Did the creator of Bitcoin just get unmasked?

14 Oct 2024 · 58 min

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In short

Podcast Episode Summary: My First Million - Episode 637

Episode Overview Title: Did the creator of Bitcoin just get unmasked? Hosts: Sam Parr and Shaan Puri Description: In this episode, Sam and Shaan delve into the conspiracy theories surrounding the identity of Bitcoin's creator, Satoshi Nakamoto, and discuss the implications of recent documentaries and theories. They also touch on Bitcoin's political relevance and various cryptocurrency-related topics.

Key Points

  1. Introduction to Satoshi Nakamoto
  2. The identity of Satoshi Nakamoto, Bitcoin's mysterious creator, remains one of the biggest unsolved mysteries in the tech world.
  3. Recent documentaries claim to have found Satoshi, sparking discussions in the crypto community.
  1. The Documentary and Its Reception
  2. The documentary in question is described as poorly made, although it presents intriguing theories about Satoshi's identity.
  3. The hosts discuss their disappointment with the documentary's production quality while acknowledging its compelling premise.
  1. The Bitcoin White Paper
  2. Released in 2008, Satoshi proposed a decentralized digital currency that solved the double-spending problem, which previous digital currencies failed to address.
  3. The anonymity of Satoshi was crucial for Bitcoin's acceptance, allowing the currency to flourish without a central figure.
  1. Key Theories about Satoshi's Identity
  2. Peter Todd: A young theorist who has humorously claimed to be Satoshi, but lacks substantive evidence linking him to the creation of Bitcoin.
  3. Hal Finney: A prominent figure in the early Bitcoin community, seen by many as a leading candidate for Satoshi due to his contributions and the timing of his death.
  4. Adam Back: Another potential candidate linked to early Bitcoin discussions, he is also the inventor of HashCash.
  1. Cultural and Political Implications
  2. Discussion includes the political climate around cryptocurrencies, highlighting how being anti-crypto has become politically risky for politicians.
  3. The growing acceptance of Bitcoin among major financial institutions and politicians signals a shift in the narrative surrounding cryptocurrency.
  1. The Case for Bitcoin
  2. Bitcoin is framed as a hedge against inflation and a stable store of value.
  3. The hosts emphasize Bitcoin's potential as a form of "hard currency," contrasting it with traditional fiat currencies which are subject to inflation.
  1. Critique of Mainstream Adoption
  2. While mainstream financial institutions are now embracing Bitcoin, the hosts express skepticism regarding their motivations and the implications for the original ethos of cryptocurrency.
  3. The discussion highlights a perceived irony in the adoption of Bitcoin by large corporations that previously dismissed it.
  1. Concluding Thoughts
  2. The hosts express a desire for a deeper exploration of Bitcoin's story, asserting its narrative could rival other historical mysteries.
  3. They conclude with a shared fascination for the ongoing developments in the cryptocurrency space and the stories surrounding it.

Notable Quotes

  • "It's political suicide to not be pro crypto."
  • "The whole story about Satoshi is one of the most intoxicating mysteries out there."
  • "Bitcoin's a savings technology; it's meant to keep you rich."

Recommended Links

  • [Money Electric](https://tinyurl.com/yw5mktnn)
  • [Bitcoin Forum](https://bitcointalk.org/)
  • [Fidelity Crypto Funds](https://www.fidelity.com/etfs/crypto-funds)
  • [Trust No One - The Hunt for the Crypto King](https://tinyurl.com/32fxa9y3)
  • [The Night Of](https://tinyurl.com/3wmm68cc)

Host Links

  • Shaan Puri: [Twitter](https://x.com/ShaanVP)
  • Sam Parr: [Twitter](https://x.com/theSamParr)

Production Details

  • Produced by: HubSpot Podcast Network
  • Production by: Arie Desormeaux
  • Editing by: Ezra Bakker Trupiano

This episode offers a rich exploration of Bitcoin's origins, its cultural impact, and the ongoing debates about its future, making it a must-listen for anyone interested in the cryptocurrency landscape.

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Transcript

Automatic transcript. May contain errors.

0:00Okay, so maybe they found Satoshi Nakamoto, which is exciting. one of my favorite mysteries.

0:15It's an intoxicating story. And you're talking about the new HBO documentary. I didn't watch it yet, but the headlines make it look amazing. I have to watch it. What's the gist? So the documentary is not amazing. I'm going to start with that. It's good, but not amazing. It's interesting because the guy thinks he found Satoshi. That's the only interesting part, to be honest. The documentary is kind of poorly made. Like the director makes himself a pretty big character. And he also says stuff that feels like unprofessional. Like he'll be talking, he'll be like, and then, you know, they made NFTs, whatever the hell those are.

0:52And it's like, whoa, why is the narrator like so opinionated? It's kind of crazy. But what's interesting to me is, look, I'm into any theory of who Satoshi is. I think it is amazing that something like Bitcoin even happened. It's straight out of a movie. Yeah, tell me the story. Okay, the whole story is this. 2008, really, there's a white paper, the Bitcoin white paper gets released where some guy posts on a forum and posts in there that, hey, he thinks he solved the double spend problem, which was a lot of people in the past had tried to make a virtual currency, a digital gold. There was e-gold.

1:27There was hash cash. There was all these different things that were tried, and they all failed for different reasons. So for example, eGold started to get really popular. It had like$2 billion in volume. But the guy who created it created it as a company. It was a founder, a CEO of a company called eGold, and he lived in wherever, Canada or something like that. And as it hits$2 billion in transaction volume, and on the website, it says, this is a digital currency backed by actual gold. And it says, we'll be around today, tomorrow, and forever. And actually, instead, knock, knock, government knocks on his door, comes in, raids, and puts him in jail.

2:02And so problem one with digital currencies was you can't be the guy behind it. Because as soon as this thing gets popular, you have too much power. And the nation states who today control the currency supply, they're not going to like you or that. Or they're just going to do character attacks on you to discredit the currency. Okay, so Satoshi solved that problem, launching it under this pseudonym, Satoshi Nakamoto. Nobody knows who it is. And the anonymity of the whole thing, and then he disappears. Okay. So the second thing was other people tried to do it with hash cash and other things, but to get the actual cryptography to work, to get the currency to work, you had to make sure that nobody could double spend the money.

2:39Right. So like one of the reasons when you swipe your credit card today, that transaction goes to a bank, the bank says, yes, this person's got the money and that money's not already been spent. It sends that message back to the register. The register says approved. That lets you go buy the thing. Right. So the bank takes its 3 % fee because it's verifying that yes, this person has the money, that this person's card doesn't appear to be stolen, and that that money has not already been spent in another shop 10 minutes ago.

