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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. Yeah, are you really ninja launches there, Logan?
Over here getting stuff ready. Happy Friday afternoon, everybody.
He literally told us I'm going to hit the button.
And then he hit the button.
He didn't even wait a little bit.
You'll have to pull that up now.
I'm just putting that in there.
Logan.
It just, it, where the fuck are we?
Everyone gets a little plump going and everyone just gets distracted.
I used to start on just a picture or something.
Are we considering this a pump?
yeah 100%
whereas like
Central Bank of
Marty is
not declaring it
a pump yet
where are we
let me see
over the last
seven days
Bitcoin is up
11%
that's a pump
that's a good pump
10% weak
I feel like
is a
currently sitting
at $122,084
cold opening with this
beautiful landscape
coming to you live
on a Friday afternoon
this week
I think we discussed it last week
that I read about in the newsletter
but we had our 1031
portfolio company retreat
out in Utah
year number four
always a rejuvenating week
inspiring week and of course
Bitcoin's pumping I think it knew that
the 1031 portfolio was
congregating
any
from the hip thoughts on the week that
was for us
are you
asking me
no I'm asking Logan
yes I'm asking you
I mean look I think
it was great it's always
great
I think it's something special that we get to be a part of.
I mean, 1031 in total, we've invested in 35 Bitcoin companies.
I think, like just off the top of my head, I want to say like 20 were there.
Founders from 20 were there.
And it's a broad cross-section of the ecosystem.
There's miners there.
There's financial services.
There's nodes with Start9.
There's just many different types of companies that are all operating in the same industry.
I mean, it's just great to see everyone and have more intimate conversation, right?
Be able to talk off the record.
And I always come away from it extremely optimistic and extremely bullish.
And particularly if you think about it from the perspective of this was year four and you think back to year one, we've come a long fucking way.
uh you know not only in terms of like 1031 portfolio but just as an industry and as a
movement uh we've we've come a massive way um so it's cool to see it firsthand i'm always exhausted
after these weeks so this is also freaks why we're a day late it was monday tuesday wednesday
and then thursday was travel yeah now here we are but never gonna miss a week on you so
So the show must go on.
What about you, Marty?
What are your thoughts?
I'm going to co-sign everything you just said.
And I just feel complete gratitude for being able to work with some incredible people as we all do our own part individually.
Obviously, we're investing via 1031, but we also do this show.
You do Citadel Dispatch.
I do TFTC.
And every other founder is working on their little part in the industry.
some parts or big parts of the industry to move the Bitcoin ball forward.
To your point about it being four years, the first year,
John Arnold from our team pulled out the stats.
The Bitcoin price was $22,000.
Hash rate was at $225x a hash.
I remember the second year, one of the big topics was,
I don't think it had been named at that point,
but Operation Chokepoint 2.0, the banking crisis.
and to think that we're sitting at 122,000,
all that's behind us.
And it does put into perspective
how fast things can change in four years.
100%.
I see Soap Miners have just 21,000 sets.
Yes, we are going to win.
Yeah.
No, and on that point too.
of how things can change in four years.
It's funny because he juxtaposed that to what we discussed last week
or the week before, which is the amount of unrest that materializes
when the price of Bitcoin goes sideways for longer than two weeks.
It's a long game. It's a marathon, Freaks.
And during those periods of relative boring price movement,
it's important to put things in perspective.
if things are happening faster than you realize.
Yeah, I mean, it's kind of insane to think that like 5x in four years is slow, but...
Yeah.
Speaking of 5x, it's going up now.
We'll go to Clark's dashboard.
Current price of Bitcoin is $122,180.
Cuck bucks. Sats getting more expensive. $1 is going to get you 818 sats. We are at a $2.43
trillion market cap approaching 2.5. We're currently 1.8% below the previous all-time
high of $124,460. That was hit in mid-August, August 13th. We are at block height
917,527
which means we had a difficulty adjustment
and it was a pretty big one
last week an upwards adjustment of
6%
new difficulty all time high
at 150 trillion
we are well over a zeta hash now
according to mempool.space
sitting at 1.06 zeta hash per second
over the last week
and if you look at
mempools mempool there's 139 654 transactions mempool heating up a little bit mempools are
heating up nine sats per vbyte if you want to get your transaction in the next block eight sats if
you have medium priority seven sats per vbyte if you're willing to wait a bit and just to make sure
we hit all the boxes here i'll go back to clark's dashboard which has his mempool with 23 809
transactions in it. And we are 1,769 blocks away from the next difficulty adjustment estimated to
be on October 15th. As of right now, looking like a downwards adjustment of negative 11%,
but it's pretty early in this difficulty epoch. So that is not as reliable as it will be a week
from now. Estimated adjustment. What went on in the world this week? We were completely off the
grid i think that was the best thing of uh of this trip is that you just literally have no cell
service for three days yeah you have no cell service and just a lot of good conversation so
you're not looking at your phone um yeah i mean i had to catch up to make the list
i said i tried my best hope i didn't miss anything or substance um but before we get there we got a
bunch of supporters in the Nostra live chat, which you can find on any compatible Nostra app.
I personally, I'm very focused on building out Primal. If you download the Primal app
in your favorite app store, it makes it really easy to join the live chat, but you can also go
to zap.stream. I see Scarcity Fight Club zap does 21,000 sats. He said, sup. Zeke zap does 21,069
sats said dear lord bless these two podcasters and pleb ed zap does 21 000 sats saying hash rate
heating season is upon us pleb plebs get those miners plugged in i love to see the momentum on
the home heating mining side i think it's just a nice natural forcing function for decentralizing
hash i do too right oh and on that oh yeah on that note um i put in the list because i didn't
want to forget uh but one of the ride or die freaks came out with a nostril app for apple tv
is called nostril tv um the nostril tv beta and uh test flight right now right yeah the link to
the test swipe is in the show notes but i think also i'm pretty sure you can just cast it from the
primal app or um i'm pretty sure you can cast it from like the primal app or nestier amethyst or
zapstream wherever you watch um if you don't have an apple tv and you want to like just send it to
your tv i personally don't have an apple tv so i haven't tested it um but this guy layers zero
propaganda was really excited about the show and maybe the interface is much better than if you
cast so check it out if you have an apple tv that's the cool part about nostril being an open
protocol is that someone can go and ship an app for a different platform and it works across the
board which is awesome really does phil mustang on the nostril live stream 21,212 sats
Poundrome, Zap.
Marty, you look like my cousin Hank.
You know what?
Hank's probably a good-looking dude, so I'll take that as a compliment.
Shout out, Hank.
It's sweater.
I mean, going back to the comment on home mining,
it's a little cool here in the Northeast,
so I had to throw on the sweater.
Petronius, Aloha Freaks, Kauai Bitcoin Meetup,
October 25th, 8.30 a.m.
Meet at Henalei Pier, Stay Humble, Stack Sats,
21,000 zap
21,000 sat zap
I like that
early morning meetup
I think that's the first
early morning meetup
we've ever
yeah that's a cool
and it's at the pier too
which I feel like
is like a nice way
you know
on the ocean
start your morning
yeah
shout out to all the
Kawhi Bitcoiners out there
aloha
alright should we get to the list
because there were some things
happening this week
and
this is our thumbnail.
We have Brian Armstrong on our thumbnail this week
if you're listening on YouTube.
That was better than last week's thumbnail.
Hopefully nobody gets confused
and cups in thinking we're Coinbase shills here.
