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What's up freaks? This rip of RHR was brought to you by our good friends at CoinKite.

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They produce the Cold Card Q, my favorite hardware wallet. It's got two secure enclaves,

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it's got a full screen, full keyboard here. As you can see, if you're watching, if you can't watch,

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Matt and I have been talking about privacy and the importance of using a VPN for seven years now, literally seven years.

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I believe at least once every episode or two.

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It's like, hey, make sure you're running a VPN.

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I think it's especially important today where you have governments in the UK, other parts of Europe, all across the world, really trying to introduce digital ID and curbing speech with hate speech laws.

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Make sure you're protecting your privacy and shielding yourself from government surveillance as you're perusing the web.

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our VPN of choice here at RHR is Obscura is built by a Bitcoiner for Bitcoiners. Carl Dung

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did some very critical work for Bitcoin back in the day, but he decided to shift his focus to

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bring privacy to everybody with Obscura. It is a VPN that cannot log literally by the way it's

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designed. A lot of VPNs will hand ways say we're not logging. We're not logging. You can't trust

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them. You want the VPN that cannot log. That is Obscura. Go to Obscura.net. Use the code RHR for

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25% off when you sign up any of their deals. Make sure you're using it, particularly if you're in

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one of these countries where the governments are becoming extremely censorious and targeting

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citizens that exhibit wrong think you should be running a VPN. That VPN should be obscura,

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obscura.net, code RHR, 25% off. This rip was brought to you by our official electrolyte

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sponsor here at RHR, Salt of the Earth. You've been hearing Matt and I talk about it quite a bit.

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I drink multiple packets of it a day

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You gotta stay hydrated

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That's why my face looks so good

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That's why I'm getting buff

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I'm able to get to the gym more

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Because I'm hydrated

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Matt, he's looking incredible

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I'm sure you've all noticed it

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You wanna know why?

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Salt of the earth, baby

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Go to drinkssauté.com

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Use the code RHR

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You're gonna get 15% off

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I'm dead serious

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It hasn't made my life way better

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My wife, she's right behind me right now laughing

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But she's laughing because she knows it's true

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She drinks like seven a day

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I drink a few a day

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maybe seven a day too. Matt, I don't even want to tell you how much he's drinking. It's good.

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It keeps you hydrated. It keeps you alert. Keeps you ready to go. Drink saute.com. That's D-R-I-N-K-S-O-T-E.com.

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Use the code RHR for 15% off any order.

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You've had a dynamic where money's become freer than free.

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If you talk about a Fed just gone nuts, all the central banks going nuts.

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So it's all acting like safe haven.

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I believe that in a world where central bankers are tripping over themselves to devalue their currency, Bitcoin wins.

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In the world of fiat currencies, Bitcoin is the victor.

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I mean, that's part of the bull case for Bitcoin.

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If you're not paying attention, you probably should be.

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Just one of those days, Matt, you know.

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One of those days, Bitcoin's dumping.

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I'm back in my father-in-law's bedroom.

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We're celebrating the Bitcoin dump here.

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What are you drinking there? Is that champagne?

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Well, champagne. You got to celebrate these opportunities to buy Bitcoin low.

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It's pretty fucked up. It's pretty fucked up that you required a morning rip this week,

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and you're drinking and I'm not.

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But I'm on the coffee salt of the earth grind over here.

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Cheers to you, sir.

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I'm an hour earlier than you.

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Cheers, salt of the earth.

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You're an hour earlier than me

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and I've got a wedding today.

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Fair enough.

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Freaks, you know it's officially a bear market

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because Marty's in his father-in-law's bedroom.

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Last time he was streaming from his father-in-law's bedroom,

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they manufactured a pandemic

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and locked us all in our houses.

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So, um, Marty, you promised me a super cycle.

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Uh, I know I was, I was publicly, publicly against that call, but God, I was really,

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I was really hoping you were right on that one.

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Hey, Hey, it's too early.

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It's too early to call it, to call it, you know?

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No, I think not only did you call it super cycle, you said no more dumps.

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You specifically said no more dumps.

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And, uh, that was on me.

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You get a little excited.

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You get a little excited when the price is running up.

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I think anybody listening right now is scared.

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You got to reframe your brain.

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Do a little Scott Adams work.

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Reframe.

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It's not the sky is falling.

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The price of Bitcoin is falling.

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Oh, my gosh, what's happening?

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We're all going to be poor.

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It's like, oh, reframe.

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Sats are cheap.

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I should pick some up.

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It's an early Black Friday sale, basically.

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Yeah, exactly.

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I don't know. I think, I think, uh, well, I mean, people should stay humble,

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stack sets. I think if more people stay humble than stack sets,

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they'd be in better position right now. Um, the humble parts, the hard part,

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it's the most important part. Uh, Bitcoin is a marathon, not a sprint.

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You don't want to get wrecked before hyper Bitcoinization. Um,

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but I do think, I don't think we've bottomed yet. I think we go lower.

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You think so?

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I'm my,

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I do not pretend to have any idea where we go,

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but I'm thinking like low seventies bottom.

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I don't know where we go.

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You think low seventies?

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Do you see what I named this episode?

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No,

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not yet.

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What'd you,

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what'd you call it?

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Um,

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I don't like,

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we've been talking about it for six months now.

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We've basically been in a quiet depression.

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So like the macro landscape is fucking horrible.

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So on the macro side, it's fucking horrible.

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October 10th, the great shitcoin market crash where Binance went down for 30 minutes.

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Like I'm pretty sure a bunch of shitcoin shops, big shitcoin shops got absolutely wrecked.

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And those bodies haven't surfaced yet.

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Like I'm pretty sure on the Bitcoin side, we've seen force selling from a bunch of those guys.

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um meanwhile you have all the bitcoin stocks the leveraged bitcoin stocks that are just completely

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in the shitter and the narrative surrounding them i mean i don't know if you saw but naka's uh

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call spaces came out and they literally top ticked 126 it's like literally top take so at least from

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a narrative point of view um some of those guys need to unwind i don't know how much like actual

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number was how much real sell pressure is there um in their defense i top ticked too i was buying

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the top as well so hopefully yeah but like your full cost basis your entire average cost basis

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is not the literal top uh you have to be like like that's an impressive impressive fail um and uh

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Everyone like Japan seems like it's breaking.

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SoftBank opened 10% down.

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NVIDIA, the most valuable company in the world, is trading like a fucking shit coin.

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And everyone's waiting to see liquidity get ejected into the system.

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Everyone's expecting a print to happen and a print to the level that we've never seen before, which will probably be the case.

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The question is, when will that happen?

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not really if.

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So I think there's probably a little bit more pain.

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There's probably a little bit more pain to see,

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but regardless, the advice remains the same,

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which is to stay humble, stack stats, hold self-custody,

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don't get wrecked, buy real Bitcoin,

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don't buy Bitcoin stocks.

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I'm getting a lot of texts this morning,

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like, should I buy?

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What should I buy?

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it's just like yes you should buy and just buy bitcoin yeah i mean to that point yeah go on

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to the point to your point about money printing um few freaks you think i look a little groggy

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right now it's because i am uh i had second week in a row of red eye flights from the west coast

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and i did not sleep on this red eye flight so i'm exhausted but while i was on the flight

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I did find some time to read some articles on Zero Hedge.

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And to your point about money printing, it looks like Japan has announced that they're going to step in with some pretty significant stimulus in their markets.

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Yeah, I mean, they have no choice.

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Yeah.

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And, you know, we live in a global world, particularly on the Bitcoin side, and everything's connected here, liquidity-wise.

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I mean, what I was going to say is, as the largest investor in Strike, I personally am heavily involved in their day-to-day.

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I was talking to Mallers earlier, and Strike, all sounds good.

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We have record volumes today.

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Website hasn't gone down.

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App hasn't gone down.

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It's working as expected.

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and I mean it's crazy

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we've almost broke our daily record

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in terms of buy sell

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and it's only 10, 20 a.m.

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on the east coast right now

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so it'll definitely be a record day

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right now for the freaks wondering

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it's a stat that I like to track

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61% buy side

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so on strike it's 39% of the volume

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is people selling

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and 61% is people buying

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you'll have to see it more buyers for sellers i was in san francisco this week

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spent a lot of time at presidio bitcoin talking with some incredible bitcoiners

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and it's still funny like even even some of us who've been in in it for a while

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i was asked like what's driving the price lower like i'm at the point my bitcoin journey was just

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like i have no idea i don't know i don't know why it's going lower as a macro is it og whales

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getting out i think on chain data a few weeks ago proved that there certainly was og selling but

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i don't know if that's the drive right now look the ogs always sell um in every bull market that's uh

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that's how free markets work right and that's how bitcoin gets distributed to new people

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um was this was this time a higher magnitude in terms of absolute numbers yeah because bitcoin

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in terms of absolute numbers have the highest market cap and most liquidity and now we had

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etfs and stuff to sell into um but i don't know percentage wise if that's the case i mean you

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could say like percentage wise people that have held for greater than 10 years but it's also

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because bitcoin's older like last cycle there was way less people that could have owned bitcoin for

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10 years. So I mean, that's definitely a little part of it. I think the macro side is big. I see

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a Bitcoin knots person in the comments. And I will say that is finally circled into Norman land.

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One of my high school friends asked me if the Bitcoin core, most recent Bitcoin core release

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is the reason for the collapse. And I will just say that if you think that's the reason that

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Bitcoin's down, you're retarded. And I expect when we hit new all-time highs again, and the

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op return change has not been reverted, for all of you that are claiming that that's the case,

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to admit that you were wrong. And if Bitcoin goes to zero, then I'll admit that I was wrong.

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How about that? We can have a deal. I had somebody in my menchies yesterday be like,

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Bitcoin Core V30 only has 11% adoption, like proven failure.

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It's like, come on, this is everybody, or not everybody, obviously not everybody,

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but the typical trend that you'll see when a new version is released,

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it's a relatively slow uptick.

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You'll have people test it out.

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Nobody's really in a rush.

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Upgrade, just because Core version 30 is only at 11% now doesn't mean it won't increase

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or that that's a signal that – a strong signal.

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Maybe it a signal There probably are people on the margins not upgrading because they worried about it But I don think it abnormal No I think historically that actually a quite quick uptick in updates

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And I would just reiterate, and maybe I won't get flamed by the nod side because now it's in their favor for me to say this.

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But the fascination with node counts needs to die because it's the easiest metric to fake.

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That's why proof of work exists.

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Um, so a single person can run, you know, thousands of nodes that doesn't actually change anything on the network.

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Um, it matters how many individuals are actually running and using their own node.

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Um, I would say on the narrative side, in terms of FUD, you know, every Bitcoin downturn, we have our share of FUD.

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Usually it's the same, same FUD.

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Um, the new one this year, the new one this time around is quantum.

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Like a lot of, a lot of, uh, high net worth investors, institutions, I think are thinking about the quantum question.

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I know Preston recently had a podcast where it was focused on quantum and spooked a bunch of people.

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I've been getting a lot of questions about it.

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I will just say that I don't think it's a real risk.

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Definitely not in the short term.

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But I do think from a project side, we should be prioritizing mitigations in the next five years or so.

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So at the very least, just to have a good answer to the narrative, right?

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Regardless of whether you think it's technically necessary or not.

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But it's not something that keeps me up at night.

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No, and we've addressed this many times in the past.

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00:15:29,444 --> 00:15:33,944
Like if quantum comes, like Bitcoin's not the only thing that...

227
00:15:33,944 --> 00:15:37,464
Yeah, but I don't think that's like a reasonable answer for a high net worth.

228
00:15:37,464 --> 00:15:45,064
no but everybody's like oh they're gonna like bitcoin screwed and they act like nothing else

229
00:15:45,064 --> 00:15:49,504
is susceptible i know but the the answer should be like if you're concerned about this you can

230
00:15:49,504 --> 00:15:55,264
move into a quantum resistant address type um you have that option available to you

231
00:15:55,264 --> 00:16:05,064
um and uh i i think it's there's some decent proposals out there and we'll get that done

232
00:16:05,064 --> 00:16:13,344
yeah i see the freaks are alive and well in our nostril live chat the easiest way to join the

233
00:16:13,344 --> 00:16:20,864
nostril live chat is downloading primal in your favorite app store we have florida justin zapped

234
00:16:20,864 --> 00:16:29,144
22 222 sats palindrome zap mandibles then bitcoin standards heading to a flight

235
00:16:29,144 --> 00:16:37,104
too glad you went live now um it really does feel like mandibles marty don't you don't you

236
00:16:37,104 --> 00:16:44,284
see some similarities with the books yes yes and to correct uh to correct that sentence it's

237
00:16:44,944 --> 00:16:51,644
i'm headed to a flight two glad you're live now and i said books but it's just one book

238
00:16:51,644 --> 00:16:56,444
but read mandibles if you haven't yet we're living through it mandibles and then bitcoin

239
00:16:56,444 --> 00:17:02,564
standard. Mav21, Ride or Die Freak, ZAP 21,000 sats. Thank you, sir, for your support. And Keith

240
00:17:02,564 --> 00:17:08,904
Miola, ZAP 21,112 sats. I've been a ride or die for a year, but don't get to make it live too

241
00:17:08,904 --> 00:17:16,224
often. Thanks for the signal. Race car, ZAP. Race car, race car. Another palindrome.

242
00:17:17,944 --> 00:17:21,344
Another palindrome. All right, let's get to the list. But before we get to the list,

243
00:17:21,344 --> 00:17:27,504
Let's go to Clark's dashboard to fill you freaks in in the incredible state of the Bitcoin network.

244
00:17:27,744 --> 00:17:31,504
We're sitting at a price of 83,110 cuck bucks.

245
00:17:31,684 --> 00:17:33,484
Sats are on sale.

246
00:17:33,604 --> 00:17:35,664
One cuck buck is going to get you more than 1,000 sats.

247
00:17:35,764 --> 00:17:37,984
Currently 1,203 sats.

