Who Hijacked Bitcoin? Steve Patterson and Aaron Day on DarkHorse

I have the distinct honor and pleasure of sitting this morning with two friends. Aaron Day is a fellow fellow at the Brownstone Institute. I am also a fellow at the Brownstone Institute.

And he is what I would call a digital revolutionary.

He is, I will warn you, something of a black pill when it comes to understanding the hope and promise of cryptocurrency and what is happening to it in the present. And Steve Patterson is an independent researcher. I will say he may push back on the designation, but I will say he is also my favorite philosopher.

“He is of course a previous guest on Dark Horse and you should check out that episode.”

Steve has written two books on at least cryptocurrency if not Bitcoin. The more famous of them, he co-authored with Roger Veer, the book "High Jacking Bitcoin," which I highly recommend. I've taken a ton of pushback for talking about what is in that book, people swear. The book is nonsense, but here's a pattern you should be aware of.

When people tell you that high-jacking Bitcoin is nonsense and that there are other things you should

know, they never follow up with the things that make it clear that there's something wrong with the

story presented in high-jacking Bitcoin. That's conspicuous. So without further ado, Aaron and Steve welcome to Dark Horse. Thanks. Great to be here. All right, so we have our work cut out for us this morning because we have multiple layers of a very difficult, at least highly complicated topic to discuss in order to get to the part that matters to people. The question of, are we going to remain free? What are the tools that allow us to

“remain free? And what is happening to them both technologically and legislatively at the moment?”

So the role I think I'm going to end up playing this morning is I'm going to try to translate based on an admittedly imperfect understanding of cryptocurrency, of Bitcoin, of the high-jacking, and of the technocracy that seems to be emerging around us. And these two gentlemen are going to do their best to point us at the stuff that really matters. So I don't know who we should start with. Steve, do you want to start off and talk a little bit about the history of Bitcoin and the

high-jacking that you and Roger alleged has happened in any evidence that has emerged more recently that would suggest your model is either correct or flawed and Aaron, you feel free to jump in anywhere that seems appropriate. Our first sponsor on this episode of the Inside Rail is Helix, which makes truly fantastic mattresses. We've had our Helix mattress for well over four years now

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“Yeah, so I think the best place to start is right at the very beginning with what the purpose”

of Bitcoin was supposed to be. A lot of people don't realize this in 2026, but Bitcoin was actually designed to be an alternative currency that was usable in everyday exchange. The original vision was that we need an alternative currency that's not being issued by a government or a bank that you can use in commerce online for everyday coffee transactions. We have writing from the creator of

Bitcoin, whose name is Satoshi Nakamoto, whose identity we don't know, but that's his name.

And he's on record saying, envisioning this Bitcoin technology you could be used even inventing machines, not for large payments, but for everyday payments. Now, the technology was released in 2009,

“at a time where we didn't have great payments for online commerce. You could use credit cards,”

which have their own fees, high fees associated with them. You need permission from these or tolerance from these or MasterCard in order to participate in that system. They're heavily regulated. We didn't really have things like Venmo at that time or Zell, which is pretty easy for sending money digitally. But in the earliest days, the idea was okay, we're going to have a payment system for the internet. Now, I'll jump ahead here to 2026, the way that people are talking about Bitcoin

is as a store of value and not as a payment system, not as a currency. It's supposed to be something that one gathers, you buy it and then you hold it and then hopefully depreciates in price. And that's going to make the world a freer place because it scares. That's the idea. But this is not what the original purpose was. Okay, so I want to slow you down there. Sure. And just say a couple things. One, people should have in their mind the distinction that you're

pointing to between a mechanism of exchange, a way to buy and sell things, and a store of value. So those two things are separate values. It is conceivable that you could have something that functions as a store of value that has no intrinsic value, like for example, a dollar, a physical dollar, isn't very useful for much. But it is understood to be valuable as a mechanism exchange. It also, of course, appreciates and declines in value based on how the world perceives

the strength of what backs it. You hid in what you said, maybe we're going to get there, that the idea that you need permission from Visa or MasterCard in order to use their system is pretty remote to most people because we can all get that permission. But what you need to understand is that there is a history of selectively removing that position or that permission from people who have confronted power in ways that are not deemed acceptable by the

“powers that be. So I remember in the early days of WikiLeaks, I donated to them because I thought”

it was a great idea to have more transparency, and I did so with a credit card. When I tried to do it

again, it had become impossible. They had been banished from the network. That was the second time

that I encountered this. The first one was somebody who was selling an Entheogen, perfectly legal called Salvia, who was actually a scientist who had discovered the compound within this plant that accounts for its psychoactive properties, and it had become extremely difficult to transact with him even though what he was selling was perfectly legal. So, and then more recently, we can look at the example of the truckers in Canada who were protesting Covid tyranny who found

themselves de-banked. That's obviously not a credit card issue. But the basic point is you have a bunch of corporations that are unaccountable, that are in a position to render you effectively

the evidence they have that you've done something wrong, no basic agreement that as long as you're

“within the bounds of the law that they need to have no prejudice against you. So it's a frightening”

system that has been used sparingly so far, but the average person should be very concerned in an era where we've seen things like vaccine mandates that to the extent that a private system that can be turned off at will can be used to coerce you into taking a novel medical technology, for example, there is no bar to that happen. Yes, that's an excellent point, and this a concept we should dwell on another minute is this idea of digital cash. So when you think

about cash transactions, one of the features of cash transactions is that you've got the asset,

you're want to exchange a good or service with somebody, you just hand them the cash. There isn't an intermediary between that transaction. This is one of the reasons why governments don't like

“cash transactions around the world is because it's more difficult to put a third party between”

that exchange. Now contrast this with electronic payments outside of cryptocurrency. Think of essentially all electronic payments, they're going through an intermediary, they're going through a company, they're going through a credit card. So it's much easier to have that middleman to

step in and regulate and control and and survey when you're dealing with electronic payments.

Well, this this is a great opening here that Satoshi Nakamoto saw for digital cash, electronic cash, maybe we could get the peer-to-peer feature of cash transactions but make it digital. So you don't it doesn't have to be tied to physical bills. That was part of the beauty and the excitement around Bitcoin is it seemed like we're going to capture the features and the efficiencies of electronic payments but we're going to get around the

the cost of it being electronic in the sense that it's going to be centralized because it's going to be a peer-to-peer electronic cash system, peer-to-peer and anonymous. So the idea that you could have an exchange, the record of your exchange between wallets exists in public but your identity would not inherently be tied to it if you didn't want it to be. So a bit just one technical point here because people say well that's not anonymous, that's

pseudonymous. The idea of anonymity is that the record, there's no record and there's no identity. The idea with pseudonymity is that you have essentially accounts that are public, sometimes names that are public and this case the transactions are public but you don't inherently know the identity of the person behind that transaction. Now in practice, it's actually not that difficult in hindsight in particular to analyze this public ledger of the Bitcoin

blockchain and figure out who those identities are. So in practice the pseudonymity, there are privacy problems that are pretty deep in Bitcoin. So a lot of people thought that Bitcoin was supposed to be anonymous, it turns out it wasn't. Well correct me if I'm wrong but the job of analyzing the pattern in those transactions to discover individual identity has grown greatly worse with the advent of AI. It is much easier to point an AI at the question and

have it analyze large amounts of data and look for logical patterns that identify people. And this is something we need to be concerned about in general. I mean one thing, this is we're deep in the weeds here but I can't say that based on what I've seen that I'm convinced that quantum computing is really what it pretends to be that it has the potential to do what people who are pushing it claim that it has the potential to do but certainly if it did the

thing that makes Bitcoin or any other cryptocurrency secure would fall by the way side because

“the computing power to break the cryptographic pattern would then be in reach. Am I wrong about that?”

Yeah so I think the quantum threats are generally overblown because even if we get the capacity for quantum computers to do what they are acclaimed to do, it shouldn't be that difficult to make the algorithms quantum resistant. So I tend to think that those concerns really aren't going to be a threat. Well hold on. Yeah. There are two questions. One does the entire past ledger get opened

to do this work so that it is great enough that the new level of computing power available can't

“crack it that I can see but I can't see how you know basically every encrypted message that was”

ever sent doesn't suddenly become transparent along with the past functioning of cryptocurrencies. So with crypto with Bitcoin in particular there's a few things going on here that make it let's say problematic for the privacy perspective. One is and we'll get into this maybe a little bit later let's just say there's something called the block size limit and we'll we can talk about the details of that future because it turns out to be important in Bitcoin's history but the way that Bitcoin

we're going to argue was prevented from scaling made it so you don't actually even need quantum computers or AI to do mass surveillance of the Bitcoin blockchain because the amounts of data are so small there's so unbelievably small you can get chain analysis without needing AI now in a world in which Bitcoin scaled the way that it was originally designed to scale then that

“becomes a separate question then you're dealing with a lot more data and then I think maybe you”

would need more AI to do sophisticated chain analysis but as it is right now you know the it's probably fair to say that on the Bitcoin blockchain all of the transactions or 99% of them are going to be fairly easily analyzed just as is fair enough all right go I want to have a couple things just for context about going back to the original launch of Bitcoin so it was at 2009 and just for for context it was right after the 2008 financial collapse so in fact there's

even reference to this in the in the code itself and after the financial collapse of 2008 this was one you know unique period of time where you actually had the right and the left unified on one idea which is that the bank bailouts were a bad idea whether you were occupied Wall Street or the Tea Party everybody was kind of sick of these banks and sick of the money printing and sick

of you know 10 million people losing their homes while all of the losses get socialized and so

that was the original concept behind it so it was peer to peer cash but it was also in this context of hey we know something is wrong with the banks and you know you mentioned this idea of you talked about the fact that you know there's debanking and issues with the Canadian truckers but it's even deeper than that when Bitcoin was originally launched it was better money it was actually better faster and cheaper and if you're using credit cards it may not seem like a lot but if you're

“merchant and you are accepting credit cards you have to pay 30 cents per transaction plus 2.9% of”

the value of the transaction in fees well we live in a world where 71% of the planet makes less than $10 a day so the invention of Bitcoin is being money that was separate from state where you didn't need a bank account where the fees were low was something that was life-changing for people around the world yeah and let me just add as a personal note I bought a bunch of Bitcoin understanding loosely what it was supposed to be understanding the long-term trajectory

of its growth in value and I discovered a number of things along the way I have recently sold that Bitcoin in the aftermath of the Epstein files revelations believing that I don't know if it's going to go up or not but my sense is that what was revealed by the Epstein files was enough to bring the whole project into question and the reason I raised this is because in trying to get out of Bitcoin so I had taken I had used an exchange Coinbase in order to buy

Bitcoin and I had put that money in an actual wallet of which I had sold custody the process of getting the Bitcoin back to Coinbase into dollars and then out to my bank account was incredibly cumbersome it was expensive it was slow it was frightening because you literally plug in

an address you know you've sent some small amount first to make sure that you've got the basics

holding this stuff it's sitting in some wallet and you say hey I want to get out it took me

“something like a half a day to do this in a careful enough way that I was sure I wasn't going to”

evaporate the money into thin air from which there's no recovery. Further because it went through Coinbase Coinbase has a Know Your Customer KYC right KYC Know Your Customer means that there's nothing remotely anonymous about this transaction it's happening absolutely in the open and so anyway the point I'm trying to make is that what Satoshi Nakamoto lays out as the plan for what Bitcoin is to be is so far from what it has become slow I mean my credit card

I can be cashing out a transaction at the hardware store and it takes seconds Bitcoin took 10 minutes to move each move took 10 minutes while you're you know the money is nowhere and and it's not anonymous so it doesn't function as a means of exchange it isn't cheap it isn't

fast it's amazing how inverted from the initial vision it's become okay several things on that

thank you for bringing that up Brett believe it or not I'm not exaggerating you had a good user experience here may out okay now this sounds crazy what has happened on multiple occasions because of the effectively the technical redesign of Bitcoin which we'll have to talk about later is on multiple occasions you'll have that the network will actually itself effectively come to a standstill for the majority of users there's a there's an artificial cap of seven transactions

per second on the Bitcoin network and we'll go into detail of why it's there and this was one of