But a big announcement from Coinbase this week
was their partnership with Samsung,
which, if we're being honest,
does seem pretty big in the sense that
they're going to get access to a lot of Samsung users.
So Samsung is going to bring crypto to more than 75 million Galaxy users.
So it looks like they're going to have the Coinbase One app automatically installed on the phone once they're delivered.
I don't know. Is that what's going on?
That's what I assume.
No, I think it might just be like a pop-up.
Like sign up for Coinbase.
exclusive access to coinbase one will be offered within the samsung wallet app in the u.s
introducing more than 75 million samsung galaxy owners to a premium crypto experience with the
oh this is just like a coinbase one coinbase is their is their subscription plan yeah i mean um
um people seemed excited about it i don't it's kind of right now mostly a non-story
But it does leave it open and vague and say this is the first of many partnerships between Samsung Pay and Coinbase And really the holy grail if you care about Bitcoin as money and like a circular economy
developing, I mean, the holy grail to really accelerate adoption is direct integration in
Apple Pay and Google Pay and to a subset Samsung Pay. I mean, Samsung Pay, if we're to believe
their numbers is 75 million people. That's pretty big adoption. Um, so the ideal situation would be
like, you could just fund it with Bitcoin. And then when you tap to pay, it automatically sells
it and you can just, you know, do mobile pay that way. I heavily doubt that's going to happen anytime
soon. Um, it's probably just, they'll probably just like make it easy for you to put their credit
card in there doesn't really change anything um and even if they didn't it would probably be usdc
and it'd probably be circle instead of bitcoin but people are excited about it seemed relevant
that's why it's there hopefully we can ride the coinbase algo rip on on youtube we had to talk
about it that's just an embedded ad people are coinbase coinbase is going to get integrated into
Google Pay.
People are going to be paying
for groceries with Shina Inu
coin. It's the future.
Shibu Inu, whatever
it is.
It is the future.
I wonder if there'd be any vendor lock-in.
Queen Mace is like,
don't let people download other wallets if they're using this.
I don't know.
I think it's just...
I think it's notable that it's the beginning
of a partnership.
there's a lot of Samsung phones out there.
There is.
Speaking of Samsung phones,
if you're in EU and you have one and you're using Signal app,
that could be changing within the next two weeks.
Or an iPhone or any other phone.
Yeah.
Our girl Meredith Whitaker,
president of the Signal Foundation,
came out with a blog post.
saying that she's very worried right now because it seems like Germany is about to make an about
face, reversing its longstanding and principled opposition to the EU's chat control proposal.
We've been following the story for probably over five years now. The EU has been trying to
introduce backdoors and to end encrypted chat applications for many years, but Germany has
sort of in the stalwart standing up for privacy within the EU.
And she doesn't really say explicitly what leads her to believe this in the article.
And I went to the German report that she linked to in her blog post, and it wasn't clear either.
But it seems like they have a new coalition government that may not be as steadfast in
terms of protecting privacy, particularly the Minister of Defense.
so there was a big vote on October 14th in the European parliament about
this chat control proposal and yeah I mean
I mean she's at the tip of the spear in terms of
trying to protect strong encryption standards for the world and she's you know constantly speaking
publicly about it. And, you know, Signal is from a project point of view and a user number point of
view, very much at the tip of the spear for a fight that's been going on for like 30 years,
40 years. So it wouldn't surprise me if she's getting insider information, right, that she
decided she needed to sound the alarm for. I mean, it's pretty hard to imagine a stronger source than
her if that's actually the case, right? Like, I don't think she would be doing this unless she
thought it was a real risk. We reported on this a couple of weeks ago. We're obviously not EU
government experts, but like the way this works in the EU, it's like a threshold. We covered like
the exact threshold of, it's like a certain number of member states need to approve it,
but then also it's based on population of those member states.
So some states have more influence than others.
There's a dual-based threshold there.
And so Germany has been against it this whole time.
So Germany flipping would be a big, significant change
that could result in it getting passed.
Now, Signal has said in the past that they will just pull out
of any market that does this.
They will not comply.
They say there's no secure way to comply, and they're correct.
I mean, there's no such thing as a secure backdoor.
If someone has access to the messages, then anyone can have access to it.
The other piece I would say is, you know, just completely a little bit tangential is, it's interesting that it's not a blog post.
It's like literally, she like reached out to her assistant.
She's like, upload this PDF onto the website.
so maybe it's like not actually maybe they sent this to a bunch of
regulators and stuff and then they just uploaded it to the website maybe i think they have like an
actual blog i've read things on their actual blog that's not pdfs it's interesting uh it's just
interesting that it's not a yeah their last blog post was on october 2nd yesterday they posted a
real blog post and this one's a pdf which is just something to point out yeah i mean do we
did we cover it last week the uk digital id yeah of course we did that was the thumbnail that got
us in trouble remember oh yeah yes logan made it just the the youtube thumbnail was we need digital
ids i did not make that thumbnail i made the other our head our head of our head of uh clickbait
made it yeah no yeah it seems like the that part of the world eastern europe is or western europe
excuse me is developing quickly into overly censorious and this is par for the course when
you lose control of the narrative lose control of your financial system
i will say and isn't android about to crack down on sideloading apps
no i mean so so a couple things here first of all android historically you've always been able
to sideload apps um and on iphone uh you're not able to easily you have to jailbreak the phone
um which is great because it means that you don't have on android you don't have a central
point of failure that is the app store that's where they're going to really target these things
right if you don't comply they're going to remove you from the app store in these different
jurisdictions um now uh there is a registration process that they're going to require for official
google devices uh even for side-loaded apps but it's different than like their app store approval
process where they're actually like signing each app that's happening.
So it's still, it's still going to be more open than Apple.
Now, if you run, if you're running like Graphene or another Android distro, that's not, you
know, Google play services, official distro or whatever, those won't have it.
So you can still run Graphene, you can still run lineage OS.
there's like a bunch of other you know ones you can run and and easily sideload apps
the bigger piece here too is i think is is it really and so this is in the software update
section but it's relevant here um is this is where you know the necessity and the robustness
of open source software is truly important.
And the story I'm highlighting is the guys behind White Noise
are protocolizing what they're building,
and they're calling it the Marmot protocol.
And the idea is that you have a signal level type of privacy,
but it's an open protocol that doesn't require any kind of proprietary
foundation run servers or anything like that.
So it's much more right now. It's not that reliable and needs a lot of work.
But it's much more resistant to this type of centralized pressure because Signal is not a company.
They're an independent nonprofit, but they're running the servers that make everything work.
So they're a central point of failure that can be pressured.
right? WhatsApp is a private company. Facebook has its own incentives, but also it can be
pressured and they can either comply or remove it from app stores. And this is where open source
software really becomes truly powerful, right? It is viral in nature. It's really hard to stop.
It's easy to distribute. It's easy to use. It's easy to build on top of. And that's where I think
the real optimism needs to lie because, um, as we've said many times in the past, like
this, this fight for freedom on the internet and the digital age is, is a multi-pronged
battle.
You have the regulatory side, you have the corporate side.
Um, but then you also have the open source side and the open source side is, you know,
like the final, the final defense, right?
That's the piece that's just really hard to stop.
Yeah, it's a never-ending battle, and it's only escalating from here.
I feel like it's only going to escalate faster as things get more chaotic.