248
00:17:38,084 --> 00:17:41,824
We're looking at a $1.66 trillion market cap.

249
00:17:41,824 --> 00:17:49,704
We are currently 34.1% below the all-time high, which is $126,160.

250
00:17:49,704 --> 00:18:04,504
We are at block height 924,584, which means we are 760 blocks away from the next difficulty adjustment estimated to be on November 26, 2025.

251
00:18:05,204 --> 00:18:11,464
That is this year, so that's five days from now, looking like a negative downward adjustment of 2.1%.

252
00:18:11,464 --> 00:18:17,164
blocks have been coming in at 10 minutes and 13 seconds on average this would be the second

253
00:18:17,164 --> 00:18:24,224
negative difficulty adjustment in a row currently there are 3 266 transactions

254
00:18:24,224 --> 00:18:30,264
in clark's mempool if we go over to mempool.space we will see that there are

255
00:18:30,264 --> 00:18:38,244
are 38,785 transactions in his mempool.

256
00:18:38,784 --> 00:18:42,564
And while we mentioned difficulty adjustment, hash rate,

257
00:18:44,024 --> 00:18:45,984
another thing that happens when the price falls

258
00:18:45,984 --> 00:18:49,024
is that you have a ton of people who don't like Bitcoin,

259
00:18:49,164 --> 00:18:52,884
particularly the gold bug crowd or banking crowd

260
00:18:52,884 --> 00:18:55,464
like to hop in and throw terrible stats at you.

261
00:18:55,464 --> 00:18:59,784
And one of the stats I've seen over the last few days

262
00:18:59,784 --> 00:19:04,704
is people citing the fact that the cost to mine a Bitcoin

263
00:19:04,704 --> 00:19:08,144
for Bitcoin miners is something like $100,000.

264
00:19:08,904 --> 00:19:12,484
And if you see this and you're worried,

265
00:19:12,604 --> 00:19:14,204
like, oh my gosh, miners are all unprofitable.

266
00:19:14,364 --> 00:19:18,104
Like that is an incredibly stupid stat

267
00:19:18,104 --> 00:19:22,184
because you cannot know the cost of every miner

268
00:19:22,184 --> 00:19:24,584
that is plugged in to the network.

269
00:19:24,764 --> 00:19:27,044
It's dependent on your machines,

270
00:19:27,044 --> 00:19:34,384
your electricity costs and your operational efficiencies and there is no single cost to

271
00:19:34,384 --> 00:19:39,504
mine a bitcoin for every miner out there there are plenty of miners that are doing it profitably

272
00:19:39,504 --> 00:19:44,704
right now yeah there's a ton of different variables it's one of the dumbest fucking stats ever

273
00:19:44,704 --> 00:19:54,004
but i would say i mean would you agree that uh you know high volatility times

274
00:19:54,004 --> 00:20:01,484
or things change right but but if you if you blend it out right if you blend it out and you

275
00:20:01,484 --> 00:20:07,204
do like a longer time frame the quote-unquote cost of the average quote-unquote cost of mine

276
00:20:07,204 --> 00:20:13,344
of bitcoin is probably near whatever the market price is because it tends to trend towards zero

277
00:20:13,344 --> 00:20:18,164
it's highly competitive and people that are unprofitable will literally shut off

278
00:20:18,164 --> 00:20:26,344
people that were over leveraged will get wrecked and leave yeah and i think two downward difficulty

279
00:20:26,344 --> 00:20:32,924
adjustments in a row is a signal that there are miners out there who are the cost to mine a

280
00:20:32,924 --> 00:20:36,804
bitcoin is higher than the current price and so they're making the economic decision to

281
00:20:36,804 --> 00:20:41,544
turn their machines off so they don't have to buy that electricity and mine it a lot

282
00:20:41,544 --> 00:20:48,284
um but yeah i've seen that stat three times in the last two days so there are people trying to say

283
00:20:48,284 --> 00:20:52,124
there is one price that it takes to mine a bitcoin that is not the case it's retarded

284
00:20:52,124 --> 00:20:55,744
well no that's what i said earlier right it's like every time there's bitcoin downturn

285
00:20:55,744 --> 00:21:01,384
we get pretty much the same fud right over and over again and one of those is always mining

286
00:21:01,384 --> 00:21:06,804
death spirals right like all the miners are unprofitable and are going to spiral to death

287
00:21:06,804 --> 00:21:09,344
which is just not the case

288
00:21:09,344 --> 00:21:11,424
and

289
00:21:11,424 --> 00:21:13,404
it's one of the beauties of Bitcoin's

290
00:21:13,404 --> 00:21:14,224
difficulty adjustment

291
00:21:14,224 --> 00:21:17,524
is that the miners that are

292
00:21:17,524 --> 00:21:19,504
unprofitable will go

293
00:21:19,504 --> 00:21:21,344
out of business, the difficulty

294
00:21:21,344 --> 00:21:23,564
will adjust down, we will hit an equilibrium

295
00:21:23,564 --> 00:21:25,484
and then new entrants will come

296
00:21:25,484 --> 00:21:27,644
into the market and difficulty will go back up

297
00:21:27,644 --> 00:21:29,624
and then

298
00:21:29,624 --> 00:21:31,644
even higher because difficulty

299
00:21:31,644 --> 00:21:32,464
tends to

300
00:21:32,464 --> 00:21:34,564
go up forever

301
00:21:34,564 --> 00:21:38,504
Your pup doesn't like when difficulty goes down.

302
00:21:38,684 --> 00:21:40,024
He wants that number to go up.

303
00:21:40,544 --> 00:21:45,424
So one of my dogs likes eating diapers.

304
00:21:49,324 --> 00:21:57,144
And my wife is dropping off our toddler with a friend.

305
00:21:57,444 --> 00:21:58,824
So she's out of the house.

306
00:21:59,524 --> 00:22:03,624
And so the diaper eater needs to be in the room with me right now.

307
00:22:03,624 --> 00:22:05,444
until she gets back.

308
00:22:05,804 --> 00:22:07,084
That's why you're hearing her.

309
00:22:07,224 --> 00:22:09,024
She's not happy about it. She wants to get out.

310
00:22:11,424 --> 00:22:13,664
He's not mad about

311
00:22:13,664 --> 00:22:15,244
lower difficulty adjustment.

312
00:22:15,524 --> 00:22:17,264
He's mad that he can't

313
00:22:17,264 --> 00:22:18,384
get his fix.

314
00:22:19,024 --> 00:22:20,084
Can't get into the diapers.

315
00:22:20,504 --> 00:22:23,224
He's fiending right now. He sounds addicted.

316
00:22:24,304 --> 00:22:25,264
A little bit.

317
00:22:25,964 --> 00:22:26,984
Does he need to go to rehab?

318
00:22:26,984 --> 00:22:27,784
Diaper rehab.

319
00:22:28,404 --> 00:22:29,604
Diaper rehab, yes.

320
00:22:31,244 --> 00:22:33,024
On to the list. On to more serious

321
00:22:33,024 --> 00:22:41,144
things uh we talk about this every time the price goes down uh what we like to do here is to be a

322
00:22:41,144 --> 00:22:46,924
rock we're your rocks through this journey okay and we're going to talk about stuff that matters

323
00:22:46,924 --> 00:22:51,324
we can talk about price obviously we talked about price a lot but there's more going on beyond

324
00:22:51,324 --> 00:22:57,524
price and something that we've been covering for many years and um something that we care deeply

325
00:22:57,524 --> 00:23:07,524
about is uh the state uh of of the samurai developers kian rodriguez and william hill and

326
00:23:07,524 --> 00:23:13,524
uh we talked about it last week because kian had been sentenced and the judge threw the book at him

327
00:23:13,524 --> 00:23:22,444
even after the plea deal so he got five years in prison 250 000 fine i believe and then william hill

328
00:23:22,444 --> 00:23:24,764
was sentenced

329
00:23:24,764 --> 00:23:28,484
I believe late last week after we recorded

330
00:23:28,484 --> 00:23:30,724
earlier this week and he got 48 months

331
00:23:30,724 --> 00:23:32,184
and three months

332
00:23:32,184 --> 00:23:33,564
or three years of probation

333
00:23:33,564 --> 00:23:35,304
four years of probation

334
00:23:35,304 --> 00:23:38,284
48 months is four years

335
00:23:38,284 --> 00:23:40,024
it's weird when they do it in months terms

336
00:23:40,024 --> 00:23:42,264
yeah so four years and then

337
00:23:42,264 --> 00:23:43,584
three years of probation

338
00:23:43,584 --> 00:23:45,004
after

339
00:23:45,004 --> 00:23:47,804
and a $250,000 fine as well

340
00:23:47,804 --> 00:23:49,724
yes and Kian

341
00:23:49,724 --> 00:23:51,984
yeah go on

342
00:23:51,984 --> 00:23:53,884
Keon went on the Kim Iverson show.

343
00:23:54,004 --> 00:23:55,824
I highly recommend you guys go watch that.

344
00:23:55,824 --> 00:24:07,304
I think we have less than a 30-day window here to really push for a pardon from the president, from President Trump for these two individuals.

345
00:24:07,744 --> 00:24:10,844
And I would throw the Tornado Cash developers in there as well.

346
00:24:12,504 --> 00:24:18,284
And there's a petition, a change.org petition that's going around trying to get as many signatures for that.

347
00:24:19,424 --> 00:24:21,024
I signed it yesterday.

348
00:24:21,024 --> 00:24:22,384
I highly recommend.

349
00:24:23,884 --> 00:24:41,684
Do free sign-in if you believe that open source developers producing Bitcoin wallet software, non-custodial Bitcoin wallet software, should be able to do so without having to fear of getting thrown in a cage because their end users do something bad with Bitcoin.

350
00:24:41,684 --> 00:24:48,824
100%. And I would just add, because there's been a lot of confusion out on the internet.

351
00:24:50,644 --> 00:24:56,804
They did not get sentenced for money laundering. They got sentenced for unlicensed money transmission.

352
00:24:57,904 --> 00:25:02,504
So what they pled guilty to and what they got sentenced for was basically not KYC-ing their

353
00:25:02,504 --> 00:25:08,424
users of their self-custody wallet, which is insane. They did not do money transmission.

354
00:25:08,424 --> 00:25:15,524
um yes they pled guilty but they were facing up to 25 years on the money laundering charge

355
00:25:15,524 --> 00:25:21,764
or the conspiracy for money laundering charge um it's hard to imagine being in their shoes

356
00:25:21,764 --> 00:25:29,384
particularly with families um on that note we do have a link that that shows both the petition and

357
00:25:29,384 --> 00:25:37,664
a link to donate to support their families it's bill and kian.org um consider consider donating a

358
00:25:37,664 --> 00:25:41,584
little bit of stats. You know, I think we,

359
00:25:41,724 --> 00:25:45,404
we find a lot of pride in this community being family first and family

360
00:25:45,404 --> 00:25:49,484
friendly and Bitcoiners need to raise, you know,

361
00:25:49,484 --> 00:25:51,724
have more babies and raise more strong families.

362
00:25:53,084 --> 00:25:57,044
And when one of our own is in a position like this, it's,

363
00:25:57,104 --> 00:26:00,884
it's important to be out there and support their families that are, you know,

364
00:26:00,904 --> 00:26:02,764
I can't even imagine what they're going through right now.

365
00:26:03,724 --> 00:26:03,824
Yeah.

366
00:26:03,824 --> 00:26:09,624
So, Keon, Bill, if you're listening, we're pulling for you.

367
00:26:10,004 --> 00:26:10,824
We're praying for you.

368
00:26:11,444 --> 00:26:15,584
And anybody out there who is connected to the administration

369
00:26:15,584 --> 00:26:18,824
and can put a word in to push for a pardon,

370
00:26:19,084 --> 00:26:21,404
I think that is desperately needed right now.

371
00:26:26,504 --> 00:26:29,664
We talked about strike already, looking like a record morning for them.

372
00:26:30,364 --> 00:26:31,684
I don't know if you want to add anything there,

373
00:26:31,684 --> 00:26:34,204
but people are

374
00:26:34,204 --> 00:26:36,724
stay humble

375
00:26:36,724 --> 00:26:39,004
block

376
00:26:39,004 --> 00:26:41,804
whirlwind for them

377
00:26:41,804 --> 00:26:42,544
the last couple of weeks

378
00:26:42,544 --> 00:26:44,464
they were in DC earlier this week

379
00:26:44,464 --> 00:26:46,224
fighting for

380
00:26:46,224 --> 00:26:47,024
de minimis

381
00:26:47,024 --> 00:26:49,084
tax exemption

382
00:26:49,084 --> 00:26:50,924
for spending Bitcoin

383
00:26:50,924 --> 00:26:52,344
actually

384
00:26:52,344 --> 00:26:54,364
recorded with Steve Lee

385
00:26:54,364 --> 00:26:54,984
while I was in

386
00:26:54,984 --> 00:26:56,204
in San Francisco

387
00:26:56,204 --> 00:26:57,384
at Presidio Bitcoin

388
00:26:57,384 --> 00:26:58,004
beautiful

389
00:26:58,004 --> 00:26:59,844
Bitcoin co-working space

390
00:26:59,844 --> 00:27:00,264
by the way

391
00:27:00,264 --> 00:27:01,644
beautiful podcast

392
00:27:01,644 --> 00:27:07,404
studio by the way but we talked about this i basically pressed him i was like why only six

393
00:27:07,404 --> 00:27:13,024
hundred dollars and he actually had a good a good response to that um which is the crypto lobby

394
00:27:13,024 --> 00:27:17,464
apparently is pushing for a fifty dollar exemption because they really want to force people in the

395
00:27:17,464 --> 00:27:22,544
stable coins so there's like three proposals out there right now one for fifty dollars one for

396
00:27:22,544 --> 00:27:29,844
a hundred dollars and then senator lummis's push for six hundred dollar to minimus tax exemption

397
00:27:29,844 --> 00:27:32,584
for spending Bitcoin at merchants.

