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You've had a dynamic where money's become freer than free.
If you talk about a Fed just gone nuts, all the central banks going nuts.
So it's all acting like safe haven.
I believe that in a world where central bankers are tripping over themselves to devalue their currency, Bitcoin wins.
In the world of fiat currencies, Bitcoin is the victor.
I mean, that's part of the bull case for Bitcoin.
If you're not paying attention, you probably should be.
Just one of those days, Matt, you know.
One of those days, Bitcoin's dumping.
I'm back in my father-in-law's bedroom.
We're celebrating the Bitcoin dump here.
What are you drinking there? Is that champagne?
Well, champagne. You got to celebrate these opportunities to buy Bitcoin low.
It's pretty fucked up. It's pretty fucked up that you required a morning rip this week,
and you're drinking and I'm not.
But I'm on the coffee salt of the earth grind over here.
Cheers to you, sir.
I'm an hour earlier than you.
Cheers, salt of the earth.
You're an hour earlier than me
and I've got a wedding today.
Fair enough.
Freaks, you know it's officially a bear market
because Marty's in his father-in-law's bedroom.
Last time he was streaming from his father-in-law's bedroom,
they manufactured a pandemic
and locked us all in our houses.
So, um, Marty, you promised me a super cycle.
Uh, I know I was, I was publicly, publicly against that call, but God, I was really,
I was really hoping you were right on that one.
Hey, Hey, it's too early.
It's too early to call it, to call it, you know?
No, I think not only did you call it super cycle, you said no more dumps.
You specifically said no more dumps.
And, uh, that was on me.
You get a little excited.
You get a little excited when the price is running up.
I think anybody listening right now is scared.
You got to reframe your brain.
Do a little Scott Adams work.
Reframe.
It's not the sky is falling.
The price of Bitcoin is falling.
Oh, my gosh, what's happening?
We're all going to be poor.
It's like, oh, reframe.
Sats are cheap.
I should pick some up.
It's an early Black Friday sale, basically.
Yeah, exactly.
I don't know. I think, I think, uh, well, I mean, people should stay humble,
stack sets. I think if more people stay humble than stack sets,
they'd be in better position right now. Um, the humble parts, the hard part,
it's the most important part. Uh, Bitcoin is a marathon, not a sprint.
You don't want to get wrecked before hyper Bitcoinization. Um,
but I do think, I don't think we've bottomed yet. I think we go lower.
You think so?
I'm my,
I do not pretend to have any idea where we go,
but I'm thinking like low seventies bottom.
I don't know where we go.
You think low seventies?
Do you see what I named this episode?
No,
not yet.
What'd you,
what'd you call it?
Um,
I don't like,
we've been talking about it for six months now.
We've basically been in a quiet depression.
So like the macro landscape is fucking horrible.
So on the macro side, it's fucking horrible.
October 10th, the great shitcoin market crash where Binance went down for 30 minutes.
Like I'm pretty sure a bunch of shitcoin shops, big shitcoin shops got absolutely wrecked.
And those bodies haven't surfaced yet.
Like I'm pretty sure on the Bitcoin side, we've seen force selling from a bunch of those guys.
um meanwhile you have all the bitcoin stocks the leveraged bitcoin stocks that are just completely
in the shitter and the narrative surrounding them i mean i don't know if you saw but naka's uh
call spaces came out and they literally top ticked 126 it's like literally top take so at least from
a narrative point of view um some of those guys need to unwind i don't know how much like actual
number was how much real sell pressure is there um in their defense i top ticked too i was buying
the top as well so hopefully yeah but like your full cost basis your entire average cost basis
is not the literal top uh you have to be like like that's an impressive impressive fail um and uh
Everyone like Japan seems like it's breaking.
SoftBank opened 10% down.
NVIDIA, the most valuable company in the world, is trading like a fucking shit coin.
And everyone's waiting to see liquidity get ejected into the system.
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.
The question is, when will that happen?
not really if.
So I think there's probably a little bit more pain.
There's probably a little bit more pain to see,
but regardless, the advice remains the same,
which is to stay humble, stack stats, hold self-custody,
don't get wrecked, buy real Bitcoin,
don't buy Bitcoin stocks.
I'm getting a lot of texts this morning,
like, should I buy?
What should I buy?
it's just like yes you should buy and just buy bitcoin yeah i mean to that point yeah go on
to the point to your point about money printing um few freaks you think i look a little groggy
right now it's because i am uh i had second week in a row of red eye flights from the west coast
and i did not sleep on this red eye flight so i'm exhausted but while i was on the flight
I did find some time to read some articles on Zero Hedge.
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.
Yeah, I mean, they have no choice.
Yeah.
And, you know, we live in a global world, particularly on the Bitcoin side, and everything's connected here, liquidity-wise.
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.
I was talking to Mallers earlier, and Strike, all sounds good.
We have record volumes today.
Website hasn't gone down.
App hasn't gone down.
It's working as expected.
and I mean it's crazy
we've almost broke our daily record
in terms of buy sell
and it's only 10, 20 a.m.
on the east coast right now
so it'll definitely be a record day
right now for the freaks wondering
it's a stat that I like to track
61% buy side
so on strike it's 39% of the volume
is people selling
and 61% is people buying
you'll have to see it more buyers for sellers i was in san francisco this week
spent a lot of time at presidio bitcoin talking with some incredible bitcoiners
and it's still funny like even even some of us who've been in in it for a while
i was asked like what's driving the price lower like i'm at the point my bitcoin journey was just
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
getting out i think on chain data a few weeks ago proved that there certainly was og selling but
i don't know if that's the drive right now look the ogs always sell um in every bull market that's uh
that's how free markets work right and that's how bitcoin gets distributed to new people
um was this was this time a higher magnitude in terms of absolute numbers yeah because bitcoin
in terms of absolute numbers have the highest market cap and most liquidity and now we had
etfs and stuff to sell into um but i don't know percentage wise if that's the case i mean you
could say like percentage wise people that have held for greater than 10 years but it's also
because bitcoin's older like last cycle there was way less people that could have owned bitcoin for
10 years. So I mean, that's definitely a little part of it. I think the macro side is big. I see
a Bitcoin knots person in the comments. And I will say that is finally circled into Norman land.