“the is the key technical feature in the hijacking a Bitcoin was this transaction throughput limit”

okay so what has happened on multiple occasions is there have been more users of Bitcoin than

seven transactions per second and so there's a backlog of transactions that develop and sometimes that

backlog can it can result in days to process a single transaction and on at least one occasion it was more than a week to process the average transaction so what has happened and there are horror stories you say you were scared there are people who who who have been told something about what Bitcoin is they're trying to cash out and when they send their transactions to try to get to Coinbase literally the transaction won't confirm for like a week plus and in the middle of

that you have the price massively fluctuating so when would you have these these network capacity

“issues you might have the the value of your Bitcoin being dropping 10% 20% and a short amount of”

time and there's literally nothing you can do to get your transactions to go through the network that's happened on multiple occasions with the thing being a risk I mean I know I've said this already but the idea that you were engaged in the transaction that because of the way in which it is secure can't be fixed you can't walk into the equivalent of the Bitcoin bank and say I made some kind of error you know where is the $10,000 that I intended to move from here to there it's on you to get

it right so the combination of it's so slow that you can't even tell whether it worked and an error

would be fatal and unrecoverable is amazing I mean I was I was stunned that this took me

really more than half a day and now that I hear you know the shower I went and took while I was waiting to see if the transaction landed was apparently a small period of time yes and by the way I got through the shower and it had not landed so that is stunning to me that the vision has been so inverted so the the punchline here is the means of exchange has evaporated now of course Bitcoin people will say no it hasn't there's a second layer the lightning layer that allows you to do

just that which is true more or less but it is not the idea of a currency that is you know hyper secure and trivially expensive and rapid to use so it effectively functions as cash so a few things on that we'll have to talk about lightning in detail as well because the the most of lightning is a a marketing hype it doesn't actually translate into the reality of how the tech works in practice what lightning is is just a custodial wallet so it's it's the the equivalent of having

your company to move your Bitcoin so the when you are talking about custodial wallets custodial

“accounts corporate accounts company accounts that undermines the whole idea of what Bitcoin was there to”

do which is it was to give you an opportunity to make exchange exchanges without having to go through

company in the first place so okay practice yeah I just want to clarify for people who are new to the

topic of crypto probably most of them are not listening anymore because this is too technical but the idea of an exchange and exchange makes it yes very easy to translate money dollars into whatever cryptocurrency you want so you can use a credit card get some dollars say I want some Bitcoin next thing you know you've got however much Bitcoin in your wallet but the part that's not obvious is that you don't really have Bitcoin it's a bit like paper metals right if I have paper

metals do I have a metal no you have a promise of metal and if the mechanism that promised you the metal goes belly up for some reason you don't have anything and so the reason that I took the money

“on the advice of people who were sophisticated about this took the money out of the exchange rather”

than just leave it there where it is easy to transact with is that there's an insecurity I don't know how secure the businesses are that only the Bitcoin so anyway you're caught in this bind where either you have a perfectly secure way of maintaining your currency but what happens if you lose the codes that allow you to get into it then it's gone there's nothing to be done or you can have it in a place that you can you know literally just point your cursor at it and say I want to change

this to that and it happens easily but you don't really have it you're it's an IOU.

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order that's a rmra dot com slash dark horse now i do want to let's return back a little bit to the to the history here and then it'll take us into some of the other kinds of the concept that you mentioned so believe it or not the user experience in bitcoin was actually a pretty great back in 2014 so the experience that you're having now of you got to wait 10 minutes, 10 minutes because the exchange requires so many confirmations and it's a high stress the very cumbersome

that user experience is worse more than 10 years later than it was in 2014 and I know Aaron can attest to this Aaron was early in living off of crypto for you know a long time ago so maybe

is actually worse experience now than it was 12 years ago it isn't that the case it's absolutely the case so I first it was exposed to bitcoin in 2012 and I remember when I received bitcoin it was at a liberty form conference and here in New Hampshire somebody just sent me bitcoin to my mobile device and it was nearly instant with no fees and you know I've experienced as a serial entrepreneur dealing with credit card processing companies and everything else I'm like wow there's no bank

there was essentially no fees and you know as Steve said earlier at this point in time Zelda didn't exist you didn't have Google Pay or Apple Pay so it was definitively a better

“faster cheaper product it was the best way to move money and so my original use of bitcoin”

in 2012 and all the way up until 2017 was as a medium of exchange and a lot of people don't know this history but moving into 2017 there were major retailers and companies that started accepting bitcoin directly not through third parties you would go to a website like overstock.com or you would go to Expedia to buy airline tickets and then it would give you their wallet address and you would just send them the cryptocurrency directly without third parties people are unaware of that history

but then as you know as Steve started to discuss I'm sure we'll talk about in more detail they they throttled the network to seven transactions per second and all of a sudden what was instant and nearly free became an average of $50 per transaction in fees in seven to 10 days which obviously no merchant can afford that as a payment mechanism all right and I would also

point out that what you're describing is a tipping point that never happened so you had a mechanism

of exchange with super low viscosity right it just worked if you happened to be one of the rare people who had bitcoin and you know wanted to spend it at the point that that becomes true that it

“becomes possible for me to go buy I think you could even at one point buy a Tesla with bitcoin”

all right but at the point that you can go buy real goods and services in the world then it becomes a question for us normies well should I be taking bitcoin what if people like dark horse and they're afraid of technocracy and they say is there a way that we can support you you know with bitcoin instead of dollars it would be great to be able to say yeah hell yeah and then even if I can't spend it on anything I want if some amount of bitcoin comes in and I can buy something

that's useful to me with it then the point is suddenly there's a reason for me to be participating

in the network which makes it stronger because of the network effects so the amazing thing is that

that did not catalyze a revolution in which the utility of bitcoin only got better as Steve is pointing out didn't happen you're breaking my heart bread because believe it or not that fight that was that was a big fight in bitcoin and we for a short period of time we won so I learned about bitcoin back in 2011 it was less than a dollar I learned about it in economics conference and I remember being intrigued from a point where no nobody had heard about bitcoin it wasn't accepted for commerce

anywhere and there was this great plan this great agenda this exciting project that early bit coiners were partaking in to try to get the world to start adopting bitcoin and we went from nothing zero adoption to actually getting Microsoft through a steam and expedient and overstock.com they were actually using it in commerce we had I know the biggest my wife worked at bit pay which was

“the the I think still is the world's biggest bitcoin payment processor and at one point I think they”

reached more than a billion dollars of processing transactions in a single year or it was close to that

or at that level and we were like wow this is it's actually working this is so great we're so excited about it the businesses the entrepreneurs were excited about it but there was this urgent problem in the in the background which is that at the the rate of adoption we're going to run it to scaling problems because there was this technical a limit called the block size limit that effectively capped the throughput of the network at seven transactions per second now it was put there by Satoshi

he wrote for the record saying that eventually this limit will be raised or limited it all together

“but for now while the network is young we're going to have a temporary spam measure here”

so in in 2015 or so there was a war going on between the entrepreneurs and the business people and the idealists who were trying to get Bitcoin adopted they saw the the trajectory and a group that emerged that said no no no you're not supposed to use Bitcoin in commerce as a medium of exchange in fact to supposed to be a store value it's digital goal not digital cash and Bitcoin doesn't scale they said weren't we don't want to lift the transaction throughput limit

and so the entrepreneur business types said what do you mean you don't want to lift this throughput

limit like what's going to happen is the network's going to crash you're going to have the transit at that time transaction fees weren't an issue and he said well if you just understand how the system works as soon as you hit this throughput limit you're going to have network crash where transactions are going to be processed the fees are going to absolutely skyrocket and you're going to get a bad user experience you're going to get negative adoption of Bitcoin and that's exactly

what happened we saw literally the the disaster scenarios that the you know early bit coin

as we're talking about actually happened in 2016 and then in 2017 and it looks like yeah give

a question all right so I want to just put this in context of people get it you've heard me describe my painful experience making what in essence is just a move from one account to another you know more than half a day and a lot of trauma that's sort of what's happened to the core core is a bad word to use here but the central processing of transaction technology at the same time you described do I have this right in 2011 a Bitcoin was less than a dollar

yeah okay so a Bitcoin a full Bitcoin was worth less than a dollar in 2011 yeah okay that's 15 years ago it is now worth I haven't checked today but something like seventy thousand dollars is that correct yeah give it to you okay so you've got people who are looking at that growth in the value that is understood to exist in the currency so people are getting very wealthy based on the skyrocketing perceived value of this cryptocurrency and mind you when they say it's digital gold

“it's not digital cash I think isn't the second part of cryptocurrency currency and why you know”

why wouldn't you I mean even gold was initially a currency the idea of spending something that has an agreed upon value because it has an intrinsic value is very sensible so anyway my point is you can understand part of what's going on in the social phenomenon of the discussion of Bitcoin the vehements with which people will defend the current system as broken as it is because the growth from worth one dollar to worth seventy thousand dollars is pretty

fucking persuasive yes and so anyway everybody who gets involved in this discussion and tries to figure out what's going on needs to understand how big an incentive it is to have something that you might have invested a dollar in in 2011 that's now worth seventy thousand dollars and you know it's

“why there's a kind of religious fervor surrounding this currency certainly and and and I remember”

having a lot of these discussions where people were trying to envision the future value of Bitcoin in fact the true story I remember this would have been 2014 maybe 2015 I remember going out to dinner with some friends at bit pay that this so the payment processor that my wife worked at and we were laughing because we were trying to envision like if this if we're correct in this saying this is going to be future money you know the value of of the Bitcoin it might be

ten thousand dollars that we were speculating at the time I don't know what the price was at the time but it was that that was a crazy amount to take it be ten thousand dollars and I remember laughing because we like we paid for our smoothies or something in Bitcoin and we were like you know someday this is probably going to be the equivalent of taking a cruise you know and you know in hindsight

early Bitcoin community that was excited about that we want to spend the the money it's a currency

“it's like we're trying to build the future and so you're going to they're going to you want to spend it”

it seems so bizarre to so many people in early Bitcoin to hear people say no no you're not supposed to spend it if you're spending your Bitcoin you're doing something wrong and so there's a theme in in the history of crypto which is the the interest the let's say the importance of economic thinking in cryptocurrency and in Bitcoin because there's a lot of people who want to make purely technical arguments about software and about code and they think that Bitcoin is reducible just to

software and code and it's not Bitcoin is this very complex social and economic phenomenon

where some of the developers that were insisting we can't raise this transaction throughput limit

they didn't understand economics at all they thought the idea that a $20 transaction fee well that's not a big deal they thought that you know some of the developer that software engineers that we're working on Bitcoin didn't really care if this coin was usable in every day commerce because they had they had this vision of they wanted it to be some separate system but yes the the economic the economic and monetary aspects of Bitcoin are deep and important and unfortunately

overlooked because when people are making gobs of money you know I feel like the quality of careful analysis and reasoning has gone downwards well actually can I take this moment to preempt

“something that I think all of us are certain is going to happen here this discussion in which we talk”

about cryptocurrency its promise its warts and specifically talk about the promise of Bitcoin and what has happened to it one thing that is a hundred percent guaranteed is that we are going to get incredibly vehement pushback people are going to say we don't know what we're talking about that we misunderstand what this is supposed to be we misunderstand the remedies that take care of all of the problems we're pointing to and I would just point this out because I've been here

a hundred times already you guys have probably been here thousands of times already I don't accept anything that amounts to bluster I will entertain actual arguments with content that can be evaluated logically but if your point is that Aaron Steve and Brett are dumbfucks and that they just don't get it that's not an argument and if you have a lot of Bitcoin and therefore the perception of its value is what is feeding you then there is an obvious question about the conflict of interest

that that raises in you so definitely check the comments on this one you're going to find a lot of vitriol but check the vitriol for content and if what happens is somebody says something complicated complicated so that you assume they know what they're talking about the chances are that doesn't stand up and let me say just one more note on that sort of they've preemptively here is as a pattern it's there's an overlapping pattern in what happened with COVID and what happens in Bitcoin and