398
00:27:33,084 --> 00:27:37,724
And I think this is, given the three options you want to get the most,

399
00:27:37,924 --> 00:27:38,964
obviously it's not ideal.

400
00:27:39,484 --> 00:27:52,448
I wish it was higher I mean in like a year like a hamburger is going to cost with the way inflation is going A little bit ridiculous Yeah But it was good to see Block boots on the ground really pushing this campaign in D

401
00:27:52,888 --> 00:27:54,848
Had a bunch of food trucks around the city.

402
00:27:55,368 --> 00:27:57,668
Had a bunch of their merchants activated.

403
00:27:57,668 --> 00:28:06,308
Shout out to Compass Coffee and many others in the D.C. area who came out and helped with this campaign.

404
00:28:06,668 --> 00:28:08,648
I think that was with Miles.

405
00:28:09,928 --> 00:28:18,628
I think I was, I know I was with Miles Suter earlier this weekend, last week, and I think they're really going to be leaning into this campaign moving forward.

406
00:28:18,888 --> 00:28:21,088
So make your voice heard.

407
00:28:22,608 --> 00:28:23,788
Call your rep.

408
00:28:23,908 --> 00:28:30,228
Not only call your rep for the de minimis tax exemption, but Kyle Olney on, underrated Bitcoiner.

409
00:28:30,228 --> 00:28:37,008
we talked about the clarity act or the market structure bill technically but the blockchain

410
00:28:37,008 --> 00:28:42,688
regulatory clarity act which provides protections for open source developers and individual bitcoiners

411
00:28:42,688 --> 00:28:47,888
when it's self-custody um and there was a big call to action there i'm going to save our wallets

412
00:28:47,888 --> 00:28:52,988
dot org put your zip code in figure out who your reps and your senator are and give their office a

413
00:28:52,988 --> 00:29:02,048
call so that you want the market structure built to include the clarity act language particularly

414
00:29:02,048 --> 00:29:10,008
the language that is being put forth by the agriculture committee which protects open source

415
00:29:10,008 --> 00:29:16,388
developers of self-custody wallets right yes and individual bitcoiners self-custodying their bitcoin

416
00:29:16,388 --> 00:29:21,908
as well. I just want to say on the cap gains side, as an American, what I support is

417
00:29:21,908 --> 00:29:30,468
Trump should just listen to his campaign promises of cutting our taxes and get rid of all cap gains

418
00:29:30,468 --> 00:29:34,788
tax across all assets. I think that's what the economy needs right now.

419
00:29:36,788 --> 00:29:45,248
Yeah. Because I mean, cap gains is like, I just, I mean, all taxes are predatory,

420
00:29:45,248 --> 00:29:48,948
But cap gains specifically in an inflationary environment, it's a savings tax.

421
00:29:49,088 --> 00:29:52,308
It's like you're trying to escape inflation.

422
00:29:52,608 --> 00:29:58,348
So you go into assets and then the assets go up in paper because they're valued on an inflationary currency.

423
00:29:58,768 --> 00:30:04,568
And then they tax you on that, even though you might not even have a real gain in real purchasing power.

424
00:30:05,488 --> 00:30:06,828
It's fucking insane.

425
00:30:08,188 --> 00:30:08,688
So, yeah.

426
00:30:08,948 --> 00:30:14,388
But good to see Block, you know, putting their resources behind this de minimis tax exemption.

427
00:30:14,388 --> 00:30:25,168
It seems like they put it all over D.C. So it's it's pretty, pretty hard for our federal politicians to not notice the campaign.

428
00:30:25,168 --> 00:30:32,568
yeah and go check out that interview with kyle i was so the the setup for that interview

429
00:30:32,568 --> 00:30:40,168
connor brown put us in contact on monday figured out kyle was in san francisco i was like hey i'm

430
00:30:40,168 --> 00:30:46,608
in san francisco tomorrow you want to record um i landed went straight to presidio bitcoin

431
00:30:46,608 --> 00:30:51,468
hopped in the studio with very little context and was extremely impressed with

432
00:30:52,028 --> 00:30:57,308
Kyle, we had an incredible conversation, very underrated coiner in the space, particularly focused on policy.

433
00:30:57,628 --> 00:30:58,468
We need more of that.

434
00:30:59,888 --> 00:31:00,488
Love it.

435
00:31:00,948 --> 00:31:01,628
We'll give it a listen.

436
00:31:04,268 --> 00:31:10,148
Staying in D.C., Representative Warren Davidson, OG, pure.

437
00:31:10,328 --> 00:31:11,088
He's a pure coiner.

438
00:31:11,528 --> 00:31:12,488
I want to call him a bitcoiner.

439
00:31:12,588 --> 00:31:13,548
I'd call him a pure coiner.

440
00:31:13,828 --> 00:31:16,988
I think it's more than a bitcoiner.

441
00:31:17,548 --> 00:31:18,488
He's one of our best.

442
00:31:18,928 --> 00:31:21,228
And he's very focused on the privacy side, too.

443
00:31:21,468 --> 00:31:22,288
Which is really good.

444
00:31:22,288 --> 00:31:22,508
Yes.

445
00:31:22,868 --> 00:31:23,628
Very few.

446
00:31:23,708 --> 00:31:35,848
So he put forth the Bitcoin for America Act, which marks an important step toward modernizing our financial systems and embracing innovation that millions of Americans already use every day.

447
00:31:35,848 --> 00:31:51,068
No, the big thing here is you can pay your federal tax bill with Bitcoin and get exempted from cap gains, which has an interesting incentive alignment.

448
00:31:52,008 --> 00:31:55,948
Because then he says that Bitcoin should go into the strategic Bitcoin reserve.

449
00:31:56,808 --> 00:32:08,308
So Bitcoiners that opt into that and pay their federal taxes with Bitcoin would basically be getting a 20% to 30% discount depending on where they live because they're not paying cap gains.

450
00:32:09,168 --> 00:32:12,148
Particularly if their cost basis is way low, it's really significant.

451
00:32:12,148 --> 00:32:16,408
Then meanwhile, that Bitcoin leaves the market forever because it goes into the SBR.

452
00:32:17,348 --> 00:32:27,668
And it would basically add a way for the government to stack sats on a reoccurring basis with very little effort.

453
00:32:29,608 --> 00:32:31,088
It's an interesting proposal.

454
00:32:31,448 --> 00:32:34,028
I mean, I still think we should just get rid of cap gains altogether.

455
00:32:34,528 --> 00:32:35,528
I do as well.

456
00:32:36,088 --> 00:32:37,948
I kind of like this proposal.

457
00:32:37,948 --> 00:32:45,568
So, yeah, if you take what you can get and like you pay your taxes in Bitcoin, you avoid the cap gains hit with that.

458
00:32:45,668 --> 00:32:55,048
And then you just reset your cost basis by just buying the Bitcoin that you paid your taxes in with the cash that you would have paid your taxes in if you're not living on a full Bitcoin standard.

459
00:32:57,828 --> 00:32:58,828
Which is the way to do that.

460
00:32:58,828 --> 00:33:18,388
And on top of this, Bitcoin Policy Institute has a calculator on their website now that will help you visualize or help the government visualize, the politicians visualize what this could mean in terms of being able to accumulate Bitcoin for the strategic Bitcoin reserve.

461
00:33:20,288 --> 00:33:23,608
And who made that? What's his name? It's escaping me right now.

462
00:33:23,608 --> 00:33:27,608
analysts that came out of nowhere

463
00:33:27,608 --> 00:33:28,768
with the Bitcoin Treasuries

464
00:33:28,768 --> 00:33:30,688
website.

465
00:33:31,668 --> 00:33:33,128
MBK, Peter,

466
00:33:33,368 --> 00:33:34,688
Rizzo, you guys better watch out.

467
00:33:35,128 --> 00:33:37,348
This guy's coming

468
00:33:37,348 --> 00:33:39,628
for the Treasuries website

469
00:33:39,628 --> 00:33:41,108
domination.

470
00:33:43,108 --> 00:33:44,208
I can't find his name.

471
00:33:49,328 --> 00:33:50,668
Do you know it off the top of your head?

472
00:33:51,468 --> 00:33:51,868
Nope.

473
00:33:51,868 --> 00:33:54,748
I don't know why you care so much about finding out.

474
00:33:55,748 --> 00:34:01,728
But I do think, look, I mean, obviously in terms of strategic Bitcoin reserve,

475
00:34:02,008 --> 00:34:06,188
it does seem like the incentives are aligned here for this actually to be a passable bill.

476
00:34:06,268 --> 00:34:07,348
So we'll see how it goes.

477
00:34:08,628 --> 00:34:09,608
Oh, you think so?

478
00:34:10,468 --> 00:34:11,808
It's an interesting proposal.

479
00:34:13,568 --> 00:34:15,228
Yeah, I think it's an interesting proposal.

480
00:34:16,108 --> 00:34:17,808
Rohan Harani. Shout out to you, Rohan.

481
00:34:18,448 --> 00:34:19,948
Shout out to you, Rep Davidson.

482
00:34:19,948 --> 00:34:26,448
you need to come on the pod sir he did a podcast or short interview with conor brown from bpi

483
00:34:26,448 --> 00:34:30,908
earlier this week explaining the bitcoin for america act so if you're interested

484
00:34:30,908 --> 00:34:40,048
go to bpi's youtube get a conor brown's um x account and the interview is there

485
00:34:40,048 --> 00:34:49,828
next up in the deal space in our industry kraken uh has raised 200 million dollars

486
00:34:49,828 --> 00:34:55,228
from Ken Griffin Citadel to notch a $20 billion valuation.

487
00:34:55,508 --> 00:34:59,128
I believe they also filed for an IPO as well.

488
00:34:59,908 --> 00:35:03,668
Yeah, I mean, the IPO rumors for Kraken have been going for like five years.

489
00:35:05,008 --> 00:35:07,648
So we'll see if they actually pull it off this time.

490
00:35:08,488 --> 00:35:12,188
But I mean, I think, look, this valuation is quite notable.

491
00:35:13,648 --> 00:35:16,548
Kraken is obviously one of the longest running exchanges.

492
00:35:16,548 --> 00:35:19,948
It was running during the Gox era.

493
00:35:21,548 --> 00:35:24,608
And they have a very strong reputation in space.

494
00:35:25,108 --> 00:35:27,948
I don't remember them ever losing client funds.

495
00:35:30,768 --> 00:35:37,228
And yeah, I mean, obviously Citadel is a massive juggernaut in the TradFi space.

496
00:35:37,588 --> 00:35:42,348
Citadel, if you're not aware, was one of the main backers of Robinhood,

497
00:35:42,348 --> 00:35:45,048
which is an interesting

498
00:35:45,048 --> 00:35:48,868
it's an interesting play by them

499
00:35:48,868 --> 00:35:50,828
because obviously I mean you would think

500
00:35:50,828 --> 00:35:52,468
that Kraken is also going to be a

501
00:35:52,468 --> 00:35:54,228
strong competitor to Robin Hood

502
00:35:54,228 --> 00:35:56,568
yeah

503
00:35:56,568 --> 00:36:00,848
and Citadel back Robin Hood

504
00:36:00,848 --> 00:36:02,668
because Robin Hood is a little

505
00:36:02,668 --> 00:36:04,508
backstory for those who don't know why

506
00:36:04,508 --> 00:36:06,748
the Wall Street bets, the GameStop

507
00:36:06,748 --> 00:36:08,688
drama in 2021

508
00:36:08,688 --> 00:36:10,168
was so high

509
00:36:10,168 --> 00:36:12,208
because Robin Hood basically came to market

510
00:36:12,208 --> 00:36:16,068
with a new model for trading securities,

511
00:36:16,488 --> 00:36:18,768
which historically, up until Robinhood launched,

512
00:36:18,828 --> 00:36:21,248
you'd have to pay per trade a fee.

513
00:36:21,708 --> 00:36:23,368
And Robinhood launched with no fees,

514
00:36:23,428 --> 00:36:25,828
and everybody thought, oh, this is great.

515
00:36:25,828 --> 00:36:30,788
But the trade-off of that model is you don't pay a fee

516
00:36:30,788 --> 00:36:33,548
if you're buying securities on Robinhood,

517
00:36:33,888 --> 00:36:37,628
but they monetize by giving your order flow to Citadel

518
00:36:37,628 --> 00:36:38,768
and other market makers.

519
00:36:38,768 --> 00:36:43,628
particularly fucked up business model.

520
00:36:44,608 --> 00:36:44,728
Yeah.

521
00:36:45,748 --> 00:36:48,548
I would like to see more ethical business models

522
00:36:48,548 --> 00:36:50,828
that are user-focused emerge

523
00:36:50,828 --> 00:36:54,668
as we see a more competitive landscape

524
00:36:54,668 --> 00:36:56,808
with less user lock-in,

525
00:36:57,068 --> 00:36:58,668
which is what open protocols provide.

526
00:36:58,768 --> 00:37:01,268
It's something that we're intimately focused on

527
00:37:01,268 --> 00:37:03,128
supporting and building at 1031.

528
00:37:04,308 --> 00:37:05,648
I think there's a better way.

529
00:37:05,748 --> 00:37:07,788
I mean, if you see stuff like Strike, right?

530
00:37:07,788 --> 00:37:15,588
strike offers you can use strike without paying a sentence to strike you can do free dca uh so you

531
00:37:15,588 --> 00:37:21,848
can do free reoccurring purchases and not pay a broker fee and you can do free withdrawals if

532
00:37:21,848 --> 00:37:26,268
you're willing to wait and you don't want fast withdrawals you can do free withdrawals and then

533
00:37:26,268 --> 00:37:33,508
how does strike monetize strike monetizes by charging if you do a you know just open transparent

534
00:37:33,508 --> 00:37:36,148
fees if you do a smash buy or smash sell.

535
00:37:37,008 --> 00:37:42,768
On the borrow side, strike charges and on fast withdrawals.

