WEBVTT
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Welcome to Drilling into Crypto. I'm your host, Mohammed al MASRII.
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Every week I speak to the leaders that are driving
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the global financial revolution. Drilling into Crypto puts the spotlight
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on the importance of crypto assets on energy markets and
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on global monetary policy. Today's guests stepped into the world
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of bitcoin before most had even heard the word. Known
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as Satoshi Chad. He recognized the power of this technology
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back in twenty twelve and has been pushing the industry
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forward ever since, from launching early blockchain ventures to advising funds,
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family offices, and enterprises on bitcoin strategy. He's become a
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go to architect for treasury integration, mining operations and scalable growth,
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a strategist, a builder in a relentless force and the
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evolution of energy and finance. Please welcome Satoshi Chad. Thank
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you for joining us. Toci Chad. How are you doing?
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Thanks? Thanks, thanks for having me on.
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I'm doing great, just coming off Thanksgiving yesterday with my
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family and enjoy putting up a bunch of Christmas lights.
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All are you doing doing well? Thank you? Dealing with
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this bitcoin market.
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Another epoch, another epoch?
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Yeah, I strongly believe that bitcoin's going through, you know,
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a price correction I think in the past few weeks.
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But I'd like to learn more about sitoci Chad, and
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how you ventured into bitcoin.
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Yeah, thanks for having me on again.
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So I come from a very heavy, i guess, political background.
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I've ran for office in the past here in the
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United States, and just through my involvement, I had a
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lot of libertarian circles. And in twenty twelve, there was
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a candidate in the United States running for president called
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Ron Paul. And Ron Paul if you're unfamiliar with him,
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he's very into anti Federal Reserve. That's the institution of
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the United States that everybody's familiar with that runs the
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fiat currency in the United States.
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So we all hated the Federal Reserve. They took off the.
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Gold standard, all these different nuances, so there was nothing
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obviously finite around cash and that a lot of the
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core guys, the core delegates, the people that supported Ron
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Paul to becoming president, they start talking about bitcoin. At
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the time, I didn't understand what it was, just kind
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of the name that I, Hey, there's this comp this
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way in the computer, we can take down the Federal Reserve.
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Is called bitcoin.
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I was like, all right, and then I saw there
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was a famous Vice article around that same time that
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wrote about it, but they kind of focused heavily on
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the silk Road components and the dark web components and
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said that seeing that I didn't I didn't know what
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the dark web was, and toward network and the Onion network,
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and I believe, if I can recall in the article
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they talked about them, I'm like, was this Onion thing?
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And being an anonymous online it just and I was
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young at the time, so it didn't really make sense
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to me, and unfortunately I didn't take advantage of it
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at that time.
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And then about a year or so passed and I
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was heavy on.
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Reddit and people kept talking about it on there, and
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I'm like, what is this thing? Something must be here
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and my friends are still talking about it, some guys
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are holding it, and so I built up the courage
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to wire some of my money overseas too. At the time,
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I didn't use mount ox, but I ended up using
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an exchange called.
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BTC like an Eagle. I had a pretty good user interface,
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sent some money over there.
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I bought some bigcoin through there, and that kind of
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started my journey there and it just it was exciting,
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right some of the risk around that send You're wiring
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your money to this unknown entity and ended up buying
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a six started developing around that time, but.
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They were not what we have today.
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They were like the size of a USB stick that
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you could just stick into your computer. So kind of
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toyed with that a little bit and started. You could
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go on red End talk to the core developers because
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it was maybe three hundred thousand, maybe a million people
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depending on that timeframe, and you could just go talk
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to these individuals.
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So was really hands on and.
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I guess in a sense which was exciting. Some time
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progressed the industry as a whole really grew. It was
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even back then it was heavy on Twitter, so you
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could see all the different participants there, and I started
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feeling left out in the excitement and the sense of
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building something to contribute to.
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The overall eat those.
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So they started seeing a lot of the quote unquote
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shit coins emerging at that time. They had a lot
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of Dash came out, a lot of there was prime coin,
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which got the world record for a lot of prime
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numbers being found. I don't know if it's around anymore.
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But that was something that was kind of funny at
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the time. There was some staking coins that emerged and
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I found interesting was in my mind, and.
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Some people talked about this in more of an esoteric.
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Manner at that time, but there's going to be financial
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instruments getting brought on chain, and there was dash Cooin
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in particular, had what are called master nodes. It's a
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little bit more kind of complic form of staking, if
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you will, so you had to do some server setup
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and different nuances, and for a lot of people at
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that time, it was too complicated. Nobody wanted to do it,
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so there was a rise a problem. So I thought,
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let's make a turnkey solution that we can enable individuals
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to deposit a coin, press the button, spin up the
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master for them, or if there was a staking coin
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like a peer coin or something that was a big
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one back in the day, they could do it. So
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it was hard to pitch that to a lot of
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people because bitcoin was already kind of viewed still as
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a criminal thing and oh it's too small, so it
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was really hard to pitch two investors. But within the
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community I got some traction. Roger Vere, he owns bitcoin
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dot com, We were able to get Ann MoU with him,
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and he was doing an exchange at the time, so
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he's like, hey, let's maybe put your technology on.
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The back end of the exchange for us. There.
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We had a similar experience with Uphold Exchange, which is
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around still we were interested in our technology, so that
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was really exciting.
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Around what time was that, So this was.
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Started rolling into two thousand and fifteen, sixteen seventeen.
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Kind of years.
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That was when all the icos were really kicking off
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and everybody wanted to be an advisor and all these
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different things. It was kind of unless you were, like
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I guess from a VC background and you could have
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some sense of discernment.
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A lot of people were getting tricked.
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But one of my I don't know if this guy
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was necessarily adviser, but the gentleman that we brought onto
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our team through the word work. We were able to
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get a Tammy Marciano. She's married into the guest Gene's family.
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She became an advisor to my venture and that's how
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I got kind of introduced to Family Offices because she
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does a summit every year every other year called Family Chateau,
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and so I did we did her her event that year.
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I think that was twenty seventeen.
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It was really interested to see kind of the emergence
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in tst of family offices and hedge funds, because they
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had about three hundred different offices there, like, for example,
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the family office from Docu sign was there, the guy
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to create a Pokemon, a lot of real estate guys.
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I can't remember all that.
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It's like three hundred people. But they had a hard
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time getting the headline speaker because he really at that
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time still had to have some type of I guess
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cyberpunk relationship to the early participants, and they wanted a
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good speaker to kind of, I guess impress all the
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family offices there, and I ended up bringing Anthony Papliano.
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He came in and he was really nice at the time.
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He was with I think was Morgan Creek.
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Capital at the time.
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Yeah, he came and he did the keynote there was
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really interesting. He basically pitched bitcoin as a ledger, right
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what it is, and he broke down the original ledger
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was on a piece of paper and then it transitioned
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right to quick books if you will, and then this
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is kind of the future, and that's essentially how he
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pitched it.
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Lovely guy brought.
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His wife and so we all got to mean hang out,
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nice people. I funded this with my own money, essentially.
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I wasn't good at capital raising at the time, and
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I ended up running out of all my bitcoin. Oh no,
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so I humbly had to shut it down before I
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shut it down before imploded my whole life. And then
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just kind of took the loss and all the the
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learning lessons that came with that and the great relationships
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I made.
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And I ended up going to a trip.
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In Bali a little bit after that with the gentleman
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that started the Bitcoin Foundation in Australia. His name's Trem Barnes,
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really cool guy. So we did like a crypto retreat
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there and that was really interesting, met a lot of
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great people. Then just kind of disappeared for a while,
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went into the just the normal private sector, did a
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lot of marketing as a director and that marketing agency,
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and now kind of got interested again.
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So what got you interested again in bitcoin? Exactly?
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Tap Root, which was I think twenty nineteen or twenty
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was a change to the consensus of bitcoin. It's led
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to what a lot of people now know ordinals and
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inscriptions and I just thought that this change to bitcoin
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is really expanding the value proposition of what it already
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is to a lot of ideas that people talked about
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and read it years ago.
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We used to talk, oh, you can put.
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The government on chain, you could put businesses on chain,
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and everybody at the end of the day still wanted
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it to be on bitcoin. I know there's a lot
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of these guys that's got to be cash only, but
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we still even back then, we were talking about these things,
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and so to see it happened today attracted me back
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to the builder inside of me.
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It is definitely exciting and very motivating to see that
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a lot of people are building in this space, and
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it gets you back to the notion that there is
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a global community that is aligned on a single global
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reserve currency. At least that's what we want to see
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it as that allows for global adoption of a peer
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to peer transaction system that is decentralized with no intermediaries
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and giving power back to the people, and with the
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ability to now transfer energy to the people and use
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bitcoin for the financial revolution because you can literally power
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your money right with bitcoin mining. And now I see
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you and your team building something amazing with one bitcoin?