I mean, did you see big news this week in the United States earlier this week?
um tiktok officially or tiktok us officially getting bought out by larry ellison i think
was the largest investor and a couple others and he is doing like oracle is larry ellison is like
80 but there's like saudi money there there's a bunch of other money in there
yeah yeah i mean centralized centralized platforms for speech or for money transmission
or for any kind of communication is um historically the way they've always controlled things right
it's the it's what it it's what makes uh the digital world relatively easy to control
and open protocols, open source software is what stops that,
what makes that obsolete.
I mean, this Marmot open source thing is super exciting.
I mean, I've been talking to them a lot.
OpenSats has been supporting them.
And they're also launching a development kit, right?
So like you have BDK for Bitcoin, you have LDK.
And now you're going to have, so that's on like a payment side
and now you'll have Marmot Development Kit.
MDK, baby.
Messaging, payments.
And then hopefully we'll see many apps come out
that support this kind of thing.
Yeah.
Marmot provides proven cryptographic standards
with Nostric Decentralized Network
to deliver truly private messaging
without centralized servers,
requiring your phone number or email.
Protects both your message content and metadata,
meaning it hides who you're talking to,
not just what you're saying.
Love to see it.
Shout out to Jeff.
Everybody remember at White Noise working on this stuff.
And the real hypocrisy here on the signal side.
Was that Signal's actual, is that Signal's, do they control that account or is that like a mirror account?
That's Signal's account.
Yeah.
Very good.
They, you know, the real hypocrisy here is the German government and a lot of the European governments rely on Signal for secure messaging for their own operations.
so their politicians think that they have a right to use it but god forbid the average person
has reasonably strong privacy guarantees on the internet
yep beware freaks next up on the list we have
ICE the immigration what does ICE stand for immigration immigration and customs
enforcement a student support raids a bitcoin mine in uh pod texas shout out to the block space
team the block space media team for scooping this story um but yeah there was a bitcoin
mining operation that ice raided and they deported i think at least a dozen of the employees there
who were Chinese nationals who had overstayed their visas.
Yeah, it seems that there were like 25 employees in total there.
And it specifically was like a bit main repair facility.
So it's for repairing ASICs in Texas.
But yeah, that's one of the pieces that I think is an interesting highlight
is that in most of this ICE enforcement news,
it's about Hispanic illegals.
coming from Central and South America.
But this one seems like it was mostly Chinese.
It was all Chinese, yeah.
I was talking to somebody about it.
I mean, that's post-Chinese mining man.
A lot of Chinese miners came over here.
I mean, just make sure you're...
What's the word I'm looking for?
Renewing your visa, if you're over here.
No, you're not a citizen.
I will just say that I was at a mine in South America, and they had on-prem ASIC repairs, and they had trained all their people locally.
And they were young people.
All of a sudden, they had opportunity and well-paying jobs, and it's possible.
I think more people should do that.
We have them here in the States too.
There's a hundred percent.
There's a couple of mining repair facilities.
I believe one in North Carolina.
Others sprinkled throughout the country.
I see Mick zapped 22,000 sats.
He said, loving the live stream fellas.
Nothing helped this non-dev technical retard to understand Noster more than the show over the last couple of months.
It's really changed my life for the better.
Love to hear it.
Great to have you.
and I see million zap does 23,000 sets.
It going to get messy but we going to win I had a great chat with million on sale dispatch uh from our 10 31 event Um it was on a beautiful
porch overlooking the mountains. Um, so go check that out. It was, it was a
great conversation. Yeah. Yeah. I see Rob. Okay. And the YouTube chat was
that was like a hyundai facility right that they raided and they were all koreans right yeah
south koreans yeah but that one was interesting because i mean i don't know
you know who can you believe um it's always he said she said but they said it was temporary
to train americans right yeah and i believe they were asked to come build the plant in america
so that we could create jobs.
But their visas have expired.
I don't know.
Let's avoid the culture war stuff
so we don't have the energy.
I don't have the energy.
Let's talk about good stuff,
positive stuff.
Did you hear this yet?
Breaking news.
I don't think you know about this.
It's the 14th wave of OpenSAT
Bitcoin grants have been set up.
Wow.
Really impressive.
Yes.
um yeah i mean like we're just gonna keep shipping uh i think these projects that we're
supporting are fucking awesome um and i would like to see them succeed uh so just to call out a few
there's there's 14 i think on this list um i don't know there's 10 it's the 14th wave of bitcoin
grants but it's 10 projects specifically all the projects we support and all the individual
grant recipients we support are listed on opensats.org. We're trying to be one of the
most transparent charities in the world. But just to highlight a couple of them,
Stratum B2 is trying to distribute mining, specifically transaction selector with individual
miners being able to choose which transactions are included in the blocks they mine, but also
just more secure messaging transport between miners and their mining pools. Orchard is one
that I'm really excited about, Orchard, is a user interface for managing Cashew mints.
So I think one of the cool things about Cashew is individual, smaller community mints.
And historically, you've had to be very technical to be able to do that.
You can imagine just an awesome interface that you run on your start nine that just manages
the Lightning Node and everything else for your community.
I believe we're the largest supporter of BTC pay server at this point.
Those guys continue to do amazing work.
But yes, all the information is listed on the blog post.
And if you want to support open source developers in a highly efficient, effective way that has a lot of review by both our volunteer board and our volunteer committee review members,
please go to opensats.org you can donate with dollars or bitcoin it's tax deductible if you
donate in dollars we automatically convert it to bitcoin um it's like you're dcaing into open
source developers and recently we added um we added automatic credit card donations so you can
set like 20 a month um and we'll automatically convert that to bitcoin take no cut and pass it
to open source contributors.
Oh, yeah.
It's good to see Mutiny on the list.
Mutiny wallet still getting worked on.
People taking the baton and running with it.
Oh, I missed that.
Here.
Is Mutiny on the list?
Mutiny is not on the list.
Yes, it is.
I don't see it.
Oh, that was the first wave of Bitcoin Earth.
How did I get on that?
Yeah, this is the 14th.
This is the 14th wave.
Orchard, Floresta, Alt, Signet, Faucet, Lightning Detective, Cove.
Cove is awesome.
It's on mobile.
It's trying to be the Sparrow mobile.
It's trying to be two, BTCPay server, Satsy's Pocket Guides,
Daniela Brozzini, and LaRink.
Last two being independent contributors.
yeah i'll listen on the blog and more yeah your website's got a weird bug on it
i'll report it to our so i clicked i clicked btc pay server i clicked btc pay server on yeah
and then you click that and it looks like you're scrolling down the page to btc pay server
that I scroll back up.
It takes you back.
Oh, you're right.
Yeah, you're right.
I see that.
Maybe because we already funded them.
So it's just he didn't want to
re-put the descriptions
in every blog post.
But yeah, that's a good point.
That'll be confusing for people.
Thanks for highlighting.
That's good for SEO purposes too, Gigi.
You should repeat it as much as possible.
Boom.
So shout out to you guys at OpenSats.
On to the Human Rights Foundation Story of the Week, which is coming from the kingdom of Saudi Arabia, where the crown prince has ordered rent freeze in Riyadh.
Riyadh, excuse me.
A little dyslexic there.
In Saudi Arabia, crown prince Mohammed bin Salman has ordered a five-year freeze on residential and commercial rents in the capital of Riyadh.
This follows a sharp rise in rent prices in recent years, a trend that the policy aims to curb.
Violations face steep financial punishments.
Property owners violate the freeze fines.