536
00:37:42,828 --> 00:37:44,408
A lot of people opt for fast withdrawals.

537
00:37:44,588 --> 00:37:49,788
And so what you see there is you see an ethical alignment with the user base and the users

538
00:37:49,788 --> 00:37:55,308
are unlocked in because if strike offers a bad product, users can easily switch to something

539
00:37:55,308 --> 00:37:57,948
like cash or Robinhood or wherever because of Bitcoin.

540
00:37:59,868 --> 00:38:01,788
So I want to see more of that.

541
00:38:01,788 --> 00:38:02,828
It is the harder path.

542
00:38:03,508 --> 00:38:06,108
But I think it can be incredibly profitable.

543
00:38:07,008 --> 00:38:08,968
And long term, it's just better for society.

544
00:38:09,188 --> 00:38:10,328
So more of that.

545
00:38:11,428 --> 00:38:11,528
Yeah.

546
00:38:11,948 --> 00:38:12,948
More of that, please.

547
00:38:14,048 --> 00:38:19,508
Speaking of more of that, there's more PubKeys spreading throughout the country.

548
00:38:19,928 --> 00:38:21,088
PubKey, D.C.

549
00:38:22,008 --> 00:38:22,808
Looks awesome.

550
00:38:23,808 --> 00:38:25,968
Long anticipated opening.

551
00:38:25,968 --> 00:38:30,748
I mean, I loved being in San Francisco.

552
00:38:30,748 --> 00:38:35,948
and I was very fortunate to have been in San Francisco for a while I was there,

553
00:38:36,048 --> 00:38:40,108
but I did have a lot of FOMO for missing the PubKey DC launch.

554
00:38:40,268 --> 00:38:42,888
That neon sign is incredible.

555
00:38:43,968 --> 00:38:47,188
That is incredible branding right there.

556
00:38:48,308 --> 00:38:54,428
But I'm sure many of you saw one of the big headlines coming out of the PubKey DC launch

557
00:38:54,428 --> 00:38:57,588
was the fact that Treasury Secretary Scott Pescent stopped by

558
00:38:57,588 --> 00:39:04,448
to hang out with us prestigious and esteemed Bitcoiners.

559
00:39:04,448 --> 00:39:06,448
Pretty crazy dichotomy.

560
00:39:08,148 --> 00:39:11,688
Bitcoin down $40,000 from the highs,

561
00:39:12,548 --> 00:39:15,808
chaos in the streets, people freaking out.

562
00:39:16,408 --> 00:39:19,008
And then the Treasury Secretary of the United States

563
00:39:19,008 --> 00:39:20,548
is at a Bitcoin bar launch.

564
00:39:22,548 --> 00:39:23,228
Fascinating.

565
00:39:23,228 --> 00:39:24,608
What a timeline we live in.

566
00:39:25,328 --> 00:39:25,808
Very fascinating.

567
00:39:26,048 --> 00:39:32,348
Shout out to Thomas, Germano, Jerk, Dan, everybody involved.

568
00:39:33,008 --> 00:39:35,648
Andrew, everybody involved at PubKey.

569
00:39:36,008 --> 00:39:37,268
I'm bummed I couldn't be there.

570
00:39:37,848 --> 00:39:41,048
I was away for good reasons, though, and I will certainly.

571
00:39:41,088 --> 00:39:43,868
Also, while we're shouting out PubKey people,

572
00:39:45,548 --> 00:39:50,208
a quiet legend involved in the PubKey build-out is Thomas' wife.

573
00:39:50,208 --> 00:39:51,388
I will not dox her name.

574
00:39:51,388 --> 00:39:53,668
but she's a true ride or die.

575
00:39:54,208 --> 00:39:55,728
Mrs. Pacquiao is a legend.

576
00:39:56,148 --> 00:39:56,648
She's a legend.

577
00:39:59,328 --> 00:40:00,168
Love you guys.

578
00:40:02,868 --> 00:40:03,308
Also,

579
00:40:03,828 --> 00:40:06,008
shout out to you freaks out there.

580
00:40:06,368 --> 00:40:07,628
I saw you wearing the Sats hats

581
00:40:07,628 --> 00:40:09,788
at the

582
00:40:09,788 --> 00:40:10,668
PubKey opening.

583
00:40:11,188 --> 00:40:13,308
Very honored, very humbled, very flattered

584
00:40:13,308 --> 00:40:15,548
that you're

585
00:40:15,548 --> 00:40:16,788
repping the Satsats.

586
00:40:18,288 --> 00:40:18,928
Matt's idea,

587
00:40:19,148 --> 00:40:20,488
I'm monetizing it.

588
00:40:21,388 --> 00:40:28,308
yeah i get no um i uh are you inflating the supply you said it was limited edition but i

589
00:40:28,308 --> 00:40:32,968
see you're still selling them uh the first yeah we inflated the supply

590
00:40:32,968 --> 00:40:38,148
everyone's a fucking scammer

591
00:40:38,148 --> 00:40:46,648
and um yeah it's great to see bitcoin third places

592
00:40:46,648 --> 00:40:54,568
did you see the shit post that like bitcoin is dumped so much that it costs 20 000 bitcoin for

593
00:40:54,568 --> 00:41:04,088
a burger because of how uh square shows sats i was uh i was with skyler this week and he uh

594
00:41:04,088 --> 00:41:13,288
it is hey we get we get a lot of biff 177 trolls in the comments and obviously the trolls pick on

595
00:41:13,288 --> 00:41:14,688
us, particularly because

596
00:41:14,688 --> 00:41:16,088
I will give credit,

597
00:41:16,948 --> 00:41:19,448
all credit is due to you, Matt, for popularizing

598
00:41:19,448 --> 00:41:21,148
stacking sats as a meme.

599
00:41:21,348 --> 00:41:23,288
It's funny because we really

600
00:41:23,288 --> 00:41:25,008
sent that meme

601
00:41:25,008 --> 00:41:26,568
mainstream with Cash App

602
00:41:26,568 --> 00:41:29,168
when they were our advertiser many years

603
00:41:29,168 --> 00:41:31,148
ago. They've

604
00:41:31,148 --> 00:41:44,692
insisted to adopt 177 which puts the Bitcoin sign before sats Well it a slightly modified Bitcoin sign Slightly modified Bitcoin It like a specific Bitcoin sign and it a logo for sats

605
00:41:45,132 --> 00:41:47,112
Like I feel like people are arguing about different things.

606
00:41:47,412 --> 00:41:49,412
And all the block people are going to die on the hill.

607
00:41:49,692 --> 00:41:51,772
Steve Lee, we didn't talk about it on the podcast,

608
00:41:51,972 --> 00:41:53,412
but we've had this conversation before.

609
00:41:53,552 --> 00:41:54,312
It's like, it's just better.

610
00:41:54,472 --> 00:41:58,172
Like you don't have to explain sats and like people with the square rollout.

611
00:41:58,172 --> 00:41:59,832
This is one of the feedback I've seen tweets about.

612
00:41:59,932 --> 00:42:00,592
I've seen screenshots.

613
00:42:00,732 --> 00:42:01,772
I'm not just making this up.

614
00:42:01,772 --> 00:42:06,772
some of the merchants think they're getting like 3000 Bitcoin and the,

615
00:42:06,772 --> 00:42:10,212
the Bitcoiner is paying a Bitcoin. He's like, no, you're not.

616
00:42:10,312 --> 00:42:12,872
These are called sats. And they're like, what's that? And it's like pennies.

617
00:42:13,092 --> 00:42:14,012
It's like pennies and dollars.

618
00:42:14,012 --> 00:42:15,672
And then you have the conversation anyway.

619
00:42:16,532 --> 00:42:18,792
It's like, yeah. And they're like, Oh, that makes sense.

620
00:42:20,072 --> 00:42:20,592
And so, yeah,

621
00:42:20,612 --> 00:42:22,592
you still have to explain to them what sats are.

622
00:42:22,652 --> 00:42:24,332
You're not really avoiding the conversation.

623
00:42:24,672 --> 00:42:27,312
And then the funniest part is, and also, you know,

624
00:42:27,312 --> 00:42:37,152
uh steve is a good friend but they've been like championing the uh they're like other other uh

625
00:42:37,152 --> 00:42:42,212
other wallets need to incorporate this so the user isn't as confused or whatever it's like it's

626
00:42:42,212 --> 00:42:50,392
not incorporated in cash app yet it's like clean up your house you know and it does like 0.00002

627
00:42:50,392 --> 00:42:56,492
Bitcoin or whatever. Um, so look, I, they'll never be a,

628
00:42:56,632 --> 00:42:58,992
I don't think there'll ever be agreement on what the SAS logo is.

629
00:42:59,072 --> 00:43:02,972
That's kind of the beauty of an open, uh, an open network, right?

630
00:43:02,972 --> 00:43:08,972
There's no like head of design for the network. Um, but yeah, I think, uh,

631
00:43:09,532 --> 00:43:14,252
I think it's pretty cool that SAS have become the standard in quite a short

632
00:43:14,252 --> 00:43:17,872
period of time. And it just makes sense and makes sense for it to be the

633
00:43:17,872 --> 00:43:20,152
standard. No one wants to deal with huge decimals.

634
00:43:20,392 --> 00:43:27,752
um and here we are and i once again just huge block added their investor day it's just really

635
00:43:27,752 --> 00:43:35,732
cool to see what block is shipping um we're just very focused on bitcoin as money um and it's great

636
00:43:35,732 --> 00:43:41,172
to have a large publicly traded company that's in the s&p 500 focused on that i think it helps all

637
00:43:41,172 --> 00:43:50,752
of us yeah um and i think it's a not only is it important that they're launching these products

638
00:43:50,752 --> 00:43:55,092
now but um it's great to get these in the hands it's incredible to get these in the hands of

639
00:43:55,092 --> 00:44:00,312
merchants and really incentivize them to adopt bitcoin because of the fees they can save

640
00:44:00,312 --> 00:44:08,552
on um on credit card fees and interchange fees but i think the sort of second order effect that

641
00:44:08,552 --> 00:44:14,512
I'm really happy is being brought to the conversation is like, Hey, Bitcoin should be everyday money.

642
00:44:14,952 --> 00:44:30,052
And I think there has been an over-indexing on Bitcoin as, um, as just like this digital gold store value, digital capital, um, which is all well and good.

643
00:44:30,112 --> 00:44:32,452
And actually I was talking about this with somebody last night too.

644
00:44:32,452 --> 00:44:35,052
So it's funny because both camps, whether it's Saylor or Jack,

645
00:44:35,152 --> 00:44:38,332
I think Saylor and Jack are getting juxtaposed to each other.

646
00:44:38,672 --> 00:44:41,152
Their strategy is getting juxtaposed to each other too.

647
00:44:41,312 --> 00:44:45,552
Saylor obviously accumulated as much Bitcoin, hold it forever, never sell.

648
00:44:46,092 --> 00:44:52,132
Jack, everyday money, really doesn't want Bitcoin to be pigeonholed

649
00:44:52,132 --> 00:44:54,152
as this saving technology.

650
00:44:54,632 --> 00:44:59,592
But I think both sides could do a better job of meeting in the middle

651
00:44:59,592 --> 00:45:00,432
and saying it's both.

652
00:45:00,432 --> 00:45:04,772
Like if you live on a Bitcoin standard, it is incredible savings technology.

653
00:45:05,152 --> 00:45:09,192
And when you have to go buy things, it's an incredible payments network as well.

654
00:45:10,452 --> 00:45:11,192
It's both.

655
00:45:11,992 --> 00:45:12,752
Look, yeah.

656
00:45:12,892 --> 00:45:19,592
I mean, look, the good money, I swear my dog, as soon as I unmute, I have two dogs in here, by the way.

657
00:45:19,612 --> 00:45:22,192
The third dog is trusted and outside of the office.

658
00:45:24,152 --> 00:45:25,972
So you're hearing two different dogs.

659
00:45:26,192 --> 00:45:26,792
One is peaceful.

660
00:45:26,792 --> 00:45:30,872
Anyway, good money needs to be able to be spent and saved without permission.

661
00:45:30,992 --> 00:45:31,552
You need both.

662
00:45:32,412 --> 00:45:35,692
If you're not able to spend it without permission, then you don't actually own the money.

663
00:45:36,212 --> 00:45:37,452
You don't have control over it.

664
00:45:37,812 --> 00:45:40,112
You can't take advantage of the value accretion.

665
00:45:40,692 --> 00:45:44,532
And if your savings don't go up in purchasing power, then it's shitty money, right?

666
00:45:44,552 --> 00:45:45,792
You're going to want to hold something else.

667
00:45:46,632 --> 00:45:47,532
So you need both.

668
00:45:48,472 --> 00:45:55,232
That argument has always, like digital gold versus peer-to-peer cash, has always been a bullshit argument because you need both.

669
00:45:55,232 --> 00:46:06,912
I would say though, on the sailor front, dude like five months ago was in Prague and his keynote was about borrowing a million dollars from your friends and family to buy Bitcoin.

670
00:46:08,532 --> 00:46:15,632
I think you should take a long look at the mirror and ask himself if he's been a responsible steward of Bitcoin.

671
00:46:16,792 --> 00:46:23,472
Because a lot of people basically did the opposite of Stay Humble Stack Sats off of his advice.

672
00:46:23,472 --> 00:46:42,032
Yeah. And with that, I'll address an X comment. I quote tweeted the episode on X and said, we're celebrating the dump. Get in here. That was a bit facetious. Somebody said, I'm ride or die Bitcoin, but this is tone deaf. Most of us understand and even expect that the market will dump.

673
00:46:42,032 --> 00:46:44,072
that you feel the need to celebrate.

674
00:46:44,192 --> 00:46:45,212
It's not only aggravating,

675
00:46:45,312 --> 00:46:47,792
but reveals either how disconnected you've become

676
00:46:47,792 --> 00:46:49,992
or unsympathetic to the average person,

677
00:46:50,492 --> 00:46:52,232
many of whom are struggling mightily.