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Can you tell us more about that?
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So now I started a new venture, we're going to
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be focusing on bitcoin mining. We see the core tenets
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are still very important, and that's where a lot of
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tractions already made in general. Right, we see hyperledgerates like
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a core tenant trading, so things that have to do
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with the core mechanisms always seem to succeed. But there's
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a glaring problem with mining. It's become very centralized around
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a subset of pools. It's third party vendors, right, They're
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not on chain or anything, which is really odd. You
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think the miners would be decentralizing themselves, how they're pulling together,
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and they're not. So we're going to make a decentralized pool.
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A lot of these dows that go behind these hyper
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ledgers and things they're they're not they don't really have
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a treasury function behind that. So we're going to be
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a mining pool supported by decentralized treasury with a lot
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of on chain logic and so forth. When we got
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a lot of cool stuff that we're just kind of
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building into that stack. And the final big problem we
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SAUW is mining led to the advancement of a six
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right because of the race of who can get the
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better chip. So now because of this new development with ordinals,
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you see the blockchains getting really bloated with a.
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Lot of data.
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So I see the same occurrence is going to happen
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with the hardware side, on the note side, with data
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storage and so forth, is going to lead to an
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advancement of that hardware is going to really expand quickly.
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So we're going to incentivize node runners with our token
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so they run a good, good, full node that they're mining.
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During that process, I learned that there's this new token,
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non arbitrary token that's being minted on the bitcoin blockchain.
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Can you tell us more about that?
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So that's going to be part of our treasury and
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it'll get distributed through our mining pool. So the NAT
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token is really interesting. This is a two year old project.
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I didn't make this.
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Somebody figured out a way where they're taking the data
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that's inside of bitcoin blocks and they can index it.
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And they took a piece of the data that's in
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every single block that has to do with the hash
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that's going to put into the block, and they're allocating
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these tokens. Now from the coin based level to bitcoin minors,
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so they're producing it no matter what.
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Everybody can collect it. It's up to them.
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But now there's two awards to bitcoin mine bitcoin and
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that token, and that one's indefinite supply. But every block
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has more less hash, so if there's more hash, it's
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just less net. If there's less hash, there's more net.
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And the whole goal of that is to be a
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subsidy so they can continue to grow, because there's this
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weird ongoing thesis that nobody's really question is Bitcoin is
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just going to continue to double in price them definitely,
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But if you think about that, sometime after two thousand
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and thirty six or something to that effect, bitcoin would.
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Be valued beyond the value.
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Of the GDP of the globe of like everything combined.
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So it's like that's not financially possible. So the subsidy
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going to the minors is not sustainable, right, costs of
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going up and they're already pretty tight in themselves. So
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that's the whole goal of NAT and that'll be part
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of our treasury.
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I find that really interesting. I mean, that could be
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the non arbitrary token that offsets the shortfall after the
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having and the increase in difficulty rate.
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Yeah yeah, right, I mean you have this weird dichotomy
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like people thought the having is good, which it is good, right,
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It's got this finite supply and it's an interesting dynamic
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around that that kind of frontels it down over time.
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But that the hash with the miners, right, I understand
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the whole concept is like some miners can be shut off,
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so the hash rate will go down and it becomes
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easier to mine. But they don't talk about like that's
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just like the math part of it, right, But what
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about business scale If anybody is like a business inclined
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individual and they understand scale, particularly infrastructure side, when business
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scaling starts to take over, and you got these smaller
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miners that can't participate in the network anymore getting turned off,
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they can't just jump back in. When a larger company
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goes buys up all these auctioned A six and so forth,
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and then they scale up even bigger, and now the
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hash rates back to where it was before and the
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small guys can't jump back in, so it just becomes
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more central. So that's kind of the ongoing thesis around that, right,
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It's gonna end up getting more centralized because people can't
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scale and they need this other subsidy so they can
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continue to finance their business and expand good and.
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The costs could going up. Electricity, yeah, there's cheap electricity everywhere.
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But you can't just let's just some giant company.
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You can't just jump to some third world country and
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be like, yo, let us plug in here. You know,
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you've got to build infrastructure around getting plugged in there.
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And maybe the government is going to a good block
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the IMF has already blocked.
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I think it was Ethiopia or.
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Something like that, or maybe it was Kazakhstan. They wanted
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to do heavy bitcoin mining. IMF is like, we're not
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going to give you any more money if you do that,
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so they.
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Stopped it, similar to what happened with El Salvador.
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Well, Al Salvador is also yeah, you're right, they did
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have some blocks that occurred there, and I think that
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was more so around Al Salvador purchasing bitcoin with IMF funds.
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It's a threat to them, right because they want to
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go and lend their They have their own internal currency.
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I can't remember what it's called, but they lend out
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like this this global currency, not a dollar or anything.
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But there's this this one that they essentially in debt
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countries too, and they're like a loan shark, and that's
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how they kind of take over countries. And Argentina's unfortunately
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just gotten chewed apart over like fifty years from them.
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So that's interesting. I mean, they they in debt countries
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and pretty much have a strong chokehold on governments with
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the external funding that they provide and ultimately take control
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of all the natural resources as collateral. But until that happens,
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the people are pretty much paying back for this debt
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through the tax system. But there was a book about
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that called The Confessions of an Economic hit Man, and
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it shows how large consultant firms go into countries appointed
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corporately by governments to create so called feasibility studies around
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economic development and then getting loans against these plans to
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justify the credit being issued to these governments and the
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end up taking over nations that way.
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Yeah, I mean, I am at this wild.
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It's kind of like this rogue agency people just like,
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for some reason never really talk about it. Took a
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long time in the United States for people to warm
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up to the Federal Reserve in itself, and a lot
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of people still don't even understand the Federal Reserve.
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Yeah, these external funding sources come at the expense of
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the people, and they're pretty much structured as modern day
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colonial rule, where you're promising nations and governments social and
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economic development plans. But little do they know is they're
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getting indebted to these nations.
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It's no different than what China's doing down in Africa
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right now. China has gone up and down the Ivory
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Coast and they're lending a lot of money to these
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African nations and within ten really at the end of
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the day, to take their seaports.
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Or something to that effect.
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And US actually has its own bank that lends out
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money in a similar fashion. But unfortunately the US Import
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Export Bank is really slow to approve things, so they
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just they can't keep up.
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They're losing that battle for sure.
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But I mean, at the end of the day, the mining,
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like the bitcoin mining, is getting centralized. They're getting blocked everywhere,
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and there's about a million miners globally. I mean, I
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feel they need to be decentralized instead of going to
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these third party vendors. So that's kind of our goal,
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is to make a decentralized poll and let them independently
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mind bitcoin.
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Into a pool.
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And then also on the note side, running nodes. There's
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only around the whole world publicly you can view about
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like fifty thousand nodes, but some hide behind on your
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network and there's probably around one hundred and fifty thousand nodes, which.
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Really it's a lot, but it needs to be I think.
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At the same level as miners, and so we need
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every miner to run their own nodes and really just
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make the network more robust, and it needs incentivized.
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Unfortunately, that incentive would come with actual market value for
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the not total.
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It already has. So yeah, it's already has market value.
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It initially was just getting traded on some decentralized exchanges,
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mostly a UNISWAP. They've had a handful of centralized exchanges
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start to pick it up now, so it's had I
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think last I look, the mark CAF spend between like
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twenty to thirty million dollars, which isn't nothing, you know,
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the big scheme of things significant right now, but I
379
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would say the significant part outside of talking about trading.
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It the hash rate.
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This as of today, there's around fifty five to sixty
382
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percent of all the bitcoin hash rate is starting to
383
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claim the NAT token, and that's between ant pool, the
384
00:20:08.720 --> 00:20:13.480
largest pool in the world, F two pool, spider Pool,
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00:20:13.880 --> 00:20:17.720
and then today via BTC there was on chain activity
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where they started claiming the NAT token. So that's almost
387
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sixty percent A lot of that's pretty much out of
388
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Asia that that's pretty significant.
389
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And then to kind of compound.
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00:20:28.640 --> 00:20:32.960
That, Spiderpool they publicly announced that they're going to integrate
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into their dashboard the distribution of the NAT token to
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00:20:37.480 --> 00:20:40.039
anybody that's mining bitcoins, so they'll see it in their
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00:20:40.079 --> 00:20:43.559
dashboard and then they'll start receiving it into their wallets too.
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We know publicly from the team that created NAT token,
395
00:20:48.279 --> 00:20:51.680
the TAP protocol, the team behind that, they've worked with
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00:20:51.759 --> 00:20:54.079
Spiderpool and helping them integrate it. So right like, they're
397
00:20:54.079 --> 00:20:55.799
going to move it around and see how to integrate
398
00:20:55.799 --> 00:20:58.680
it into their tech stack to properly get it deployed
399
00:20:58.680 --> 00:21:00.319
to all the participates.