3:10So what Bitcoin did, or what Satoshi did, was he released his white paper saying, I think I've solved that problem. I think I've actually created a decentralized way to make money, meaning money that can be trusted even though there's no central party like a bank or a government that is verifying all the transactions. Okay, so that's the breakthrough. That happens in 2008. They're discussing it. 2009, the first Bitcoin block happens. And did this person like actually code something? You use the phrase white paper, which means - It starts as a white paper, which is just an explanation of a system.

3:41It's an idea. It's an idea written out, like a business plan, but the technical variant of it, right? Here's the technical plan of how we could create a currency that's decentralized. All right, great. But it's not coded yet. Then he codes it. And by the way, people, when they've looked at the code, they're like, this is not done by like a super sophisticated programmer. Like there's things that when you look at the code, you can sort of see the elegance of it, the styling of it, all that, the level of technical proficiency. And people, when they look at that, they don't think that it's done by somebody who's a super well, a super senior programmer.

4:15So they think either one of two things. One, it might be an academic type of person. So somebody who's technical enough, but really it's the theory, that's the conceptual leap that was the big leap, or that it might be somebody young. They're like, it works, but it's just like the wires are messy. Exactly. And by the way, the sort of sequence of events, and I'm doing this off the top of my head, so I might get some dates wrong. So 2009, so after the 08 financial crisis, which was like what people believe was the stimulus for why Satoshi felt this needed to happen, because the banks got super greedy.

4:47Lehman Brothers fails and other banks start to fail. The US government steps in and buys$700 billion worth of bad debt, basically bails out the banks, prints more money, tries to basically paper over the problems, right? And so people who, A, want a currency that's like a hard currency, meaning something that just can't, you can't just print a whole bunch more and devalue my currency because some other people made mistakes. They didn't like that. And in general, this idea that it's too big to fail and the government controls it. People didn't like that. And you know that he feels this way because he's blogging every day.

5:21It's written in the, there's references to why there's a need for this in the white paper. There's his forum posts. And this is all happening on message board forums. Which message board forum? Originally, it was just that, the sort of cryptographer's like mailing list, but then he created a forum of his own called Bitcoin Talk. So Satoshi creates Bitcoin Talk. His username is called Satoshi, which is a very important point for how this guy thinks he found him in the end. So on January 3rd, there's a message embedded in the first ever Bitcoin block, which says, the Times 03 Jan 2009, Chancellor on the brink of second bailout for banks.

6:01So in the very first block, Satoshi, who mined that block, the Genesis block of the whole thing, is basically putting in an ideal, like a statement there, which is the chancellor is on the brink of a second bailout for the banks, pointing out why we need something like this in the first place, right? Dude, how artful is this? This is so like, you know, like in high school where you read literature and they want you to dive deep and they're like, did you notice on page 200, he killed someone, but you notice on page 50, he alluded to like, he was going to do that. Like he said, he loved red. Do you know what I mean?

6:34Like, this is like what this is. It definitely has, big aim away message energy. It definitely has when I'm in the bathroom and Sean was here, he is always here. It's like, what? Why, what does he mean? Who was trying to get poetic in the bathroom stall? Like that was Satoshi on the first block. All right, so he posts there. Now let's fast forward a few years. So Bitcoin's like at like, you know, one cent, 30 cents. It's like not like what Bitcoin is today at all, anywhere close to it, right? But the community is interested in it and they're talking about it. And it exists. Now, fast forward a couple of years, something happens where Satoshi posts one day, then the WikiLeaks leak happens.

7:17Satoshi posts and says, I'm afraid that they've kicked the hornet's nest and this is going to cause a lot of unwanted attention. It's too young. It's too young to deal with the government coming after us to try to shut this down because WikiLeaks is saying, oh, we can use Bitcoin. And the government hates WikiLeaks. Therefore, they're going to try to cut like choke WikiLeaks by by killing the Bitcoin system. So isn't that isn't that intoxicating thing? You're just like dorking around on a message board in your in your playing with concepts of like the government is after us or like this big national security threat is bad news for us because like, you know what I mean?

7:56And by the way, there's references to this so early on when nobody like, you know, Bitcoin might have had, I don't know, 200 eyeballs on it at the time, like 200 people on earth knew about Bitcoin. But the foresight to say, I'm going to be Satoshi, I'm going to keep this all anonymized. The second thing to say, there's people like Hal Finney who go in there and very early replies and like, well, if this actually became, you know, adopted as well, you know, the world's reserve currency, that would make every Bitcoin worth like, you know,$2 million or something like that. It's like Bitcoin's worth not even$1.

8:26Yeah, that's just like a ridiculous thing to type out. Exactly. It's absolutely ridiculous. But this is like sort of the foresight, the visionary sense of this. And by the way, that guy Hal Finney, a lot of people think Hal is Satoshi because the case for Hal is brilliant cryptography mind. He was the first recipient of Bitcoin. So the first transaction was Satoshi sending to Hal, which if you're a programmer, it's like, did you send to yourself? Usually that's how programmers start things. that might also be the case against because if this guy's kind of trying to cover his tracks, he would definitely not send to himself as the first transaction.

8:57Right. And then how gets Lou Gehrig's disease and dies and disappear. And basically he dies the same time, just Satoshi's last message is worth. Right. So, and, and the fact that this person has resisted the temptation to move to like either claim credit or touch their, you know,$700 billion fortune that's sitting there, not a single coin has ever been used from that fortune. Maybe it's because the guy's dead, right? Maybe that's the only way to explain somebody who has the resistance to it. So that's part of the Hal Finney case. Which is also related to this current suspect's case, yeah? Exactly.

9:33So let's carry on. So people think it's Hal Finney, people think it might be this guy Adam Back who created HashCash and definitely traded emails early on with Satoshi and, you know, he runs Blockstream, a company associated with Bitcoin. So people don't know who it is. They think it might be this this mysterious Asian guy, Wei Dai. He's like this brilliant cryptographer too. Nobody knows it. There's no photos of this guy on the internet, he claims. So they're like, maybe that's Satoshi. People don't know. Another person who like kind of came to the mix. Have you read the book about Paul LaRue?

10:02I think is the book. It's called Mastermind. I haven't read it, but you told me about this. Oh my God, intoxicating story. And like he was thrown in the mix. So there was like all these people who thrown in the mix. People think it's Elon, is it whoever? And it's like, okay, we get sort of far-fetched. That's sort of the fun of it, by the way. is like you know the the mystery i genuinely think we are all better off not knowing in fact i'm sort of i'll spoil this for a second the documentary comes out it makes a case as to who they think it is the reaction on twitter is like oh my god that's no way that's bs you know that that's weak proof i don't know i'm maybe it's because that was the react the vociferous like no way no chance no chance in hell i'm like i don't know the the evidence is sort of the evidence is sort of interesting yeah the behavior of the person is interesting okay so let's continue on so the wiki leak things that wiki leaks thing happens i think something like 2011 2012 uh satoshi posts three days later he makes his last post so he posts wiki leaks happens two days later three days later last post disappears never to be heard from again okay so that's the the mystery kind of like sits there or actually i think he did come back and post something in like 2014 2015 um and by the way he didn't disappear as in nobody heard from he at some point even said i'm gonna move on i'm gonna stop talking about i'm gonna stop contributing to this like it's it's on its way and and i'm gonna move on i'm gonna stop talking about this so then in 2014 2015 there's a big debate in bitcoin about like the transaction speeds too slow some people say hey we got to make the block size bigger that'll let more transactions go through some people say no no know you can't change something as fundamental as the block size we should do this other more complicated thing that will take years but the reason we should do that is because if we change anything about the bitcoin protocol it undermines it's like oh if you can change that then can't you change the 21 million supply like you lose the core credibility there's two sides of this debate and on one side of the debate is this guy roger ver who calls himself bitcoin jesus he made a huge bet on bitcoin early on millions of dollars and became a billionaire off of it and there's other people who are saying, look, we need to get this thing adopted now.