678
00:46:53,192 --> 00:46:57,792
And I would just advise you to rewind the tape

679
00:46:57,792 --> 00:46:59,672
about a minute and listen to what Matt just said.

680
00:47:00,032 --> 00:47:01,832
Like, we're consistent.

681
00:47:01,992 --> 00:47:02,972
Stay humble, Stack Sats.

682
00:47:03,312 --> 00:47:04,292
It was a joke.

683
00:47:04,792 --> 00:47:05,712
I was joking.

684
00:47:07,132 --> 00:47:09,172
I mean, it is funny.

685
00:47:09,352 --> 00:47:11,572
Like, I love when the Bitcoin price is going up.

686
00:47:12,032 --> 00:47:13,452
And when it's down, it's like, ah, it stinks.

687
00:47:13,572 --> 00:47:17,772
But it's also like I get to buy cheap sets.

688
00:47:18,752 --> 00:47:19,172
So there is like.

689
00:47:19,232 --> 00:47:19,792
No, fuck that.

690
00:47:19,852 --> 00:47:20,952
I prefer when it's going up.

691
00:47:23,192 --> 00:47:23,592
Fuck.

692
00:47:24,692 --> 00:47:25,692
I'm tired, boss.

693
00:47:25,692 --> 00:47:31,332
I was hoping you were right about a super cycle.

694
00:47:31,632 --> 00:47:32,472
No more dumps.

695
00:47:33,072 --> 00:47:34,192
Focus on my family.

696
00:47:35,112 --> 00:47:35,632
Next year.

697
00:47:35,732 --> 00:47:37,332
I got real costs.

698
00:47:37,992 --> 00:47:38,852
This fucking sucks.

699
00:47:41,092 --> 00:47:41,432
All right.

700
00:47:41,432 --> 00:47:43,712
On to the Human Rights Foundation.

701
00:47:44,532 --> 00:47:48,312
Bitcoin can go to zero, and we'll still have RHR that week.

702
00:47:48,812 --> 00:47:52,172
We might not have RHR the week after, but ride or die.

703
00:47:52,532 --> 00:47:53,112
Don't say it.

704
00:47:53,112 --> 00:47:57,172
We will show up like men and address the situation.

705
00:47:57,532 --> 00:48:01,052
We'll hold our hands up and we'll say, hey, it was a fun ride.

706
00:48:01,392 --> 00:48:03,512
We really believed in it, but it didn't work out.

707
00:48:03,752 --> 00:48:08,332
If it goes to zero, we'll say, hey, and we'll probably be screaming mandibles.

708
00:48:09,192 --> 00:48:10,312
Lionel Shriver was right.

709
00:48:10,432 --> 00:48:11,512
Bitcoin just didn't work.

710
00:48:12,452 --> 00:48:14,312
And that will become my new Bible.

711
00:48:14,472 --> 00:48:16,272
And I'll probably read it for the first time ever.

712
00:48:16,832 --> 00:48:17,452
If that happens.

713
00:48:19,492 --> 00:48:21,712
I mean, look, Lionel came on my show.

714
00:48:21,912 --> 00:48:23,632
Go listen to The Dispatch with Lionel.

715
00:48:23,712 --> 00:48:24,412
It's fucking awesome.

716
00:48:24,692 --> 00:48:25,792
And she's a Bitcoiner now.

717
00:48:26,032 --> 00:48:29,012
So she admits, you know, more people should admit when they're wrong.

718
00:48:29,092 --> 00:48:31,532
She admits that she was wrong about thinking Bitcoin would fail.

719
00:48:31,532 --> 00:48:33,252
I mean, she wrote the book in like 2015.

720
00:48:34,092 --> 00:48:35,532
I give the lady some credit.

721
00:48:35,532 --> 00:48:38,772
but yeah

722
00:48:38,772 --> 00:48:41,112
but if it does fail

723
00:48:41,112 --> 00:48:42,972
that book is going to be even more popular

724
00:48:42,972 --> 00:48:46,992
I mean to be clear

725
00:48:46,992 --> 00:48:48,372
gold fails in that book too

726
00:48:48,372 --> 00:48:51,272
because they just send like National Guard

727
00:48:51,272 --> 00:48:52,812
around to seize people's gold

728
00:48:52,812 --> 00:48:56,712
and then we give all the gold to China

729
00:48:56,712 --> 00:48:59,212
we give it all to China?

730
00:49:00,212 --> 00:49:00,892
yeah because

731
00:49:00,892 --> 00:49:03,092
we're just like a debtor nation to them

732
00:49:03,092 --> 00:49:04,852
yeah makes sense

733
00:49:05,232 --> 00:49:06,212
All right, I've read the book before.

734
00:49:06,412 --> 00:49:08,172
All right, now I have the full context of the book.

735
00:49:08,192 --> 00:49:08,732
It all makes sense.

736
00:49:10,972 --> 00:49:12,312
But unfortunately, we have Bitcoin.

737
00:49:12,612 --> 00:49:13,492
Bitcoin gives me hope.

738
00:49:13,672 --> 00:49:14,672
Bitcoin and precious metals.

739
00:49:15,912 --> 00:49:17,992
And I'm not talking about cult when I say precious metals.

740
00:49:18,672 --> 00:49:23,492
And this is why you have to be hopeful for Bitcoin's future as we transition to the Human Rights Foundation.

741
00:49:23,992 --> 00:49:31,632
Financial Freedom Report story of the week coming out of the UAE, the United Arab Emirates, where the first CBDC transaction has been completed.

742
00:49:32,412 --> 00:49:38,032
The UAE completed its first government-to-government transaction with its digital Durham, Central Bank Digital Currency.

743
00:49:38,572 --> 00:49:44,092
This initiative was part of the CBDC's pilot phase and was implemented using the Enbridge platform.

744
00:49:44,852 --> 00:49:51,712
Officials say this marks a move toward domestic rollout with more widespread adoption planned across both public and private sectors.

745
00:49:51,712 --> 00:49:58,672
The UAE deploys an extensive and sophisticated surveillance tool system across public spaces and digital communications,

746
00:49:58,672 --> 00:50:04,472
raising concerns to placing transactions on state-controlled CBDC ledgers would further

747
00:50:04,472 --> 00:50:10,152
centralize visibility over everyday financial activity. In context, Project Enbridge connects

748
00:50:10,152 --> 00:50:15,112
the CBDCs of China, the UAE, Saudi Arabia, Hong Kong, and Thailand into a unified,

749
00:50:15,592 --> 00:50:20,692
programmable settlement system designed to give central banks real-time visibility and control

750
00:50:20,692 --> 00:50:26,312
over cross-border flows. The surveillance-ready platform risks exporting the financial governance

751
00:50:26,312 --> 00:50:32,792
model of authoritarian states for more stories like this and others to stay up to date with

752
00:50:32,792 --> 00:50:38,472
oppression around the world go to financialfreedomreport.org they also have the cbdc

753
00:50:38,472 --> 00:50:45,332
tracker which i am pretty confident is updated with this information and i think another

754
00:50:45,332 --> 00:50:52,072
important tidbit of that move in the uae correct me if i'm wrong logan can you do some

755
00:50:52,072 --> 00:50:54,872
looking up right now, but I believe the UAE

756
00:50:54,872 --> 00:50:57,312
made it harder to use Bitcoin

757
00:50:57,312 --> 00:51:00,132
within their borders as well.

758
00:51:00,372 --> 00:51:02,072
I think they're preventing

759
00:51:02,072 --> 00:51:05,232
individual citizens from self-custodying, I believe.

760
00:51:06,672 --> 00:51:08,612
I think I saw that headline last week.

761
00:51:09,332 --> 00:51:11,152
Logan, if you can confirm or deny

762
00:51:11,152 --> 00:51:12,972
my rights or am I

763
00:51:12,972 --> 00:51:14,632
misremembering something?

764
00:51:17,132 --> 00:51:17,612
No.

765
00:51:17,612 --> 00:51:18,912
What did they do?

766
00:51:20,072 --> 00:51:21,612
Pull it back up.

767
00:51:22,072 --> 00:51:28,872
central bank of the uae law was issued in the official gazette and became legally effective

768
00:51:28,872 --> 00:51:36,812
as september 10th 16th 2025 the law in particular makes it all right look i can't read this anymore

769
00:51:36,812 --> 00:51:43,992
you're gonna have to hop in offer any tools which include self-custodial bitcoin wallet blockchain

770
00:51:43,992 --> 00:51:51,132
explorers or coin market cap sites the uae citizen i just asked i asked to get a license

771
00:51:51,132 --> 00:51:56,952
offer self-custody yeah i asked maple and it says it criminalizes the use of unlicensed tools like

772
00:51:56,952 --> 00:52:03,472
self-custody while it's even though owning bitcoin remains legal yeah by the way freaks

773
00:52:03,472 --> 00:52:12,192
maple now has um real-time web search built into it which is awesome uh try maple.ai

774
00:52:12,192 --> 00:52:21,032
do they give us a discount code yet i think so try code rhr to try rhr

775
00:52:21,032 --> 00:52:27,172
um speaking of which then only marty gets a cut speaking of which we don't get a cut of this

776
00:52:27,172 --> 00:52:33,992
either but soap miner hopped in the uh the uh nostor live stream and he's offering you freaks

777
00:52:33,992 --> 00:52:39,232
he zapped us 21 000 sats if you need relief from the price action use code rh for 10 off at

778
00:52:39,232 --> 00:52:45,092
soapminer.com have an amazing day freaks we get no kickback from that best soap in the business

779
00:52:45,092 --> 00:52:49,952
best soap in the business we just get that nice clean feeling in the shower with our soaps

780
00:52:49,952 --> 00:52:57,212
i bring it with me i have it in my travel bag now i wrap it up in some paper towels

781
00:52:57,212 --> 00:53:05,352
instead of using the toxic like hotel it's so nice shampoo and it gets around the tsa bullshit of uh

782
00:53:05,352 --> 00:53:13,292
liquids yeah it's bar soap to ban the fucking tsa fuck that fucking ridiculous that's what it took

783
00:53:13,292 --> 00:53:17,832
somebody has flown

784
00:53:17,832 --> 00:53:19,192
somebody has flown

785
00:53:19,192 --> 00:53:24,132
eight flights in the last two weeks

786
00:53:24,132 --> 00:53:26,172
because I've had west coast

787
00:53:26,172 --> 00:53:28,012
both trips with connections

788
00:53:28,012 --> 00:53:29,572
the way there and the way back

789
00:53:29,572 --> 00:53:32,132
I'm all for banning the TSA

790
00:53:32,132 --> 00:53:35,152
eight flights in two weeks

791
00:53:35,152 --> 00:53:35,732
a lot

792
00:53:35,732 --> 00:53:37,052
that just hit me

793
00:53:37,052 --> 00:53:38,212
been in the air a lot

794
00:53:38,212 --> 00:53:43,092
on the topic

795
00:53:43,092 --> 00:53:51,592
of um shilling reflinks go to drink s-o-t-e drink sote.com and use code rhr for salt of the earth

796
00:53:51,592 --> 00:53:57,532
it will change your family's life best electrolytes in the game 15 off 15 don't let

797
00:53:57,532 --> 00:54:03,772
don't let your kids drink soda make them drink healthy electrolytes yeah salty water salty water

798
00:54:03,772 --> 00:54:09,892
did your family start talking about salty water too now yeah while we're at it try try code r we've

799
00:54:09,892 --> 00:54:11,152
We've been saying this for years.

800
00:54:11,272 --> 00:54:12,172
I still don't know if it works.

801
00:54:12,272 --> 00:54:14,412
Try code RHR on CoinKite.

802
00:54:15,312 --> 00:54:16,152
I think it works.

803
00:54:16,332 --> 00:54:17,052
No, it works.

804
00:54:17,932 --> 00:54:18,092
Yeah.

805
00:54:18,712 --> 00:54:20,132
I may have a Black Friday set.

806
00:54:21,072 --> 00:54:22,992
Black Friday through the end of next week.

807
00:54:23,792 --> 00:54:30,212
If you haven't listened, go to SillDispatch.com or search SillDispatch in your favorite podcast app.

808
00:54:30,252 --> 00:54:32,132
I just had NVK on and we argued.

809
00:54:33,852 --> 00:54:35,572
It was a great rip.

810
00:54:35,752 --> 00:54:36,412
It was a fun rip.

811
00:54:36,632 --> 00:54:37,172
That's shocking.

812
00:54:37,372 --> 00:54:37,832
That's shocking.

813
00:54:37,832 --> 00:54:38,732
You two never argue.

814
00:54:39,892 --> 00:54:41,112
I can't believe that.

815
00:54:41,712 --> 00:54:43,032
You're being sarcastic, right?

816
00:54:44,192 --> 00:54:45,772
It's like a daily occurrence.

817
00:54:49,432 --> 00:54:50,392
It's good to see

818
00:54:50,392 --> 00:54:54,992
updates in the Nostraverse

819
00:54:54,992 --> 00:54:55,792
satellite B2.

820
00:54:55,792 --> 00:54:56,752
Wait, wait, wait, wait.

821
00:54:57,512 --> 00:54:59,392
We got to read shoutouts from last week.

822
00:55:00,372 --> 00:55:00,752
Oh, sure.

823
00:55:01,132 --> 00:55:01,652
Do you have them up?

824
00:55:03,372 --> 00:55:04,172
Let me

825
00:55:04,172 --> 00:55:06,392
pull it up real quick.

826
00:55:07,392 --> 00:55:08,972
I saw Sil sent us one yesterday.

827
00:55:09,892 --> 00:55:11,632
Rabbit hole recap.

828
00:55:11,632 --> 00:55:12,392
Oh, that's good.

829
00:55:12,392 --> 00:55:14,272
We're trending so I can just click it.