400
00:21:00.720 --> 00:21:04.599
So why is not token interesting for crypto traders?
401
00:21:04.759 --> 00:21:07.680
So what's interesting here is like if we're talking about
402
00:21:08.359 --> 00:21:10.920
I guess from a speculator side, right that likes to
403
00:21:10.960 --> 00:21:12.880
trade and kind of gauge, like where is this going
404
00:21:12.960 --> 00:21:15.720
to go from here? If you think about like in
405
00:21:15.759 --> 00:21:18.839
the business world, it's all about distribution, right. So through
406
00:21:18.880 --> 00:21:21.160
the years, like we've had staking that was a new
407
00:21:21.160 --> 00:21:24.920
distribution model, then you started seeing air drops was a
408
00:21:24.960 --> 00:21:25.359
new one.
409
00:21:25.440 --> 00:21:29.160
Then there was a block drops and right icos and
410
00:21:29.200 --> 00:21:30.160
all this kind of stuff.
411
00:21:30.480 --> 00:21:32.799
So what's interesting here is every time a new pool
412
00:21:33.319 --> 00:21:36.079
takes on the nat token and they officially start distributing
413
00:21:36.119 --> 00:21:39.400
it to the miners spider pool, for example, when they
414
00:21:39.400 --> 00:21:42.000
start distributing it, that's going to be about twenty thousand
415
00:21:42.039 --> 00:21:47.000
new holders will automatically uptick the whole account overnight. From
416
00:21:47.000 --> 00:21:51.279
my research, the average amount of unique wallet holders for
417
00:21:51.359 --> 00:21:55.559
the average blockchain project is between like fifteen hundred to
418
00:21:55.640 --> 00:21:58.720
five thousand, and then if you get into the larger protocols,
419
00:21:59.160 --> 00:22:01.880
it's you know, it can be between like hundreds of
420
00:22:01.880 --> 00:22:04.960
thousands to a million. So when you start adding you know,
421
00:22:05.039 --> 00:22:08.119
twenty thousand at a time, one hundred thousand at a time, the.
422
00:22:08.599 --> 00:22:11.119
Adoption rate's gonna uptake really quick.
423
00:22:11.200 --> 00:22:13.720
There's a lot of people trading it right away or
424
00:22:13.720 --> 00:22:16.319
they're holding it, and a lot of new people talking
425
00:22:16.359 --> 00:22:19.039
about it. So it's gonna be a quick upswing once
426
00:22:19.079 --> 00:22:21.000
this all starts get going.
427
00:22:21.720 --> 00:22:26.839
So walk us through the process or high level what
428
00:22:26.880 --> 00:22:30.599
a bitcoin minor would need to do or give up
429
00:22:31.200 --> 00:22:35.079
in order to get NAT's minted to their wallets as
430
00:22:35.119 --> 00:22:36.000
they mind bitcoin.
431
00:22:36.640 --> 00:22:39.440
So with this right now, they don't have to sacrifice anything.
432
00:22:39.480 --> 00:22:42.799
It doesn't cost any more hash, electricity or anything. They
433
00:22:42.880 --> 00:22:45.000
just continue to mind bitcoin and now they got this
434
00:22:45.039 --> 00:22:49.119
new subsidy. So it's really interesting. There's nothing else I
435
00:22:49.160 --> 00:22:52.039
could find in the market that's doing that, and somebody
436
00:22:52.039 --> 00:22:54.559
else could create a new NAT token, But you're gonna
437
00:22:54.640 --> 00:22:58.400
have to catch up on the organic growth that occurred.
438
00:22:58.920 --> 00:23:04.240
And how are natsnt it? What's the technical process behind
439
00:23:04.279 --> 00:23:05.400
getting those data sets?
440
00:23:05.599 --> 00:23:08.920
So there's an l one protocol called Tap protocol. It
441
00:23:08.960 --> 00:23:11.839
was created by a German guy named Benny the Dev.
442
00:23:12.119 --> 00:23:15.599
If you find him an ex it's Rarity Garden. But
443
00:23:15.640 --> 00:23:18.119
because his name is Benny the Dev. And so there's
444
00:23:18.160 --> 00:23:21.279
TAP protocol. It's an l one right directly connects the bigcoin.
445
00:23:21.680 --> 00:23:22.480
And what it will do.
446
00:23:22.559 --> 00:23:25.559
Is it'll it'll you could say tap I guess is
447
00:23:25.599 --> 00:23:26.799
the it'll tap the block.
448
00:23:27.240 --> 00:23:30.319
It'll find that data set in the block, and this
449
00:23:30.400 --> 00:23:32.640
specific one forgive me, I don't remember.
450
00:23:32.960 --> 00:23:34.759
It has a name. You can find it.
451
00:23:35.000 --> 00:23:36.720
I'm pretty sure it's in the net white paper on
452
00:23:36.759 --> 00:23:39.240
the website, but it'll find that data set that appears
453
00:23:39.279 --> 00:23:42.759
in every block, and that once that's there, it shoots
454
00:23:42.759 --> 00:23:43.400
out the token.
455
00:23:43.640 --> 00:23:45.839
That's what we call digital matter theory.
456
00:23:46.000 --> 00:23:47.559
Yeah, exactly, digital matter theory.
457
00:23:47.559 --> 00:23:49.920
And what's interesting with that is, like some people, I'm
458
00:23:49.960 --> 00:23:52.200
not a big fan of NFTs and all that stuff,
459
00:23:52.240 --> 00:23:54.839
but I mean, if you are, there are some digital
460
00:23:54.880 --> 00:23:59.079
matter theory collections that have been made, and what's interesting
461
00:23:59.119 --> 00:24:01.920
with those is they'll have a subset of block data
462
00:24:02.119 --> 00:24:05.319
that they look for, and each subset of data will
463
00:24:05.359 --> 00:24:08.680
have an attribute attached to that, and so when they occur,
464
00:24:09.160 --> 00:24:11.160
it'll create that NFT that you can mint.
465
00:24:11.240 --> 00:24:13.440
You just pay a fee into a fee of minted.
466
00:24:14.079 --> 00:24:14.839
It'll be created.
467
00:24:14.880 --> 00:24:16.799
In some of these the data sets don't appear in
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00:24:16.839 --> 00:24:19.960
every block, Some appear every other block, some don't appear
469
00:24:20.000 --> 00:24:23.000
for you know, months and end, and some you know,
470
00:24:23.000 --> 00:24:24.599
it could be like a one time thing, and who
471
00:24:24.640 --> 00:24:27.359
knows when that data set will come back. So from that,
472
00:24:27.440 --> 00:24:30.799
I guess perspective, if you're in the NFTs, like that's
473
00:24:30.839 --> 00:24:33.440
definitely a component of it that that can occur that's
474
00:24:33.480 --> 00:24:36.880
really really interesting, and so they have different collections. There's
475
00:24:36.920 --> 00:24:40.319
one the first one was called gnatcats. I guess everybody
476
00:24:40.359 --> 00:24:43.839
likes animals. And that's how we're using the tap protocol
477
00:24:44.279 --> 00:24:49.039
to distribute our tokens to.
478
00:24:47.119 --> 00:24:48.480
To the node runners.
479
00:24:48.480 --> 00:24:50.440
So we'll be doing kind of the same thing as that,
480
00:24:50.880 --> 00:24:53.359
but sending our token to the node runner, so that'll
481
00:24:53.400 --> 00:24:56.279
kind of secure the bitcoin mining side, and then we
482
00:24:56.319 --> 00:24:59.000
want to secure the node side and tapping into the
483
00:24:59.319 --> 00:25:00.400
block data too.
484
00:25:00.519 --> 00:25:03.839
That's amazing, And what about your new venture, you want
485
00:25:03.880 --> 00:25:06.039
to give us a little bit of a deep dive
486
00:25:06.079 --> 00:25:12.839
on that and how you plan to accelerate institutional adoption
487
00:25:13.119 --> 00:25:15.359
of bitcoin and bitcoin mining.
488
00:25:15.920 --> 00:25:19.160
So our venture is going to be called the One Bitcoin,
489
00:25:19.480 --> 00:25:25.079
One Bitcoin dot Foundation, and it'll be an institutional facing
490
00:25:25.160 --> 00:25:31.240
stack for decentralized mining and on chain treasury that'll be supported.
491
00:25:31.279 --> 00:25:34.720
On the treasury side, will have we're calling DeFi adapters
492
00:25:34.759 --> 00:25:37.400
where there'll be some AI components in there on chain
493
00:25:37.480 --> 00:25:43.160
logic that'll rebalance the DeFi positions in there. Obviously, decentralized
494
00:25:43.200 --> 00:25:46.319
mining pool, so we won't necessarily in the traditional sense
495
00:25:46.440 --> 00:25:48.960
collective fee it'll go into the treasury.