12:07We need a quick and dirty solution. Just double the block size and shut up about it. All right. People want to use this thing. They can't use it today. They got it. We got to do the fast solution. Let's go, go, go. They end up actually on the wrong side of history. The community goes against them. They create their own thing called Bitcoin Cash, kind of this thing that has low reputation. The people who said, no, no, we got to stay true to Satoshi's vision were Adam Back, this guy, Peter Todd, and like, a handful of others who said, no, no, no. The thing with Bitcoin is it's got to be pristine.

12:35It can't be where, like the government printing money, we can't just suddenly arbitrarily change the rules. It's like people who would have followed the Constitution, which is like, it's all like, it's like a pretty funny thing that the Constitution was just like a group of like 20 and 30 year olds who like came up with this idea. And now billions of people and 250 years have passed. And we've all just kind of bought into this idea that this is the way things are. And no matter how the world changes, we don't break it. We don't change it because even if you think you get a second amendment, do we need that?

13:05Is that exactly right? It's like once you change the amendments, now everything's up for grabs. And so it's actually sort of better for the collective that way. Which is like a ridiculous concept to think about. And you can also say the same is true for like religion and like holy texts where you're like someone wrote this and tens or hundreds of billions of people have dedicated their lives to it. Right. Like it is like that's a really fascinating concept. And that's what's happening or that is what you're referring to. Bitcoin is very much like a religion and the people who follow it are very like religious about it.

13:32And so anyways, he weighs in one last time. They're saying small block size is what we should do. And it goes the way of Adam Back, Peter Todd and these other guys. OK, cool. That's the last we heard of Satoshi. And they've tried to find him. Don't know how to find him. So this documentary. Yeah, who's the guy? The documentary goes through and he basically under the premise of he goes to all the OG Bitcoiners and he tells them I'm doing this documentary. He doesn't tell them he's trying to find Satoshi. What he tells them is more along the lines of, I want to tell the Bitcoin story. I don't know if he tells them it's going to be on HBO, but this is good for things.

14:01So a lot of them agree to do this, which is pretty rare for them to agree to sit down and do these taped interviews. And along the way, as he's making this documentary, he's slipping in questions about Satoshi. Who is? Are you Satoshi? Why do people think that you are? What's your claim to not be, right? Hey, people think that guy is. Do you think that? Well, what makes that credible? So he's slipping. And then the documentary is basically, he kind of filters out 80 or 90 % of their conversation probably and kept the 10 % that was about like trying to figure out the Satoshi stuff. Okay. So in the end, he puts it on this guy, Peter Todd.

14:35And Peter Todd seems like an unlikely character for a bunch of reasons. Number one, when the Bitcoin paper was released, Peter Todd would have only been something like 23 years old. He was like kind of like a kid. Number two, he's come out and joked around like, yeah, I am Satoshi. Which like, you know, the real Satoshi is probably pretty paranoid. On the other hand, some people say, no, the metagame would be you jokingly say that you are Satoshi to throw suspicion off you, right? That sort of thing. There's not a lot of evidence that ties him to this. So they're like, okay, I guess it could be Peter Todd.

15:09But like, why not Hal Finney, the guy who got the first transaction? Why not add him back, who was one of the first people ever to talk to Satoshi and never has never has released those emails between him and Satoshi and was the inventor of hash cash like that guy seems more sophisticated to be able to do this. Why is it not a group? Why is it not the FBI? Like the case against him isn't he can't be. It's more of why him? There's so many other more likely people. And again, the biggest case against him is he was really young and that he kind of trolls and jokes around with this. And he's also very opinionated about other things.

15:44So like he's very opinionated about like Russia and Ukraine, like a whole bunch of shit like that. And so people don't like him in general. He's not a very well-liked figure. So it kind of doesn't jive with the Bitcoin community that this is our fearless leader. It's like, wait, we kind of think this guy's kind of a prick. Because Satoshi kind of has this stoic mentality, this writing that is like us versus the world, like very much like visionary attitude. And you're describing someone that may not have like George Washington vibes, you know? Well, look, the funniest tweet I saw on this because I was trying to see the community's reaction.

16:17the funniest tweet that i think is underratedly how people will feel about this the guy goes peter todd this it goes peter todd that's the most average ass name i've ever heard this guy this guy looks like the most average ass guy i've ever seen i'm looking at him he does look disappointed like if that was satoshi i would be disappointed right like oh it's just this guy this is this white dude who like you know has all these like other opinions that i kind of disagree with like that kind of the veneer of satoshi goes away so whereas if you google how finney he looks like a person that just studies all day yeah Hal was this beloved guy and then he dies tragically and it's sort of like he went down with the ship the captain went down with the ship he never revealed and the other thing about Hal is he cryogenically froze his head and so like if a thousand years from now cryonics are a thing and you can unfreeze they're like he's got the private key in his head and he'll come out as Satoshi it's like whatever okay so it's kind of like that has that sort of aura okay

17:18now let me give you the evidence why does this documentary guy claim that it's peter tot okay so the evidence is basically this back right when that thing happened remember i said there was a post the wikileaks things happened and he disappeared everybody thinks that it's because of the wikileaks thing that he got paranoid and he decided to bounce there was one other thing that happened after that post that first post that was not to do with wikileaks at all that thing that happened was Satoshi posted about how the transaction like mechanism works. And then the first reply underneath an hour and a half later is from Peter Todd, but it looks like a continuation of the thought.

17:54So he says in the original post, he says, you know, the inputs and the outputs would match. And then he, and then the Peter Todd reply comes in and it just says to be specific, the inputs and the outputs wouldn't exactly match. It would be whatever. Now, some people would say that's just a snarky internet forum, like kind of rude comment. Like you didn't even, there's no formality. There's no like, there's no, there's no understanding. You're just like immediately trying to like correct something from somebody's post. That happens all the time on the internet. Another lens you can look at that same thing is Satoshi writes this thing, comes back to clarify, forgets to switch back to his alt account.

