 Great welcome to the last set news to get top stories and crypto bring out a bite-sized piece today Just as the thumbnail and title suggest Looks like block and Tesla are getting together to mine Bitcoin So we're going to talk about exactly what that means and why there's going to be a couple of narratives put to rest one of those being Electricity and ESG issues with Bitcoin. Also, we'll take a look at the big announcement yesterday from Jack Mollers And is it actually huge? Well, maybe and probably later And lastly, we'll take a look at layer one crypto near near protocol Just almost 25% on some pretty big news. And lastly, we'll do five questions in five minutes So we'll Q&A at the end so hold your questions But first for that, let's take a look at the market. What's going on? Also, if you're here for the live stream welcome, thanks for stopping by if you're here for the replay Just know there's going to be time stands below so you can jump around whatever you want to watch But it makes sense to go in a linear motion. Let's jump into the market So first of all, let me just tell you The new mic is working out pretty well so far. The other one is going to be shipped in by tomorrow So a little echo. Hey, sorry. That's what we have right now. But again the market itself Bitcoin everything's Pretty much sideways a little bit down in some areas I can say a theorem's not actually up a little bit I think there's a lot of hype a lot of speculation going on about the merge Which is going to happen sometime No one really knows the Ethereum foundation has yet to release that date unless somebody has other information I haven't seen that'd be great and Also, just so you know that merge where we go from proof of work to proof of stake for a theorem will not lower the Ethereum fees, so I don't hate to burst your bubble, but that's what's going on still a theorem fan But we'll see how it works out tell us tether Binance coins down a little bit Everything's down. I think except for well near protocol and we'll talk about that a bit and see 1.3 for cosmos I own Cosmos good stuff Interoperability and things like that. I think it's just down across the board So if you're waiting for the Bitcoin conference to really, you know spice things up I'm sorry to disappoint but it happens every single year until there's like a big announcement this announcement wasn't That big for what people think it is and we'll get into that a bit. So first of all, let's just jump into it Let's talk about the story which I that was pretty interesting about what's going on, which is a block stream and block Unless Tesla to break it ground on Bitcoin mining and here's what's going on. So Jack Dorsey's Digital payments company block also was formerly known as square and Bitcoin infrastructure provider block stream Announce a what's going on with Bitcoin mining. They're enlisting help from Tesla And they have broken ground on a solar and bow and power solar and battery powered Bitcoin mine operation. That's pretty big West Texas based Bitcoin mine will use solar and storage technology from Tesla The facility would power by Tesla's 3.8 megawatt solar array and 12 megawatt hour mega pack whatever great All this means to me is this there's been a big discussion about the power issues that come about because of Bitcoin money Well, now you have an alternative to that maybe these ESG Different issues that people have been raised about how Bitcoin takes a lot way too much power to mine I can be put to rest just a little bit because we don't have to do a hundred percent Renewables, but this is step in the right direction to offset that awful narrative That's a Bitcoin is just awful for the environment anyhow The mine is expected to be completed later this year They've broken grounds and making progress and just so you know the combination of Tesla photovoltaics and mega pack Battery equipment will drive the 30 pedahashes per second of mining hardware at the facility with 100% solar energy nice that again 100% solar energy so Those narratives again Can a little bit be be put to rest and we actually talked about this there was a video We put out it was called Bitcoin and power consumption We took a look at the deep dive and Janet yelling complaining and so on and so forth And really if we take a look at the power consumption Bitcoin terawatt hour per year is right on par with really gold mining and this is from some Cambridge Power index may actually take a look here that Bitcoin is not too far off from a lot of different things iron and steel takes 1233 lighting in the US is 60 AC is 2199 So as far as terawatts per hour, we're right on par with a lot of different things And when we take a look at the next story about what's going on, it's gonna be abundantly clear why we still need to do these things and power You know the most secure network that's ever been created. So that's what's going on. Hopefully that'll help the narrative again Let's move on to a next piece. This one's a little bit longer And we've been hearing about this Everybody's heard about this this big announcement from Jack Mahler's and some people say it's like huge as some people say It's just middle of the road I'm gonna let you decide but I'm gonna talk about it briefly and just give you my experiences about What this really means? This is not gonna move the The the market that much we can see what happened with the actual price action But I think in the long run, it'll be good. Now. Let's take a look here so I just put the question I was like was that the big announcement and because when I heard that Jack Mahler's and letting network had part had partnered up with Shopify and some of the POS services and like Point of