496
00:25:49.519 --> 00:25:51.039
To grow the treasury, we're going to.
497
00:25:51.559 --> 00:25:56.000
Issue out decentralize variable convertible notes. So similar to how
498
00:25:56.160 --> 00:25:59.720
micro Strategy grows, right to issue out this convertible notes,
499
00:26:00.119 --> 00:26:04.599
people will buy and then obviously micro Strategy purchases bitcoin
500
00:26:04.680 --> 00:26:08.200
with that. So we're gonna the same strategy, but it'll
501
00:26:08.200 --> 00:26:12.079
be on chain and then they'll around those notes, they'll
502
00:26:12.079 --> 00:26:15.079
be they have downside protection right on redemption.
503
00:26:14.799 --> 00:26:17.480
Rights and things to that effect. We're gonna do the same.
504
00:26:17.240 --> 00:26:20.359
Strategies, but all that logic will be built on chain,
505
00:26:21.160 --> 00:26:24.440
so but it'll be transparent. Everybody can see that logic
506
00:26:24.480 --> 00:26:26.880
and know that there's downside protection.
507
00:26:27.079 --> 00:26:27.519
It's not.
508
00:26:29.119 --> 00:26:31.799
There's it's not like these strategy tokens out there where
509
00:26:31.799 --> 00:26:33.960
they're like, well buy this NFT and then we resell
510
00:26:34.000 --> 00:26:35.880
it for like one point twenty five more and just
511
00:26:35.920 --> 00:26:38.519
keep doing it like that is not that's not a
512
00:26:38.559 --> 00:26:41.839
perpetual strategy at all. So we're just emulating the same
513
00:26:41.960 --> 00:26:45.400
strategies on the treasury front and putting that on chain
514
00:26:46.000 --> 00:26:49.279
and then back to the bitcoin mining side through the pool.
515
00:26:50.480 --> 00:26:51.880
A big problem with that is.
516
00:26:51.920 --> 00:26:55.839
Is like if you're a big bitcoin minor, to withdraw
517
00:26:55.920 --> 00:26:58.400
your funds and collect your award isn't too big of
518
00:26:58.440 --> 00:27:00.599
a deal. You eat some of the feet to withdraw
519
00:27:00.680 --> 00:27:03.880
and all that. But for smaller miners, there's a big
520
00:27:03.920 --> 00:27:06.680
growing niche around the world with a lottery miners. So
521
00:27:06.759 --> 00:27:09.440
maybe put on your desk and your potentially you could
522
00:27:09.480 --> 00:27:12.039
win a whole block, right, So that's.
523
00:27:11.880 --> 00:27:12.839
A huge growing niche.
524
00:27:12.920 --> 00:27:15.160
Or if you're just a smaller a smaller firm, your
525
00:27:15.200 --> 00:27:19.400
margins are thin around the fees, the pool fee itself
526
00:27:19.400 --> 00:27:23.039
and then the withdrawal fees. So there's a new protocol
527
00:27:23.319 --> 00:27:27.319
that's some anonymous developers have bill called cashew and cash.
528
00:27:27.359 --> 00:27:30.400
You what's interesting with this is you can create one
529
00:27:30.440 --> 00:27:35.160
you can create a basically a derivative of bitcoin itself
530
00:27:35.200 --> 00:27:38.079
that can go through the Lightning network. It's almost like
531
00:27:38.359 --> 00:27:41.400
it's P to pete and it's redemptive.
532
00:27:41.160 --> 00:27:42.279
One to one bitcoin.
533
00:27:42.440 --> 00:27:45.279
So you don't have to withdraw if you let's see
534
00:27:45.279 --> 00:27:48.000
your mind a bitcoin, you don't have to withdraw and
535
00:27:48.039 --> 00:27:50.640
claim it right away. You can just we'll distribute it
536
00:27:50.680 --> 00:27:53.640
as e cash to them, so they have that representation.
537
00:27:53.759 --> 00:27:55.319
They can go and trade and spend it or whatever
538
00:27:55.319 --> 00:27:58.759
they want, or they can just redeem it one to
539
00:27:58.799 --> 00:28:01.880
one whenever. That is like say they accumulate more over
540
00:28:01.960 --> 00:28:03.759
time and then they go, now I got enough where
541
00:28:03.799 --> 00:28:06.079
I'll eat the fee and I can redeem it through
542
00:28:06.079 --> 00:28:09.680
the ecash. So we'll distribute our awards through ECAs versus
543
00:28:09.720 --> 00:28:12.640
just giving them the bitcoin right away. And then also
544
00:28:13.079 --> 00:28:16.359
another we want to find different ways to incentivize miners.
545
00:28:16.799 --> 00:28:20.759
Sometimes as a minor, like just like a large electric
546
00:28:20.839 --> 00:28:25.839
utility company, they offload future profits or right through electricity,
547
00:28:25.839 --> 00:28:27.640
and you have like future markets around that and all
548
00:28:27.640 --> 00:28:30.160
this kind of stuff. We see the same thing going
549
00:28:30.200 --> 00:28:31.240
to develop with miners.
550
00:28:31.279 --> 00:28:34.920
That's amazing. A whole new process to securing the bitcoin blockchain,
551
00:28:35.519 --> 00:28:38.720
eliminating the barriers to entry, allowing miners and non miners
552
00:28:38.759 --> 00:28:44.920
to build bitcoin treasury and hedge against the global fiat system.
553
00:28:45.400 --> 00:28:49.440
That's amazing, Satoshi Chad, thank you for joining drilling into crypto.
554
00:28:50.160 --> 00:28:52.759
Look forward to seeing one bitcoin launched on the markets
555
00:28:52.839 --> 00:28:59.519
very soon. Stay tuned everyone, Thanks for drilling into crypto
556
00:28:59.559 --> 00:29:02.039
with us. If you enjoyed our discussion, please give us
557
00:29:02.079 --> 00:29:04.720
a like on your podcast app or social media, and
558
00:29:04.759 --> 00:29:07.720
don't forget to subscribe. Join us next time when we
559
00:29:07.759 --> 00:29:12.039
will deliver more perspectives on crypto asset mining, energy markets,
560
00:29:12.160 --> 00:29:13.799
and the global financial revolution.
1
00:00:00.120 --> 00:00:03.600
Welcome to Drilling into Crypto. I'm your host, Mohammed al MASRII.
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00:00:03.919 --> 00:00:06.040
Every week I speak to the leaders that are driving
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00:00:06.040 --> 00:00:09.960
the global financial revolution. Drilling into Crypto puts the spotlight
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00:00:10.000 --> 00:00:13.359
on the importance of crypto assets on energy markets and
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00:00:13.400 --> 00:00:18.920
on global monetary policy. Today's guests stepped into the world
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of bitcoin before most had even heard the word. Known
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as Satoshi Chad. He recognized the power of this technology
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00:00:25.719 --> 00:00:28.839
back in twenty twelve and has been pushing the industry
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00:00:28.839 --> 00:00:33.600
forward ever since, from launching early blockchain ventures to advising funds,
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00:00:33.679 --> 00:00:37.280
family offices, and enterprises on bitcoin strategy. He's become a
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go to architect for treasury integration, mining operations and scalable growth,
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00:00:42.479 --> 00:00:45.119
a strategist, a builder in a relentless force and the
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evolution of energy and finance. Please welcome Satoshi Chad. Thank
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00:00:49.600 --> 00:00:51.799
you for joining us. Toci Chad. How are you doing?
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00:00:52.240 --> 00:00:53.799
Thanks? Thanks, thanks for having me on.
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I'm doing great, just coming off Thanksgiving yesterday with my
17
00:00:57.799 --> 00:01:01.479
family and enjoy putting up a bunch of Christmas lights.
18
00:01:01.679 --> 00:01:04.120
All are you doing doing well? Thank you? Dealing with
19
00:01:04.159 --> 00:01:05.680
this bitcoin market.
20
00:01:05.400 --> 00:01:07.280
Another epoch, another epoch?
21
00:01:07.599 --> 00:01:12.439
Yeah, I strongly believe that bitcoin's going through, you know,
22
00:01:12.959 --> 00:01:16.120
a price correction I think in the past few weeks.
23
00:01:16.359 --> 00:01:19.519
But I'd like to learn more about sitoci Chad, and
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00:01:19.519 --> 00:01:20.799
how you ventured into bitcoin.
25
00:01:21.200 --> 00:01:23.159
Yeah, thanks for having me on again.
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00:01:23.599 --> 00:01:28.000
So I come from a very heavy, i guess, political background.