“elsewhere which is that people want to claim that the secret knowledge of the technical experts is”

what's needed here in order to have an informed opinion and really if you understand the details of the lightning network if you understood the details of how nodes operate on the network then you would see why we're all so ill informed here what has happened and this was the same thing if you're called during COVID it was well what about these these shots is an issue it seems like on paper we should be skeptical that this is a new technology that's rolling out and they're saying

listen there are some technical experts who know that the mRNA shots for such and such and such and such a reason are going to be safe and effective and you just got to trust us it really is the same

pattern here and something that was incredible to witness incredible to witness first hand

is that in in Bitcoin there were competing technical camps and I've never called myself a technical how a relative to the people who have strong opinions on this subject I'm like hyper technical because I understand some basics here that a lot of people don't understand 2026 however in despite being non-technical I have seen now over the past decade the track record of the supposed technical experts in in Bitcoin versus the the technical experts that I was listening to

that a lot of the old school Bitcoiners were listening to and I've just compared them were the

the critics of Bitcoin core correct in hindsight and on the technical points themselves it's overwhelmingly

in the the the the favor of the people like by self and others who were critical of the

direction that Bitcoin went on in the in that from the technical perspective and it's going to be the same thing in with technical criticisms of the I'm our night platforms right all of the promises that we heard about how specialty shots were and how the the the lipid nanoparticle is this a miraculous design of engineering and it's not going to give us problems well those technical experts that we were supposed to be you know deferring to turned out to be critically wrong on

their own subject matter actually the analogy is perfect because you have a highly technical subject you have a small number of dissidents whose track record is getting better by the week

and then you have a mainstream in this case it's weird because Bitcoin itself is not mainstream

but within Bitcoin you have a mainstream consensus about it's just fine it's digital gold we've got we've solved your problems you know block wars are over get over it but you know at

“some level what was you know I think one of the things that changed the the COVID conversation”

radically was the fact that we had Robert Malone the literal inventor of the MRNA technology telling us hey they're not telling you the truth about this and at some level you know it's not a precise analogy but somebody like Roger seems to be like a Roger Robert Malone figure or have to better yeah okay and what the yeah can I just jump in here yeah please okay so excellent point okay here I'll give you two names that are the equivalent of Robert Malone

and it's not Roger beer one is a guy named Satoshi Nakamoto who's the creator of Bitcoin one of the technical arguments that are made for people because this will come up and I wouldn't go went into detail here but they'll say well you we have to keep this throughput limit

“low so that people can run their own nodes because they think they claim that it's important”

that Bitcoin has run their own nodes in order to get the benefits of using Bitcoin this is a ground level mistaken this is not the way the Bitcoin was designed and we have record of Satoshi Nakamoto himself saying he didn't design it where regular users had to run their own nodes because that system wouldn't scale so Satoshi himself is the one saying we can scale to mass adoption Satoshi Nakamoto is using analogies with transaction throughput processing of visa

Satoshi is the one giving us examples of putting Bitcoin into like a vending machine so that that should have some authority when people say who you know when they're trying to

make technical arguments okay what you're dealing with Satoshi Nakamoto the second name is a guy

named Gavin and recent Gavin and recent was the leader of the technical lead of the project after Satoshi Nakamoto left he gave the keys to the keys of the code essentially to be the leader of the project once Satoshi left it he was also on record saying making the claims that I would be making and all of the my camp of the the dissident Bitcoiners here that the tech just to skip ahead very briefly the the disagreements in Bitcoin resulted in a split of the

network into what's called Bitcoin and Bitcoin cash we don't have to go into the details here however in the Bitcoin cash camp that was made up by people who said well we're gonna scale the way that Bitcoin was designed to scale we're gonna just gonna try to implement Satoshi's vision well Gavin and recent is on record saying that Bitcoin cash is the project that I got originally involved with from the beginning he thought that Bitcoin cash was what Bitcoin was supposed to be

so there's two names for you that should our our akin to Robert balloons Satoshi and then his his heir said that our technical arguments are correct and not the arguments that are the the contemporary mainstream let's say the literal inventor and the person that he tapped to carry on the project exactly fascinating all right so you keep going Steve okay so I'm gonna try to accelerate the history here and then we're gonna bring in Aaron to talk more about what's going

“on it present because I think that's also you know critically important so so let me try to just”

accelerate the the history here so in Bitcoin there is the two camps emerging we're gonna call them

throughput very low and the big block camp said no we can actually make the the transaction throughput

“much larger well the the big blockers and the spirit of Satoshi and Gavin and recent we were noticing”

that some weird things were happening in 2015 2016 2017 that's looked like especially in hindsight the project was being taken over not only had the narrative shifted but you also had some

a critical set of these software developers the Bitcoin core developers that formed their own company

or employed by this company called blockstream now blockstream turned out to be at at the time I think they were founded in 2015 I want to say 2014 2015 there was a bunch of smoke around this company blockstream this was the this was the boogie band that the big blockers were saying this is a problematic company and now we've learned just in the past few months with what has happened with some of the Epstein emails which we can talk about all of that smoke was coming from a raging fire okay blockstream

does look like this I would say they're the the most important company in Bitcoin's history because they were employing a some of the key developers during this time period of 2014 to 2017 so to summarize you had you had these two factions and then there was a great split in 2017 you had the big blockers went with Bitcoin cash the small blockers went with with with Bitcoin core the core developers big the big blockers are the people who were advocating to scale

then that work so it would continue to function as a currency right and we and the that's term big

block maybe we don't have to go into it never mind we just wanted to scale layer one the way that

Satoshi designed the thing to scale and we thought that this layer two idea why there could be good

“ideas incorporating layer two's in order to have a functional layer two system you have to have a”

functional layer one system if you have high transaction fees on layer one the second layer solutions don't really check out they don't really make sense and the the results we cautioned is that there would it would be a custodial system so people are going to stop using the actual technology and they're going to use a company instead and this is in fact this is in fact what we saw so a fast forward to after the split you have a oh I should mention one more thing here's a

critical piece of the puzzle around 2015 we had the two largest discussion platforms on the

internet for discussing Bitcoin were censored at the same time and they turned out to be owned by the same pseudonymous person so there's there's this entity whose whose name is famous that's his username we don't know his real identity and he owned the two main discussion platforms for Bitcoin on the internet what one was the Bitcoin subreddit at the time and the other is called Bitcoin Talk.org but the overwhelming amount of discussion online that was happening

about Bitcoin were on these two platforms around 2015 or so there were there was alternative implementations that were gaining popularity as people were trying to route around the Bitcoin core developers and this this individual that owns these two discussion platforms said in public in writing that for the good of Bitcoin he was going to start censoring the mentions of these alternative uh a software implementations that we're trying to get around Bitcoin core he said this

is a this is a rough quote he said listen I've been around in you know forums for a long time I know the effect that censorship has on people and for the good of Bitcoin I'm going to start censoring uh at the big blockers in effect okay so I want to point out one reason that may be subtle

“as to why this is as important as it turns out to be Bitcoin is designed to be decentralized in”

every regard meaning that there is no Bitcoin company or official designation anybody can take the code of Bitcoin and they can modify it however they want they can do what's called forking and basically start their own currency from it and in general people aren't going to adopt those things but if somebody has a superior implementation it can catch on and it can displace whatever was the main stream so the idea that any decentralized decision making network that discussion of

problem which is if you want to say we'll find those people are on the wrong track let's discuss

“the alternative and you can't discuss it in the place where the people are then basically you know”

you're you're shouting into the wind alone somewhere unable to talk to the people that need to hear you it's like well you know if Facebook is censoring why don't you start your own yeah exactly try to start your own Facebook you know what happens when you do nothing exactly and and one of the consequences the intended consequences is that as newcomers would come in post we're talking 2015 so I don't know how long most people have been around a Bitcoin but

only a subset have been around even that long but those were newcomers coming in in 2015 they're only going to hear one side of the story they're going to know they're these bad guys that are trying to take over Bitcoin these big blockers that have you know bad ideas and they're not going to hear their perspective unless they go out of their way to find the discussion channels that they are that those individuals are using that the dissidents are using oh that's an

“incredibly important point that I had missed because of the rate of growth of the size of the”

community the number of people who weren't there to hear hey we're going to censor this and what they've in effect get is a ongoing discussion in which certain things aren't discussed and presumably aren't to be taken seriously because if they were people would be talking about them yes and that there's already a set of villains that that people know I had this Roger Vera guy as a villain some of the you know the big block Bitcoiners these are these are villains

even that people like Evan and recent who's Satoshi left the project too were villainized and people didn't really know why it was villainized but that was only because they're trying to regulate based on the behavior of the individuals and the network that they're a part of and it should be noted that this position the big block position believe you're not this was actually the majority position in Bitcoin until at least 2015 maybe 2016 I could make the

argument that that even in 2017 and then and then it's definitely not the majority position today but this a this was if you were to to go to a Bitcoin meetup group anywhere almost everybody had the understood that what we're going to scale Bitcoin by increasing the size of the blocks increasing the throughput limit that we're going to go along with Satoshi's design the Bitcoin is supposed to be used as an alternative currency these were the mainstream views until you know

that censorship happened and then a few years after that and then now this is you know almost nobody's even heard these ideas at all today I I'm sorry to keep jumping in but I do think

“from the point of view of the audience it's important back in the day and I I'm a super late”

camera to all of this but back in the day everybody had the experience that somebody who was on board with Bitcoin and was excited about it because they had experienced what it was and they had seen its potential would say you know you'd say I don't really understand cryptocurrency and they'll

be like look here's what we're going to do and set up a wallet I'm going to send you a little bit

coin and they would send a little bit coin and it would magically arrive in your wallet and suddenly the light bulb goes on over your head and you think okay now I see what this could be if you did that now it would make the opposite point because yes you know I like to set you some if you seen it it's like well why is this taking like a million times longer than an email or a text message would right it just doesn't doesn't make sense yes the pitch was actually to just send people

Bitcoin this is one you know we mentioned Roger Bier a few times he's got he earned the nickname Bitcoin Jesus even though he doesn't like that nickname but he earned it in part because he would go around and he gift talks about how excited he was about Bitcoin this is going to be revolutionary alternative currency and then he would give Bitcoin to people it'd be like hey you what the real pitch

download this app an awesome money straight to your phone and there's nothing that a third

party can do about it and it was an incredibly effective pitch I'm sure you saw that all the time Aaron absolutely yep okay so so let's I'll try to finish the the history here and then we'll talk about the present moment so we have the censorship we have the fork and then we have what I would call the the mainstream phase of Bitcoin where I know you say it's not mainstream which I'm sure this is objectively true however from my world going from seeing this thing nobody knew about Bitcoin

to like Tom Brady is making ads you know on TV about it is like I feel like we hit the mainstream and the this history was not told somehow despite it being the mainstream perspective for many years nobody really knew what what happened to Bitcoin nobody had had hurt this and so I teamed up with Roger Vier to sort of give the try to give the the the losers side of the story we were

in here that we discussed in the book where we have one of the Bitcoin court developers for example

“it was shown in leaked emails that he was corresponding with somebody that claimed to be high up”

and intelligence so we have we have lots of smoke lots of fire and yet nobody had had shared the story so when we wrote hijacking Bitcoin we tried to be extremely careful in what we were claiming and our documentation of what we were claiming there's more than 280 citations in the book there was a huge realm for possible speculation because the corruption in crypto is is very it's very high there's a lot of juicy stories here and there but we tried to make all the claims in the book

sort of airtight this is what happened this is what the the industry was saying this is what the Bitcoin court developers were saying this is what Satoshi Nakamoto was saying and we released this book in 2024 well just since we released it we've gotten a