18:29And that post has been up there and it's been left up there for a very long time. So the guy, the documentary guy is reading that. He's like, dude, are we dumb? Have we missed this? Doesn't this look like it's a continuation of the thought? It's a clarification of the thought. And for this guy who claims to have not been interested in Bitcoin until years later and claims to have been busy in school, for him to come in at 1.30 in the morning and make a super specific clarification as to how the Bitcoin mechanism works, that doesn't really line up with this guy who wasn't interested and didn't follow it and was just a kid at the time, right?

19:02By the way, this is how they caught Ross Ulbrich, the creator of Silk Road. He just he posted on a forum, logged into the wrong username or he left his email like it was like a clerical error. By the way, this is how they got Timothy McVeigh from Oklahoma City bombing. He one of his taillights was out like there's like lots of examples of big shot criminals being busted over minor things. of his sloppiness. And, you know, this is, and right now on Twitter, people are saying, you think Satoshi, who's been like flawless with his OPSEC, his security of how he did this, you think he would just stupidly log into the wrong account and leave the message there?

19:39And it's like, yeah, actually that happened all the time. That's actually a pretty common pattern. In fact, if I said, what's the most likely way we find them? It's either that or like, you know, maybe the email he registered his Satoshi email with gets leaked some other way. Yeah, it's like, it fits a stereotype of like, when you think of like the brilliant scientists You think of Albert Einstein with like mismatched socks. You know what I mean? Like this is like, this is the internet equivalent of that. So that's the first piece. Then, then there's like some other, there's like a few secondary things.

20:07So there's like the language, like he writes like color with O-U-R. He writes like in the Canadian English spelling. This guy was going to school in Toronto at the time. But a lot of people like, you know, is this guy brilliant as Satoshi? You know, is he, he was so young at the time. Is this even possible? and then they go find a message from him on the uh on the cryptography forums before bitcoin ever came out eight years prior to when bitcoin came out so how old was he at that point he's 15 or 16 years old at the time and he writes he's he's hanging out in this you know cypherpunk you know community and he's um he basically says on the forum and he's like he's like yeah hash cash blah blah, blah, blah.

20:48And then he's talking about the mechanism. He's like, it would have to be something more than proof of work, blah, blah, blah, effing double spend problem. And that's like the snippet from this email chain that he's posted back then, which is like, okay, so you're 15, 16 years old. You're obviously brilliant and not just like some random programmer kid. And you're thinking and noodling about this problem eight years prior. His mom taught him about cryptography. His dad was an economist. So it's like the two skills you would need to be Satoshi is like, you'd need the brilliance on the encryption and cryptography side.

21:22And you would need the ethos and the sort of ideology on creating, what is a currency anyways? What is money? What is hard money? And how does the world of economics work? That's his, that's this kid's background. So on top of that - How old is he now, by the way? Mid to late thirties is his age now. And he works for Blockstream and he's like very close to that guy Adam back and Adam would have been the you know the people that he would collaborate with after after creating this now the most damning thing is so he the documentary confronts him on like live and by the way imagine being 39 and having this documentary come out about you uh like accusing you of being the richest person in the world accusing you of inventing this amazing thing like there's one part of there's one side of you that's like oh man i want all the credit i want all i want all this and then the other part but but then you're like well if i'm not it but should i say i'm it should i be it there's also a very irresponsible part of this let's say this documentary is wrong i mean you just painted it you just ruined a guy's life basically like uh if people believe that you're satoshi your life immediately is in danger people think that you're one of the wealthiest people on earth every government agency, every government, you know, wants to sort of take you to the back room and talk to you and sometimes worse, right?

22:43So like, if he is Satoshi, I think it's a very bad thing for him. I almost feel bad bringing it up. But I think we you know, we got to talk about, you know, I needed to hear your reaction to this. And obviously, it's out. I'm not the one, you know, putting this out there. It's out now. So just watch this video and tell me what you think. All right. So you reach out to your old buddy, Adam back, you say we need to do something about this, but we need to pay the devs. But you can't join blockstream because it would look to suspicious. Okay, so I just watched this clip. First of all, this is definitely editorial, like, you know, very opinionated versus factual.

23:14This guy, so basically, it's a tall, nerdy guy with his hands in his pockets, and he's doing exactly what I am accused of doing all the time when I'm nervous, which is I rock back and forth. Fidget. Shifty eyes. Immediately look at the friend who you're in on it with, who, by the way, that guy Adam in the back, who's his friend, um who was the other kind of like co collaborator on this thing silent the entire time like frozen because because the director sort of sprung this they didn't come out here to talk about that right they're they're doing this walk through this like ruins area or whatever supposed to talk about whatever and the director sort of does a gotcha moment and this is their reaction dude all right so he's got his hands in his pocket and he's rocking back and forth i had to um officiate a wedding last week and sarah was like i could tell you're nervous no one else knew you're nervous I knew you were nervous.

24:05And I was like, how? She goes, you were rocking back and forth. You kept doing that thing where you rock back and forth. And I do it all the time. This guy's doing that exact same thing. He's very clearly uncomfortable. And he's got a very awkward smile. This is, yeah, he didn't respond well. But you could also say like - You could chalk that up to every Bitcoiner. Yeah, they're just dorks, right? They can't make eye contact. That's why they're amazing. You can't be this and also have good eye contact. you can't you can't have both uh so what do you think is did he is this the guy so i don't know if this is the guy or not but it is probably the most it's one of the most compelling things and it's it's funny it's being so discredited by the community so either i'm missing something which is entirely possible or it's sort of wishful thinking because like it's much better if he's not uh satoshi and uh and i don't think the evidence is super super strong but it's a very compelling theory.

25:02That's kind of where I've landed. It's a compelling theory. This guy who clearly at 15 or 16 was brilliant and thinking specifically about the double spend problem and then talks and then comes out and then has this forum post, which is the timing is very interesting about right when it happens, the way it's written. And then the guy disappears. And then by the way, this guy also disappeared for two years after that in the Bitcoin forum, doesn't participate. And he's like, oh, I was busy. I was a student. Well, I should have been more interested in Bitcoin. I just wasn't. And then when he comes back, he actually does this thing called replaced by fee, which is basically this mechanism where you could pay a little extra to get your transaction done faster.

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25:36And actually, it's like one of the useful patches to Bitcoin. So he comes back and contributes this useful patch to the Bitcoin code afterwards. And in this thing, he's like his nervous answer is basically like, what? Me? Oh, yeah, yeah. I'm totally Satoshi. I mean, that's crazy. Why are you saying that? You know, you're going to look really stupid if you release this. And it's like, those are things I do when I'm trapped in a lie. Maybe I'm projecting here. You alluded to something about the name Satoshi Nakamoto. Is that, did he imply something earlier in his career before Satoshi existed that he liked that name or was tied to that name?