sale service like what who cares, right? I don't think it was that big a deal But then on Twitter you can see a lot of different comments and really shapes the whole narrative So if you don't know you're living under a rock This is what's been happening. Jack Mahler's came out and he just get a give a great presentation about the history of Transactions and he talks about the diners club back in the 40s How they just stopped paying or just stopped using money as they could use just a credit-based system And it made a lot of sense and he talked about how there's just different interplays But really what it comes out of this I'll break down this 44-minute presentation as fast as I possibly can He says right now since diners club in 49. This hasn't changed Which is the transaction process so If I or you want to make a transaction there's really five people there's me the person who's made the transaction There's the seller the store of those two people and then in the middle are my bank your bank and the card network Where that be visa master card or whatever else and the thing is is that? The banks and the card network take a little bit of peace of the pie So if you send a hundred bucks they might make three dollars Which doesn't seem like too much unless you take a look at the billions of transactions They go on every single day. It's a lot of money. It's a lot of money. So that essentially what is going on? So what Jack said here? He goes well, we're just gonna cut out The banks and the card network and we're just gonna use Bitcoin and when I first heard I'm like that doesn't make a lot of sense But then if you take a look at how lightning network works actually First of all, they're not using Bitcoin they're using the actual network. I think this is a big thing that people miss even me I miss this part. I had to do a little a little education journey and What they're doing here is what he said is look if I'm gonna put a hundred dollars I'm gonna use the Bitcoin or the lightning network and I'm gonna transfer it using Bitcoin Over here and right when it gets the store. I'm gonna transfer back into dollars So I was concerned about the capital gains issue, especially if I had to do something like this and use my Bitcoin What are the capital gains requirements? But there is no capital gains because it starts as dollars or euros or whatever else it is It goes across a light network just uses that middle piece the card network now It's the Bitcoin network or light network and right when it gets the store It gets transferred into dollars or euros or our Starbucks points or whatever the heck it is I don't know and they don't there is no capital gains tax. There is no issues. There's no problems So I'm like, well, it makes a lot of sense and it's pretty fast But here's the issues And again, you can use whatever whatever you want first of all Smart contracts just so you know lighting network. It just works on a second layer, right? So you don't have to use the actual Bitcoin network. It just kind of is on the very top think of it like You know, you go to a bar and you have your tab open you say I just leave my tab open And then you get like a couple beers and then someone some idiot and Inevitably will order shots and then before you know what you have a more shots And at the end of the night, if you remember your debit card, you're like, oh, what do I know? Oh, you owe 200 cents, but jeez. So that's kind of like how it is instead of doing a transaction every single time at the bar It's just kind of like transaction Or it's just like a buy and a buy and a buy and a buy at the very end and tallies it all up Boom, that's what it is. So instead of using a transaction fee every single time of the bar They just do it one transaction time. That's essentially Lighten network in a nutshell. Hope that made sense. So and it's also just so you know right here Powered by blockchain smart contracts lighting is a decentralized network using smart contract functionality in the blockchain to enable instant payments across the network for Participants, this is right from lightning dot network. How it actually works. So here's the thing Thing I was looking at because I was like, well, how do they get paid? That's what I'm always thinking about How do how do people make money off this? Here's the network benefits. First of all, it's large network openly accessible Center C payments cash finality Meaning it's not just about the transactions per second because it's very fast and very on that second layer But it's also that these in this case crypto moves because when you do this stuff over here When you're going back and forth they can authorize it but the finale doesn't come off until later But with Bitcoin it actually happens quite quickly. So instant settlement and Virtually free. That's the that's a big keyword here virtually free So I'm like, well, how much is it? So if you take a look at it This is from Bitcoin or not live and I put this link in the description Because when using lightning network as I understand it There is it is free or virtually free Depending on what you're doing, but I believe For all these transactions virtually free. This is how much it is. This is how it's what it says Bitcoin fee estimates And if you're using Bitcoin per se per se 30 minutes an hour 24 hours those are the fees Satoshi's stats which equal out of this, right? They're using a line network. It's one set which is like nothing Plus point zero three percent or the total fee is point zero zero zero five Plus point zero three percent, which is pretty good because if you've ever had to deal with Transactions because I have my different businesses. It's usually two point nine percent