“much more information about the the corruption in the cryptocurrency industry and just in the last few”

months we're getting information out from the Epstein files that is showing that it it may very well be that in the story of the hijacking of Bitcoin none other than Jeffrey Epstein himself has a role and the rule starts back in 2014 2015 and a little bit earlier than that but right when we said there's a lot of smoke coming out of a block stream right here there's a lot of smoke coming from the court developers we have emails now from Jeffrey Epstein that is that are that are in a parallel

timeline tracking very closely I don't know Erin's done a lot of this research as well so this is it's lie I'm still we're still actively learning about this right now where people are still going through these emails and putting the pieces of the story together but I know and it intersects with what Erin's been doing for a few years now before I let you get to that and I just want to say we you know obviously we have a frustrating situation where the Epstein data dumps are highly

selective and so you know we can see that there's a lot going on there we can prove very little at the level that it would stand up in court but nonetheless if you're just simply logical you can deduce how important this was and you can infer that it wasn't a lone operator that this isn't this is connected to intelligence in some way how it worked we don't know but that it worked seems

highly likely but anyway my point is imagine from the point of view of powerful forces from the

perspective of the deep state from the perspective of the deep state the thing that Bitcoin was designed to be is a threat yes to the extent that people can transact outside of any system that can shut them down there is an ability to function outside of autocratic control so it is essentially inevitable that those who wish to control us would view this as hostile and that they would have three options they could either try to stamp it out which is pretty hard to do when it makes a

“to powerful case they could try to capture it which is I think you are argument as to what happened”

or they could try to displace it with a version that they did control which Aaron is going to end up telling us is happening in the present. Aaron did you want to jump in? Yeah it's a little bit of all of the above so I came at this whole thing a couple of different ways one I started using Bitcoin and then in 2019 I started living on cryptocurrency gold and silver I stopped using a personal bank account and I noticed that friends of mine were starting to get were being targeted

by the federal government that were at this intersection of crypto and liberty a guy by the name of

Ian Freeman who was the co-host of a show called Free Talk Live he at Free Talk Live was the first

radio show in the entire world to discuss Bitcoin it was in 2010 Roger Veer learned about Bitcoin from Free Talk Live Gavin and Dreson heard Free Talk Live and in fact met with Mark Edge with the other co-host and said it was the most profitable lunch he'd ever had and they paid for their Thai food or whatever with with Bitcoin and so Ian was targeted he was rated five different departments of the federal government they broke down his door arrested him so on and so forth and

other other charges and then I saw other people were being targeted so I said well look I want to look into this why is this happening and what I found was that President Biden had signed this executive order in March of 2022 executive order 14067 and what it did is it authorized the US government to pursue a CBC while taking a whole of government approach to crack down on crypto because if you're going to roll out a central bank digital currency if you're going to roll out a currency that can be

“tracked programmed and censored people aren't going to like that so you need to get rid of”

the competition and sure enough that's why I believed Ian and others were targeted and this was the very beginning now subsequently everybody was targeted and people were arrested but this was kind of way ahead of the curve on this and so as I'm doing my research in my exploration I write this book called the final countdown that that goes into the threat of CBC's the threat of technocracy I start exploring are what's going on in the United States with CBC's because we have

this executive order that says well now the government's going to pursue it but what's the status of that and what I came across was that we weren't just beginning to research it we already had three pilots successful pilots that had already been completed and they were all out of MIT

“so MIT worked on something called project Hamilton project Hamilton is a it's a digital dollar”

to since essentially the replacement for cash and this project which started in 2018 maybe something

like that can do 1.7 million transactions per second versus Bitcoin which is 7 transactions per second

and then there were two other CBC pilots that they did in conjunction with the Federal Reserve Bank of New York so then I'm starting to dig in well who's working on these projects so MIT's involved with all three who's who are some of the technical developers and then I find for this project Hamilton project there's this developer called Corey name Corey Fields who was working on that project and I'm like well I've heard that name before wherever I heard that name he was a Bitcoin

core developer so then I start digging through the history of this some more and I find out wait a minute at some point around 2015 and let me take one step back so we've mentioned the fact that Bitcoin is an open source software project there is no centralized entity but it turns out much to a lot of people's chagrin developers aren't just proactively developing code for free and then other developers aren't out there you know proactively auditing code for free.

At some point somebody is getting paid to do that work and so some people very early on

“Roger Veer and I believe Gavin and Jason and some others five of them got together and said hey”

let's put together a nonprofit called the Bitcoin Foundation and we'll raise money from the community the idea being will fund the developers but make sure that they maintain the integrity of the project essentially follow the white paper so on and so forth and so this was the main funding source for Bitcoin up to this point one 2015 there were some internal issues and the Bitcoin Foundation collapsed it could no longer fund these developers and so MIT ended up taking over the funding

of these critical developers. Corey Fields was one of those developers so one of the

core developers that MIT was funding then went on to work on project Hamilton dollar well then I find right around this time it gets exposed that Jeffrey Epstein funded this MIT group which was run by a guy named Joy Eto and Joy Eto in addition to running the MIT group also has a venture capital arm where he's making private investments in or profit cryptocurrency companies so I wrote an article on Brownstone saying hey look I don't have definitive proof here but it looks to me

like Jeffrey Epstein is funding CBDCs and funding developers from Bitcoin who hobbled Bitcoin throttled Bitcoin at seven transactions per second and then had those very same developers go

and work on United States CBDC that does 1.7 million transactions per second I'm like that's interesting

but I didn't know for sure you know we didn't know exactly what Epstein invested in and MIT invested in a lot of different projects so I even wrote in the article I said hey it looks like this might be the case but we you know we don't know for sure and so I didn't claim I knew it definitively and then the Epstein files come out and wow I mean I the first of all it just wow so

an article called NextWeb and as we now know while as we already knew Jeffrey Epstein was not a public

“figure I mean it turns out being a convicted sex offender's not not something you know you don't”

want to you you're not the front man usually in the media for these types of things but he did interestingly come out one time in this next web article and made this whole argument that Bitcoin is not a currency it's a store of value it's digital gold so I scratched my head I'm looking I'm I'm just trying to put together a few pieces here he's publicly out saying this narrative that was a new narrative public narrative that Bitcoin is not a currency it's digital

gold he's funding this MIT group this MIT group funded the developers that throttled Bitcoin and they funded all of the CBDCs that doesn't that looks pretty bad all right well I want to I want to jump in here and just say at the level of the philosophy of science this is a really

“important set of evidence and the reason is because both of you had predictions that match the”

pattern that you couldn't have known ahead of time in these formerly secret files so the point is the allegation that there was a hijacking of Bitcoin just so happens to match the evidence that Aaron is talking about which is then validated by a data dump of emails and so the whole the point is is that definitive proof no but what it is is it is more than just hey look at this pattern it looks like there was a hijacking that was a standing prediction and now you have

a bunch of evidence that has validated that prediction that's the signal we look for in science that's something is somewhere in the neighborhood of the truth and we have more we have more evidence here this is just there's this polymerase stuff so I just want to say two things and we'll let Aaron continue on the on the story here the other there's sort of two components let's say to the hijacking one is what was whatever was going on with Epstein and MIT and the other is

Tether which we haven't talked about at all this turns out to be this might actually be the central story of what was going on with the hijacking Bitcoin so we'll we'll have to we'll have to talk about Tether but I do I do want to take a moment to steal a little bit of Aaron's thunder because I have two yet Epstein emails pulled up that are going to be relevant here and they're going to be

“important for several reasons one what I address this idea that Bitcoin is decentralized”

totally and it's outside of anybody's control it turns out that despite a great sounding theory

there are many centralized points of control in Bitcoin the most important of which historically

has been the control of of the software who gets to determine what gets put into Bitcoin's code and what importantly doesn't get put into Bitcoin's code the reason that the the latter is important is because in the history of the hijacking when I mentioned before that was so critical is not scaling the way that Satoshi designed the project to scale so what the the Bitcoiners want to say is they want to say hey look we didn't make changes how could we have

hijack Bitcoin because we didn't change the code well in this case it's because that piece of code was supposed to be changed was designed to be changed and by not changing it you've turned it into

some totally different economic model that only has seven transactions per second and you don't

even use it in commerce okay so the the other piece of the puzzle here is that people have to understand how individuals in power think and how they operate and it's not in a decentralized emergent way where nobody's scheming or planning or trying to take control of things it's like it's actually pretty it's actually pretty clear what they're trying to do and as evidenced by emails that we have from the the Epstein files so I'm going to read too they're very short

but they're going to be illustrative of several different concepts here okay so the first is is from joyito this individual at MIT in 2015 he's running in email two Jeffrey Epstein when the Bitcoin foundation is falling apart he says by the way we're in the middle of a shit show right now as the Bitcoin foundation melts down I'm going to probably help create a place for the core developers to land I'm talking to everybody involved right now okay so that's in 2015

we have an email this is less than 20 days later and it's a little bit longer of a quote this

set this project up at MIT he says this is a direct quote from from the email the way that Bitcoin

“is organized currently is that there are five core developers and around 100 contributors to the”

core code the five core developers are like linestore valves of Linux they decide what changes are made to the code one of the five is the lead developer Vladimir and one is the chief scientist Gavin Gavin Vladimir and Corey Fields were being paid out of a nonprofit organization called the Bitcoin foundation a few weeks ago it blew up when one of the board members declared the foundation bankrupt many organizations scrambled to step in into the vacuum created by the foundation and take control

of the developers we moved quickly talking to all of the various stakeholders and the three developers decided to join the media lab this is a big win for us earlier and the thread he says used gift funds to underwrite this which allowed us to move quickly and win this round thanks joyito so that's there he is using the language of taking control of the Bitcoin core developers that's not some crazy conspiracy that is a message from the MIT guy to Jeffrey Epstein

in the process of thanking him for sending those funds so that's a critical critical little

glimmer into the world of how power is operating here yeah when I read that my first thought was about your book because this is the evidence that you guys were right and I've certainly heard a million times from people who don't seem to have substantive arguments that you guys don't understand what you're talking about or something but uh here it is you know in black and white in the Epstein files who would have thought I mean again this brownstone article that I write

“is I'm where I wrote where I think well hey maybe he was involved in this that is the smoking”

gun I'm not only did he fund we have an email that says he funded that project and those developers by name I mean it doesn't get any more conclusive than that but we will we will link your article and those couple of emails so people can take a look at them yeah I think the email is at least one of them is in the article but but then but then you start expanding outward because then then you start asking these questions because all we knew was Epstein writing about cryptocurrency

Bitcoin in 2017 so how far back does this go well we then find it actually goes back to 2000 to nine and there's a whole other segment of this that I'm I'm researching and tracking down but Epstein gets heavily involved in crypto in 2011 he has this conference on his island called the mind shift conference and there he meets a guy by the name of Brock Pierce and Brock Pierce from that point forward becomes Epstein's number one crypto advisor and becomes the front for his

investments literally is the guy that is structuring the investment vehicles through which Epstein money flows because of course you know people try to say well Epstein's not an investor of course that's not how money works you're not going to have a convicted you know sex offender on your cap table you're going to try to find another way so that his money is there but without him being

there by name and we typically never get to know how any of this works this is offshore LLCs and all

“this other stuff we have these emails which is a which is a gold mine for this so we find I think”

there's something like 1800 messages between Brock Pierce and Jeffrey Epstein I mean they are working together on countless crypto projects so we find for instance that Epstein invested in you mentioned you use coinbase Epstein invested in coinbase in 2014 so 12 years ago Jeffrey Epstein is in coinbase but now the story gets even more interesting and I'll try to get the time table I'm well I get the time table right but I want to put put it in a compelling way I'm actually going

to write a book about this I'm thinking of calling it the creature from Epstein island but what you have is we talked about 2015 being this pivotal year when the Bitcoin foundation collapse where joyito got this email saying yeah we heard from a board member that the Bitcoin foundation collapsed well guess who the chairman of the Bitcoin foundation was it was none other than Brock Pierce Jeffrey Epstein's crypto advisor so that's one piece of information now I want

to go back to block stream which Steve talked about as being this entity that people works sounding the alarm bells off because block stream was a company founded by Bitcoin core developers and their whole business model is based on throttling Bitcoin at the L1 so that they can

let me pause you just there I just to add a little color okay this sounds cartoonish what I'm

“about to say but but get this all right so we've got we've got the critical Bitcoin”

core developers being employed by this company block stream the CEO of block stream is this guy Adam back okay he's on record this is another this act quote from from the book he's on record during one of these network capacity failure moments where the fees are 10 $20 he's literally unrecord saying hey why don't you be part of the solution to the problem of high fees on Bitcoin and use this product called the liquid network well the liquid network is an alternative blockchain

issued created by block stream it's not Bitcoin it's their own proprietary alternative network on which they issue tokens and now we're learning they're working with with with nation states to try to onboard the month of the liquid network so you have