Risk fines of up to a year's rent plus compensation for tenants and whistleblowers can earn 20% of any fines collected.
While billed as relief, rent freezes are a form of price control that can often yield adverse effects.
property owners may reduce upkeep, shift investments away from housing, or demand
informal payments to compensate for the loss of income. This can create shortages and deteriorating
conditions, making it disproportionately harder for new or lower income residents to find affordable
housing amid the backdrop of authoritarian rule and immense digital repression. For more stories
like this and others, go to financialfreedomreport.org, sign up for the newsletter.
Price controls never really work.
yeah i mean i think it also really highlights that investment real estate is a shit coin
and your government can effectively socialize your buildings at will whenever they want
we've seen it happen time and time again and now we're seeing it happen in saudi arabia
i mean the difference between this versus a government just confiscating your real estate
is really like, it's, you know, it's not that different.
It's quite close to the same thing,
particularly if you mix it together with inflation
and you're not, you know, as an owner of a building
or a landlord, you're not able to raise rents.
It's effectively confiscation.
So shitcoin, not a good store of value,
investment in real estate.
And I would put a carve out for a home you're going to live in
because you can't raise a family in a Bitcoin.
two different things rent control coming to a new york city by you next year
i um i just really want to go i want to quickly go back to the open sets announcement
um because i'm exhausted this week and i did want to highlight specifically
due to a lot of the discussion that is happening uh over the last few months in the bitcoin
community to Floresta. I think Floresta is a really interesting project. So the whole idea
is to create a Bitcoin implementation that uses UtrexO to make it much easier to sync and have
less storage requirements for running a Bitcoin full node. So you can still independently verify
Bitcoin, but you have a much, the trade-off balance results in a much more efficient implementation.
So this is something, this is a project that we have supported in the past. They've been making
good progress. Now we're supporting another contributor to the project. But I just wanted
to highlight that specifically because that's something that we're quite excited about.
Floresta is the Portuguese word for forest.
is a reference to the utrexo accumulator,
which is a forest of Merkle trees.
I like that.
It's a very good name.
It's a great name.
Shout out to the Floresta.
By combining pruning with utrexo,
Floresta has reduced storage requirements and sync times,
making it possible to run full nodes on resource-constrained devices
while still independently verifying Bitcoin.
This support specifically will expand its RPC interface,
so it'll be more similar to how current developers
and infrastructure providers integrate Bitcoin Core
so it can be more of a drop-in replacement.
Like if you're currently running Bitcoin Core,
you can easily switch to it.
Love to see it.
Shout out to Trajraja for you, TreeXO.
Very underrated Bitcoiner.
It's not underrated.
Probably not well-known enough in wider Bitcoin.
It's in your circle.
Medium-rated.
Yeah.
um next up on
software update section of the show sparrow version 2.3.0 has been released this comes with
send to silent payments pay to dns address and it'll gather your min fee rate from the server
it is pretty funny so this update allows you to send sub one set uh fees
it would be pretty funny if we don't fall below one side provide again
definitely not making a bet but it would be like just shout out craig raw right like he goes out
and builds it update sparrow and then we don't see them again we probably will see them again
i'm definitely not a hill i'm trying to die on anymore but silent payments pretty awesome we saw
a drag release frigate, which makes it easy to run silent payments on the server side.
Silent payments big trade-off is that the user has to be able to figure out what addresses
are used for each payment in a more computation intensive way.
A lot of people have done that on the local side rather than the server side.
and he made a very efficient way to use it with Electrum Server
so that you can do it on the server side.
But SilentPayments, just to remind people,
is like a different take on the same goal as BIP47 and PayNIMS before it.
But the idea is that you could give someone something that looks like an address,
just a text string, and they're able to pay a new address every time they pay you.
So you don't have address reuse, which is a strictly a privacy improvement.
So I absolutely love to see it.
Yeah.
Shout out to Craig and the team, the large team that he has over there at Sparrow working on all this.
My favorite desktop wallet.
Yeah, I know.
My family and projects heavily rely on Sparrow.
That's a perfect example of an integral key open source project that if I didn't have, my life would be strictly worse.
So thank you, Craig.
Also, reminder, there's no Sparrow mobile wallet.
There's a bunch of scam wallets out there.
The official website is sparrowwallet.com.
But with the popularity of Sparrow has come the scams.
A lot of fake wallets out there that have the Sparrow branding.
So make sure you go to the correct website.
when you download Sparrow.
And that's desktop only, Mac, Linux, Windows.
Staying on the wallet thread,
this is pretty big from Coldcard.
Disclaimer, sponsor of the show,
1031 Portfolio Company.
1031 is an exclusive investor in Coldcard.
Yes, Coldcard has released new spending policy,
which is really cool.
So spending policy for single-siders,
You can now take your existing single sign or cold card and reconfigure it so that the cold card will refuse to sign transactions that are quote-unquote too big or quote-unquote too fast or send to an address not on your whitelist.
So you can basically say, hey, somebody's trying to spend.
You have a Bitcoin.
You want to limit the amount of Bitcoin that can leave over a certain period to 10 million sats.
You can do that.
and you can set timing conditions where i don't want to be able to move more than
one bitcoin off this wallet over the course of x amount of blocks makes it harder to steal
obviously or adds more burden to to uh a five dollar wrench attacker um and then this is what
i thought was extremely cool um they found a way to support 2fa authentication using the usual
phone apps. If it's enabled, you'll not be able to spend using your cold card unless you also have
your phone provide the correct six digit numeric code. This is pretty cool to say. Yeah, I mean,
people are already very familiar with two factor. They use it to secure plenty of other apps.
Obviously, you're not just relying on the two factor here. You're also relying on
the incredibly strong hardware guarantees of cold card in the first place.
but I think this goes with the trend that we've talked about in the past which is I think it's
been a mistake in this industry to you know multi-sig is awesome but a lot of recommendations
are like if you're going to self-custody you have to use multi-sig and if you're not going to do
that you should buy MSTR the ETF instead and no I think I think single-sig is incredibly powerful
for a lot of people. And it depends on your technical proficiency and use case and threat
model on what is the best Bitcoin setup for you. For public figures, for large organizations,
companies, multi-sig should be the default recommendation. But for the average user,
single-sig, offline, cold storage is an incredibly powerful tool. And the nice part about it is it's
much less complex and burdensome than multi-sig.
So with Coldcard, NVK and Peter, their goal has been to just give users as many tools as
possible.
This update is majorly focused on improving single security guarantees on how you want to use it depending on how you want to use it
But I would say specifically the two factors really cool, the spending policies.
There's a lot of interesting ways that you can, I think, use that to have a more resistant setup or more secure setup.
And there's a lot of work behind the scenes to basically they're calling it like when you have these spending policies in place.
it's called hobble mode.
So stuff like exporting the seed and stuff
are not possible unless you put in a separate pin.
So then you get two pins.
And the coolest part is because it's single sig,
at the end of the day,
all you have to do is secure your seed.
Like if you put,
if you take your 12 or 24 words
and you put it in steel
and you secure it somewhere safe,
maybe have a redundant copy.
If you lose your two-factor app,
if you mess up your pins, anything like that,
you make a spending policy that's way too aggressive
or something like that,
you can always just restore from seed.
So you have the peace of mind that you know you have,
you know, these backup boards that you can always,
and you don't necessarily have to restore it on a cold card either.
You can restore it in Sparrow Wallet.