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I've ran for office in the past here in the
28
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United States, and just through my involvement, I had a
29
00:01:34.439 --> 00:01:38.079
lot of libertarian circles. And in twenty twelve, there was
30
00:01:38.120 --> 00:01:40.519
a candidate in the United States running for president called
31
00:01:40.599 --> 00:01:43.519
Ron Paul. And Ron Paul if you're unfamiliar with him,
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he's very into anti Federal Reserve. That's the institution of
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00:01:48.159 --> 00:01:50.519
the United States that everybody's familiar with that runs the
34
00:01:50.519 --> 00:01:53.000
fiat currency in the United States.
35
00:01:53.439 --> 00:01:56.319
So we all hated the Federal Reserve. They took off the.
36
00:01:56.280 --> 00:01:59.519
Gold standard, all these different nuances, so there was nothing
37
00:01:59.560 --> 00:02:04.480
obviously finite around cash and that a lot of the
38
00:02:04.519 --> 00:02:07.879
core guys, the core delegates, the people that supported Ron
39
00:02:07.920 --> 00:02:12.800
Paul to becoming president, they start talking about bitcoin. At
40
00:02:12.800 --> 00:02:15.680
the time, I didn't understand what it was, just kind
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of the name that I, Hey, there's this comp this
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way in the computer, we can take down the Federal Reserve.
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Is called bitcoin.
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I was like, all right, and then I saw there
45
00:02:23.639 --> 00:02:27.039
was a famous Vice article around that same time that
46
00:02:27.159 --> 00:02:29.960
wrote about it, but they kind of focused heavily on
47
00:02:30.000 --> 00:02:33.800
the silk Road components and the dark web components and
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said that seeing that I didn't I didn't know what
49
00:02:36.360 --> 00:02:39.240
the dark web was, and toward network and the Onion network,
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and I believe, if I can recall in the article
51
00:02:41.879 --> 00:02:43.960
they talked about them, I'm like, was this Onion thing?
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And being an anonymous online it just and I was
53
00:02:47.639 --> 00:02:49.879
young at the time, so it didn't really make sense
54
00:02:49.919 --> 00:02:52.840
to me, and unfortunately I didn't take advantage of it
55
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at that time.
56
00:02:53.639 --> 00:02:56.560
And then about a year or so passed and I
57
00:02:56.639 --> 00:02:57.240
was heavy on.
58
00:02:57.240 --> 00:03:00.159
Reddit and people kept talking about it on there, and
59
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I'm like, what is this thing? Something must be here
60
00:03:03.120 --> 00:03:05.360
and my friends are still talking about it, some guys
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are holding it, and so I built up the courage
62
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to wire some of my money overseas too. At the time,
63
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I didn't use mount ox, but I ended up using
64
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an exchange called.
65
00:03:16.280 --> 00:03:21.080
BTC like an Eagle. I had a pretty good user interface,
66
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sent some money over there.
67
00:03:22.360 --> 00:03:24.919
I bought some bigcoin through there, and that kind of
68
00:03:24.919 --> 00:03:27.479
started my journey there and it just it was exciting,
69
00:03:27.560 --> 00:03:30.000
right some of the risk around that send You're wiring
70
00:03:30.000 --> 00:03:33.680
your money to this unknown entity and ended up buying
71
00:03:33.919 --> 00:03:37.680
a six started developing around that time, but.
72
00:03:37.599 --> 00:03:39.560
They were not what we have today.
73
00:03:39.599 --> 00:03:42.360
They were like the size of a USB stick that
74
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you could just stick into your computer. So kind of
75
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toyed with that a little bit and started. You could
76
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go on red End talk to the core developers because
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it was maybe three hundred thousand, maybe a million people
78
00:03:54.919 --> 00:03:58.639
depending on that timeframe, and you could just go talk
79
00:03:58.680 --> 00:03:59.639
to these individuals.
80
00:03:59.639 --> 00:04:01.439
So was really hands on and.
81
00:04:01.360 --> 00:04:04.719
I guess in a sense which was exciting. Some time
82
00:04:04.759 --> 00:04:08.319
progressed the industry as a whole really grew. It was
83
00:04:08.360 --> 00:04:10.919
even back then it was heavy on Twitter, so you
84
00:04:10.960 --> 00:04:14.800
could see all the different participants there, and I started
85
00:04:14.800 --> 00:04:17.519
feeling left out in the excitement and the sense of
86
00:04:17.560 --> 00:04:19.240
building something to contribute to.
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00:04:19.160 --> 00:04:20.519
The overall eat those.
88
00:04:21.839 --> 00:04:23.959
So they started seeing a lot of the quote unquote
89
00:04:23.959 --> 00:04:26.639
shit coins emerging at that time. They had a lot
90
00:04:26.680 --> 00:04:31.680
of Dash came out, a lot of there was prime coin,
91
00:04:31.759 --> 00:04:33.959
which got the world record for a lot of prime
92
00:04:34.040 --> 00:04:37.079
numbers being found. I don't know if it's around anymore.
93
00:04:37.079 --> 00:04:38.959
But that was something that was kind of funny at
94
00:04:38.959 --> 00:04:42.079
the time. There was some staking coins that emerged and
95
00:04:42.199 --> 00:04:45.000
I found interesting was in my mind, and.
96
00:04:44.959 --> 00:04:48.360
Some people talked about this in more of an esoteric.
97
00:04:47.959 --> 00:04:50.519
Manner at that time, but there's going to be financial
98
00:04:50.560 --> 00:04:54.759
instruments getting brought on chain, and there was dash Cooin
99
00:04:54.839 --> 00:04:58.160
in particular, had what are called master nodes. It's a
100
00:04:58.160 --> 00:05:01.800
little bit more kind of complic form of staking, if
101
00:05:01.800 --> 00:05:04.439
you will, so you had to do some server setup
102
00:05:04.480 --> 00:05:06.519
and different nuances, and for a lot of people at
103
00:05:06.519 --> 00:05:09.959
that time, it was too complicated. Nobody wanted to do it,
104
00:05:10.000 --> 00:05:13.360
so there was a rise a problem. So I thought,
105
00:05:13.920 --> 00:05:17.639
let's make a turnkey solution that we can enable individuals
106
00:05:17.720 --> 00:05:21.120
to deposit a coin, press the button, spin up the
107
00:05:21.199 --> 00:05:23.879
master for them, or if there was a staking coin
108
00:05:24.040 --> 00:05:25.879
like a peer coin or something that was a big
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00:05:25.920 --> 00:05:29.560
one back in the day, they could do it. So
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00:05:30.079 --> 00:05:31.639
it was hard to pitch that to a lot of
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00:05:31.639 --> 00:05:34.680
people because bitcoin was already kind of viewed still as
112
00:05:34.720 --> 00:05:38.199
a criminal thing and oh it's too small, so it
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00:05:38.279 --> 00:05:41.000
was really hard to pitch two investors. But within the
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00:05:41.040 --> 00:05:45.000
community I got some traction. Roger Vere, he owns bitcoin
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00:05:45.040 --> 00:05:48.759
dot com, We were able to get Ann MoU with him,
116
00:05:48.800 --> 00:05:50.920
and he was doing an exchange at the time, so
117
00:05:50.959 --> 00:05:53.839
he's like, hey, let's maybe put your technology on.
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00:05:53.800 --> 00:05:55.639
The back end of the exchange for us. There.
119
00:05:56.000 --> 00:05:58.600
We had a similar experience with Uphold Exchange, which is
120
00:05:58.639 --> 00:06:03.279
around still we were interested in our technology, so that
121
00:06:03.399 --> 00:06:04.839
was really exciting.
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00:06:04.639 --> 00:06:07.240
Around what time was that, So this was.
123
00:06:07.480 --> 00:06:13.000
Started rolling into two thousand and fifteen, sixteen seventeen.
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Kind of years.
125
00:06:13.800 --> 00:06:16.279
That was when all the icos were really kicking off
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and everybody wanted to be an advisor and all these
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different things. It was kind of unless you were, like
128
00:06:22.879 --> 00:06:25.120
I guess from a VC background and you could have
129
00:06:25.160 --> 00:06:26.439
some sense of discernment.
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00:06:26.480 --> 00:06:27.839
A lot of people were getting tricked.
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But one of my I don't know if this guy
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was necessarily adviser, but the gentleman that we brought onto
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00:06:32.240 --> 00:06:34.560
our team through the word work. We were able to
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00:06:34.560 --> 00:06:38.399
get a Tammy Marciano. She's married into the guest Gene's family.
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00:06:39.680 --> 00:06:43.000
She became an advisor to my venture and that's how
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00:06:43.000 --> 00:06:45.879
I got kind of introduced to Family Offices because she
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00:06:46.000 --> 00:06:49.240
does a summit every year every other year called Family Chateau,
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00:06:50.120 --> 00:06:54.439
and so I did we did her her event that year.
139
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I think that was twenty seventeen.