One of my high school friends asked me if the Bitcoin core, most recent Bitcoin core release
is the reason for the collapse. And I will just say that if you think that's the reason that
Bitcoin's down, you're retarded. And I expect when we hit new all-time highs again, and the
op return change has not been reverted, for all of you that are claiming that that's the case,
to admit that you were wrong. And if Bitcoin goes to zero, then I'll admit that I was wrong.
How about that? We can have a deal. I had somebody in my menchies yesterday be like,
Bitcoin Core V30 only has 11% adoption, like proven failure.
It's like, come on, this is everybody, or not everybody, obviously not everybody,
but the typical trend that you'll see when a new version is released,
it's a relatively slow uptick.
You'll have people test it out.
Nobody's really in a rush.
Upgrade, just because Core version 30 is only at 11% now doesn't mean it won't increase
or that that's a signal that – a strong signal.
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
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.
But the fascination with node counts needs to die because it's the easiest metric to fake.
That's why proof of work exists.
Um, so a single person can run, you know, thousands of nodes that doesn't actually change anything on the network.
Um, it matters how many individuals are actually running and using their own node.
Um, I would say on the narrative side, in terms of FUD, you know, every Bitcoin downturn, we have our share of FUD.
Usually it's the same, same FUD.
Um, the new one this year, the new one this time around is quantum.
Like a lot of, a lot of, uh, high net worth investors, institutions, I think are thinking about the quantum question.
I know Preston recently had a podcast where it was focused on quantum and spooked a bunch of people.
I've been getting a lot of questions about it.
I will just say that I don't think it's a real risk.
Definitely not in the short term.
But I do think from a project side, we should be prioritizing mitigations in the next five years or so.
So at the very least, just to have a good answer to the narrative, right?
Regardless of whether you think it's technically necessary or not.
But it's not something that keeps me up at night.
No, and we've addressed this many times in the past.
Like if quantum comes, like Bitcoin's not the only thing that...
Yeah, but I don't think that's like a reasonable answer for a high net worth.
no but everybody's like oh they're gonna like bitcoin screwed and they act like nothing else
is susceptible i know but the the answer should be like if you're concerned about this you can
move into a quantum resistant address type um you have that option available to you
um and uh i i think it's there's some decent proposals out there and we'll get that done
yeah i see the freaks are alive and well in our nostril live chat the easiest way to join the
nostril live chat is downloading primal in your favorite app store we have florida justin zapped
22 222 sats palindrome zap mandibles then bitcoin standards heading to a flight
too glad you went live now um it really does feel like mandibles marty don't you don't you
see some similarities with the books yes yes and to correct uh to correct that sentence it's
i'm headed to a flight two glad you're live now and i said books but it's just one book
but read mandibles if you haven't yet we're living through it mandibles and then bitcoin
standard. Mav21, Ride or Die Freak, ZAP 21,000 sats. Thank you, sir, for your support. And Keith
Miola, ZAP 21,112 sats. I've been a ride or die for a year, but don't get to make it live too
often. Thanks for the signal. Race car, ZAP. Race car, race car. Another palindrome.
Another palindrome. All right, let's get to the list. But before we get to the list,
Let's go to Clark's dashboard to fill you freaks in in the incredible state of the Bitcoin network.
We're sitting at a price of 83,110 cuck bucks.
Sats are on sale.
One cuck buck is going to get you more than 1,000 sats.
Currently 1,203 sats.
We're looking at a $1.66 trillion market cap.
We are currently 34.1% below the all-time high, which is $126,160.
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.
That is this year, so that's five days from now, looking like a negative downward adjustment of 2.1%.
blocks have been coming in at 10 minutes and 13 seconds on average this would be the second
negative difficulty adjustment in a row currently there are 3 266 transactions
in clark's mempool if we go over to mempool.space we will see that there are
are 38,785 transactions in his mempool.
And while we mentioned difficulty adjustment, hash rate,
another thing that happens when the price falls
is that you have a ton of people who don't like Bitcoin,
particularly the gold bug crowd or banking crowd
like to hop in and throw terrible stats at you.
And one of the stats I've seen over the last few days
is people citing the fact that the cost to mine a Bitcoin
for Bitcoin miners is something like $100,000.
And if you see this and you're worried,
like, oh my gosh, miners are all unprofitable.
Like that is an incredibly stupid stat
because you cannot know the cost of every miner
that is plugged in to the network.
It's dependent on your machines,
your electricity costs and your operational efficiencies and there is no single cost to
mine a bitcoin for every miner out there there are plenty of miners that are doing it profitably
right now yeah there's a ton of different variables it's one of the dumbest fucking stats ever
but i would say i mean would you agree that uh you know high volatility times
or things change right but but if you if you blend it out right if you blend it out and you
do like a longer time frame the quote-unquote cost of the average quote-unquote cost of mine
of bitcoin is probably near whatever the market price is because it tends to trend towards zero
it's highly competitive and people that are unprofitable will literally shut off
people that were over leveraged will get wrecked and leave yeah and i think two downward difficulty
adjustments in a row is a signal that there are miners out there who are the cost to mine a
bitcoin is higher than the current price and so they're making the economic decision to
turn their machines off so they don't have to buy that electricity and mine it a lot
um but yeah i've seen that stat three times in the last two days so there are people trying to say
there is one price that it takes to mine a bitcoin that is not the case it's retarded
well no that's what i said earlier right it's like every time there's bitcoin downturn
we get pretty much the same fud right over and over again and one of those is always mining
death spirals right like all the miners are unprofitable and are going to spiral to death
which is just not the case
and
it's one of the beauties of Bitcoin's
difficulty adjustment
is that the miners that are
unprofitable will go
out of business, the difficulty
will adjust down, we will hit an equilibrium
and then new entrants will come
into the market and difficulty will go back up
and then
even higher because difficulty
tends to
go up forever
Your pup doesn't like when difficulty goes down.
He wants that number to go up.
So one of my dogs likes eating diapers.
And my wife is dropping off our toddler with a friend.
So she's out of the house.
And so the diaper eater needs to be in the room with me right now.
until she gets back.
That's why you're hearing her.
She's not happy about it. She wants to get out.
He's not mad about
lower difficulty adjustment.
He's mad that he can't
get his fix.