You can restore it in hardware wallets provided by other vendors.
Really, really fucking cool.
Absolutely love to see it.
yeah Logan go back like 40 seconds in the demo but for the 2FA here it's really cool
looks like they have a companion sort of URL you'll initial go to set up a transaction
it'll ask you to put your 2FA code into this website or this URL this app here and you'll
be able to sign that and she'll give you the transaction they had to do this because um
uh two factor relies on a working clock and uh cold card doesn't have a clock in it and it
doesn't have internet um by design uh so they figured out a workaround so that it could work
with with two-factor apps and like the standard two-factor open protocol
it's a beautiful thing
shout out to
NVK
Peter and crew over there
vibes are high
looks like they have
a post on our Bitcoin too
NVK is asking
for people to go on our Bitcoin
and upvote his post
Reddit is so fucking gameable
Confernius has zapped
21,212
sats and he says open water
BTC is the best
BTC. I agree.
We're not in open water Bitcoin yet.
I was going to say, is this open water? I don't think so.
No, we have to pass the previous all-time
high before we're in open water, but it is the best.
We're in micro pump territory.
Okay, micro pump.
It is a pump, but it's a micro pump.
Feels good though.
Feels good.
The price was just going up.
every morning we'd wake up on this retreat the price was a little higher
vibes were high yeah marty pretends um marty pretends he doesn't check the price but then
he's staying in airbnb with him and he's just like constantly just shouting out the price every time
it changes that doesn't happen i know what you're talking about uh i'd be lying if i said i didn't
My wife doesn't check the price.
I just sent her a screenshot.
She's like, oh my God, $120,000?
Yeah, it's back there.
Get the champagne ready.
Moving on, Shakespeare, Act 2.
Act 2 is a dramatic improvement over the first version of Shakespeare.
We have completely rewritten the code from the ground up.
It is more freedom-respecting AI web builder tools.
So this is from Alex Gleason, correct?
yes and i had him on sale dispatch to talk about shakespeare act one
you built uh what you built who won your price prediction last year last month i mean this is
why it's an actual pump marty because that was a week ago and the price lock-in was 109 dollars
109 000 which is like i mean the difference between 109 000 and 122 it feels like a big
difference. I'd be lying if I said it wasn't. Someone, what was it? It's price prediction game
dot Shakespeare dot two. It looks like it has a bug because it changed what the lock price is,
but this is vibe coded apps for you. But whoever it was got paid. I actually paid the wrong person,
5,555 sats. And then I discovered the right person and they were off by about a hundred
dollars, which is a pretty impressive prediction. Um, and so I, I paid out two people, the prize,
um, and it was 109,500, something like that was, was the lock-in date on September 26th,
about a week ago. Um, but the cool thing about Shakespeare, so Shakespeare,
Shakespeare is Alex Gleason, who formerly built out Truth Social for Trump, has a lot of experience on the social side.
So he got very interested in Noster and now he's very interested in AI and vibe coding.
so Shakespeare uses Bitcoin
and he's a Bitcoiner
uses Bitcoin for payments
open API for the world
uses Nostra for communications and identity
open API for the world
and
LLMs
AI models to create
a super easy way for people
to vibe code
super easy way for people
to vibe code apps
that have all the support
for those two open protocols.
So you can, like the sky's the limit
and it is incredibly easy.
As Marty said, in three prompts,
I created a Bitcoin price prediction game
where people were making predictions on Nostr
and it was automatically feeding into the Vibe-coded app.
And the cool part is with a lot of Vibe-coded apps,
you have security issues,
but because it uses Bitcoin and because it uses Nostr,
you're not managing any login systems.
You're not managing any backend stuff.
It's all front-end stuff.
You don't have to go pay for an API, like a Twitter API, or a Stripe API or something
like that for payments.
So you can just iterate really quickly.
You don't have to have a secure backend.
You can just build all these different cool front-end applications.
And Shakespeare Act 2 is taking it a step further, gives you much more functionality,
the ability to switch which AI models you use and do things locally rather than server-based.
So this is a really big update.
Absolutely love to see it.
And if you haven't listened to the Scylla Dispatch I did with them,
consider going to listen to it because we actually revive coding live on air.
And it's easier than you think it is.
Anyone can do this.
Yes.
I mean, he says in an act too,
while companies like Lovable, Replit, and Cursor lock you into their platforms,
AI models, and hosting solutions,
Shakespeare Act 2 has been rebuilt from the ground up,
complete freedom over all those things.
But it would be really fascinating to see
if this actually begins to eat into the market share
of those three apps specifically.
They're darlings of the AI world right now,
and if Shakespeare can catch hold
and this sort of open source, open model can win,
it'd be very interesting
that's all I'll say
it looks like he's shipping at
breakneck speed I mean just the
screenshots of the interface alone
compared to
when I last checked it looked completely different
it does look very Replit-esque
particularly in the preview of building
photo that it is
and
I
Alex
is an open source grant recipient
to OpenSats grant recipient.
So I absolutely love to see it.
He's one of our LTS grant recipients.
So that's on a two-year basis,
paid out monthly in Bitcoin.
So he can focus on open source
without worrying about paying the rent.
And he can actually do it full-time,
which is really fucking cool.
Shout out to Alex and shout out to OpenSats
for letting him do his thing.
Ships fast.
I see Milian.
I've been told sometimes that I say too much on air,
but Milian is giving us permission in the live chat.
They have a solid primal update in the pipeline,
which will level up the streaming UX,
hopefully ready by next RHR.
I'm currently testing it.
It's awesome.
Shipping fast.
Milian, when can I test it?
Do we not have you on the test flight?
Oh, yeah, I'm on there.
he shipped an update this morning
I gotta update
my bad
my bad for accusing
I have it
hashpool live on testnet v4
this is actually
talked about hashpool a lot this week
VMPRC and Gary
you guys are inspiring people
people are very interested in hashpools
so it's live on
testnet
for and it currently has
6,069,840,960 eHash.
Click in the mint here. Minting.
Yeah, so I mean, I think
hash pools are awesome. I think
VNPRC is a legend among men
and a fantastic
open source contributor.
I see Average Gary is saying
VNPRC does most of the work, but he's
getting there. I mean, hash pools are really cool just at the top level because it uses
cash you to make it much easier for smaller miners to mine privately with just a better
trade-off balance than your standard custodial setup. So right now, for people that are not
aware, if you have a small amount of hash rate, you are using a pool in a custodial way until
you're able to withdraw to your own wallet. So that trade-off of CashU that it is custodial in
that you're trusting the Mint operator to not inflate you or rug you is kind of irrelevant
in this situation because the status quo is that already. So with that being said, then you get
additional privacy benefits from CashU, you get the additional programmability benefits.
And I think personally, this will be very interesting as like small proxy pools that are mining with a much larger pool.
I think it could be really, really interesting.
You can imagine a situation where you have a pool like Ocean and there are 10, 15, 20 smaller proxy hash pools that are mining into there and Ocean sees them as individuals.
but on the back end there's you know 100 200 people that are mining through hash pools
that's pretty cool i think that's pretty awesome yeah it really is trying to figure out how to
join this is invite only right now i do not think so right now it's five miners connected
producing 4.9 entire hash a second they've created 61,335 shares for testnet 4 this isn't on mainnet
yet but i see gary gary's caps lock button is broken and he's saying more importantly we get
hash rate marketplaces fpps for your friends not for ant pool yes a lot of cool things here
Yeah, so when you're producing hashes and pointing them at a hash pool, you're getting e-hash tokens commensurate with the amount of shares that you're sending the pool.