26:13There was no, no, there's no evidence on that. The evidence was basically, the combination of evidence was that forum post, the timing of both of their disappearances. it's him you know when he's 15 16 years old uh on the forums it's his kind of like his spelling and kind of his writing style even the way he kind of like uh punctuates where it's like the two two spaces after the period the oh you are things that are a lot of people do but they all they don't they do fit with this guy did hal finney uh write like satoshi no um they've looked at like hal finney's code and then satoshi's code but then you know there's an answer for everything oh he's so brilliant he knew to modify the code into a different style right there's an answer for everything it's a like all conspiracies it's it's sort of what you choose to believe or what you choose to not believe that's pretty hard like i i actually think that that that that like i because when i used to actually write in fake names like fake blog posts all the time and i remember trying to change how i was writing and i remember doing that and thinking this is really challenging everyone's gonna know this is me uh i used to write fake blog post like i had like pseudonyms that I would just like fill my blog with.

27:20And so that's like a pretty compelling actually piece of evidence, if you ask me. Yeah, like I want to be super clear. I don't know the answer. I'm not saying I believe this or I don't believe this. I'm saying this is the most interesting theory on the most interesting new theory on Satoshi, right? So there's been over the years, there's been many theories, including the time when like, I forgot like the New Yorker or New York Post or something like chased down that random Asian guy and was like, it's him, Dorian Nakamoto. This is the guy. And he's like, what? He's like, didn't know where he was.

27:46and basically like had his life ruined for like 48 hours. You know, there's been many theories over the years. This might be just another harebrained theory, but I would say it's the most interesting one in a few years to me. And as somebody who I'm just fascinated by the story, I badly want to know, but I also, I understand that it would be much better to never know for all of us to never know. And for whoever it is, you know, like I think they had a great contribution to the world and, you know, their wish was to be anonymous. I think that should be, you know, respected. And I think whoever is Satoshi is an extreme danger once it does get outed, if it ever does get outed.

28:23In terms of like the Olympics or the Hall of Fame of stories, like JFK is like up in there, the JFK assassination, who did it? And I think actually this story is on par with that. Do you know what I mean? Yeah, exactly. Like the most, you use the word intoxicating. It's like these rabbit holes that like just kind of make you wonder and you keep going back to them, you know, aliens, certain assassinations, and then there's this one. This like, it kind of keeps me up at night, to be honest. And I don't even give a shit about Bitcoin. But I think that it's just like, I think that what it's rooted in, potentially how one person had such an impact and was so brilliant.

29:04I think that if you read American Kingpin about Ross Ulbrich, Ross had the same exact style where it was very romantic. it was very uh i want to get behind you like it's us versus the world like we are we are on a path to greatness like this whole that whole concept was ross had the exact same thing and even though he did a lot of really bad stuff you kind of want to get behind it because you're like yeah that's like that's just the price that we paid to be james bond like we kill bad guys uh and so like this except ross might have been a bad guy he might have been the bad guy in this case he was like like he did a lot i think that like you could do good things and bad things but i think he actually did i i think that he should be in jail for a long period of time because he tried to kill a bunch of people breaking bad where you're rooting for walt even though you're like wait i think this guy is now a drug kingpin who's killing people but uh yeah or tony soprano this guy like it's like tony soprano like you want to like tony but then you're like dude you suck like you're a bad husband and you kill people like that like just because you're funny doesn't mean i should like you're an amazing person like can i can i make a one minute bitcoin case right now are you back i mean i'm at my back i've been here no you haven't been here you you you haven't been here your interest has ebbed and flowed from the topic well my interest i've been focused there's no new information right like uh like the conviction hasn't ebbed and flows it's like how much new information is there to pay attention to it's in the same way but like i'm not like oh my god the internet is amazing it's like yeah i kind of know the internet's amazing i made that decision a long time ago and I just used it, you know, like I just, I'm in, I've been in, I've in, right?

30:38Like versus when it first came out, it's like every new thing is new. It was a very exciting period. But yeah, what's your one minute? I mean, the one minute is this. From the beginning with Bitcoin, there's always been these like the big risks, the big question marks. So once you, once you sort of accept that there's merit to having a hard currency, meaning having a currency that doesn't get inflated. The way I look at it is Bitcoin's a savings technology. So people use, People think Bitcoin is going to make them rich. Actually, the true purpose of Bitcoin is a store of value, meaning it's meant to keep you rich.

31:08So I don't know if you've ever seen the charts of like, you know, if your great grandparent or whatever, 100 years ago had left you a million dollar fortune, it would be worth, you know, only 3 % of what they left, right? It'd be worth 30 grand today. And so just in 100 years, 100 years in the United States, at the targeted inflation or the actual inflation, your money is going to be cut in half sort of every 30 years. Yeah, if you left it in cash. Correct, correct. The currency itself, I'm saying. Like if you just said, I feel safer just with the good old US dollar in the bank account. It's a bowl of ice cream that's melting by design.

31:46Yeah, yeah, yeah. Because on average, roughly 3 % a year, it gets devalued. So that's not a conspiracy theory. That is the target inflation is two or 3%. Sometimes it's higher, like it's been, but like the goal for them is to inflate it two or 3 % a year, which means by design, two or 3 % a year means that in 30 years, you're going to have whatever, half of what you want. So one generation. Okay. So if you, once you believe that there's merit to just like, well, I'd rather save, it's like, I'd rather have a phone whose battery doesn't drain. I'd rather save my money in a currency that is not designed to inflate.

32:19and you might say well there's still a leap of faith which is will this be a thing currency only matters if a bunch of people believe in it whatever that's that's that's the only question is bitcoin even a currency of course i mean is a is the definition of a currency uh liquidity is it is it or not liquidity uh the ability to the like uh a lot of people spending it a better way of saying it is it's money so it's a money asset um so it's a it's a form of money and it's a so So money has three jobs. Store value, number one, meaning I have to believe that if I go out and I work hard every day and I get paid in this thing, that this thing is going to be valuable tomorrow or the next day.

32:59Yeah, it requires a collective buy-in. Correct. And that's the first stage. Then after it's already accepted by many people as valuable, like the way gold is accepted by many people as valuable, then it can be used as a medium of exchange. Meaning then I'm willing to trade it back and forth with people because I know they believe it's valuable. I believe it's valuable. They're going to believe it's going to be valuable. They know that the next guy they want to spend with thinks is going to be valuable. So once we all buy into it's valuable, then it's usable after that as a medium of exchange. That part hasn't happened yet.

33:28And then the final stage is once we're all using as a medium of exchange, we price things in it. That's called the unit of account. So those are the three phases of something becoming a true useful currency. Today, Bitcoin is basically completing stage one where at this point, the whole world agrees that it's valuable. or the bulk of the world. The majority has flipped to believe that Bitcoin is valuable. Okay. You can see that in the price,$60 ,000. You can see that in who owns it, individuals, wealthy folks. How many human beings own one Bitcoin or own some Bitcoin? I don't know the number of active wallets now.