Can't get into the diapers.
He's fiending right now. He sounds addicted.
A little bit.
Does he need to go to rehab?
Diaper rehab.
Diaper rehab, yes.
On to the list. On to more serious
things uh we talk about this every time the price goes down uh what we like to do here is to be a
rock we're your rocks through this journey okay and we're going to talk about stuff that matters
we can talk about price obviously we talked about price a lot but there's more going on beyond
price and something that we've been covering for many years and um something that we care deeply
about is uh the state uh of of the samurai developers kian rodriguez and william hill and
uh we talked about it last week because kian had been sentenced and the judge threw the book at him
even after the plea deal so he got five years in prison 250 000 fine i believe and then william hill
was sentenced
I believe late last week after we recorded
earlier this week and he got 48 months
and three months
or three years of probation
four years of probation
48 months is four years
it's weird when they do it in months terms
yeah so four years and then
three years of probation
after
and a $250,000 fine as well
yes and Kian
yeah go on
Keon went on the Kim Iverson show.
I highly recommend you guys go watch that.
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.
And I would throw the Tornado Cash developers in there as well.
And there's a petition, a change.org petition that's going around trying to get as many signatures for that.
I signed it yesterday.
I highly recommend.
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.
100%. And I would just add, because there's been a lot of confusion out on the internet.
They did not get sentenced for money laundering. They got sentenced for unlicensed money transmission.
So what they pled guilty to and what they got sentenced for was basically not KYC-ing their
users of their self-custody wallet, which is insane. They did not do money transmission.
um yes they pled guilty but they were facing up to 25 years on the money laundering charge
or the conspiracy for money laundering charge um it's hard to imagine being in their shoes
particularly with families um on that note we do have a link that that shows both the petition and
a link to donate to support their families it's bill and kian.org um consider consider donating a
little bit of stats. You know, I think we,
we find a lot of pride in this community being family first and family
friendly and Bitcoiners need to raise, you know,
have more babies and raise more strong families.
And when one of our own is in a position like this, it's,
it's important to be out there and support their families that are, you know,
I can't even imagine what they're going through right now.
Yeah.
So, Keon, Bill, if you're listening, we're pulling for you.
We're praying for you.
And anybody out there who is connected to the administration
and can put a word in to push for a pardon,
I think that is desperately needed right now.
We talked about strike already, looking like a record morning for them.
I don't know if you want to add anything there,
but people are
stay humble
block
whirlwind for them
the last couple of weeks
they were in DC earlier this week
fighting for
de minimis
tax exemption
for spending Bitcoin
actually
recorded with Steve Lee
while I was in
in San Francisco
at Presidio Bitcoin
beautiful
Bitcoin co-working space
by the way
beautiful podcast
studio by the way but we talked about this i basically pressed him i was like why only six
hundred dollars and he actually had a good a good response to that um which is the crypto lobby
apparently is pushing for a fifty dollar exemption because they really want to force people in the
stable coins so there's like three proposals out there right now one for fifty dollars one for
a hundred dollars and then senator lummis's push for six hundred dollar to minimus tax exemption
for spending Bitcoin at merchants.
And I think this is, given the three options you want to get the most,
obviously it's not ideal.
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
Had a bunch of food trucks around the city.
Had a bunch of their merchants activated.
Shout out to Compass Coffee and many others in the D.C. area who came out and helped with this campaign.
I think that was with Miles.
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.
So make your voice heard.
Call your rep.
Not only call your rep for the de minimis tax exemption, but Kyle Olney on, underrated Bitcoiner.
we talked about the clarity act or the market structure bill technically but the blockchain
regulatory clarity act which provides protections for open source developers and individual bitcoiners
when it's self-custody um and there was a big call to action there i'm going to save our wallets
dot org put your zip code in figure out who your reps and your senator are and give their office a
call so that you want the market structure built to include the clarity act language particularly
the language that is being put forth by the agriculture committee which protects open source
developers of self-custody wallets right yes and individual bitcoiners self-custodying their bitcoin
as well. I just want to say on the cap gains side, as an American, what I support is
Trump should just listen to his campaign promises of cutting our taxes and get rid of all cap gains
tax across all assets. I think that's what the economy needs right now.
Yeah. Because I mean, cap gains is like, I just, I mean, all taxes are predatory,
But cap gains specifically in an inflationary environment, it's a savings tax.
It's like you're trying to escape inflation.
So you go into assets and then the assets go up in paper because they're valued on an inflationary currency.
And then they tax you on that, even though you might not even have a real gain in real purchasing power.
It's fucking insane.
So, yeah.
But good to see Block, you know, putting their resources behind this de minimis tax exemption.
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.
yeah and go check out that interview with kyle i was so the the setup for that interview
connor brown put us in contact on monday figured out kyle was in san francisco i was like hey i'm
in san francisco tomorrow you want to record um i landed went straight to presidio bitcoin
hopped in the studio with very little context and was extremely impressed with
Kyle, we had an incredible conversation, very underrated coiner in the space, particularly focused on policy.
We need more of that.
Love it.
We'll give it a listen.
Staying in D.C., Representative Warren Davidson, OG, pure.
He's a pure coiner.
I want to call him a bitcoiner.
I'd call him a pure coiner.
I think it's more than a bitcoiner.
He's one of our best.
And he's very focused on the privacy side, too.
Which is really good.
Yes.
Very few.
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.
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.
Because then he says that Bitcoin should go into the strategic Bitcoin reserve.
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.
Particularly if their cost basis is way low, it's really significant.
Then meanwhile, that Bitcoin leaves the market forever because it goes into the SBR.
And it would basically add a way for the government to stack sats on a reoccurring basis with very little effort.
It's an interesting proposal.
I mean, I still think we should just get rid of cap gains altogether.
I do as well.
I kind of like this proposal.
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.
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.
Which is the way to do that.
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.
And who made that? What's his name? It's escaping me right now.
analysts that came out of nowhere
with the Bitcoin Treasuries
website.
MBK, Peter,
Rizzo, you guys better watch out.
This guy's coming
for the Treasuries website
domination.
I can't find his name.
Do you know it off the top of your head?
Nope.
I don't know why you care so much about finding out.