“you have the CEO of block stream employing critical Bitcoin core developers”

that CEO is saying hey you know how there are high fees on Bitcoin why don't you be part of the solution and use our product instead and on their proprietary network they get 100% of the transaction fees it's like a cartoon villain right yeah no that's that's incredible and you know if it's true as you say it it puts the lie to you know the whole line of the Bitcoin core because these people are moonlighting on a competitive product where they're disproportionately

incentivized at least a critical it's not all the Bitcoin core developers but it's the one it was

the ones that held critical positions of power especially at the most critical moments in Bitcoin's history are literally the CEO is advising people not to use Bitcoin and to use their corporate product instead all right Aaron do you want to pick up the the story yeah so so so now we know that Epstein is funding the Bitcoin core developers after his advisor brought peers running the coin foundation collapses and what they fund is the cementing of this digital golden narrative they

fund segment lightning network the things that kind of cap Bitcoin at seven transactions per second

but there's more we then find out in the files that Epstein invested a half a million dollars

in block stream seven or eight months before funding the developers to cement these changes so he had a direct financial interest benefiting from his that his now block stream investment in hobbling and taking over the funding of these MIT funding of these developers through MIT it's it's unbelievable but it doesn't even stop there because as Steve mentioned the big part of the story which carries through in a big way today is tether so it turns out

“then in addition to being Epstein's advisor and the chair of the Bitcoin foundation I think he”

may even still be the chair of the Bitcoin foundation that's another story for another day Brock Pierce is the co-founder of tether now we talk about the fact that the narrative changed from digital cash to store value and in order for something to be seen as a store of value it would need to either maintain its value or go up and value right well 2017 was a pivotal year it was a breakout year for Bitcoin this is where the Bitcoin price really skyrocketed and it started

to hit mainstream news all over the world there was a study from the University of Texas at Austin that found that more than 50% of the price appreciation of Bitcoin in 2017 was due to tether we also know during this time period from two different actions one from the CFTC and one from the state of New York that tether didn't have the full reserves backing their stablecoin so just by way you know explanation here a stablecoin is a digital currency that's tied to or peg to the

dollar so one tether equals one dollar and your assumption is if I have one tether that's supposed to represent a dollar then there must be at least a dollars worth of assets it doesn't necessarily have to be dollars it could be gold or Bitcoin or something else but there are some assets in theory

backing tether well tether to this day has never passed an audit and until I think in the last

found during this time period where all of this is going on around 2017 that they only had about

“25 26 cents on the dollar backing their tokens so in other words at this period of time where the”

store value story was being created tether was printing digital dollars out of thin air that weren't even backed by real dollars which are also printed out of thin air it's kind of like a metaponsie scheme I guess yeah I was going to say this this sounds like an exact mirror of the what's it called fractional reserve currencies in which banks effectively invent money by loaning it out uh owning out money they don't have based on having a small fraction uh in house and uh so here's an information that we

couldn't put in the book because it wasn't rigorous enough but this is uh let's say industry knowledge

that people would talk about but it's nothing that you can prove during this time it would common knowledge is probably an overstatement but among among people who understood the the power players and Bitcoin it was clear that there was something funky going on something suspicious going on with tether and with this uh exchange called bitfinex and we did and it was like they're they seem to be bad actors they're seem to be employing people in the um let's say the the domain of like information

warfare that there are some people who are making these really strong arguments that we got to

“have small blocks and you follow the money trail and it's like I think it's this this weird circle”

of people that uh that are involved but it's smoke there but it's nothing you can you know you can put right down in a book wow plot twist it turns out that tether and bitfinex have the same parent company called itfinex and would you believe it that's also the parent company of tether so and we we have we have also learned just in the past few years that a block stream has been raising hundreds of millions of dollars of investment and that investment is led through ifinix

the the company the parent company of tether so when when block stream is raising was doing these hundreds of millions of dollars of fundraising rounds that's being led by the people that are the owners of tether so you have the the the the conflict of interest here is uh absolutely enormous and it's it also confirms what i was saying before the suspicions that we have that there's something wrong there's something there's there's in this weird network there's

something that really doesn't that that doesn't match up um and again that that appears to be where there was smoke there was fire here all right i also want to i hope this argument tracks but there's also some evidence in what the pattern you're both describing that flows the other direction in other words i think we can infer from the fact that abstine was all over the alterations to bitcline

“that he must have worked for intelligence because here's the thing about abstine many of”

us hadn't really heard him speak until we saw these this uh one hour Steve bannon i guess it was a test for the documentary that bannon then made that we haven't seen but it becomes immediately

obvious to anybody who is a high quality thinker that abstine wasn't that he was basically parading

commonly known things trying to put them in ways basically if you wanted to create you know a character that you couldn't give a script he had the you know TED talk level understanding of enough topics that he could you know respond to questions but he makes strange errors he's obviously not he's not a super genius he's just not so if he's not a super genius why does he show up in the world as a financial super genius as a science super genius and as a bitcoin super genius or crypto super genius and the

answer is well it wouldn't make sense for somebody who you know uh I'm sure he's not stupid but he's not he's crypto is hard to deal with at a logical level so you would have to be highly dedicated you couldn't be dedicated to 14 other things at the same time so the point is it makes logical sense that the deep state would spot crypto as an important problem and would put

Jeffrey Epstein as a lone operator would have his hand in every pot and be able to be doing anything

productive so you know the fact that he's somehow at the core of bitcoin development at the same time he's at the core of science publishing and all the people whose books you want to read are being published by somebody who's at arms length to to to Epstein just doesn't make any sense right the only way it makes sense is if a bunch of smart people are deciding what to focus on and pointing Epstein at and would you believe it since we got the Epstein emails it's now come out that apparently

“Adam back the CEO of blockstream was in fact on Epstein Island I believe it was in 2014”

and and he waited until the emails came out to tell people I don't think he's admitted publicly yet

that he was on Epstein Island he did admit that Epstein invested in the blockstream but we also know that Austin Hill wanted the other co-founders of a blockstream was also in the emails it appears to be that they're the emails that we have appear to be them coordinating to go to Epstein Island and there's one fascinating email I don't know how many this is this is one that I recommend people look at also to kind of see the thought process here of power players it's from Austin Hill one of the

the co-founders of blockstream and he has this long long like several paragraph

long email where he's going into detail of all the great world changing things he's going to

do with his money and it's going to be like we're going to give free health care out to people in blah blah blah we're going to change the world and it's going to be financed by taking a percentage of like the cash float of nation states in other words he this was I want to say this was in 2014 or 2015 he was envisioning that the company blockstream was going to be on boarding nation states to their thing not to Bitcoin to their thing he'll take they'll be the new middleman

take us that transaction fee and with all that money they were going to make he's going to help

“you know change the world and give people free health care and there's a tweet I believe it's”

still up there I retweeted it maybe a month ago there's a tweet I want to say it's from 2014 or 2015 the same time period from Austin Hill where it's a photo of the Caribbean island and it says something on the lines and by paraphrasing you know a great day on the islands trying to figure out the future of finance by merging blockchain with traditional financials something about that and it matches up perfectly with the dates of the emails that were released in the

Epstein files right but as you go through this that's so what you find is that Epstein so again he's funding this the throttling of Bitcoin he's they're funding the CBDC development he's also an early investor in 2014 in circle which is the company behind USDC which is now the largest stablecoin and I haven't been able to prove this yet but just because it's complicated structure but if broad peers is his crypto advisor and he's getting him into all of these deals what you know

were the odds that he didn't invest in tether in one way or another because there are emails back and forth at the very early formation of tether where broad peers is asking Jeffrey Epstein for an introduction to Larry Summers and in fact by by the way and I'm still finding more and more emails

“in this but I think in 2013 Larry Summers sends an email to Jeffrey Epstein and says hey what do you”

think about this Bitcoin you know Mr. Money I guess Larry Summers referred to Epstein as Mr. Money so maybe in these circles they did think that this guy was the super genius on these alternative currencies one one more thing and I know that not to overwhelm you and your audience there's there's one more line here that ends up being important through tether and it's the connection with a Latinic howard Latinic who is at least I think he is still there is it the commerce secretary or was iron knows the

iron iron iron I just had a conversation a week or two ago and he was telling me some of the details here between between Latinic and tether that I hadn't even heard before but it should be noted that Latinic was also Jeffrey Epstein's neighbor so they apparently knew each other he was on the island and then we keep coming back to tether and the corruption area Latinic who you know just

man who didn't happen to be at work in the World Trade Center on 9/11 anyway even though it because he was taking his son to his first day of kindergarten which the New York city schools claimed didn't start on that day so Aaron can you give give some of those details on the

“look the Latinic tether connection here yeah so this this gets really fascinating so remember the”

backdrop on all of this tether has never completed an audit before they have been found to not have

reserves by in two separate occasions and so then this interesting thing happens you know a few years before the the election Howard Lutnik gets involved with tether and makes a $600 million investment into tether in exchange for his company canter Fitzgerald getting essentially the exclusive contract to manage all of the treasuries backing tether this is a very interesting thing to have done a few years back given a few things one it's not clear if tether was backed by anything at all but there was

no requirement that tether be backed by US treasuries there there was no regulation on this so tether could have been backed by again gold crypto whatever happens to be canter Fitzgerald just

comes in and says hey I'm going to invest $600 million but I want to be able to manage the treasuries

“backing your stable coin then and you have to understand something about Howard Lutnik and politics”

he's not been a player in republican politics in fact he was a major contributor to Hilary Clinton's presidential campaign in 2016 so no one in political circles was talking about Howard in the context of high level republican party politics he goes from being a backer of Hilary Clinton to the chair of Trump's transition committee an incredibly important position that's involved in selecting and vetting the entire cabinet so he gets into that position and actually tries to put himself up

for treasuries secretary so just think about this for a second your company's got an exclusive deal to manage treasuries for tether and now you're angling to get the treasuries secretary position I think people looked at that and said hey that's that's a little bit too far even you know on

“on the surface of things so he ends up getting commerce secretary but then what happens is they bring”

in this guy bow hines to be the crypto advisor and Lutnik and bow hines are two of the big driving forces behind the genius act and the genius act is known as the stable coin legislation I called a backdoor CBDC which which I'll explain but what this bill does is it's essentially instead of having the federal reserve issue a central bank digital currency what they decided this well hey well here why don't we take private stable coins that are already really popular

people use tether and they use USDC in fact and the last 12 months there was something like 33 trillion dollars worth of transaction volume using these stable coins more than visa so let's take these popular private stable coins and put them under the control of congress it's congress not the federal reserve by the way that's responsible for financial surveillance you know we talked earlier about these know your customer and at money laundering laws all of this kind of reporting

that comes from congress not the federal reserve so now through the genius act two things happen that financial surveillance now applies to private stable coins but they added one other component if you are going to be a legitimate legal stable coin you now have to back your stable coin 100% by U.S. treasuries so the biggest single beneficiary of the genius act is how are gluten-ix firm canterfits Gerald so when I say you know the creature from Epstein's island we're

talking about a situation where literally he's making money on every single transaction made using tether because he's managing all of the treasuries that back all of tether let's say he was a very lucky guy he's a very lucky guy and so you know why that isn't major news story I mean people like to talk about Nancy Pelosi and insider trading this is a guy that came in and you know cut a deal to basically back the digital dollar and then you know push legislation to force

the you know this company to be backed by treasuries it's it's amazing a couple more things on this so

we should we should also talk a little bit about the the consequences of using something like tether and then stable coins so um with bitcoin for example it's uh when one is using bitcoin even

to um uh track and control and survey but also um if your coins move to an exchange or if they

move to a a a hop where the the government has control they can essentially seize your funds this happens all the time where coins on the bitcoin network will be identified by the feds as being you know participating in crime or whatever and whatever those coins end up moving to an exchange or a place as a central uh you know a central hub the the feds will say okay we're going to seize these assets now because we think they're involved in crime happens constantly well with tether and with stable coins

it becomes effectively trivially easy to track control sensor and uh and just take one's

“digital money here and again this also happens all the time so there's I think it's I don't”

I don't know off the top of my head so I'm not going to speculate but I was just reading a news article

about um another you know so many 10 million dollars that were just frozen on the half of uh the