34:03And the hard part is one person can have multiple wallets, but it's like over 100 million for sure. It's like in the hundreds of millions of people. Okay. Well, then I think it's a stretch to say that. Bought into the system. It's a stretch to say everyone agrees is that it's... What I mean is, obviously not everybody. So not 8 billion people on Earth own this. 8 billion people also don't own dollars, right? That's also not the case. But for hundreds of millions of people to have active, like have wallets with value in them is big. I mean, that's a humongous number. So anyways, that's how the currency works.

34:38So the case for Bitcoin right now is over time, there's always been two big risks. So the first risk is, the government's just going to shut this down, right? The smart guy case was, look, you might be right that this is better than gold. You might be right that it's more secure than gold. It's easier to transport than gold, that it's the more programmable money. Like I get all that, but look, the government's not going to go down without a fight. Their biggest stranglehold on power is that they own the guns and the money. You can't take one of their two big powers away, right? They'll still have the guns, but if they lose their ability to control the money supply, no government's going to allow that.

35:12And for a while, it looked like that. China tried to ban it. India tried to ban it. But Bitcoin was pretty resilient. And now you have in this election, for example, both of the candidates are pro crypto. Donald Trump is very pro crypto. And Kamala has now realized it is now political suicide to be anti-crypto, which is insane. It's crazy. They're both on the circuit. That's wild, right? Donald Trump is speaking at the Bitcoin conference. Kamala stopped saying she's going to kill crypto. Well, dude, I talked to our, we have a mutual friend who owns a crypto related media business. And he was like, all these politicians want to talk to me now.

35:48It's insane because they want to speak at our events. They want to do all this stuff. They need us now. They want to participate. They want to be part of the conversation. And that's insane to me. I mean, in a good way, I think. But that's like wild that these people want that. I mean, Trump has literally said in very Trump fashion, maybe we'll do bitcoins and that'll pay the debt, right? And he's like, maybe we'll just buy some Bitcoins and that'll pay everything off. It's like, ah, kind of. Which, by the way, honestly, if the US government quietly accumulated a stockpile and then put their faith in it after that, if they basically like, they would be able to pump and dump, pump and dump basically Bitcoin themselves.

36:21Or at least pump, even if they never wanted to dump. Meaning it would be a very easy way for a legitimate country to get very wealthy by using its institutional power in the world to validate Bitcoin after they've created a stash. Anyways, but besides all that, the point is the government is now pro-crypto. They've now realized it is political suicide to be anti-crypto because there's too many Americans who have wealth. I think it's like 40 million Americans who are actively on the petitions and all that shit to say, it's like a voter block, right? And if you say we're going to either block this or ban this or confiscate this, that means something to too many Americans.

36:56So now you can't politically be in a we're going to shut down or kill crypto, Bitcoin specifically. And so that's a huge thing that changed from like five, eight years ago. And I feel like nobody's really giving that, nobody's pricing that in properly. Nobody's giving that enough credit. That like one of the biggest risks that the US government is never going to go for this. And now they're pro crypto. That's crazy. The second thing is, you know, there's all these clips of Jamie Dimon and BlackRock and all these people just shitting on Bitcoin and calling it, you know, the dumbest thing, you're idiots.

37:27If you want to go lose your money, go do this. and now they're the biggest custodians and the biggest salesmen of of of bitcoin dude aren't they so full of shit man like it's just funny how i guess i mean everyone deserves the right to change their opinion once they get gather new information but there it really consequences are very big so here's the consequences of that right like a week ago blackrock released this presentation that they're giving about why bitcoin is better than gold and it's literally the same slides that they're like crypto anarchists were using 10 years ago it's like here's bitcoin compared to gold.

37:58Gold, you can't carry it easily. You can't easily divide it. Gold's not actually that scarce. We can always find more. Bitcoin's actually a fixed supply. And so like all of the old arguments, they're now on a roadshow to wealthy people and to financial advisors. So they're basically training financial advisors and their clients that a healthy portfolio has one to 5 % Bitcoin in it. And they're showing all these Monte Carlo simulations that like, hey, and no matter how we run this over the last 10 years, like some Bitcoin allocation, no matter when you entered, whether it was peak or trough, whatever, has outperformed like the 80-20 stock bond portfolio mix and all these other things.

38:34So they're recommending it as now like the smart move, the wise move to do. And so they're on a roadshow because they make a bunch of money. It was very incentivized to do this because they make a bunch of money, right? It's the fastest growing ETF product in the world is Bitcoin. I think the Bitcoin ETFs are now like some insane number. Like why do you need a Bitcoin ETF? So the Bitcoin ETF is one of the other big counterpoints was this is too complicated. My mom, my dad is never going to go download a wallet off this thing and figure out their private key. And they're going to be afraid to lose it.

39:08OK, Coinbase, that's easier. But like they don't open up new accounts. They just invest out of their 401k or whatever. So the reason an ETF matters is now everybody who's got an account with whoever it is, Morgan Stanley or, you know, Fidelity or Nationwide. It's so funny. I just Googled crypto ETF or Bitcoin ETF. And there's a website for Fidelity. It just says it's an ad that Fidelity is running to get me to click on. And it's about their crypto font on a Fidelity website. It's going to start to look like life insurance. It's so funny. It's going to look like a loving family, like hugging and embracing and be like, our future is secure.

39:42Dude, this is like Walmart buying the Supreme brand. Like, dude, come on. This is lame. Everybody is incentivized to do it. Meaning the presidents are like, yo, if we're pro crypto, we unlock crypto donation dollars and this voting block. So they're like, all right, politically, we're now incentivized to do this. BlackRock's like, yo, how much money can be made with this? Right. There's 60. The ETF has had like$61 billion put into management. Like in the last, you know, it's only been legal for like six months or so. It's pretty lame though, right? They get a 1 % fee of doing it. Then they sell this as a product, as an upsell to people.

40:13Now anybody in their retirement accounts and their stock trader accounts can push one button and own Bitcoin without ever having to deal with custodian issues or the private keys or your wallet or losing your hard drive or any of that shit. And so, yes, it's lame because it's not cool anymore, meaning it's not cool and edgy and alt. But the whole point was like, it goes through this adoption phase, right? And now it's going more mainstream. So I think what's, my point is, I cannot believe as somebody who's been watching this thing for like probably at this point, literally 10 or 11 years, that now like it was unfathomable 10 years ago to be like, not only will Bitcoin be$60 ,000, a coin.

40:49That would have already blown my mind 10 years ago. But on top of that, the presidents are going to be using this in their campaign. They're going to say this is a good idea. They're going to talk about having a little bit of on the nation's balance sheet. Corporations are going to own this thing. BlackRock and Larry Fink and Jamie Dimon, that's going to be their hero product. It's their hero skew now. And that you're just going to click a button and buy it as an ETF. All of that is It's unbelievable to me. And I feel like people already have not grasped how once you do that, you can't unwind it.