But I do think, look, I mean, obviously in terms of strategic Bitcoin reserve,
it does seem like the incentives are aligned here for this actually to be a passable bill.
So we'll see how it goes.
Oh, you think so?
It's an interesting proposal.
Yeah, I think it's an interesting proposal.
Rohan Harani. Shout out to you, Rohan.
Shout out to you, Rep Davidson.
you need to come on the pod sir he did a podcast or short interview with conor brown from bpi
earlier this week explaining the bitcoin for america act so if you're interested
go to bpi's youtube get a conor brown's um x account and the interview is there
next up in the deal space in our industry kraken uh has raised 200 million dollars
from Ken Griffin Citadel to notch a $20 billion valuation.
I believe they also filed for an IPO as well.
Yeah, I mean, the IPO rumors for Kraken have been going for like five years.
So we'll see if they actually pull it off this time.
But I mean, I think, look, this valuation is quite notable.
Kraken is obviously one of the longest running exchanges.
It was running during the Gox era.
And they have a very strong reputation in space.
I don't remember them ever losing client funds.
And yeah, I mean, obviously Citadel is a massive juggernaut in the TradFi space.
Citadel, if you're not aware, was one of the main backers of Robinhood,
which is an interesting
it's an interesting play by them
because obviously I mean you would think
that Kraken is also going to be a
strong competitor to Robin Hood
yeah
and Citadel back Robin Hood
because Robin Hood is a little
backstory for those who don't know why
the Wall Street bets, the GameStop
drama in 2021
was so high
because Robin Hood basically came to market
with a new model for trading securities,
which historically, up until Robinhood launched,
you'd have to pay per trade a fee.
And Robinhood launched with no fees,
and everybody thought, oh, this is great.
But the trade-off of that model is you don't pay a fee
if you're buying securities on Robinhood,
but they monetize by giving your order flow to Citadel
and other market makers.
particularly fucked up business model.
Yeah.
I would like to see more ethical business models
that are user-focused emerge
as we see a more competitive landscape
with less user lock-in,
which is what open protocols provide.
It's something that we're intimately focused on
supporting and building at 1031.
I think there's a better way.
I mean, if you see stuff like Strike, right?
strike offers you can use strike without paying a sentence to strike you can do free dca uh so you
can do free reoccurring purchases and not pay a broker fee and you can do free withdrawals if
you're willing to wait and you don't want fast withdrawals you can do free withdrawals and then
how does strike monetize strike monetizes by charging if you do a you know just open transparent
fees if you do a smash buy or smash sell.
On the borrow side, strike charges and on fast withdrawals.
A lot of people opt for fast withdrawals.
And so what you see there is you see an ethical alignment with the user base and the users
are unlocked in because if strike offers a bad product, users can easily switch to something
like cash or Robinhood or wherever because of Bitcoin.
So I want to see more of that.
It is the harder path.
But I think it can be incredibly profitable.
And long term, it's just better for society.
So more of that.
Yeah.
More of that, please.
Speaking of more of that, there's more PubKeys spreading throughout the country.
PubKey, D.C.
Looks awesome.
Long anticipated opening.
I mean, I loved being in San Francisco.
and I was very fortunate to have been in San Francisco for a while I was there,
but I did have a lot of FOMO for missing the PubKey DC launch.
That neon sign is incredible.
That is incredible branding right there.
But I'm sure many of you saw one of the big headlines coming out of the PubKey DC launch
was the fact that Treasury Secretary Scott Pescent stopped by
to hang out with us prestigious and esteemed Bitcoiners.
Pretty crazy dichotomy.
Bitcoin down $40,000 from the highs,
chaos in the streets, people freaking out.
And then the Treasury Secretary of the United States
is at a Bitcoin bar launch.
Fascinating.
What a timeline we live in.
Very fascinating.
Shout out to Thomas, Germano, Jerk, Dan, everybody involved.
Andrew, everybody involved at PubKey.
I'm bummed I couldn't be there.
I was away for good reasons, though, and I will certainly.
Also, while we're shouting out PubKey people,
a quiet legend involved in the PubKey build-out is Thomas' wife.
I will not dox her name.
but she's a true ride or die.
Mrs. Pacquiao is a legend.
She's a legend.
Love you guys.
Also,
shout out to you freaks out there.
I saw you wearing the Sats hats
at the
PubKey opening.
Very honored, very humbled, very flattered
that you're
repping the Satsats.
Matt's idea,
I'm monetizing it.
yeah i get no um i uh are you inflating the supply you said it was limited edition but i
see you're still selling them uh the first yeah we inflated the supply
everyone's a fucking scammer
and um yeah it's great to see bitcoin third places
did you see the shit post that like bitcoin is dumped so much that it costs 20 000 bitcoin for
a burger because of how uh square shows sats i was uh i was with skyler this week and he uh
it is hey we get we get a lot of biff 177 trolls in the comments and obviously the trolls pick on
us, particularly because
I will give credit,
all credit is due to you, Matt, for popularizing
stacking sats as a meme.
It's funny because we really
sent that meme
mainstream with Cash App
when they were our advertiser many years
ago. They've
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
Like I feel like people are arguing about different things.
And all the block people are going to die on the hill.
Steve Lee, we didn't talk about it on the podcast,
but we've had this conversation before.
It's like, it's just better.
Like you don't have to explain sats and like people with the square rollout.
This is one of the feedback I've seen tweets about.
I've seen screenshots.
I'm not just making this up.
some of the merchants think they're getting like 3000 Bitcoin and the,
the Bitcoiner is paying a Bitcoin. He's like, no, you're not.
These are called sats. And they're like, what's that? And it's like pennies.
It's like pennies and dollars.
And then you have the conversation anyway.
It's like, yeah. And they're like, Oh, that makes sense.
And so, yeah,
you still have to explain to them what sats are.
You're not really avoiding the conversation.
And then the funniest part is, and also, you know,
uh steve is a good friend but they've been like championing the uh they're like other other uh
other wallets need to incorporate this so the user isn't as confused or whatever it's like it's
not incorporated in cash app yet it's like clean up your house you know and it does like 0.00002
Bitcoin or whatever. Um, so look, I, they'll never be a,
I don't think there'll ever be agreement on what the SAS logo is.
That's kind of the beauty of an open, uh, an open network, right?