Then you can go sell those e-hash tokens for SATs of the Lightning Network immediately.
So that's what Gary is saying here.
FPPS for your friends, not for Manpool.
and so it's creating this hash rate marketplace where if somebody wants to take on the risk
the uh the luck risk of the pool they can exchange your e-hash tokens for actual stats they'll pay
for them in sats and so you can monetize those tokens immediately um if you're a miner not at
the way for amp pool or foundry to pay you out every day with their fps model it's beautiful i
We'll say we also have Justin from the Fediment open source project in the comments saying Fediment will also have beta multi-currency support starting in V0.9.
I recently had Justin and Brad on sale dispatch from the Fediment open source project.
And that introduction and recommendation was made by VNPRC.
So it's all coming together, freaks.
Good people helping good people, you know.
That's what it's all about.
We got central authorities.
Don't seem to be good people right now.
They're not looking to help good people like you and me.
We got to stand together, help each other out,
and more importantly, build the tools.
They're all neighbors to stay free.
Back to the list.
What do we got next?
Last but not least.
Well, it's not last because I added a few things to the list.
AG releases ad-free news app.
Yeah, so this is not related to Naster, not related to Bitcoin, tangentially related to AI.
But I don't know how to pronounce it.
Kagi?
KG?
It's like Kagi to me.
Kagi.
It's a great privacy-focused search tool is their main business.
And they offer a bunch of other tools.
And it's a subscription model.
So you pay them in Bitcoin and you get really good search with strong privacy guarantees.
And this is their latest app that they've shipped.
It's just fucking awesome.
It's ad-free news.
They're compiling it from a bunch of different sources using RSS feeds.
Then they're doing AI analysis on it and giving you a very strong summary.
It's super customizable on how you want the summary to look.
like do you want a timeline in there
do you want links to the original sources
that they pulled it from
do you want quotes to be pulled out
do you want images
like you can choose all the different things
that are in the stories
and
And then they just updated at noon UTC every day.
So it's one time update.
So it like removes the doom scrolling.
So you can stay up to date on the news.
You're not doom scrolling.
You're not constantly pulling to refresh to see what else happens.
It's just every morning.
And so just keep in mind, noon UTC is 8 a.m. Eastern time.
So 8 a.m. Eastern time every day, they're just updating all the stories.
And it's just fantastic.
It just works really, really well.
they're not tracking you. I mean, obviously you have to trust them that they're not tracking you.
They're not selling ads. They're not trying to get you addicted to the app. I just absolutely
love to see it. And just in general, they're just a great company. They're just one of those
awesome companies that's trying to do it the right way, trying to align incentives with users,
not trying to do the data surveillance model that has completely dominated our tech landscape
and trying to do it in a sustainable way.
They're Bitcoiners.
They're active on Noster.
So check out all their stuff.
But specifically this news app,
if you've been looking to a news alternative
from Doomscrolling,
which I've been looking for for years,
I think this might be it.
It's really great.
Play with it now.
Easy to download.
It seems like this is a free offering.
It's completely free.
Yes.
This is just like,
I think the way they justify it
It's top of funnel for everything else they do.
They also have another free app that just summarizes any article that you're reading on the internet using AI.
So they're already running the infrastructure.
And they figured, hey, let's do it.
Let's solve this problem.
You know, Apple shifting the Vision Bro team to focus on AI wearable glasses now?
yeah i mean facebook really is leading the way on that i mean i think it's
um quite dystopian the idea of having everyone have you know internet connected camera glasses
on them it's like ring cameras on everyone's faces but uh let's be honest i think i mean we
made fun of them as soon as the apple vision pro got released it's like no one's going to walk
around with huge goggles on um even at home you feel like a fucking idiot wearing those goggles
probably um so obviously i think glasses are probably the form factor that we see um
become more dominant on that side it's glasses and it's going to be just also i think microphone
stuff right like i think uh people overthink it um and i know people have a love or hate
relationship with airpods but like i think the airpod form factor is like the is an ideal
ai form factor uh if you actually nail it and you're able to use local models and stuff and
it's just like super quick um it's a really strong form factor
sorry i had a you're good but speaking of like wearables i'm sure you saw this but uh
Logan, pull up the latest tweet I put in to our Signal chat.
Do you see the backlash from this friend.com?
What, just the hardware being complete shit?
Well, it's complete shit, and then they're doing a whole physical
billboard ad campaign throughout New York City.
Actually, Logan, this is better.
Pull this one up.
People have completely just violated every single one of these posters in the New York subway.
AI is not your friend.
Look up Palantir.
AI kill chain.
Human connection is sacred.
So this device is supposed to be like a wearable you wear around your neck.
They did pre-orders.
It's like massively VC funded by the typical big tech VCs.
And the build quality is just also horrible.
It's just like, it looks like people were making fun.
It looks like a dog squeaker, like the toys that when it comes to when the dog destroys a dog toy, it's like a little plastic fucking circle that hangs around your neck.
And once again, I mean, I think, I think people are overthinking it to a degree, sometimes unintentionally, sometimes intentionally just, you know, scam VCs and scam investors.
But I mean, just look at what's been successful so far in form factors.
Like I think there will be some changes with AI in terms of, you know, maybe new innovative form factors.
But what are the successful form factors?
It's the earbuds, it's the phone, and it's the watches, right?
How many people do you see wearing Apple watches nowadays or Samsung watches?
Tons and tons of people.
I know we're not, but a lot of people do.
And then so you think it's like, are people going to wear a big-ass AI medallion around their neck?
or are they going to use the watch, the smartwatch that they already have on?
It seems pretty obvious to me.
But yeah, their advertising campaign is also super dystopian.
Well, not only that, but...
An interesting strategy.
The amount of money they spent on that campaign and the domain name itself...
Is it friend.com?
Yeah.
Friend spent a massive chunk of its funding on buying friend.com.
They spent even more taking over the NYC subway station.
All these moves garnered attention.
Attention builds hype, which builds intrigue, which boosts sales.
That much is true.
None of that matters, however, when the product sucks.
This product is just frankly not very good.
So there's some capital set on fire.
I see Jeremy zapped 21,000 sats.
under the
oh actually he zapped
20,999
sats
which technically
doesn't hit our threshold for reading but I'll read it anyway
under the fucking radar zap
insomnia in Korea
has me finding y'all live again
shout out to you
joining us from Korea
alright Logan go back to right under the list
let's talk about a couple things
going on in the economy
wait before we go there
because you mentioned anti-Palantir sentiment.
Marty and the gentleman at TFTC
came out with their latest AI video
that was anti-CBDCs.
And a bunch of TikTokers thought it was a Palantir ad
and it went viral with people shitting on Palantir
over their dystopian ad that Marty and the boys created.
How funny is that?
I thought that was hilarious.
Shout out to Ed and Trevor.
Those are the two that worked on that video in here.
But it's great.
You know, it's the, a lot of these, uh, and I wonder if there's like going to be a diminishing marginal return on the novelty of these AI generated videos.
We're working a couple more now, but every single one of them has got picked up by like some TikToker who's misconstrued it.
Um, I thought this one was the funniest though, because, uh, they were, they were saying it was a Palantir ad when it was like the exact opposite.
It was a warning that Palantir could lead us to that.