140
00:06:57.120 --> 00:06:59.759
It was really interested to see kind of the emergence
141
00:06:59.800 --> 00:07:03.079
in tst of family offices and hedge funds, because they
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00:07:03.079 --> 00:07:06.920
had about three hundred different offices there, like, for example,
143
00:07:07.000 --> 00:07:10.439
the family office from Docu sign was there, the guy
144
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to create a Pokemon, a lot of real estate guys.
145
00:07:14.120 --> 00:07:15.000
I can't remember all that.
146
00:07:15.000 --> 00:07:17.079
It's like three hundred people. But they had a hard
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time getting the headline speaker because he really at that
148
00:07:20.480 --> 00:07:23.000
time still had to have some type of I guess
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00:07:23.000 --> 00:07:26.920
cyberpunk relationship to the early participants, and they wanted a
150
00:07:26.920 --> 00:07:28.839
good speaker to kind of, I guess impress all the
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00:07:29.680 --> 00:07:34.600
family offices there, and I ended up bringing Anthony Papliano.
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00:07:34.759 --> 00:07:37.000
He came in and he was really nice at the time.
153
00:07:37.079 --> 00:07:39.639
He was with I think was Morgan Creek.
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Capital at the time.
155
00:07:41.040 --> 00:07:43.560
Yeah, he came and he did the keynote there was
156
00:07:43.560 --> 00:07:47.279
really interesting. He basically pitched bitcoin as a ledger, right
157
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what it is, and he broke down the original ledger
158
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was on a piece of paper and then it transitioned
159
00:07:52.079 --> 00:07:54.519
right to quick books if you will, and then this
160
00:07:54.680 --> 00:07:56.720
is kind of the future, and that's essentially how he
161
00:07:56.839 --> 00:07:57.360
pitched it.
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Lovely guy brought.
163
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His wife and so we all got to mean hang out,
164
00:08:01.439 --> 00:08:05.560
nice people. I funded this with my own money, essentially.
165
00:08:05.639 --> 00:08:07.560
I wasn't good at capital raising at the time, and
166
00:08:07.600 --> 00:08:10.160
I ended up running out of all my bitcoin. Oh no,
167
00:08:10.319 --> 00:08:14.920
so I humbly had to shut it down before I
168
00:08:14.959 --> 00:08:17.680
shut it down before imploded my whole life. And then
169
00:08:17.800 --> 00:08:21.000
just kind of took the loss and all the the
170
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learning lessons that came with that and the great relationships
171
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I made.
172
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And I ended up going to a trip.
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In Bali a little bit after that with the gentleman
174
00:08:30.279 --> 00:08:35.240
that started the Bitcoin Foundation in Australia. His name's Trem Barnes,
175
00:08:35.320 --> 00:08:38.039
really cool guy. So we did like a crypto retreat
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there and that was really interesting, met a lot of
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great people. Then just kind of disappeared for a while,
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went into the just the normal private sector, did a
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lot of marketing as a director and that marketing agency,
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and now kind of got interested again.
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So what got you interested again in bitcoin? Exactly?
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Tap Root, which was I think twenty nineteen or twenty
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was a change to the consensus of bitcoin. It's led
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to what a lot of people now know ordinals and
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inscriptions and I just thought that this change to bitcoin
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is really expanding the value proposition of what it already
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is to a lot of ideas that people talked about
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and read it years ago.
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We used to talk, oh, you can put.
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The government on chain, you could put businesses on chain,
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and everybody at the end of the day still wanted
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it to be on bitcoin. I know there's a lot
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of these guys that's got to be cash only, but
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we still even back then, we were talking about these things,
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and so to see it happened today attracted me back
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to the builder inside of me.
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It is definitely exciting and very motivating to see that
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a lot of people are building in this space, and
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it gets you back to the notion that there is
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a global community that is aligned on a single global
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reserve currency. At least that's what we want to see
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it as that allows for global adoption of a peer
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to peer transaction system that is decentralized with no intermediaries
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and giving power back to the people, and with the
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ability to now transfer energy to the people and use
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bitcoin for the financial revolution because you can literally power
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your money right with bitcoin mining. And now I see
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you and your team building something amazing with one bitcoin?
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Can you tell us more about that?
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So now I started a new venture, we're going to
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be focusing on bitcoin mining. We see the core tenets
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are still very important, and that's where a lot of
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tractions already made in general. Right, we see hyperledgerates like
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a core tenant trading, so things that have to do
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with the core mechanisms always seem to succeed. But there's
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a glaring problem with mining. It's become very centralized around
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a subset of pools. It's third party vendors, right, They're
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not on chain or anything, which is really odd. You
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think the miners would be decentralizing themselves, how they're pulling together,
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and they're not. So we're going to make a decentralized pool.
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A lot of these dows that go behind these hyper
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ledgers and things they're they're not they don't really have
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a treasury function behind that. So we're going to be
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a mining pool supported by decentralized treasury with a lot
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of on chain logic and so forth. When we got
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a lot of cool stuff that we're just kind of
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building into that stack. And the final big problem we
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SAUW is mining led to the advancement of a six
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right because of the race of who can get the
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better chip. So now because of this new development with ordinals,
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you see the blockchains getting really bloated with a.
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Lot of data.
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So I see the same occurrence is going to happen
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with the hardware side, on the note side, with data
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storage and so forth, is going to lead to an
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advancement of that hardware is going to really expand quickly.
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So we're going to incentivize node runners with our token
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so they run a good, good, full node that they're mining.
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During that process, I learned that there's this new token,
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non arbitrary token that's being minted on the bitcoin blockchain.
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Can you tell us more about that?
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So that's going to be part of our treasury and
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it'll get distributed through our mining pool. So the NAT
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token is really interesting. This is a two year old project.
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I didn't make this.
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Somebody figured out a way where they're taking the data
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that's inside of bitcoin blocks and they can index it.
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And they took a piece of the data that's in
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every single block that has to do with the hash
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that's going to put into the block, and they're allocating
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these tokens. Now from the coin based level to bitcoin minors,
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so they're producing it no matter what.
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Everybody can collect it. It's up to them.
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But now there's two awards to bitcoin mine bitcoin and
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that token, and that one's indefinite supply. But every block
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has more less hash, so if there's more hash, it's
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just less net. If there's less hash, there's more net.
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And the whole goal of that is to be a
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subsidy so they can continue to grow, because there's this
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weird ongoing thesis that nobody's really question is Bitcoin is
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just going to continue to double in price them definitely,
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But if you think about that, sometime after two thousand
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and thirty six or something to that effect, bitcoin would.
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Be valued beyond the value.
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Of the GDP of the globe of like everything combined.
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So it's like that's not financially possible. So the subsidy
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going to the minors is not sustainable, right, costs of
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going up and they're already pretty tight in themselves. So
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that's the whole goal of NAT and that'll be part
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of our treasury.
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I find that really interesting. I mean, that could be
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the non arbitrary token that offsets the shortfall after the
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having and the increase in difficulty rate.
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Yeah yeah, right, I mean you have this weird dichotomy
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like people thought the having is good, which it is good, right,
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It's got this finite supply and it's an interesting dynamic
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around that that kind of frontels it down over time.
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But that the hash with the miners, right, I understand
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the whole concept is like some miners can be shut off,
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so the hash rate will go down and it becomes
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easier to mine. But they don't talk about like that's
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just like the math part of it, right, But what
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about business scale If anybody is like a business inclined
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individual and they understand scale, particularly infrastructure side, when business
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scaling starts to take over, and you got these smaller
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miners that can't participate in the network anymore getting turned off,
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they can't just jump back in. When a larger company
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goes buys up all these auctioned A six and so forth,
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and then they scale up even bigger, and now the
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hash rates back to where it was before and the
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small guys can't jump back in, so it just becomes
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more central. So that's kind of the ongoing thesis around that, right,
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It's gonna end up getting more centralized because people can't
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scale and they need this other subsidy so they can
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continue to finance their business and expand good and.
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The costs could going up. Electricity, yeah, there's cheap electricity everywhere.
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But you can't just let's just some giant company.
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You can't just jump to some third world country and
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be like, yo, let us plug in here. You know,
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you've got to build infrastructure around getting plugged in there.
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And maybe the government is going to a good block
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the IMF has already blocked.
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I think it was Ethiopia or.
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Something like that, or maybe it was Kazakhstan. They wanted
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to do heavy bitcoin mining. IMF is like, we're not
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going to give you any more money if you do that,
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so they.
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Stopped it, similar to what happened with El Salvador.
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Well, Al Salvador is also yeah, you're right, they did
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have some blocks that occurred there, and I think that
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was more so around Al Salvador purchasing bitcoin with IMF funds.
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It's a threat to them, right because they want to
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go and lend their They have their own internal currency.
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I can't remember what it's called, but they lend out
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like this this global currency, not a dollar or anything.