There's no like head of design for the network. Um, but yeah, I think, uh,
I think it's pretty cool that SAS have become the standard in quite a short
period of time. And it just makes sense and makes sense for it to be the
standard. No one wants to deal with huge decimals.
um and here we are and i once again just huge block added their investor day it's just really
cool to see what block is shipping um we're just very focused on bitcoin as money um and it's great
to have a large publicly traded company that's in the s&p 500 focused on that i think it helps all
of us yeah um and i think it's a not only is it important that they're launching these products
now but um it's great to get these in the hands it's incredible to get these in the hands of
merchants and really incentivize them to adopt bitcoin because of the fees they can save
on um on credit card fees and interchange fees but i think the sort of second order effect that
I'm really happy is being brought to the conversation is like, Hey, Bitcoin should be everyday money.
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.
And actually I was talking about this with somebody last night too.
So it's funny because both camps, whether it's Saylor or Jack,
I think Saylor and Jack are getting juxtaposed to each other.
Their strategy is getting juxtaposed to each other too.
Saylor obviously accumulated as much Bitcoin, hold it forever, never sell.
Jack, everyday money, really doesn't want Bitcoin to be pigeonholed
as this saving technology.
But I think both sides could do a better job of meeting in the middle
and saying it's both.
Like if you live on a Bitcoin standard, it is incredible savings technology.
And when you have to go buy things, it's an incredible payments network as well.
It's both.
Look, yeah.
I mean, look, the good money, I swear my dog, as soon as I unmute, I have two dogs in here, by the way.
The third dog is trusted and outside of the office.
So you're hearing two different dogs.
One is peaceful.
Anyway, good money needs to be able to be spent and saved without permission.
You need both.
If you're not able to spend it without permission, then you don't actually own the money.
You don't have control over it.
You can't take advantage of the value accretion.
And if your savings don't go up in purchasing power, then it's shitty money, right?
You're going to want to hold something else.
So you need both.
That argument has always, like digital gold versus peer-to-peer cash, has always been a bullshit argument because you need both.
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.
I think you should take a long look at the mirror and ask himself if he's been a responsible steward of Bitcoin.
Because a lot of people basically did the opposite of Stay Humble Stack Sats off of his advice.
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.
that you feel the need to celebrate.
It's not only aggravating,
but reveals either how disconnected you've become
or unsympathetic to the average person,
many of whom are struggling mightily.
And I would just advise you to rewind the tape
about a minute and listen to what Matt just said.
Like, we're consistent.
Stay humble, Stack Sats.
It was a joke.
I was joking.
I mean, it is funny.
Like, I love when the Bitcoin price is going up.
And when it's down, it's like, ah, it stinks.
But it's also like I get to buy cheap sets.
So there is like.
No, fuck that.
I prefer when it's going up.
Fuck.
I'm tired, boss.
I was hoping you were right about a super cycle.
No more dumps.
Focus on my family.
Next year.
I got real costs.
This fucking sucks.
All right.
On to the Human Rights Foundation.
Bitcoin can go to zero, and we'll still have RHR that week.
We might not have RHR the week after, but ride or die.
Don't say it.
We will show up like men and address the situation.
We'll hold our hands up and we'll say, hey, it was a fun ride.
We really believed in it, but it didn't work out.
If it goes to zero, we'll say, hey, and we'll probably be screaming mandibles.
Lionel Shriver was right.
Bitcoin just didn't work.
And that will become my new Bible.
And I'll probably read it for the first time ever.
If that happens.
I mean, look, Lionel came on my show.
Go listen to The Dispatch with Lionel.
It's fucking awesome.
And she's a Bitcoiner now.
So she admits, you know, more people should admit when they're wrong.
She admits that she was wrong about thinking Bitcoin would fail.
I mean, she wrote the book in like 2015.
I give the lady some credit.
but yeah
but if it does fail
that book is going to be even more popular
I mean to be clear
gold fails in that book too
because they just send like National Guard
around to seize people's gold
and then we give all the gold to China
we give it all to China?
yeah because
we're just like a debtor nation to them
yeah makes sense
All right, I've read the book before.
All right, now I have the full context of the book.
It all makes sense.
But unfortunately, we have Bitcoin.
Bitcoin gives me hope.
Bitcoin and precious metals.
And I'm not talking about cult when I say precious metals.
And this is why you have to be hopeful for Bitcoin's future as we transition to the Human Rights Foundation.
Financial Freedom Report story of the week coming out of the UAE, the United Arab Emirates, where the first CBDC transaction has been completed.
The UAE completed its first government-to-government transaction with its digital Durham, Central Bank Digital Currency.
This initiative was part of the CBDC's pilot phase and was implemented using the Enbridge platform.
Officials say this marks a move toward domestic rollout with more widespread adoption planned across both public and private sectors.
The UAE deploys an extensive and sophisticated surveillance tool system across public spaces and digital communications,
raising concerns to placing transactions on state-controlled CBDC ledgers would further
centralize visibility over everyday financial activity. In context, Project Enbridge connects
the CBDCs of China, the UAE, Saudi Arabia, Hong Kong, and Thailand into a unified,
programmable settlement system designed to give central banks real-time visibility and control
over cross-border flows. The surveillance-ready platform risks exporting the financial governance
model of authoritarian states for more stories like this and others to stay up to date with
oppression around the world go to financialfreedomreport.org they also have the cbdc
tracker which i am pretty confident is updated with this information and i think another
important tidbit of that move in the uae correct me if i'm wrong logan can you do some
looking up right now, but I believe the UAE
made it harder to use Bitcoin
within their borders as well.
I think they're preventing
individual citizens from self-custodying, I believe.
I think I saw that headline last week.
Logan, if you can confirm or deny
my rights or am I
misremembering something?
No.
What did they do?