US government peeing tether to say hey you know freeze freeze this money make sure this money doesn't move and it's easy on the the tether network to do that it's even it's more centralized than uh then bitcoin it it's like it's essentially like a private company that's issuing these tokens and it has control over the tokens so if we go into the future world which is everybody's going to be using digital currency like tether even if it's not a formal cvdc that is already the dystopian future and

“and one one more point of uh uh one sad a sad point to make here is uh tether has been very strategic”

in some of its marketing and obviously its plays here and uh I know that they had invested I want to say it's either tens of millions or maybe hundreds of millions into rumble which is the the alternative uh uh you know video company where you can host videos so so uh I have I get the impression that they want to start monetizing um with um rumble so people you know they're gonna have their decent they're more uh decentralized or something you know video platform

and then people are gonna be using tether to pay content creators there and people should know this this might be uh this might be a bad trend unfortunately so there are two ways to interpret this

“one of them is clearly rumble is a problem because it's where people who've been censored on”

YouTube go and so to the extent that you want to snuff out a kind of discussion rumble is the same kind of problem that Bitcoin was if you use tether and backdoor cvdc's and stable coins that are readily controllable the point is you can shift the incentives on rumble that's one interpretation yeah the other interpretation is that there's an attempt to correct rumble itself sure um so that's fascinating um I do want to make sure people understand two things one the question of cvdc's

is pretty arcane but should be top of mind for people if you care about freedom the idea that you are going to be lured into or forced into the use of a centralized bank digital currency that is effectively game over for our ability to speak independently because what it does is it creates a control lever where effectively your ability to function as a citizen accessing the market can evaporate just as it did for the Canadian truckers and if all your money is this way and suddenly

you can't buy chicken because you don't like MR&A shots then the discussion that we had during COVID that actually allowed us to push back becomes impossible right the number of people who can withstand that kind of pressure where they are you know suddenly uh insulated from access to their own money is tiny so you won't win another battle if we lose this one so even if it doesn't seem like your cup of tea in terms of things you like to think about cvdc should be on your mind the

second point I wanted to make is that by many measures we are headed towards a financial collapse

of it could be many times 2008 but something in that order of magnitude that collapse offers those

for doing it because most of us have a fair fraction of our wealth in banks if those banks default

“which is a natural consequence of what is likely to unfold as a result of bubbles and fraud”

in the market among other things then your money comes back to you through the FDIC the federal deposit insurance corporation and as far as I understand the federal deposit insurance corporation could give you your money back in cbdc form take it or leave it and if that happened suddenly we are living in a brand new world in which all of the people you're depending on to make sense of the world so that you can understand it are now in danger of starvation if they step out of line.

Well there are several things like this is obviously been my big issue for the last three and half years and the more and more I explored how our current system works we we already effectively have a cbdc anyway the money that you have in the bank is already digital. In fact the government writes checks on a through the federal reserve which is uses an oracle database so most of our money is digital it's already tracks so we already have a problem so that's one of the one of the things

that you know my research revealed on this front but these stable coins are a back door cbdc this has become difficult for me because I was fighting cbdc's and everybody's like well you must be celebrating now that Trump has signed an executive order saying there's no cbdc and I'm like no it's the opposite we've we've done this back door cbdc where 33 trillion dollars worth

of transaction volume is now basically under cbdc type control and regulation and based on the

growth rate of these stable coins and popular to these stable coins by 2030 they'll be more stable coin use than visa mastercard and direct deposit combined that's actually just the natural growth rate right now so it's already kind of game over through these regulated stable coins but that's not the worst part of it there's something now called the clarity act so money represents about 5% of global assets your retirement plan your 401k stocks bonds commodities gold your house those things

make up 95% and what the clarity act is trying to do is it what they're trying to do with the clarity act is basically create digital tokens that represent everything that you own and then add the same surveillance to that so they're going to have the ability to program track and sensor not just your money would say you don't want the shot they could shut off your ability to sell your car they could shut off your stock portfolio we are moving towards the tokenization of

everything Larry Fink said at Davos everything will be tokenized and I've been a big fan of tokenization for a long time but not the form of tokenization where it's controlled by

governments and third parties and they can shut it off I thought the promise of tokenization kind of

like Bitcoin was supposed to be money you could use without third parties I thought tokenization could be a way for people to trade anything of any value around the world and instead it's turning

“into what I think is the anchor piece of the digital control system and that's the clarity act”

which is which is being slammed through right now even when we're in the midst of what could turn out to be world war three if you actually look at what the administration is doing and what they're pushing fast and furious right now through Congress is to get this clarity act signed so A that may not be a mere coincidence that these things are happening at the same time but be let me make sure I understand it because you know I struggle a little bit with the

question of tokenization and what it means I have a house for it to become a token doesn't turn it into something virtual it's still a house but if the idea is that my house becomes represented by a token which is somehow legally tied up with that property such that to trade the house I must trade the token then it becomes it becomes a mirror of a centralized bank digital currency because at the point that I say something awkward about mRNA shots then the point is well your house isn't

yours to sell right in fact we've sold it to someone else so that is a frightening

“prospect if that's what you're getting at am I right so far that's what that's what I'm”

getting at but where they're starting is not necessarily with your house where they're starting is with your 401k and with your stocks and your bonds and you already have for instance the company that owns the New York Stock Exchange building platforms for this kind of tokenization black rock is invested in this and canter Fitzgerald and Howard Lootnik has invested in this and

is what's going to enable that to happen so all of a sudden you don't ever have to touch

crypto currency you don't have to have a wallet you're existing financial instruments they'll just

“change the technology underlying that and add all of these surveillance features that's why this”

is so critically important so so I want to ask you something this is now connecting to a different conversation that I thought was an independent thread the conversation about the great taking and the virtualization of assets so this is not tokenization but what I learned in pursuing I read the book the great taking and I recommend others do it as well I learned to tremendous

amount from it's a short book is that the example of stocks many of us remember a day

when to own a stock let's say you had stock in IBM if you have stock in IBM it actually came in the form of a physical certificate which if you're smart you put in your safe

“because a physical certificate is physical it is governed by the laws of physical ownership”

so it can be stolen from you it can be recovered these sorts of things what it turns out has happened if I understand it correctly is that stocks are now owned in an analogous way to the way people who have Bitcoin in Coinbase own Bitcoin they own an IOU not the real thing and in the case of stocks there is a provision in the contract through which you acquired your IOU for stock in our example IBM that says that it's yours to buy and sell but there is a priority given to

using it to settle the debts of a third party who has used it as collateral so only in the extreme case that we have a bunch of defaults are people even going to know that there's a provision in which the stock that they own yesterday is no longer theirs because it's been used to settle a debt they

know nothing about because some entity they've never heard of has defaulted right so that is not

tokenization that's virtualization but how do these two things relate well the token is going to represent that contractual interest that you have so that IOU because right now you have an IOU right

“you don't own the physical shares that's what's going to be tokenized so something like the great”

taking could happen with a click of a mouse button all of a sudden the economy blows oil goes to $500 derivatives blows up and then your broker files for bankruptcy even your broker files for bankruptcy they're going to be able to transfer the ownership through tokenization to their secured creditor who's likely to be one of the big four for bank so I view tokenization as the technical catalyst that makes the great taking efficiently possible okay so let me let me ask you this then

as you pointed out so insights insightfully at the beginning it didn't matter whether you were on the writer left in the aftermath of 2008 and the tarp program bailouts etc. citizens were I rate that they were paying the debts of people who had steered us into this harm while people who had done nothing but have a loan function in a way they didn't expect under conditions they couldn't foresee lost their homes and their their their wealth the the technological change ushered in by

virtualization and then tokenization that you describe is almost like programming the bailout into the physical world so if I own a house that is represented by a token and the laws that govern that token allow it to be transferred under some circumstances that I haven't thought to look for in the fine print and probably wouldn't understand if I read them right then the point is the bailout is baked in when the stuff starts going belly up because people have made reckless

decisions then my house ends up in somebody else's somebody else's possession and then somebody's going to have to explain to me oh that's because it was used as collateral blah blah blah blah blah on the point is well when did we vote for that and they said oh you know it happened you know the clarity acted you're not here about that um no is there some reason I wouldn't have heard about

simplified version of the picture but am I right that a bailout is effectively baked into the

“tokenization yeah I mean I I think you know to a large degree I've been arguing that we're you know”

facing this threat of technocracy which is digital IDs and the tokenization of all of our assets and everything else and and technocracy is a political ideology that that doesn't value property rights

or individual rights it basically says you know all of our decisions and assets will be managed

well they wouldn't even be ours anymore but it will be scientists and engineers and now increasingly AI that will be deciding what it is that we can and cannot do this has been a movement for 90 years and really since no for the last 50 years since 1973 there's been a lot going on behind the scenes legally to make this happen so you you talked about what the clarity act is only the final piece of it the great taking there have been changes that have happened uh in the UCC laws in all 50 states

that make this happen that started in 1994 this has been a long plan and actually I did an article

“about this uh I started thinking about these quick rapid agreements that we signed you know every time”

you get a piece of software rental car agreement or even your you know bank agreement it you just

scroll to the bottom right so I wanted to look at well wait what are we actually giving up and what I've come to now is that the average person signs about 200 of these click wrap agreements a year and if you were to read these agreements it would take two hours a day three hundred sixty five days a year which of course nobody does nor could you do but I then created an AI to kind of analyze and and break up a score that shows what what's actually happening and it turns out

we've already given away our privacy we've given away our data we've given away our ability to dispute and in some cases we've given up our economic ownership interest you know you know a lot of

people like to say black rock vanguard state street these guys own everything that's not true

they are actually managing money on behalf of us and others but what we've already given them is voting rights because you know back to your story about a physical stock certificate if you own an ownership interest in a company you have a physical share and then you have the right to vote you get to vote on the board of directors you get to vote on these shareholder issues well you're for one case a whole basket of stocks why aren't you getting hundreds and hundreds of notices for

all of these companies that you own a small percentage interest in well the reason is that if you actually read the fine print of your agreement you've given your voting rights to black rock state street band guard and so forth so leave moly so this has been happening for a couple of decades and we've been conditioned to it and so now we really already own nothing but the clarity act gives the technical capacity for them to lock down and transfer assets in a very efficient way

“that's why I've been sounding the alarm on it the reason nobody's talking about it is the way”

that it's been presented the propaganda behind it and I have a big article coming out on this is they're saying well this is great for crypto because once we pass these clear rules now 401k's are going to be able to buy Bitcoin and 401k's are going to be able to buy these other cryptocurrencies they don't realize that the actual purpose of it is to create a framework a technical framework to tokenize our real world assets not crypto and put it under this

regulatory regime and so it's hard to fight against this because there are a lot of people that want to make money off this the crypto people think trillions of dollars are going to come in and pump up and inflate the price of their cryptocurrency and the people that are building the tokenization platform certainly aren't going to alert people about what's going on and so it's very difficult to get this information out because of the forces against it and because of how complex it is and

how nuanced it is I want to say a couple things one about this idea of the Trojan horse of being celebrated as it's being rolled into inside the city wall so this is something that I'm certainly guilty of having been a terribly naive libertarian in the early bitcoin days I bought the the hype around Bitcoin I really thought this was this world changing technology that was going to you know disrupt power structures I had no idea no idea the sophistication of the the opponents

that we were facing so the idea that they like this rag tag group of libertarian idealists are going to like create a private money that can't be controlled and like you know maybe maybe people won't be forced into paying for wars that they don't support and like we're going to do this with our

they had to work very hard to hijack Bitcoin I think it was sort of when you consider the types of

“projects that these people have undertaken the established power players the central banks you know”

you're talking about you know organizations and groups of people and networks that can topple dictators if they like all over the world the idea that like they're just going to roll over and accept some alternative currency is not really it's not really feasible from the beginning so one one thing that I have heard suggested is that maybe part of the reason that Bitcoin was maybe allowed to operate as long as it was out in the open is to get some of the the loudest critics on board

with this idea of digital currency so like the libertarian idealistic folks here who you know

really don't like CBDCs that really skeptical of centralized power a huge percentage of them have been effectively captured by the Bitcoin narrative and they think they're going to get rich