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But there's this this one that they essentially in debt
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countries too, and they're like a loan shark, and that's
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how they kind of take over countries. And Argentina's unfortunately
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just gotten chewed apart over like fifty years from them.
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So that's interesting. I mean, they they in debt countries
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and pretty much have a strong chokehold on governments with
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the external funding that they provide and ultimately take control
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of all the natural resources as collateral. But until that happens,
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the people are pretty much paying back for this debt
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through the tax system. But there was a book about
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that called The Confessions of an Economic hit Man, and
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it shows how large consultant firms go into countries appointed
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corporately by governments to create so called feasibility studies around
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economic development and then getting loans against these plans to
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justify the credit being issued to these governments and the
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end up taking over nations that way.
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Yeah, I mean, I am at this wild.
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It's kind of like this rogue agency people just like,
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for some reason never really talk about it. Took a
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long time in the United States for people to warm
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up to the Federal Reserve in itself, and a lot
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of people still don't even understand the Federal Reserve.
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Yeah, these external funding sources come at the expense of
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the people, and they're pretty much structured as modern day
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colonial rule, where you're promising nations and governments social and
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economic development plans. But little do they know is they're
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getting indebted to these nations.
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It's no different than what China's doing down in Africa
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right now. China has gone up and down the Ivory
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Coast and they're lending a lot of money to these
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African nations and within ten really at the end of
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the day, to take their seaports.
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Or something to that effect.
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And US actually has its own bank that lends out
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money in a similar fashion. But unfortunately the US Import
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Export Bank is really slow to approve things, so they
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just they can't keep up.
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They're losing that battle for sure.
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But I mean, at the end of the day, the mining,
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like the bitcoin mining, is getting centralized. They're getting blocked everywhere,
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and there's about a million miners globally. I mean, I
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feel they need to be decentralized instead of going to
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these third party vendors. So that's kind of our goal,
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is to make a decentralized poll and let them independently
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mind bitcoin.
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Into a pool.
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And then also on the note side, running nodes. There's
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only around the whole world publicly you can view about
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like fifty thousand nodes, but some hide behind on your
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network and there's probably around one hundred and fifty thousand nodes, which.
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Really it's a lot, but it needs to be I think.
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At the same level as miners, and so we need
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every miner to run their own nodes and really just
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make the network more robust, and it needs incentivized.
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Unfortunately, that incentive would come with actual market value for
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the not total.
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It already has. So yeah, it's already has market value.
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It initially was just getting traded on some decentralized exchanges,
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mostly a UNISWAP. They've had a handful of centralized exchanges
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start to pick it up now, so it's had I
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think last I look, the mark CAF spend between like
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twenty to thirty million dollars, which isn't nothing, you know,
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the big scheme of things significant right now, but I
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would say the significant part outside of talking about trading.
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It the hash rate.
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This as of today, there's around fifty five to sixty
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percent of all the bitcoin hash rate is starting to
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claim the NAT token, and that's between ant pool, the
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largest pool in the world, F two pool, spider Pool,
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and then today via BTC there was on chain activity
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where they started claiming the NAT token. So that's almost
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sixty percent A lot of that's pretty much out of
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Asia that that's pretty significant.
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And then to kind of compound.
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That, Spiderpool they publicly announced that they're going to integrate
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into their dashboard the distribution of the NAT token to
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anybody that's mining bitcoins, so they'll see it in their
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dashboard and then they'll start receiving it into their wallets too.
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We know publicly from the team that created NAT token,
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the TAP protocol, the team behind that, they've worked with
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Spiderpool and helping them integrate it. So right like, they're
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going to move it around and see how to integrate
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it into their tech stack to properly get it deployed
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to all the participates.
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So why is not token interesting for crypto traders?
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So what's interesting here is like if we're talking about
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I guess from a speculator side, right that likes to
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trade and kind of gauge, like where is this going
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to go from here? If you think about like in
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the business world, it's all about distribution, right. So through
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the years, like we've had staking that was a new
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distribution model, then you started seeing air drops was a
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new one.
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Then there was a block drops and right icos and
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all this kind of stuff.
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So what's interesting here is every time a new pool
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takes on the nat token and they officially start distributing
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it to the miners spider pool, for example, when they
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start distributing it, that's going to be about twenty thousand
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new holders will automatically uptick the whole account overnight. From
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my research, the average amount of unique wallet holders for
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the average blockchain project is between like fifteen hundred to
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five thousand, and then if you get into the larger protocols,
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it's you know, it can be between like hundreds of
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thousands to a million. So when you start adding you know,
421
00:22:05.039 --> 00:22:08.119
twenty thousand at a time, one hundred thousand at a time, the.
422
00:22:08.599 --> 00:22:11.119
Adoption rate's gonna uptake really quick.
423
00:22:11.200 --> 00:22:13.720
There's a lot of people trading it right away or
424
00:22:13.720 --> 00:22:16.319
they're holding it, and a lot of new people talking
425
00:22:16.359 --> 00:22:19.039
about it. So it's gonna be a quick upswing once
426
00:22:19.079 --> 00:22:21.000
this all starts get going.
427
00:22:21.720 --> 00:22:26.839
So walk us through the process or high level what
428
00:22:26.880 --> 00:22:30.599
a bitcoin minor would need to do or give up
429
00:22:31.200 --> 00:22:35.079
in order to get NAT's minted to their wallets as
430
00:22:35.119 --> 00:22:36.000
they mind bitcoin.
431
00:22:36.640 --> 00:22:39.440
So with this right now, they don't have to sacrifice anything.
432
00:22:39.480 --> 00:22:42.799
It doesn't cost any more hash, electricity or anything. They
433
00:22:42.880 --> 00:22:45.000
just continue to mind bitcoin and now they got this
434
00:22:45.039 --> 00:22:49.119
new subsidy. So it's really interesting. There's nothing else I
435
00:22:49.160 --> 00:22:52.039
could find in the market that's doing that, and somebody
436
00:22:52.039 --> 00:22:54.559
else could create a new NAT token, But you're gonna
437
00:22:54.640 --> 00:22:58.400
have to catch up on the organic growth that occurred.
438
00:22:58.920 --> 00:23:04.240
And how are natsnt it? What's the technical process behind
439
00:23:04.279 --> 00:23:05.400
getting those data sets?
440
00:23:05.599 --> 00:23:08.920
So there's an l one protocol called Tap protocol. It
441
00:23:08.960 --> 00:23:11.839
was created by a German guy named Benny the Dev.
442
00:23:12.119 --> 00:23:15.599
If you find him an ex it's Rarity Garden. But
443
00:23:15.640 --> 00:23:18.119
because his name is Benny the Dev. And so there's
444
00:23:18.160 --> 00:23:21.279
TAP protocol. It's an l one right directly connects the bigcoin.
445
00:23:21.680 --> 00:23:22.480
And what it will do.
446
00:23:22.559 --> 00:23:25.559
Is it'll it'll you could say tap I guess is
447
00:23:25.599 --> 00:23:26.799
the it'll tap the block.
448
00:23:27.240 --> 00:23:30.319
It'll find that data set in the block, and this
449
00:23:30.400 --> 00:23:32.640
specific one forgive me, I don't remember.
450
00:23:32.960 --> 00:23:34.759
It has a name. You can find it.
451
00:23:35.000 --> 00:23:36.720
I'm pretty sure it's in the net white paper on
452
00:23:36.759 --> 00:23:39.240
the website, but it'll find that data set that appears
453
00:23:39.279 --> 00:23:42.759
in every block, and that once that's there, it shoots
454
00:23:42.759 --> 00:23:43.400
out the token.
455
00:23:43.640 --> 00:23:45.839
That's what we call digital matter theory.
456
00:23:46.000 --> 00:23:47.559
Yeah, exactly, digital matter theory.
457
00:23:47.559 --> 00:23:49.920
And what's interesting with that is, like some people, I'm
458
00:23:49.960 --> 00:23:52.200
not a big fan of NFTs and all that stuff,
459
00:23:52.240 --> 00:23:54.839
but I mean, if you are, there are some digital
460
00:23:54.880 --> 00:23:59.079
matter theory collections that have been made, and what's interesting
461
00:23:59.119 --> 00:24:01.920
with those is they'll have a subset of block data
462
00:24:02.119 --> 00:24:05.319
that they look for, and each subset of data will
463
00:24:05.359 --> 00:24:08.680
have an attribute attached to that, and so when they occur,
464
00:24:09.160 --> 00:24:11.160
it'll create that NFT that you can mint.
465
00:24:11.240 --> 00:24:13.440
You just pay a fee into a fee of minted.
466
00:24:14.079 --> 00:24:14.839
It'll be created.