41:19So once everybody owns it in their ETFs or their retirement accounts, what are they going to do? You can't, it's too embedded in the system at that point. You can't like, you can't rip it out. Its tentacles are too deep.

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42:21Dude, listen to this. So this is kind of like indicative of where Bitcoin was going. It's kind of silly. This is to the listener. I've mentioned I moved to a small town outside of New York City in Connecticut. And my town is very much what you would picture of Connecticut. Like the other day, I went to like this fancy Ralph Lauren store, and they're like, where do you live? And they're like, and I was like, I live where these clothes were designed to be worn, like where there's like literally polo fields and like my like in my hood. And there's a rowing club next to my house. Like you're on the I guess it's a river and you're like rowing like crew, which growing up in Missouri, that's like the richest kid, like yuppie bullshit ever.

43:01Right. But I was interested in it. And I and I go to this rowing club to like see if I could like sign up for lessons. And I see a Bitcoin book in the lobby of a row club. So a row club is basically just imagine a gym, but instead of like just weights, there's like areas to row, whatever. And I see a Bitcoin book. And I was like, wait, what the hell? Why is this Bitcoin book here? And then I start walking around and I see a case full of trophies of high school people who have graduated from this row club, but did well in high school and won championships, whatever. And there's a picture of these two guys who are 18 and they're huge strapping looking dudes.

43:36And I'm like, you've got to be kidding me. why do you have a picture of the Winklevoss twins here? And they go, oh, their father owns this place. And when they were young and they were into rowing, he built this row club so they could kind of have a place to go to. And I was like, that's why you have the Bitcoin book? They go, yeah, they like, I don't remember if they wrote the book or if it was written about them. And, you know, the father's proud. So he just has like their book in the lobby. And I was like, that is so funny. And so this row club is founded by the Winklevoss twins. father wink whatever and uh it's like doesn't it seem like they would totally call their dad father oh yeah yeah for sure i'm gonna demand that my kids call me father uh because i feel like that's just like already like 25 prestige points in life dude i tell my um little daughter whenever we facetime grandma i go that that's your grandmother yeah that's wild that's so funny you you live the most preppy life now yeah you know what um embrace it it's kind of fun if I'm being honest.

44:39It's kind of fun. So I enjoy it. But dude, this Bitcoin stuff, I wouldn't say I'm not exactly a hater of it, but I love like poking holes in it because I think that's just a fun position to have with this whole conversation. But for this podcast, I want it to be back. I had so much fun hearing these stories. I think it's like the stories and the drama regarding this whole community and this thing is so cool. Like all time great. Like just some dork invented this shit. Some nerd called a cyberpunk invented this thing. And now Fidelity is like, you know, however many tens of thousands of employees and like the most amount of money in the world is all like rallying around this.

45:21I think that is such an exciting story. There's yet to be a great movie around this. And I think it's too hard of a story to tell. There needs to be like only a couple storylines for this movie, but I'm really excited for something like that. And frankly, I want to go and read more books on the topic because every book I've read about Bitcoin has been thrilling. yeah yeah well it depends if you want the thriller or you want the theory right there's like no no i don't i don't want that no i just want like tell me about somebody who like died or just sex death and war like uh you know like rebel rebels doing shit that's what i want okay fair enough then you might like this documentary i don't know we'll see actually the best the best one of that is there's a documentary about this business called quadriga did you ever watch this one no what's that It's the best murder mystery, crazy, like just insane, batshit crazy, scammy, like movie about crypto.

46:17Oh, is this the guy who died? Trust no one. The guy who died in India and they're like, dude, you faked your death. And like the Indian doctor, we already talked about it. The Indian doctor faked the autopsy. Well, they don't know. That's a theory, right? So, yeah, it's called Trust No One, the Hunt for the Crypto King. That's probably the most like thriller version of a crypto movie that I've seen. Dude, I just watched this one about these kids from Long Island who like moved to Miami and they came up with like some ICO scam. And they document this guy as he's telling his story. But coincidentally, he's also still on trial.

46:55So you could see him like going through trial and then eventually getting acquitted. And we talked about this particular guy. We're like he was posting pictures of his like his abs and his Ferrari on his Instagram. And we're like, dude, if you have abs and perfect teeth and you're also in the crypto community, you can't be trusted. And like Floyd Mayweather and about these guys like backed his shit. And we're like, this is this is a complete scam. But he still walked away with potentially tens of millions of dollars and got away with it. He didn't go to prison. And so did you see that one? I didn't see that one.

47:24No, the kind of the ICO, you know, kids with Lambo's version of it. I just hate them so much that it's such a turnoff. I can't I can't bring my turn off. But when it's like this kind of ideological rebel person who, you know, like more like more selfless. Like I need kind of like maybe evil, maybe genius. It's hard to say. Is he just misunderstood or actually is he just playing all of us? Like that's really kind of the sweet spot for me with the crypto crime stuff. Like crypto could basically have its own true crime like index, right? Because there's been so many, so many issues. I don't like the like 18 year old like TikTok, TikTok NFT.

48:05Yeah, because that's just a straight scam. And that story is so easy. There's no art to that. Yeah, there's no. Yeah. The Sam Bigman free thing is so interesting because not only is he like an enigma and like it's like he looks the part, but then he doesn't. And then he did something crazy. But it's unclear why he did it because he actually had a business that would have made him a billionaire many times over. that was like the scam with FTX wasn't that the demand and the customers were fake. The demand of the customers were real. It's just that he took the customer money and gambled on it, you know, used it for crazy donations to build power and to put in his hedge fund to like run up the balance on that side.

48:47It was just an unnecessary risk. And so the fascinating thing about that one is like, why, why did this guy even do that? He didn't need to do that. He won, he had the real win and he snatched defeat from the jaws of victory in that case. How about if I told you three years ago when SPF was still, we still thought he was legit, that him and Diddy are in prison together? Like, is that the craziest turn of events? It's really insane. Like, Diddy and SPF are like... Have I ever told the SPF FTX story with Milk Road? What happened? How they advertised with you and they were late to pay? No, no, no.

49:27They weren't late to pay. They, um, we used to do something called deep dives, which is basically like if one of our like sort of ad products was if you pay us a ton of money, we will do a report on you. But the catch was we're going to do the report. We actually want to do like, you don't get to say what we say in the report. And with FTX, it was like a no brainer. They're like the richest player. And there was a bunch of good things to say. So it seemed like it was going to be a win-win. And so they, they do the, they pay us a bunch of money or they told us they're going to pay us a bunch of money.