Pull it back up.
central bank of the uae law was issued in the official gazette and became legally effective
as september 10th 16th 2025 the law in particular makes it all right look i can't read this anymore
you're gonna have to hop in offer any tools which include self-custodial bitcoin wallet blockchain
explorers or coin market cap sites the uae citizen i just asked i asked to get a license
offer self-custody yeah i asked maple and it says it criminalizes the use of unlicensed tools like
self-custody while it's even though owning bitcoin remains legal yeah by the way freaks
maple now has um real-time web search built into it which is awesome uh try maple.ai
do they give us a discount code yet i think so try code rhr to try rhr
um speaking of which then only marty gets a cut speaking of which we don't get a cut of this
either but soap miner hopped in the uh the uh nostor live stream and he's offering you freaks
he zapped us 21 000 sats if you need relief from the price action use code rh for 10 off at
soapminer.com have an amazing day freaks we get no kickback from that best soap in the business
best soap in the business we just get that nice clean feeling in the shower with our soaps
i bring it with me i have it in my travel bag now i wrap it up in some paper towels
instead of using the toxic like hotel it's so nice shampoo and it gets around the tsa bullshit of uh
liquids yeah it's bar soap to ban the fucking tsa fuck that fucking ridiculous that's what it took
somebody has flown
eight flights in the last two weeks
because I've had west coast
both trips with connections
the way there and the way back
I'm all for banning the TSA
eight flights in two weeks
a lot
that just hit me
been in the air a lot
on the topic
of um shilling reflinks go to drink s-o-t-e drink sote.com and use code rhr for salt of the earth
it will change your family's life best electrolytes in the game 15 off 15 don't let
don't let your kids drink soda make them drink healthy electrolytes yeah salty water salty water
did your family start talking about salty water too now yeah while we're at it try try code r we've
We've been saying this for years.
I still don't know if it works.
Try code RHR on CoinKite.
I think it works.
No, it works.
Yeah.
I may have a Black Friday set.
Black Friday through the end of next week.
If you haven't listened, go to SillDispatch.com or search SillDispatch in your favorite podcast app.
I just had NVK on and we argued.
It was a great rip.
It was a fun rip.
That's shocking.
You two never argue.
I can't believe that.
You're being sarcastic, right?
It's like a daily occurrence.
It's good to see
updates in the Nostraverse
satellite B2.
Wait, wait, wait, wait.
We got to read shoutouts from last week.
Oh, sure.
Do you have them up?
Let me
pull it up real quick.
I saw Sil sent us one yesterday.
Rabbit hole recap.
Oh, that's good.
We're trending so I can just click it.
Top zap last week was Pringle Mac, Ride or Die,
22,222 sats, race car zap,
all sats matter and sats speak louder than words.
Another couple of banger taglines from Odell.
Also, we are going to be
BitBlockBoom this year, so hope to see you there, Marty.
Stay humble, Freaks. Love, Syl and Tony.
I will not be at BitBlockBoom this year, but it's a great conference.
Then we have Ride or Die Freak, Stimmy, 40 hours per week, zapped 21,000 sats.
Shout out to the Bitcoin veterans of Bitcoin Park for a phenomenal summit last week.
Thanks as well to Nifty and BitDesk for letting us knuckle-draggers play along.
Free samurai. Well said.
Love the Bitcoin veterans.
And we did a great show at Bitcoin Park.
But I will say not well said, Stimmy.
Thanks as well to Nifty and BitDevs for letting us knuckle draggers play along.
That is the beauty of BitDevs.
It is open for everybody.
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.
And it's how I learned most of the information I know about the Bitcoin protocol by going to those.
And I was an extreme novice when I first started going to these meetups.
So don't denigrate the people who don't know about it.
You'll be surprised to me how much you learn if you keep showing up.
Yeah, no, that's how we grew up on New York bit devs, the original bit devs.
And I always say a good bit devs means you don't understand 50%, at least 50% of what's going on.
early days of bit devs i was like 90 over my head um put yourself in tough situations grow
through it yeah that's how humans flourish you learn via osmosis over time keep going keep going
freaks especially in bear markets those are the best bit devs too all the uh not saying we're in
a bear market we're still in a super cycle but we're in a little correction so like some people
might get scared away from bit devs you go those are the best ones that's where you i did the
I did successfully call the super cycle cope of just constantly changing the definition of super cycle.
We've just been, ever since Bitcoin existed, we've just been in one big super cycle with multi-year drawdowns.
Yeah.
I really hope, I hope it's, I hope it's just a correction and it's a V-shaped recovery.
Like I'm not trying to do two more years of rabbit hole recap without all time highs.
Like, what have we learned?
What have we learned?
I'm tired, boss.
hey hey buckle up buddy buckle up buddy the freaks need us okay can't be tired this is when
this is when we need to be energized bring in the bring in the well if you want me to be energized
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
traveling next week so probably be friday next week too since thanksgiving or wednesday or
Actually, no, I can't do Wednesday.
I've got my day before Thanksgiving tradition.
Wait, I wasn't paying attention.
When are we doing it next week?
Friday.
Thanksgiving's Thursday?
Every year since it started.
No, I was just confirming that next week is Thanksgiving.
Yeah, I'm going to have family time.
I could probably do it.
We'll make Friday work.
We're definitely not doing Thursday.
Friday works.
I don't do Black Friday.
Our wives would not be happy.
Honestly, Freaks, with the way the economy is going,
I think any of us with disposable income are going to have –
every Friday is going to be Black Friday.
There's just going to be discounts left and right.
That's a very good point.
You know, it's very good to see.
Satellite version 2 is out.
Stuart Fowman took.
Look, Stuart is a legend among men.
I had the pleasure of meeting him in Riga last year.
Satellite.Earth is what we use to host all of our RHRs on Noster.
It's a great CDN.
It's a great way to host verifiable video through the Noster protocol using Blossom.
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.
And us specifically, that's powered by Satellite.
So he just had a huge update with Satellite V2.
He's been working on it for a year.
It's a full Nostra app, but he also improved the CDN.
He also improved the video hosting, all kinds of file hosting.
You can host any file there in a verifiable way.
PDFs, Epstein files, anything you want.
RHR.
I do think people are sleeping on Nostra as distributed WikiLeaks.
so I
I said
it's only a half joke
that the Epstein files
should be on
no we know
we know there's
many members
of the US House
representatives
that listen to this show
and
learn how to use a VPN
learn how to set up
an NSEC
and a Nostra Publici
find the client
that makes it conducive
and just drop the files
just drop them
people want them
Mike Johnson
who is Bubba?
yeah i was not expecting to see that email but all of them like they're all
did you see that clinton came out and said it wasn't oh no no epstein's brother came out and
said bubble wasn't bill clinton but he didn't deny the actual comment yeah and then he got
pressed and he got pressed in the interview and he started like pushing back like i'm not answering
these questions but anyway we talked about it with eric talked about oh kyle it is insane like
The Speaker of the House Johnson is saying we can't release these classified information.