“if they just kind of go along to get along and don't upset the apple cart maybe the price of Bitcoin”

will keep going up and they'll make money so I do think that we're seeing this too with the genius act and the and the clarity act sort of there's this push that like yeah we're going to we're going to adopt crypto currencies and it's going to make the world a better place in

meanwhile the devils and the details and it's like accomplishing the opposite of what the ideal

logs and naive people thought it would accomplish but I do want to I do want to step back and just and not and say it's not all doom and gloom here because there is in fact a big difference between let's say the formally stated law and the the common law so we're talking about the you when you have a stock certificate and the ownership of it is playing by the the laws of physics because it's a physical thing even that I don't think that's quite that doesn't that's not quite

right because we still have social infrastructure in practice that says I lost my certificate and so I am the rightful owner of it and then I have other ways of proving that I was that I'm the real owner if somebody steals a copy and they they go to the Xerox machine and then they have now there's two certificates who is the rightful owner is a whole lot I didn't mean to imply that they obey the laws of physics what I meant to imply was that we have comprehensible laws that adjudicate this yes yes well

well that's that's the part is that the laws are separate from the the document and this is also going to be the case here with let's say digital the digital world and the the contracts we are agreeing to so so just because we are accepting the terms of agreement when we're download a piece of software doesn't actually mean that we are legally obligated by the rules that we're accepting I know it seems intuitive that we are but if it turns out that it's predatory in there there's

actually a social technology political technology infrastructure that can say actually that contract is invalid we have a the common law tradition is trying to protect from let's say abuses of the formal law to preserve an order in civilization so if there are many reasons a contract can be invalid it can be invalid because you don't benefit from it presumably if you get a piece of software you do but could be invalid for that reason it can be invalid because it's deliberately opaque

“which I think they are but you're right the fact that you have signed something that technically says”

yes I accept the surrender of this and you know you can't sign away your constitutional rights interestingly so there are lots of reasons it can be invalid and people should not take the assumption that just because it's there in black and white and they clicked okay that these things are enforceable because exactly and if they're coming for your assets you know and if let's say you got your the deed the property deed that to your house got digitized and somebody is

claiming up above look because of this such and such a rule now we own your house we aren't forced to to submit to that being a legitimate legal structure so there is hope here that sort of lies outside the law that says even if these schemes are pulled off that doesn't mean that doesn't mean we're all going to actually be impoverished to necessarily well here's a thing Steve you said that you had been painfully naive about the fact that we were going to make a better world with crypto

bent I have a a principle that I live by which I've probably said to you before which is no

“matter how cynical you become you're still being naive so I want to fix that I think it's true”

but the reason why it's true is explains the naive tale of people even like us who are used to looking into the abyss imagine for a second that minted at some rate were people who were completely free of moral constraint we know that these people exist we have names for them right arguably a sociopath is certainly a psychopath is but imagine that they circulate among us and that there are processes even unintentional processes that cause them to cluster together

and to seek power well the answer is they have every move on the board including all of the

moral moves they can behave morally as long as that pays and as soon as it doesn't pay they're free to do things that even I wouldn't be so once you imagine that these people exist there are forces that will group them together and that they will together seek power and they will do so with tools you can't even imagine because you would never think to do it right what would those people look like they would look like what is strongly suggested by the collection of evidence around

Epstein and in fact the Epstein phenomenon appears poised to drag people in that direction right if Epstein found everybody's weaknesses pulled everybody beyond their own moral limits and then there was no route back for one reason or another whether it's because somebody was afraid that their wife would find out or somebody had committed a crime and didn't want to go to jail or whatever it was. Once those people have nothing to lose then the point is they are in a position to be

dragged further and further into the darkness so basically what I'm saying is I don't think it

“is repeat instances of naive today I think it is the downside of being decent if you are decent”

you are going to find yourself shocked by the indecency of others again and again and you wouldn't want it any other way like it's good to prepare for this thing but just get ready because people with no moral compass exist and they're going to find new ways of gaming the system and taking advantage of everybody else at every opportunity. I will say I used to believe in the political process spent a lot of time in that and then you know well maybe there's a legal

recourse and now you know there's Rogers case but you know we're going to do another enemies of the state event the libertarian party convention and the number of people that have been incarcerated is doubled and I've seen enough of these court hearings and right enough of these court documents and people that I know personally and you know this isn't a civil case but the DOJ that I mean they have a pattern and it's not around finding the truth they are interested in getting wins and they

will suppress information they will misrepresent information as a matter of process and it's very demoralizing and I've actually talked to some lawyers that have gotten into this where maybe their first case was working on one of these crypto prisoners and it completely warped their view of the law like finding out that judges own some of the private prisons it's just you know and it

gets to a point where you don't want to continue to dig into it because it never comes out

favorable yeah it's everywhere you look so let me let me speak a little bit more precisely then so

“to be clear my operating model of worldly power has gotten so pessimistic that I am saying I think that”

there are groups of individuals who who who one will have predictive power of their next action if you model them as Satan incarnate okay so I have that news for you Steve okay you're still being naive okay it's worth it say okay you got to help me out on that one I don't know how to make a war extreme but I was actually just talking to friend about this and I was saying that the one of the

ways I'm viewing it is that if one is so so turns out morality is this really powerful

is thinking about how to it rack with the world one is it implicitly always checking with the

“ones moral constraints and this is good this is a feature this is what we want however as you said you know”

there are some percentage of people who don't have that moral constraint and it might even be more accurate to model them as saying they have embraced inverting the morality of a regular folks to to see that there are tactics and tools available to them that give them an enormous amount of power that other people are not participating in so I was I was using the analogy of cake there's like a certain amount of cake on the table and if you behave yourself you eat the good cake and

then there's the other people that are constraining themselves with morals or eating a good cake and then they all leave and then there's like a ton of evil cake that's leftover and all you got to do to eat the evil cake that's there is just you know loosen your moral constraints and you'll find there's there's a bounty awaiting awaiting one for embracing evil so that is that is how

“I'm modeling things here at least I do think that's what warp against that sort of makes sense that”

that space is going to be taken by some entities however my my point is to say despite that in the face of that there's still cause for optimism because even if in in their diabolical schemes they're trying to harm you and take your money and take your stuff and you know harm your neurology whatever it is it doesn't mean that even if they find some crazy legal technically legal way of harming you and stealing from you doesn't mean you have to go along with it so I want people

to feel like they're locked in it's like oh no this this criminal says he owns my house I'm just gonna roll over and give him my house I don't think we don't have to live in that world you know

“no we don't have to live in that world and I always hesitate to say it because you know it will be”

portrayed by whoever as some you know crazed admission of criminal intent it is nothing of the kind but

there's a reason that the first amendment is what it is and there's a reason that the second

amendment is what it is and it is because the founders were well aware of the danger of tyranny and they enabled us to fight back and these schemes ultimately may leave us no choice if people have targeted anything and everything that we own and they clearly have then we will do what human beings do to stay off you know starvation and wolves and that is you know that is just simply the nature of of the beast I do find your point fascinating

I've been struggling over the same question as I see what is not exactly in the Epstein evidence we've seen but is strongly implied by what we have seen question is how could a person possibly find themselves desiring of the things that Epstein was apparently availing them of and more to the point to the extent that occasionally some person is so broken that they would find that appealing there are a bunch of them and they've got a lot of power and they function in the world and you know

that is a shocking discovery so the question really is is there something that beyond some threshold pushes people in the direction of elaborating their capacity for evil rather than stifling it and I agree with you something does seem to push in that direction the more and and I would guess

at the following morality is interesting I've written a paper on why it evolves basically my argument is

my argument with David Lottie is that it comes down to a trade-off that morality moral actions involve a constraint the the unwillingness to do something that would be profitable and so for the context of this conversation those of us who are morally constrained are passing up profits that we might make in evolutionary terms and why would we do that and the obvious answer is there are ways in which that can be a wise strategy which is why morality itself has evolved and I would argue that

one of them is that the people who lean in the direction of evil the people who are less morally constrained have an advantage in the short term yes and those who are morally constrained have an

to do us in in the near term we have to be on our guard much to Aaron's point about the things that

are in motion that we're not paying attention to but as you say Steve we shouldn't lose hope because in the end apparently the fact of human beings are overwhelmingly capable of moral self restraint says that that has counterintuitively been a successful strategy so let us hope that those forces that make it a successful strategy are in play at this moment let us do what we can to augment and enable them and let us embrace others who clearly are agreed to the same principle

yes and one of the strategies that we have I get uncomfortable talking about we the morally

righteous and the morally good like that you know it's very we got to be real careful we got to

be I say that I said we who are willing to be morally constrained and I take it that even the good people no well but all good people bypass some opportunities I'm just saying even even the idea of you know

“good people I I I think I am I'm really in the middle of learning the depth of”

traditional faith here we're failing at the white pilling you initiated 10 minutes ago I'll get around to it we're going there I just I think put it this way is is incredibly important if we care about goodness and truth and love that we do not mistake let's say that we don't trick ourselves into thinking we're better than we are we need a kind of a moral humility here I think is it is paramount and strategically necessary

so this is kind of what I where I'm getting where I'm getting at one of the issues that the the dark side has is they have a they have problems with trust because their liars and schemers and Machiavellians that's sort of the rules of the space in which they're operating that affords the many you know short-term opportunities but they're losing out on long-term coordination opportunities that you only get like we we have some we have some cake they can't eat and it's like

“really trying to speak truthfully and honestly even at short-term cost you know you're trading”

sometimes you're trading your short-term credibility for long-term credibility here by saying things that are true but but you know harm you in the short run and I think obviously you know living through COVID prime example of this all kinds of short-term pain that skeptics of the mRNA vaccine for example had to go through that end up ends up being vindicated in the long run and it's important that we do the exact same thing right now in crypto and with the threat of

the digitization of our economy that you know the guarantee there's going to be a whole lot of hate come in your direction my direction errands directions after this conversation but it is critically important now on this team that if there are wolves in the pin there are there are wolves wearing sheep clothing with us we have to point out that that is the case even at at at the cost of being ripped ridiculed and and and and mocked here because the stakes are great so the optimistic story is

“this I think this is what the process looks like of us you know using what we have to our strategic”

advantage with this which is like long-term truth telling in this type of thing but it's going to require I think a lot of people hopefully more and more prominent people like yourself and others to come out and say hey guys let's not sign everybody up for Bitcoin and crypto currencies right now because this might actually be the that might be an end game it's not that maybe you're not going to make money or whatever it's like that that might actually be a disaster scenario that that we should

avoid and that's so it hurts also just like it hurts by sold to say a little bit because I literally wrote I wrote this book what's the big deal about Bitcoin in 2014 I was the guy making the case for how Bitcoin is this amazing world changing thing a bunch of got to be a bunch of people involved and excited about it and now I got to kind of put my tail between my legs and say geez not only is this not so exciting it might be like something that's profoundly dystopian and evil at the

at the end of the the run here so yeah I mean that's that's always the danger that anything

that is said in motion can be captured it is erupted or displaced or whatever it is that happens

a brilliant skeletal description of a civilization in which we're right we are free to think independently to fearlessly speak about what we have concluded to defend ourselves to have property to not have the government rifle through our stuff because it feels like it if we are accused of a crime in which our rights might be taken away we have every advantage that we are entitled to in court we're allowed to confront the witnesses against us we are allowed

to see the evidence we are allowed to have ourselves presented to our lawyers without delay a speedy trial all of these things none of that has changed it is a profound irritant to those

who wish to control us and so they are always plotting ways to undo it and here I'm afraid

what we've spotted is a mechanism whereby they don't really have to they don't have to undo it because they can supersede it in a way that the founders if they had understood that it was possible would surely have blocked but they couldn't because the technology is so central to the way it