830
00:55:16,892 --> 00:55:20,032
Top zap last week was Pringle Mac, Ride or Die,

831
00:55:20,032 --> 00:55:23,932
22,222 sats, race car zap,

832
00:55:23,932 --> 00:55:26,952
all sats matter and sats speak louder than words.

833
00:55:26,952 --> 00:55:29,012
Another couple of banger taglines from Odell.

834
00:55:29,012 --> 00:55:29,812
Also, we are going to be

835
00:55:29,856 --> 00:55:32,016
BitBlockBoom this year, so hope to see you there, Marty.

836
00:55:32,396 --> 00:55:34,216
Stay humble, Freaks. Love, Syl and Tony.

837
00:55:35,096 --> 00:55:39,896
I will not be at BitBlockBoom this year, but it's a great conference.

838
00:55:40,416 --> 00:55:46,076
Then we have Ride or Die Freak, Stimmy, 40 hours per week, zapped 21,000 sats.

839
00:55:46,076 --> 00:55:49,716
Shout out to the Bitcoin veterans of Bitcoin Park for a phenomenal summit last week.

840
00:55:49,976 --> 00:55:53,196
Thanks as well to Nifty and BitDesk for letting us knuckle-draggers play along.

841
00:55:53,736 --> 00:55:55,516
Free samurai. Well said.

842
00:55:56,176 --> 00:55:57,376
Love the Bitcoin veterans.

843
00:55:57,376 --> 00:56:00,996
And we did a great show at Bitcoin Park.

844
00:56:02,036 --> 00:56:03,516
But I will say not well said, Stimmy.

845
00:56:05,296 --> 00:56:09,256
Thanks as well to Nifty and BitDevs for letting us knuckle draggers play along.

846
00:56:09,636 --> 00:56:10,936
That is the beauty of BitDevs.

847
00:56:11,096 --> 00:56:12,376
It is open for everybody.

848
00:56:12,376 --> 00:56:20,536
It's a Socratic seminar where anybody who's curious and so willing to put in the effort to show up and ask questions about Bitcoin can do so.

849
00:56:21,076 --> 00:56:26,036
And it's how I learned most of the information I know about the Bitcoin protocol by going to those.

850
00:56:26,036 --> 00:56:33,356
And I was an extreme novice when I first started going to these meetups.

851
00:56:34,376 --> 00:56:37,456
So don't denigrate the people who don't know about it.

852
00:56:37,556 --> 00:56:40,816
You'll be surprised to me how much you learn if you keep showing up.

853
00:56:41,856 --> 00:56:45,036
Yeah, no, that's how we grew up on New York bit devs, the original bit devs.

854
00:56:45,816 --> 00:56:52,076
And I always say a good bit devs means you don't understand 50%, at least 50% of what's going on.

855
00:56:52,076 --> 00:56:59,276
early days of bit devs i was like 90 over my head um put yourself in tough situations grow

856
00:56:59,276 --> 00:57:06,376
through it yeah that's how humans flourish you learn via osmosis over time keep going keep going

857
00:57:06,376 --> 00:57:12,376
freaks especially in bear markets those are the best bit devs too all the uh not saying we're in

858
00:57:12,376 --> 00:57:15,956
a bear market we're still in a super cycle but we're in a little correction so like some people

859
00:57:15,956 --> 00:57:20,236
might get scared away from bit devs you go those are the best ones that's where you i did the

860
00:57:20,236 --> 00:57:26,076
I did successfully call the super cycle cope of just constantly changing the definition of super cycle.

861
00:57:26,876 --> 00:57:32,376
We've just been, ever since Bitcoin existed, we've just been in one big super cycle with multi-year drawdowns.

862
00:57:33,076 --> 00:57:33,516
Yeah.

863
00:57:34,916 --> 00:57:40,516
I really hope, I hope it's, I hope it's just a correction and it's a V-shaped recovery.

864
00:57:40,636 --> 00:57:44,816
Like I'm not trying to do two more years of rabbit hole recap without all time highs.

865
00:57:45,176 --> 00:57:46,176
Like, what have we learned?

866
00:57:46,296 --> 00:57:46,856
What have we learned?

867
00:57:46,976 --> 00:57:48,296
I'm tired, boss.

868
00:57:48,296 --> 00:57:57,636
hey hey buckle up buddy buckle up buddy the freaks need us okay can't be tired this is when

869
00:57:57,636 --> 00:58:01,796
this is when we need to be energized bring in the bring in the well if you want me to be energized

870
00:58:01,796 --> 00:58:08,496
let's not do a morning rip you know i know that's that's on me it's on me this week i will not be

871
00:58:08,496 --> 00:58:15,876
traveling next week so probably be friday next week too since thanksgiving or wednesday or

872
00:58:15,876 --> 00:58:16,916
Actually, no, I can't do Wednesday.

873
00:58:17,296 --> 00:58:20,416
I've got my day before Thanksgiving tradition.

874
00:58:21,116 --> 00:58:22,116
Wait, I wasn't paying attention.

875
00:58:22,216 --> 00:58:23,196
When are we doing it next week?

876
00:58:23,836 --> 00:58:24,196
Friday.

877
00:58:26,716 --> 00:58:27,416
Thanksgiving's Thursday?

878
00:58:28,896 --> 00:58:31,416
Every year since it started.

879
00:58:32,516 --> 00:58:34,756
No, I was just confirming that next week is Thanksgiving.

880
00:58:35,216 --> 00:58:36,116
Yeah, I'm going to have family time.

881
00:58:36,216 --> 00:58:37,016
I could probably do it.

882
00:58:37,036 --> 00:58:37,936
We'll make Friday work.

883
00:58:38,576 --> 00:58:39,596
We're definitely not doing Thursday.

884
00:58:42,336 --> 00:58:43,056
Friday works.

885
00:58:43,156 --> 00:58:44,056
I don't do Black Friday.

886
00:58:45,016 --> 00:58:46,296
Our wives would not be happy.

887
00:58:46,696 --> 00:58:49,056
Honestly, Freaks, with the way the economy is going,

888
00:58:49,296 --> 00:58:52,136
I think any of us with disposable income are going to have –

889
00:58:52,136 --> 00:58:53,496
every Friday is going to be Black Friday.

890
00:58:53,836 --> 00:58:55,356
There's just going to be discounts left and right.

891
00:58:56,536 --> 00:58:57,576
That's a very good point.

892
00:58:59,876 --> 00:59:01,036
You know, it's very good to see.

893
00:59:01,536 --> 00:59:03,096
Satellite version 2 is out.

894
00:59:03,236 --> 00:59:04,916
Stuart Fowman took.

895
00:59:05,656 --> 00:59:07,716
Look, Stuart is a legend among men.

896
00:59:07,716 --> 00:59:11,656
I had the pleasure of meeting him in Riga last year.

897
00:59:12,356 --> 00:59:16,556
Satellite.Earth is what we use to host all of our RHRs on Noster.

898
00:59:17,136 --> 00:59:18,556
It's a great CDN.

899
00:59:18,656 --> 00:59:24,776
It's a great way to host verifiable video through the Noster protocol using Blossom.

900
00:59:25,296 --> 00:59:37,496
So the only place in the world where you can view RHR and know it hasn't been changed by the big tech overlords and your client, your app can actually verify that it hasn't been changed is on Noster.

901
00:59:38,256 --> 00:59:41,076
And us specifically, that's powered by Satellite.

902
00:59:41,076 --> 00:59:43,636
So he just had a huge update with Satellite V2.

903
00:59:43,716 --> 00:59:44,856
He's been working on it for a year.

904
00:59:45,956 --> 00:59:49,856
It's a full Nostra app, but he also improved the CDN.

905
00:59:49,936 --> 00:59:52,596
He also improved the video hosting, all kinds of file hosting.

906
00:59:52,876 --> 00:59:55,276
You can host any file there in a verifiable way.

907
00:59:56,016 --> 00:59:58,716
PDFs, Epstein files, anything you want.

908
01:00:00,476 --> 01:00:01,076
RHR.

909
01:00:01,976 --> 01:00:07,696
I do think people are sleeping on Nostra as distributed WikiLeaks.

910
01:00:07,696 --> 01:00:09,356
so I

911
01:00:09,356 --> 01:00:10,736
I said

912
01:00:10,736 --> 01:00:12,216
it's only a half joke

913
01:00:12,216 --> 01:00:13,376
that the Epstein files

914
01:00:13,376 --> 01:00:14,076
should be on

915
01:00:14,076 --> 01:00:15,696
no we know

916
01:00:15,696 --> 01:00:16,356
we know there's

917
01:00:16,356 --> 01:00:16,996
we know there's

918
01:00:16,996 --> 01:00:17,976
many members

919
01:00:17,976 --> 01:00:19,236
of the US House

920
01:00:19,236 --> 01:00:19,896
representatives

921
01:00:19,896 --> 01:00:21,336
that listen to this show

922
01:00:21,336 --> 01:00:21,916
and

923
01:00:21,916 --> 01:00:24,776
learn how to use a VPN

924
01:00:24,776 --> 01:00:25,936
learn how to set up

925
01:00:25,936 --> 01:00:27,356
an NSEC

926
01:00:27,356 --> 01:00:28,636
and a Nostra Publici

927
01:00:28,636 --> 01:00:30,336
find the client

928
01:00:30,336 --> 01:00:31,776
that makes it conducive

929
01:00:31,776 --> 01:00:32,796
and just drop the files

930
01:00:32,796 --> 01:00:33,556
just drop them

931
01:00:33,556 --> 01:00:34,836
people want them

932
01:00:34,836 --> 01:00:36,536
Mike Johnson

933
01:00:36,536 --> 01:00:37,256
who is Bubba?

934
01:00:37,696 --> 01:00:45,556
yeah i was not expecting to see that email but all of them like they're all

935
01:00:45,556 --> 01:00:50,796
did you see that clinton came out and said it wasn't oh no no epstein's brother came out and

936
01:00:50,796 --> 01:00:57,576
said bubble wasn't bill clinton but he didn't deny the actual comment yeah and then he got

937
01:00:57,576 --> 01:01:00,996
pressed and he got pressed in the interview and he started like pushing back like i'm not answering

938
01:01:00,996 --> 01:01:07,676
these questions but anyway we talked about it with eric talked about oh kyle it is insane like

939
01:01:07,676 --> 01:01:15,096
The Speaker of the House Johnson is saying we can't release these classified information.

940
01:01:15,276 --> 01:01:19,676
We could put intel members at risk.

941
01:01:19,756 --> 01:01:20,276
It's like, what?

942
01:01:22,216 --> 01:01:23,156
What are we doing?

943
01:01:23,416 --> 01:01:24,756
Yeah, release the tapes.

944
01:01:25,336 --> 01:01:34,996
If you're not a – you can protect the victims, but the perpetrators need to be tarred and feathered and worse.

945
01:01:34,996 --> 01:01:40,616
Yeah, that's an implicit admission that Jafri Epstein was an Intel asset.

946
01:01:41,476 --> 01:01:45,636
And if it's going to put our – most people are assuming it's for Mossad.

947
01:01:45,816 --> 01:01:51,216
But if it's going to put our Intel agencies at risk, then it means they were coordinating, collaborating.

948
01:01:51,216 --> 01:01:52,996
It was a combo deal.

949
01:01:53,616 --> 01:01:55,576
It was most likely a combo deal.

950
01:01:56,736 --> 01:02:04,376
But did you – another – speaking while we're on the topic of corruption in the federal government, did you see the autopilot CEO was on the hell this week?

951
01:02:04,996 --> 01:02:07,236
No. What is Autopilot?

952
01:02:07,236 --> 01:02:14,596
Autopilot is the app that lets you copy trade the senators and representatives

953
01:02:14,596 --> 01:02:17,616
that are trading. It's like Pelosi tracker.

954
01:02:17,616 --> 01:02:40,092
They amazing traders It pretty impressive This guy testimony was extremely impressive I pretty sure it was the CEO but he basically like hey we launched this to highlight the abject corruption that exists with the insider trading on the Hill

955
01:02:41,532 --> 01:02:43,472
And they're literally outperformed.

956
01:02:43,672 --> 01:02:52,852
The Pelosi tracker, if it was a hedge fund, the AUM trading behind Pelosi's portfolio is bigger than most hedge funds.

957
01:02:52,972 --> 01:02:55,752
And it's outperforming most hedge funds as well.

958
01:02:56,132 --> 01:03:00,832
And it's like – it's insanely corrupt.

959
01:03:00,972 --> 01:03:03,172
Like overtly corrupt right in front of everybody's face.

960
01:03:03,252 --> 01:03:04,032
And it's across the aisle.

961
01:03:04,112 --> 01:03:05,832
It's not a right versus left thing.

962
01:03:06,132 --> 01:03:17,172
He highlighted many senators and congresspeople on both sides of the aisles that are having their trades tracked and have significant AUM on that uphighlight.

963
01:03:17,172 --> 01:03:32,052
Look, the only way to avoid this is to like, like humans are inherently corrupt. This is why, like, we can't rely on institutions that are centralized, because you just naturally introduce human corruption.

964
01:03:33,732 --> 01:03:44,672
But, you know, as long as there is a government, like there needs to be requirements on divestment and they have to like, I mean, I've seen proposals that they have to be in treasuries.

965
01:03:44,672 --> 01:03:52,392
I'm only half joking, but I like the idea of a proposal that sitting politicians can only hold Bitcoin.

966
01:03:52,572 --> 01:03:55,632
They have to divest and just hold the only neutral asset in the world.

967
01:03:57,052 --> 01:03:58,932
Obviously, I have a little bit of bias there.

968
01:03:59,812 --> 01:04:05,652
But then I think they would be incentivized to improve human flourishing rather than enrich their own pockets.

969
01:04:07,032 --> 01:04:07,832
So that would be awesome.

970
01:04:08,872 --> 01:04:11,952
Get rid of cap gains and force all the politicians to only hold Bitcoin.