We could put intel members at risk.
It's like, what?
What are we doing?
Yeah, release the tapes.
If you're not a – you can protect the victims, but the perpetrators need to be tarred and feathered and worse.
Yeah, that's an implicit admission that Jafri Epstein was an Intel asset.
And if it's going to put our – most people are assuming it's for Mossad.
But if it's going to put our Intel agencies at risk, then it means they were coordinating, collaborating.
It was a combo deal.
It was most likely a combo deal.
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?
No. What is Autopilot?
Autopilot is the app that lets you copy trade the senators and representatives
that are trading. It's like Pelosi tracker.
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
And they're literally outperformed.
The Pelosi tracker, if it was a hedge fund, the AUM trading behind Pelosi's portfolio is bigger than most hedge funds.
And it's outperforming most hedge funds as well.
And it's like – it's insanely corrupt.
Like overtly corrupt right in front of everybody's face.
And it's across the aisle.
It's not a right versus left thing.
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.
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.
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.
I'm only half joking, but I like the idea of a proposal that sitting politicians can only hold Bitcoin.
They have to divest and just hold the only neutral asset in the world.
Obviously, I have a little bit of bias there.
But then I think they would be incentivized to improve human flourishing rather than enrich their own pockets.
So that would be awesome.
Get rid of cap gains and force all the politicians to only hold Bitcoin.
well this conversation is all for naught because the next topic is elon musk's taking to the stage
to say that uh nobody's going to have a job and we're not even going to need money so none of
this matters okay he started why are we even talking about this i don't know i listened to
elon's rogan episode and elon's all in episode the cheap rhr clone by the elite tech bros um
which I hate listen to every week.
But he started this idea,
like not basic universal basic income,
but he's bringing in universal high income
that everyone's going to be wealthy.
And it's just straight bullshit.
Like there's no way that's how it's going to play out.
And I do wonder, like, does he believe it?
Or does he know it's bullshit?
But it's amazing to me that he can say it with a straight face.
It's amazing to me that Rogan took it with a straight face.
he's like oh we're just all gonna be wealthy like we're gonna have no jobs and have no worries like
that's fantastic and then they just ended the episode i think what he may actually believe it
i think he may believe it but uh or actually no maybe this is how he has to position it like
before like there's no going back that's what he's saying yeah he's doing like the
the narrative technique of you just go to the extreme opposite side um as cover because no
people are gonna fucking hurt like it's gonna be like it's gonna be bad and it's one of those
out-of-touch things that like trillionaires say well he's the only trillionaire but that billionaires
say yeah i just like he's not a trillionaire yet he's gonna hit those uh kpis first oh are they
factoring that in like his bonuses and stuff yeah it was an options package like he doesn't
None of that triggers until it hits certain.
Oh, they were like factoring in that he owns 25% of Tesla or whatever.
Anyway, he will be a trillionaire eventually.
I have very little doubt in my mind that the dude is very, very good at executing.
But he's full of shit when he says that everyone's going to have universal high income and not have to work.
That's some make-believe bullshit.
And he shouldn't be allowed to say it with a straight face.
Like anyone interviewing him when he says that shit should just be like,
you're full of shit.
Defend it.
And everybody's like,
we're going to have a world of infinite abundance.
And that's just like,
no resources are scarce.
Yes.
Things may be more abundant.
If the success of AI is as big as many in Silicon Valley,
I think it's going to be,
and it can make many things more abundant,
but it doesn't mean that they're infinitely abundant.
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.
That is a very limited physical space.
if you count a universal high income as plugging into a sex pod and uh having intravenous uh
nutrients being poured into you while you live in your little ai dreamscape um
maybe that's what he means but i wouldn't call that universal high income and i wouldn't call
that a good life no you know what else is not a good life being a gooner in a rep
rep uh brad sherman was gooning on a plane um okay so why do you think i put this in the list
you link to this yeah so marty um oh let's talk about porn
logan marty um first of all rep rep sherman is uh has been super anti-bitcoin forever um
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.
But he's super anti-Bitcoin.
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.
No, they're just scantily dressed women.
But Marty being the anti-porn influencer that he was,
didn't skip a moment to call him out.
But did you see that it turned out that he was just on the 4U feed of X?
Is that what he's saying?
No, you can look at the screenshots.
It's clearly X.
He's just like on an iPad.
He's on X on an iPad.
It doesn't change it.
That Algo is feeding his desires, which is...
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
that is basically porn on everyone's phones, which is X for you.
I don't know.
Are you, are you just, are you, are you building your businesses on porn up?
Is that basically what you're doing? And you just,
are you an only fans influencer?
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.
I mean, it's going to feed into the stuff that you're interested in.
Brad Sherman, Rep Sherman, I would highly recommend that you divert your interest towards worthwhile and more wholesome endeavors.
Well, obviously, X is a black box and no one knows what's actually going on in there except for Elon and his team.
but I would go to reason that a high percentage of X feeds look like
representative Shermans.
I would agree.
And a very low percentage look like your feed.
And I think it says more about the individual than the algo.
I think it says a lot about society.
Yeah.
um i see i see all of you egging logan on to hit the soundboard in the chat i know i appreciate it
uh i do appreciate uh fizibles though for the 21 000 sat zap cheap sats at the moment thank you
thank you for your support freaks it keeps us going it does and we do um we do it to wrap up
I have to get ready for this wedding.
It starts in a couple hours.
And we do have one more topic, which is the Cloudflare outage.
And you don't have it on the list, but interested to get your thoughts on it,
why you put it on the list.
And I've certainly got some thoughts on it as well.
Well, I mean, half the internet went down.
Yeah.
Cloudflare is a government op, or at least a quasi-government op,
that's basically a protection racket,
like the old school mafia bosses
where they would go in and destroy a hardware store
and then be like,
do you want protection from ourselves?
And then we'll protect your hardware store for a fee
is what Cloudflare does.