“functions and so we have to just remember who we are what we're entitled to and what the logical”

implications of that are for what they're doing right they may think they have the right to give me a shot I don't want to take and they may think they have the right to prevent me from spending

money if I resist the answer is no that's obviously wrong you may have the power to coerce me you

may be able to bring men with guns hold me down and inject me with something doesn't mean you had the right to do it even if it says so on paper straw the great hallelujah hallelujah Aaron do you want to I mean I don't think I'm blackmailed you know I actually spend most of my time trying to exit the system and use parallel systems and you know so the the answer to getting stuck with CBDCs is to exit the dollar and use alternative currencies the answer to getting stuck with

the healthcare system that we have that you know one person every minute in this country files for medical bankruptcy and most of those have insurance is to form medical trust exit the system looking to medical tourism and just not comply and if enough of us do that it's hard to fight within the system because I think the system itself is so corrupted that you know you lose by fighting

“it to a degree but we can build alternatives and that's what's where I spend most of my time but”

even still with that I look at something like the hijacking a Bitcoin and I say well how do we prevent that from happening again and I still don't have a good answer yeah well not only that though I agree with you that there are many things that we can do to insulate ourselves from some of this I don't think we can insulate ourselves perfectly I mean for one thing take the example of your home ownership and the danger posed to you by a bank default that makes it impossible for you

to to pay your loan on time that then subject you to your house being repossessed that is something you can resist if you can own your home outright which most of us can't so there's technically something to do but practically it's going to be very difficult and what's really protecting us is that they can't afford to do it to all of us at once so I guess the question is on the one hand protecting yourself by exiting in rational ways it would be great if there was a

central repository of descriptions of how to do that maybe there is but the other thing is we do have to figure out how to fight back the fact that we may be protected from a CBDC because we've spotted it coming doesn't help us so much if our neighbors are about to have the squeeze put on them because they didn't see it coming and suddenly they're going to be starving because they can't

“spend their money yeah and I would love to be able to sit here and say well that's why this new”

cryptocurrency project is going to revolutionize everything and this is the one you know you can escape to and look at bacon hijack bitcoin as far as I could tell they can hijack anything so so going forward there are some interesting other crypto projects out there that seem to have privacy more baked into them for the beginning I think those are those are promising but

whatever the attempted solution is going forward we always have to keep in mind everything can be

successful we should expect that the forces will try to infiltrate and corrupt it just as they've

“done before yeah and I think maximumism is a bad idea I mean so I mean I use you know privacy”

coins like Xano and everything else but I also use gold but my approach is that you know I want to be a sovereignty maximalist I guess and not wet it to any particular technology but at the same time we've vigilant we've learned something right we may have been naive originally but I think we've got some battle scars and so maybe we can maybe not prevent it entirely but buy a little bit more time within these projects hopefully people will be more vocal but as much as I say that I mean the

people honestly you know when you look at the Genius Act and the Clarity Act and everything else part of the reason that more people don't know about it is that a lot of the people that were on the forefront are in prison or have been suppressed by the state that's actually actively happening still to this day so the people that would be the best voices for this can't speak so now other people have to stand up and talk about it I have a friend who we've talked about this before

and he he essentially says it can be modeled as the eternal cat and mouse game so it's not that one is ever going to reach the point of liberation and then everything is good from here on out it's that you buy a few more years for freedom a few more years a few more years and then there's this ongoing strategic adjustment as both sides are reacting to one another I also think you know reminds

me when we had our first conversation bread about the the dark age it was like okay what do we

what do we do from here what are we go because it's sort of overwhelming to say yeah maybe we've been living in a dark age but like in terms of like concrete action or what do you do if the if the paradigms are wrong it doesn't tell you what the you know if the old paradigms rod doesn't tell you with new correct paradigms are and you know my my take then is that the first step towards getting out of the dark age is recognizing

that you've been in one and I feel like the first step here in trying to play this cat and mouse game about money and digital currency is just recognizing the stakes involved and recognizing that there is both smoke and fire and speaking and identifying it I don't know exactly what comes after it but I think step one is just identifying it yeah I agree this is obviously step one and the hard part unfortunately for this modern incarnation of it is that it's so technical that it is hard

to call people's attention to it because their eyes glaze over as soon as you get into the

“the nitty gritty so I mean I think we've done a pretty good job of it but it's important”

for people to understand that you don't need to understand cryptography to understand why Bitcoin was hijacked and who might have wanted to do it and what their ultimate purpose for what they've created might be right that's a narrative story it's not a technical story primarily so some years back I had a contact with Roger Fear and I was despairing having just discovered hijacking Bitcoin and having realized that this thing that held so much promise

was not promising anymore to say the least and I knew that he had backed Bitcoin cash and I

thought maybe he thought that was the way to go and it turned out that that basically didn't work

as a solution to the problem and so I was hoping that he would say something about what one might do if you were excited about the technology and promise of crypto but not excited about those projects where might you go and at the time I don't think there was anything to offer I understand that there are now at least a couple of projects that might be worth talking about

“do you guys know about these do you know what I'm referring to?”

Yeah I mean I know that Roger had introduced me when I had him on my podcast three weeks before he was arrested he mentioned a cryptocurrency called Zano which I looked at based on his recommendation

and it's a it's a privacy coin and in fact I've moved to privacy coins if you read the first

edition of my book I list you know a whole bunch of different cryptocurrencies that you can use but we talked earlier about a degree to which Bitcoin and even these stable coins can be tracked and I want to say something about that in relation to Zano and Freedom Dollar there's a company called chain analysis that's been around since 2014 and they work with exchanges and law enforcement and they have a complete database in a solution now that private investigators can get certified

in so last year three different people came to me and they had either a divorce or business

able to get more information about their crypto transactions than they could get from the bank

“because the bank only has records for seven years and so my you know focus and my shift has”

been you know not just Zano but on the importance of privacy by default as being a tool against CBDCs and the surveillance state Zano is one project that does that Zano allows you to to create tokens we talk about tokens with CBDCs and everything else but tokens that are private where you can't see the transaction amounts you can't see who's doing the transactions and you can have the tokens in your own possession and then there's a project built on Zano called

Freedom Dollar which is a stable coin except that it's not it's a it's what's called an algorithmic stable coin but it's not backed by US treasuries it's and it's completely private so you can't actually freeze it or stop the transaction so those are maybe you know those are two

“that are promising amongst a bunch of others but you know I learned this stuff so this is what I”

actually actually use I actually have a debit card that I load with Freedom Dollar and ZBIC and when I travel around the world you know I'm literally using these things to so from the point of view of the vendors that you're buying from it looks like dollars to them because is that right it looks like dollars to them yeah I mean either the Freedom Dollars it's peg to the dollar so yeah it's a token it'll be a token in your wallet and then that token has the

a stable value of a dollar that's the idea what I'm trying to understand is how these two projects have escaped the fate of Bitcoin how is it possible for these things to be truly anonymous and how

is it possible to spend them seamlessly if most people have never even heard of them yeah I'll

take a stab at that so so there's small that would be number one is the Zana project is small Freedom Dollars very very small so I don't think they've gotten the regulatory I have Sauron on them yet and one reason I said that is because Minero is this other long term cryptocurrency coin which has been around for a long time and their focus is on privacy but they've had such success that they've been a blacklisted from a bunch of the exchanges you can it's very

hard to get because the exchanges in particular they don't sell it in a bunch of places because no your customer is impossible yeah yeah that's the idea and so you know I guess this is one of the big ones that's used on the black markets online it used to be Bitcoin many years ago

“and now I guess Minero is a big one and if that if it's actually being used that way I think”

that would suggest that there's real privacy in that project however I would just say you know the fact that Zano hasn't yet I don't think it's met that level of scrutiny yet but it's like it's tiny compared to Minero and we already know that Minero has been targeted from the government okay but but help me out here I'm not understanding if something is tiny like Xano and I wish to use it for normal if I wish to buy bagels with it how does it function so that

at the point of the vendor what I'm spending is Zano and the vendor is getting dollars so so how this works right now so I have something it's called a Zeebeck master card so it's a kind of a non KYC master card so I load my freedom dollar or Zano onto that card and then I use that card to pay so the the merchant doesn't isn't actually receiving cryptocurrency there is kind of this intermediary in this step that is the non KYC debit card and so that's that's one solution

obviously long-term we need people to be using these things peer to peer without debit card middle but there's you know you got to build this build this stuff out and so there's an eco system being developed and people are you know I've launched this medical tourism marketplace I there's no revenue model but I've just created a database of all of major medical tourism facilities and to help people find lower cost higher quality care and then when they make that match it just

sends a message to the provider saying hey would you like to get paid in freedom dollars in

or consider that because medical tourism is like a hundred billion dollar a year industry

but one of the big issues is if you go to your bank and you say hey I want to wire 15,000 dollars

going to have issues with that if you use a credit card there are charge backs and so

it's about building out an ecosystem of of these types of solutions in marketplaces and those are those are popping up now so but I do want to say the Zeno technology the guy who created it actually created the technology behind Minero so it is very much a Minero like with some added bells and whistles and so it does have that shared technological approach also I think a different way to answer your question Brett is we are in that space it's 2012 again as we were

in Bitcoin in 2012 2013 almost no adoption it was a pain in the ass to get it pain in the ass to use it

you didn't really you couldn't really use it until payment process it came along it's the same

“case in in Xanoland where it's just there's not a lot of infrastructure right now and that's why”

I think it's also relevant that you know if we do get more infrastructure and maybe that'll happen that would be great if there's too much success it becomes too large I imagine that's where you're going to get more pressure from the government coming in all right well that's interesting and what do you guys think about cowry shells or cowry shells coming back well the physical so that's a bit of physical that's true they are interestingly though the cowry's no little about it

they are governed by the physical laws of possession yeah well I have these as well I'm holding

up a gold bag this is one one thousandth of an ounce of gold in a bill form so I use cryptocurrency I use whatever and in New Hampshire there are 150 businesses that take gold bags and you know

“there are also locations here that take silver so it's all about starting and trying to build an”

ecosystem but it isn't easy and it is Steve's right it's like 2012 all over again but the good news is there are a lot of people that kind of gave up on crypto that people that had the initial enthusiasm in 2012 and that phase saw what happened a bit coin and they were disillusioned a lot of those people are getting involved with saying so it almost does feel like 2012 because it's some of the same and to be honest to like I've said this multiple times now that part of my own

personal motivation for helping Roger right hijacking Bitcoin is that I could get out of crypto I felt like I had this information and I couldn't in good conscience be like hey I was really I was the Bitcoin guy and then I disappeared and now like I'm not in support of it so I felt like I had to help write the explanation for why I was leaving crypto and I'm pretty pessimistic on virtually all the crypto projects but I have you know I have one pinky toe still in in crypto my heart

is like okay maybe it could make the world a better place and that's just in a couple of these these privacy projects all right well I am going to try these things because at this point

“A I know that crypto could be an important weapon in our fight to preserve our freedoms”

and if these things are too small to have attracted the i of saran so far then I'd like to get on the ground floor and then the question becomes how do we defend them right so anyway I'd like to just go through a transaction or two and discover what it feels like and what the actual implications of it being so small are and then you know maybe maybe we can learn the lesson of what's happened to Bitcoin and with vigilance on the front end protect these things from what

we know will as soon as they become significant come for them so anyway I hope others will join me help you guys will are will also sounds like Aaron you at least are already experimenting with these things so maybe we should check back and talk about the experiences yeah well check I can I'll send you some so you know offline I'll get you a wallet I'll show you how happy to show you how happy to show you how it works fantastic that sounds like the old Bitcoin days you guys yeah

Brett's like okay that's going to be $70,000 no it's going to be nothing that might be worth $70,000 in you know 15 years yeah as long as we don't use it yeah yes right no no I can already tell you in the upcoming block size wars over say no and freedom dollars I am in favor of keeping them spendable and like that all right gentlemen is there anything more you want to say before we close this out

Aaron day and Steve Patterson oh maybe you should tell us where to find you Aaron you're at least

“findable on the Brownstone Institute site have written numerous articles anywhere else people should”

look for you you can find me at daylightfreedom.org and also on X at Aaron R Day at Aaron R Day and Steve

I'm at Steve- Patterson.com I've been in the process of opening up this new research institute for

a few years it's called the Natural Philosophy Institute completely separate from Bitcoin

and maybe something we can talk about later but I received Dash Patterson.com very exciting I do

“look forward to talking to you about that alright gentlemen it's been a long but I think very good”

discussion I know I know a lot more now than I did when we started so thanks to you both and keep up the good fight