49:53And then we go write the report and in the report, I'm trying to, this was, I think I was writing it myself or me and Ben were writing. I don't remember exactly what the case was, but I was involved with it. And I remember we were thinking about, okay, like what's the devil's advocate? Like what doesn't smell right about this? Because you have to have the counterpoint and not even just a rip on them, but having a counterpoint makes, acknowledging the counterpoint honestly makes the point stronger. So even if we were trying to say like a positive thing, which was that they were super fast growing and they had this really like you know aggressive marketing strategy that was working like all that shit um we're like what's the counterpoint and the counterpoint was like the guy we had met who was like the chief security officer he was like 24 years old or not security a chief strategy officer who's 24 years old and we're like wow that's so impressive like how did this kid become like chief strategy officer of this like at that time it's like a 20 billion dollar company uh yeah i know exactly where the story's going and so we were we were like yeah actually like a lot of the, the like execs are kind of like young, just like the friends, but okay.

50:54Facebook looked that way too early on, you know? Okay. Interesting. Maybe a good thing, maybe a bad thing. And then we were like, yeah, it's unclear the like connection between Alameda, they're like hedge fund and FTX. And so we wrote that in there. We were like, one thing that's not clear is like, what is the relationship between these two parties? And where's there, is there a firewall? And there's some speculation that like, you know, it wasn't that Alameda was just like, the FTX was just siphoning the money and giving it to Alameda and then Alameda was gambling and losing it. It was that Alameda had, you know, like insider info and they were front running.

51:22That's kind of what people thought. So we wrote that in there and they're like, Hey, we need you to take that out. We're like, nah, we're not going to take that out. And they're like, uh, okay, then just, uh, hold on this. And we're like, cool, but you paid us already. So what, you know, do you want to ever run this? And then they just never replied again. And we were like, okay, I think they paid us like half of the amount. Was it a large sum? I mean, I don't know what it was. Not that, not that large. I like in the grand scheme of things, not that large, but like at the time for us, we were a startup.

51:49It was like, you know, great to have revenue. And so that was awesome. And so I remember them just being like checking in every few months, like, Hey, do you want, like, are you ready for us to release this yet or no? And they're like, no. I'm like, okay. Didn't think too much of it, moved on with our life. And then sure enough that, Hey, this connection is sort of unclear. And, you know, there's some potential issues that turned out to be like, it's like, Oh no, that's stage four. that turned out to be a very big problem actually and is sbf like in prison how's he holding up is he still eating just peanut butter and that is the whole thing like he only consumed peanut butter in person because he's a vegan 25 years but i do think there was like there was i think he's sentenced to 25 years but i don't i don't think he's gonna serve that whole time i don't know how that the whole system well no if you if you get for federal crimes um you know a lot of like the a lot of people say like oh you got sentenced to 20 you're only gonna do 10 well for federal crimes i think the max amount it can ever get reduced is 10 or 15 i mean maybe 10 so if you get sentenced to 20 you're just serving 18 something like that it's like a fucking huge deal like this it's like a yeah this is not like a and i think the prison he's at is like it's it's it's big boy prison like this is not uh like particularly a fun thing uh right like there's this like idea of like a white collar i i talked to i know a guy or a guy whose uncle got sentenced to a white collar crime and he served 18 years and he was like uh he he told me he would visit his uncle and he was like yeah i mean it was when you say the word white collar crime you kind of think like it's cushy and like it was kind of that but like it's prison like bad and bad stuff would happen and like you're confined all all the time like it's it's it's really bad and i don't think SBF is in that type of like prison anyway he's in like a real prison right like a prison where built for that yeah do you have you ever watched this show the night of no what's that oh dude amazing show I think it's on Showtime or HBO uh the night of it's just an awesome show and one of the things that I really liked about it is they showed almost like they showed the actual legal system at work and it's almost like painful to watch the whole legal and prison system as the story plays out, but they don't fast forward.

54:06The way a lot of movies and shows do is they kind of fast forward. It's like there's the crime, and then there's like the courtroom where it's like one lawyer is giving one dramatic speech and the other lawyer is giving another dramatic speech, whereas this one, it actually shows like the real deal, Holyfield of, well, we have the first hearing. Okay, the appeal is going to be in three months, and he's back to jail for three months, and he's waiting, waiting, waiting, and just going through it, and it's just extremely well made. An awesome show to watch. It takes forever. This stuff takes forever, which kind of boggles my mind a little bit about why.

54:37And then you could push things for a long time. So you remember Elizabeth Holmes, when she got in trouble, I think it was like many years after the actual stuff went down, that the trial actually happened. Well, she went on maternity leave from prison. Remember? She started having babies, and she just had two babies back to back and kept pushing it off. That's what happens when you wear Ralph Lauren and look like you live in Connecticut. You could take maternity leave from prison. I think that's one of the perks. She took advantage of that privilege. We didn't mean to make this the Bitcoin episode, but an hour has flown by.

55:08Once you said the magic word, I was in. So I'm happy that it became that, to be honest. All right. That's it. That's the problem.

55:28Hey, let's take a quick break because there's a quote that I love I want to read you. It's that we shape our tools and thereafter they shape us. And, you know, as an entrepreneur, if you're using a bank that was built in the 90s, you're operating like you're in the 90s. And trust me, I've been there. Clunky portals, random holds on your money,$50 wire fees, and then being told, please visit your local branch. Well, that's why I switched to a different type of banking solution, Mercury. It turns your financial chores into a smooth workflow. You can do wires, invoices, cards, reimbursements, two clicks, and I'm done.

55:58If you're already using Mercury, respect. If you're still using one of the old big banks, I got questions for you. So go visit Mercury.com and give it a test drive. Mercury is a financial technology company, not a bank. Banking services are provided through Choice Financial Group, Column N.A., and Evolve Bank & Trust members, FDIC.

From the publisher

Episode 637: Sam Parr ( https://x.com/theSamParr ) and Shaan Puri ( https://x.com/ShaanVP ) talk about the conspiracy theory behind Bitcoin’s biggest mystery. 
—
Show Notes: 
(0:00) The making of Satoshi
(14:02) Is Peter Todd the guy?
(30:20) A "1 minute" case for Bitcoin
(35:21) “It's political suicide to not be pro crypto"
(43:42) Must watch crypto thriller movies
(46:32) SBF and FTX update

—
Links:
• Money Electric - https://tinyurl.com/yw5mktnn 
• Bitcoin Forum - https://bitcointalk.org/ 
• Fidelity Crypto Funds - https://www.fidelity.com/etfs/crypto-funds 
• Trust No One - https://tinyurl.com/32fxa9y3 
• The Night Of - https://tinyurl.com/3wmm68cc 

—
Check Out Shaan's Stuff:
Need to hire? You should use the same service Shaan uses to hire developers, designers, & Virtual Assistants → it’s called Shepherd (tell ‘em Shaan sent you): https://bit.ly/SupportShepherd

—
Check Out Sam's Stuff:
• Hampton - https://www.joinhampton.com/
• Ideation Bootcamp - https://www.ideationbootcamp.co/
• Copy That - https://copythat.com
• Hampton Wealth Survey - https://joinhampton.com/wealth
• Sam’s List - http://samslist.co/

My First Million is a HubSpot Original Podcast // Brought to you by The HubSpot Podcast Network // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano

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