971
01:04:11,952 --> 01:04:19,712
well this conversation is all for naught because the next topic is elon musk's taking to the stage

972
01:04:19,712 --> 01:04:23,892
to say that uh nobody's going to have a job and we're not even going to need money so none of

973
01:04:23,892 --> 01:04:28,852
this matters okay he started why are we even talking about this i don't know i listened to

974
01:04:28,852 --> 01:04:37,392
elon's rogan episode and elon's all in episode the cheap rhr clone by the elite tech bros um

975
01:04:37,392 --> 01:04:39,392
which I hate listen to every week.

976
01:04:40,472 --> 01:04:42,972
But he started this idea,

977
01:04:43,132 --> 01:04:45,872
like not basic universal basic income,

978
01:04:45,872 --> 01:04:48,492
but he's bringing in universal high income

979
01:04:48,492 --> 01:04:50,032
that everyone's going to be wealthy.

980
01:04:51,372 --> 01:04:52,792
And it's just straight bullshit.

981
01:04:53,012 --> 01:04:55,832
Like there's no way that's how it's going to play out.

982
01:04:56,192 --> 01:04:58,412
And I do wonder, like, does he believe it?

983
01:04:58,712 --> 01:05:00,172
Or does he know it's bullshit?

984
01:05:01,072 --> 01:05:04,372
But it's amazing to me that he can say it with a straight face.

985
01:05:04,452 --> 01:05:06,692
It's amazing to me that Rogan took it with a straight face.

986
01:05:06,692 --> 01:05:11,532
he's like oh we're just all gonna be wealthy like we're gonna have no jobs and have no worries like

987
01:05:11,532 --> 01:05:19,692
that's fantastic and then they just ended the episode i think what he may actually believe it

988
01:05:19,692 --> 01:05:26,052
i think he may believe it but uh or actually no maybe this is how he has to position it like

989
01:05:26,052 --> 01:05:33,912
before like there's no going back that's what he's saying yeah he's doing like the

990
01:05:33,912 --> 01:05:41,972
the narrative technique of you just go to the extreme opposite side um as cover because no

991
01:05:41,972 --> 01:05:48,092
people are gonna fucking hurt like it's gonna be like it's gonna be bad and it's one of those

992
01:05:48,092 --> 01:05:52,872
out-of-touch things that like trillionaires say well he's the only trillionaire but that billionaires

993
01:05:52,872 --> 01:05:58,392
say yeah i just like he's not a trillionaire yet he's gonna hit those uh kpis first oh are they

994
01:05:58,392 --> 01:06:03,892
factoring that in like his bonuses and stuff yeah it was an options package like he doesn't

995
01:06:03,892 --> 01:06:06,272
None of that triggers until it hits certain.

996
01:06:06,392 --> 01:06:09,412
Oh, they were like factoring in that he owns 25% of Tesla or whatever.

997
01:06:10,072 --> 01:06:12,352
Anyway, he will be a trillionaire eventually.

998
01:06:13,532 --> 01:06:18,592
I have very little doubt in my mind that the dude is very, very good at executing.

999
01:06:18,972 --> 01:06:22,972
But he's full of shit when he says that everyone's going to have universal high income and not have to work.

1000
01:06:24,632 --> 01:06:26,352
That's some make-believe bullshit.

1001
01:06:27,712 --> 01:06:29,932
And he shouldn't be allowed to say it with a straight face.

1002
01:06:29,932 --> 01:06:32,732
Like anyone interviewing him when he says that shit should just be like,

1003
01:06:32,732 --> 01:06:34,152
you're full of shit.

1004
01:06:34,972 --> 01:06:35,652
Defend it.

1005
01:06:36,732 --> 01:06:37,852
And everybody's like,

1006
01:06:37,952 --> 01:06:39,572
we're going to have a world of infinite abundance.

1007
01:06:39,572 --> 01:06:40,412
And that's just like,

1008
01:06:40,452 --> 01:06:41,872
no resources are scarce.

1009
01:06:42,872 --> 01:06:43,332
Yes.

1010
01:06:43,492 --> 01:06:44,812
Things may be more abundant.

1011
01:06:45,792 --> 01:06:52,732
If the success of AI is as big as many in Silicon Valley,

1012
01:06:53,012 --> 01:06:54,232
I think it's going to be,

1013
01:06:54,292 --> 01:06:56,412
and it can make many things more abundant,

1014
01:06:56,412 --> 01:06:59,852
but it doesn't mean that they're infinitely abundant.

1015
01:06:59,932 --> 01:07:16,172
Yes, you can have, I guess, infinite abundance in the digital world, but we are physical beings that need to live somewhere, eat things, and move about the world.

1016
01:07:16,592 --> 01:07:18,672
That is a very limited physical space.

1017
01:07:18,672 --> 01:07:29,072
if you count a universal high income as plugging into a sex pod and uh having intravenous uh

1018
01:07:29,072 --> 01:07:34,932
nutrients being poured into you while you live in your little ai dreamscape um

1019
01:07:34,932 --> 01:07:40,912
maybe that's what he means but i wouldn't call that universal high income and i wouldn't call

1020
01:07:40,912 --> 01:07:48,212
that a good life no you know what else is not a good life being a gooner in a rep

1021
01:07:48,212 --> 01:07:55,912
rep uh brad sherman was gooning on a plane um okay so why do you think i put this in the list

1022
01:07:55,912 --> 01:08:04,172
you link to this yeah so marty um oh let's talk about porn

1023
01:08:04,172 --> 01:08:17,392
logan marty um first of all rep rep sherman is uh has been super anti-bitcoin forever um

1024
01:08:17,392 --> 01:08:28,692
And he kind of understands Bitcoin more than most politicians, though, because the reason he's anti-Bitcoin is because he thinks it undermines the U.S. fiat hegemony, which he's correct about.

1025
01:08:30,112 --> 01:08:32,032
But he's super anti-Bitcoin.

1026
01:08:32,032 --> 01:08:43,712
And this picture went viral of him on an airplane looking at what a lot of people thought was Pornhub or something equivalent to it.

1027
01:08:43,712 --> 01:08:46,192
No, they're just scantily dressed women.

1028
01:08:47,392 --> 01:08:54,332
But Marty being the anti-porn influencer that he was,

1029
01:08:54,512 --> 01:08:57,872
didn't skip a moment to call him out.

1030
01:08:58,812 --> 01:09:02,312
But did you see that it turned out that he was just on the 4U feed of X?

1031
01:09:04,672 --> 01:09:05,672
Is that what he's saying?

1032
01:09:06,692 --> 01:09:08,012
No, you can look at the screenshots.

1033
01:09:08,172 --> 01:09:09,092
It's clearly X.

1034
01:09:09,212 --> 01:09:10,192
He's just like on an iPad.

1035
01:09:10,852 --> 01:09:11,892
He's on X on an iPad.

1036
01:09:11,892 --> 01:09:12,652
It doesn't change it.

1037
01:09:12,712 --> 01:09:13,372
It doesn't change it.

1038
01:09:13,432 --> 01:09:15,892
That Algo is feeding his desires, which is...

1039
01:09:15,892 --> 01:09:30,988
No So my question for you Marty is as someone who I think rightfully thinks that porn is a massive negative for our society and for our kids How do you feel feeding into the system that is

1040
01:09:31,088 --> 01:09:35,808
that is basically porn on everyone's phones, which is X for you.

1041
01:09:41,448 --> 01:09:42,268
I don't know.

1042
01:09:42,268 --> 01:09:45,928
Are you, are you just, are you, are you building your businesses on porn up?

1043
01:09:45,928 --> 01:09:47,928
Is that basically what you're doing? And you just,

1044
01:09:48,228 --> 01:09:49,448
are you an only fans influencer?

1045
01:09:49,448 --> 01:10:12,268
No, the algo is what you're making. I'm looking at my For You tab right now, and it's very, very clean. A lot of economic data. We've got Joe Weisendahl, a lot of Bitcoin talk. There's some Eagles highlights. It's good. We've got a beautiful picture of the skyline of Philadelphia here. Some talk about Somalians that need to be deported. It's a good For You tab.

1046
01:10:12,268 --> 01:10:16,968
I mean, it's going to feed into the stuff that you're interested in.

1047
01:10:17,248 --> 01:10:26,248
Brad Sherman, Rep Sherman, I would highly recommend that you divert your interest towards worthwhile and more wholesome endeavors.

1048
01:10:26,808 --> 01:10:37,928
Well, obviously, X is a black box and no one knows what's actually going on in there except for Elon and his team.

1049
01:10:37,928 --> 01:10:44,328
but I would go to reason that a high percentage of X feeds look like

1050
01:10:44,328 --> 01:10:45,868
representative Shermans.

1051
01:10:48,308 --> 01:10:49,768
I would agree.

1052
01:10:50,028 --> 01:10:54,128
And a very low percentage look like your feed.

1053
01:10:54,868 --> 01:10:59,328
And I think it says more about the individual than the algo.

1054
01:11:00,108 --> 01:11:01,948
I think it says a lot about society.

1055
01:11:02,848 --> 01:11:03,008
Yeah.

1056
01:11:03,008 --> 01:11:11,788
um i see i see all of you egging logan on to hit the soundboard in the chat i know i appreciate it

1057
01:11:11,788 --> 01:11:19,008
uh i do appreciate uh fizibles though for the 21 000 sat zap cheap sats at the moment thank you

1058
01:11:19,728 --> 01:11:31,608
thank you for your support freaks it keeps us going it does and we do um we do it to wrap up

1059
01:11:31,608 --> 01:11:32,568
I have to get ready for this wedding.

1060
01:11:32,748 --> 01:11:33,888
It starts in a couple hours.

1061
01:11:34,408 --> 01:11:39,968
And we do have one more topic, which is the Cloudflare outage.

1062
01:11:40,388 --> 01:11:44,968
And you don't have it on the list, but interested to get your thoughts on it,

1063
01:11:44,988 --> 01:11:45,828
why you put it on the list.

1064
01:11:45,908 --> 01:11:47,768
And I've certainly got some thoughts on it as well.

1065
01:11:48,568 --> 01:11:50,148
Well, I mean, half the internet went down.

1066
01:11:51,108 --> 01:11:51,188
Yeah.

1067
01:11:51,728 --> 01:11:57,308
Cloudflare is a government op, or at least a quasi-government op,

1068
01:11:57,308 --> 01:12:01,028
that's basically a protection racket,

1069
01:12:01,148 --> 01:12:02,628
like the old school mafia bosses

1070
01:12:02,628 --> 01:12:05,488
where they would go in and destroy a hardware store

1071
01:12:05,488 --> 01:12:06,108
and then be like,

1072
01:12:06,148 --> 01:12:07,528
do you want protection from ourselves?

1073
01:12:07,748 --> 01:12:10,568
And then we'll protect your hardware store for a fee

1074
01:12:10,568 --> 01:12:12,988
is what Cloudflare does.

1075
01:12:13,768 --> 01:12:15,988
Like I'm pretty sure at least

1076
01:12:15,988 --> 01:12:19,248
if they're not doing it directly,

1077
01:12:19,768 --> 01:12:22,608
people they're affiliated with are DDoSing sites

1078
01:12:22,608 --> 01:12:24,368
to push them onto Cloudflare.

1079
01:12:24,368 --> 01:12:26,328
And then Cloudflare sits as a man in the middle.

1080
01:12:26,328 --> 01:12:34,628
And on the Bitcoin side, so Cloudflare is supposed to protect you from your site getting attacked and taken down by a boatload of traffic.

1081
01:12:34,948 --> 01:12:39,828
So they end up sitting in the middle of a ton of popular websites, including pretty much every Bitcoin exchange.

1082
01:12:41,488 --> 01:12:46,828
So when Cloudflare went down, X went down, most Bitcoin exchanges went down.

1083
01:12:48,788 --> 01:12:50,288
Huge central point of failure.

1084
01:12:50,288 --> 01:13:02,868
So I think it's important to note how fragile that relationship is, but also how much trust is involved in developers putting Cloudflare between them and their users.

1085
01:13:03,148 --> 01:13:07,708
And unfortunately, you know, there's not easy answers because it's definitely an economies of scale thing.

1086
01:13:07,708 --> 01:13:21,368
You can try and mitigate potential DDoS vectors yourself, but it can get quite expensive and way less effective than if you use Cloudflare.

1087
01:13:24,588 --> 01:13:27,628
Well, props where props are due in the space river.

1088
01:13:28,548 --> 01:13:32,648
I know Alex and his team have intentionally been building their backend systems in a way to avoid it.

1089
01:13:32,968 --> 01:13:36,828
I think they successfully avoided the Cloudflare outage.

1090
01:13:36,828 --> 01:13:38,228
I think they're using Elixir.

1091
01:13:38,848 --> 01:13:41,308
I think they open source a lot of it too, if you're interested.

1092
01:13:44,208 --> 01:13:45,768
Saw Alex this week as well.

1093
01:13:46,128 --> 01:13:47,188
It's good catching up with him.

1094
01:13:48,128 --> 01:13:50,988
The other thing I wanted to bring out with this cloud for outage,

1095
01:13:51,028 --> 01:13:53,968
did you see the Anthropic postmortem they did last week?

1096
01:13:55,228 --> 01:13:59,028
What, the malicious people were using Anthropic to attack websites?

1097
01:13:59,028 --> 01:14:20,348
They're saying the Chinese government was using the LLMs, the Claude LLMs, different Claude LLMs, agents and Anthropics, MCP framework to basically wage cyber attacks on critical systems.

1098
01:14:20,348 --> 01:14:22,268
And I just want to highlight this.

1099
01:14:23,168 --> 01:14:24,908
Remember the newsletter I wrote earlier this week on it?

1100
01:14:24,968 --> 01:14:43,348
Because if you read it, the tone is such that Anthropics is like, hey, there's these Chinese cyber espionage attackers using our agents and our MCP framework to do relatively cheap and quick attacks on critical systems.

1101
01:14:45,088 --> 01:14:47,248
And it seems like a feel-good story.

1102
01:14:47,428 --> 01:14:49,788
Like, hey, we were able to identify and stop this.