Yeah like how retarded could you be like that literally the ending frames are like CBDCs are horrible for you Like escape the dystopia
And they're like,
oh my God,
this is a Palantir ad.
Oh my God,
they're going to get us.
I saw something about Palantir today too.
Their stock's down 20%.
Yeah.
There was some kind of army memo that went out.
So there was,
it was not secure at all.
Well,
specifically it was actually something Andrew based.
But they work very closely together and are funded by the same people.
Palantir, not secure. Some exposed back doors, apparently, according to the U.S. Army.
I mean, one, that's not very surprising.
And two, I don't think long term that's going to make much of a difference.
I mean, they're palantir-ing and drilling up the entire military industrial complex in a really big way.
And like what Palantir is up like 3000% or maybe even higher.
It's interesting when it's like news that it's down 4%.
I haven't checked it since we went live, but last I checked,
it was like four and a half percent down.
It's down six and a half percent today.
Beware.
It's up.
It's up 350% in the last year.
Oh God.
this was big news
I lost you
there you are
put to Mohammed El Iran
El Arrain
it's funny all the haters
the haters who have been hating on Bitcoin for years
are coming around
and having to recognize that Bitcoin
is not only here to say but something that is
highly coveted
this is Mohammed El Arrain
who is commenting on a CNBC reporting.
I think Mohammed has been very bearish Bitcoin
for many years now,
and he's one of the mainstream finance boys
that a lot of people respect.
He said, per the CNBC reporting,
the strategy favoring gold and Bitcoin now has a name.
JP Morgan analysts are calling it the debasement trade.
And so, JP Morgan analysts,
I believe if I'm reading this section of the CNBC article correctly, it seems like they went and did a survey with their clients asking why or why not they're investing in Bitcoin.
I think they got an overwhelming response of people saying we are into it and we're into it because it reflects a combination of factors, which in their client conversations,
from the elevated geopolitical policy uncertainty to uncertainty about the longer-term inflation backdrop
to concerns about debt debasement due to persistently high government deficits across major economies
to concerns about Fed independence to waning confidence in fiat currencies in certain emerging markets,
in particular to a broader diversification away from the U.S. dollar.
So it looks like the banks and the popular finance analysts and fund managers
are beginning to wake up after almost 17 years that Bitcoin is here to stay.
And people want it because they recognize that governments and central banks are completely
debasing their currencies.
And when you juxtapose the uncertainty of the fiat system with the reliability, resilience,
uncertainty of the Bitcoin network, there's only ever going to be 21 million Bitcoin.
Blocks are going to be traded roughly every 10 minutes.
It's a transparent ledger.
consensus rules make it to only valid transactions
are confirmed.
And people want that certainty,
the resilience, the reliability.
I mean, we've been saying it for years,
but it's crazy to see it said out loud by CNBC.
Yeah.
The debasement trade.
That's like some mimetic accelerant right there.
If people believe that debasement is just...
We all believe it.
Oh, I guess specifically, this is J.P. Morgan called it this?
Yes.
There you go.
That's crazy.
J.P. Morgan analyst, not Jamie Dimon himself.
Yeah, but J.P. Morgan.
Gradually, then suddenly, people start to realize.
Yeah.
And then one other thing I had here.
I didn't put it in.
But I can just say we don't need it, but we don't need to pull it up.
There's two other things, actually.
Yesterday, two nights ago, overnight, the government, the Treasury, added $60 billion in debt.
So we're currently sitting at $37.864 trillion in national debt here in the United States.
So if they were to do that, moving forward, we would be at $38 trillion by the middle of next week.
So we're approaching $38 trillion in debt.
And look, I actually pulled this tweet up because I think it's actually very illuminating, particularly in terms of how pervasive the zombie economy is.
So the zombie company, zombie economy is reference to the fact that you have a bunch of businesses that would have otherwise failed being propped up by the money printer.
And I'm not going to say that Coca-Cola would otherwise have failed.
But since the government has made it illegal to buy sugary drinks with food stamps, Coca-Cola is beginning to report negative cash flows for the first time in decades.
well i saw something else like what is it it's like 40 of coca-cola products are bought with
food stamps was that the stat or am i what are my percent of coca-cola's u.s revenue comes from
food stamps yeah that was that's crazy yeah i mean when you do stuff like this it's like
um well i want does that include that includes like the family of coca-cola products so is that
like people buying Dasani water and stuff?
Probably, right?
I would assume so, yeah.
But yeah, I mean, this is when you're breaking the free market,
companies don't have actual pressures to improve their operations.
I mean, Coca-Cola is a juggernaut,
but maybe they'd have to actually have better product
in order to compete.
Yeah.
Did you see the zap for McCoy?
No.
This is how we just grind ourselves down.
20,999 cents zapped by McCoy.
Let's fucking go.
New threshold.
It's crazy.
How many other zombie companies like that exist?
The government subsidies keeping Coca-Cola above,
like pushing Coca-Cola to profitability.
There's so much shit like that.
I mean, what about the entire healthcare industry?
Yeah.
Yeah This is why like um the doge concept you know uh really resonated with me because you have to do like the only it gets to
a level of grift like the only way you can actually figure out where the problems are
is if you just clean house and try and start fresh.
Like the Elon approach of just coming into X
and just canceling all the credit cards and seeing what breaks.
It's like, because it goes so deep everywhere.
Like Coke is-
It's just hard to comprehend.
Coke is vaunted as this pristine American brand.
I mean, it is a pristine American brand.
I mean, it still is.
Yeah.
I mean, it definitely is.
But like the fact that they just are basically able-
to survive, not only survive, but profit massively
because the government is printing money and airdropping it in EBT accounts.
I mean, in this case, are they going to lose money this year
or are they just not going to be as profitable?
They just printed the first two months of negative cash flows.
So losses.
Yes.
I mean, there's also an argument that it's being combined with recessionary stuff
because like i do think we're like in a silent depression right now
um yeah but i don't think coke products are luxury goods that people will be cutting back
on first i mean they have tons of stuff
like what like what are the coca-cola brands i mean dasani is the one i keep thinking of
um but like there's a bunch of stuff that like compete with tap water if you're poor
Topo Chico
Fanta, Cola, Dasani
Aquarius, Coke Zero
No Sugar, Fresca
Minute Maid, Diet Coke
Sprite
Fair Life
Fuse Tea, Gold Peak Tea
Appletizer
Schweppes, Aquabata
Shield, Barks, I love Barks for a beer
but Barks is like once every other year
Ayataka
toasted coffee
mellow yellow
haven't heard that one in a while
powerade
vitamin water
topo chico
oh yeah they did just buy topo chico
and simply beverages
simply is like orange juice
it's like the expensive orange juice
yeah
if actually look
simply orange juice
is actually legit
doesn't have any high fructose corn syrup
in it
here is their lemonade
maybe there's actually be some pressure now
for coke to get rid of high fructose corn syrup
and release
one with cane sugar in it.
Yeah.
I would say they're also getting
squeezed on both sides, right?
Because it's like people that can afford it
also aren't drinking.
My family will not drink any
of those fucking sonos.
No.
So they're kind of getting hit on both sides.
It's hard to isolate where's what,
but it's definitely part of it.
I mean, clearly.
Yeah, they have over 200.
I see Aaron in the live chat say it's called Mexican Coke.
That, by the way, is one of the psyops.
In America, we call it Mexican Coke because the Mexican Coke is the closest to us.
But it's really like global Coke doesn't have high fructose corn syrup.
