever. Right, we
wanted to make sure that he can get back in business fast. So the
idea is you should have at least more than one digital backup on top of
your seed backup. So you're just removing all the points of failure. You're
removing the needs to go a nerve, things that shouldn't be a nerve,
and you know, and then you have peace of mind. I'm going to
break this down again. I want to make sure I understand and if someone
else's the nswers me. I've got my open Dime, I've done all my
air gap, made a wallet on sd car, then I suck another SD
card in or made a backup. Now I have those two. And this
is Fred who's doing one bitcoin per wallet. Now I would put in another
st car, air gap it and make a wallet on it in the same
Open Dime, same cold card. Yeah, and I'd make a brand new
wallet on this one and then do the same thing again, then make a
backup a bit and I would do that ten times with twenty SD cards to
have the perfect backup of one bitcoin per wallet if he wants to separated though.
Eight, Yes, this is the pretense I work on. This guy
is pretty anal. I'm not that anal. Yeah, no, no,
it's and that's exactly how cold card functions, right. He can definitely do
that, and so with his he would never have to set up the cold
card again. Though as far as a password for it, no, he
wouldn't have to from then on. The securities in the SD cards, yeah,
okay, so I think I've got that down, and hopefully Fred which
is a made up name for this guy, he understands that. So now
what we do, what we're working on is essentially another device that's going to
be sort of like a companion for a cold card, probably where you can
have like more features and touch and camera and all that stuff. And we're
also making another block clock that's cheap. Okay, yeah, because I looked
at the block clock and that's like, wow, you really gotta want to
keep up with the time they're on that block Now. It's a it's a
piece of art, and it was very expensive to make. Oh I'm not
saying it wasn't. I'm just saying, you really gotta want it, see
exactly. Yeah, So we're making we're making an affordable version, which was
pretty cool. We should we should have some news on that in the in
the coming weeks. I think would be a huge hit because you know,
I have a block clock in every room my house essentially. Oh wow.
You know, I have like prototypes and I have like boards. They have
defects and all that stuff, right, so I'm like, I made sure
they all work, and I just have them everywhere. It's a very satisfying
device because of that clicking sound. Oh yeah, yeah, I think that
sounds interesting. Well I'm interested to see the cheaper version of that. Yeah,
I want to make sure everybody can get one. It's it's just too
nice to have it. Hey, I got some questions for you from Twitter.
First one is from Al's Lacrosse at Lacrosse Underscore OWL. I like,
oh the dirt bag, Al, Yeah, yeah, dirt right go and
and and this is kind of an ages question. I want to let you
know right now, maybe he did this for me. Any intention to offer
a simplified you asked with an easy option on cold card or perhaps another hardware
wallet for grandpa experiences. Yes, picturing jitterbug cell phone on hardware walls come
on al yeah, grandma and grandpa stuff. So is there any option?
Okay, that's coming up. It's coming Oh, then I could use it
because okay, question number two, it's from away Deeter Bob Well tech giants
eventually enter the bitcoin hardware wallet industry. I find it unlikely because well maybe
maybe say another day in twenty years, but it's very early for bitcoin,
and I think what's gonna happen is a lot of these giants we would essentially
just have, you know, because they're not gonna go open source, right,
especially for the hardware, and you can't really trust a closed source harder
wallet period. That makes sense. So you know, it's just it's incompatible
with these businesses. So you know, we're gonna we're gonna have our thing
going, and they're gonna have a mass market solution that is not as secure,
and then there will be some te years as people lose their money with
those devices, but you know that will exist. I guess that makes sense.
Chris coins one wants to know or he wants to tell you that he
wishes his cold card could be an actual calculator on boot up? Was this
feature never considered or discarded during development? And then Jack Spurt thirteen says you
should sell calculators the shape of a cold card for twenty dollars. I didn't
know there were so many people wanting to do calculations on their cold cards when
they're starting after walls. You know, a quote card has a meme,
is just a calculator? Okay, Oh, that's what it is, and
it's the meme that they're making. Okay, I didn't know that, but
but we did that. We actually did look into possibly putting a calculator feature
in the device. But we only have two signs. There's only assual multiplication
and check right, which is an X and yes, so we would need
more keys for one and two. You know, we're not fans of security
theater. And the reality is bad guys that are bad guys that are really
sophisticated enough to come after you for your bitcoin. They're gonna know what the
device looks like, so you know, there is no point. Yeah,
it's not like you're gonna have a lane on your table anyway. The quicktions
with Okay from f F Cross this he says, this is the most important
question. And I'm not even sure I'm going to pronounce this right. And
maybe in French, I don't know. Pekaho oo my mahaica okay, yes,
and a question mark that's a question I don't know what means. So
so those are two traditional Brazilian cuts of beef. Okay, So picaya is
essentially try tip with the cap, with the beat with the with the fat
over right, and mommina if I remember right, is that it's like bavett
it's the tip of the skirt. I think I can't remember now anyways,
who that's a very tough one. You know, I'm not a person who
has favorites. I like both. I make both almost every week. There,
you see, I didn't even know that. So I learned at I
learned something new to day that it had nothing to do with it. Well,
when you come by a Toronto, I'll make you some Brazilian barbecue.