1103
01:14:49,788 --> 01:15:00,868
If you read between the lines, what I'm reading between the lines is that Anthropic is trying to create a problem reaction solution narrative where they're really in the postmortem.

1104
01:15:01,008 --> 01:15:13,688
They were like, if we weren't able to see that these cyber attackers were using RLLMs and we weren't able to see their prompts in the way that they were connecting with the MCP, we wouldn't have been able to stop this.

1105
01:15:13,688 --> 01:15:16,088
And I think it's just something to keep an eye on.

1106
01:15:16,088 --> 01:15:22,168
I think the big players in the AI world are really going to be gunning for regulatory

1107
01:15:22,168 --> 01:15:22,688
moats.

1108
01:15:22,688 --> 01:15:28,768
And one of the narratives they're going to be running with is you need us to be some

1109
01:15:28,768 --> 01:15:33,528
of the few actors that are actually able to train and launch these LLMs.

1110
01:15:33,688 --> 01:15:40,088
Because if they're open source LLMs or self-hosted, or if they have a model like Maple does where

1111
01:15:40,088 --> 01:15:43,868
you're doing confidential compute in a secure enclaves, we're not going to have visibility

1112
01:15:43,868 --> 01:15:45,848
and the hackers are just going to be able to run wild.

1113
01:15:46,088 --> 01:15:47,308
And I think that's a narrative.

1114
01:15:47,308 --> 01:15:49,628
Yeah, it's 100%.

1115
01:15:49,628 --> 01:15:51,088
And they have been running with that narrative.

1116
01:15:52,068 --> 01:15:59,788
And Anthropic specifically has been one of the most guilty of running with that narrative of, quote unquote, safe AI and the threat of AI.

1117
01:15:59,788 --> 01:16:12,528
And they constantly around their fundraisers release research papers and whatnot about the dangers of AI and that we're going to have Skynet if we don't have regulatory moats.

1118
01:16:12,528 --> 01:16:17,488
And if you want an example in the Bitcoin space, this is what Coinbase did with the BitLicense.

1119
01:16:18,768 --> 01:16:29,404
Coinbase had first mover advantage they had a ton of capital and they could afford heavy regulations So they lobbied for regulations so that other exchanges

1120
01:16:29,404 --> 01:16:31,384
and other brokerage services

1121
01:16:31,384 --> 01:16:32,264
you have long enough,

1122
01:16:32,344 --> 01:16:34,384
assuming there's a continued improvement in

1123
01:16:34,384 --> 01:16:35,964
a harder time to compete.

1124
01:16:36,664 --> 01:16:38,144
You're just playing Elon in the background.

1125
01:16:38,544 --> 01:16:39,744
I was sitting here doing nothing

1126
01:16:39,744 --> 01:16:42,544
and that page just decided to play the video.

1127
01:16:42,704 --> 01:16:43,824
I didn't even have it up.

1128
01:16:43,924 --> 01:16:44,904
I was on a different tab.

1129
01:16:45,244 --> 01:16:46,484
That sounds like an excuse.

1130
01:16:46,484 --> 01:16:47,804
But anyway, this is

1131
01:16:47,804 --> 01:16:51,824
This is what Coinbase did in the Bitcoin space.

1132
01:16:52,004 --> 01:16:53,404
We've seen this time and time again.

1133
01:16:54,744 --> 01:16:56,684
And I remember, I don't know if you remember back,

1134
01:16:56,924 --> 01:16:57,964
that narrative was like,

1135
01:16:58,084 --> 01:17:00,544
you shouldn't be able to launch an exchange in a garage.

1136
01:17:01,604 --> 01:17:05,124
And it's a similar thing.

1137
01:17:05,224 --> 01:17:06,464
This is just eternal September.

1138
01:17:06,624 --> 01:17:08,784
It just rinse and repeat happens over and over again.

1139
01:17:08,884 --> 01:17:09,884
Fuck regulatory modes.

1140
01:17:10,184 --> 01:17:11,204
They hurt end users.

1141
01:17:12,244 --> 01:17:14,324
And you pretend that they're protecting end users,

1142
01:17:14,444 --> 01:17:15,184
but they're not actually.

1143
01:17:16,024 --> 01:17:16,464
Yeah.

1144
01:17:17,804 --> 01:17:22,824
This isn't to say that these AI attacks aren't real and they won't happen.

1145
01:17:22,924 --> 01:17:40,964
They're certainly real and they certainly will continue to happen at an increasing accelerating pace because it's so cheap and it's very easy to, especially if you're a savvy hacker, to basically daisy chain these agents together via these MCP frameworks to wage these attacks.

1146
01:17:40,964 --> 01:17:52,624
But the lesson shouldn't be, hey, we need every LLM provider to have a license and we need visibility into every single input into our system.

1147
01:17:52,824 --> 01:17:56,044
We need access to all the data in our AI systems.

1148
01:17:56,164 --> 01:18:05,024
The lesson should be, like we've been saying for years in the Bitcoin space, particularly as it pertains to ransomware, people need to secure their systems better.

1149
01:18:05,204 --> 01:18:08,704
Better passwords, better process controls, all this stuff.

1150
01:18:08,704 --> 01:18:14,164
no like to put it succinctly like the bad actors are going to use this shit anyway

1151
01:18:14,164 --> 01:18:19,944
it just hurts good people yeah like it's you just you're you're putting a surveillance regime and

1152
01:18:19,944 --> 01:18:24,684
control regime in place pretending that it's going to stop bad actors bad actors get around

1153
01:18:24,684 --> 01:18:28,884
it because they're savvy and they have the the capital needs to get around it and they don't

1154
01:18:28,884 --> 01:18:33,584
care about breaking the law because they're fucking criminals in the first place um and

1155
01:18:33,584 --> 01:18:41,344
then good people get fucked. We see this with KYC, you know, KYC identity requirements on people

1156
01:18:41,344 --> 01:18:44,884
that are using financial products or any other product because KYC is spreading throughout

1157
01:18:44,884 --> 01:18:51,224
our digital lives doesn't stop criminals because criminals just use bought, sold,

1158
01:18:51,224 --> 01:18:59,824
faked documents, or they go through other means in order to transact or use these systems. So

1159
01:18:59,824 --> 01:19:03,484
So call out the bullshit, fade the bullshit.

1160
01:19:03,704 --> 01:19:06,144
Don't let them gaslight you, gaslight us.

1161
01:19:07,204 --> 01:19:11,044
You're not going to have universal high income either unless you work for it.

1162
01:19:11,704 --> 01:19:14,124
I mean, if we're not going to get the super cycle,

1163
01:19:14,224 --> 01:19:15,744
at least we're going to have universal high income.

1164
01:19:17,024 --> 01:19:17,424
Yes.

1165
01:19:18,424 --> 01:19:18,964
Come on.

1166
01:19:18,964 --> 01:19:21,084
The fiat super cycle version.

1167
01:19:22,264 --> 01:19:25,764
We've always been in a super cycle since the dawn of Bitcoin

1168
01:19:25,764 --> 01:19:28,564
with small corrections that are oftentimes multi-year.

1169
01:19:29,824 --> 01:19:30,684
it's just a flesh wound.

1170
01:19:30,864 --> 01:19:32,064
It's just a flesh wound freaks.

1171
01:19:32,164 --> 01:19:32,344
Okay.

1172
01:19:34,304 --> 01:19:36,144
There's a lot of people hopping in that tweet.

1173
01:19:36,204 --> 01:19:36,704
I sent out,

1174
01:19:36,764 --> 01:19:37,084
uh,

1175
01:19:37,704 --> 01:19:40,564
trying to draw people to the episode and I was being facetious.

1176
01:19:40,964 --> 01:19:41,404
I am empathetic.

1177
01:19:41,404 --> 01:19:42,544
People are fucking,

1178
01:19:42,544 --> 01:19:45,364
a lot of people are wrecked right now,

1179
01:19:45,624 --> 01:19:46,164
particularly.

1180
01:19:46,524 --> 01:19:46,984
I mean,

1181
01:19:47,084 --> 01:19:47,384
the,

1182
01:19:47,464 --> 01:19:49,704
the real question you want to talk about personal responsibility.

1183
01:19:49,704 --> 01:19:50,064
I mean,

1184
01:19:50,084 --> 01:19:50,904
the real question is,

1185
01:19:51,324 --> 01:19:51,704
I won't,

1186
01:19:51,804 --> 01:19:52,084
I,

1187
01:19:52,324 --> 01:19:54,364
I bet you,

1188
01:19:54,464 --> 01:19:57,724
I'm going to be able to count the number of influencers that,

1189
01:19:57,724 --> 01:19:58,124
uh,

1190
01:19:58,124 --> 01:20:02,984
admit that they were wrong for pushing people into leverage Bitcoin stocks.

1191
01:20:03,624 --> 01:20:06,144
On one hand, there's not going to be many.

1192
01:20:06,244 --> 01:20:07,604
Most of them are just going to brush it off,

1193
01:20:07,704 --> 01:20:10,804
write a book about living an extraordinary life and then onto the next

1194
01:20:10,804 --> 01:20:11,124
scam.

1195
01:20:14,304 --> 01:20:15,824
Be aware. Hey, we weren't, Hey,

1196
01:20:15,904 --> 01:20:17,904
we did a good job of getting in front of that this summer.

1197
01:20:18,904 --> 01:20:21,664
Paper Bitcoin summer was raging. We were,

1198
01:20:21,784 --> 01:20:26,284
I like to think the level headed individuals in the room saying,

1199
01:20:26,284 --> 01:20:28,524
it sounds too good to be true

1200
01:20:28,524 --> 01:20:35,324
I'm tired boss

1201
01:20:35,324 --> 01:20:36,884
I'm tired boss too

1202
01:20:36,884 --> 01:20:37,984
I mean that too

1203
01:20:37,984 --> 01:20:38,904
I mean with the price

1204
01:20:38,904 --> 01:20:40,324
I think

1205
01:20:40,324 --> 01:20:42,004
maybe we'll end on this

1206
01:20:42,004 --> 01:20:42,324
like

1207
01:20:42,324 --> 01:20:44,144
since you mentioned it earlier

1208
01:20:44,144 --> 01:20:45,584
in the day-to-day

1209
01:20:45,584 --> 01:20:46,744
workings with Strike

1210
01:20:46,744 --> 01:20:47,484
a lot of questions

1211
01:20:47,484 --> 01:20:48,424
about the loan product

1212
01:20:48,424 --> 01:20:49,104
in this

1213
01:20:49,104 --> 01:20:51,004
volatile price environment

1214
01:20:51,004 --> 01:20:51,884
what would you say

1215
01:20:51,884 --> 01:20:52,444
about

1216
01:20:52,444 --> 01:20:53,784
or how would you answer

1217
01:20:53,784 --> 01:20:54,264
the questions

1218
01:20:54,264 --> 01:20:54,784
like

1219
01:20:54,784 --> 01:20:59,304
I think if you're going to take a loan out, you should be very conservative about it,

1220
01:20:59,504 --> 01:21:09,324
about how much you take out. Less is more. And I think you should heavily over collateralize it.

1221
01:21:10,144 --> 01:21:17,624
You go in, Strike specifically has a very clean, transparent UX on liquidation levels and margin

1222
01:21:17,624 --> 01:21:23,624
call levels. And make sure that number is as low as possible because scam wicks rule everything

1223
01:21:23,624 --> 01:21:31,504
around us. And you don't know how volatile things can be. So be careful there. I will just say that

1224
01:21:31,504 --> 01:21:39,364
on the strike side, there's a requirement for 50% LTV. So loans are already pretty over

1225
01:21:39,364 --> 01:21:47,044
collateralized by default. Users can't be more reckless than that. And there haven't been any

1226
01:21:47,044 --> 01:21:53,604
liquidations yet. You know, there, there could, there could be markets going to market.

1227
01:21:54,124 --> 01:22:00,744
Really happens till 85% LTV too, which is correct. And so the things that have been going viral of

1228
01:22:00,744 --> 01:22:06,244
like the notification saying to top up your loan collateral is actually the strike team being

1229
01:22:06,244 --> 01:22:11,104
proactive and being like, you're at 60%, you should add more, you should have more collateral

1230
01:22:11,104 --> 01:22:15,224
or pay down your loan. Cause there's no origination fees or early termination fees. So you can actually

1231
01:22:15,224 --> 01:22:19,164
You pay down your loan at will whenever you want or add collateral and move collateral.

1232
01:22:20,444 --> 01:22:22,464
So that's what those notifications are.

1233
01:22:23,684 --> 01:22:36,104
Just to like ideally, you know, in a perfect world, people like extremely over collateralize and don't take out, you know, a significant portion of their Bitcoin stack in terms of loans.

1234
01:22:36,444 --> 01:22:41,824
But there's no way for Strike to know like what your total stack size is.

1235
01:22:41,824 --> 01:22:48,104
so we can't enforce like you know don't take out more than five percent of your total stack size

1236
01:22:48,104 --> 01:22:52,124
or whatever it's like we don't want to know your total stack size yeah will you please get that

1237
01:22:52,124 --> 01:22:59,284
dog a diaper come on i can't i can't listen to a struggle anymore just get a diaper no she will

1238
01:22:59,284 --> 01:23:04,764
not get a diaper um but she will be allowed out of the office since we're wrapping now anyway freaks

1239
01:23:04,764 --> 01:23:05,584
Love you all.

1240
01:23:06,124 --> 01:23:07,024
Stay humble, Stocksets.

1241
01:23:07,604 --> 01:23:10,084
Hey, keep your heads on.

1242
01:23:11,364 --> 01:23:11,984
Nothing new.

1243
01:23:12,044 --> 01:23:13,304
We're going to be here week in and week out.

1244
01:23:14,104 --> 01:23:14,984
Don't get too emotional.

1245
01:23:16,224 --> 01:23:16,804
Peace and love.

1246
01:23:17,184 --> 01:23:17,364
Okay.