plus thirty cents So two point nine percent of every transaction will just say three That's what everybody's been saying plus three cents even my small businesses. It really really adds up So imagine the Amazons and the Walmart's the world. That's huge and they lose that every day To Visa and Mastercard. So that's just one of the parts And I will say this here. So the advantage that themselves Where it talks about the Bitcoin verse traditional again virtually free and free market So there is a little bit of a cost, but that's what it is and there that's what I was talking about the two point nine percent There's embers white is what we're Doing right now traditional wise so again, I think this is a pretty big thing But there is an issue I had back down here where it talks about Zero so as far as cash finality normally talked about it's it it's final just like that. There is no Hours or days for the actual cash penalty. It's zero reversals and no charge backs and it's instantaneous So here's the question that I have maybe you can help me out on this one. So Let's say you order a product or a service or whatever else and you pay for that service and let's say it's like Well, it'll be shipping five days or something like that and then it arrives But it's not what you expect it to be you call up the manufacturer go. This sucks. This is awful I don't like this. This is not what I what I order. Well tough. This is what I sent you So who do you how does this work out as far as like getting your money back? I don't know if you can get your money back as far as that and that's the whole thing with finality And that's if you're gonna do that and wondering if that's how it is Let me know in a comment section There's another way to reverse that I'm not aware of lightning network, but it's just one of those concerns that I have It's kind of one of those things where I see sometimes that decentralization is fantastic and awesome But there's also these other hidden things that we need to figure out at some point. I'm sure there's a solution. We're not all Stupid and we can actually think for ourselves, but I think there's a there's a solution to that Just don't know exactly what it is. So that is that part and then Also When people say like well, is this gonna be a big thing? Well, remember not only is this like there's an integration with Shopify But they have all these integrations with McDonald's Walmart Macy's and da-da-da-da, right? So it got me thinking well, how big of this of an issue is this going to be for like Visa and MasterCard Stripe? Even PayPal if you think about it because it's gonna eat away at their at their base Just their market share and now it all makes sense. It all makes sense right here This was an article on September 30th, 2021 and it goes back before this Visa working on blockchain interoperability for crypto payments, and I remember hearing about this I'm like, why do they care about this? Well, now it makes sense Because this was bound to happen. I knew it was gonna happen Interoperability project is designed to serve as a network of blockchain networks It all says right here Visa introduce a product that aims to be a universal adapter of blockchains that can connect multiple Crypto's stable coins as well as central bank digital currencies. That's pretty smart Visa made a major move into the crypto industry in 2020 partnering with Circle to support USDC coin So I'm thinking myself That's pretty good because if you're Visa and you're like, I don't want to get blockbustered So how do I do this? Well, you can use Bitcoin. Maybe you also want to use Ethereum Maybe you want to use Avalanche. Maybe you want to use London. Maybe you want to use blah blah blah Maybe we can do something like this to still stay relevant and be in the middle And that's why Visa and Mastercard here if crypto and digital assets weren't gonna be such a disruptor You would never hear about these stories Visa and Mastercard wouldn't care You wouldn't have the United States president going we need a commission to actually take a look and here's a directive because of national Security as far as to investigate crypto digital assets and move forward so we don't hurt innovation You would never hear about these things and you would never hear about these these old-time institutions actually getting into it This market will do fantastic. The only question is is when and before we move on I have to talk about this which is these two things because when people hear about the big grand scale They're like who cares? This is a dumb announcement This isn't like El Salvador back in the day last year when they came out and said Bitcoin to be legal tender The question you have to ask yourself is why is Shopify so big? We'll take a look at this. So here's some Shopify stats I linked this in the description. You can search up yourself and 1.75 million merchants sell using the platform. Who cares? This is why we care Shopify processed almost 80 billion dollars in order value in 2021 That's a lot of money. That's a lot of money. I know people were kind of ticked off They're like, well, this is an apple. This is an Amazon. But wait, it goes deeper. So if you take a look at Amazon statistics Amazon's retail product sales revenue came to a hundred and forty one billion. If you take a look at Shopify, it's pretty close Process seven nine and a half billion in order value revenue 80 billion Versus a hundred and forty one billion. So if people think well Shopify is not really that big thing It's half of what Amazon is and it's only growing So that is just one of those things to be aware of is like, hmm This may be a little bit bigger than what it is And if you really think about it, who