Oh that sounds good. That sounds real good. Yeah, I'll go for
that, okay. You. Last question is from child as what is your
favorite canoe? Oh? So? Uh? I mean I'm a big fan
of sixteen and a half footers, you know, as light as possible.
So you know, you want about the can take both open lake and small
streams because that's how you portage through our north in Canada. But you have
to then carry that on, you know, three four kilometers, so it's
the delightest is possible. That makes a lot of sense here. I don't
go canoeing much, but the one time I went, it was heavier in
hell and we got the low water. I got tired of toting that thing
around. You know, I've only been to Canada once and that was just
at the airport on the way to Venice. We had a layover in Canada.
I didn't have a very good experience, Rodolpho in Canada there. You
know, we are a fun country full of tough people. You know,
it's unfortunate that only the progressive crape gets attention. In my case, I
went to get on my plane, change planes, and I went and got
on my plane and I'm sitting there, going where's my wife and daughter at?
And I'm like, the plane's getting ready to take off. I'm going,
man, I'm kind of worried. And I look at the guy sitting
next to me and his ticket says, we're going to Cuba. He can't
speak English. No one on the point because and I'm like, holy craft,
I'm on the wrong plane. That's funny. Yeah, the entering and
wrong plane is funny. Yeah, yeah, especially when you're getting ready to
go to a country where I think, well, I guess I could have
gotten in there because I don't know if I could to get in there with
the US passport at that time. Yeah, I know, so I think
so that was the stick, right, Americans will come to Canada to fly
to Cuba. Right, Well, that's what was happening to me. I
meant, Oh, well, I'm just joking. I had I had a
fine time at the airport, I said, But it was an airport,
so who knows, yeahs or airports. Yeah, yeah, we still want
to go to Canada. So if we come to Canada and come your way,
we'll thank you out for dinner man. Yeah, we'll definitely look you
up. Hey before we go. Is there anything that maybe I didn't cover
that you wanted to make sure that we talked about or I didn't want to
like miss something you might want to talk about or promote or anything like that.
Well, you know, uh, just just follow cold card while it
on Twitter, Follow open dime on Twitter, Follow me on Twitter at NVK.
If you're into telegram, we have a Telegram group for our cult products
and it's at the telegram I think is Cold Card. You know, let
us know how we can make stuff that makes her life easier and more secure
as a bitcoiner. You know, if you have questions, just just reach
out to us. We're happy to help people out. And I guess that's
it. I mean, you know, buy our stuff. We keep on
making it. Hey. Also, while we're talking about talking about helping people
out last year, and I don't know if I ever really personally did this.
Last year, you donated some cold cards and open dimes and caps,
and you donated a bunch of stuff for us to give away at prizes at
bit block Boom, and I wanted to personally tell you we're gonna do it
again. Oh cool. I want to tell you thank you for doing it
last year. People were it's amazing how my wife was handling the booth when
people would kind of claim their prices. She was amazed at how excited people
was because she didn't even know what they were getting when she had handed stuff,
and she was like, people were really excited when they came and got
their prizes, and I was like, cool, So that worked out pretty
good. So I wanted to I just wanted to personally tell you thank you
for donating prizes to give away to people. I think I had one left
and we had a contest for our fifty five hundredth episode of Four Minute Crypto
and did that a surprise. I'm glad people enjoyed it, and it's you
know, it's nice to support events that do good. Yeah, well,
we appreciate it, and I appreciate you coming on the show. It was
nice talking to you again. I look forward to seeing you in August.
And I guess I'm gonna say Eddio smochachas, I hope you've enjoyed today's show,
and I want to give a big thank you to all my cousins out
there for listening and subscribe. If you haven't subscribed yet, just go to
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