Like I'm pretty sure at least
if they're not doing it directly,
people they're affiliated with are DDoSing sites
to push them onto Cloudflare.
And then Cloudflare sits as a man in the middle.
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.
So they end up sitting in the middle of a ton of popular websites, including pretty much every Bitcoin exchange.
So when Cloudflare went down, X went down, most Bitcoin exchanges went down.
Huge central point of failure.
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.
And unfortunately, you know, there's not easy answers because it's definitely an economies of scale thing.
You can try and mitigate potential DDoS vectors yourself, but it can get quite expensive and way less effective than if you use Cloudflare.
Well, props where props are due in the space river.
I know Alex and his team have intentionally been building their backend systems in a way to avoid it.
I think they successfully avoided the Cloudflare outage.
I think they're using Elixir.
I think they open source a lot of it too, if you're interested.
Saw Alex this week as well.
It's good catching up with him.
The other thing I wanted to bring out with this cloud for outage,
did you see the Anthropic postmortem they did last week?
What, the malicious people were using Anthropic to attack websites?
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.
And I just want to highlight this.
Remember the newsletter I wrote earlier this week on it?
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.
And it seems like a feel-good story.
Like, hey, we were able to identify and stop this.
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.
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.
And I think it's just something to keep an eye on.
I think the big players in the AI world are really going to be gunning for regulatory
moats.
And one of the narratives they're going to be running with is you need us to be some
of the few actors that are actually able to train and launch these LLMs.
Because if they're open source LLMs or self-hosted, or if they have a model like Maple does where
you're doing confidential compute in a secure enclaves, we're not going to have visibility
and the hackers are just going to be able to run wild.
And I think that's a narrative.
Yeah, it's 100%.
And they have been running with that narrative.
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.
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.
And if you want an example in the Bitcoin space, this is what Coinbase did with the BitLicense.
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
and other brokerage services
you have long enough,
assuming there's a continued improvement in
a harder time to compete.
You're just playing Elon in the background.
I was sitting here doing nothing
and that page just decided to play the video.
I didn't even have it up.
I was on a different tab.
That sounds like an excuse.
But anyway, this is
This is what Coinbase did in the Bitcoin space.
We've seen this time and time again.
And I remember, I don't know if you remember back,
that narrative was like,
you shouldn't be able to launch an exchange in a garage.
And it's a similar thing.
This is just eternal September.
It just rinse and repeat happens over and over again.
Fuck regulatory modes.
They hurt end users.
And you pretend that they're protecting end users,
but they're not actually.
Yeah.
This isn't to say that these AI attacks aren't real and they won't happen.
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.
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.
We need access to all the data in our AI systems.
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.
Better passwords, better process controls, all this stuff.
no like to put it succinctly like the bad actors are going to use this shit anyway
it just hurts good people yeah like it's you just you're you're putting a surveillance regime and
control regime in place pretending that it's going to stop bad actors bad actors get around
it because they're savvy and they have the the capital needs to get around it and they don't
care about breaking the law because they're fucking criminals in the first place um and
then good people get fucked. We see this with KYC, you know, KYC identity requirements on people
that are using financial products or any other product because KYC is spreading throughout
our digital lives doesn't stop criminals because criminals just use bought, sold,
faked documents, or they go through other means in order to transact or use these systems. So
So call out the bullshit, fade the bullshit.
Don't let them gaslight you, gaslight us.
You're not going to have universal high income either unless you work for it.
I mean, if we're not going to get the super cycle,
at least we're going to have universal high income.
Yes.
Come on.
The fiat super cycle version.
We've always been in a super cycle since the dawn of Bitcoin
with small corrections that are oftentimes multi-year.
it's just a flesh wound.
It's just a flesh wound freaks.
Okay.
There's a lot of people hopping in that tweet.
I sent out,
uh,
trying to draw people to the episode and I was being facetious.
I am empathetic.
People are fucking,
a lot of people are wrecked right now,
particularly.
I mean,
the,
the real question you want to talk about personal responsibility.
I mean,
the real question is,
I won't,
I,
I bet you,
I'm going to be able to count the number of influencers that,
uh,
admit that they were wrong for pushing people into leverage Bitcoin stocks.
On one hand, there's not going to be many.
Most of them are just going to brush it off,
write a book about living an extraordinary life and then onto the next
scam.
Be aware. Hey, we weren't, Hey,
we did a good job of getting in front of that this summer.
Paper Bitcoin summer was raging. We were,
I like to think the level headed individuals in the room saying,
it sounds too good to be true
I'm tired boss
I'm tired boss too
I mean that too
I mean with the price
I think
maybe we'll end on this
like
since you mentioned it earlier
in the day-to-day
workings with Strike
a lot of questions
about the loan product
in this
volatile price environment
what would you say
about
or how would you answer
the questions
like
I think if you're going to take a loan out, you should be very conservative about it,
about how much you take out. Less is more. And I think you should heavily over collateralize it.
You go in, Strike specifically has a very clean, transparent UX on liquidation levels and margin
call levels. And make sure that number is as low as possible because scam wicks rule everything
around us. And you don't know how volatile things can be. So be careful there. I will just say that
on the strike side, there's a requirement for 50% LTV. So loans are already pretty over
collateralized by default. Users can't be more reckless than that. And there haven't been any
liquidations yet. You know, there, there could, there could be markets going to market.
Really happens till 85% LTV too, which is correct. And so the things that have been going viral of
like the notification saying to top up your loan collateral is actually the strike team being
proactive and being like, you're at 60%, you should add more, you should have more collateral
or pay down your loan. Cause there's no origination fees or early termination fees. So you can actually
You pay down your loan at will whenever you want or add collateral and move collateral.
So that's what those notifications are.
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.
But there's no way for Strike to know like what your total stack size is.
so we can't enforce like you know don't take out more than five percent of your total stack size
or whatever it's like we don't want to know your total stack size yeah will you please get that
dog a diaper come on i can't i can't listen to a struggle anymore just get a diaper no she will
not get a diaper um but she will be allowed out of the office since we're wrapping now anyway freaks
Love you all.
Stay humble, Stocksets.
Hey, keep your heads on.
Nothing new.
We're going to be here week in and week out.
Don't get too emotional.
Peace and love.
Okay.