cares if Apple integrated Bitcoin payments into it? Would that even be a thing because you'd still have all the the The processing issues and the things that Apple does and believe me Apple is here for a paycheck They're not here because they on the on their On the value and merit of what's going on. This isn't for them I think this was a better move and especially for merchants like me. Do you how much I'm going to save? If I do this 3% plus 30 cents per transaction It's a lot of money and that's for all Of the merchants. So it's a step in the right direction and also you gotta ask yourself this Well, what the heck is Shopify? So if you don't know Just real quick Shopify is a subscription based software It's like an all-in-one suite where you can set up and sell all the stuff that you want to do Like let's say you're like I have a carpet weaving business Here's a carpet and then you can sell it online. They do everything. They do the The checkout social media stuff. They do the integration all the things and then real quick Complete platform pletida does great stuff. It's made a lot of money. But this thing right here payment processor Because you got to get to take money online right payment processing you can choose from over 100 payment gateways Or you cannot for Shopify payments Which eliminates the hassle of setting up a third party provider and saves you transaction fees I was like really? I did not know that so you're telling me that the transaction fees were already zero That's what it's telling to me. Tell me if I'm wrong here Saves you transaction fees. Maybe saves you some transaction fees. Maybe it's not free But it sounds like I'm gonna save a lot of money, right? Well Now so if you go over here for the the plans for Shopify basics And then a little bit advanced and super advanced depends on how much per month, but you still got to pay this Credit card rates 2.9 plus 30 cents same thing in person 2.7 If you pay 80 it's still up there if you stay pay 300 bucks, which is kind of a lot 2.4 plus 30 so you're not saving That much on their Shopify plan So if you're looking at like well, maybe I should just use this lighting network because I don't have to pay that 3% And that goes right into my pocket. I think it's a pretty good pretty big win-win for everybody and also just so you know Shopify if you use it, I have a I don't use Shopify I use I sell on amazon and all the different things that are there and But I should move to Shopify because they also have this thing called Walmart marketplace So if you sell on Shopify You can also sell on the walmart online marketplace Which is the only reason that people use amazon to sell things is because it's just integrated Marketing for you. Everybody goes to amazon, right? Well Shopify might net might be the upstart to take over the revenue because if they got market they got Walmart marketplace facebook and instagram integration google tick that I guess ebay. That's been pretty big You can also sell on ebay great all in one shop. That's a pretty big thing And all these places that they're talking about now you can get The integration with lightning. I think it's a pretty big thing. So anyhow Let me know what you think about that in the comment section and let's finish up quickly With a very quick story Near I own some near I own everything I talk about. I'm I own so I'm biased just you know Near surges by about 25 on two things one Uh near announced that uh, they had raised 350 million in funding from tire global and ftx ftx ventures So don't sleep on that ftx sandbake and freed He's also big into salana. So I hear so if they're also in a near might be something to look into And friday's high came up with speculation for that near protocol will be using their funding to create a stable coin That would rival the likes of taran if you take a look over here Uh, let's see near was I think number 20 now. No near is Oh, wow, it's 16 so yeah 16 and terra It dropped 6% and but everything dropped. So that's what it is. So maybe take a look at uh at near I think it might be another one, but uh, who knows not eventual vice just financial opinion And that's all we got. So that concludes today's news Thanks for sticking with me. I appreciate a little bit. Uh, a little bit longer one in 20 minutes or so So if you got to take off take off. Thanks for stopping by if you're uh, ken and no willing stick around with There for the q&a will do five questions in five minutes and we'll get the heck out of here So thanks so much for stopping by like and subscribe all that good stuff Let's break into your most burning questions Always like a 30 second delay Sorry Doug says, uh, that's huge for a lot more than a thousand. Yeah, exactly is what Oh, this is great Bombigy says you're one of my favorites when it comes to crypto and real estate Yeah, I mean real estate has been very kind to me. I take profits and buy land good idea in oracle It's worked out great for me. So take profits and buy lands work for me. Yeah, you know, like We just sold a plot of land outskirts of El Paso like bought like 10 years ago uh That's uh 10 15k and then it ballooned up to over six figures So i'm more of a long-term investor type of thing and it works out. I don't have to do anything. Just sign on Great. Okay. That's a great question. Bobby shouts. Rob. Tell me honestly when the dust settles with all the government overreach Will crypto still be a good investment? I have my doubts when you look at capital gains and realized gains so Not in india. I think india is They're they're moving the right direction, but they're taxing they're taxing themselves out of Out of the advancements of what's going on. I kind of look at this like The