There's only like a handful of countries that use high fructose corn syrup.
You go to like Europe or whatever, like British Coke has got real sugar in it.
that's just
our American privilege
of just having
shittier ingredients
than everyone else
it's the American way
yeah
we got the expensive insulin
to save you
when you get the diabetes
from the oils
and the high fructose
current syrup
alright last one
I'm going to pull this up
like pulling on this thread
coke
being heavily subsidized by the US government via the EBT program, first time having negative
cash flows in decades. And I think when you corrupt the money, when you issue debts and
just flood it to the economy, misallocate capital, it's really hard to tell what the hurdle rate
should be. And I just thought this analysis by Porter Stansbury, who's a great follow on Twitter,
if you're not following him.
It was a great thread.
I retweeted it, so you can go to my page
and find it from a couple days ago.
He basically starts the thread,
but if you're trying to understand why gold is going parabolic,
please read the thread.
It's also why 52% of Americans do not own financial assets
are being destroyed.
What is the real rate of inflation?
In absent the Fed, what would the interest rate be?
That's how he prefaces it.
I'm not going to read the whole thread word for word,
but the tweet we pulled up here.
basically if you take the actual rate of inflation, which he's using the Chapwood Index to gauge
what it is, and you use the Taylor rule, which the Fed does use to basically determine the Fed
funds rate, what you do is you take the rate of inflation, do some Taylor rule calculus, and then
you add that output on top of the inflation. That's how you get to where the Fed funds rate
It should be. Obviously, CPI is low.
The Fed funds rate right now is 475,
but if you use the Taylor rule with actual inflation numbers,
the short-term rate should be somewhere around 17.5%.
You have just a wild mispricing of the cost of money,
and it leads to a misallocation of capital.
That sounds about right to at least where my gut is.
like somewhere between like 10 and 20 percent yeah um i mean to his number on 52 percent of
americans don't own assets like stocks or bonds or whatever bitcoin or gold i think that number
is also probably way higher like in any kind of meaningful amount um like there is um this is
actually a conversation I had offline the other day, which is there's about 240 million adult
Americans, 220 to 240 million adult Americans. What percent of them do you think hold, have
savings greater than $100,000 liquid, so not houses?
220 i mean you can do a percentage-wise if you want over a hundred thousand dollars liquid
like in stocks or a bank account earned gold or bitcoin we'll count gold as liquid 15 so around
30 million maybe i think it's less than that i think so i think it's probably less than that
and that's pretty fucked up
when you start to think about it
like they're just
especially in a high inflation environment
they're just getting absolutely wrecked
and then there a subset of those that are just keeping it in like a savings account or something and they also still getting wrecked even the ones with savings yeah and then you have like the
the boomers who definitely have that in their 401ks but they've been uh they've been shifted
to the 60 40 or 80 20 bond stock portfolio and bonds been down for for five plus years
yeah i mean i think if i my gut would be like 10 10 million americans 10 million adult americans
have greater than 100 000 liquid uh savings
yeah i mean to this point um back to the quarter i think someone asked grok and grok said 35 million
for what it was worth.
I said 30.
I guess 30.
But to this point about the mispricing of capital,
I think that's, and we've talked about this before,
but I think it's being driven home again.
Obviously, the Fed cut rates by 25 bps last month.
Many are saying it wasn't enough.
But people are just convinced, like, oh, the Fed's going to cut rates
and mortgage rates are going to go down.
The 10-year and the 30-year are going to go down.
It's not happened.
Since the Fed cut rates on the 15th of last month, the 10-year was at 4.02.
Six, the yield was on the 10-year.
Now it's at 4.121.
And so it's gone up pretty materially for bond yields.
Mortgage rates are going up.
And this is the free market.
So yes, it's a US Treasury yield, but the rate, the yield is set by the free market demand for the bonds.
at auction or floating on the free market at any given point in time.
And I think this is a signal like, Hey, yeah,
the Fed is mispricing money. It's not, not doing it.
At our retreat to all of our founders,
Marty made fun of me for saying mandibles all the time. I,
I feel like
I'm allowed to break Chatham House rules
for a troll against me.
But meanwhile, he just describes
Mandibles every episode.
It's true.
We're going to be positive, though.
Good things are happening.
I mean, look, I don't do it from a Blackpill point of view.
I think there's plenty of opportunity in an inflationary environment if you're aware it's happening and you prepare accordingly.
And I think humanity will flourish afterwards, partially because we have Bitcoin and other open source technologies that empower individuals to take control over our own lives and our own futures because our governments continue to fail us over and over again.
yeah and speaking of that logan last last thing i'll pull up i thought this was really cool i
saw this earlier today speaking of open source technology the open source technology that we
talk about mostly here revolves around software distributed systems and a lot of times hardware
wallets and stuff like this i saw this earlier today it looked into master right someone tagged
does uh i saw it on x first but um oh interesting saw it on x uh that that dude uh uh what's his
name or million i forget but he's he's like a famous like uh optimistic tech poster on so
someone someone probably are they it looks like i was the only one tagged someone probably pulled
it for max and tagged me this looks fucking awesome i love this shit yeah but like open
source hardware this guy was saying like how he has built all the industrial building equipment
uh that you would need tractors things like that uh for a tenth of the cost and made it in a modular
way so it's all repairable rather cheap this is the this is the quote that i was tagged in the
global village construction set gvcs is a modular diy low cost high performance platform
that allows for the easy fabrication of the 50 different industrial machines
that it takes to build a small, sustainable civilization with modern comforts.
We're developing open-source industrial machines
that can be made at a fraction of commercial costs
and sharing our designs online for free.
It's like proper Citadel tech right there.
Yeah, well, I saw this video.
It doesn't mention Bitcoin once.
You go to the website, look and scroll down a little bit,
and they accept Bitcoin for donations.
I mean, of course he's a Bitcoiner.
that's awesome
yeah
does have some shit coins on the donation page
and he spells bitcoin with a capital C
but
still using like addresses you know
can't win them all
no
but this is really cool to see
opensourceecology.org
for anybody listening that did not see that
yeah Logan throw it in the bottom of the show notes
awesome um we said we're gonna do a tight hour
it looks like we've officially hit the 90 minute point logan was right again
we did it we did it logan was like you guys are gonna do a tight 90 minute hour is what he said
yeah and we did look at where we at right now
uh one uh hour 27 almost 28 a tight 87 minutes
a tight 87 minute hour 88 minutes right now okay so i see marp in the live chat he says
23 and a half million millionaires in the u.s he says there's got to be more than 10 million people
with 100k plus in liquid assets the key is the liquid part because there's a high percentage of
those millionaires that are sitting on the majority of their equity is in their homes
there it's in their houses and if you've ever tried to sell a house uh they are not liquid at
all maybe in boom times you know um during like the covid boom or something uh but you know usually
you're looking at like six to 12 months to offload that shit yeah yeah liquid can you
get the cash in the bag
account same day.
That's how I would determine it.
Or within three days, maybe.
But see, 23.5 million,
I would almost treat that
as an upper bound.
Because there's probably
not that many people
that are millionaires
with 100K.
You know, one Bitcoin
worth of savings
that are not millionaires.
0.8 Bitcoin worth of savings
now these days.
Yeah.
Today.
beautiful thing to say all right i uh i'm having an allergy attack i'm sneezing i'm sure you guys
can see not event did not make it on today great rip love you marty love you for example stack sets
love all y'all peace of love