467
00:24:14.880 --> 00:24:16.799
In some of these the data sets don't appear in
468
00:24:16.839 --> 00:24:19.960
every block, Some appear every other block, some don't appear
469
00:24:20.000 --> 00:24:23.000
for you know, months and end, and some you know,
470
00:24:23.000 --> 00:24:24.599
it could be like a one time thing, and who
471
00:24:24.640 --> 00:24:27.359
knows when that data set will come back. So from that,
472
00:24:27.440 --> 00:24:30.799
I guess perspective, if you're in the NFTs, like that's
473
00:24:30.839 --> 00:24:33.440
definitely a component of it that that can occur that's
474
00:24:33.480 --> 00:24:36.880
really really interesting, and so they have different collections. There's
475
00:24:36.920 --> 00:24:40.319
one the first one was called gnatcats. I guess everybody
476
00:24:40.359 --> 00:24:43.839
likes animals. And that's how we're using the tap protocol
477
00:24:44.279 --> 00:24:49.039
to distribute our tokens to.
478
00:24:47.119 --> 00:24:48.480
To the node runners.
479
00:24:48.480 --> 00:24:50.440
So we'll be doing kind of the same thing as that,
480
00:24:50.880 --> 00:24:53.359
but sending our token to the node runner, so that'll
481
00:24:53.400 --> 00:24:56.279
kind of secure the bitcoin mining side, and then we
482
00:24:56.319 --> 00:24:59.000
want to secure the node side and tapping into the
483
00:24:59.319 --> 00:25:00.400
block data too.
484
00:25:00.519 --> 00:25:03.839
That's amazing, And what about your new venture, you want
485
00:25:03.880 --> 00:25:06.039
to give us a little bit of a deep dive
486
00:25:06.079 --> 00:25:12.839
on that and how you plan to accelerate institutional adoption
487
00:25:13.119 --> 00:25:15.359
of bitcoin and bitcoin mining.
488
00:25:15.920 --> 00:25:19.160
So our venture is going to be called the One Bitcoin,
489
00:25:19.480 --> 00:25:25.079
One Bitcoin dot Foundation, and it'll be an institutional facing
490
00:25:25.160 --> 00:25:31.240
stack for decentralized mining and on chain treasury that'll be supported.
491
00:25:31.279 --> 00:25:34.720
On the treasury side, will have we're calling DeFi adapters
492
00:25:34.759 --> 00:25:37.400
where there'll be some AI components in there on chain
493
00:25:37.480 --> 00:25:43.160
logic that'll rebalance the DeFi positions in there. Obviously, decentralized
494
00:25:43.200 --> 00:25:46.319
mining pool, so we won't necessarily in the traditional sense
495
00:25:46.440 --> 00:25:48.960
collective fee it'll go into the treasury.
496
00:25:49.519 --> 00:25:51.039
To grow the treasury, we're going to.
497
00:25:51.559 --> 00:25:56.000
Issue out decentralize variable convertible notes. So similar to how
498
00:25:56.160 --> 00:25:59.720
micro Strategy grows, right to issue out this convertible notes,
499
00:26:00.119 --> 00:26:04.599
people will buy and then obviously micro Strategy purchases bitcoin
500
00:26:04.680 --> 00:26:08.200
with that. So we're gonna the same strategy, but it'll
501
00:26:08.200 --> 00:26:12.079
be on chain and then they'll around those notes, they'll
502
00:26:12.079 --> 00:26:15.079
be they have downside protection right on redemption.
503
00:26:14.799 --> 00:26:17.480
Rights and things to that effect. We're gonna do the same.
504
00:26:17.240 --> 00:26:20.359
Strategies, but all that logic will be built on chain,
505
00:26:21.160 --> 00:26:24.440
so but it'll be transparent. Everybody can see that logic
506
00:26:24.480 --> 00:26:26.880
and know that there's downside protection.
507
00:26:27.079 --> 00:26:27.519
It's not.
508
00:26:29.119 --> 00:26:31.799
There's it's not like these strategy tokens out there where
509
00:26:31.799 --> 00:26:33.960
they're like, well buy this NFT and then we resell
510
00:26:34.000 --> 00:26:35.880
it for like one point twenty five more and just
511
00:26:35.920 --> 00:26:38.519
keep doing it like that is not that's not a
512
00:26:38.559 --> 00:26:41.839
perpetual strategy at all. So we're just emulating the same
513
00:26:41.960 --> 00:26:45.400
strategies on the treasury front and putting that on chain
514
00:26:46.000 --> 00:26:49.279
and then back to the bitcoin mining side through the pool.
515
00:26:50.480 --> 00:26:51.880
A big problem with that is.
516
00:26:51.920 --> 00:26:55.839
Is like if you're a big bitcoin minor, to withdraw
517
00:26:55.920 --> 00:26:58.400
your funds and collect your award isn't too big of
518
00:26:58.440 --> 00:27:00.599
a deal. You eat some of the feet to withdraw
519
00:27:00.680 --> 00:27:03.880
and all that. But for smaller miners, there's a big
520
00:27:03.920 --> 00:27:06.680
growing niche around the world with a lottery miners. So
521
00:27:06.759 --> 00:27:09.440
maybe put on your desk and your potentially you could
522
00:27:09.480 --> 00:27:12.039
win a whole block, right, So that's.
523
00:27:11.880 --> 00:27:12.839
A huge growing niche.
524
00:27:12.920 --> 00:27:15.160
Or if you're just a smaller a smaller firm, your
525
00:27:15.200 --> 00:27:19.400
margins are thin around the fees, the pool fee itself
526
00:27:19.400 --> 00:27:23.039
and then the withdrawal fees. So there's a new protocol
527
00:27:23.319 --> 00:27:27.319
that's some anonymous developers have bill called cashew and cash.
528
00:27:27.359 --> 00:27:30.400
You what's interesting with this is you can create one
529
00:27:30.440 --> 00:27:35.160
you can create a basically a derivative of bitcoin itself
530
00:27:35.200 --> 00:27:38.079
that can go through the Lightning network. It's almost like
531
00:27:38.359 --> 00:27:41.400
it's P to pete and it's redemptive.
532
00:27:41.160 --> 00:27:42.279
One to one bitcoin.
533
00:27:42.440 --> 00:27:45.279
So you don't have to withdraw if you let's see
534
00:27:45.279 --> 00:27:48.000
your mind a bitcoin, you don't have to withdraw and
535
00:27:48.039 --> 00:27:50.640
claim it right away. You can just we'll distribute it
536
00:27:50.680 --> 00:27:53.640
as e cash to them, so they have that representation.
537
00:27:53.759 --> 00:27:55.319
They can go and trade and spend it or whatever
538
00:27:55.319 --> 00:27:58.759
they want, or they can just redeem it one to
539
00:27:58.799 --> 00:28:01.880
one whenever. That is like say they accumulate more over
540
00:28:01.960 --> 00:28:03.759
time and then they go, now I got enough where
541
00:28:03.799 --> 00:28:06.079
I'll eat the fee and I can redeem it through
542
00:28:06.079 --> 00:28:09.680
the ecash. So we'll distribute our awards through ECAs versus
543
00:28:09.720 --> 00:28:12.640
just giving them the bitcoin right away. And then also
544
00:28:13.079 --> 00:28:16.359
another we want to find different ways to incentivize miners.
545
00:28:16.799 --> 00:28:20.759
Sometimes as a minor, like just like a large electric
546
00:28:20.839 --> 00:28:25.839
utility company, they offload future profits or right through electricity,
547
00:28:25.839 --> 00:28:27.640
and you have like future markets around that and all
548
00:28:27.640 --> 00:28:30.160
this kind of stuff. We see the same thing going
549
00:28:30.200 --> 00:28:31.240
to develop with miners.
550
00:28:31.279 --> 00:28:34.920
That's amazing. A whole new process to securing the bitcoin blockchain,
551
00:28:35.519 --> 00:28:38.720
eliminating the barriers to entry, allowing miners and non miners
552
00:28:38.759 --> 00:28:44.920
to build bitcoin treasury and hedge against the global fiat system.
553
00:28:45.400 --> 00:28:49.440
That's amazing, Satoshi Chad, thank you for joining drilling into crypto.
554
00:28:50.160 --> 00:28:52.759
Look forward to seeing one bitcoin launched on the markets
555
00:28:52.839 --> 00:28:59.519
very soon. Stay tuned everyone, Thanks for drilling into crypto
556
00:28:59.559 --> 00:29:02.039
with us. If you enjoyed our discussion, please give us
557
00:29:02.079 --> 00:29:04.720
a like on your podcast app or social media, and
558
00:29:04.759 --> 00:29:07.720
don't forget to subscribe. Join us next time when we
559
00:29:07.759 --> 00:29:12.039
will deliver more perspectives on crypto asset mining, energy markets,
560
00:29:12.160 --> 00:29:13.799
and the global financial revolution.