different countries that shun the internet They fell behind quite a bit so I think I The thing with america. I can only talk about america. That's I live here and uh, I don't think That a lot of politicians want to ban or get rid of crypto And the reason is in 2017 when I got in I think they they they might have if they even knew about it Because you know the bankers and the people that were in power were like this isn't good for us Well, now we've kind of hit that escape velocity where there's just way too much money out there and then granted It's only two trillion. It's only two trillion, but there's so many different research and projects and things going on Now we have champions in the senate. I mean we have Wyoming governor or governor Wyoming senator, uh, simp the alumnus. You got ten emmer. I think it's from a while I was good and different people that are really behind it because first of all Uh, it's good for the economy. I mean look if you're investing into crypto things do not pretty well Also, it's great for job creation. We have created a ton of jobs here in texas even governor abbott talks about how great Bitcoin mining is actually done for the state So I don't think that it'll It will go in that direction in america other countries will try to ban it The eu is doing the most stupid things of all time, but that's okay because that just creates a vacuum So if they if one country misses out another country will take up the pick up the slack And that's how it's always been because this is now a global economy. It's not just in your own backyard. I hope that answers the question Uh When pool jump tech number two pool jump happens after 100k Hey, great Rob, please explain a pay-to-hash Google it. No idea all right I could We're talking about hash rates Oh, I just read it. It's about put me to sleep. It's extremely high amount of hash rate We'll just say that how much I don't know. Does it really matter? Not really. It's a lot though That's it Robbing fall in the ways of buckle. No, but I saw that I went up pretty high and then it crashed down pretty pretty quickly So it's one of those things don't chase pumps And we go from there Good for you flip my length to near a week ago. You know the whole good for you So David, do you have specific questions or just How much is one satoshi one satoshi is one satoshi. That's it One bitcoin is a hundred million satoshi. So Let's see. Ah, I just watched the green guys about mining only used less than 1% of the whole world's energy. Yeah, it's I mean, it's still I mean it's still a sizable amount But again, if you take a look at what's going to happen, let's say that bitcoin becomes that layer Where all transactions are done or the majority of transactions are done and it's the most secure network in the world How much would you put a value on that as far as electricity use? I think it could be pretty high We'll go from there Let's see What was the big Miami news? Oh, watch the replay. I'll give you the the rehash Jack Mollis came out and says that he just partnered with a couple of pos providers point of sales and also with Shopify And those are going to be the transaction layer for everybody for all the merchants and there's essentially no transaction fees Virtually free a little bit but not that much not like 3% plus 30 cents. So, yeah Yeah, I used to have wax I just I sold it. It's a great platform You want to if you want to mince men of tea, that's the way to do it It's a great question. Did you bring chewy with you? Yes And chewy he's got his last round Of chemo next friday, so we'll see how he does Let's see We are all george. Sure No So the question is the amazon business and people ask me this like can you do training on amazon? um No, because it's super boring. It's a pretty easy process. You go to manufacturers say, what do you have to sell? Manufacturers say we have this. Okay. Well, I want to buy it for x amount of money And you just ship it to an amazon warehouse put the labels on it for me I'll pay you for that and you uh profit in between you don't even touch the products That's it in a nutshell You know the whole thing you have to know is find the right manufacturers and that'll make all the difference in the world Thank you gary gary says a thousand tera hashes is a pedahash Glad we all know that now I remember scam the day. Yeah scam of the day is every day now You're welcome So dan dray says isn't that the batteries and equipment is from tesla? Yeah, but it's a partnership So they use their batteries and their uh photovoltaic arrays for 100 solar energy consumption for bitcoin mining and they've partnered up which I think is kind of interesting because Uh, you know, ilan must just bought up nine percent Of the entire stock of twitter and I was on the board of twitter and that's where jack dorsi is amazing the overlap I find it very interesting. So yes, they are working together. And we don't think there's like other other deals behind of what's going on I think this is just the test subjects and I think as time goes on Uh, you're gonna see a lot more of uh 100 solar power solar powered Bitcoin mining and that's just the start of it So, yeah And I think that's Oh last question How many coins you actually have? In my pocket, not that many. I don't carry around any pennies or nickels like in crypto A lot a lot and that's all I can tell you so look that's it for today So thanks so much for stopping by. I appreciate it. If you like today's video give a thumbs up You can give a thumbs down with that button's broke. You can also uh subscribe It helps out a lot and that is it for today. So thanks so much for stopping by. I do appreciate it And I'll see you guys in the next one. Adios